In the first half of the year, a select few actively managed equity funds, which had heavily invested in technology mainstays such as AI computing power and semiconductor equipment, emerged as "doubling funds," boasting returns surpassing 100%. Yet, despite their stellar performance, these funds failed to draw in a surge of subscription capital. In fact, some even witnessed fund redemptions, with the latest asset size of certain "doubling funds" falling below RMB 200 million. Amidst the escalating Matthew effect within the public offering sector, some small and medium-sized public offering institutions sought to "overtake on a curve" (surpass competitors through innovative strategies) by developing tool-like, niche products. However, they encountered hurdles such as limited investment research capabilities, difficulties in consistently generating stable excess returns, and insufficient marketing budgets and channel bargaining power. Consequently, the path to forging "blockbuster" funds is riddled with obstacles.