Core Viewpoint - The article discusses the concept of "mutual fulfillment" in the context of fund management and investor behavior, highlighting the importance of collaboration between fund managers and investors to achieve better investment outcomes [2][10]. Group 1: Fund Performance and Investor Returns - A recent report by Morningstar indicates that the five-year annualized investor return difference is negative for all fund products as of December 31, 2024 [7]. - Only passive non-sector equity products have outperformed their corresponding fund returns by nearly 3 percentage points, showcasing a unique case of positive investor return difference [8]. Group 2: Responsibilities of Fund Managers and Investors - Fund managers are tasked with enhancing research capabilities to generate substantial long-term returns for investors and improving communication regarding risk-return characteristics, especially for actively managed products [10]. - Investors need to invest time in selecting suitable funds and recognize the significance of timing in buying and selling, aiming to avoid poor investment practices such as increasing positions during price surges [10][11]. Group 3: The Role of Passive Non-Sector Equity Products - Passive non-sector equity products, particularly broad-based ETFs, exemplify "mutual fulfillment" as they clearly present risk-return characteristics and have a high proportion of institutional investors who contribute to market stability [10].

Group 1 - The 2025 Shanghai High School Entrance Examination commenced with approximately 127,000 candidates participating across 16 districts, 200 examination centers, and 4,359 examination rooms [3] - A notable aspect of the examination day included the presence of an 82-year-old principal who has been sending students off for 23 years, showcasing a strong tradition of support from educators [3][4] - Teachers from different generations, including veteran educators and younger teachers, actively participated in encouraging students, emphasizing the importance of courage and preparation for the future [3][4] Group 2 - The essay topic for this year's examination was "Mutual Fulfillment," which encourages students to explore the concept of helping others achieve their goals, highlighting a balanced and harmonious interaction [4][5] - The examination prompts aimed to broaden students' perspectives beyond self-centered views, encouraging them to consider their relationships with others and the collective [5] - The focus on mutual support and interaction reflects a shift in the examination's thematic approach, moving from individual growth to a more interconnected understanding of self and society [5]