Who does the fund earn every year?
Equity funds, as the name implies, are funds that invest in stocks, and the source of income is stocks. There is not much long-term investment in the A-share market, and the fund is the largest retail investor, but it is more powerful than the general retail investor, and the technical grasp of high throwing and low sucking is much higher than that of individual investors. Making money means making money with "leeks", one after another, which cannot be changed in the short term.