Core Insights - The active equity funds are experiencing a strong recovery, with over 80 funds achieving a net value increase of more than 20% in the past month, primarily driven by the AI-related industry chain [2][5] Group 1: Fund Performance - As of August 6, the average net value increase for all equity funds in the market was 5.88%, while active equity funds achieved an average increase of 7.27% [3][4] - A total of 4426 funds reported positive returns, with a remarkable 97.55% of them showing gains [3] - The top-performing funds include those managed by E Fund, with three funds exceeding 30% returns, and several others from Caitong Fund also performing strongly [3][4] Group 2: Investment Strategies - Fund managers indicate that the AI industry chain is still at a high prosperity starting point, with future investments focusing on globally competitive computing power and cloud computing opportunities [2][6] - The top holdings of the best-performing funds are predominantly leading companies in the AI industry chain, highlighting a strategic focus on this sector [4] Group 3: Fund Purchase Restrictions - In response to rising investor enthusiasm, many active equity funds have implemented purchase restrictions, with 70 funds announcing limits on large purchases since July [5] - Specific funds, such as the China Europe Fund and Huaxia Fund, have set limits on individual investments to ensure stable operations and protect existing investors [5] Group 4: Future Outlook - Fund managers remain optimistic about the AI sector, citing ongoing global investments in computing power and model training, which are expected to drive demand [6] - The long-term logic of the cloud computing sector remains solid despite potential short-term volatility, with Chinese companies positioned to benefit from global expansion needs [6]

Market Performance - The Shanghai Composite Index reached a peak of 3636 points in July, marking a monthly increase of 3.74%, the largest single-month gain of the year [1] - Active equity funds focused on innovative pharmaceuticals have seen significant returns, with five products doubling their returns year-to-date as of July 31 [1] Fund Performance - The top-performing mixed fund, Changcheng Pharmaceutical Industry Select, achieved a year-to-date return of 127.05%, leading the mixed fund performance rankings [2][3] - Other notable mixed funds include Zhongyin Hong Kong Stock Connect Pharmaceutical and Yongying Pharmaceutical Innovation, both exceeding 100% year-to-date returns [2] Fund Manager Insights - The Changcheng Pharmaceutical Industry Select fund, managed by Liang Furui, has a diversified portfolio that includes innovative drugs, traditional Chinese medicine, and diagnostic reagents [3] - Liang Furui anticipates that the innovative drug sector will continue to grow, focusing on overseas licensing and domestic sales expansion in the third quarter [4] Sector Analysis - The mixed fund Yongying Technology Select, representing the technology theme, recorded a year-to-date increase of 94%, primarily investing in leading optical module companies [6] - The stock fund Hua'an Pharmaceutical Bio topped the stock fund performance list with a year-to-date return of 105%, followed by Jiasheng Mutual Selection and Fortune Pharmaceutical Innovation, both exceeding 90% [9] Underperforming Funds - The mixed fund Qianhai Kaiyuan Artificial Intelligence experienced a significant decline, with a year-to-date drop of 19.15%, leading the underperforming fund list [7][8] - Other mixed funds with notable declines include Xinyuan Consumer Selection and Vanguard Gathering, with decreases of 17% and 13%, respectively [8] Investment Strategies - The fund manager Jin Zicai of the Caitong Integrated Circuit Industry fund reported a monthly return of over 31% in July, indicating a turnaround after a poor performance earlier in the year [10][11] - Jin Zicai's strategy includes significant adjustments in the second quarter, focusing on stocks in the optical module and PCB sectors, which are expected to benefit from ongoing demand in overseas markets [12]