As 2025 draws to a close, the ETF market has once again witnessed products doubling their annual returns. According to Wind data, as of December 9, five ETFs have achieved year-to-date returns exceeding 100%. The standout performers are technology-focused ETFs, particularly those tracking communication equipment and artificial intelligence (AI), managed by Guotai, Fullgoal, Southern, and Huabao fund companies.
Leading the pack is the Guotai CSI All Share Communication Equipment ETF (515880.OF), with a year-to-date gain of 122.27%. This ETF, managed by Ai Xiaojun, has grown to a size of 12.45 billion yuan and has been operating for 6.32 years, making it the longest-running product on the list.
Following closely is the Fullgoal CSI Communication Equipment Theme ETF (159583.OF), which has returned 111.21% this year. Managed by Su Huaqing, this mid-generation product, established 1.45 years ago with assets of 1.041 billion yuan, has rapidly grown during the current acceleration phase of the communication sector.
In the AI sector, three "new-generation" ETFs have delivered impressive performances. - The Southern ChiNext AI ETF (159382.OF) surged 110.15%, managed by Pan Shuiyang. Despite being established just 0.63 years ago, it has quickly accumulated assets of 2.573 billion yuan. - The Huabao ChiNext AI ETF (159363.OF) rose 104.57%, co-managed by Cao Xuchen and Chen Jianhua. Launched 1.01 years ago, it now holds 3.355 billion yuan in assets. - The Guotai ChiNext AI ETF (159388.OF) narrowly doubled with a 100.38% return, managed by Ma Yiwen. It was established 0.71 years ago and has assets of 551 million yuan.
However, these high returns come with significant volatility. Data shows these ETFs have experienced maximum drawdowns ranging from -15% to -31% this year. For instance, the top-performing Guotai Communication Equipment ETF saw a maximum drawdown of -28.87%, while the Huabao AI ETF’s drawdown reached -31.52%.
Looking ahead, BOC Securities notes that the securities sector is benefiting from "moderate capital space and leverage relaxation," while insurers’ risk factor adjustments are catalyzing a year-end rally. Tech stocks, particularly AI computing hardware like optical modules, are leading the charge. Upgrades to Google’s large models and expected increases in TPU production are further fueling market optimism. Potential shortages in optical communication chips could drive price hikes by 2026, sustaining the optical module rally.
As 2025 nears its end, the competition remains fierce. Whether more ETFs will join the "doubling club" and how these five top performers will fare in the coming weeks will be closely watched.
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