CICC: Maintains a cautious but optimistic attitude towards the continuity of excess returns of active equity funds.

Looking ahead to 2026, Zhongjin holds a cautiously optimistic attitude towards the sustainability of excess returns for actively managed equity funds. At the market level, emerging industry trends continue to emerge, industry rotation accelerates, providing structural excess return opportunities for active management; at the institutional level, new regulations drive the upgrading of capabilities, and the construction of a platform-based investment research system ensures excess stability; at the fund level, incremental funds entering the market are expected, while the pressure from existing redemptions is shrinking, potentially forming a positive cycle of "performance - scale".