Core Viewpoint - The Beijing Stock Exchange (BSE) market is experiencing a "harvest season," with significant performance from various funds and a notable increase in the BSE 50 Index, which has risen approximately 45% this year, leading to substantial returns for several BSE-themed funds [1][3]. Fund Performance and Dividends - Multiple BSE funds have announced substantial dividends, with Wan Jia BSE Hui Xuan two-year mixed fund declaring a dividend of 4 yuan per 10 fund shares, marking a dividend ratio of 21.17% and a total payout of 130 million yuan [2][3]. - The Wan Jia BSE Hui Xuan fund has achieved a year-to-date return of 70.79% and a three-year return of 130.64%, indicating strong performance since its inception in 2021 [2][3]. - The Southern BSE Selected two-year mixed fund has also distributed dividends three times this year, with a total unit dividend amounting to 0.2 yuan [2]. Market Dynamics and Investment Opportunities - The BSE market has shown remarkable performance, with several constituent stocks doubling in price, and BSE-themed funds achieving returns of over 50% this year [3]. - Fund managers attribute the strong performance to reasonable valuation recovery and robust earnings growth among quality companies, with many stocks moving from low to higher valuation multiples [3][5]. - The market is transitioning from a challenging start to a rapid development phase, supported by favorable policies and improved market conditions [3][5]. Market Adjustments and Future Outlook - Since September, the market has experienced some adjustments, with the BSE 50 Index declining nearly 10% from its peak of 1670 points to around 1500 points [4]. - Despite recent fluctuations, there is optimism regarding companies with improving investment value, particularly in the technology and growth sectors [4][5]. - Investment strategies are focused on tracking market dynamics, optimizing portfolio structures, and exploring opportunities in emerging industries such as AI, new consumption, and sectors with significant domestic substitution potential [5].

Core Viewpoint - The Beijing Stock Exchange (BSE) market is experiencing a "harvest season," with several funds announcing significant distributions and achieving impressive returns amid a strong market performance [2][4]. Fund Performance and Distributions - The BSE market has shown remarkable performance this year, with the BSE 50 Index rising approximately 45%. Several thematic funds have seen their returns double, with notable funds like Wanji BSE Huixuan and Southern BSE Select achieving high distribution rates [2][5]. - Wanji BSE Huixuan announced its first distribution since inception, with a payout of 4 yuan per 10 fund shares, resulting in a distribution ratio of 21.17% and a total payout of 1.3 billion yuan. The fund's year-to-date return is 70.79% [4][6]. - Southern BSE Select has also distributed dividends three times this year, with a total payout of 0.2 yuan per share [4][6]. Market Dynamics and Investment Strategies - The strong performance of BSE thematic funds is attributed to reasonable valuation recovery and robust earnings growth among quality companies. Many companies have seen their valuations rise from single-digit to over twenty times earnings [6][7]. - The market has recently experienced a style shift, with a slight pullback observed since September, as the BSE 50 Index has retreated nearly 10% from its peak [8]. - Investment strategies should focus on sectors with significant growth potential, including emerging industries like beauty, pet food, and artificial intelligence, as well as traditional industries expanding into new fields such as military and new energy vehicles [9]. - The overall investment strategy emphasizes flexible market tracking, optimizing portfolio structure during market fluctuations, and focusing on innovation and growth themes [9].

Core Viewpoint - The market has returned to the 3700-point level, with over 50% of funds established during the last bull market now back to their initial net asset value, indicating a recovery trend in the investment landscape [2][3][4]. Fund Performance Summary - As of August 15, 2021, among 1785 funds established, 936 funds (52.44%) have their net asset values above 1, with some funds achieving values above 1.5 [5]. - Notable examples include the Invesco Great Wall Long-term Growth Fund, which reached a high of 1.18 in August 2021 and recently achieved a net value of 1.0055, and the Golden Eagle New Energy Mixed Fund, which rebounded to 1.0342 after a significant drop [4][5]. - However, approximately 30 funds established in 2021 still have net asset values below 0.5, indicating a significant performance disparity among funds [5]. Performance Disparity Analysis - Funds established at the same market peak have shown significant performance differences, with some funds like Huaxia North Exchange Innovation Small and Medium Enterprises Fund achieving returns of 143.51%, while others have negative returns [7]. - The disparity is attributed to differing investment strategies, with successful funds focusing on cyclical sectors and technology, while underperforming funds were heavily invested in renewable energy sectors [7][8]. Market Dynamics and Fund Flows - The market is experiencing a "return redemption" pressure as funds approach their break-even points, particularly in sectors like new energy and pharmaceuticals [10]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching around 10 billion [10][11]. - The market is transitioning from a negative cycle to a positive one, with increased inflows expected as the market's profitability improves [11].

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market now recovering to their initial net asset value (NAV) [1][2]. Fund Performance - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a NAV above 1, representing 52.44% of the total [3]. - Notable funds like Invesco Great Wall's Long-Term Fund and Jin Ying New Energy Fund have recently achieved NAVs of 1.0055 and 1.0342, respectively, after significant rebounds [2][3]. - Some funds, however, remain underperforming, with about 30 funds established in 2021 having NAVs below 0.5 [3]. Performance Disparity - There is a significant performance disparity among funds established at the same market peak, with some funds achieving returns as high as 143.51% while others have negative returns [4][5]. - Funds that performed well tended to focus on sectors like materials and artificial intelligence, while underperforming funds were often concentrated in renewable energy sectors [4]. Market Dynamics - The market is experiencing a "redemption pressure" as funds that have returned to their NAVs face potential outflows due to investor behavior influenced by previous losses [6]. - Despite this, new active equity funds are seeing a resurgence in fundraising, indicating a potential recovery in the market [6][7]. - The market is expected to enter a positive cycle of capital inflow and price appreciation, driven by strong demand for high-return assets [7].

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market in 2021 now recovering to their initial net asset value (NAV) [1][2]. Fund Performance - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a NAV above 1, representing 52.44% of the total [3]. - Notable funds that have recovered include Invesco Great Wall's Long-Term Fund, which reached a NAV of 1.0055, and Jin Ying New Energy Mixed Fund, which reached 1.0342 [2][3]. - Some funds, such as Dachen Industry Trend and Huatai-PB Health Life, have NAVs stabilizing above 1.5 [3]. Performance Disparity - There is a significant performance disparity among funds established at the same market peak, with some funds achieving returns as high as 143.51% while others have negative returns [4]. - For instance, Dachen Industry Trend has a return of 88.72%, while other funds like Huatai-PB National Bio-Medical ETF have returns of -59.77% [4]. Market Dynamics - The market is experiencing a "return to break-even" pressure, particularly in sectors like new energy and pharmaceuticals, which were popular during the previous bull market [5]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching around 10 billion [5][6]. - The market is moving out of a negative cycle, with a potential positive feedback loop emerging as the market's performance improves [6].

Core Viewpoint - The recent recovery of the Shanghai Composite Index, which briefly surpassed 3700 points, has allowed over 50% of funds established during the last bull market to return to a net value of 1, indicating a significant recovery from previous lows [1][2][3]. Fund Performance Recovery - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a net value above 1, representing 52.44% of the total [3]. - Notable funds like the Invesco Great Wall Long-term Growth Fund and the Golden Eagle New Energy Mixed Fund have recently achieved net values of 1.0055 and 1.0342, respectively, after significant fluctuations [2][3]. - Some funds, such as the Dazhong Industry Trend Fund and the Huatai-PineBridge Health Living Fund, have even stabilized above 1.5 [3]. Performance Disparity Among Funds - There is a marked performance disparity among funds established at the same market peak, with some achieving returns as high as 143.51% while others remain below 0.5 [4][5]. - The Dazhong Industry Trend Fund has a return of 88.72%, while other funds like the Huatai-PineBridge National Bio-Medical ETF have returns of -59.77% [4]. Market Dynamics and Fund Flows - The recent recovery of funds has led to redemption pressures, particularly in sectors like new energy and pharmaceuticals, which were previously popular [6]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching approximately 10 billion [6]. - The market is transitioning from a negative cycle of fund flows to a more stable environment, with a decrease in net redemptions observed [6][7]. Positive Market Sentiment - The investment community is optimistic about the A-share market, noting a strong demand for high-return assets amid a backdrop of high savings growth and an "asset shortage" environment [7]. - The potential for a positive feedback loop between inflows of external capital and market performance is anticipated, suggesting that market sentiment may currently outweigh fundamental factors [7].

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market in 2021 now recovering to their initial net asset value (NAV) [1][2]. Fund Performance - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a NAV above 1, representing 52.44% of the total [3]. - Notable funds like Invesco Great Wall's Long-term Growth Fund and Jin Ying New Energy Mixed Fund have recently achieved NAVs of 1.0055 and 1.0342, respectively, after significant rebounds [2][3]. - However, approximately 30 funds from 2021 still have NAVs below 0.5, indicating severe underperformance [3]. Performance Disparity - There is a marked performance disparity among funds established at the same market peak in 2021, with some funds achieving returns as high as 143.51% while others have negative returns exceeding -59% [4][5]. - Funds that performed well tended to focus on cyclical sectors like materials and chemicals, while poorly performing funds were heavily invested in renewable energy sectors [4]. Market Dynamics - The market is experiencing a "return to break-even" pressure on funds, particularly those concentrated in sectors like new energy and pharmaceuticals [6]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching around 10 billion [6]. - The market is transitioning from a negative cycle to a more stable environment, with a potential for positive cash flow and market growth [7].

Core Insights - The Shanghai Composite Index recently surpassed 3700 points, marking a significant recovery for funds established during the last bull market, with over 50% of these funds returning to a net value of 1 [1][2]. Fund Performance Recovery - As of August 15, 2023, 936 out of 1785 funds established in 2021 have a net value above 1, representing 52.44% of the total [3]. - Notable funds like the Invesco Great Wall Long-term Growth Fund and the Golden Eagle New Energy Mixed Fund have recently seen their net values recover to above 1, with the latter reaching 1.0342 [2][3]. - Some funds, however, remain significantly below 1, with around 30 funds established in 2021 having net values under 0.5 [3]. Performance Disparity Among Funds - There is a marked performance disparity among funds established at the same market peak, with some funds achieving returns over 100%, while others have negative returns exceeding 50% [4][5]. - For instance, the Dachen Industry Trend Fund has a return of 88.72%, while the Huatai-PB Biomedicine ETF has a return of -59.77% [4]. Market Dynamics and Fund Flows - The recovery of funds is leading to redemption pressures, particularly in sectors like new energy and pharmaceuticals, which were popular during the previous bull market [6]. - Despite redemption pressures, new active equity funds are seeing a resurgence in fundraising, with July's issuance reaching approximately 10 billion [7]. - The market is transitioning from a negative cycle in fund flows to a more stable environment, with a potential for positive feedback loops as investor sentiment improves [7].

Core Viewpoint - The market has returned to around 3700 points, with over 50% of funds established during the last bull market now back to their initial net asset value, indicating a recovery trend after a prolonged downturn [2][4][5]. Fund Performance Summary - As of August 15, 2024, 936 out of 1785 funds established in 2021 have a net asset value above 1, representing 52.44% of the total [5]. - Notable funds that have recovered include the Invesco Great Wall Long-term Fund and the Golden Eagle New Energy Mixed Fund, which have recently seen their net asset values rise above 1 [4][5]. - However, approximately 30 funds from 2021 still have net asset values below 0.5, indicating significant performance disparities among funds established at the same market peak [5][6]. Performance Disparity - Funds established at the same market peak have shown significant performance differences, with some achieving returns over 100% while others have seen declines exceeding 50% [7][8]. - For instance, the Dachen Industry Trend Fund has a return of 88.72%, while the Huatai-PB Biomedicine ETF has a return of -59.77% since their inception [7][8]. Market Dynamics - The market is experiencing a "return to break-even" pressure, particularly in sectors like new energy and pharmaceuticals, which were popular during the previous bull market [10]. - Despite the redemption pressure, new active equity funds are seeing a resurgence in fundraising, indicating a potential shift in market sentiment [10][11]. - The overall market is expected to enter a positive cycle of capital inflow and price increase, driven by a strong demand for high-return assets amid a backdrop of high savings growth [11].