长钱长投 ●全市场ETF总规模达4.8万亿元 ●股票ETF、跨境ETF、商品ETF、债券ETF规模今年以来均显著增长 ●次新基金快速建仓，把握市场反弹机遇 新发火热 ●7月以来新成立的权益类基金数量占比超七成 ●逾50只权益类基金提前结束募集，以便快速成立后入市 本版制图 范雨露 仓位高企 ●主动权益类基金股票仓位连续多周上行，达到今年以来高位 ...

Core Viewpoint - The recent recovery in the equity market has led to a significant rebound in the net value of actively managed equity funds, with nearly 90% of these funds showing positive returns over the past year, providing hope for investors who had previously suffered losses [3][5]. Group 1: Fund Performance - As of August 6, 2023, 4304 out of 4349 actively managed equity funds reported positive returns over the past year, representing 99% of the total [5]. - Among these, 40 funds achieved a doubling of their performance, with the top performer, CITIC Construction Investment North Exchange Select Two-Year Open A, showing a return of 212.25% [5]. - Over 70% of funds with over 10 billion in assets achieved returns exceeding 10%, with some funds like China Merchants Advantage Enterprises A and Galaxy Innovation Growth A exceeding 60% [6]. Group 2: Investor Behavior - Investor behavior has shown significant divergence, with three main strategies emerging: some investors choose to redeem their funds upon recovery, others redeem after a significant reduction in losses, and a third group waits until they fully recover their investments [9][10]. - Despite the recovery, there is a notable redemption pressure as many investors opt to cash out when the net asset value approaches their initial investment [10]. - In the second quarter, actively managed equity funds experienced a net redemption of 1,076.04 million units, a 56.43% increase from the previous quarter, indicating a trend of investors withdrawing funds despite improved performance [10][11]. Group 3: Market Sentiment and Trust - The recovery in fund performance has not yet translated into increased investor trust, as many investors remain cautious due to past losses from 2022 to 2024, leading to a prevalent "redeem upon recovery" behavior [11]. - Analysts suggest that the current situation represents a critical period for "cognitive repair" in the market, where fund managers need to enhance their professional capabilities and improve the industry ecosystem to regain investor confidence [11].

Group 1 - The issuance of actively managed equity funds has been on the rise, with new products breaking annual records in scale [1][4][5] - On July 17, the Dachen Insight Advantage Mixed Fund was launched with a scale of 2.46 billion yuan, setting a new record for the year [1][4] - The total issuance scale of actively managed equity funds has reached 56.964 billion yuan, a year-on-year increase of 28.01% compared to 44.501 billion yuan in the same period last year [4][7] Group 2 - The increase in issuance is attributed to positive changes in the stock market, with the Shanghai Composite Index fluctuating around 3,500 points and strong performance in sectors like AI [5][6] - New floating fee rate funds and fee reforms have gained investor trust, contributing to the surge in fund issuance [5][8] - The average return of actively managed equity funds has reached 9.41% this year, with 87.7% of funds showing positive performance [7][8] Group 3 - The performance of actively managed equity funds has significantly improved, with several funds achieving over 100% returns this year [6][7] - The outlook for the equity market remains optimistic, with expectations of continued economic recovery and potential policy support [7][8] - The trend indicates a rapid expansion in the issuance scale of actively managed equity funds, driven by increasing investor confidence and a favorable economic environment [8]

Core Viewpoint - The active equity funds have seen a steady increase in net asset value (NAV), with 228 funds reaching all-time highs as of June 25, driven by market trends and effective fund management [1][2]. Group 1: Fund Performance - As of June 25, 2023, the unit NAV of the Guangfa Technology Select Stock Fund, established on April 17, 2023, reached a new high of 1.0627 yuan, focusing on investment opportunities in technology-themed companies [1]. - The CITIC Prudential Prosperity Mixed Fund, launched in February 2024, achieved a unit NAV of 1.6317 yuan on June 25, with a focus on consumer sectors, industries benefiting from stable growth, national security, and high-tech manufacturing [2]. - The Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund, established in November 2017, reached a unit NAV of 5.5162 yuan on June 25, with a three-year NAV growth rate of 78.24% [2]. - The Guangfa Multi-Factor Mixed Fund, launched in December 2016, achieved a unit NAV of 3.9408 yuan on June 25, with a three-year NAV growth rate of 14.59% [3]. Group 2: Market Trends and Insights - The continuous expansion of market hotspots and significant structural opportunities have supported the growth of fund NAVs, with sectors like technology, new energy, new consumption, and pharmaceuticals performing well since 2025 [1]. - The market is expected to maintain a technology-driven trend in 2025, with an overall increase in risk appetite as external disturbances ease, suggesting a focus on technology, consumption, high-end manufacturing, and pharmaceuticals [2]. - The performance of active equity funds has been challenging against benchmarks in recent years, but a longer evaluation period shows that some high-performing funds can outperform indices, highlighting the importance of fund managers' capabilities [3].

Market Overview - On April 29, the Shanghai Composite Index fell by 0.05%, the Shenzhen Component Index also fell by 0.05%, and the ChiNext Index decreased by 0.13%[3]. - The trading volume on April 30 was 1.04 trillion CNY, a decrease of approximately 40 billion CNY compared to the previous trading day[1]. Sector Performance - Industries such as beauty care, machinery, media, and light industry saw significant gains, while public utilities, oil, coal, and social services experienced notable declines[1]. - The majority of sectors showed limited upward movement, indicating a weak market structure with most sectors declining over the past five days[1]. Capital Flow - On April 29, net inflows into the Shanghai Stock Exchange were 4.695 billion CNY, while net inflows into the Shenzhen Stock Exchange were 4.105 billion CNY[4]. - The top three sectors for capital inflow were IT services, general equipment, and automotive parts, while the top three sectors for outflow were electricity, securities, and liquor[4]. Policy and Economic Measures - The National Development and Reform Commission announced an additional 81 billion CNY in special long-term bonds to support the consumption upgrade program[5]. - The construction of the electricity spot market is set to accelerate, with specific deadlines for various regions to transition to formal operations by 2025 and 2026[6][7]. Industry Insights - Canalys predicts that by 2025, the penetration rate of L2 and above functionalities in the Chinese market will reach 62%, a significant increase from 2024[12]. - The issuance of new funds has surpassed 300 billion CNY this year, with nearly half allocated to equity funds, indicating a recovery in the active equity fund issuance market[15].

Core Viewpoint - The departure of Zhang Hongtao, known as the "ETF King" of Huaxia Fund, marks a significant shift for the company, which has lost its leadership in managing public funds and faces challenges in both passive and active investment sectors [3][7][14]. Group 1: Departure of Key Personnel - Zhang Hongtao resigned as the manager of Huaxia CSI Dividend Quality ETF and its linked fund, leaving the company without any managed public products [3][5]. - His career at Huaxia Fund spanned over 15 years, during which he managed multiple public products, including large ETFs, and achieved a peak asset management scale of 456.14 billion [8][9]. - The exit of Zhang highlights a talent shortage at Huaxia Fund, raising concerns about the stability of its investment research team [11][12]. Group 2: Business Challenges - Huaxia Fund's revenue for the year reached 8.03 billion, a year-on-year increase of 9.61%, but this growth is primarily driven by passive investment expansion [14]. - The ETF market has become highly competitive, with Huaxia Fund facing challenges from other leading firms like E Fund and Huatai-PB, which are rapidly increasing their ETF asset scales [15][16]. - In 2024, Huaxia Fund's ETF asset scale was approximately 6587.82 billion, while E Fund's was over 6025.55 billion, indicating a narrowing gap in market leadership [16]. Group 3: Performance Issues - Huaxia Fund's active equity products have underperformed, with an average return of -18.72% in 2024, significantly lower than the average of -8.56% for similar funds [18]. - The management scale of Huaxia Fund's active equity products has shrunk by over 130 billion from its peak, indicating a loss of investor confidence [18][20]. - The company has faced scrutiny over compliance issues, including misleading marketing claims, which have further impacted its reputation and operational stability [22]. Group 4: Internal Management Concerns - Recent scandals, including the "mouse warehouse" incident, have raised questions about Huaxia Fund's internal controls and monitoring of trading behaviors [20][22]. - The company has been penalized for compliance failures, leading to a suspension of specific asset management services, which has adversely affected its active equity product scale [20][22]. - Huaxia Fund's ability to handle investor complaints and compensation mechanisms remains untested, particularly in light of significant fund losses [22].