Core Viewpoint - The article discusses the contrasting performance of equity funds in the A-share market, highlighting a significant recovery in net values for many funds while also noting the challenges faced by others leading to their liquidation [3][5]. Group 1: Fund Performance - As of November 18, over 97% of active equity funds reported positive returns over the past year, with 22 funds achieving over 100% returns [5][6]. - Notable top performers include Yongying Technology Smart A with a return of 210.65% and Hengyue Advantage Selection at 156.29% [5]. - The number of funds with net values below 1 yuan has decreased from 1,905 (44%) last year to 973 (22%) this year, indicating a significant recovery [5][6]. Group 2: Fund Liquidation - In the second half of the year, 108 funds have been liquidated, with an additional 75 funds facing potential liquidation due to low asset values [6][9]. - The fund "Guolian Consumer Selection" was liquidated after its net asset value fell below 50 million yuan for 50 consecutive trading days, with a recent three-month return of -7.58% [6][9]. Group 3: Market Outlook - Analysts suggest that the market is likely to continue its upward trend due to policy support and liquidity, despite the current high volatility around the 4,000-point mark [9][10]. - The AI and innovative pharmaceutical sectors are highlighted as key growth areas, with expectations for continued strong performance in these sectors [9][10]. - Institutions remain optimistic about the market's prospects for 2026, driven by factors such as innovation, supportive policies for private enterprises, and ample liquidity [10][11].

Core Insights - The transformation of Gao Nan signifies a breakthrough in his career and indicates that "fixed income +" will evolve from a "quasi-financial" tool to a more adaptable mainstream asset class in the market, entering a new phase driven by professional capabilities and differentiated strategies [1][21]. Group 1: Industry Trends - The competitive landscape of the public fund industry is changing, with several funds, including Yongying Fund, experiencing significant growth in active equity fund management scale, with Yongying Fund leading with an increase of 16.433 billion yuan [1][2]. - As of the end of Q1 2025, Yongying Fund's public fund management scale reached 502.651 billion yuan, ranking 23rd in the industry, with mixed funds showing a remarkable increase of 86.54% compared to the end of Q4 2024 [2]. Group 2: Yongying Fund's Performance - Yongying Fund's strategic foresight in product layout has been evident, particularly with the launch of the Yongying Smart Selection series, which focuses on core areas of new productivity, gaining significant market attention [2][3]. - The Yongying Smart Selection series saw substantial growth in Q1 2025, with the Yongying Advanced Manufacturing Smart Selection A fund increasing by 97.56 billion yuan in scale [2][3]. Group 3: Gao Nan's Role and Strategy - Gao Nan, the Chief Investment Officer of Yongying Fund, has adopted a balanced investment style focused on absolute returns, successfully managing both equity and bond funds, with his managed products returning to a scale exceeding 10 billion yuan [5][19]. - Gao Nan's investment strategy emphasizes the ability to continuously generate alpha returns across both equity and bond markets, which may become a core competitive advantage for "fixed income +" funds in the future [21].