Core Viewpoint - The article discusses the recent recovery of public funds in China, highlighting the significant increase in fund performance and the shift of investor sentiment towards equity markets as a result of favorable market conditions [4][5][6]. Fund Performance - As of July, the net asset value of public funds reached 35.08 trillion yuan, an increase of 2.25 trillion yuan from the previous year [5]. - This year, 98% of funds have made profits, with only 137 out of 7,451 stock funds reporting losses, which is less than 2% [6]. - A total of 2,582 funds have achieved returns exceeding 30%, accounting for 35% of the total [6]. Sector Analysis - The coal and energy sectors have recorded losses this year, while sectors such as innovative pharmaceuticals, telecommunications, non-ferrous metals, and information technology have significantly outperformed the market, with returns exceeding 40% [7]. - The best-performing funds this year are primarily focused on the pharmaceutical sector, with several funds achieving returns over 100% [7]. Historical Context - The article notes that many investors who entered the market during the 2020-2021 fund boom are now seeing their investments recover after a challenging period from 2022 to mid-2024, where many funds experienced losses [8][9]. - The previous fund boom saw over 5 trillion yuan in new fund issuance, but the market faced turbulence starting in 2022, leading to significant losses in the following years [8][9]. Star Fund Managers - Star fund managers like Zhang Kun and Guo Lan have seen their funds struggle in the current market, particularly in the pharmaceutical sector, which has faced downturns [10][11]. - Despite recent recoveries, some funds managed by these star managers still show significant losses over the past three years [11][12]. Investor Behavior - Many investors are now questioning whether to cash out after recovering their investments, leading to a paradox where fund companies may earn more management fees when funds are losing money [17]. - The trend of "money moving" from bank deposits to public funds is beginning, driven by declining deposit rates and a recovering stock market [18][20]. Market Outlook - Analysts predict that the issuance of new funds will increase in the second half of the year, potentially enhancing market activity [19]. - The current market is characterized by structural trends rather than broad policy-driven rallies, with a shift in investor focus towards high-risk, high-reward sectors like technology and artificial intelligence [20].

距离"9·24"新政落地已满一周年，A股市场交出了一份令人满意的答卷。 2024年9月24日至2025年9月19日，深证成指累计上涨61.70%，上证指数涨38.97%，为投资者带来丰厚 回报。A股总市值也史上首次站稳了百万亿大关。 宏大叙事背后，事关2亿多投资者、数不清家庭的获得感、幸福感。 38岁的上班族老张的投资故事，就是新政下普通投资者的典型缩影。 周三傍晚的地铁10号线上，老张习惯性地打开支付宝。屏幕上中欧医疗健康A，累计收益终于变成了正 数。 作为一家广告公司的客户执行，老张的生活被方案修改和客户对接填满。过去十年里，他只有在每月发 薪日才会匆匆瞥一眼基金账户，看着负收益数字从" -30%"到" -15%"再到" -5%"，从最初的焦虑到后来 的麻木。 "无数次想着等解套就再也不碰了。"他说。 去年"9·24"新政出台时，老张甚至没仔细看具体内容，只记得同事在茶水间议论"市场可能要变天"。 市场的确变了天。2024年9月24日开始，A股连续大涨，有关新增资金入市的新闻不绝于耳，甚至证券 公司都开始长假加班迎接开户潮。 2024年国庆期间，老张带妻子儿子去日本旅游，地铁上又听到有人在眉飞色舞谈论股票 ...

Core Viewpoint - The article discusses the recent trend of residents shifting their savings from bank deposits to the stock market and mutual funds, driven by a recovering market and declining deposit interest rates. The public fund industry has seen significant growth, with the total net asset value reaching 35.08 trillion yuan, an increase of 2.25 trillion yuan from the previous year [6][9][20]. Group 1: Market Performance - The Shanghai Composite Index has surpassed 3,800 points, marking a ten-year high, while the Hang Seng Index has crossed 26,000 points with a year-to-date increase of nearly 33% [6][9]. - As of September 15, 2023, the public fund scale was 33.92 trillion yuan, a decrease of 1.16 trillion yuan from the end of July [19]. - In 2023, 98% of mutual funds have reported profits, with 2,582 funds yielding over 30% returns, and 39 funds exceeding 100% returns [9][10]. Group 2: Fund Manager Performance - Star fund managers like Zhang Kun and Ge Lan have seen significant changes in their fund management scales, with Zhang's scale dropping from 1,019.35 billion yuan to 550.47 billion yuan [16]. - Ge Lan's fund, which focused on the pharmaceutical sector, experienced a cumulative decline of over 65% from July 2021 to September 2024, but has recently rebounded by 52.37% in the past year [14][16]. - The article highlights a shift in investor sentiment, with many choosing to exit funds once they break even, reflecting a "holding paradox" in the mutual fund industry [19]. Group 3: Investment Trends - The article notes that the current market is characterized by a "slow bull" phase, with many investors returning to their accounts to find that their funds have recovered or gained value [8][10]. - The trend of residents moving their savings into the stock market and mutual funds is expected to continue, especially as deposit rates decline and the capital market strengthens [20][22]. - Analysts predict that the issuance of new funds will increase in the second half of the year, enhancing market activity [21].

Core Insights - The A-share market has shown a strong recovery, with over a thousand active equity funds reaching new net asset value (NAV) highs as of August 15, 2023, indicating a significant market rebound [1][3] - The number of "billion-dollar club" funds has drastically decreased, with over three-quarters disappearing in four years, highlighting a stark differentiation in fund performance [1][4] - The average return of the 24 billion-dollar active equity funds over the past year reached 41.95%, with some funds achieving returns exceeding 100% [3][4] Fund Performance - As of August 15, 2023, 1,164 active equity funds have refreshed their historical NAVs, representing over 25% of the total, showcasing a notable market profit effect [3] - The top-performing funds are closely aligned with market themes, managed by well-known fund managers, with some funds like Yongying Advanced Manufacturing Select A achieving a return of 169.33% [4][5] - The total number of billion-dollar active equity funds has decreased from 98 in Q2 2021 to only 18 currently, with the scale ceiling dropping from 898.89 billion to 349.43 billion [4][5] Market Trends - The current A-share market is characterized as a "slow bull" market, driven by the return of overseas capital and a positive cycle of improved corporate earnings [6][7] - The market's recent surge is attributed to a combination of macroeconomic fundamentals, regulatory approaches, and investor confidence, with a notable increase in retail investor participation [7][8] - Analysts suggest a potential shift in investment strategies, recommending a tilt from dividend sectors to technology growth sectors, particularly in high-value export-related areas [8]

Core Viewpoint - The performance of "billion-level" active equity funds has rebounded significantly in 2025, with many funds achieving positive returns due to early investments in popular sectors such as healthcare and technology [1][2][6]. Fund Performance Summary - As of mid-2025, there are 22 "billion-level" active equity funds, with most achieving positive returns by August 15. Notably, Penghua Carbon Neutral Theme A and Yongying Advanced Manufacturing Select A have year-to-date returns of 73.46% and 65.27%, respectively [2][4]. - Other funds like ICBC Frontier Medical A and Ruiyuan Growth Value A have also performed well, with returns exceeding 30% [2][4]. - The funds managed by Zhao Bei (ICBC Frontier Medical A) and Ge Lan (China Europe Medical Health A) have heavily invested in the innovative drug sector, contributing to their strong performance [2][6]. Market Outlook - The market is expected to enter a more resilient and sustainable "slow bull" phase, driven by policy support, liquidity easing, and ongoing industrial upgrades [1][9]. - Multiple institutions are optimistic about the market's mid- to long-term upward trajectory, citing a positive feedback loop in capital flow and improved supply-demand dynamics [7][9]. - The current market sentiment is high, with significant capital inflows from various investor types, including retail and institutional investors [7][9]. Sector Insights - The innovative drug sector is experiencing rapid development, with domestic companies increasingly aligning with global standards and gaining recognition from multinational pharmaceutical firms [6]. - The technology sector, particularly in AI and advanced manufacturing, is expected to drive the revaluation of Chinese assets, supported by structural reforms in traditional industries [9].

Core Viewpoint - The market has shown signs of recovery, with the Shanghai Composite Index reaching 3600 points, leading to an expansion in the number of non-cash funds exceeding 10 billion yuan, with 226 such funds as of the end of Q2, representing approximately 0.98% of the total, an increase of 34 funds from Q1 [1][2]. Group 1: Fund Performance and Trends - As of the end of Q2, there are 20 active equity funds with over 10 billion yuan in assets, maintaining the same number as the end of Q1 [2]. - The total share of active equity funds in the market is 31.2 trillion shares, a decrease of 129.7 billion shares, or about 4%, compared to the end of last year [1]. - The average return of 8,302 active equity funds as of August 1 is 14.31%, outperforming the CSI 300 Index [1]. Group 2: Notable Fund Managers and Their Strategies - Zhang Lu from Yongying Fund has managed the "Yongying Advanced Manufacturing Smart Selection C" fund, which has seen a year-to-date return of 57.65% as of August 1, significantly higher than its benchmark [5][7]. - The fund's assets surged from 1.548 billion yuan at the end of 2024 to 10.869 billion yuan by the end of Q2 2023, indicating strong investor interest [5]. - The top five holdings of this fund are all related to the humanoid robot industry, reflecting a strategic focus on this emerging sector [5][6]. Group 3: Performance of Healthcare Funds - The "China Europe Medical Health A" and "China Europe Medical Health C" funds managed by Guo Lan have shown significant recovery, with year-to-date returns of 25.55% and 24.95%, respectively [8]. - The largest holding in these funds is WuXi AppTec, which constitutes 10.39% of the fund's net value, indicating a strong commitment to the healthcare sector [8][9]. Group 4: Insights from Fund Managers - Zhang Lu emphasizes the importance of production ramp-up in core robotics companies and government support for the robotics industry as key focus areas for Q3 [7]. - Guo Lan highlights the potential for domestic companies in the innovative drug sector to gain global recognition and the structural opportunities in the consumer healthcare sector due to rising health awareness [10]. - Xie Zhiyu from Xingsheng Global Fund points out that sectors like innovative drugs, smart driving, and new consumption are more suitable for value investors due to their solid performance backing [15].

Core Insights - The recent market recovery has led to an increase in the number of non-monetary funds exceeding 10 billion yuan, with 226 such funds reported as of the end of Q2, representing approximately 0.98% of the total, an increase of 34 funds from Q1 [4][5] - The number of active equity funds with over 10 billion yuan has stabilized at 20, with the new addition being the "Yongying Advanced Manufacturing Select C" fund managed by Zhang Lu [4][5] - The performance of these large-scale funds has improved significantly this year, with the average return of active equity funds being 14.31%, outperforming the CSI 300 index [5] Fund Performance - As of June 30, the total share of active equity funds was 31.2 trillion shares, a decrease of 129.7 billion shares (approximately 4%) from the end of last year [5] - The top-performing active equity fund this year is "Yongying Advanced Manufacturing Select C," with a return of 57.65% as of August 1, significantly higher than its benchmark return of 9.77% [9] - The largest active equity fund is "E Fund Blue Chip Select," managed by Zhang Kun, with a size of 34.943 billion yuan as of the end of Q2 [5] Key Holdings - The top five holdings of "Yongying Advanced Manufacturing Select C" include companies in the humanoid robot industry, such as Zhejiang Rongtai and Lingyun Shares, indicating a strong focus on this sector [9][10] - The "Zhongou Medical Health A" fund, managed by Guo Lan, has a significant holding in WuXi AppTec, which has seen a price increase of 31.14% since the end of Q2 [11][12] Investment Outlook - Zhang Lu from Yongying Fund emphasizes the importance of production ramp-up in core robotics companies and the supportive domestic policies for the robotics industry in the upcoming quarter [10] - Guo Lan highlights the potential for innovation drugs and structural opportunities in the consumer healthcare sector, particularly in medical aesthetics and home medical devices, as the economy recovers [13][14] - Xie Zhiyu from Xingzheng Global Fund suggests that sectors like innovative drugs, smart driving, and new consumption are more suitable for value investors due to their realistic performance support [17]

Market Overview - On August 9, the Shanghai Composite Index reached a peak of 3656.85, just 17.55 points shy of the high of 3674.40 from September 24 of the previous year [1] - The market has been characterized by small-cap stocks, with the Micro-cap Index rising by 1.75%, the CSI 2000 by 1.7%, the CSI 1000 by 1.55%, the CSI 500 by 1.08%, and the CSI 300 by 0.43% [1][2] Fund Performance - As of June 30, 2025, only 2 out of 1037 ordinary equity funds remained above 10 billion yuan in size, namely E Fund Consumer Industry at 16.854 billion yuan and Da Cheng Gao Xin A at 12.340 billion yuan [4] - Among 4846 mixed equity funds, only 14 funds exceeded 10 billion yuan, with the largest being E Fund Blue Chip Selection at 34.93 billion yuan [4] - The performance of these large-scale funds has been mixed, with only 4 out of 14 funds achieving returns over 20% year-to-date as of August 8, 2025 [6] Year-to-Date Performance - The top-performing funds year-to-date include: - Yongying Advanced Manufacturing Selection C with a net value growth of 59.99% - Ruiyuan Growth Value A with a growth of 22.04% - China Europe Medical Health A with a growth of 21.81% [6][8] One-Year Performance - Over the past year, the top three funds in terms of net value growth are: - Yongying Advanced Manufacturing Selection C at 163.94% - Galaxy Innovation Growth A at 62.66% - Ruiyuan Growth Value A at 40.79% [9][10] Annualized Returns - Among the 14 large-scale mixed equity funds, 10 have an annualized return exceeding 8%, indicating strong long-term performance [11] - Yongying Advanced Manufacturing Selection C, with a short history of less than 3 years, has an impressive annualized return of 35.96% [11][12] Notable Exceptions - The fund "Quan Guo Xu Yuan San Nian Chi You A" has a current size of 11.2 billion yuan, with year-to-date returns of 12.98% and one-year returns of 31.68%, but an annualized return of -7.18% since inception [12][13]

Core Insights - The market is experiencing a "recovery" trend, but investors are still facing a "break-even and redeem" dilemma, leading to significant operational divergence among them [2][5] - Nearly 90% of actively managed equity funds have reported positive returns over the past year, with 40 funds achieving over 100% growth [3][4] - Despite the recovery, many investors are still in the phase of waiting for their accounts to break even, with a significant number of funds still showing substantial losses [4][6] Group 1: Fund Performance - As of August 6, 99% of 4,349 actively managed equity funds have recorded positive returns over the past year, with 40 funds doubling their performance [3] - Notable funds like CITIC Securities North Exchange Select have achieved a return of 212.25% over the past year, while several others have also seen returns exceeding 150% [3][4] - The recovery trend is evident even among funds that had previously underperformed, with many well-known fund managers seeing their net values recover significantly [4][6] Group 2: Investor Behavior - Investor behavior has shown three distinct strategies: some redeem their funds upon breaking even, others redeem after significant loss reduction, and a third group waits until full recovery before redeeming [5][6] - There is a notable redemption pressure when fund net values approach their cost basis, indicating a tendency for investors to cash out as they see recovery [6][7] - Despite improved fund performance, there has been a significant net redemption of 1,764 billion units in actively managed equity funds in the first half of the year, indicating a disconnect between performance and investor confidence [6][7] Group 3: Market Dynamics - The recovery in fund performance has not yet translated into increased investor trust, largely due to the memory of past losses from 2022 to 2024 [7] - The "break-even and redeem" behavior has become a common pattern among investors who entered the market at high points in 2021 and faced significant losses [7] - To resolve the disconnect between fund performance and capital inflow, both fund managers need to enhance their professional capabilities and the industry ecosystem must be optimized [7]

Core Viewpoint - The recent recovery in the equity market has led to a significant rebound in the net value of actively managed equity funds, with nearly 90% of these funds showing positive returns over the past year, providing hope for investors who had previously suffered losses [3][5]. Group 1: Fund Performance - As of August 6, 2023, 4304 out of 4349 actively managed equity funds reported positive returns over the past year, representing 99% of the total [5]. - Among these, 40 funds achieved a doubling of their performance, with the top performer, CITIC Construction Investment North Exchange Select Two-Year Open A, showing a return of 212.25% [5]. - Over 70% of funds with over 10 billion in assets achieved returns exceeding 10%, with some funds like China Merchants Advantage Enterprises A and Galaxy Innovation Growth A exceeding 60% [6]. Group 2: Investor Behavior - Investor behavior has shown significant divergence, with three main strategies emerging: some investors choose to redeem their funds upon recovery, others redeem after a significant reduction in losses, and a third group waits until they fully recover their investments [9][10]. - Despite the recovery, there is a notable redemption pressure as many investors opt to cash out when the net asset value approaches their initial investment [10]. - In the second quarter, actively managed equity funds experienced a net redemption of 1,076.04 million units, a 56.43% increase from the previous quarter, indicating a trend of investors withdrawing funds despite improved performance [10][11]. Group 3: Market Sentiment and Trust - The recovery in fund performance has not yet translated into increased investor trust, as many investors remain cautious due to past losses from 2022 to 2024, leading to a prevalent "redeem upon recovery" behavior [11]. - Analysts suggest that the current situation represents a critical period for "cognitive repair" in the market, where fund managers need to enhance their professional capabilities and improve the industry ecosystem to regain investor confidence [11].