Core Viewpoint - The article discusses the evolution of the A-share market, highlighting the importance of being present during key investment opportunities, particularly since the "9·24" market event, which marked the beginning of a bull market and a revaluation of assets in China [1][2]. Group 1: Market Performance - The A-share market has reached new highs in 2024, with significant performance from growth sectors since the "9·24" event [1]. - From September 24, 2024, to September 30, 2025, 41 funds under the management of Jiashi Fund achieved "doubling" performance, with 21 active equity products and 20 passive index products [3]. Group 2: Active Equity Performance - Notable active equity funds include those managed by Cai Chengfeng, who focused on the semiconductor industry with a return of 170.38%, and Li Tao, who achieved returns of 146.6% and 100.86% through his management of Jiashi Information Industry and Jiashi Quality Core [4]. - Other successful managers include Meng Xia, with a return of 132.53% in the robotics sector, and Yang Huan, whose funds achieved returns exceeding 113% [4][5]. Group 3: Passive Investment Strategy - Jiashi Fund has effectively captured beta opportunities in various technology sectors through its forward-looking index fund strategies, with significant performance in ETFs such as the Jiashi Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF, which rose by 206.72% since the "9·24" event [8][9]. - The fund has a comprehensive range of ETFs covering high-growth sectors, including technology and rare metals, demonstrating its capability in identifying long-term investment opportunities [9].

Group 1 - The report indicates that the A-share market is experiencing a slow bull market, with the effects of anti-involution policies becoming evident in the August PPI data, leading to continued increases in major broad-based indices in September [1][8] - The report suggests a shift towards growth-oriented investment strategies while maintaining a balanced overall style in fund allocation, with recommendations to consider gold and US stock-related ETFs [1][8] - Structural investment opportunities are highlighted, particularly in emerging technologies and financial sectors, with expectations for new highs in A/H share indices [1][8][13] Group 2 - The report notes that the manufacturing PMI for September is at 49.8%, reflecting a seasonal increase, while the service sector shows a slight decline, indicating a mixed economic outlook [10][11] - The report emphasizes the importance of the lithium battery sector, which is benefiting from favorable policies and a surge in overseas demand for energy storage, contributing to strong performance in related industries [8][10] - The report identifies a positive trend in the AI sector, with significant collaborations and advancements, suggesting continued growth potential in technology-related investments [8][10] Group 3 - The bond market is expected to enter a stabilization phase in October, with a likelihood of oscillation and potential recovery in certain bond types, despite a long-term weakening trend [17][20] - The report highlights the central bank's active role in maintaining liquidity and supporting the bond market, particularly during the quarter-end period [18][20] - The report suggests that the demand for high-grade, liquid credit bonds remains strong, with a focus on flexible duration products [17][20] Group 4 - The report indicates that the number of new funds launched in September reached the highest level since 2022, with a total fundraising amount of 167.34 billion, reflecting a recovery in the public fund market [56][60] - The report notes that equity funds accounted for a significant portion of new fund launches, indicating a growing investor interest in equity investments amid a recovering A-share market [56][60] - The report highlights the performance of various fund styles, with growth-oriented funds outperforming balanced and value funds, particularly in the TMT and midstream manufacturing sectors [48][49]

Core Viewpoint - The recent market rally has led to significant redemption pressures on several funds that have just recovered from poor performance, reflecting investors' fear of market downturns despite the funds' recovery [2][10]. Fund Performance and Redemption - The Dachen Fenghua Stable Six-Month Holding Mixed Fund struggled initially, with its net value dropping to 0.93 in August 2022, but rebounded to above 1.0 by late July 2025 [3][5]. - Similar trends were observed in the Huabao Yuanheng Mixed Fund, which saw its net value fall to 0.85 in September 2024 before recovering to above 1.0 in early August 2025, yet faced redemption pressures leading to its termination [6][10]. - The Haifutong Advantage Driven Mixed Fund also experienced a drop below 1.0 in September 2024, rebounding to nearly 1.4 by July 2025, but still faced significant redemptions [6][8]. Investor Behavior and Market Sentiment - Investors exhibited a "loss aversion" mentality, redeeming funds as soon as they approached their initial net value, indicating a lack of confidence in sustained market recovery [10][15]. - High net worth individuals and corporate clients have shown greater enthusiasm for the market, contrasting with the general public's cautious approach [12][14]. - The trend of redemptions is particularly pronounced in funds focused on popular sectors such as new energy, liquor, and pharmaceuticals, which were previously high-performing [10][11]. Market Dynamics and Fund Management - The current market environment is characterized by a structural shift, with investors becoming more discerning and moving away from previously favored "track" funds towards more flexible and strategically clear products [15]. - Fund managers are encouraged to focus on maintaining investor trust by providing consistent and competitive returns rather than merely recovering to previous net values [15].

Core Viewpoint - The recent rise in the Shanghai Composite Index has led to a recovery in many actively managed equity funds established in 2021, with over 170 funds returning to positive net asset values as of August 13, 2023, and an average return exceeding 20% this year, outperforming the overall market average [1][2][3] Fund Performance - More than 170 of the 600+ actively managed equity funds established in 2021 have achieved positive returns, with over 98% of products gaining positive returns this year [2] - Notable performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, which has a total return of 137.21%, and several other funds with returns exceeding 80% [2] - Funds focused on AI computing power, such as E Fund Pioneer Growth A and E Fund Vision Growth A, have also shown strong performance, with returns over 80% this year [3] Redemption Pressure - Despite the recovery, many funds are facing significant redemption pressures, particularly as their net asset values approach 1 yuan, leading to concentrated redemption behaviors [3][4] - For instance, the Jiashi Hong Kong Stock Advantage Fund saw its shares drop from 64.34 billion to 49.44 billion due to nearly 15 billion shares being redeemed in a single quarter [4] Market Trends - The current redemption pressure is notably concentrated in sectors such as new energy, liquor, and pharmaceuticals, aligning with the "track-based" funds issued between 2019 and 2021 [5] - The market is transitioning from a rebound to a reversal, with the previous trend of "rising but facing redemptions" weakening, and new fund issuance is accelerating [6] Fundraising and New Issuance - As of August 13, 2023, newly established actively managed equity funds have raised over 60 billion yuan this year, with several products exceeding 10 billion yuan in initial offerings [6] - The issuance of traditional fee-based actively managed equity funds has rebounded to around 10 billion yuan in July, indicating a recovery in fundraising [6] Future Outlook - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds, stocks, and margin trading, while some may also move into lower-risk insurance products [7]

Core Viewpoint - The TOP 100 active equity fund manager list has consistently outperformed the Wind偏股基金指数 for four consecutive years, indicating the value of excellent active equity fund managers [1][2]. Group 1: Performance of Fund Managers - The TOP 100 list includes fund managers who have shown the ability to outperform their peers, with a specific focus on those managing Hong Kong stocks [4][9]. - The performance of the Hong Kong fund managers from the TOP 100 list yielded a return of 22.89% as of May 28, 2025, compared to the Hang Seng Index's 17.45% and the active Hong Kong fund index's 13.61% [9]. - Despite the success of individual fund managers, the overall active equity funds in the Hong Kong market struggle to outperform the index, similar to trends in other mature markets [9][10]. Group 2: Notable Fund Managers - Zhang Feng from 富国基金 has over 25 years of experience and has built a strong reputation in the Hong Kong market, with his fund 富国中国中小盘 being one of the top performers [12][13][14]. - Ning Jun, also from 富国基金, has a broad investment style and has managed funds that have consistently performed well, including 富国沪港深业绩驱动 [20][24]. - Bai Yang from 大成国际 has a strong academic background and has received multiple awards for his performance, managing funds that rank well in the Hong Kong market [33][41]. - Luo Jiaming, with 18 years of experience in Hong Kong, has a quality-focused investment style, but his recent performance has been disappointing due to market conditions [43][49]. - Xiong Xiaoya from 南方基金 has shown promising results with her growth-oriented investment style, although her team's recent changes may impact future performance [56][59]. - Zhang Jintao from 嘉实基金 has a value-oriented investment approach and has managed funds with solid performance, although his large management scale may affect focus [63][66]. Group 3: Market Insights - The Hong Kong market is characterized by concentrated liquidity, making it challenging for active fund managers to consistently outperform the index [9]. - The article emphasizes the importance of selecting fund managers with proven track records and the ability to navigate the complexities of the Hong Kong market [4][9].