4年来新高，这类基金创纪录！“第四代”基金经理来了！

Core Viewpoint - The active equity fund sector is experiencing a comprehensive recovery in terms of both scale and subscription numbers, with new fund managers emerging as key players in this resurgence [1][5][6]. Group 1: Fund Performance and Subscription Data - The newly established funds, such as Guangfa Growth Selection and Yongying Rui Jian Growth, have seen effective subscriptions of 149,200 and 230,400 households respectively, marking a record for active equity funds since October 2021 [1][2]. - The active equity funds have begun to recover since 2025, with fundraising amounts exceeding 2 billion, 3 billion, and even 5 billion yuan, leading to record subscription numbers [1][5]. - The Yongying Rui Jian Growth fund achieved a fundraising scale of 5.867 billion yuan and a subscription count of 230,427 households, setting a new record for active equity funds established after October 2021 [3][5]. Group 2: Emergence of New Fund Managers - A new generation of fund managers, referred to as the "fourth generation," is emerging, characterized by their broad vision and acceptance of new tools like AI [1][6][8]. - Notable fund managers include Li Wenbin, Chen Yanzhong, and Zhang Jing, who have demonstrated impressive past performance and are now leading new fund launches [3][4][6]. - The fourth generation of fund managers generally manages over 10 billion yuan in assets and has shown strong capital attraction capabilities [8]. Group 3: Industry Trends and Challenges - The active equity fund industry is gradually recovering from a downturn, with a significant increase in the number of new funds launched since 2025, many of which are led by well-known fund managers [5][6]. - The new generation of fund managers faces challenges such as the potential decline in overall alpha due to the rise of passive indices and the need to adapt to structural market changes [9]. - Fund companies are implementing scale limits on new fund launches, typically capping them at around 2 billion to 3 billion yuan to mitigate performance risks [8].