Hua Xia Shi Bao·2025-07-07 00:38Core Viewpoint - The North Exchange 50 Index has shown exceptional performance in the first half of 2025, becoming the highest-gaining index globally, with a rise of 39.45% [3][2]. Group 1: Index Performance - As of June 30, 2025, the North Exchange 50 Index closed at 1447.18 points, up from 1037.81 points at the end of 2024 [3]. - The index's strong performance is attributed to favorable policy guidance, liquidity conditions, and the presence of quality companies in sectors like AI and new consumption [4][5]. Group 2: Fund Performance - A total of 39 North Exchange thematic funds achieved positive returns in the first half of 2025, with only 7 funds outperforming the North Exchange 50 Index [6]. - The top-performing funds include CITIC Construction Investment North Exchange Selected Two-Year Open A/C, with returns of 82.45% and 82.10%, respectively [6][2]. - Other notable funds include Huaxia North Exchange Innovative Small and Medium Enterprises Selected Fund, with a return of 60.36%, and Wanji North Exchange Wisdom Selected Fund, with returns of 60.36% and 59.97% [6]. Group 3: Market Dynamics - The North Exchange's performance is supported by a robust market structure and the increasing number of "specialized, refined, distinctive, and innovative" enterprises, with 160 out of 206 new entrants in the first three batches fitting this category [3]. - The average revenue of these new entrants reached 5.69 million, with an average net profit of 0.61 million and R&D expenses of 0.24 million [3]. Group 4: Investment Strategies - The success of the CITIC Construction Investment fund is attributed to its long-term value research and flexible investment strategies, allowing it to capitalize on market volatility [7]. - The fund manager emphasizes the importance of market tracking and adjusting portfolio structures to optimize returns [7]. Group 5: Performance Disparity - There is a significant performance gap between top and bottom funds, with some funds yielding less than 30% and failing to outperform the North Exchange 50 Index [8][9]. - The bottom-performing funds, such as the Jiashi North Exchange Selected Two-Year Open A/C, reported returns of 28.97% and 28.58%, lagging over 53 percentage points behind the top fund [9].