【导读】前三季度主动权益基金平均业绩超29%，39只"翻倍基"，最牛接近195% 中国基金报记者 方丽 孙晓辉 今年前三季度，A股市场持续走强，结构性亮点纷呈，科技成长 与资源品板块领涨， 公募权 益基金赚钱效应显著，业绩翻倍基金批量诞生！ 具体来看，主流指数前三季度总体上演上涨行情，其中 科创创业 50年内涨幅达到63.04%， 表现最好；创业板指、科创50、北证50、中证2000等指数表现强势，涨幅超30%，仅红利 指数、中证红利出现下跌。 主动权益基金前三季度单位净值 平均涨29.24% 受益于股市上涨，今年前三季度权益类基金交出了亮眼的成绩单。 从申万一级行业来看，前三季度行业表现也出现巨大分化。有色金属、通信、电子位居前 三，年内涨幅均超50%，电力设备、综合、机械设备、传媒、汽车、计算机、基础化工、医 药生物等板块涨幅超过20%；煤炭、食品饮料、石油石化、交通运输等板块逆势下跌。 | | 序号 代码 ▼ 名称 | | 年初至今 | | --- | --- | --- | --- | | | へ 申银万国一级行业指数 | | | | - | | 801050 有色金属(申万 | 67.52% | | ...

Core Viewpoint - The article highlights the investment opportunities in the A-share market for October, emphasizing a structural trend where growth sectors, particularly technology and high-end manufacturing, are expected to lead the market due to supportive policies, industry catalysts, and a loose liquidity environment [1][6]. Group 1: Recommended Stocks - A total of 111 stocks have been recognized by 13 brokerage firms in their October "golden stock" lists, with notable mentions including SMIC, WuXi AppTec, Huayou Cobalt, Hikvision, and Haier Smart Home [1][3]. - The stocks with the highest recommendation frequency include SMIC, WuXi AppTec, Huayou Cobalt, Hikvision, and Haier Smart Home, each receiving recommendations from two brokerage firms [3][4]. Group 2: Industry Insights - The technology sector, particularly TMT (Technology, Media, and Telecommunications), is expected to be a key focus area, driven by liquidity and market trends, with significant catalysts such as ongoing industry advancements and the anticipated interest rate cuts by the Federal Reserve [4][8]. - SMIC is positioned as a leading player in the advanced wafer foundry market, benefiting from the surge in AI chip demand and domestic substitution trends, with revenue from advanced processes projected to grow by 68% year-on-year by 2025 [5]. - WuXi AppTec is expected to see growth in orders due to an uptick in global biotech investment and demand for innovative drug CDMO services, driven by recent positive performance from major CXO companies [5]. Group 3: Market Outlook - Historical data suggests that the A-share market typically experiences a rebound after the National Day holiday, with over 70% probability of an increase in the first week post-holiday, supported by various upcoming significant events [7]. - The market is anticipated to gain momentum from the convergence of favorable policies, confirmed earnings bottoms, and adequate liquidity, leading to a potential new upward trend [7][8]. - The focus for October is expected to be on technology growth sectors, with the Hong Kong market also benefiting from unique structural factors and external liquidity expectations [8].

Core Viewpoint - Fosun Pharma is facing significant cash flow pressure, prompting the company to dispose of assets to improve liquidity and support its transition to innovative drug development [3][4][10]. Group 1: Asset Disposal - Fosun Pharma's subsidiary plans to transfer 100% equity of Shanghai Clontech for a transaction price not exceeding 1.256 billion yuan [3]. - This transaction is part of a broader strategy, with over 2 billion yuan in asset disposals signed by mid-2025, aimed at supplementing cash flow for innovative drug transformation [3][4]. Group 2: Financial Pressure - As of mid-2025, Fosun Pharma's short-term borrowings reached 17.862 billion yuan, with total short-term debts amounting to 22.646 billion yuan, significantly exceeding cash reserves of 12.959 billion yuan, resulting in a short-term debt gap of 9.687 billion yuan [4][6]. - The company's financial expenses for the first half of 2025 were 640 million yuan, the highest since its listing, accounting for two-thirds of its net profit excluding non-recurring items [4][6]. Group 3: Debt Structure - Fosun Pharma's debt structure shows a total interest-bearing debt of 36.994 billion yuan, with short-term debt comprising 61% of the total [6][7]. - The company's asset-liability ratio stands at 49.24%, higher than the average of 40% for A-share pharmaceutical companies, indicating a high leverage and short-term debt profile [7][8]. Group 4: Performance Metrics - For the first half of 2025, Fosun Pharma reported revenue of 19.514 billion yuan, a year-on-year decline of 4.63%, while net profit attributable to shareholders was 1.702 billion yuan, an increase of 38.96% [11][10]. - The profit growth is largely attributed to asset disposal gains of 9.491 billion yuan, nearly doubling from the previous year, while the net profit excluding non-recurring items fell by 23.39% to 961 million yuan [13][14]. Group 5: Innovation and Market Position - The revenue from innovative drugs like "Hanshuozhuang" and "Yikaida" showed growth, but at rates lower than industry leaders, indicating potential competitive weaknesses [14][15]. - The proportion of revenue from innovative drugs is approximately 25%, below the 35% benchmark of peers like Heng Rui Pharma, raising concerns about long-term sustainability and growth potential [15].

Group 1 - The semiconductor sector showed strong performance today, with memory chips, ASIC chips, and lithography machines leading the gains. The STAR Market 100 Index rose by 2.8%, the STAR Market Growth Index increased by 2.1%, the STAR Market 50 Index was up by 1.7%, and the STAR Comprehensive Index climbed by 1.6% [1] - Among these indices, the STAR Market 50 Index has the highest weight in the semiconductor industry, exceeding 65%. The latest scale of the STAR Market 50 ETF (S88080) is over 75 billion, ranking first among all ETFs in the STAR Market [1] Group 2 - The STAR Market 50 ETF tracks the STAR Market 50 Index, which consists of 50 stocks with large market capitalization and good liquidity, prominently featuring "hard technology" leaders. The semiconductor sector accounts for over 60%, while medical devices, software development, and photovoltaic equipment together exceed 75% [3] - The STAR Market 100 ETF tracks the STAR Market 100 Index, which includes 100 stocks with medium market capitalization and good liquidity, focusing on small and medium-sized innovative enterprises. The electronics, biopharmaceuticals, and power equipment sectors together account for over 80%, with electronics and biopharmaceuticals having a higher proportion [4] - The STAR Comprehensive Index ETF covers the entire STAR Market, focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries in the STAR Market [6]

Core Viewpoint - The A-share and Hong Kong stock markets have shown a continuous upward trend since mid-April, achieving new highs in the third quarter, with equity funds yielding significant returns [1] Group 1: Active Equity Funds - A total of 37 funds have doubled their returns this year as of September 26, with 31 active equity funds in A-shares achieving over 100% returns [2][4] - The average return for active equity funds is 30.32%, with over 98% of these funds reporting positive returns [4] - The top-performing fund, Yongying Technology Smart Selection A, has a return rate of 189.58%, significantly boosted by its focus on AI concept stocks [4][6] Group 2: Passive Index Funds - Nearly 98% of index funds have achieved positive returns, with an average return of 27.53% [7] - Funds tracking innovative drugs, communications, and artificial intelligence have outperformed, with the top two funds yielding returns of 103.96% and 100.59% [7] - Underperforming index funds are primarily those tracking energy, food and beverage, and coal sectors, with losses exceeding 5% [7] Group 3: QDII Funds - QDII funds focused on the Hong Kong market, particularly in innovative drug assets, have performed well, with four funds exceeding 100% returns [3][8] - The top-performing QDII fund, Huatai Bairui Hang Seng Innovation Drug ETF, has a return of 152.25% [8] - Other notable funds in this category have also shown strong performance, with several exceeding 90% returns [8]

Group 1 - The core viewpoint of the articles highlights Dingtang Health's strategic focus on expanding its innovative drug portfolio through partnerships and new product launches, particularly in the oncology sector [1][2] - Dingtang Health has launched the innovative anti-tumor drug, Lurasidone Hydrochloride Tablets, which received approval for market entry on May 29 of this year [1] - Since 2025, Dingtang Health has initiated the "New Specialty Drug. Life Ark Plan," introducing multiple innovative drugs to enhance patient accessibility and adherence [1] Group 2 - In the first half of 2025, Dingtang Health reported revenue of 2.327 billion yuan, reflecting a year-on-year growth of 2.6% [2] - The gross profit for the same period was 816 million yuan, with a gross margin of 35% [2] - The company incurred a loss of 52.02 million yuan, which represents a 42.1% reduction in losses compared to the same period in 2024 [2] - Adjusted net profit loss was 5.759 million yuan, showing a 78.2% improvement from the previous year [2]

Market Performance - A-shares and Hong Kong stocks ended the third quarter of 2025 on a positive note, with major indices showing significant increases [1] - The ChiNext Index surged by 50.4%, leading global major indices in growth, while the Sci-Tech 50 and Shenzhen Component Index rose by 49.02% and 29.25% respectively [1][5] - In September, the ChiNext Index and Sci-Tech 50 Index recorded gains of over 12% and 11%, reaching three-year and four-year highs respectively [6] Sector Performance - The technology growth sector emerged as the core driving force of the market, with 30 out of 31 sectors in the Shenwan classification showing gains in the third quarter [11] - The communication sector led the quarterly growth with an increase of 48.65%, followed by electronics at 47.59% and power equipment at 44.67% [11] - In September, the top-performing sectors included power equipment (21.17%), non-ferrous metals (12.79%), and electronics (10.96%) [8] Individual Stock Performance - The ChiNext, Sci-Tech Board, and North Exchange saw a concentration of stocks that doubled in value, with notable gainers in September including Shoukai Co. (181.2%) and Haibo Technology (153.52%) [14] - In the third quarter, top performers included Shuangwei New Materials (1597.94%) and Tianpu Co. (468.92%) [14] Hong Kong Market Insights - The Hang Seng Technology Index rose by 13.95% in September, while the Hang Seng Index and the National Index increased by 7.09% and 6.79% respectively [16] - The best-performing sectors in Hong Kong in September were materials (21.68%) and non-essential consumer goods (19.99%) [17] Future Outlook - The market outlook for October and the fourth quarter of 2025 is optimistic, driven by policy expectations and a favorable liquidity environment [20] - The upcoming 20th Central Committee's Fourth Plenary Session is expected to focus on the "14th Five-Year Plan," which may boost market sentiment [21] - The technology growth sector is anticipated to present more opportunities in A-shares, while Hong Kong stocks may benefit from unique market structures and external liquidity expectations [21]

Core Viewpoint - The article discusses the IPO of an innovative drug company backed by Hillhouse Capital, which has a valuation of 4.6 billion and specializes in "smart drugs" [1] Group 1: Company Overview - The company is based in Shanghai Pudong and focuses on the development of innovative pharmaceuticals [1] - It has gained attention for its unique approach to drug development, particularly in the area of cognitive enhancement [1] Group 2: Investment Highlights - Hillhouse Capital's investment indicates strong confidence in the company's potential and market position [1] - The valuation of 4.6 billion reflects the growing interest and demand for innovative healthcare solutions in the market [1]

Investment Rating - The report gives a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][12]. Core Insights - The company is experiencing a phase of performance pressure, with a reported revenue of 10.301 billion yuan for H1 2025, down 3.21% year-on-year, and a net profit of 429 million yuan, down 7.52% [3][4]. - The decline in revenue is attributed to stricter control of drug expenditure in medical institutions and the impact of expanded centralized procurement, leading to reduced sales and profit margins in the wholesale business [3][4]. - The company is implementing employee incentive plans to enhance talent retention and core competitiveness, while also investing in overseas innovative drug companies to diversify its product line [5][7]. Financial Performance - For H1 2025, the gross margin was 11.07%, a decrease of 0.74 percentage points, and the net profit margin was 4.17%, down 0.19 percentage points [4]. - The wholesale segment generated revenue of 805 million yuan, down 4.7%, while the retail segment saw a revenue increase of 3.62% to 1.643 billion yuan [4]. - The company forecasts revenues of 21.133 billion yuan, 22.221 billion yuan, and 23.383 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 828 million yuan, 873 million yuan, and 922 million yuan [8][10]. Strategic Initiatives - The establishment of a wholly-owned subsidiary to invest in Suninflam Ltd. aims to enhance the company's capabilities in high-tech innovative drugs and biopharmaceuticals [5][7]. - The company is focusing on optimizing its product structure and improving cost efficiency to mitigate the impact of industry policies and achieve stable growth [4][5].

Core Viewpoint - Anhui Huaren Health Pharmaceutical Co., Ltd. is actively expanding its presence in the elderly health sector, focusing on chronic disease management and developing products tailored for the elderly population [2][3]. Company Overview - Anhui Huaren Health Pharmaceutical Co., Ltd. was established on June 29, 2001, and went public on March 1, 2023. The company primarily engages in pharmaceutical agency, retail, and terminal procurement [7]. - The company's main revenue sources are 97.60% from traditional Chinese and Western medicine, and 2.40% from other supplementary products [7]. - As of June 30, 2023, the company had 26,100 shareholders, an increase of 45.15% from the previous period, with an average of 5,725 circulating shares per person, a decrease of 31.10% [8]. Financial Performance - For the first half of 2023, the company achieved a revenue of 2.504 billion yuan, representing a year-on-year growth of 15.52%. The net profit attributable to shareholders was 104 million yuan, up 42.17% year-on-year [8]. - The company has distributed a total of 80.02 million yuan in dividends since its A-share listing [8]. Market Position and Shareholder Structure - As of June 30, 2023, Alibaba Health holds a 7.51% stake in the company, making it the second-largest shareholder. The company collaborates with Alibaba's platforms, including Alipay and Tmall [3][4]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 984,600 shares as a new shareholder [8]. Business Strategy - The company is focusing on the elderly health sector by providing chronic disease training and services through pharmacies, enhancing health consultation and medication guidance for the elderly [2]. - The company is developing the "Fuman Medical" series of products targeting common diseases in the elderly, as well as the "Guojin" series of traditional Chinese medicine health products [2][3]. Trading Activity - On September 30, 2023, the stock price of Huaren Health fell by 0.86%, with a trading volume of 40.2714 million yuan and a turnover rate of 2.12%. The total market capitalization is 5.064 billion yuan [1]. - The stock has shown no significant trend in major capital inflow, with a net outflow of 2.2428 million yuan on the same day [4][5]. Technical Analysis - The average trading cost of the stock is 14.02 yuan, with the current price fluctuating between resistance at 13.56 yuan and support at 12.17 yuan, indicating potential for range trading [6].