Core Viewpoint - The active equity funds are regaining popularity in the fourth quarter, outperforming passive index products due to their flexibility in capturing sector opportunities and generating alpha returns [1][2][4]. Group 1: Performance of Active Equity Funds - Since the beginning of the fourth quarter, active equity funds have shown significant performance, with some funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - As of November 18, several active funds reported returns exceeding 13%, with specific funds like 德邦乐享生活A and 银河核心优势A also performing well [2]. - The 泰信发展主题 fund had a strong focus on sectors such as lithium mining and solid-state batteries, with its major holdings seeing stock prices double in the fourth quarter [2]. Group 2: New Product Launches - There has been a surge in new product registrations for active equity funds, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Notable fund managers like 睿远基金 and 泉果基金 have launched new public offerings, indicating a shift towards active management strategies [3]. Group 3: Strategic Positioning of Funds - The industry is witnessing a strategic shift where fund managers are balancing their offerings between active and passive products, with a focus on capturing opportunities aligned with national strategies [4][6]. - 平安基金 has categorized its active equity products into four series to enhance product positioning and ensure stable investment strategies [5]. - The emphasis is on identifying sector opportunities that align with national policies, particularly in technology and advanced manufacturing [5]. Group 4: Market Dynamics and Future Outlook - The rise of passive investment has created a competitive environment, prompting active funds to redefine their strategies to focus on stock selection for generating excess returns [6][7]. - Fund managers are adapting their strategies based on market conditions, with some focusing on beta exposure to capture industry trends, while others emphasize deep fundamental analysis for alpha generation [7]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [7].

Core Viewpoint - The active equity funds are regaining popularity in the current market environment, outperforming passive index products, particularly in the fourth quarter of the year [1][2]. Active Equity Fund Performance - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with funds like 泰信发展主题 and 泰信现代服务业 achieving returns over 30% [2]. - The 泰信发展主题 fund has heavily invested in sectors such as lithium mining and solid-state batteries, with key holdings like 天华新能 and 盛新锂能 seeing stock prices double [2]. Fund Reporting Trends - There has been a surge in new active equity fund registrations, with 54 new stock and mixed funds reported in November, surpassing the number of index fund registrations [2][3]. - Major fund companies like 平安基金 and 广发基金 have reported multiple new stock and mixed funds in the fourth quarter [2]. Strategic Positioning of Funds - Fund companies are refining their product lines to ensure stability in investment strategies, categorizing active equity products into four series: full market stock selection, thematic tracks, index enhancement, and absolute return [4]. - The focus is on capturing opportunities aligned with national strategies, particularly in technology and advanced manufacturing sectors [4]. Market Dynamics and Investment Strategies - The market is experiencing a structural shift, with active funds able to adapt more flexibly to changing market conditions compared to passive products [4][5]. - Fund managers are encouraged to balance between beta (market trend) and alpha (excess returns) strategies, depending on their investment style and market conditions [5][6]. Future Outlook - The regulatory environment is expected to favor active equity products that can consistently generate excess returns, as indicated by recent guidelines [5]. - Companies like 国泰基金 and 平安基金 are committed to developing a dual-driven product system that integrates both active and passive strategies to meet diverse investor needs [6].

Core Viewpoint - The recent market environment characterized by high volatility has provided a platform for flexible active equity funds to outperform passive index products, indicating a resurgence in the popularity of active equity funds [1][2][4]. Group 1: Performance of Active Equity Funds - Since the beginning of the fourth quarter, active equity funds have shown significant performance advantages, with some funds achieving returns exceeding 30%, such as the Taixin Development Theme Fund and Taixin Modern Service Fund [2]. - The Taixin Development Theme Fund has heavily invested in sectors like lithium mining and solid-state batteries, with stocks such as Tianhua Xinneng and Shengxin Lithium Energy doubling in price since the fourth quarter began [2]. Group 2: New Fund Submissions - There has been a surge in new submissions for active equity funds, with 54 new stock and mixed funds reported in November, surpassing the number of index funds for the first time this year [3]. - Major fund companies like Ping An Fund and GF Fund have submitted multiple new active products covering various themes, including emerging equipment, technology, and healthcare [3]. Group 3: Flexibility and Strategic Advantages - Active equity funds are regaining traction due to their ability to adapt to market changes and exploit alpha opportunities, as evidenced by their recent performance against passive funds [4]. - The current structural market conditions, characterized by rapid sector rotation, favor active management strategies that allow for timely adjustments in sector weightings [4][6]. Group 4: Future of Active and Passive Investment - The growth of passive investment has created a more competitive landscape, necessitating active funds to refine their strategies to maintain relevance and achieve excess returns [5]. - The market is expected to see a continued evolution where successful active funds focus on stock selection to generate alpha, while passive funds will enhance their offerings to meet diverse investor needs [5][6].

- The report discusses the performance of various enhanced index funds, including the Huashang CSI 300 Enhanced Index A (166802.OF), which achieved the best performance among CSI 300 enhanced index funds last week with an excess return of 1.05% relative to its benchmark[54]. - The report highlights the performance of the China Europe CSI 500 Enhanced Index A (015453.OF), which achieved an excess return of 0.79% relative to its benchmark last week, making it the best performer among CSI 500 enhanced index funds[54]. - The China Europe CSI 1000 Enhanced Index A (017919.OF) achieved an excess return of 0.75% relative to its benchmark last week, leading the CSI 1000 enhanced index funds category[54]. - The Xin Yuan Guozheng 2000 Enhanced Index A (018579.OF) was the top performer among Guozheng 2000 enhanced index funds last week, with an excess return of 0.33% relative to its benchmark[54]. - Over the past year, the Ping An CSI 300 Quantitative Enhanced A (005113.OF) achieved the highest excess return of 12.32% among CSI 300 enhanced index funds[55]. - The Penghua CSI 500 Enhanced Index A (014344.OF) achieved the highest excess return of 19.01% among CSI 500 enhanced index funds over the past year[55]. - The Boda CSI 1000 Enhanced Index A (017644.OF) achieved the highest excess return of 29.68% among CSI 1000 enhanced index funds over the past year[55]. - The Huixianfu Guozheng 2000 Enhanced Index A (019318.OF) achieved the highest excess return of 32.22% among Guozheng 2000 enhanced index funds over the past year[55].