12只翻倍基曝光，基民回本了吗

Core Viewpoint - The market has seen significant recovery, with the Shanghai Composite Index breaking the previous high from September 2022, indicating a bullish trend in the equity market [1][6]. Group 1: Market Performance - As of August 13, 2023, 160 funds have doubled in value since the September 2022 peak, with 12 funds achieving this milestone in 2023 alone [1][6]. - The "Wande Equity Mixed Fund Index" has risen by 19.67% this year, and since the September 2022 rally, it has increased by 43.18% [6][8]. - The Hang Seng Innovation Drug Index has surged by 109% this year, while the Wande Innovation Drug Index has increased by 51% [13]. Group 2: Fund Recovery and Redemption - Research indicates that the average return of new funds launched between 2019 and 2021 has returned to break-even, while existing funds from the previous bull market show an average loss of 5% [8][9]. - Despite the recovery, there is significant redemption pressure on equity funds, with a 56.43% increase in net redemptions for active equity funds in Q2 2025 [10]. - Investors are showing a tendency to redeem funds once they reach break-even, reflecting a lack of confidence in long-term returns [10][11]. Group 3: Sector Focus and Fund Management - Funds heavily invested in innovative sectors such as pharmaceuticals, AI, and robotics have generally maintained their positions, with few making significant adjustments [1][12]. - The majority of funds focused on innovation sectors have not reduced their holdings, despite some individual fund managers considering adjustments due to high valuations [13][14]. - There is a notable trend of funds shifting towards fixed-income products, with 50% to 70% of monthly sales in certain banks being allocated to these products [1][11].