热门赛道基金频现清盘风险，什么原因？

Core Viewpoint - Despite high returns this year, several popular sector funds are facing liquidation risks due to significant redemption pressures after recovering their net asset values [1][2]. Group 1: Fund Performance and Redemption Pressure - Many top-performing funds in sectors like pharmaceuticals, military, and new consumption are experiencing large redemption pressures despite their strong performance [2][4]. - A notable innovative drug fund announced a meeting to discuss modifying its contract termination clauses to avoid liquidation, highlighting the growing divergence in sector investments amid a booming stock market [2][3]. - Several funds, including a new consumption theme fund and a military industry fund, have triggered contract termination procedures due to their net asset values falling below required thresholds [3][4]. Group 2: Specific Fund Cases - An innovative drug fund reported a year-to-date return of approximately 55%, with its net asset value rising from 0.955 yuan at the beginning of the year to around 1.4 yuan [4]. - A new consumption fund recently completed its net value recovery, achieving a net asset value of 1.17 yuan, supported by investments in companies like Pop Mart and Wei Long [4]. - The military industry index has seen a year-to-date increase of nearly 20%, yet a military-themed fund is facing liquidation despite a return of about 15% this year, indicating a puzzling situation given the recent market trends [5]. Group 3: Future Outlook and Sector Opportunities - Industry experts believe that popular sectors still hold structural opportunities despite redemption pressures, particularly in the military sector, which is expected to benefit from increased military budgets and technological advancements [6]. - The innovative drug sector is also anticipated to continue its upward trajectory due to previously suppressed valuations and recent positive developments in product profitability and overseas transactions [7].