Core Viewpoint - The current market environment is characterized by a mix of excitement and caution among investors and fund companies, with a notable increase in the Shanghai Composite Index reaching a nearly ten-year high, yet many investors are opting to redeem funds rather than reinvest [2][3]. Group 1: Market Dynamics - The A-share market is experiencing a surge, but investor behavior is mixed, with some choosing to redeem funds while others are entering the market [5][6]. - Despite the market's recovery, many investors are redeeming funds to lock in profits or recover losses, particularly those with funds that have recently returned to their original value [6][7]. - Data from Wind indicates that over half of the funds established at the 2021 market peak have returned to a net value of 1, achieving breakeven for investors [6]. Group 2: Fund Company Responses - Fund companies are experiencing a disconnect with the market's rapid recovery, with many feeling unprepared for the sudden shift towards equity products [12][13]. - Some fund companies have reported net subscriptions for their equity funds, particularly those focused on growth sectors, while others are still facing net redemptions [7][9]. - The overall inflow of funds remains limited, with daily net inflows averaging around 10 million to 20 million, representing only 1% to 2% of total trading assets [11]. Group 3: Investor Sentiment - There is a noticeable increase in inquiries about funds at bank branches, indicating a growing interest among retail investors, although actual purchases remain modest [15]. - Investors are showing a preference for funds in high-growth sectors such as semiconductors and innovative pharmaceuticals, reflecting a shift in sentiment towards more aggressive investment strategies [9][15]. - Many industry participants express a desire for the current market rally to progress slowly and steadily, allowing for a healthier accumulation of capital and investment opportunities [16][19]. Group 4: Future Outlook - Analysts describe the current market as a "healthy bull," with strong underlying support from policy and capital, suggesting that the market may still be in its early stages of growth [17]. - The potential release of significant capital from various sectors, including bank deposits and real estate, could further accelerate market momentum in the future [17].

Core Viewpoint - The article provides a ranking of open-end funds based on their net asset value growth, highlighting the top and bottom performers in the market as of July 28, 2025 [2][4]. Fund Performance Summary Top 10 Funds - The top 10 funds with the highest net value growth on July 28, 2025, include: 1. 泰信汇盈债券A: Unit Net Value 1.3064, Cumulative Net Value 1.3760, Daily Growth 27.75% 2. 泰信汇盈债券C: Unit Net Value 1.1155, Cumulative Net Value 1.1851, Daily Growth 7.74% 3. 德邦鑫星价值A: Unit Net Value 2.1317, Cumulative Net Value 2.2697 4. 德邦鑫星价值C: Unit Net Value 2.0496, Cumulative Net Value 2.1976 5. 信澳业绩驱动混合A: Unit Net Value 0.9926, Cumulative Net Value 0.9926 6. 信澳业绩驱动混合C: Unit Net Value 0.9751, Cumulative Net Value 0.9751 7. 东兴数字经济混合发起C: Unit Net Value 1.1123, Cumulative Net Value 1.1123 8. 东兴数字经济混合发起A: Unit Net Value 1.1140, Cumulative Net Value 1.1140 9. 信澳转型创新股票C: Unit Net Value 1.0330, Cumulative Net Value 1.0330 10. 信澳转型创新股票A: Unit Net Value 1.0520, Cumulative Net Value 1.0520 [2][4]. Bottom 10 Funds - The bottom 10 funds with the lowest net value growth on July 28, 2025, include: 1. 恒生前海恒源昭利债券E: Unit Net Value 1.2406, Cumulative Net Value 1.2406 2. 国泰中证煤炭ETF: Unit Net Value 1.0823, Cumulative Net Value 2.4246 3. 招商中证煤炭等权指数C: Unit Net Value 1.9518, Cumulative Net Value 1.9518 4. 招商中证煤炭等权指数E: Unit Net Value 1.9423, Cumulative Net Value 1.9423 5. 招商中证煤炭等权指数A: Unit Net Value 1.9594, Cumulative Net Value 1.3858 6. 国联煤炭C: Unit Net Value 1.7540, Cumulative Net Value 1.7540 7. 富国中证煤炭指数C: Unit Net Value 1.9060, Cumulative Net Value 1.9060 8. 国联煤炭A: Unit Net Value 1.7680, Cumulative Net Value 1.7680 9. 国泰中证煤炭ETF联接C: Unit Net Value 1.9107, Cumulative Net Value 2.2817 10. 国泰中证煤炭ETF联接E: Unit Net Value 1.9374, Cumulative Net Value 1.9374 [4][5]. Market Analysis - The Shanghai Composite Index showed a slight recovery, with a trading volume of 1.76 trillion, and the number of advancing stocks outnumbered declining ones at 2781 to 2438. The leading sectors included insurance, components, and communication equipment, with gains exceeding 2% [7].