Core Viewpoint - The A-share market has shown unexpected enthusiasm since the beginning of the year, with many active equity funds recovering and achieving significant returns, while the newly established fund, Dachen Xingyuan Qihang, managed by Xu Yan, has remained inactive, leading to widespread controversy and questioning of its strategy [1][2][4]. Fund Performance - Dachen Xingyuan Qihang was established on March 11, 2025, but its net value has barely changed, with A-class shares at 0.9983 and C-class shares at 0.9953 as of September 9, 2025 [2][4]. - The fund has only invested in two stocks, Antu Biology and Meituan, with a stock position of just 0.73% and cash making up 84.95% of its net value [4]. Market Reaction - Since May, market skepticism has grown regarding the fund's "zero allocation" strategy, with investors expressing frustration over missed opportunities in a rising market [4][6]. - Xu Yan acknowledged the lack of systematic investment in the mid-year report, citing significant changes in market conditions and the need for caution due to rational valuation returns [4][5]. Comparison with Peers - In contrast to Dachen Xingyuan Qihang, many newly established active equity funds have quickly completed their allocations and participated in the market rally, with some achieving net value growth exceeding 20% [5][6]. - Funds like Anxin Balanced Growth, established on the same day as Dachen Xingyuan Qihang, have seen net value increases of 20.12% this year, highlighting the stark difference in performance [6]. Industry Trends - The performance of newly established funds this year has shown a clear dichotomy, with some achieving over 50% net value growth while others have recorded losses [7][9]. - The current market environment raises questions about the viability of value investing strategies that prioritize slow and steady approaches, especially in a rapidly changing market [9].

Group 1 - The A-share market has shown resilience in the second quarter, with the Shanghai Composite Index rebounding 9.2% from its low of 3040.69 points on April 7 to 3381.58 points by June 23 [1] - There is significant performance differentiation among newly established funds, with a gap exceeding 46 percentage points due to varying investment strategies and timing of market entry [2][3] - The healthcare sector, particularly innovative drugs, has been a key driver of fund performance, with some funds achieving returns over 20% despite market volatility [3] Group 2 - The second quarter has seen a notable increase in the issuance of equity funds, with over half of the 247 newly established products raising funds in less than 15 days, indicating a rush to capitalize on market opportunities [5] - The market is currently characterized by both opportunities and risks, with sectors like AI, humanoid robots, and innovative drugs showing high local interest, although some companies may still face valuation challenges [6][8] - The overall valuation of the A-share market remains historically low, supported by a dual easing monetary and fiscal policy environment, while uncertainties from global trade tensions pose risks [8]