百亿基金经理收益回暖！张坤规模领衔 王明旭7产品年内亏损

Core Insights - The active management equity funds are experiencing a strong recovery in returns, with 95% achieving positive returns and an average return exceeding 15% as of August 7, 2025 [1][2] - The pharmaceutical sector has emerged as the biggest winner, with four funds doubling their returns, all focused on this industry [3] Fund Performance - As of August 7, 2025, the average return for over 4,500 active equity funds is 15.03%, while more than 93% of over 2,500 stock index funds have positive returns averaging 11.8% [2] - Active equity funds have outperformed major indices like CSI 300 (4.6%) and CSI 500 (10.6%) after three years of underperformance [2] Fund Manager Dynamics - There are 90 active equity fund managers managing over 10 billion yuan, with Zhang Kun from E Fund leading at over 50 billion yuan [5][6] - Among these managers, 86 have achieved positive returns, with the average return for those managing over 30 billion yuan being 9.8%, which is lower than the average of the top 90 managers [6] Sector Focus - The four funds that doubled their returns are primarily invested in the pharmaceutical sector, including Changcheng Pharmaceutical Industry Selection and Huashan Pharmaceutical Biotechnology [3] - The top-performing managers, Zhang Wei and Zhang Lu, have focused on themes like innovative drugs and robotics, contributing to their high returns of 65.8% and 53.4% respectively [8] Underperforming Funds - Despite the overall positive trend, 228 active equity funds reported negative returns, with the worst performer, Qianhai Kaiyuan AI A, showing a return of -18.5% [3] - Wang Mingxu from GF Fund has seen 7 out of 8 funds underperform, with a bottom return of -7.4% [8][9] Investor Sentiment - Although the A-share market has been rising, investor confidence in active equity funds remains low, with a significant reduction in total shares of active equity funds by approximately 198.24 billion shares in the first half of 2025 [3]