基金半年考放榜：医药、北交所主题基金“霸榜”，前海开源人工智能半年亏20%垫底

Core Viewpoint - The performance of the fund industry in the first half of 2025 has been strong, with significant returns driven by sectors such as pharmaceuticals and the North Exchange, despite challenges from tariff policies [2][4][7]. Fund Performance - The average return of all market fund products was 4.28%, with the best-performing fund achieving over 85% return and the worst losing more than 20%, resulting in a performance spread of over 106% [2]. - Notable funds include: - Huatai-PineBridge Hong Kong Advantage Selection A: 85.64% - CITIC Construction North Exchange Selection Two-Year Open A: 82.45% - Great Wall Pharmaceutical Industry Selection A: 75.18% - Huaxia North Exchange Innovative SMEs Selection Two-Year Open: 72.16% - Bank of China Hong Kong Stock Connect Pharmaceutical A: 70.08% [6][16]. Sector Highlights - The pharmaceutical sector has shown remarkable performance, with the core driver being the explosive growth of the Hong Kong innovative pharmaceutical sector [4][7]. - The North Exchange theme funds have also performed well, benefiting from ongoing reforms and the growth of specialized and innovative enterprises [7][19]. Fund Manager Insights - Fund managers have noted that the pharmaceutical industry is expected to continue demonstrating resilience and technological attributes over the next 2-3 years, with supportive policies for innovative drugs likely to improve conditions across various sectors [7][14]. - The performance of passive funds is increasingly challenging that of actively managed funds, with notable examples being: - Huaan Pharmaceutical Biotechnology A: 66.44% - Huatai-PineBridge National Index Hong Kong Stock Connect Innovative Drug ETF: 58.77% [3][11]. Market Outlook - The market is expected to shift from a risk-averse mindset to one focused on opportunities, with a broader range of sectors showing potential for growth, including technology and cyclical industries [18][19]. - Analysts predict a "dumbbell" structure for market opportunities in the second half of the year, highlighting both high-growth technology stocks and stable dividend-paying blue-chip stocks [19].