Group 1 - The core viewpoint of the articles highlights the proactive positioning of Changcheng Fund in capitalizing on the new productivity development dividends, with a focus on high-quality growth in the fund industry by 2025 [1][2] - The fund industry is shifting from a "scale-oriented" approach to one that emphasizes "returns," driven by policy changes such as the implementation of a floating management fee mechanism linked to performance and long-term assessments [1] - The ETF market is experiencing explosive growth, with expansions in bond, cross-border, and niche theme ETFs, as well as the introduction of multi-asset ETF pilots to meet diverse investor needs [1] Group 2 - Changcheng Fund Management Co., Ltd. won the "2025 Fund Company Innovation Award," reflecting its successful efforts in enhancing its technology investment product line to provide efficient tools for investors in the Sci-Tech Innovation Board [2] - The company has developed a platform-based, team-oriented, multi-strategy investment research model, promoting long-term, value, and responsible investment philosophies while fostering a culture of simplicity, efficiency, and happiness within its team [2] - The investment team at Changcheng Fund is designed to leverage individual strengths and accommodate diverse investment styles, thereby enabling investors to share in the growth of China's technology industry [2]

Core Viewpoint - The trend of "track-oriented" and "tool-oriented" active equity funds is emerging in the public fund industry, driven by industry competition, customer demand, and market conditions [1][2][3] Group 1: Industry Trends - Active equity funds are increasingly adopting "track-oriented" and "tool-oriented" strategies, focusing on specific sectors such as innovative pharmaceuticals, robotics, computing power, semiconductors, and low-altitude economy [2][3] - In the second half of the year, 34 out of 68 newly established mixed funds had clear themes like "technology," "healthcare," and "consumption," accounting for 50% of the total [2] - The rapid growth of active equity funds since 2019 has led to a focus on core sectors, with fund managers increasingly concentrating their portfolios on specific industries [4][15] Group 2: Market Dynamics - The "track-oriented" trend is a response to significant industry competition, where smaller fund companies find it challenging to compete with larger firms in broad market selections [3][6] - Customer demand has shifted from product-oriented to client-needs-oriented, with investors preferring products with clear strategies and investment directions [3][6] - The current market environment, characterized by structural trends, presents opportunities for excess returns in specific sectors, leading to a consensus among funds to focus on niche industries [3][6] Group 3: Fund Manager Strategies - Fund managers are transitioning from a broad investment approach to a more focused strategy, enhancing the sharpness of their investment styles [5][6] - The shift towards "track-oriented" products requires fund managers to narrow their focus, allowing for deeper understanding and identification of mispriced opportunities [6][8] - The trend does not signify the end of "all-round" fund managers, as the market still requires diverse capabilities among fund managers [6][7] Group 4: Research and Evaluation Requirements - The new "track-oriented" and "tool-oriented" strategies necessitate a more sophisticated research and evaluation framework within fund companies [8][10] - A multi-dimensional evaluation system is needed to assess the performance of "sharp" fund managers and tool-oriented products, as traditional metrics may not accurately reflect their capabilities [10][11] - Fund companies must adapt their assessment criteria to align with the specific characteristics of "track-oriented" products, focusing on long-term excess returns and risk management [10][11] Group 5: Investor Considerations - Investors are advised to avoid over-concentration in single-track investments and to adopt a diversified asset allocation strategy [12][20] - The rise of "track-oriented" funds increases the need for investors to have strong asset allocation skills and timing abilities [12][20] - Fund companies are encouraged to enhance investor education to help clients understand the risks and characteristics of these products [12][19]