Xin Lang Cai Jing·2025-07-11 08:50Core Viewpoint - The active equity funds have shown a strong performance recovery amid the gradual rebound of the stock market, with 85 out of the top 100 performing equity funds being actively managed [1][2]. Group 1: Fund Performance - As of July 10, 2023, the average return of 7,037 equity funds was 7.12%, with nearly 85% (5,940 funds) achieving positive returns, and over 26% (1,841 funds) exceeding 10% returns [2]. - Active equity funds have outperformed passive index funds, with 85 of the top 100 funds being actively managed, contrasting with previous years where passive products dominated [2][3]. - The top-performing funds this year are heavily invested in sectors like AI, humanoid robots, new consumption, and innovative pharmaceuticals, showcasing the ability of active funds to generate alpha [1][2]. Group 2: Fund Companies - The performance concentration effect among leading fund companies has become more pronounced, with 150 active equity products achieving over 30% net value growth this year, primarily from top firms like GF Fund, Fuguo Fund, Penghua Fund, and Huatai-PB [1][4]. - GF Fund leads with 10 products returning over 30%, and 18 products exceeding 20% returns, highlighting its strong performance in the market [5]. - Fuguo Fund has 8 active equity funds with returns over 30%, focusing on sectors such as new consumption and AI [6]. Group 3: Sector Focus - The top ten funds are predominantly focused on the pharmaceutical sector, with funds like Changcheng Pharmaceutical Industry Select and GF Pharmaceutical Innovation leading with returns of 83.84% and 45.13%, respectively [3][9]. - The performance of funds in the pharmaceutical sector has been particularly strong, with several funds achieving returns exceeding 30% [6][7]. Group 4: Market Sentiment and Outlook - Investor confidence in the A-share market is improving, supported by favorable liquidity and risk premiums, with expectations of continued market performance driven by fiscal policies and consumer resilience [10][11]. - The market is anticipated to experience a steady upward trend, with a focus on technology growth, Chinese manufacturing, and new consumption as key areas for investment [11][12].