随着A股市场行情活跃，权益类基金"上新"速度也开始加快，特别是一些主动权益类基金再次受到市场 关注。不过，从"上新"产品来看，其主题方向很少与热点行业相关，而是红利、消费类主题的基金，例 如近期启募的安信红利量化选股、招商消费悦享、万家周期视野等。 《每日经济新闻》记者注意到，事实上，从最近3个月成立的新基金来看，业绩靠前的主动权益类基金 中，已有不少提前布局周期、红利、消费行业。 此外，近期市场出现"高切低"迹象，有不少机构观点认为，前期快速上涨的科技成长方向或再次迎来分 化；与此同时，一些偏低位的电力设备、食品饮料等行业将迎来新的布局机遇。 内外环境利好权益资产 据统计，9月以来（9月1日~9月15日，下同），已有72只公募基金开启认购，有的产品发售当天就结束 募集。 公募排排网数据显示，9月以来，全市场共有119只新基金开启募集，与8月同期的84只相比，增幅达到 41.67%。与此同时，新基金认购周期也明显缩短，9月以来的新品平均认购天数为12.76天，较8月同期 的17.42天减少近5天。 《每日经济新闻》记者注意到，权益类基金是新发市场的主力。公募排排网数据显示，9月以来，共有 77只权益类基金开启 ...

Core Viewpoint - Despite a bullish market over the past year, more than 20 actively managed equity funds have recorded negative returns, highlighting performance disparities within the fund industry [2][4]. Group 1: Market Performance - The major indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, have seen cumulative gains of approximately 30%, 40%, and 60% respectively over the past year [4]. - As of August 18, 5033 actively managed equity funds have an average net value growth rate of 34.65%, with a median of 30.65%, and 99.56% of these funds recorded positive returns [4]. Group 2: Underperforming Funds - Over 20 actively managed equity funds have posted negative returns, with the worst-performing fund declining over 6%, resulting in a performance gap of more than 255 percentage points compared to the top-performing fund [4][5]. - These underperforming funds have also lagged behind their performance benchmarks, with the highest underperformance exceeding 25 percentage points [5]. Group 3: Fund Characteristics - Many of the underperforming funds are classified as "mini funds," with assets under management of less than 50 million yuan, which face operational challenges due to their small size [8]. - The underperformance is attributed to factors such as significant deviations from market trends, high fixed management costs, and limited flexibility in stock selection and position adjustments [8][9]. Group 4: Specific Fund Examples - Tianzhi Core Growth Fund has a net value growth rate of -6.5% over the past year, significantly underperforming the average return of 40.97% for similar funds [8]. - Guorong Rongxin Consumer Select Fund has a decline of 6.21% over the past year, with a cumulative net value drop of over 44% in the last five years [9]. - Beixin Ruifeng External Growth Fund has also seen a decline of over 5% in the past year, with a cumulative net value growth rate of 43.40% since its inception [9].

Overall Research - The domestic equity market continues to rise, with the ChiNext Index increasing by 8.58%. The performance of equity and bond funds is diverging, with equity mixed funds leading the gains. TMT theme funds are significantly outperforming, while consumer themes show relatively weaker growth. Passive index funds in financial and AI themes are performing well, while there is a net outflow from domestic stock ETFs, particularly in the double innovation sector and TMT themes, with noticeable inflows into large-cap and broad-based funds [1]. Real Estate Industry - As of August 17, 2025, new home transactions in 20 cities totaled 491,000 units, down 5.5%. In major cities, Beijing saw 26,000 units sold (-13%), Shanghai 63,000 units (-1%), and Shenzhen 19,000 units (-3%). In the second-hand housing market, transactions in 10 cities reached 490,000 units, up 10.7%, with Beijing at 108,000 units (+11%), Shanghai 160,000 units (+18%), and Shenzhen 44,000 units (+28%) [2]. Metal Industry - The growth rate difference between M1 and M2 narrowed to -3.2 percentage points in July, marking a near 49-month high. The steel sector's profitability is expected to recover to historical average levels following the Ministry of Industry and Information Technology's guidelines for the steel industry. However, there are risks associated with significant fluctuations in futures prices due to trading restrictions on coking coal futures [3]. Chemical Industry - The report suggests focusing on companies involved in electronic specialty gases, such as nitrogen trifluoride and other products. Key companies include China Shipbuilding Industry Corporation, Nanda Optoelectronics, and Huate Gas. Additionally, companies producing semiconductor materials, such as photolithography resins and PCB inks, are also recommended for attention [4]. Company Research - Sinopec Engineering achieved a revenue of 31.6 billion yuan in H1 2025, a 10.1% year-on-year increase, with a net profit of 1.384 billion yuan, up 4.8%. The company maintains a "buy" rating with profit forecasts for 2025-2027 at 2.595 billion, 2.760 billion, and 2.902 billion yuan, respectively [7]. - Blue Sky Technology won a new lithium extraction project, with expectations for high growth in its lithium resource business. The company forecasts net profits of 1.055 billion, 1.253 billion, and 1.495 billion yuan for 2025-2027, maintaining an "increase" rating [8]. - Changqing Co. reported a recovery in pesticide market demand, with a net profit forecast of 74 million, 128 million, and 181 million yuan for 2025-2027, maintaining an "increase" rating despite a downward adjustment in profit expectations [9]. - Huayou Cobalt's net profit for H1 2025 reached 2.71 billion yuan, a 62.3% increase year-on-year, with future profit forecasts of 5.9 billion, 7.1 billion, and 8.6 billion yuan for 2025-2027, maintaining a "buy" rating [10]. - Keda Li's main business remains stable, with profit forecasts of 1.802 billion, 2.178 billion, and 2.499 billion yuan for 2025-2027, maintaining a "buy" rating [11]. - Oriental Cable's revenue for H1 2025 was 4.432 billion yuan, an 8.95% increase, but net profit fell by 26.57% to 473 million yuan. The company expects growth in the second half of 2025 due to increased cable deliveries [12]. - Jinlang Technology reported a revenue of 3.794 billion yuan in H1 2025, a 13.09% increase, with a net profit of 602 million yuan, up 70.96%. Future profit forecasts are 1.169 billion, 1.399 billion, and 1.657 billion yuan for 2025-2027, maintaining an "increase" rating [12]. - Lian Microelectronics has seen a recovery in its epitaxial wafer business, with future profit forecasts of 69 million, 165 million, and 242 million yuan for 2025-2027, maintaining a "buy" rating [13]. - Tian Shili achieved a revenue of 4.288 billion yuan in H1 2025, with a net profit of 775 million yuan, up 16.97%. The company maintains profit forecasts of 1.150 billion, 1.245 billion, and 1.399 billion yuan for 2025-2027, maintaining a "buy" rating [14]. - Ecovacs Robotics reported strong performance in both domestic and international sales, with profit forecasts of 1.6 billion, 1.9 billion, and 2.3 billion yuan for 2025-2027, maintaining a "buy" rating [15]. - Stone Technology, a leader in smart vacuum robots, has adjusted its profit forecasts to 1.7 billion, 2.1 billion, and 2.5 billion yuan for 2025-2027, maintaining an "increase" rating [16].

Group 1: Market Mechanisms and Trends - The regular delisting mechanism in China's capital market is showing effectiveness, with 30 companies announced for delisting this year, indicating a healthy market ecology is forming [1] - The A-share market has seen a significant increase in financing balance, surpassing 2 trillion yuan for the first time since July 2015, reflecting a more mature participant structure and improved regulatory system [5] Group 2: Fund Performance and Investment Strategies - Consumer-themed funds have shown a stark performance divergence, with some funds underperforming due to heavy investments in traditional consumer stocks, while others have excelled by capturing new trends, with returns exceeding 60% [2] - 99% of equity funds have reported positive returns over the past year, with an average return of 34.06%, highlighting the emergence of structural opportunities in the market [7] Group 3: Capital Inflows and Market Dynamics - Southbound capital has seen a net inflow of over 910 billion HKD this year, marking a historical high and contributing to a significant rise in the Hong Kong stock market, with the Hang Seng Index up over 24% [3] - The Hong Kong refinancing market has experienced explosive growth, with over 240 companies raising 183.9 billion HKD, primarily driven by new economy sectors [8] Group 4: Policy and Economic Support - Various measures are being implemented to enhance investment and stimulate private sector activity, with new business registrations increasing by 4.6% for private enterprises in the first half of the year [4] - A new fiscal subsidy policy for personal consumption loans has been introduced, aimed at supporting consumer spending in key areas such as education and healthcare [11] Group 5: IPO Trends - The Hong Kong market is becoming a popular destination for AI companies seeking IPOs, with 213 companies having submitted applications, including around 50 AI firms [13]