Core Viewpoint - The narrow-based products are becoming the main driving force for the growth of public funds, driven by the segmented demands of investors [1][2]. Group 1: Market Trends - The public fund industry is entering a tool-oriented era, where narrow-based products with distinct styles and specific industry scenarios are key to marketing strategies [2]. - Despite a slight overall redemption in public fund shares, narrow-based products have seen significant growth, indicating a shift in investor preference towards these products [3][4]. Group 2: Performance of Narrow-based Products - Narrow-based products have countered the shrinkage of wide-based ETFs, with significant net subscriptions observed in various narrow-based ETFs during the third quarter [4]. - Specific examples include the Satellite ETF with over 10 times net subscriptions, the Robot ETF with nearly 5 times, and the New Energy Battery ETF with about 8 times [4]. Group 3: Active Equity Funds - Active equity funds are also aligning with narrow-based strategies, with themes like innovative drugs, digital economy, and artificial intelligence leading performance rankings [5][6]. - The top 10 active equity funds are all industry-themed, showcasing a trend towards sector-focused investment strategies [5]. Group 4: Tool-oriented Product Development - The arrival of the tool-oriented era in public funds has led to a consensus that "whoever masters narrow-based products will dominate" [8]. - Fund companies are increasingly focusing on tool-oriented products that cater to specific investor needs, enhancing their competitive edge [8][9]. - The development of tool-oriented products is seen as a response to the challenges of extracting excess returns in an efficient market [9].