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 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]

Core Viewpoint - The performance of "billion-level" active equity funds has rebounded significantly in 2025, with many funds achieving positive returns due to early investments in popular sectors such as healthcare and technology [1][2][6]. Fund Performance Summary - As of mid-2025, there are 22 "billion-level" active equity funds, with most achieving positive returns by August 15. Notably, Penghua Carbon Neutral Theme A and Yongying Advanced Manufacturing Select A have year-to-date returns of 73.46% and 65.27%, respectively [2][4]. - Other funds like ICBC Frontier Medical A and Ruiyuan Growth Value A have also performed well, with returns exceeding 30% [2][4]. - The funds managed by Zhao Bei (ICBC Frontier Medical A) and Ge Lan (China Europe Medical Health A) have heavily invested in the innovative drug sector, contributing to their strong performance [2][6]. Market Outlook - The market is expected to enter a more resilient and sustainable "slow bull" phase, driven by policy support, liquidity easing, and ongoing industrial upgrades [1][9]. - Multiple institutions are optimistic about the market's mid- to long-term upward trajectory, citing a positive feedback loop in capital flow and improved supply-demand dynamics [7][9]. - The current market sentiment is high, with significant capital inflows from various investor types, including retail and institutional investors [7][9]. Sector Insights - The innovative drug sector is experiencing rapid development, with domestic companies increasingly aligning with global standards and gaining recognition from multinational pharmaceutical firms [6]. - The technology sector, particularly in AI and advanced manufacturing, is expected to drive the revaluation of Chinese assets, supported by structural reforms in traditional industries [9].

Core Viewpoint - The recent recovery in the equity market has led to a significant rebound in the net value of actively managed equity funds, with nearly 90% of these funds showing positive returns over the past year, providing hope for investors who had previously suffered losses [3][5]. Group 1: Fund Performance - As of August 6, 2023, 4304 out of 4349 actively managed equity funds reported positive returns over the past year, representing 99% of the total [5]. - Among these, 40 funds achieved a doubling of their performance, with the top performer, CITIC Construction Investment North Exchange Select Two-Year Open A, showing a return of 212.25% [5]. - Over 70% of funds with over 10 billion in assets achieved returns exceeding 10%, with some funds like China Merchants Advantage Enterprises A and Galaxy Innovation Growth A exceeding 60% [6]. Group 2: Investor Behavior - Investor behavior has shown significant divergence, with three main strategies emerging: some investors choose to redeem their funds upon recovery, others redeem after a significant reduction in losses, and a third group waits until they fully recover their investments [9][10]. - Despite the recovery, there is a notable redemption pressure as many investors opt to cash out when the net asset value approaches their initial investment [10]. - In the second quarter, actively managed equity funds experienced a net redemption of 1,076.04 million units, a 56.43% increase from the previous quarter, indicating a trend of investors withdrawing funds despite improved performance [10][11]. Group 3: Market Sentiment and Trust - The recovery in fund performance has not yet translated into increased investor trust, as many investors remain cautious due to past losses from 2022 to 2024, leading to a prevalent "redeem upon recovery" behavior [11]. - Analysts suggest that the current situation represents a critical period for "cognitive repair" in the market, where fund managers need to enhance their professional capabilities and improve the industry ecosystem to regain investor confidence [11].

Core Viewpoint - The trend of fund managers publicly sharing their real investment accounts is growing, with a notable increase in active equity fund managers achieving positive returns [2][3]. Group 1: Growth of Fund Managers Sharing Real Accounts - Since August 2023, at least 30 fund managers have started showcasing their real investment accounts on the Ant Wealth platform, indicating a significant expansion in this practice [5][9]. - The types of funds represented include active equity funds, index funds, QDII funds, and fixed income funds, reflecting a diverse participation [4][9]. Group 2: Performance and Amounts of Real Accounts - The highest reported real account amount is 4 million yuan, with many fund managers currently in a state of floating profit [11][12]. - Notable fund managers like Yao Jiahong from Guojin Fund have seen their real account grow from an initial 1 million yuan to 4.0753 million yuan, with a profit of 1.0695 million yuan [12][14]. - Other fund managers, such as Lei Tao from Debang Fund, have also reported significant returns, with a real account amount of 1.7379 million yuan and a cumulative profit of 523,200 yuan [15]. Group 3: Reasons for Increased Participation - Industry insiders suggest that fund managers are motivated to share their real accounts to enhance investor confidence and provide operational references, promoting more rational and long-term investment behaviors [9][10]. - The recent market recovery and improved performance of public funds have encouraged more fund managers to participate in this trend [10][21]. Group 4: Investment Strategies and Recommendations - Many fund managers are adopting a systematic investment approach, often recommending a weekly investment cycle to capture short-term market fluctuations effectively [21]. - The overall sentiment indicates that as industry transparency increases, the practice of sharing real accounts may become a standard, fostering trust and providing clearer investment references for investors [21].

Core Insights - The rise of "initiated funds" has led to a significant number of funds facing liquidation due to not meeting the 200 million yuan threshold after three years [1][2] - Despite the high rate of liquidation, initiated funds remain a key strategy for fund companies, raising questions about their sustainability and operational costs [4][5] Group 1: Fund Liquidation Trends - As of July 15, 2023, 43 initiated funds have been liquidated this year due to failing to reach the required 200 million yuan, marking a historical high [1][2] - The average decline in value for these funds over three years is 18.65%, with nearly half experiencing a drop of over 20% [3][4] - Specific sectors like renewable energy and healthcare have seen significant performance issues, with some funds reporting cumulative returns as low as -53.43% [2][3] Group 2: Fund Company Strategies - Fund companies continue to launch initiated funds despite the risks, with over 404 such funds issued in 2023 alone [4][5] - The relatively relaxed establishment conditions for initiated funds allow companies to quickly enter niche markets and develop new fund managers [6][7] - Initiated funds serve as a "incubation" platform for new strategies and managers, providing opportunities in less recognized sectors [6][7] Group 3: Future Outlook - As of mid-July 2023, 183 initiated funds are approaching their three-year mark, with 98 of them still below the 200 million yuan threshold, indicating potential future liquidations [7] - Some initiated funds have successfully surpassed the threshold, such as the Yongying Advanced Manufacturing Fund, which has achieved a cumulative return of 82.35% [7]

Core Viewpoint - The article highlights the significant performance of structural opportunities in the market, particularly in hard technology sectors such as humanoid robots, innovative pharmaceuticals, and cloud computing, which saw index increases of over 15% in the first half of the year [1][28]. Group 1: Investment Strategy and Product Overview - Yongying Fund has developed an investment system tailored to the local market, focusing on forward-looking industry research and structural opportunities, moving away from simplistic bull-bear thinking [3][5]. - The "1+N" equity investment ecosystem categorizes active equity products into four types: comprehensive, style-based, tool-based (Intelligent Selection Series), and strategy-based (Wisdom Selection Series) [3][5]. - The Intelligent Selection products are designed to focus on high-growth, policy-supported emerging industries, with each product matched to fund managers who align with the investment focus [5][6]. Group 2: Market Outlook and Key Sectors - The article discusses the anticipated growth in hard technology sectors, particularly humanoid robots, innovative pharmaceuticals, and cloud computing, which are expected to drive significant investment opportunities [7][12]. - Humanoid robots are projected to become a major consumer product, with a compound annual growth rate of 100% over the next six years, potentially leading to explosive growth post-2025 [14]. - The demand for overseas computing power is expected to surge, driven by successful AI applications like ChatGPT, with significant investments from major cloud service providers [17][19]. - The innovative pharmaceutical sector is positioned to capitalize on global market opportunities, leveraging China's clinical efficiency and industry chain advantages [21]. - The low-altitude economy is recognized as a strategic national priority, with significant potential to reshape economic growth, particularly in eVTOL and drone logistics [22]. - The semiconductor industry, particularly in light of domestic advancements in photolithography technology, is seen as a critical area for investment, with potential for substantial returns [24]. Group 3: Conclusion and Future Prospects - The article concludes that the acceleration of technological breakthroughs in China is creating unprecedented structural investment opportunities, with new productive forces driving the rise of the nation [25].