Xin Lang Ji Jin·2025-07-02 09:45Core Insights - The A-share market in the first half of 2025 exhibited a distinct structural trend, with mixed funds' performance reflecting this trend prominently [1] - The top-performing mixed funds were dominated by themes related to the Beijing Stock Exchange and the pharmaceutical sector [1] Fund Performance Summary - The top ten mixed funds in terms of returns showed significant gains, with the leading fund, CITIC Construction Investment Beijing Stock Exchange Selected Two-Year Open A, achieving a return of 82.45% [2] - Other notable funds included Great Wall Pharmaceutical Industry Selected A with a return of 75.18% and Huaxia Beijing Stock Exchange Innovative Small and Medium Enterprises Selected Two-Year Open with a return of 72.16% [2] - The average return of the six pharmaceutical-themed funds in the top ten was 66.78%, indicating strong performance in this sector [3] Fund Declines Summary - The fund with the largest loss was Galaxy Junrong I, which saw a decline of 37.89%, while the Qianhai Open Source Artificial Intelligence Theme Fund and Pioneer Ju You A followed with declines of 20.57% and 18.42%, respectively [3] - Several funds managed by Caitong Fund, including Caitong Value Momentum A, experienced significant declines, with the largest drop being 16.05% [4] Market Outlook - The market is expected to show a fluctuating upward trend in the second half of 2025, driven by policy support and verification of economic conditions [6] - A-share valuations are currently at a medium historical level, suggesting a relatively high investment cost-performance ratio compared to mature overseas markets [6] - The importance of understanding industry cycles and policy directions is emphasized for capturing investment opportunities amidst market differentiation [6]