其中，133只"翻倍基"来自中小型公募（以二季度末资产管理规模排名30名之后为界定标准），占比达 54.3%。近一年收益率排名前15位的基金中，中小公募产品占8席：中信建投（601066）北交所精选两 年定开A以240.22%的区间单位净值增长率位居榜首；德邦鑫星价值A以221.47%的涨幅位列第四；信澳 业绩驱动A、中航机遇领航A近一年单位净值增长率分别为198.45%、197.94%；华富科技动能A、汇安 成长优选A、红土创新新兴产业、长盛城镇化主题A等4只产品的区间涨幅均超过160%。 | 证券简称 | 中原地 | 基金规模 | 基金管理人 | | --- | --- | --- | --- | | | 增长率(%) | 合计(亿元) | | | 中信建投北交所精选两年定开A | 240.22 | 2.86 | 中信建投基金 | | 德邦鑫星价值A | 221.47 | 9.33 | 德邦基金 | | 永赢先进制造智选A | 205.63 | 138.45 | 永赢基金 | | 信澳业绩驱动A | 198.45 | 3.44 | 信达澳亚基金 | | 中航机遇领航A | 197.94 | 10.61 | ...

Group 1 - The current market recovery has led to a redemption dilemma for many investors, with a significant number of active equity funds reaching new net asset value highs [2][3] - As of August 19, 2023, nearly 1300 funds have returned to a net value above 1 yuan, compared to over 2300 funds that were below this threshold last year [5] - The psychological impact of previous losses is causing investors to feel anxious about redeeming their funds, even when they are finally seeing some gains [6][7] Group 2 - Fund companies are experiencing increased redemption pressure, with many investors opting to "cash out" as the market rises [8][9] - Despite the redemption pressures, many equity funds are still seeing net inflows, indicating a complex market dynamic where new investors are entering while existing ones are redeeming [8][9] - The industry is shifting its focus from merely controlling redemptions to providing tailored product solutions that meet the current market conditions and investor needs [9]

Core Insights - The current market recovery has led to a dilemma for investors, with many feeling anxious about whether to redeem their funds or hold on for potential further gains [2][3][7] - A significant number of actively managed equity funds have seen their net values rise, with over 1,450 funds achieving returns exceeding 50% since last year [5][6] - The psychological impact of previous losses is causing many investors to hesitate, leading to increased redemption pressures on fund managers [10][11] Market Performance - As of August 19, 2023, 1,197 actively managed equity funds reached historical net value highs, with a notable decrease in funds below the 1 yuan mark [6][10] - The market has seen a substantial recovery, with 166 funds doubling their performance and several funds achieving returns over 200% [5][6] Investor Behavior - Investors are experiencing a "fear of missing out" combined with anxiety over losing recent gains, leading to indecision regarding fund redemption [7][8] - The phenomenon of loss aversion and anchoring effects are influencing investor decisions, with many choosing to redeem once they break even [8][9] Fund Management Response - Fund companies are facing redemption pressures but are also seeing a net inflow of funds, indicating a mixed market sentiment [10][11] - The focus for fund managers is shifting from merely preventing redemptions to understanding and meeting client needs through tailored product offerings [11][12]

Core Viewpoint - The article highlights the psychological struggle of investors in the current A-share market, where many are torn between the fear of missing out on potential gains and the anxiety of losing their recently gained profits as the market rebounds [4][10]. Group 1: Investor Sentiment - Investors like Xiao Hu, who have been in a prolonged state of loss, are experiencing a shift in mindset as their funds begin to recover, leading to increased anxiety about whether to redeem their investments or hold on for further gains [6][10]. - The recent market recovery has seen over 1,450 active equity funds achieve returns exceeding 50%, with 166 funds doubling their performance, which has intensified the emotional turmoil among investors [7][8]. - The phenomenon of "loss aversion" is prevalent, where investors feel the pain of losses more acutely than the joy of equivalent gains, prompting them to lock in profits as soon as they break even [11]. Group 2: Market Dynamics - As of August 19, nearly 1,300 funds have seen their net asset values rise above 1 yuan, a significant recovery from the previous year when over half of the funds were below this threshold [8]. - The market has witnessed a structural shift, with a notable increase in redemption requests as investors opt to "cash out" amidst the recovery, while new investors are more inclined to diversify their investments rather than concentrate on single products [13][14]. - Despite the redemption pressures, many equity funds are still experiencing net inflows, indicating a complex market environment where investor confidence is gradually rebuilding [14][15]. Group 3: Fund Management Strategies - Fund managers are advised to respect investor decisions regarding redemptions and focus on providing tailored product solutions that align with current market conditions and investor needs [12][15]. - The shift in focus from merely preventing redemptions to enhancing service for remaining clients is emphasized, suggesting that fund companies should offer customized investment strategies to cater to varying risk appetites and financial goals [15].

Core Insights - The article highlights the psychological struggle of investors as the market rebounds, with many feeling anxious about whether to redeem their funds or hold on for potential further gains [2][3][8] - The current market environment has led to a significant number of active equity funds reaching new net asset value highs, creating a complex situation for both individual and institutional investors [4][6][11] Investor Behavior - Investors who were previously "lying flat" during prolonged losses are now frequently checking their fund values, reflecting a shift in behavior as they grapple with the fear of missing out on gains versus the anxiety of losing their recently gained profits [4][5][8] - The phenomenon of "loss aversion" is prevalent, where investors are more sensitive to potential losses than to equivalent gains, leading to impulsive redemption decisions when funds return to break-even [9][12] Market Dynamics - As of August 19, nearly 1,300 funds have returned to a net value above 1 yuan, with a significant portion of active equity funds showing positive returns since last year [7][11] - The market has seen a structural shift where redemption pressures are increasing, yet new inflows are also occurring, indicating a mixed sentiment among investors [10][12] Institutional Response - Fund companies are recognizing the need to adapt to changing investor sentiments, focusing on providing tailored product solutions that align with current market conditions and investor needs [12][13] - There is a shift from merely trying to prevent redemptions to understanding and addressing the underlying motivations of investors, emphasizing the importance of communication and customized offerings [12][13]

Core Insights - The A-share market has shown a strong recovery, with over a thousand active equity funds reaching new net asset value (NAV) highs as of August 15, 2023, indicating a significant market rebound [1][3] - The number of "billion-dollar club" funds has drastically decreased, with over three-quarters disappearing in four years, highlighting a stark differentiation in fund performance [1][4] - The average return of the 24 billion-dollar active equity funds over the past year reached 41.95%, with some funds achieving returns exceeding 100% [3][4] Fund Performance - As of August 15, 2023, 1,164 active equity funds have refreshed their historical NAVs, representing over 25% of the total, showcasing a notable market profit effect [3] - The top-performing funds are closely aligned with market themes, managed by well-known fund managers, with some funds like Yongying Advanced Manufacturing Select A achieving a return of 169.33% [4][5] - The total number of billion-dollar active equity funds has decreased from 98 in Q2 2021 to only 18 currently, with the scale ceiling dropping from 898.89 billion to 349.43 billion [4][5] Market Trends - The current A-share market is characterized as a "slow bull" market, driven by the return of overseas capital and a positive cycle of improved corporate earnings [6][7] - The market's recent surge is attributed to a combination of macroeconomic fundamentals, regulatory approaches, and investor confidence, with a notable increase in retail investor participation [7][8] - Analysts suggest a potential shift in investment strategies, recommending a tilt from dividend sectors to technology growth sectors, particularly in high-value export-related areas [8]

Core Viewpoint - The article emphasizes the transformative potential of "hardcore technology" across various sectors, including low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology, presenting significant investment opportunities for investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [4][5]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the urgent need for satellite communication infrastructure [5]. - The humanoid robot market in China could reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035, indicating a significant growth trajectory [5]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy, marking it as a key area for investment [6]. Group 2: Investment Products - The "空天地海" (Air, Space, Land, Sea) product matrix includes various investment tools such as the General Aviation ETF and Satellite ETF, which are the first and largest in their categories [3][8]. - Active management products like 永赢低碳环保智选A and 永赢高端装备智选A focus on specific sectors within hardcore technology, allowing for targeted investment strategies [3][8]. - The investment strategy emphasizes a combination of passive index funds and actively managed funds to cater to different investor needs and risk profiles [10][12]. Group 3: Market Trends - The military industry has seen a significant increase, with the military index rising over 20% from June to August, indicating a shift towards technology-driven growth rather than speculative trading [4]. - The article highlights the importance of understanding the intersection of "new combat power" and "new productive forces," where military technology converges with civilian markets, creating new investment avenues [4][5]. Group 4: Strategic Insights - The investment approach is based on a forward-looking perspective, focusing on structural opportunities in emerging industries, rather than chasing short-term trends [11][12]. - The investment team combines industry experts and fund managers to ensure informed decision-making based on deep industry insights and market responsiveness [12]. - The commitment to long-term investment and risk management is emphasized as a core principle guiding the investment strategy in hardcore technology [12][14].

Core Viewpoint - The article emphasizes that the investment opportunities in the new era driven by hard-core technology will belong to investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities in Hard-Core Technology - The article highlights the ongoing technological revolution across "air, space, land, and sea," driven by advancements in low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology [1]. - Historical trends indicate that investors who align with national policy directions and industrial transformations can reap significant rewards, similar to past investments in the internet and semiconductor sectors [1]. - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [6]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the need for satellite communication as a foundation for 6G technology [6]. - The humanoid robot market in China is anticipated to reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035 [6]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy [7]. Group 2: Investment Tools and Strategies - The article discusses the creation of an "air, space, land, and sea" investment matrix by Yongying Fund, which includes six distinct products designed to facilitate investment in these emerging sectors [8][9]. - The matrix consists of both passive index funds and actively managed funds, allowing investors to efficiently target core value segments within the industry [9]. - The index products, such as the General Aviation ETF and Satellite ETF, are the first of their kind in the market, focusing on low-altitude economy and satellite communication respectively [9]. - Active products like Yongying Low Carbon Environmental Selection A and Yongying Advanced Manufacturing Selection A are tailored to capture growth in specific hard-core technology fields [9]. - The investment strategy emphasizes a forward-looking approach, focusing on structural opportunities in emerging industries rather than merely chasing market trends [14][15]. Group 3: Future Outlook - The article concludes with a vision of a future where advancements in eVTOL, humanoid robots, satellite networks, and deep-sea resources significantly transform daily life and economic structures [16]. - Public funds are positioned as key players in supporting national technological independence and industrial upgrades, connecting ordinary investors with capital markets [16].

Group 1 - The equity market shows significant signs of recovery, with the Shanghai Composite Index breaking through 3700 points, driven by multiple favorable factors including policy support and increased liquidity from various investors [1][2][3] - Public fund institutions highlight that the recent market rally is supported by improved external conditions and a potential interest rate cut by the Federal Reserve, which could benefit the A-share market [2][3] - The technology sector is experiencing positive momentum, with leading companies in the optical module space reporting better-than-expected earnings, and advancements in AI technology further boosting investor sentiment [2][3][7] Group 2 - There is a notable increase in trading activity and liquidity in the market, with retail investors showing heightened interest and institutional investors maintaining a long-term investment perspective [1][3][4] - Recent data indicates a surge in inquiries about equity products, with many investors shifting from bond funds to stock funds, reflecting a rising risk appetite [4][6] - The current market environment is characterized by a structural rally, with many undervalued sectors and companies identified as key investment opportunities [5][6][8] Group 3 - The strong market performance is attributed to supportive policies and liquidity measures, including accelerated special bond issuance and relaxed real estate policies [6][7] - Fund managers express optimism about maintaining a high-risk appetite, with a focus on sectors that may benefit from strong earnings reports and thematic catalysts [7][8] - The innovative drug sector is gaining attention, with many companies reaching performance inflection points, suggesting potential for further investment [8]

Core Viewpoint - The equity market shows significant signs of recovery, with the Shanghai Composite Index surpassing 3700 points, and several "billion-level" active equity funds achieving performance rebounds in 2023 [1][9] Group 1: Fund Performance - As of mid-2025, there are 22 "billion-level" active equity funds, most of which have achieved positive returns by August 15, 2023 [3] - Notable performers include Penghua Carbon Neutral Theme A and Yongying Advanced Manufacturing Select A, with year-to-date returns of 73.46% and 65.27% respectively [3][4] - Other funds such as ICBC Frontier Medical A and Ruiyuan Growth Value A have returns exceeding 30%, while funds like Xingquan He Yi A and China Europe Medical Health A have returns over 20% [3][4] Group 2: Market Outlook - Multiple public funds express optimism about the market entering a phase of increased activity, driven by a continuous positive cycle of capital [1][9] - Factors such as policy support, expectations of liquidity easing, and ongoing industrial upgrades are expected to lead the A-share market into a more resilient and sustainable "slow bull" phase [1][11] - The market sentiment is currently high, with significant capital inflows from various investor types, including retail and institutional investors [9] Group 3: Sector Focus - The successful funds have strategically invested in popular sectors such as pharmaceuticals and technology [7] - ICBC Frontier Medical A has notably over-allocated to the innovative drug sector, benefiting from the rapid development of domestic innovative drug companies [7] - Ruiyuan Growth Value A has seen significant contributions from investments in Hong Kong stocks and PCB stocks, indicating a diversified approach to sector allocation [7]