专攻热门赛道 类工具化主动产品“明牌”现身

Group 1 - The core viewpoint of the articles highlights the trend of active equity funds transforming into tool-like products focused on specific hot sectors in response to the growing popularity of passive investment strategies in the A-share market [1][5][9] - The shift towards tool-like strategies has led to significant performance differences among these products, particularly when they concentrate on single sectors, resulting in extreme performance characteristics [2][6] - Some active equity funds have successfully transformed into sector-specific funds, such as those focusing on innovative pharmaceuticals and gold mining, achieving substantial returns [3][4] Group 2 - The demand for tool-like products is driven by investors' desire for sharp investment tools and short-term returns, prompting many small and medium-sized public fund institutions to adapt their active equity funds accordingly [5][6] - The lack of clear performance benchmarks for these tool-like products poses challenges for investors, as many funds do not explicitly disclose their investment focus, leading to potential information asymmetry [6][7] - Regulatory measures are expected to enhance the clarity of performance benchmarks, which may help define investment directions for tool-like active equity products and improve investor expectations [7][8] Group 3 - Some fund managers are exploring new emerging sectors that are not yet covered by mainstream indices, positioning their active equity products to lead in these areas [8][9] - The industry is discussing the appropriate ways to utilize tool-like active equity products, with suggestions that professional channels like FOF and investment advisors may be better suited for managing these high-volatility products [10]