基 金 研 究 开放式基金策略双周报（20250519-20250530）： 医药生物主题基金表现领跑市场 2025 年 06 月 03 日 投资要点 分析师：李荣 SAC 执业证书编号： S0340521010001 F4520000001431 电话：0769-26628039 邮箱：lirong@dgzq.com.cn 资料来源：东莞证券研究所，Wind 资讯 基础市场回顾：近两周权益市场整体承压，高股息红利指数出于防御性 微幅上涨。具体来看，沪深300、中证50和中证1000指数分别下跌1.26%、 0.78%和0.68%，红利指数上涨0.01%。行业方面，涨幅靠前的三个行业分 别是医药生物、环保和传媒。近两周国内债券市场整体表现较好，尽管 权益市场主要指数出现下跌，转债市场整体表现稳定，信用债指数表现 优于国债指数。具体来看，中证全债、中证国债和中证信用债分别上涨 0.07%、0.01%和0.13%。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 基金市场回顾：近两周中国基金指数下跌0.18%。录 ...

Group 1 - The A-share and Hong Kong stock markets saw a strong performance in the innovative drug sector, with the Tianhong Innovative Drug ETF (517380) closing up 2.24%, ranking first among innovative drug ETFs and twelfth in the overall ETF market, with a trading volume exceeding 11 million yuan [1] - The Tianhong Innovative Drug ETF was launched in 2021 and tracks the "Hang Seng Shanghai-Shenzhen Hong Kong Innovative Drug Selected 50" index, providing comprehensive coverage of the innovative drug industry across A-shares and Hong Kong stocks [1] - Key stocks in the ETF included Ruizhi Pharmaceutical, which rose over 13%, along with other notable gainers such as Tigermed, Hutchison China MediTech, Federal Pharmaceutical, and Huahai Pharmaceutical [1] Group 2 - Hansoh Pharmaceutical announced a licensing agreement with Regeneron Pharmaceuticals for the global exclusive rights to develop, produce, and commercialize HS-20094, excluding mainland China, Hong Kong, and Macau, with an upfront payment of $80 million and potential milestone payments of up to $1.93 billion [2] - The innovative drug sector is expected to continue being a primary focus for pharmaceutical investments, driven by increasing policy support and a shift from quantity and speed to quality and innovation in Chinese innovative drugs [4] - The number of original research drugs entering clinical stages in China has reached 704, surpassing the United States and positioning China as the global leader in this area [3]

Group 1 - The recent inclusion of credit bond ETFs into the pledge library has led to increased trading activity and significant capital inflows, particularly for Tianhong Credit Bond ETF (159398) [1][2] - Wind data indicates that the average daily trading volume of Tianhong Credit Bond ETF reached 4.378 billion yuan last week, a notable increase from 2.809 billion yuan in the previous week [1] - Over the last five trading days, Tianhong Credit Bond ETF saw a net capital inflow of nearly 450 million yuan, with a total of over 1.37 billion yuan in the past ten days, bringing its latest circulating scale to 5.718 billion yuan as of May 30 [1] Group 2 - On June 1, the Tianhong Credit Bond ETF maintained active trading with a half-day trading volume exceeding 2.1 billion yuan and a turnover rate of 36.75% [1] - As of May 29, Tianhong Credit Bond ETF and eight other products received approval from China Securities Depository and Clearing Corporation to be used as collateral for general pledge-style repurchase transactions, marking them as the first batch of credit bond ETFs eligible for this purpose [2] - The market outlook for June suggests that the core factors influencing credit bond yield trends will be funding prices and institutional behaviors, with expectations of a continued volatile market [2]

Core Viewpoint - The first batch of 26 floating rate funds is being issued, linking management fees to fund performance, which aims to encourage long-term investment strategies rather than short-term performance chasing [1][4]. Fund Management Fee Structure - Unlike traditional actively managed equity funds with a fixed management fee of 1.2%, these floating rate funds will charge a management fee of 1.5% if the investor holds the fund for over one year and the return exceeds the benchmark by 6%. Conversely, if the return underperforms the benchmark by more than 3%, the fee will drop to 0.6% [1]. - This fee structure reform is intended to shift the focus of fund management from short-term performance rankings to long-term performance against benchmarks [1][4]. Selection Criteria for Floating Rate Funds - Investors should assess the capability and experience of fund managers, as they are crucial to the fund's operation and long-term performance [1]. - Two types of "red flags" to watch for include: 1. Fund managers of older funds that have consistently underperformed their benchmarks but are still in charge [2]. 2. Newer fund managers with only one to three years of experience, whose investment strategies may lack stability [2]. Notable Fund Managers - Among the proposed fund managers for the floating rate funds, two categories stand out: 1. Mid-career managers with over five years of strong historical performance, such as Liu Jianwei from E Fund, who has outperformed benchmarks over the past 1, 3, and 5 years with an annualized return exceeding 11.2% [3]. 2. Senior managers with over ten years of experience, like Zhu Hongyu from China Merchants Fund, who has a diverse background in public and private funds, achieving an annualized return of over 12% since April 2022 [3]. Fund Manager Styles - Investors should consider the different investment styles of fund managers to find a suitable match for their risk tolerance: - Balanced style funds focus on diversified allocations across sectors like consumption, finance, and healthcare for steady growth [5]. - Growth style funds emphasize high-volatility sectors such as technology and renewable energy, suitable for risk-tolerant investors [5]. - Value style funds aim to identify undervalued assets, providing defensive strategies in volatile markets [5]. Impact of Fee Structure Reform - The reform of the fee structure is a significant step towards restoring the contractual spirit in public funds and is expected to change investment logic [4]. - Under the floating fee model, if a fund consistently underperforms its benchmark, management fees will decrease significantly, potentially leading to investor redemptions and prompting fund companies to enhance their research and investment capabilities [4].

Core Viewpoint - The article highlights the strong performance of QDII funds, particularly in the context of recent overseas market rebounds, with specific focus on stock and mixed-type QDII funds achieving significant returns since early April 2025 [3][4]. Summary by Category QDII Fund Performance - Since April 7, 2025, the average return of 670 QDII funds is approximately 4.40%, with stock-type QDII funds averaging 5.29% and mixed-type QDII funds averaging 6.13% [3][4]. - The German stock market has reached historical highs, and the Nasdaq index has rebounded over 20% from its lows, contributing to the strong performance of QDII funds [3]. Stock-type QDII Funds - There are 406 stock-type QDII funds with an average return of 5.29% since April 7, 2025, and an average return of 14.61% over the past year [4][5]. - The top three stock-type QDII funds over the past year include: 1. GF Fund's "Hong Kong Innovative Drug ETF" with a return of 57.48% 2. Southern Fund's "Southern Hong Kong LOF" with a return of 54.03% 3. Huaxia Fund's "Hang Seng Pharmaceutical ETF" with a return of 51.03% [5][6]. Mixed-type QDII Funds - There are 125 mixed-type QDII funds with an average return of 6.13% since April 7, 2025, and an average return of 17.15% over the past year [4][13]. - The top three mixed-type QDII funds over the past year include: 1. Southern Fund's "Southern China Emerging Economy 9-Month Holding Period Mixed (QDII) A" with a return of 72.37% 2. Huaxia Fund's "Huaxia Hong Kong Advantage Selected Mixed (QDII) A" with a return of 63.27% 3. Fortune Fund's "Fortune Global Consumer Selected Mixed (QDII) RMB A" with a return of 56.59% [13][16]. Long-term Performance - Over the past three years, stock-type QDII funds have an average return of 33.77%, with the top three funds being: 1. Tianhong Fund's "Tianhong CSI China-US Internet (QDII) A" with a return of 96.04% 2. GF Fund's "GF Global Selected Stocks (QDII) RMB A" with a return of 84.73% 3. Yifangda Fund's "SPDR Information Technology LOF" with a return of 79.49% [9][10]. - Mixed-type QDII funds have an average return of 21.36% over the past three years, with the top three being: 1. Southern Fund's "Southern China Emerging Economy 9-Month Holding Period Mixed (QDII) A" with a return of 87.15% 2. Fortune Fund's "Fortune Global Consumer Selected Mixed (QDII) RMB A" with a return of 82.17% 3. Huaxia Fund's "Huaxia Global Mobile Internet Mixed (QDII) RMB A" with a return of 78.20% [17][19].

华创证券表示，创新药重磅BD不断，未来潜力管线丰富，掘金海外市场。展望2025年，我们认为医药 板块已经具备多方面的积极发展因素，基本完成了新旧增长动能转换（创新+出海能力提升）。具体配 置方面，建议关注创新药械（业绩/创新拐点的Pharma以及临床阶段的高价值资产）、出海（CXO及科 研上游、供应链、医疗器械及高端生物药和制剂）、国产创新（医疗设备和高值耗材）、老龄化及院外 消费（家用器械、中药等）、高壁垒行业（血制品、麻药）、AI医疗，同时建议积极关注估值较低有 望修复的优质标的。 国金证券发布研报称，国家药监局批准11款全新创新药的上市申请，另外还有2款创新药拟纳入优先审 评，新品种密集获批有望赶上今年医保谈判放量，为相关企业业绩增长提供助力。同时政策端对创新药 的支持持续，叠加海外授权重磅交易不断落地，创新药景气度有望持续。当前环境下，建议重点关注仿 创药板块重估机会。同时，后期可能的国家医保谈判和集采进程也是投资把握的重要节点。 6月3日，A股、港股开盘后震荡上涨，医药板块走高，创新药概念再度走强。相关ETF方面，创新药 ETF天弘（517380）截至发稿涨0.80%，盘中交投活跃。成分股超八成飘红 ...

Group 1 - Fangzheng Fubon Fund announced the appointment of Li Yan as the new chairman, succeeding He Yagang who retired on May 28 [1] - Li Yan has been with Fangzheng Securities since January 2023, holding multiple senior positions including Vice President and Financial Responsible Person [1] Group 2 - Invesco Great Wall Fund announced that General Manager Kang Le will serve as the acting chairman following the departure of Li Jin on May 29 [2] - Kang Le has extensive experience in asset management, having previously worked at China Life Asset Management and CICC [2] Group 3 - Nine credit bond ETFs, including those from E Fund and Huaxia, have been approved as collateral for general pledged repos by the China Securities Depository and Clearing Corporation [3] - This marks the first batch of credit bond ETFs eligible for such collateral, with some products exceeding 10 billion yuan in scale [3] Group 4 - A total of 512 new funds have been established this year, with a combined issuance of 4060.84 billion units as of May 28 [4] - The largest fund issued this year is a mixed bond FOF with 6 billion units, while the share of equity funds has increased significantly from 21.14% to 40.59% [4] Group 5 - Over 40% of bond funds have reached new net asset value highs due to a recent recovery in the bond market [5] - Mid-to-long-term pure bond funds and mixed bond secondary funds have shown particularly strong performance [5] Group 6 - China Merchants Fund announced the appointment of three new deputy-level executives, including Wang Jing, Zhu Hongyu, and Chen Fangyuan, effective May 30 [6] - The new appointees have extensive backgrounds in investment management and fund operations [6] Group 7 - On May 30, the market experienced a decline, with the Shanghai Composite Index falling by 0.47% and the Shenzhen Component Index by 0.85% [7] - The total trading volume in the two markets was 1.14 trillion yuan, a decrease of 462 billion yuan from the previous trading day [7] Group 8 - The Greater Bay Area ETF led the market with a gain of 2.26%, while agriculture-related ETFs also performed strongly [8] - Conversely, the Xinchuang ETF saw the largest decline at 5.19%, along with a general pullback in Hang Seng internet-related ETFs [9]

Core Viewpoint - The bond ETF market is experiencing significant growth despite weak returns in the bond market, with substantial capital inflows and increased trading activity in bond ETFs [2][3][4]. Group 1: Market Performance - The bond market has shown volatility this year, with bond fund returns falling short of expectations, yet the bond ETF market continues to thrive [2][3]. - As of May 30, the total scale of bond ETFs has expanded from 1,740 billion to 2,890 billion, marking a 66% increase [6]. - In May alone, bond ETFs saw over 40 billion in net inflows, accounting for nearly half of the total net inflows for the year [4]. Group 2: Product Development - The bond ETF market has welcomed new products, including credit bond ETFs and long-duration interest rate bond ETFs, with the number of credit bond ETFs increasing from 3 to 11 this year [7]. - The introduction of the general pledge-style repurchase business for credit bond ETFs is expected to accelerate the expansion of the bond ETF market [5][8]. Group 3: Investor Engagement - There is a growing enthusiasm among investors for trading bond ETFs, with 10 out of the top 12 ETFs by trading volume on May 30 being bond ETFs [4]. - The liquidity and real-time trading capabilities of bond ETFs are highlighted as significant advantages over traditional bond funds, attracting more long-term capital [5]. Group 4: Future Potential - The bond ETF market in China still has considerable room for growth compared to developed markets, with potential categories like high-yield bonds and inflation-protected securities yet to be fully explored [9]. - The development of a diverse product ecosystem and a mature investor base is essential for the future growth of bond ETFs [10].

Market Review - The A-share market showed mixed performance last week, with the CSI 1000 and CSI 500 indices gaining 0.62% and 0.32% respectively, while the ChiNext and Shanghai Composite indices fell by -1.55% and -1.08% respectively [5][14] - The total net investment from the central bank's reverse repos was 656.6 billion, with a total of 1.6026 trillion in open market operations [5][23] - The financial, defense, and pharmaceutical sectors performed well, with returns of 10.5%, 2.49%, and 2.21% respectively, while the automotive and non-ferrous metals sectors lagged behind with returns of -4.32% and -2.27% [21][22] Fund Performance - A total of 30 new funds were established last week, with a total issuance scale of 18.987 billion, an increase from the previous week [3][41] - The median returns for active equity, flexible allocation, and balanced mixed funds were -0.46%, -0.15%, and -0.26% respectively [33][35] - Alternative funds have shown the best performance this year, with a median return of 6.74%, while active equity and flexible allocation funds had median returns of 1.72% and 0.35% respectively [35][36] Fund Issuance - Last week, 40 funds were reported for issuance, including 2 FOFs and 1 QDII, indicating an increase in the number of new fund applications [4][5] - The new funds included various ETFs tracking sectors such as technology and pharmaceuticals, reflecting a growing interest in these areas [5][6] Index Adjustments - The Shanghai Stock Exchange announced the optimization of the SSE 380 index and the introduction of the SSE 580 index, aimed at providing a more comprehensive view of mid and small-cap stocks [7][8] - The adjustments are expected to enhance the representativeness of the indices, with the SSE 380 index covering approximately 14.7% of the market capitalization [8][9] Bond Market - The central bank's reverse repo operations resulted in a net investment of 656.6 billion, with a decrease in the repo rates across various maturities [23][24] - Credit spreads for different ratings of credit bonds have shown an upward trend, indicating a shift in market sentiment [27][28] Open-End Fund Overview - As of last week, there were 238 ordinary FOF funds, 118 target date funds, and 155 target risk funds in the open-end public fund market [39] - The median performance of target date funds was the best among fund types, with a cumulative return of 1.16% this year [39][40]

- The report does not contain any specific quantitative models or factors related to construction, testing, or evaluation[4][6][8] - The report primarily focuses on market performance, fund issuance, and industry trends without delving into quantitative investment strategies or factor analysis[4][6][8] - No formulas, quantitative factor construction processes, or model evaluations are provided in the report[4][6][8]