桂浩明：股票型基金要热卖还需重建信任度

Group 1 - The total scale of public funds in China has exceeded 35 trillion yuan, showing a growth of over 6% compared to the end of last year, solidifying its position as the largest asset management group in the country [1] - Despite the overall growth in fund scale, the share of equity funds has declined, indicating net redemptions from investors even in a generally bullish market [1][2] - The performance of equity funds has been inconsistent, with many funds suffering significant losses after the market adjustment and the shift of investment hotspots, particularly those relying on "herd" strategies [1][2] Group 2 - The negative performance over the past few years has damaged the image of equity funds, leading to difficulties in issuance and triggering a redemption wave, despite a recent recovery in net value [2] - Investors are still recognizing the value of fund investment for wealth management, with a notable increase in bond fund shares due to their higher annualized returns compared to bank savings rates [2] - High-risk investors are dissatisfied with the performance of many equity funds, leading to a shift of funds towards ETFs, highlighting the core issue of performance and investor trust [2][3] Group 3 - Some equity funds focusing on sectors like chips and innovative pharmaceuticals have performed well this year, but concerns remain about the sustainability of such performance compared to past "herd" strategies [3] - The ongoing redemption of equity funds, even amidst a rising market, suggests a significant lack of confidence among investors, necessitating deeper reflection on the situation [3][4] - The reform of fund fee structures is being promoted by relevant authorities, which is seen as necessary for enhancing the overall operational capabilities of equity funds [3]