Between 2022 and 2024, proactive equity funds endured significant challenges, witnessing net asset declines and scale reductions. The underperformance of many star fund managers made fund performance the paramount factor influencing investor trust. However, since 2025, as profitability has recovered, the performance of proactive equity funds has witnessed a remarkable resurgence, with over 200 funds achieving returns exceeding 30% within the year. Additionally, the new issue market has seen a modest peak, with 14 funds surpassing 1 billion yuan in issuance size, more than doubling the total for the entire preceding year.

Industry experts emphasize that the rebuilding of trust in proactive equity funds is not merely a regression to the past but a progression towards a new phase of development. It is imperative for the industry to transition from prioritizing scale expansion to emphasizing returns and from relying heavily on star fund managers to leveraging systemic support. Only then can proactive equity funds truly usher in a new era of prosperity.