上半年基金成绩放榜：医药与AI双风口分化下，资产如何配置？

Group 1: Market Overview - The first half of 2025 saw a mixed performance in the fund market, with equity funds performing well while bond fund sizes declined [2][3] - The macroeconomic environment is characterized by a mild recovery with structural contradictions, where production outpaces consumption and deflationary pressures persist [3][4] - The industrial value-added in May 2025 grew by 5.8% year-on-year, while retail sales increased by 6.4%, driven by policies encouraging consumption [3][4] Group 2: Fund Performance - Over 80% of the 12,897 public funds saw net value growth in the first half of 2025, with several funds achieving growth rates exceeding 80% [5] - The number of newly established funds reached 672, raising a total of 540.85 billion yuan, although the issuance scale decreased by nearly 20% compared to the previous year [5] Group 3: Equity Funds - A-shares and Hong Kong stocks experienced overall gains, with the North Star 50 Index rising by 39.45% in the first half of 2025 [6] - The launch of ETF funds significantly contributed to the growth of stock funds, with 387 new stock funds established, marking a 183% increase in issuance compared to the previous year [7] Group 4: Sector Performance - The top 10 performing public funds were all actively managed equity funds, with seven being focused on the pharmaceutical sector, highlighting its strong performance [8] - The pharmaceutical sector saw a 26.1% increase in the A-share innovative drug concept, driven by domestic consumption policies and accelerated domestic substitution [9] Group 5: AI Sector - The AI sector experienced volatility, with the leading AI fund showing a -20.57% return, attributed to a mismatch between investment strategy and market trends [10] - Despite the struggles of some AI funds, the technology sector remains strong, with the DeepSeek index rising by 42.51% in the first half of 2025 [10] Group 6: Fixed Income Funds - The bond fund market saw a significant recovery in June 2025, with the number of newly established bond funds reaching a record high for the year [11] - Credit bonds attracted increased investment, with net subscriptions for credit bond ETFs exceeding 800 billion yuan in the past month [12] Group 7: Future Outlook - The investment strategy for the second half of 2025 suggests a focus on high-return assets and sectors with long-term growth potential, such as agriculture, transportation, and technology [15]