Group 1 - The core viewpoint of the articles highlights the recovery of 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 [1][2][6] - The performance of specific funds, such as those focused on the North Exchange and innovative pharmaceutical sectors, has been particularly strong, with some funds achieving total returns of over 137% since inception [2][3] - Despite the recovery, many funds are facing significant redemption pressures, especially those concentrated in sectors like new energy, liquor, and pharmaceuticals, which aligns with the trends observed in "track funds" issued between 2019 and 2021 [4][5] Group 2 - The redemption pressure is notably high for funds that have recently returned to positive net asset values, with some funds experiencing substantial declines in share volume despite recovering their net asset values [4][5] - The market is witnessing a shift from a negative cycle to a more stable fundraising environment for new actively managed equity funds, with over 600 billion yuan raised in new fund launches this year [6][7] - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds and stocks, while some may also move towards lower-risk insurance products [7]

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]

Group 1 - The A-share market has shown a rebound since April 7, with the Wind偏股混合型基金指数 rising over 11% as of June 17, indicating a recovery in active equity products [1][2] - Nearly 70% of active equity funds have turned positive in returns, with 3,079 out of 4,462 funds reporting gains, a significant increase from 10.8% on April 7 [2][3] - The top-performing funds are heavily invested in the pharmaceutical sector, with six out of the top ten funds focusing on this area, driven by Hong Kong innovative drug stocks [3][5] Group 2 - The top fund, 长城医药产业精选A, has achieved a 75.69% return year-to-date, followed closely by 中信建投北交所精选两年定开A and 永赢医药创新智选A with returns of 74% and 70.8% respectively [3] - The performance of the pharmaceutical sector is attributed to the strong showing of Hong Kong innovative drug stocks, which constitute a significant portion of the holdings in these funds [3][6] - Despite recent market corrections in popular sectors like innovative drugs and new consumption, industry experts believe that the long-term value remains intact, with ongoing support from national policies and market demand [5][6] Group 3 - The innovative drug sector has seen a year-to-date increase of 59.18%, while other sectors like humanoid robots and new consumption have also performed well, with gains exceeding 20% [5] - Recent corrections in these sectors are viewed as technical adjustments rather than a sign of a downturn, with analysts suggesting continued investment interest in innovative drugs due to their long-term growth potential [6][7] - The new consumption sector is experiencing a temporary pullback, but the underlying market conditions remain strong, as evidenced by positive consumption data during the recent 618 shopping festival [6][7]