Core Viewpoint - The article discusses the recent performance and strategies of Yongying Fund in the context of the capital market's recovery, highlighting its significant growth in active equity products and the challenges faced by smaller public funds in maintaining scale and performance [4][6][29]. Group 1: Market Context and Performance - The capital market has seen a resurgence, with the Wande equity mixed fund index achieving a year-to-date increase of 20.48%, surpassing the CSI 300 index [4]. - Yongying Fund's active equity scale increased by 24.476 billion yuan in the first half of 2025, marking a growth rate of over 100%, leading the industry [4][6]. - The Yongying Fund's "Smart Selection" series has been particularly popular, contributing to a total scale increase of 25.929 billion yuan across its active equity product matrix [4]. Group 2: Challenges for Smaller Funds - Smaller public funds often struggle with distribution channels, limiting their ability to sell products effectively [7]. - Yongying Fund, benefiting from its banking background, has a strong fixed income business, which constituted 78.64% of its scale within two years of establishment [7][8]. - The article emphasizes the importance of long-term performance in active equity investments, noting that mixed funds historically have higher management fees compared to bond funds [8][10]. Group 3: Growth Strategies - Yongying Fund has successfully expanded its active equity scale from 786 million yuan at the end of 2018 to 28.741 billion yuan by the end of 2021, achieving over 30 times growth in three years [14]. - The fund has adopted a strategy of recruiting well-known fund managers to enhance its product offerings and scale, with 90% of its mixed fund products managed by externally recruited managers by the end of 2020 [10][14]. - The article highlights the rapid expansion of Yongying's active equity scale, which faced challenges due to poor performance leading to a 50% drop in scale from 29.741 billion yuan to 13.894 billion yuan between 2022 and 2023 [16]. Group 4: Innovative Product Development - Yongying Fund has shifted its approach to active equity by positioning its products as tools similar to ETFs, emphasizing clear investment themes and strategies [21][22]. - The fund's "Smart Selection" series aims to address the limitations of ETFs by providing actively managed products that can adapt to emerging industries and trends [24][25]. - The article notes that Yongying's strategy of combining the advantages of active management with the clarity of ETFs has allowed it to achieve significant growth in a challenging market environment [29].

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].