Core Viewpoint - The A-share market has shown significant activity in 2025, with the Shanghai Composite Index reaching a nearly ten-year high of 3888.60 points, reflecting a strong upward trend since September 2024. The market is characterized by a clear differentiation in performance between growth and value styles, with growth stocks outperforming value stocks significantly [1][4]. Market Performance - As of August 26, 2025, the growth style, represented by the CSI 300 relative growth index, has increased by 21.26%, while the value style, represented by the CSI 300 relative value index, has only risen by 9.86%. Large-cap blue-chip stocks, represented by the CSI 300 index, have seen a 15.63% increase, whereas mid-cap stocks, represented by the CSI 500 and CSI 1000 indices, have risen by 23.28% and 26.78%, respectively [1][4]. Industry Trends - The market is currently driven by two main themes: "technology innovation leading the way" and "resource cycles gaining momentum." The technology sector, particularly AI and robotics, has emerged as a strong growth engine, with industry indices in communications, media, computing, and electronics all exceeding 30% growth this year. The resource cycle sector, particularly non-ferrous metals, has also performed well, with an industry index increase of 44.72% [4][5]. Fund Performance - Over the past decade, the annualized return of the CSI Active Equity Fund Index has been 6.67%, outperforming the CSI 300 Index's 6.07%. However, in the last three years, the ability of active equity funds to generate excess returns has diminished, with a recent annualized return of -0.04%, lagging behind the CSI 300 Index's 5.22%. Notably, in 2025, active equity funds have shown significant improvement, with a return of 26.01%, surpassing the CSI 300 Index's 15.63% [6][8]. Investment Strategies - In the current market environment favoring growth styles, funds with a clear focus on growth sectors tend to have better opportunities for returns. Fund managers with a solid framework for selecting growth stocks can capture excess returns from companies with sustainable growth potential. For risk-averse investors, GARP (Growth at a Reasonable Price) strategies offer a balanced approach by considering both growth potential and valuation [10][18]. Recommended Funds - The Fuqun Tianbo Innovation Mixed Fund, managed by experienced fund manager Bi Tianyu, has a clear growth investment strategy and has historically provided good long-term returns. The fund focuses on sectors with significant growth potential, such as pharmaceuticals, electronics, and automotive [11][14]. - The Invesco Great Wall Quality Investment Mixed Fund, managed by the experienced investor Zhan Cheng, has demonstrated strong stock selection capabilities in growth sectors like electronics and automotive, providing good returns for investors [15][16]. - The Xingquan Business Model Preferred Mixed Fund, led by the capable manager Qiao Qian, employs a GARP strategy and has historically generated excellent excess returns across market cycles [17][19]. Fixed Income Plus Funds - In a favorable stock market environment with declining interest rates, "Fixed Income Plus" products are gaining popularity among investors. These products combine fixed income assets with equity investments to provide stable returns while also capturing growth opportunities [21][22]. Conclusion - The A-share market is currently characterized by strong growth in technology and resource sectors, with active equity funds showing signs of recovery. Investors are encouraged to consider funds that align with growth strategies and those that offer a balanced approach to risk and return.