公募基金半程业绩放榜 两基金经理揭秘投资背后的感悟与挑战

Core Viewpoint - The performance of domestic equity assets in the first half of 2025 showed significant differentiation, with small-cap stocks standing out and active equity funds performing well, particularly in small-cap and growth styles [3][7]. Fund Performance - In the first half of 2025, the A-share market exhibited a mixed performance, with the small-cap index rising by 15.24% and the Hang Seng Index increasing by 20.00% [7]. - Active equity funds performed well, with ordinary stock and mixed equity fund indices rising by 7.96% and 7.86%, respectively [8]. - Among various thematic funds, Hong Kong stock products had the highest average return of 18.70%, while photovoltaic-themed products saw the largest decline at -10.48% [9]. - A total of 3620 active equity funds achieved positive returns, representing 81.64% of the total, with 347 funds exceeding 20% returns and 125 funds surpassing 30% [11]. Notable Funds - The top-performing fund in the first half of 2025 was the Huatai-PineBridge Hong Kong Advantage Select Fund, with an impressive return of 86% [11]. - Other high-performing funds included CITIC Construction Investment North Exchange Select Fund and Great Wall Pharmaceutical Industry Select Fund, with returns of 82.45% and 75.18%, respectively [11]. Investment Strategies - Fund managers Zhang Ping and Tang Chen emphasized different investment philosophies, with Zhang focusing on experiential research and Tang adhering to a "cyclical thinking" approach [5][12]. - Tang highlighted the importance of understanding industry cycles and product life cycles, particularly in the innovative pharmaceutical sector, which he considers a core investment direction [6][12]. Industry Trends - The innovative pharmaceutical sector is entering a new high-growth cycle, supported by policy reforms and improved financing systems [13]. - The domestic pharmaceutical industry is expected to see significant revenue growth as many innovative drugs enter the commercialization phase in the next two years [18]. - The trend of domestic companies going global is becoming increasingly important, requiring comprehensive strategies for local market penetration [17]. Future Outlook - Fund managers are generally optimistic about the market in the second half of 2025, citing supportive policies and potential for profit recovery [18]. - The innovative pharmaceutical sector is anticipated to continue its upward trajectory, with a notable increase in the global sales proportion of domestic innovative drugs [19]. - Consumer sectors, particularly in service and discretionary spending, are expected to experience a two to three-year upward trend following economic recovery [19].