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]