Active equity funds' excess returns have fully recovered.

In recent years, in the profound transformation of the high-quality development of the public offering industry, a comprehensive evolution focusing on "systematizing investment research, platforming operations, and sustaining experiences" continues. The industry is gradually moving away from relying on star fund managers and seeking long-term balance in scale, performance, and holding experience through systematic capacity building. At the same time, in a market environment with accelerated industry rotation and clear structural trends, the value of active management capabilities is increasingly prominent. According to Wind data, on May 6, 2026, the Wind Equity Hybrid Fund Index closed at 13,359.69 points, surpassing the historical high set on February 10, 2021, heralding a new chapter in public offering active equity investment.