Core Viewpoint - The public fund industry is witnessing a shift towards "track-oriented" and "tool-oriented" investment strategies, driven by industry competition, client demand, and market conditions, leading fund managers to focus on specific sectors for higher returns [3][4][6]. Group 1: Industry Trends - The trend of "track-oriented" and "tool-oriented" characteristics in active equity funds is becoming increasingly prominent, with many funds focusing on niche sectors like innovative pharmaceuticals, robotics, computing power, semiconductors, and low-altitude economy [5][6]. - In the second half of the year, 34 out of 68 newly established mixed funds (50%) had clear themes in their names, such as "technology," "healthcare," and "consumption," indicating a strong thematic focus in new fund launches [5][6]. - The rise of track-oriented funds is attributed to the significant "Matthew effect" in the public fund industry, where smaller firms struggle to compete with larger firms in broad market selection, making niche-focused funds more appealing [6][7]. Group 2: Fund Manager Strategies - Fund managers are increasingly "narrowing their capability circles," focusing on sectors where they have expertise, which enhances the sharpness of their investment strategies [10][11]. - The shift from broad-based to focused investment strategies is driven by changes in market conditions, competition, and evolving client demands for more precise investment opportunities [11][12]. - The trend does not signify the end of "all-round" fund managers, as the market still requires diverse capabilities among fund managers [11][12]. Group 3: Research and Evaluation Requirements - The new investment strategies necessitate a more sophisticated research framework within fund companies, requiring collaboration between fund managers and analysts to establish a comprehensive research mechanism [14][15]. - A more scientific and multi-dimensional evaluation system is needed for "sharp" fund managers and tool-oriented products, as traditional evaluation methods may not accurately reflect their performance [17][18]. - The focus should be on long-term sustainable excess returns rather than short-term rankings, with a need to align performance benchmarks with the specific styles of the funds [18][19]. Group 4: Investor Considerations - Investors are advised to approach track-oriented and tool-oriented products with caution, as these high-volatility investments can lead to significant risks if not managed properly [20][21]. - It is recommended that investors diversify their portfolios and avoid over-concentration in single sectors, ensuring a balanced approach to asset allocation [20][21][32]. - Fund companies are encouraged to enhance investor education to help clients understand the risks and characteristics of these new investment products [21][31].