Group 1 - The core viewpoint is that public funds, both new and old, are accelerating their layout in the A-share market, driven by a growing profit effect and increasing average positions in equity mixed funds reaching 84% [1][2] - New equity funds launched between March 10 and June 10 have shown a rapid pace of building positions, with several newly established active equity products achieving good returns shortly after their inception [1][2] - The average position of public equity mixed funds has increased by 0.26 percentage points to 84.02% as of June 6, indicating a rising trend in investment [2] Group 2 - Structural opportunities are identified in four main areas: assets that hedge against overseas disturbances such as gold and military industries, advancements in domestic AI models, new consumption and innovative pharmaceuticals with high certainty, and cyclical and manufacturing sectors like chemicals and automobiles with price increase expectations [3]

Core Viewpoint - The active equity funds have regained market attention as the market conditions improve, with a notable focus on technology innovation-related themes [1][2][6] Group 1: Fund Issuance and Themes - As of March 20, a total of 17 new active equity funds have been launched, primarily focusing on technology innovation themes [1][2] - Among the 10 funds currently in the initial issuance phase, many are centered on technology sectors, including funds like Taiping Technology Pioneer Mixed and Deutsche Bank Emerging Industry Mixed [2] - Some funds are targeting specific themes, such as central enterprises and dividends, with examples like Rongtong Central Enterprise Selected Mixed focusing on high-dividend, stable cash flow companies [2][3] Group 2: Fund Issuance Strategies - Many funds are adopting a "initiated" issuance strategy due to concerns over unsuccessful fundraising, with 5 out of the 10 currently issuing funds being initiated funds [3][4] - Initiated funds require a minimum of 10 million yuan to establish and have shorter issuance periods, allowing for gradual scale growth post-establishment [4] Group 3: Fund Performance and Market Sentiment - Despite the increase in active equity fund issuance, there remains a cautious sentiment among fund companies due to recent failures in fundraising, with 3 funds reported to have failed to meet registration conditions this year [4][5] - The performance of active equity funds has shown promise, with the highest return exceeding 80% year-to-date, indicating potential for sustained performance as market conditions evolve [7]