大涨35.96%！周期的钟摆再次回归！

Core Viewpoint - The article emphasizes the resurgence of active equity funds in the A-share market, highlighting their significant outperformance compared to broad market indices in 2023, with the active equity index achieving a return of 35.96% [4][10]. Group 1: Market Performance - Since the beginning of the year, the CSI 300 Index and the CSI 800 Index have recorded increases of 17.94% and 20.87%, respectively, while the average return of active equity funds has significantly outperformed these indices [4]. - The active equity fund market faced challenges from 2022 to 2024, with a notable shift towards index funds, which saw their scale exceed 3.7 trillion yuan by the end of Q3 2024 [4][5]. Group 2: Historical Analysis - Historical data shows that the proportion of active equity funds outperforming their benchmarks has varied, with a notable decline in performance from 2022 to 2024 due to a defensive market style [5][8]. - Despite recent underperformance, over longer periods (5, 10, and 15 years), active equity funds have consistently outperformed the CSI 300 and CSI 800 indices, indicating their long-term value [10][11]. Group 3: Active Management Advantages - Active equity funds have demonstrated their ability to generate excess returns by capitalizing on specific industry opportunities, contrasting with the U.S. market where returns are concentrated among a few tech giants [20][19]. - The article highlights that the Chinese market offers diverse and rotating industry opportunities, which have historically provided fertile ground for active equity funds to achieve significant returns [20][21]. Group 4: Recent Trends and Future Outlook - In Q3 2023, all active equity funds from 165 public fund companies reported positive returns, with an average return of 25.93%, surpassing the CSI 300's 17.90% increase [26]. - The article suggests that investors should leverage the active management characteristics of these funds, trusting in the expertise of skilled fund managers while maintaining a rational approach to market fluctuations [27].