32万亿公募市场显韧性，权益类基金发行显著回暖

Group 1: Industry Overview - The Chinese public fund industry demonstrated resilience in the first half of 2025, maintaining a management scale of 32 trillion yuan, reflecting a high-quality development trend [2] - The recovery in investor confidence and the optimization of the industry ecosystem are key drivers behind this performance [2] - The issuance of equity funds has significantly rebounded, indicating a restoration of market risk appetite [2] Group 2: Equity Fund Performance - Multiple actively managed equity products from China Europe Fund have shown outstanding performance, with the China Europe Digital Economy Mixed A ranking 1/54 in its category [3] - The China Europe Intelligent Manufacturing Mixed A is positioned at 13/1819, placing it in the top 1% of its peers [3] - Long-term performance stability is highlighted, with China Europe Fund ranking second among 13 large fund companies in absolute returns over nearly ten years [3] Group 3: Fixed Income Performance - In fixed income investments, China Europe Fund has demonstrated strong capabilities, ranking among the top three in the industry for active bond investment management over the past decade [4] - The China Europe Convertible Bond A achieved a top ranking of 1/38 in its category over the past year [4] - Long-term rankings for other products, such as China Europe Xingli Bond A, show consistent performance, with a ranking of 29/505 over five years [4] Group 4: Research and Investment System Upgrade - The performance is supported by the continuous refinement of the research and investment system at China Europe Fund, which aims to establish an industrialized research framework [5] - The "China Europe Manufacturing" research upgrade plan focuses on professional division of labor, standardized processes, and intelligent platforms to enhance research depth and decision-making accuracy [5] - Looking ahead, the fund will focus on technology empowerment and industrial upgrades in equity investments while seizing interest rate fluctuations in fixed income [5]