基金经理，路越走越窄了

Core Viewpoint - The 2025 stock market has seen a significant recovery for active equity fund managers, with the CSI Equity Fund Index rising by 31.14%, yet investor confidence in active equity funds remains low, as evidenced by a decline in fund shares despite an increase in total assets [1][25]. Group 1: Performance of Active Equity Funds - Over 70 funds achieved annual returns exceeding 100%, with the top-performing fund, managed by Ren Jie, yielding 233.69%, surpassing the previous record set in 2007 [1][25]. - Despite the strong performance, the overall share of active equity funds decreased by 5.7% quarter-on-quarter and 15.3% year-on-year in Q3 2025, indicating that growth in assets was primarily due to net value increases rather than new subscriptions [1][25]. Group 2: ETF Growth and Investor Preferences - In 2025, ETFs saw a growth of over 2 trillion yuan, reaching a total of 6 trillion yuan, with stock ETFs alone accounting for 3.8 trillion yuan [2][26]. - Even with some active funds showing impressive returns, many did not attract significant investment, as seen with the fund "Jiaoyin Youze" which had a return of 140% but a scale of less than 1 billion yuan [2][26]. Group 3: Investment Strategies and Market Dynamics - Active equity funds have focused on high-growth sectors like AI and robotics, with top-performing funds heavily concentrated in these areas, achieving returns of over 80% for around 200 funds [4][28]. - The strategy of concentrating on specific sectors has led to a significant number of funds doubling their returns, but the overall market remains competitive with ETFs capturing a larger share of investor interest [4][28]. Group 4: Challenges Faced by Active Fund Managers - Active fund managers are under pressure from the growing popularity of ETFs, which offer lower fees and easier trading options, leading to a shift in investor preference [3][34]. - Many active fund managers struggle to differentiate their strategies, often leading to a lack of unique positioning in a crowded market, which diminishes investor confidence [7][32]. Group 5: Future Outlook for Active Equity Funds - The path forward for active equity fund managers may involve adopting strategies that align more closely with index performance while still seeking opportunities for excess returns [20][21]. - There is potential for active managers to focus on niche sectors that are not well-covered by ETFs, allowing them to meet specific investor needs [31][32].