Core Viewpoint - In the second quarter of 2025, active equity funds showed a contradictory performance, with a continued increase in fund net value but accelerated redemptions from investors [1][2]. Redemption Acceleration - In Q2 2025, active equity funds experienced accelerated redemptions, with ordinary stock funds seeing a net redemption of 4.75%, and other fund types like mixed equity and flexible allocation experiencing net redemptions of 3.22%, 6.31%, and 3.27% respectively [2][3]. - Compared to Q1 2025, where redemption rates were significantly lower, Q2 saw a marked increase in redemption speed, although it was slower than the rates observed in Q4 2024 [2][3]. Fund Size and Performance - Among 4,535 active equity funds, 1,714 funds (approximately 37.79%) saw an increase in size, while 2,821 funds (62.21%) experienced a decrease [3][4]. - Only 868 funds (19.14%) were net purchased, while 3,568 funds (78.68%) faced net redemptions [3][4]. Top Fund Performers - The top ten active equity funds with the highest net inflows in Q2 2025 included Huatai-PineBridge Innovation Medicine (+4.357 billion), China Asset Management Military Industry (+3.526 billion), and others, with significant increases in fund shares [5][6]. - Huatai-PineBridge Innovation Medicine led in share growth, increasing by 1.982 billion shares, followed by China Asset Management Military Industry and Yongying Advanced Manufacturing [5][6]. Fund Redemption Trends - Nearly 80% of active equity funds faced net redemptions in Q2, with notable declines in shares for several star funds, including Changxin Jinli Trend (-2.731 billion shares) and E Fund Medical Biology (-1.689 billion shares) [7][8]. - Many funds that experienced significant redemptions had previously shown strong performance, indicating a "capital preservation" mentality among investors [8][9]. Notable Fund Managers - The funds with the largest declines in size were predominantly managed by well-known fund managers, suggesting a shift in investor sentiment despite their previous strong performance [9].

Core Insights - In Q2 2025, active equity funds showed a contradictory performance with net asset values increasing while investors accelerated redemptions [1][3] - Approximately 80% of active equity funds experienced net redemptions, indicating a "capital preservation" sentiment among investors [1][7] - Certain funds, particularly those with clear themes or industry focuses, attracted significant inflows, highlighting a divergence in fund performance [1][9] Redemption Trends - In Q2 2025, active equity funds saw accelerated redemptions compared to Q1 2025, with ordinary stock funds experiencing a net redemption of 4.75% and mixed equity funds 3.22% [3][4] - Compared to Q4 2024, the redemption rates were lower, indicating a slight improvement in investor sentiment [4][7] - Of the 4,535 active equity funds, 37.79% saw growth in scale, while 62.21% experienced a decline [7] Fund Performance - The top 10 active equity funds with the highest scale growth in Q2 2025 included funds focused on specific sectors like healthcare and military, with notable increases in assets [9] - The fund with the largest increase in shares was Huatai-PB Innovation Medicine, which added 19.82 billion shares [9] - Conversely, nearly 80% of active equity funds faced net redemptions, with significant losses in share counts for several well-known funds [11][12] Notable Fund Managers - Many of the funds that faced the largest redemptions were managed by prominent fund managers, indicating a potential shift in investor confidence despite strong performance metrics [12][13] - Funds like E Fund Blue Chip Select and Invesco Great Wall Value Margin saw substantial declines in scale, managed by well-known figures in the industry [13]

Group 1 - The public fund industry shows new dynamics with a total scale of 33.73 trillion yuan as of the end of Q2, reflecting a 6.69% increase from the previous quarter [1] - The total scale of equity funds reached 4.28 trillion yuan, up 6.17% quarter-on-quarter, while mixed funds decreased by 0.22% to 3.21 trillion yuan [1] - Bond funds increased by 8.55% to 10.92 trillion yuan, and money market funds rose by 6.79% to 14.23 trillion yuan [1] Group 2 - The top ten public funds, including E Fund, Huaxia, and GF Fund, maintained their rankings with slight variations in scale [1][2] - E Fund and Huaxia Fund lead with total scales of 2.05 trillion yuan and 2.02 trillion yuan, respectively, with E Fund increasing by 101.6 billion yuan and Huaxia by 179.8 billion yuan in Q2 [2] - The total scale of GF Fund, Southern Fund, Tianhong Fund, and others also saw increases of over 6% compared to the previous quarter, indicating competitive dynamics among leading public funds [2] Group 3 - Non-monetary scale rankings among public funds showed significant growth, with GF Fund increasing by 549.74 billion yuan, becoming the only fund in the 800 billion yuan tier [5] - Southern, Fortune, and Harvest Funds also saw their non-monetary scales rise to the 700-800 billion yuan range [5] - The rankings of funds in the 10-20 tier are seeking differentiation, with Penghua and Guotai Funds achieving growth rates of 11.26% and 10.34%, respectively [5] Group 4 - Among the "mid-tier funds" ranked 20-40, Xingye and Haifutong Funds reported increases of 441.69 billion yuan and 445.9 billion yuan, reaching 2735.33 billion yuan and 1691.25 billion yuan [6] - Some funds, such as Wanji and Guotou Ruijin, experienced decreases in non-monetary scale [6] - The active equity fund managers with over 20 billion yuan in management scale saw new faces, with some familiar managers experiencing a reduction in managed scale [6][7] Group 5 - As of the end of Q2, the top active equity fund manager is Zhang Kun from E Fund, managing 550.47 billion yuan, despite a decrease of 57.75 billion yuan from the previous quarter [7][8] - Other notable managers like Liu Yanchun and Ge Lan also saw reductions in their managed scales [8] - The net redemption of equity funds reached 1.40268 billion units in Q2, indicating a trend of investors opting to sell for recovery [9]