恒越基金吴海宁：主动权益基金与A股适配度正持续提升

Group 1 - The core viewpoint of the articles highlights the evolving structure and volatility characteristics of the A-share market, driven by the expansion of passive investment and the influence of quantitative trading, leading to increased market differentiation and frequent shifts in hot sectors [1][2] - The performance of actively managed small and medium-sized fund companies, such as Hengyue Fund, has gained market attention, with 7 out of 10 actively managed equity products achieving over 70% growth in the past year [1] - Hengyue Fund's Hengyue Advantage Select Mixed Fund has seen its net value rise from 0.46 yuan per share to 1.28 yuan per share, marking it as one of the few equity funds in the market to double its net value [1] Group 2 - Hengyue Fund emphasizes the increasing adaptability of actively managed equity funds to the current and future A-share market, allowing for more flexible exploration of alpha opportunities in small and mid-cap stocks, exclusion of poorly performing stocks, and focus on high-certainty performance targets [2] - The fund manager expresses optimism about sectors benefiting from rapid industrial development, such as AI computing and applications, as well as non-ferrous metals like copper and aluminum, while anticipating continued high volatility in the index [2]