Core Insights - The performance of public funds in the first half of the year has been significantly influenced by thematic investments, particularly in the innovative pharmaceutical sector and the Beijing Stock Exchange [1][2] - Despite the high volatility associated with concentrated investment strategies, some fund managers have successfully achieved stable returns through diversified approaches [1][2] Group 1: Fund Performance - Many top-performing active equity funds in the first half of the year focused heavily on thematic investments, such as innovative pharmaceuticals and robotics [2] - Growth-oriented fund manager Gao Nan achieved over 25% returns with a strategy that included both high-growth sectors like innovative pharmaceuticals and semiconductor industries, as well as more stable sectors like home furnishings [2] - Value-oriented fund manager Lan Xiaokang's fund achieved a return of 17.44%, focusing on high-dividend stocks and sectors like finance and precious metals [3] - The cyclical fund managed by Ye Yong recorded a return of 26.62%, emphasizing investments in resource stocks such as precious metals and oil [4] - The quantitative fund managed by Yao Jiahong and Ma Fang achieved a return of 20.02%, with a diversified portfolio across various industries [4] Group 2: Investment Strategies - The China Securities Regulatory Commission's new action plan aims to link fund manager compensation more closely to fund performance, potentially leading to a shift in investment strategies [5] - Fund managers are expected to focus more on absolute valuation metrics, emphasizing cash flow, competitive advantages, and dividend capabilities [5] - The outlook for the equity market in the second half of the year is optimistic, with expectations of economic recovery and opportunities for fundamental resonance [6] - The "barbell strategy" is favored, focusing on both high-return, high-dividend assets and growth-oriented sectors, particularly in the technology and military industries [6]