The provided content does not contain any specific quantitative models or factors, nor does it include detailed construction processes, formulas, or backtesting results for such models or factors. The report primarily focuses on the performance, allocation, and trends of active equity funds in various industries during Q2 2025. Below is a summary of the key points: - Active equity funds' net asset value weighted average return in Q2 2025 was 2.14%, with a median return of 1.85%[6][15][115] - The top 10 funds by return in Q2 2025 achieved approximately 30% growth, with a total net subscription of 9.02 billion yuan[8][39][41] - The top 10 funds by net subscription in Q2 2025 collectively reached 217.30 billion yuan, with a median return of 12.55%[39][40] - Active equity funds' overall stock positions increased slightly to 85.97% in Q2 2025, up 0.50 percentage points from Q1 2025[7][28][115] - The top four industries with the highest active equity fund allocations in Q2 2025 were electronics, healthcare, electric power and new energy equipment, and food and beverages[9][43][46] - The top four industries with the highest active equity fund overweighting in Q2 2025 were telecommunications (2.08 percentage points), banking (0.71 percentage points), defense and military (0.61 percentage points), and electronics (0.45 percentage points)[9][43][46] - The top four industries with the highest absolute returns in Q2 2025 were telecommunications (21.77%), commercial trade (21.55%), agriculture (19.03%), and insurance (12.51%)[108][116] - Non-sector-themed funds showed the highest active overweighting in telecommunications (2.09 percentage points), banking (0.92 percentage points), insurance (0.58 percentage points), and defense and military (0.46 percentage points)[9][111][116] No quantitative models or factors were explicitly mentioned in the report. The focus was on fund performance, industry allocation, and market trends.

Core Viewpoint - The article highlights the significant performance disparity between actively managed equity funds and thematic ETFs, particularly in the booming sectors of humanoid robots and innovative pharmaceuticals, with ETFs gaining substantial scale due to their advantages in capturing market trends [1][2]. Group 1: Performance of Funds - The innovative pharmaceutical sector has seen a strong market performance, leading to a total of 17 "doubling funds" in 2023, all of which are related to this theme, with 10 being actively managed equity funds and 7 being thematic ETFs [1]. - The top-performing innovative pharmaceutical funds include several actively managed funds and ETFs, with notable mentions such as Huatai-PB Hang Seng Innovative Pharmaceutical ETF and others [1]. - Despite the strong performance of actively managed funds, their scale growth has lagged behind that of ETFs, with the top 10 innovative pharmaceutical active funds having a total scale of only 9.4 billion yuan at the end of Q2, while the 7 ETFs increased their scale by 12.9 billion yuan to reach 28.4 billion yuan [2]. Group 2: Market Dynamics - The rapid growth of ETFs is attributed to their passive tracking mechanism, which allows them to effectively capture beta returns from high-growth sectors, making them more appealing to investors compared to actively managed funds [3]. - The expansion of ETFs has put pressure on actively managed equity funds, which are struggling to attract new investments despite their strong performance, as investors prefer the transparency and lower costs associated with ETFs [4]. - The management fees for ETFs are generally lower than those for actively managed funds, further enhancing their attractiveness to investors [4]. Group 3: Future Trends - The emergence of new ETFs focused on themes such as artificial intelligence and cloud computing indicates a shift in investor preference towards passive investment strategies, while the success of actively managed funds will increasingly depend on the historical performance of fund managers [5]. - The coexistence of passive and active investment strategies is essential, as both serve different investor needs and risk profiles, with active funds playing a crucial role in value discovery [5][6].

Group 1 - The core viewpoint of the article highlights the significant performance disparity between actively managed equity funds and thematic ETFs, particularly in the context of the booming human-robot and innovative drug sectors [1][2][4] - The number of "doubling funds" in the innovative drug sector reached 17 by July 29, with 10 being actively managed equity funds and 7 being thematic ETFs, showcasing the strong performance of these funds [2][3] - Actively managed equity funds have achieved substantial excess returns due to stock-picking abilities, but their scale expansion has lagged behind that of ETFs, which have benefited from the strong market performance of specific sectors [2][3] Group 2 - Data shows that the 10 actively managed innovative drug funds had a total scale of 9.4 billion yuan at the end of Q2, with an increase of 5.8 billion yuan during the quarter, while the 7 ETFs saw an increase of 12.9 billion yuan, reaching 28.4 billion yuan [3] - The rapid growth of ETFs is attributed to their passive tracking mechanism, which allows them to capture industry beta returns effectively, leading investors to prefer ETFs for quick exposure to high-growth sectors [4][5] - The rise of ETFs has created competitive pressure on actively managed equity funds, which are struggling to attract new investments despite their strong performance [5][6] Group 3 - The article notes that the existence of actively managed equity funds remains valuable, as they can smooth out volatility through strategic stock selection, contrasting with the automatic rebalancing of ETFs [6][7] - The current trend indicates that passive products like ETFs are more attractive to investors, prompting actively managed funds to seek differentiated strategies for survival [7] - The article warns that while ETFs offer convenience, investors should be cautious of their short-term speculative nature, which can exacerbate market volatility [8]

主动权益基金情绪偏乐观， 证券研究报告 银行行业配置达到历史高位 —— 量化市场追踪周报（2025W30） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W30)：主动权益基金情绪 偏乐观，银行行业配置达到历史高位 [Table_ReportDate] ...

Core Viewpoint - The article emphasizes the importance of sustained outperformance by fund managers in the A-share market, highlighting the need for true alpha rather than high volatility smart beta. It identifies the "Guangfa Multi-Factor" fund as a standout performer, having outperformed major indices for seven consecutive years, a rarity in the market [1][6]. Fund Performance and Management - Guangfa Multi-Factor, managed by Yang Dong and Tang Xiaobin, has shown a diversified portfolio with a balanced style. Other funds managed by Yang Dong, such as Guangfa Value Navigator and Guangfa Balanced Growth, also reached new net value highs in July [2]. - As of June 30, 2025, Guangfa Multi-Factor achieved an absolute return of 11% in the first half of the year, with a cumulative return of 345.84% since inception and an annualized return of 19.21%. In comparison, the CSI 300 and CSI 800 indices rose by 19.36% and 11.76%, respectively [7]. Investment Strategy - Yang Dong employs a team-based, multi-strategy approach to achieve stable and sustainable excess returns, contrasting with single-manager fund management [3][4]. - The article discusses the significance of "continuity" in investment performance, noting that Guangfa Multi-Factor is one of only two active equity funds that have outperformed major indices consistently over the past seven years [6]. Fund Characteristics - The funds managed by Yang Dong are categorized into two types: core funds aimed at outperforming major indices and style-enhanced funds for more sophisticated investors [9]. - The article outlines the distinct characteristics of the funds, including their investment scope and holding patterns, with Guangfa Multi-Factor focusing on a broad market allocation while other funds target specific sectors [8][9]. Team and Strategy Integration - Yang Dong's team combines subjective and quantitative strategies to enhance investment performance, leveraging both macroeconomic insights and data-driven analysis [21][22]. - The article highlights the unique aspects of Yang Dong's team, including the management of diverse products, the collaborative effort in generating excess returns, and the specialized roles within the team [33]. Market Adaptation - The article notes that Yang Dong's team has demonstrated strong industry allocation capabilities, adjusting their strategies based on market conditions and sector performance [15]. - The funds have shown adaptability in their holdings, with significant changes in top positions reflecting market trends and opportunities [27][29].

Group 1 - The core viewpoint of the article highlights the growing investment interest in the innovative pharmaceutical sector, which has led to the emergence of three actively managed equity funds that have doubled their returns this year [1] - The fund "Changcheng Medical Industry Selection" leads the year-to-date performance among actively managed equity funds with a return of 119.66% [1] - Other funds, "Yongying Medical Innovation Smart Selection" and "Bank of China Hong Kong Stock Connect Medical," have also shown impressive returns of 106.37% and 105.43% respectively [1]

Core Viewpoint - The article discusses the introduction of floating management fee rate actively managed equity funds by multiple fund companies in response to the China Securities Regulatory Commission's action plan for promoting high-quality development of public funds by May 2025. It explains how the management fees for these funds are structured and calculated. Summary by Sections Management Fee Structure - The management fee for the new floating rate funds consists of three components: fixed management fee, contingent management fee, and excess management fee [2][3] - The applicable management fee rate depends on the holding period and annualized return of the fund shares at the time of redemption or transfer [2] Fee Calculation Example - An example is provided where the critical holding period is set at one year, with performance thresholds of 6% for outperformance and 3% for underperformance against the benchmark. The fixed, contingent, and excess management fees are set at 0.6% per year, 0.6% per year, and 0.3% per year, respectively [3][6] Fee Collection Process - The management fees are deducted daily based on the previous day's net asset value of the fund. The net asset value seen by investors is after deducting these fees [7] - If the holding period is less than one year, a management fee of 1.20% per year is charged. If the holding period is one year or more, the fee is determined based on the annualized return during the holding period [7][9] Specific Fee Scenarios - Three scenarios are outlined for fee determination: 1. If the annualized return exceeds the benchmark return by more than 6% and is positive, a total fee of 1.50% per year is charged [9] 2. If the annualized return is below the benchmark return by 3% or more, only the fixed management fee of 0.6% per year is charged, with the contingent fee refunded [9] 3. In other cases, a management fee of 1.20% per year is applied [9]

Core Viewpoint - The article highlights the performance of actively managed equity funds in the context of a recovering equity market, noting a significant disparity in performance among funds, leading to varied experiences for investors [1][2]. Fund Performance and Management - Over the past decade (2015-2024), only one actively managed equity fund has consistently outperformed the CSI 300 Index, which represents core assets in the A-share market [3]. - The fund that achieved this is the Dachen Selected Value Fund, managed by Li Bo, who is known for his "steady growth" investment style, primarily focusing on large-cap value stocks [4][5]. - Since Li Bo took over the fund on November 4, 2016, it has achieved a total return of 96.64% as of March 31, 2025 [5]. - Li Bo maintains a stable equity position of 80%-90%, with performance mainly driven by stock selection rather than frequent trading [7]. Portfolio Composition - As of the end of Q1 2025, the top ten holdings of the Dachen Selected Value Fund include leading companies across various sectors, such as Midea Group, China Mobile, and Gree Electric [8][9]. - The fund's turnover rate has decreased from nearly 200% to below 100% from its early years under Li Bo's management, indicating a more stable investment approach [9]. Risk Management - The Dachen Selected Value Fund has demonstrated strong risk management, with a maximum drawdown of only 14% over the past three years, which is commendable in a volatile market environment [11]. - Research indicates that the fund has lower maximum drawdowns compared to the CSI Index during various market downturns, showcasing its resilience [12]. Investment Philosophy - Li Bo's investment philosophy emphasizes deep research and understanding of company growth drivers, moving beyond mere quantitative metrics to a more qualitative assessment of companies [15][16]. - His investment approach has evolved through three stages, focusing first on growth, then on sustainable growth through company capabilities, and finally incorporating common sense and industry knowledge into investment decisions [21][22][23]. Fund Size and Capacity - Li Bo currently manages two public funds with a combined scale exceeding 3.8 billion yuan, along with additional assets under management totaling over 4.6 billion yuan, indicating ample capacity for sustainable excess returns [17].

Core Viewpoint - The A-share market experienced a volatile first half of 2025, with the Shanghai Composite Index slightly up by 2.76%, while the Shenzhen Component Index and the ChiNext Index saw gains of around 0.5%. The CSI 2000, representing small-cap stocks, performed notably well with over 15% growth [1]. Group 1: Active Equity Funds Performance - A total of 7,285 active equity funds reported performance for the first half of 2025, with an average return of 7.32% and a median return of 5.33%, outperforming the three major A-share indices [1]. - Among these funds, 53 achieved returns exceeding 50% [1]. Group 2: Funds Over 100 Billion - In the category of active equity funds with over 100 billion yuan, 19 funds were identified, with notable performances from funds managed by Xie Zhiyu and Ge Lan [2]. - The top five funds in this category had returns ranging from 3.63% to 15.85%, all surpassing the Shanghai Composite Index [2]. Group 3: Fund Details Over 100 Billion - The leading fund, "Xingquan He Yi LOF" managed by Xie Zhiyu and Xue Yiran, reported a return of 15.85% with a scale of approximately 144.89 billion yuan, and a cumulative return of 62.31% since its inception [6]. - The top holdings of this fund included major tech companies such as Xiaomi, Alibaba, and Tencent [6]. Group 4: Funds Between 50-100 Billion - In the 50-100 billion yuan category, 43 active equity funds were analyzed, with the top five funds achieving returns from 11.58% to 49.04% [10]. - The leading fund in this group was managed by Penghua Fund, with a return of 49.04% [12]. Group 5: Funds Between 20-50 Billion - For funds in the 20-50 billion yuan range, 338 funds were evaluated, with the top five funds achieving returns from 33% to 54.08% [15]. - The top fund, "Zhongyin Chuangxin Yiliao," managed by Zheng Ning, reported a return of 54.08% [19]. Group 6: Funds Between 10-20 Billion - In the 10-20 billion yuan category, 447 funds were assessed, with the top five funds primarily focused on the pharmaceutical sector [20]. - The leading fund in this group was managed by Ping An Fund, achieving a return of 56.97% [21]. Group 7: Funds Between 5-10 Billion - The 5-10 billion yuan category included 675 funds, with the top five funds showing returns from 57.41% to 72.16% [26]. - The top fund, "Hua Xia Bei Jiao Suo Chuang Xin," reported a return of 72.16% [25]. Group 8: Funds Between 1-5 Billion - In the smallest category of 1-5 billion yuan, 2022 funds were analyzed, with the top five funds achieving returns from 57.11% to 82.45% [26]. - The leading fund, "Zhongxin Jiantou Bei Jiao Suo Jing Xuan," reported an impressive return of 82.45% [30].

Group 1 - The core viewpoint of the article highlights the performance of various sectors such as innovative drugs, humanoid robots, the Beijing Stock Exchange, and new consumption trends, which have driven market momentum and generated significant investment returns [1] - Notably, many actively managed equity funds have demonstrated a remarkable turnaround in performance, with nearly a hundred funds reaching their highest net value since inception in June [1]