二季度主动权益基金仅两成获净申购，汇添富创新医药居榜首

Core Insights - In Q2 2025, active equity funds showed a contradictory performance with net asset values increasing while investors accelerated redemptions [1][3] - Approximately 80% of active equity funds experienced net redemptions, indicating a "capital preservation" sentiment among investors [1][7] - Certain funds, particularly those with clear themes or industry focuses, attracted significant inflows, highlighting a divergence in fund performance [1][9] Redemption Trends - In Q2 2025, active equity funds saw accelerated redemptions compared to Q1 2025, with ordinary stock funds experiencing a net redemption of 4.75% and mixed equity funds 3.22% [3][4] - Compared to Q4 2024, the redemption rates were lower, indicating a slight improvement in investor sentiment [4][7] - Of the 4,535 active equity funds, 37.79% saw growth in scale, while 62.21% experienced a decline [7] Fund Performance - The top 10 active equity funds with the highest scale growth in Q2 2025 included funds focused on specific sectors like healthcare and military, with notable increases in assets [9] - The fund with the largest increase in shares was Huatai-PB Innovation Medicine, which added 19.82 billion shares [9] - Conversely, nearly 80% of active equity funds faced net redemptions, with significant losses in share counts for several well-known funds [11][12] Notable Fund Managers - Many of the funds that faced the largest redemptions were managed by prominent fund managers, indicating a potential shift in investor confidence despite strong performance metrics [12][13] - Funds like E Fund Blue Chip Select and Invesco Great Wall Value Margin saw substantial declines in scale, managed by well-known figures in the industry [13]