22正4负！百亿权益基金半年战报出炉：鹏华碳中和主题涨49%再度领跑，兴全趋势投资跌9%垫底

Core Insights - The performance of equity funds with over 10 billion in scale showed significant disparity in the first half of 2025, with 22 out of 26 funds achieving positive returns, while 4 experienced losses [1][5] - The top-performing fund, Penghua Carbon Neutral Theme A, achieved a remarkable 49.49% return, while the worst performer, Xingquan Trend Investment, saw a decline of 9.64%, resulting in a performance gap of 59.13 percentage points [1][5] Fund Performance Summary - Penghua Carbon Neutral Theme A led with a 49.49% return, followed by Yongying Advanced Manufacturing Select A at 46.28%, both focusing on high-end manufacturing in the new energy sector [3][4] - Xingquan He Yi A ranked third with a 15.85% return, while Industrial Bank Frontier Medical A achieved 15.58%, showcasing strong management capabilities [4] - The mid-tier funds displayed stable performance, with Ruiyuan Growth Value A at 8.39% and China Europe Medical Health A at 8.30%, indicating a recovery in the medical sector [4][5] - Consumer-themed funds faced challenges, with notable declines in performance, including declines of 4.10% for Huatai Consumer Industry and 6.74% for E-Fund Consumer Industry [4][5] Risk Management and Strategy - The Calmar ratios of top funds, such as Penghua Carbon Neutral Theme A (4.04) and Yongying Advanced Manufacturing Select A (3.90), indicate strong risk-return efficiency despite high maximum drawdowns [3][6] - The performance of large-scale funds like E-Fund Blue Chip Select and Fortune Tianhui Select Growth was hindered by their inability to adjust portfolios quickly in changing market conditions [5][6] - The article emphasizes the importance of risk management capabilities in achieving performance differentiation, particularly in volatile markets [6] Market Outlook - Structural opportunities in the economy remain clear, with sectors like artificial intelligence, high-end equipment, and innovative pharmaceuticals expected to continue driving growth [6] - New consumer trends in smart home products and domestic brands are emerging, providing potential for excess returns for fund managers who can navigate these trends effectively [6]