Core Viewpoint - The performance of active equity funds has significantly outperformed passive index funds in 2023, but rebuilding investor trust will take time [4][5][8]. Group 1: Performance Comparison - As of the end of July, over 70% of active equity funds outperformed their benchmarks, a notable increase from less than 30% in the previous year [5]. - The average return of active equity funds this year is 14.05%, surpassing major indices like CSI 300 (3.58%) and CSI 500 (8.74%), with 92.33% of active funds achieving positive returns [7]. - In contrast, passive index funds have an average return of 10.94% this year, with 90.38% showing positive returns [7]. Group 2: Sector Performance - The innovative drug sector has emerged as a significant winner among active equity funds, with top-performing funds achieving returns exceeding 100% [8]. - Specific funds like Changcheng Medical Industry Selection and Zhongyin Hong Kong Stock Connect Medicine have led the pack with returns of 127.05% and others closely following [7]. Group 3: Redemption Pressure - Despite strong performance, active equity funds face increasing redemption pressure, with total assets decreasing by 366.62 billion and total shares down by 866.98 million in Q2 [9]. - Notably, funds with strong performance, such as Huatai-PineBridge Innovation Medicine, have seen significant inflows, indicating that individual fund performance can attract investor interest [9][11]. Group 4: Investor Behavior - The "anchoring effect" in behavioral finance suggests that past performance influences current investor decisions, leading many to hold onto funds that have not performed well in recent years [15]. - The growth of "fixed income plus" funds and multi-asset strategies reflects a shift in investor preference towards more stable products amid the challenges faced by active equity funds [15][16]. Group 5: Future Outlook - Historical trends indicate that active equity funds excel in identifying growth opportunities in emerging sectors, suggesting potential for future outperformance as market conditions evolve [18]. - The transition from a "star-driven" to a "return-driven" approach in the industry may pave the way for a resurgence in investor confidence in active equity funds [18].

Group 1 - The core viewpoint of the articles highlights the strong performance of Caitong Asset Management in the public fund sector, particularly in non-cash management scale, with three brokerages exceeding 100 billion yuan in this area as of June 30 [1][2] - Caitong Asset Management ranks third with a non-cash management scale of 100.907 billion yuan, showcasing its competitive position in the market [1] - The company has achieved impressive performance in various funds, with its technology innovation fund ranking in the top 2% for the past year and receiving a three-year five-star rating [1][2] Group 2 - Caitong Asset Management is recognized as a leader in the transformation of brokerage asset management into public business, emphasizing active management as its core competitive advantage [2] - The company has expanded its capabilities into areas such as FOF, quantitative, and overseas investments, recently obtaining QDII business qualifications to enhance its global diversification [2] - In the first half of 2025, Caitong Asset Management issued 33 ABS products with a total issuance scale of 25.98 billion yuan, ranking eighth in the industry, and has cumulatively issued 206 ABS products totaling 165.09 billion yuan [2]