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Core Viewpoint - The performance of actively managed equity funds has significantly rebounded, with small and medium-sized public funds showing remarkable improvement, marking a shift from the dominance of larger funds in the market [2][4]. Group 1: Market Performance - Since September 24 of last year, major A-share indices have risen sharply, leading to an average net value growth rate of 40.77% for actively managed equity funds, with 245 funds doubling their net value [4]. - Among the "doubling funds," 133 are from small and medium-sized public funds, accounting for 54.3% of the total [4]. Group 2: Fund Performance Highlights - The top-performing funds include: - CITIC Securities North Exchange Selection Two-Year Open A with a growth rate of 240.22% - Debon Xin Xing Value A at 221.47% - Yongying Advanced Manufacturing Smart Selection A at 205.63% - Other notable funds include Xin Ao Performance Driven A and Zhonghang Opportunity Navigation A, both exceeding 197% growth [5]. Group 3: Industry Dynamics - The success of small and medium-sized public funds is attributed to their ability to quickly adapt to market opportunities due to their smaller scale, allowing for more flexible portfolio adjustments compared to larger firms [6]. - The structural market conditions have favored small-cap stocks, which have seen significant price increases, benefiting smaller funds that can concentrate their holdings in these areas [6]. Group 4: Investment Strategies - The trend towards "track-oriented" and "high sharpness" strategies among small and medium-sized public funds has become more pronounced, allowing for clearer investment style positioning and potentially higher alpha returns for investors [8]. - However, there is a caution against "betting-style" investments that focus solely on specific sectors without a diversified approach [9]. Group 5: Future Outlook - The macroeconomic environment is expected to maintain a weak recovery, with liquidity remaining relatively abundant, suggesting that the stock market will likely continue to favor technology growth styles [9]. - If there is an unexpected recovery in infrastructure, consumption, and investment sectors by mid-next year, larger equity funds may also see performance opportunities [9]. Group 6: Long-term Perspective - The recent performance surge of small and medium-sized public funds is viewed as a temporary outcome of specific market conditions, emphasizing the importance of long-term value creation and robust research capabilities for sustainable growth [9].