Group 1 - The core viewpoint of the articles highlights the recovery of actively managed equity funds established in 2021, with over 170 funds returning to positive net asset values as of August 13, 2023, and an average return exceeding 20% this year, outperforming the overall market [1][2][6] - The performance of specific funds, such as those focused on the North Exchange and innovative pharmaceutical sectors, has been particularly strong, with some funds achieving total returns of over 137% since inception [2][3] - Despite the recovery, many funds are facing significant redemption pressures, especially those concentrated in sectors like new energy, liquor, and pharmaceuticals, which aligns with the trends observed in "track funds" issued between 2019 and 2021 [4][5] Group 2 - The redemption pressure is notably high for funds that have recently returned to positive net asset values, with some funds experiencing substantial declines in share volume despite recovering their net asset values [4][5] - The market is witnessing a shift from a negative cycle to a more stable fundraising environment for new actively managed equity funds, with over 600 billion yuan raised in new fund launches this year [6][7] - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds and stocks, while some may also move towards lower-risk insurance products [7]

Core Viewpoint - The launch of the Southern Rui Xiang Mixed Securities Investment Fund represents a significant optimization in the product supply side of the fund industry, aiming to create a new ecosystem of mutual benefit between fund managers and investors [1] Group 1: Fund Launch and Fee Structure - The Southern Rui Xiang Mixed Fund will officially be available for sale on May 27, featuring a floating management fee structure based on performance benchmarks [1] - The fee structure includes a 0.6% annual fee if the annualized return underperforms the benchmark by 3 percentage points or more, a 1.5% fee if it outperforms the benchmark by 6 percentage points or more with positive returns, and a 1.2% fee for other scenarios [1] Group 2: Fund Management and Investment Strategy - The fund will be managed by Li Jinwen and Yuan Li, both of whom focus on "quality value" investment styles, emphasizing sustainable company growth and competitive advantages [2] - The investment strategy will involve a diversified selection of stocks, targeting performance growth, dividend yield, valuation changes, and valuation levels that exceed the benchmark [2] - Key sectors of focus will include banking, home appliances, and coal, which are currently undervalued compared to both A-share industries and international standards [2] Group 3: Future Outlook and Commitment - Southern Fund aims to enhance its research and investment capabilities by strengthening its talent team, improving research systems, and focusing on performance analysis and risk management [2]