公募业绩回暖难阻资金撤离，投资者“落袋为安”情绪加剧赎回

Group 1 - The public fund industry has seen a performance recovery, with major stock indices rising over 8% as of July 25, and over 90% of active equity products showing positive returns year-to-date [1][2] - Despite the positive performance, there has been a significant net redemption of over 1.07 billion units in active equity funds during Q2, a 56% increase from Q1 [1][2] - Investors are increasingly motivated by a "take profit" mentality, particularly in sectors like pharmaceuticals that have rebounded sharply [1][6] Group 2 - The innovative drug index has seen a cumulative increase of 74.21% from the beginning of the year to July 25, yet some high-performing funds are facing scale crises and potential liquidation [2][3] - For instance, Penghua Innovation Medicine A has experienced net redemptions of 1.69 million units and 8.15 million units in the first two quarters of the year, leading to a significant drop in its total assets [2][3] - Other funds, such as the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Industrial Machinery ETF, have also faced substantial redemptions, with a scale reduction of over 90% [3][4] Group 3 - The phenomenon of high-performing funds facing redemptions is attributed to investor sentiment rather than poor performance, with many investors opting to redeem funds that have shown moderate gains [6][7] - The market is currently characterized by rapid sector rotation, and while short-term trends may show strength, the difficulty in chasing high returns is increasing [1][7] - Analysts suggest that the market is transitioning from a capital-driven phase to one focused on fundamentals, indicating a potential shift in investment strategies for the second half of the year [1][8]