Core Viewpoint - The A-share market has shown a strong upward trend in 2023, with the Shanghai Composite Index rising over 11% year-to-date and reaching a nearly ten-year high, indicating a preliminary formation of a bull market atmosphere [1] Market Performance - As of August 20, the Shanghai Composite Index has surpassed 3700 points for three consecutive trading days, marking a significant recovery in market sentiment and trading volume [1] - The total trading volume in the two markets has frequently exceeded 2 trillion yuan since mid-August, with margin financing balances stabilizing around 2 trillion yuan, reflecting a notable influx of capital [1] - The total scale of ETFs reached a historical high of 4.8 trillion yuan on August 18, indicating increased investor interest [1] Fund Performance - The overall performance of active equity funds has significantly improved, with over 97% of existing active equity funds achieving positive returns year-to-date as of August 19 [1] - However, contrasting this trend, a considerable number of products under the Fortune Fund have recorded negative returns over the past five years, highlighting deficiencies in their investment research system and product layout [1] Specific Fund Analysis - Among the 146 products of Fortune Fund that have been established for over five years, 28 have reported negative returns, with notable losses in funds such as Fortune Innovation Trend Stock (009863) and Fortune Reform Power Mixed (001349), which have lost 34.33% and 32.53% respectively [2] - The Fortune Absolute Return Multi-Strategy Fund (001641), managed for over 3500 days, has a return of -13.12%, lagging behind its performance benchmark by nearly 40 percentage points [1][2] Manager Performance - The performance issues are particularly pronounced in actively managed equity funds, with the Fortune Reform Power Mixed (001349) showing a cumulative loss of 43.8% since inception and a return of only 5.44%, underperforming its benchmark by 11.29 percentage points [3] - Among the bottom ten performing products in terms of return since inception, only a few managed by specific fund managers have outperformed their benchmarks, indicating a broader trend of underperformance in the sector [3]