Core Viewpoint - The market has returned to the 3700-point level, with over 50% of funds established during the last bull market now back to their initial net asset value, indicating a recovery trend in the investment landscape [2][3][4]. Fund Performance Summary - As of August 15, 2021, among 1785 funds established, 936 funds (52.44%) have their net asset values above 1, with some funds achieving values above 1.5 [5]. - Notable examples include the Invesco Great Wall Long-term Growth Fund, which reached a high of 1.18 in August 2021 and recently achieved a net value of 1.0055, and the Golden Eagle New Energy Mixed Fund, which rebounded to 1.0342 after a significant drop [4][5]. - However, approximately 30 funds established in 2021 still have net asset values below 0.5, indicating a significant performance disparity among funds [5]. Performance Disparity Analysis - Funds established at the same market peak have shown significant performance differences, with some funds like Huaxia North Exchange Innovation Small and Medium Enterprises Fund achieving returns of 143.51%, while others have negative returns [7]. - The disparity is attributed to differing investment strategies, with successful funds focusing on cyclical sectors and technology, while underperforming funds were heavily invested in renewable energy sectors [7][8]. Market Dynamics and Fund Flows - The market is experiencing a "return redemption" pressure as funds approach their break-even points, particularly in sectors like new energy and pharmaceuticals [10]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching around 10 billion [10][11]. - The market is transitioning from a negative cycle to a positive one, with increased inflows expected as the market's profitability improves [11].

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market now recovering to their initial net asset value (NAV) [1][2]. Fund Performance - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a NAV above 1, representing 52.44% of the total [3]. - Notable funds like Invesco Great Wall's Long-Term Fund and Jin Ying New Energy Fund have recently achieved NAVs of 1.0055 and 1.0342, respectively, after significant rebounds [2][3]. - Some funds, however, remain underperforming, with about 30 funds established in 2021 having NAVs below 0.5 [3]. Performance Disparity - There is a significant performance disparity among funds established at the same market peak, with some funds achieving returns as high as 143.51% while others have negative returns [4][5]. - Funds that performed well tended to focus on sectors like materials and artificial intelligence, while underperforming funds were often concentrated in renewable energy sectors [4]. Market Dynamics - The market is experiencing a "redemption pressure" as funds that have returned to their NAVs face potential outflows due to investor behavior influenced by previous losses [6]. - Despite this, new active equity funds are seeing a resurgence in fundraising, indicating a potential recovery in the market [6][7]. - The market is expected to enter a positive cycle of capital inflow and price appreciation, driven by strong demand for high-return assets [7].

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market in 2021 now recovering to their initial net asset value (NAV) [1][2]. Fund Performance - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a NAV above 1, representing 52.44% of the total [3]. - Notable funds that have recovered include Invesco Great Wall's Long-Term Fund, which reached a NAV of 1.0055, and Jin Ying New Energy Mixed Fund, which reached 1.0342 [2][3]. - Some funds, such as Dachen Industry Trend and Huatai-PB Health Life, have NAVs stabilizing above 1.5 [3]. Performance Disparity - There is a significant performance disparity among funds established at the same market peak, with some funds achieving returns as high as 143.51% while others have negative returns [4]. - For instance, Dachen Industry Trend has a return of 88.72%, while other funds like Huatai-PB National Bio-Medical ETF have returns of -59.77% [4]. Market Dynamics - The market is experiencing a "return to break-even" pressure, particularly in sectors like new energy and pharmaceuticals, which were popular during the previous bull market [5]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching around 10 billion [5][6]. - The market is moving out of a negative cycle, with a potential positive feedback loop emerging as the market's performance improves [6].

Core Viewpoint - The recent recovery of the Shanghai Composite Index, which briefly surpassed 3700 points, has allowed over 50% of funds established during the last bull market to return to a net value of 1, indicating a significant recovery from previous lows [1][2][3]. Fund Performance Recovery - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a net value above 1, representing 52.44% of the total [3]. - Notable funds like the Invesco Great Wall Long-term Growth Fund and the Golden Eagle New Energy Mixed Fund have recently achieved net values of 1.0055 and 1.0342, respectively, after significant fluctuations [2][3]. - Some funds, such as the Dazhong Industry Trend Fund and the Huatai-PineBridge Health Living Fund, have even stabilized above 1.5 [3]. Performance Disparity Among Funds - There is a marked performance disparity among funds established at the same market peak, with some achieving returns as high as 143.51% while others remain below 0.5 [4][5]. - The Dazhong Industry Trend Fund has a return of 88.72%, while other funds like the Huatai-PineBridge National Bio-Medical ETF have returns of -59.77% [4]. Market Dynamics and Fund Flows - The recent recovery of funds has led to redemption pressures, particularly in sectors like new energy and pharmaceuticals, which were previously popular [6]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching approximately 10 billion [6]. - The market is transitioning from a negative cycle of fund flows to a more stable environment, with a decrease in net redemptions observed [6][7]. Positive Market Sentiment - The investment community is optimistic about the A-share market, noting a strong demand for high-return assets amid a backdrop of high savings growth and an "asset shortage" environment [7]. - The potential for a positive feedback loop between inflows of external capital and market performance is anticipated, suggesting that market sentiment may currently outweigh fundamental factors [7].

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market in 2021 now recovering to their initial net asset value (NAV) [1][2]. Fund Performance - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a NAV above 1, representing 52.44% of the total [3]. - Notable funds like Invesco Great Wall's Long-term Growth Fund and Jin Ying New Energy Mixed Fund have recently achieved NAVs of 1.0055 and 1.0342, respectively, after significant rebounds [2][3]. - However, approximately 30 funds from 2021 still have NAVs below 0.5, indicating severe underperformance [3]. Performance Disparity - There is a marked performance disparity among funds established at the same market peak in 2021, with some funds achieving returns as high as 143.51% while others have negative returns exceeding -59% [4][5]. - Funds that performed well tended to focus on cyclical sectors like materials and chemicals, while poorly performing funds were heavily invested in renewable energy sectors [4]. Market Dynamics - The market is experiencing a "return to break-even" pressure on funds, particularly those concentrated in sectors like new energy and pharmaceuticals [6]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching around 10 billion [6]. - The market is transitioning from a negative cycle to a more stable environment, with a potential for positive cash flow and market growth [7].

Core Insights - The Shanghai Composite Index recently surpassed 3700 points, marking a significant recovery for funds established during the last bull market, with over 50% of these funds returning to a net value of 1 [1][2]. Fund Performance Recovery - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a net value above 1, representing 52.44% of the total [3]. - Notable funds like the Invesco Great Wall Long-term Growth Fund and the Golden Eagle New Energy Mixed Fund have recently seen their net values recover to above 1, with the latter reaching 1.0342 [2][3]. - Some funds, however, remain significantly below 1, with around 30 funds established in 2021 having net values under 0.5 [3]. Performance Disparity Among Funds - There is a marked performance disparity among funds established at the same market peak, with some funds achieving returns over 100%, while others have negative returns exceeding 50% [4][5]. - For instance, the Dachen Industry Trend Fund has a return of 88.72%, while the Huatai-PB Biomedicine ETF has a return of -59.77% [4]. Market Dynamics and Fund Flows - The recovery of funds is leading to redemption pressures, particularly in sectors like new energy and pharmaceuticals, which were popular during the previous bull market [6]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching approximately 10 billion [7]. - The market is transitioning from a negative cycle in fund flows to a more stable environment, with a potential for positive feedback loops as investor sentiment improves [7].

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market now back to their initial net asset value, indicating a recovery trend after a prolonged downturn [2][4][5]. Fund Performance Summary - As of August 15, 2024, 936 out of 1785 funds established in 2021 have a net asset value above 1, representing 52.44% of the total [5]. - Notable funds that have recovered include the Invesco Great Wall Long-term Fund and the Golden Eagle New Energy Mixed Fund, which have recently seen their net asset values rise above 1 [4][5]. - However, approximately 30 funds from 2021 still have net asset values below 0.5, indicating significant performance disparities among funds established at the same market peak [5][6]. Performance Disparity - Funds established at the same market peak have shown significant performance differences, with some achieving returns over 100% while others have seen declines exceeding 50% [7][8]. - For instance, the Dachen Industry Trend Fund has a return of 88.72%, while the Huatai-PB Biomedicine ETF has a return of -59.77% since their inception [7][8]. Market Dynamics - The market is experiencing a "return to break-even" pressure, particularly in sectors like new energy and pharmaceuticals, which were popular during the previous bull market [10]. - Despite the redemption pressure, new active equity funds are seeing a resurgence in fundraising, indicating a potential shift in market sentiment [10][11]. - The overall market is expected to enter a positive cycle of capital inflow and price increase, driven by a strong demand for high-return assets amid a backdrop of high savings growth [11].