Group 1 - The core viewpoint is that with the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" and the A-share market entering a "slow bull" phase, the market environment has significantly improved, leading to a potential revaluation of active equity funds [1][2] - Despite a weak performance of active equity funds from 2022 to 2024, 2025 is expected to be a crucial turning point, with many active funds showing positive stock selection capabilities and achieving significant excess returns in a structural market [1][2] - The report emphasizes the importance of focusing on thematic investments in state-owned enterprises, technology, and consumption sectors, while also identifying high-scoring individual stocks based on solid fundamentals to uncover stable alpha [1][2] Group 2 - The active fund performance is expected to improve in 2025, with 66% of active funds outperforming the CSI 800 index, particularly those concentrated in advanced manufacturing themes, indicating that a "core + satellite" investment strategy is effective in the current structural bull market [2] - The ETF market has seen a significant breakthrough in both quantity and scale since 2025, with the total ETF scale surpassing 5.7 trillion yuan, an increase of over 2 trillion yuan from the end of 2024, particularly in broad-based and leading industry themes [3] - The report outlines a multi-dimensional ETF quantitative allocation strategy that captures diverse returns, focusing on macro timing strategies, momentum strategies, and advanced techniques to achieve stable risk-adjusted returns in 2026 [4]