狂赚89%！基金半程冠军敲定，这一赛道成大赢家

Core Viewpoint - The article highlights the strong performance of innovation drug-themed funds in the first half of 2025, with the Huatai-PineBridge Hong Kong Advantage Selected Fund leading the pack and potentially securing the title of "half-year champion" among public funds [1][4]. Fund Performance - In the first half of 2025, various hot sectors such as innovative drugs, humanoid robots, the Beijing Stock Exchange, and new consumption have driven market trends, with related thematic funds achieving significant returns [2]. - As of June 27, 2025, 40 funds have reported annual returns exceeding 50%, with the Huatai-PineBridge Hong Kong Advantage Selected Fund leading at 89.15% [5]. - The top-performing funds also include several innovation drug-themed funds, with 16 out of the top 20 funds in this category [6]. - Despite the strong performance of innovation drug funds, there is caution regarding their high valuations, as some funds in the humanoid robot sector have seen a decline of around 20% from their peak [6]. Market Trends - The article notes a structural market trend where different themes significantly impact performance, requiring fund managers to adapt quickly to market shifts [8]. - Active equity funds have generally seen a recovery in performance, with nearly 80% of active equity funds reporting gains in the first half of 2025 [11]. - The article emphasizes the importance of both technology-driven and dividend-paying strategies in the current market environment, with a focus on sectors benefiting from policy and industry catalysts [16]. Future Outlook - Looking ahead to the second half of 2025, the market presents both opportunities and risks, with low overall valuation levels and supportive macroeconomic policies [14]. - Key areas of interest include innovation drugs, AI, humanoid robots, and new consumption, with a warning about the sustainability of earnings in some sectors [15].