Core Viewpoint - The recent ratings from seven authoritative institutions highlight that GF Fund has achieved significant recognition, with 103 of its products receiving five-star ratings, showcasing its strong research capabilities and diverse product offerings [1][2]. Group 1: Active Equity Products - Nearly half of GF Fund's five-star rated funds are active equity products, characterized by diverse styles and features [2]. - Notable products include GF Value Core A, which has effectively captured trends in new consumption and internet technology, earning five-star ratings from multiple institutions [2]. - GF Fund has standout products in various sectors, such as GF North Exchange Selected Fund, which received a three-year five-star rating from several institutions [2]. Group 2: Fixed Income Products - GF Fund has over 30 fixed income funds rated five stars, covering a range of types including money market, short-term pure debt, and mixed debt funds, catering to investors' demand for stable returns [2]. Group 3: Passive Index Funds - GF Fund offers a variety of investment tools, with 24 passive index funds and 4 passive bond index funds achieving five-star ratings [3]. - The GF CSI All-Share Medical and Health ETF has received five-star ratings across three, five, and ten-year periods from two institutions [3]. Group 4: Overseas and Multi-Asset Investment - GF Fund's active and passive QDII products are recognized as representative five-star funds in overseas investments [3]. - The GF Stable Pension (FOF) A has been awarded a five-year five-star rating, reflecting its multi-asset allocation strategy [3]. Group 5: Product Management and Quality Improvement - GF Fund has integrated customer profit experience into its product creation and management processes, aiming to enhance product quality and transition from a "product manager" to a "value creator" [3].

Macro Data Commentary - The report highlights the outstanding performance of small and mid-cap funds, with the average return of fund heavyweights at 8.94%, significantly outperforming the average return of the CSI 800 component stocks at 1.66% [1][15] - In the second quarter, 30 out of 31 industries saw fund heavyweights outperform their benchmark industry indices, with an excess return of 5.91% over the industry average [1][16] Timing Selection Ability - The report indicates that the asset allocation effects of various funds were not ideal, with equity funds reducing their average stock positions by 0.24 percentage points and mixed funds by 1.21 percentage points compared to the previous period [2][20] - The overall performance of the bond market was also subpar, with the total wealth index of bonds rising by only 1.53% while bond funds reduced their holdings by 0.12% [2][20] Risk Management Ability - The risk exchange efficiency of bond funds remained stable, with slight declines in both returns and volatility for equity and mixed funds [2][22] - The report notes that despite a recovery in the market since September, equity assets are still in a downward trend over a longer time frame [2][22] Comprehensive Management Ability - The report states that the Shanghai Securities comprehensive management ability index integrates performance across security selection, timing selection, and risk management [5][23] - Notable fund managers with outstanding performance include Jin Xin, Da Cheng, and Yuan Xin Yong Feng in the active management of equity funds, and Yi Fang Da, Tian Hong, and Bo Shi in pure bond funds [5][23] Fund Rating Performance Tracking - The report tracks the performance of rated funds, indicating that five-star funds maintain a 60% probability of being in the top 40% of their peers within 6 months to 1 year after rating [3][29] - Since 2015, the three-year return of five-star ordinary stock fund portfolios reached 216.93%, compared to only 38.82% for the CSI All Index [3][29]

Market Performance - In April 2025, the average return of actively managed equity funds was -2.4%, indicating a convergence in investment strategies among fund managers in the current market environment [1][9]. - Value funds performed the best among non-sector equity funds, with a median return of -1.3%. Growth funds showed the greatest internal differentiation, with returns ranging from a maximum of 6.2% to a minimum of -12% [23][24]. - The average return of actively managed equity funds in the healthcare and consumer sectors was 2.8% and 0.5%, respectively, indicating strong performance in these areas [24][29]. - Passive funds in the technology and financial sectors maintained an advantage, with technology index products averaging a return of 27.8% and financial index products averaging 22.2% over the past year [30][31]. Equity Fund Multi-Strategy Overview - The overall strategy distribution of public equity funds is shifting towards a convergence between single and multi-strategy approaches, with an average R² value of 0.80 [37]. - The most tracked funds this month were those focused on thematic sectors, with 1,220 funds (30.24% of the sample) following thematic strategies, and 1,124 funds (27.86%) focused on growth strategies [42]. - The report identified three major trends in fund strategy changes: underweighting financial real estate, transitioning from A-share core assets to Hong Kong core assets, and market capitalization downshifting [43]. Performance of High-Rated Funds - High-rated funds demonstrated excellent overall performance and robust investment management capabilities, showing good alpha persistence in both short-term and long-term performance [56]. - The number of AAA-rated funds increased from 21 to 25, while AA+ rated funds rose from 42 to 49, indicating an overall improvement in fund ratings [51][52]. - Value funds had the highest proportion of high-rated funds, with an internal performance rate of 14.1%, while small-cap funds saw an increase in performance rate from 6.7% to 8.6% [52]. Emerging and Upgraded Funds - New funds, defined as those with high return potential and differentiated competitive advantages, totaled five this month, primarily referencing the CSI 500 index [65]. - Upgraded funds exhibited significant performance improvements and management optimization, with ten funds achieving higher ratings this month [66].