"Equity funds experience 'two extremes': 97% of products are profitable alongside hundreds of liquidations."

In the warming trend of the A-share market, some people have played a beautiful "comeback game", while others have left sadly. Wind data shows that as of November 18th, more than 97% of active equity funds have achieved positive returns in the past year, with top performing products even doubling their performance. Several "penny funds" have returned to a net asset value of 1 yuan, with some experiencing significant growth in scale, achieving a successful comeback. However, behind the lively scene, there is a sense of chill. In the second half of the year, more than a hundred funds have faced liquidation and left the market sadly, with another 75 funds sounding the alarm for liquidation. Standing at the crossroads of market fluctuations around the 4000-point mark, the market is more concerned about how the next market trend will unfold. Will the main race track face a switch? "With policy stimulation, there is still a high probability of the market maintaining a volatile upward trend," said a researcher from China Merchants Fund. This year, China's assets as a whole are still in a phase of valuation recovery brought about by liquidity and expectations of improvement. In the short term, with the decline in market preference and the catalysis of performance expectations, there is a probability that the fourth quarter will enter a stage of style convergence.