From "redemption wave" to "subscription frenzy", the reconstruction of trust in active equity funds is underway.

During the market adjustment from 2022 to 2024, actively managed equity funds experienced a deep "stress test" - net asset value drawdowns, shrinking in size, and many star fund managers faltered. Since 2025, with the return of profitability, the performance of actively managed equity funds has significantly improved, with over 200 funds having returns of over 30% for the year. The new market has seen a small boom, with 14 funds breaking the 1 billion yuan issuance scale, more than double the total for the previous year. In the view of industry insiders, the rebuilding of trust in actively managed equity funds is not a return to the past, but a move towards a new direction. When the industry truly shifts from a "size race" to a "return competition," from "relying on stars" to "system support," only then will the "spring" of actively managed equity funds truly arrive.