回本了！市场逼近3700点 半数“高位基”已解套！

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market in 2021 now recovering to their initial net asset value (NAV) [1][2]. Fund Performance - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a NAV above 1, representing 52.44% of the total [3]. - Notable funds that have recovered include Invesco Great Wall's Long-Term Fund, which reached a NAV of 1.0055, and Jin Ying New Energy Mixed Fund, which reached 1.0342 [2][3]. - Some funds, such as Dachen Industry Trend and Huatai-PB Health Life, have NAVs stabilizing above 1.5 [3]. Performance Disparity - There is a significant performance disparity among funds established at the same market peak, with some funds achieving returns as high as 143.51% while others have negative returns [4]. - For instance, Dachen Industry Trend has a return of 88.72%, while other funds like Huatai-PB National Bio-Medical ETF have returns of -59.77% [4]. Market Dynamics - The market is experiencing a "return to break-even" pressure, particularly in sectors like new energy and pharmaceuticals, which were popular during the previous bull market [5]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching around 10 billion [5][6]. - The market is moving out of a negative cycle, with a potential positive feedback loop emerging as the market's performance improves [6].