Since the beginning of this year, the net asset value curve of active equity funds continues to rise. A survey by Caijing revealed that as of May 12, nearly half of the active equity funds have reached historic highs in their net asset value. With the continuous evolution of structural market trends, some early-established products with substantial cumulative returns continue to raise their net asset values. The list of "10 yuan funds" has expanded again. As of May 12, the number of products with a net asset value exceeding 10 yuan has increased to 99. At the same time, there are still 25 products in the 9 to 10 yuan range, with products like Da Cheng Strategy Return A, Boshi Emerging Growth, ICBC Credit Suisse Small Cap Select just one step away from the 10 yuan mark. With many products reaching new highs in net asset value this year, changes in the list of high net asset value funds reflect long-term performance accumulation, market flexibility in different stages, and the concentration of fund styles. The number of products with a net asset value above 20 yuan is currently 16. In addition to the above-mentioned products, Guotai Golden Eagle Growth, Fuguo Tianhui Selected Growth A, Huitianfu Advantage Selective, E Fund Stable Growth, New China Favorable Dividend A, E Fund Science and Technology are also in this range. These products share the common characteristic of being established early, having accumulated substantial returns, with their high net asset value mainly derived from long-term compound accumulation rather than specific market trends. In the 15 to 20 yuan range, the number of products has increased. Da Cheng Jingyang Leading A, Fuguo Tianyi Value A, Hongli Industry Selected A, Boshi Thematic Industry, Huashang New Trend Selected, ICBC Credit Suisse Elite Growth A and others fall into this category. This group includes both traditional equity products and those that have continuously accumulated net asset value during structural market trends in recent years. It is worth noting that the list of products near the 10 yuan threshold is changing. Compared to the net asset value on April 27, 10 products have risen from below 9 yuan to above 10 yuan, such as Dongfang Selected, Huatai Bairui Value Growth A, Huaan Reverse Strategy A, Baoying Hongli Income A, Nuo an Balance A, New China Selected Growth, among others. Out of the 99 products on the list of "10 yuan funds," the next batch of products approaching the threshold is beginning to emerge. As of May 12, there are 25 active equity funds with net asset values between 9 and 10 yuan, with many products getting closer to the 10 yuan mark. In terms of products closest to 10 yuan, Da Cheng Strategy Return A had a net asset value of 9.98 yuan, just one step away from 10 yuan; Boshi Emerging Growth was at 9.95 yuan, ICBC Credit Suisse Small Cap Select at 9.94 yuan, Haifutong Selected at 9.90 yuan. These products are already at the forefront of breaking the threshold and may enter the next round of the "10 yuan funds" list as long as their net asset values continue to rise slightly. In addition, E Fund Business Model Optimal A, Huaan Innovation, Xingquan Cooperation and Profit A, E Fund Emerging Growth, Huabao Multi-Strategy A, Guotai Jinma Steady Return A, Changxin Golden Profit Trend A, Everbright New Growth A among others have net asset values above 9.5 yuan. From April 27 to May 12, many of these critical products have shown significant recovery. For example, Boshi Emerging Growth has risen from 8.92 yuan to 9.95 yuan, Huaan Innovation from 8.86 yuan to 9.84 yuan, Guotai Jinma Steady Return A from 8.68 yuan to 9.65 yuan, Xingquan Cooperation and Profit A from 9.12 yuan to 9.80 yuan. If we widen our observation range, there is a group of potential threshold-breaking products in the 9 to 9.5 yuan range as well, including Jianxin Hengjiu Value, Zhongyin China Select A, Huafu Competitive Advantage Selective A, Wan Jia Harmony Growth A, Zhongyin Continuous Growth A, New China Industry Cycle Rotation A, Huaxia Steady Growth, Haifutong Stocks, GF Manufacturing Selective A, Red Earth Innovation New Technology A, New China Pan-Resource Advantage, Changcheng Jiuheng A, Zhonghai High-Quality Growth and others. In terms of the degree of change, some products in the 9 yuan range have experienced rapid growth in the short term. For example, Changcheng Jiuheng A has increased from 8.18 yuan on April 27 to 9.43 yuan, New China Pan-Resource Advantage has risen from 8.23 yuan to 9.35 yuan, Zhonghai High-Quality Growth has climbed from 7.97 yuan to 9.09 yuan, and Red Earth Innovation New Technology A has increased from 8.33 yuan to 9.33 yuan. These products have shown significant flexibility in net asset value in the recent period, and whether they break the threshold depends on whether their corresponding holdings can continue to perform well. A fund evaluator believes that the long-term accumulation of high net worth in older funds mitigates the impact of short-term fluctuations on whether they remain above 10 yuan, while critical products are more sensitive to market fluctuations and are more likely to break the threshold in an upward market and may fall back below it in a downturn.Below the mouth.For active equity funds, the 10 yuan restored net asset value is not a formal rating indicator, but it is intuitive enough, often allowing investors to quickly perceive the long-term profit accumulation of a fund since its establishment. Products that can pass this threshold, some rely on a longer operating cycle to accumulate compound interest, while others have completed net asset value recovery in the recent structural market upswing. Especially after the recent market rebound, which products have become the newly minted "10 yuan base", and which are still at the critical position waiting to cross the finish line, have become a perspective for observing the performance differentiation of equity funds in this round. This article is reprinted from Caixin, GMTEight Editor: Chen Wenfang.