Core Viewpoint - Active funds are increasing their allocation to mid-cap growth stocks and large financials, with a slight rise in overall positions despite redemption pressures [2][3]. Fund Allocation Trends - In Q2 2025, active equity funds increased their positions to 84.2%, with a notable decrease in concentration as CR20 fell by 3.3% [2]. - There is a significant increase in allocation to Hong Kong stocks, reaching a record high of 19.5%, while A-shares saw a substantial increase in the ChiNext and a slight increase in the Sci-Tech Innovation Board, with a reduction in the main board [2][3]. - The active fund structure has adjusted, favoring mid-cap growth stocks represented by the CSI 500, particularly in technology hardware, pharmaceuticals, and new consumption sectors, while reducing exposure to leading heavyweight stocks [2][3]. Sector Allocation - Funds are increasing their allocation to TMT (Technology, Media, and Telecommunications) and large financial sectors, while reducing positions in cyclical and manufacturing sectors [3]. - Within the TMT sector, there is a notable increase in communication equipment, chemical pharmaceuticals, aerospace equipment, and gaming, while passenger vehicles, consumer electronics, photovoltaic equipment, and semiconductors are seeing reduced allocations [3]. - In the large financial sector, the highest increases are seen in city commercial banks, insurance, and securities, with city commercial banks reaching historical highs in allocation [3]. Hong Kong Stock Market - Active funds continue to strengthen their allocation to Hong Kong stocks, with a significant increase in holdings in innovative pharmaceuticals and new consumption sectors, while reducing exposure to retail, automotive, and media sectors [4]. - Passive funds have also increased their holdings in banks, electronics, and communications, surpassing active funds in total stock holdings for the first time, indicating a consensus in fund behavior [4]. IPO and New Fund Performance - The pace of IPO approvals has accelerated in Q2 2025, with first-day average gains for newly listed stocks exceeding 220%, and significant increases in returns for A/B class accounts [7][8]. - The average return for new fund allocations in Q2 2025 was 1.76%, with smaller funds (under 2 billion) showing the best performance [8][9]. - The top sectors for new fund holdings include banking, electronics, and household appliances, with significant increases in positions in banks and pharmaceuticals [9].

Core Viewpoint - The article emphasizes the resurgence of actively managed funds in the current market environment, highlighting their ability to outperform benchmarks and capture investment opportunities in emerging sectors and structural market conditions [7][8][10]. Fund Performance - The top-performing funds in the author's portfolio include several actively managed funds, with the highest return being from Yongying Ruixin Mixed A, achieving a cumulative return of 56.11% since inception and an annualized return of 32.75%, surpassing the benchmark by over 25% [4][5]. Investment Strategy - The investment strategy focuses on sector rotation, with the fund manager, Gao Nan, leveraging his diverse industry research background to identify sectors poised for explosive growth over the next 3-5 years, such as TMT, consumer, pharmaceuticals, and manufacturing [4][10]. Active vs. Passive Funds - The article discusses the cyclical nature of active and passive funds, noting that while index funds may perform better in early bull markets, actively managed funds can excel in later stages when specific sectors become more pronounced [16][20]. Market Characteristics - The A-share market is characterized by a high proportion of retail investors, leading to significant pricing inefficiencies that can be exploited by quality active fund managers [12][14]. Emerging Sectors - Active fund managers are positioned to capitalize on new and rapidly evolving sectors like AI, high-end manufacturing, and biotechnology, where market recognition and information asymmetry create opportunities for excess returns [14][15]. Structural Market Trends - The article highlights the importance of active fund managers in navigating structural market trends, where different industries and styles experience significant rotation, allowing skilled managers to mitigate drawdowns and generate excess returns [15][20]. Asset Allocation - The author advocates for a diversified asset allocation strategy that includes both active and passive funds, emphasizing the need to balance growth and value investments to capture opportunities across different market conditions [18][19][20].

Group 1 - Morgan Stanley has raised its year-end target for the S&P 500 index from 5200 to 6000, indicating a more optimistic outlook for the U.S. stock market [1] - The chief equity strategist at Morgan Stanley, Dubravko Lakos-Bujas, stated that as long as there are no major policy surprises, the stock market is likely to continue reaching new highs [1] - Other institutions such as Goldman Sachs, Deutsche Bank, and Barclays have also shifted to a bullish stance on U.S. stocks recently [1] Group 2 - The main drivers for the bullish outlook on U.S. stocks include the ongoing AI boom, systematic strategy funds buying due to decreased market volatility, and active funds taking advantage of price dips [2] - In April, concerns over the chaotic trade policies of the Trump administration led to significant downward revisions of the S&P 500 index forecasts, marking one of the most severe downgrades since the pandemic began in 2020 [2] - Lakos-Bujas anticipates a potential short squeeze as institutional investors who sold stocks in April are now looking to buy back at higher prices, with large tech stocks expected to lead the market rally [2] Group 3 - There is a cautionary note regarding a potential slowdown in the U.S. economy in the second half of the year, with current stock valuations being high and a need to be aware of possible corrections [2] - If the economic slowdown prompts the Federal Reserve to lower interest rates sooner, the market may overlook weak data and instead focus on short-term rebounds in small-cap and cyclical stocks [2]

Core Viewpoint - The article discusses the upcoming launch of the "招商红利量化选股混合" fund, which combines dividend investing with quantitative strategies, highlighting its potential advantages in the current market environment [2][17]. Group 1: Dividend Asset Value - Dividend assets continue to hold investment value, especially in a weak economic environment, characterized by market fluctuations and low interest rates [2][4]. - The current yield on China's 10-year government bonds is at 1.6279%, one of the lowest in over a decade, indicating a favorable environment for dividend assets [2][4]. Group 2: Advantages of Quantitative Strategies - The combination of dividend assets and quantitative stock selection offers several advantages over passive funds, including a broader selection of stocks beyond index limitations [5]. - In a weak recovery and low-interest-rate scenario, dividend assets, with a current dividend yield of 6.53%, provide stable cash flow, making them attractive to investors [6]. - Active management allows for more flexible rebalancing compared to passive funds, enabling the fund manager to respond to market changes and capture potential opportunities [7]. - The integration of quantitative strategies aims to enhance returns by pursuing both stable beta and potential alpha, increasing the overall performance of dividend assets [7]. Group 3: Fund Manager and Strategy - The fund "招商红利量化选股混合" is set to launch on May 14, with a focus on selecting stocks from a proprietary dividend-themed stock pool using a multi-factor quantitative investment model [8]. - The appointed fund manager, Cai Zhen, has nearly 11 years of investment research experience and a strong background in active quantitative investment [9]. - Cai Zhen's previous management of funds has yielded impressive results, with the "招商中证1000指增基金" achieving a return of 20.59% over the past year, outperforming its benchmark [10][11].

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