Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market now back to their initial net asset value, indicating a recovery trend after a prolonged downturn [2][4][5]. Fund Performance Summary - As of August 15, 2024, 936 out of 1785 funds established in 2021 have a net asset value above 1, representing 52.44% of the total [5]. - Notable funds that have recovered include the Invesco Great Wall Long-term Fund and the Golden Eagle New Energy Mixed Fund, which have recently seen their net asset values rise above 1 [4][5]. - However, approximately 30 funds from 2021 still have net asset values below 0.5, indicating significant performance disparities among funds established at the same market peak [5][6]. Performance Disparity - Funds established at the same market peak have shown significant performance differences, with some achieving returns over 100% while others have seen declines exceeding 50% [7][8]. - For instance, the Dachen Industry Trend Fund has a return of 88.72%, while the Huatai-PB Biomedicine ETF has a return of -59.77% since their inception [7][8]. Market Dynamics - The market is experiencing a "return to break-even" pressure, particularly in sectors like new energy and pharmaceuticals, which were popular during the previous bull market [10]. - Despite the redemption pressure, new active equity funds are seeing a resurgence in fundraising, indicating a potential shift in market sentiment [10][11]. - The overall market is expected to enter a positive cycle of capital inflow and price increase, driven by a strong demand for high-return assets amid a backdrop of high savings growth [11].

Core Insights - The total scale of public funds in China reached 34.39 trillion yuan by the end of June 2025, marking a growth of 651.9 billion yuan from May, with an increase rate of 1.93% [1] Fund Scale and Changes - As of June 2025, the net value of various fund types is as follows: - Stock funds: 4.72 trillion yuan, up 148.3 billion yuan (3.24%) - Mixed funds: 3.68 trillion yuan, up 121.3 billion yuan (3.41%) - Bond funds: 7.28 trillion yuan, up 507.8 billion yuan (7.5%) - Money market funds: 14.23 trillion yuan, down 167.5 billion yuan (1.16%) - Cross-border funds: 0.68 trillion yuan, up 29.5 billion yuan (4.55%) [3] Fund Shares and Changes - The share distribution for June 2025 is as follows: - Stock funds: 3.45 trillion shares, down 101.78 billion shares from May - Mixed funds: 3.04 trillion shares, up 97.16 billion shares from May - Bond funds: 6.15 trillion shares, up 353.62 billion shares from May - Money market funds: 14.24 trillion shares, down 164.56 billion shares from May - Cross-border funds: 573.75 billion shares, up 4.42 billion shares from May [3] Fund Product Trends - The number of stock fund products increased by 63 to 3002 in June, with 61 new products issued, totaling 21.45 billion shares [4] - Mixed funds showed a trend of both scale and share growth, with 49 new products launched in June, issuing 29.21 billion shares [5][6] Market Dynamics - The bond fund sector experienced both scale and share growth, but faced significant redemptions in July, prompting many funds to announce adjustments to net asset value precision [7] - Money market funds saw a decline in both scale and shares, attributed to a shift in market risk appetite towards higher-yielding assets like stocks and bonds [7]