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]