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 discusses the recent performance and strategies of Yongying Fund, highlighting its significant growth in the active equity fund sector and its innovative approach to product offerings, particularly the Yongying Smart Selection series, which aims to combine the advantages of active equity and ETF-like tools [2][21][29]. Group 1: Market Performance and Growth - As of August 15, 2025, the Wande偏股混合型基金指数 has achieved a year-to-date increase of 20.48%, outperforming the沪深300指数 [2]. - 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 [2]. - The Yongying Smart Selection series has seen a total scale increase of 25.929 billion yuan, indicating that other active equity products have slightly declined in scale [2]. Group 2: Challenges and Strategies - The article notes that the public fund industry is characterized by a "Matthew effect," where the top 10% of funds significantly outperform the remaining 90%, creating challenges for smaller funds [6]. - Yongying Fund has successfully leveraged its strong fixed income background, achieving a scale of over 100 billion yuan in just over two years, with fixed income accounting for 78.64% of its business [6]. - The company has adopted a strategy of recruiting well-known fund managers to enhance its product offerings and scale, with over 90% of its mixed fund managers being externally sourced [10][14]. Group 3: Market Trends and Innovations - The article highlights the shift in investor preferences towards clearer, tool-like products, with Yongying Fund responding by positioning its active equity products similarly to ETFs [21][23]. - Yongying Fund's Smart Selection series aims to provide thematic investment opportunities while maintaining the flexibility of active management, addressing the limitations of traditional ETFs [24][25]. - The fund's approach allows it to capitalize on emerging industries and trends, such as the robotics sector, which has seen significant returns compared to traditional indices [25]. Group 4: Industry Context and Future Outlook - The article emphasizes the increasing difficulty for small public funds to survive in a competitive environment, with many struggling to achieve profitability [26]. - Yongying Fund's ability to adapt and innovate in response to market demands positions it favorably against competitors, suggesting a potential for sustained growth [29]. - The overall trend in the industry indicates a need for differentiation and innovation, as the market moves towards a phase of consolidation and efficiency [29].