Group 1 - The core viewpoint of the article highlights the resurgence of "explosive" equity funds in the A-share market, particularly with the successful launch of the招商均衡优选 fund, which raised over 73 billion yuan in just half a day, exceeding its 50 billion yuan cap [2][4] - The fund is managed by 吴潇, who has a track record of managing multiple funds with a total scale of 92.32 billion yuan [2] - The article notes that since 2023, only one other active equity fund, 华安景气领航, has surpassed the 50 billion yuan mark at its launch, indicating a rarity of such successful fund launches in the current market [2][4] Group 2 - Factors contributing to the success of the招商均衡优选 fund include the fund manager's decent performance and a balanced investment style that appeals to institutional investors [4] - The strong sales channels, particularly through招商银行, which ranks second in active equity fund holdings with 410.5 billion yuan, also played a significant role in the fund's rapid fundraising [4][9] - The article defines "explosive" funds as those that sell out quickly and exceed fundraising expectations, with the peak period for such funds occurring between 2020 and 2021 [4][6] Group 3 - The article discusses the decline in performance of many previously successful "explosive" funds, with only 10 out of 30 funds launched in 2020 maintaining positive returns as of September 2 [7] - The highest return among these funds is 63.01% for 富国成长策略A, while the lowest is -31.49% for 嘉实核心成长A, highlighting the volatility and challenges faced by large-scale funds [7][8] - The article attributes the poor performance of many "explosive" funds to their launch during market peaks, which often leads to larger fund sizes that can hinder management effectiveness [7] Group 4 - The public fund industry is undergoing a transformation towards high-quality development, with total net assets reaching 35.08 trillion yuan as of July, marking a record high [9] - Recent reforms in fund fee structures aim to reduce investor costs and shift the focus from scale to returns, indicating a significant change in industry dynamics [9][10] - The trend of multiple fund managers co-managing funds is becoming more common, with over 25% of funds now employing a co-management model [12]