Core Viewpoint - The domestic public fund industry is undergoing a transformation in active equity investment, focusing on high-quality thematic products to capture alpha returns amidst a passive investment trend [1] Group 1: Thematic Product Development - Public fund institutions are increasingly building thematic product matrices to target high-quality sectors, aiming for both revenue and scale growth [1][2] - Yongying Fund has successfully launched six thematic products under its "Smart Selection" series, focusing on emerging industries such as AI applications and solid-state batteries, achieving over 20% returns on some products [2] - Other institutions like Xinyuan Fund and Western Gain Fund are also developing thematic products across various sectors, including healthcare, new materials, and financial technology [3] Group 2: Flexibility in Investment Strategies - Public fund institutions are adapting to investor needs by creating diverse product lines, such as Ping An Fund's categorization of active equity products into four main series [4] - The focus on thematic products allows for more agile responses to market changes, enabling the capture of investment opportunities aligned with national strategies [5] Group 3: Opportunities for Smaller Institutions - Smaller public fund institutions face challenges in active equity investment but are exploring thematic product strategies as a path for growth [6] - By focusing on niche markets and enhancing active management capabilities, smaller firms can potentially achieve "curve overtaking" in the competitive landscape [6][7] - Xinyuan Fund suggests that smaller institutions should develop distinctive thematic products and strengthen their research capabilities to meet diverse investor needs [7]