Core Insights - A total of 817 active equity funds are currently in a "submerged" state with net asset values below 1 yuan as of August 29, 2023, with 726 of these funds established between 2020 and 2022, accounting for over 88% [1][4] - The latest 2025 semi-annual report indicates a significant reduction in both the scale and number of investors in these high-positioned funds, with 648 equity funds experiencing a decline of over 1 trillion yuan in total scale and a drop in investor accounts from 51.12 million to 24.05 million, a decrease of over 50% [1][4] Fund Performance - Among the 94 ordinary stock funds with net asset values below 1 yuan, 78 were established during the market peak from 2020 to 2022, representing 82.98% [2] - Notable funds include "Open Vision," which was launched in July 2020 with a fundraising scale of nearly 17 billion yuan, currently showing a cumulative loss of 22.48% since inception despite a 20.11% return this year [2] - The "Growth Pioneer" fund, established in June 2020 with over 32 billion yuan, has a cumulative loss of 16.31% since inception, despite a 28% return this year [3] Scale and Investor Reduction - The total scale of the 78 stock funds with net values below 1 yuan has decreased from 202.72 billion yuan to 59.23 billion yuan, a reduction of over 70% [4] - The 648 high-positioned equity funds have seen their total scale shrink from 1,620.99 billion yuan to 540.94 billion yuan, a decline of over 1 trillion yuan, or more than 66% [4] - The number of investors in these funds has also significantly decreased, with the 78 stock funds reporting a drop from 5.20 million to 2.56 million accounts, a reduction of over 50% [4][5] Investor Confidence - Despite a new market rally in 2025, investor confidence in actively managed equity funds remains low, with many funds still below the 1 yuan threshold [7] - The industry is undergoing a transformation, moving away from extreme thematic investments and focusing on improving research mechanisms and investor experiences [7]

Core Viewpoint - The article highlights the significant decline in the net asset values of actively managed equity funds, particularly those established between 2020 and 2022, with many funds currently valued below 1 yuan, indicating substantial losses for investors [1][4][5]. Fund Performance - As of August 29, 2023, there are 817 actively managed equity funds with net values below 1 yuan, with 726 of these funds established between 2020 and 2022, accounting for over 88% [1] - The overall scale of 648 equity funds has shrunk by over 1 trillion yuan, with the number of investors dropping from approximately 51.12 million to 24.05 million, a decline of over 50% [2][6] - Specific funds, such as the "Open Vision" fund, have seen a cumulative loss of 22.48% since inception, despite a 20.11% return this year [4] - Another fund, "Innovative Trend," has recorded a 66.15% increase this year but still shows a cumulative loss of nearly 24% since its establishment [4] Fund Size and Investor Base - The total scale of 78 equity funds has decreased from 202.72 billion yuan to 59.23 billion yuan, a reduction of over 70% [7] - The number of investors in these funds has also significantly decreased, with total accounts dropping from 5.20 million to approximately 2.56 million, a decline of over 50% [7][8] - For mixed equity funds, 648 out of 723 funds have net values below 1 yuan, with 89.63% established in the same period [5] Market Sentiment and Future Outlook - Despite a recent market rally, investor confidence in actively managed equity funds remains low, with a shift towards passive funds like ETFs [10] - The industry is undergoing a transformation, moving away from extreme thematic investments and focusing on improving research mechanisms and investor experiences [10]