Nearly 1,000 Actively Managed Equity Funds Hit Record NAVs as AI Tech Wave Becomes Core Engine

Introduction: Tech Stock Rally Ignites Fund NAV Recovery Wave

Since the start of 2025, amid a structural recovery in the A-share market, a cohort of actively managed equity funds has quietly achieved historic NAV breakthroughs. According to Securities Times statistics, nearly 1,000 actively managed equity funds have seen their unit NAVs reach all-time highs, with a significant proportion of these products benefiting from the strong performance of technology sectors such as artificial intelligence and semiconductors. This data not only reflects a profound shift in market style but also reveals the far-reaching impact of the technology industry wave on capital markets.

After enduring a prolonged adjustment period from 2021 to 2023, many once-celebrated star funds that had "stalled out" finally found their breakthrough for NAV recovery in this round of tech-driven rallies. Over the past two years, the sustained rally in technology stocks—led by AI and semiconductors—has become the core driver of the A-share market's structural recovery, providing a solid industrial foundation for the performance rebound of actively managed funds.

Core Story: Investment Veterans Collectively Break the Ice—The Perseverance Behind the U-Shaped Curve

Notably, funds managed by well-known investment veterans including Fu Pengbo, Xie Zhiyu, Xiao Nan, and Feng Mingyuan have all recently set new all-time NAV highs. Over the past five years, these funds' NAV curves have traced a complete U-shape—plunging from peaks into deep troughs before climbing back step by step to new highs—a condensed chronicle of the A-share market's dramatic swings.

Take the products managed by Feng Mingyuan as an example. As one of the earliest domestic fund managers to systematically position in semiconductors and new energy technology, he delivered outstanding performance between 2019 and 2021 but subsequently suffered significant drawdowns during a market style rotation. However, as the AI industry chain experienced a comprehensive breakout from 2024 onward, his heavily weighted holdings in semiconductors, AI computing power, and related targets underwent value reassessment, driving his fund NAVs to surge past previous highs.

Fund managers with more balanced styles, such as Xie Zhiyu and Fu Pengbo, gradually repaired NAV gaps previously caused by drags from consumer and pharmaceutical sectors through flexible allocation between technology growth and traditional value. Although Xiao Nan is best known for his expertise in consumer sectors, he has also progressively increased his portfolio's allocation to technology in recent years, demonstrating the keen instinct and adaptive capability of outstanding fund managers in responding to shifting industry trends.

In-Depth Analysis: Three Forces Driving NAV Recovery

First, the AI industry wave has provided solid fundamental support. Since ChatGPT ignited the global AI boom in early 2023, the AI industry chain—from computing infrastructure to large model applications to terminal hardware innovation—has exhibited high prosperity across every segment. Domestic breakthroughs in large model technology, represented by DeepSeek, have further fueled strong market confidence in China's autonomous and controllable AI industry. Listed companies in subsectors including semiconductor equipment, AI chips, optical modules, and servers have consistently delivered above-expectation earnings, providing real profit growth momentum for funds heavily weighted toward technology.

Second, market style has shifted from "value defense" to "technology growth." Between 2021 and 2023, the A-share market underwent a major style rotation from growth to value, putting widespread pressure on funds heavily positioned in technology growth stocks. Starting in 2024, however, as the global AI arms race accelerated, domestic policy ramped up support for technological innovation, and the liquidity environment improved marginally, market style tilted decisively toward technology growth. This style rotation became precisely the catalyst for previously deep-in-drawdown funds to achieve NAV reversals.

Third, outstanding fund managers maintained framework discipline and iterative upgrades through adversity. Fund managers whose NAVs traced complete U-shaped curves mostly refrained from chasing short-term hotspots during trough periods, instead adhering to their investment frameworks while making measured portfolio optimizations in line with industry trends. This strategy of "staying the course while seizing unconventional opportunities" enabled them to fully benefit when the tech rally launched, rather than missing opportunities through frequent switching. As industry observers have noted: "Fund managers who truly navigate through cycles are not those who never experienced drawdowns, but those who maintained clear judgment and resolute execution during drawdowns."

A Rational Perspective: Risks Remain Above the Highs

While nearly 1,000 funds hitting record NAVs is an encouraging signal, investors should remain rational. On one hand, after sustained rallies in technology sectors, some individual stocks have reached historically elevated valuation percentiles, and short-term volatility may intensify. On the other hand, the commercial deployment of AI still carries uncertainties, and the path from "technological breakthrough" to "profit realization" is far from smooth.

Moreover, record-high fund NAVs do not mean all unitholders have achieved gains. Due to differences in subscription and redemption timing, many investors who entered at high points may have only just broken even or may still be sitting on unrealized losses. This serves as a reminder that fund investing requires a long-term perspective, and investors should avoid blindly chasing highs when market sentiment runs hot.

Outlook: Technology Theme Likely to Continue, Active Management Value Stands Out

Looking ahead to the second half of the year and beyond, the AI technology theme will most likely remain one of the most important investment directions in the A-share market. From a global perspective, the iteration speed of AI large models continues to accelerate, and emerging fields such as on-device AI, embodied intelligence, and AI+pharmaceuticals are opening up even larger market opportunities. From the domestic policy standpoint, the continued advancement of the technology self-reliance strategy will provide long-term policy dividends for sectors including semiconductors and artificial intelligence.

For actively managed equity funds, this technology wave represents both an opportunity for NAV recovery and a stage for proving their value. At a time when passive index funds are rising rapidly, whether actively managed funds can continue generating alpha through deep research and forward-looking positioning will determine their long-term competitiveness in the asset management industry. The fact that nearly 1,000 funds have reached record NAVs demonstrates that in an era of industrial transformation, active managers with genuine professional capability and investment conviction still possess irreplaceable value.

As that U-shaped NAV curve illustrates—the ability to navigate through the darkest moments is the ultimate measure of investment capability.