强势反弹！大爆发

Core Viewpoint - The active equity funds have shown a strong performance in the first seven months of the year, with an average net value growth of 12.01%, and several funds achieving over 100% returns, indicating a resurgence in public equity funds [2][4][14]. Summary by Sections Market Performance - The A-share mainstream indices experienced an upward trend in the first seven months, with the North Securities 50 index rising by 37.1%, the highest among the indices [4]. - The overall performance of active equity funds significantly outperformed major indices, with an average net value growth rate of 11.65% for equity funds, compared to 6.61% for the Shanghai Composite Index [6][8]. Fund Performance - Active equity funds achieved an average net value growth rate of 12.01% in the first seven months, with ordinary stock funds and mixed equity funds showing even higher average growth rates of 15.07% and 14.7%, respectively [5][8]. - A total of 109 active equity funds reported net value growth rates exceeding 50%, with five funds surpassing 100%, and the top-performing fund achieving a remarkable 127.05% return [14][20]. Sector Highlights - The pharmaceutical sector dominated the performance rankings, with several funds focused on this sector achieving significant returns, such as the Changcheng Pharmaceutical Industry Selected A fund, which led with a 127.05% return [11][14]. - The innovation drug sector has been highlighted as a key area of growth, with funds like the Huatai-PB and other related products performing exceptionally well [18][20]. Index Fund Performance - Two index funds also achieved "double" performance, with the top performers being those tracking the innovative drug sector, reflecting the strong market interest in this area [17][19]. - The performance of index funds has been bolstered by the strong performance of the innovative drug sector, with several funds achieving net value growth rates exceeding 90% [18][19]. Future Outlook - The market is expected to continue its upward trajectory, with 2025 potentially being a significant year for active equity funds, driven by ongoing structural opportunities in sectors like innovative drugs and artificial intelligence [10][14][20].