相比一季度， 基金对通信、银行 2个行业的持股市值均增加了逾400亿元 ，对非银金融、国防军 工2个行业的持股市值则均增加了逾200亿元。 对食品饮料行业的持股市值减少最多，减少超 500 亿元 ；对汽车、电力设备、家用电器、机械设备等4个行业的持股市值减少也均超100亿元。 （持股市值变动受持股数和股价变动的双重影响） | 2 | 电力设备 | 232 | 2553 | 2754 | -201 | | --- | --- | --- | --- | --- | --- | | 3 | 食品饮料 | 72 | 2432 | 2973 | -541 | | 4 | 医药生物 | 301 | 2354 | 2384 | -30 | | 5 | 銀行 | 41 | 2019 | 1617 | 402 | | б | 非银金融 | ୧୦ | 1984 | 1729 | 255 | | 7 | 汽车 | 149 | 1230 | 1464 | -234 | | 8 | 皇每종鹰 | 104 | 1153 | 1125 | 28 | | 9 | 道信 | 74 | 1017 | 614 | 40B | | 10 | 家用 ...

Core Viewpoint - The article discusses the performance of various funds in the context of market trends, emphasizing the importance of understanding both long-term and short-term performance metrics when considering whether to adjust fund allocations [1]. Group 1: Fund Performance Analysis - Long-term performance of a fund may be strong while short-term performance appears weak, suggesting that if the fund manager's strategy and the investor's goals remain unchanged, it may be wise to hold the position [7]. - For funds with poor long-term performance and average short-term results, a thorough analysis is necessary to determine the reasons behind the lackluster performance, which may warrant a change in investment [10]. - Funds that have performed poorly over the long term but show better short-term results require careful evaluation to ascertain whether the performance is due to market trends or the fund manager's strategy [11]. Group 2: Reasons for Poor Fund Performance - A mismatch between the fund's style and current market trends can lead to underperformance, necessitating a review of asset allocation rather than hasty adjustments [12]. - Investors may find themselves in a position of loss if they purchase funds at market peaks, highlighting the importance of timing in investment decisions [14]. - Fund managers may underperform due to lack of diligence or poor stock selection, which can be identified through regular review of fund reports [16][17]. Group 3: Recommendations for Adjusting Fund Allocations - Investors should focus on overall portfolio allocation rather than individual fund performance, as market trends can shift rapidly [24]. - Future potential of investments should be prioritized over past performance when considering adjustments to fund allocations [27]. - Gradual adjustments to fund positions are recommended, allowing for flexibility based on market conditions [30].

Core Viewpoint - The A-share market is experiencing a strong rebound, with all three major indices rising and the Shanghai Composite Index approaching 3600 points, driven by infrastructure sector gains and increased long-term capital inflow [2][6][9]. Group 1: Market Performance - A-shares have reached a new high for the year, with significant trading volume of 1.89 trillion yuan, led by the infrastructure and coal sectors [4][6]. - The margin trading balance has reached a three-month high of 1.92 trillion yuan, indicating increased market activity and confidence [9]. Group 2: Fund Management and Trends - Public fund management scale has surpassed 34 trillion yuan, marking a historical high with a quarterly increase of over 2.24 trillion yuan, primarily driven by index funds [13][12]. - Fund managers are increasing their positions in sectors such as telecommunications, banking, and defense, while reducing exposure to food and beverage, automotive, and power equipment sectors [15][22]. Group 3: Investment Directions - Fund managers are optimistic about three main directions: 1. Core sectors of technological revolution, including optical modules and chips [22]. 2. High-end manufacturing and strategic security, particularly in military and innovative pharmaceuticals [23]. 3. Financial and cyclical recovery, with a focus on brokerage firms and gold as a long-term investment [24]. Group 4: Notable Holdings - The top holdings in funds include Ningde Times, Kweichow Moutai, and Tencent, with Ningde Times being the most held stock across 1775 funds, valued at 142.7 billion yuan [18][17].

Core Insights - Public funds continued to increase their holdings in Hong Kong stocks in Q2 2025, with the market value of Hong Kong stocks in the sample of actively managed equity funds rising to 20.0%, up from 19.2% in Q1 2025 [6][10] - The increase in holdings was primarily in small and medium-sized Hong Kong stocks, with the Hang Seng Small Cap Index's component stocks' market value share in the total Hong Kong stock holdings of funds increasing by 5.6 percentage points [6][10] - Sector-wise, public funds mainly increased their positions in the pharmaceutical, light manufacturing, non-bank financials, and banking sectors, corresponding to themes of innovative drugs, new consumption, and dividends [6][10] Fund Holdings Analysis - The report indicates a significant shift in fund holdings, with a reduction in the technology sector, particularly in internet and automotive stocks, which had previously seen substantial gains [6][10] - The technology sector's market value share in fund holdings decreased by 3.7 percentage points, while the media and retail sectors also saw declines [10][12] - Conversely, the consumer sector saw an increase of 3.8 percentage points in market value share, indicating a strategic pivot towards consumer-related investments [10][12] Specific Stock Movements - Notable changes in specific stock holdings include Tencent Holdings decreasing from 21.5% to 17.8%, while Alibaba's share dropped from 10.6% to 6.3% [12] - In contrast, stocks like Kuaishou and Pop Mart saw increases in their holdings, reflecting a shift towards emerging consumer brands [12] - The report highlights a significant increase in holdings for companies like Xinda Biopharmaceuticals, which rose from 1.2% to 3.5%, indicating a growing interest in innovative healthcare solutions [12]

NO.1 公募基金前十大重仓股出炉 随着公募基金二季报披露完毕，公募基金（主动权益基金）前十大重仓股最新名单出炉——截至二季度 末，公募基金前十大重仓股分别为腾讯控股、宁德时代、贵州茅台、美的集团、紫金矿业、小米集团- W、立讯精密、阿里巴巴-W、新易盛、中芯国际（HK）。 具体来看，截至二季度末，公募基金持有腾讯控股的总市值约为592亿元，重仓持有的基金产品数量为 1039只。同期，公募基金持有宁德时代的总市值为521亿元，合计有1150只基金重仓该股。这也是公募 前十大重仓股中，仅有的两只重仓基金数量超千只的股票。 每经记者：肖芮冬 每经编辑：叶峰 ｜2025年7月23日星期三｜ 具体来看，截至二季度末，股票基金规模达到47439.87亿元，混合基金33166.26亿元，债券基金 107668.09亿元，货币市场基金139349.34亿元，海外投资基金6791.6亿元，商品基金2683.10亿元，基金 中基金（FOF）1650.62亿元，其他基金1711.2亿元。 NO.3 二季度公募基金整体利润达3850.98亿元 随着权益基金、债券基金整体业绩回暖，二季度公募基金"赚钱效应"进一步强化。数据显示，二季 ...

专题：聚焦2025基金二季报：AI、医药、新消费…谁是基金新宠？ 截至7月21日，恒指年内上涨24.60%之后，未来行情能否持续？景顺长城基金经理周寒颖认为，今年港 股表现在全球资本市场居前列，主要受益于人民币资产的重估、低估值状态下的充裕流动性支持，以及 港股企业盈利预期改善三重逻辑共振。展望未来，港股IPO热潮正在深刻重塑市场生态， 资金面的宽裕 有望支撑港股目前优秀的赔率，未来重点关注港股科技、消费、创新药、大金融等板块。 港股领涨的底层支撑 具体来看，Wind数据显示，2025年初，恒生指数9.2倍PE的估值，处于历史低位区间，较A股高达150% 的溢价率形成罕见折价。其次，基本面上港股提供了更好的盈利上修预期，而港股存在很多特色板块， 如AI互联网、新消费、生物科技公司等，这些企业与宏观总量相关性相对较低，且在今年都迎来了分 批次的盈利预期上修。 展望后市，周寒颖分析指出，中美市场宏观主线或均从预期到现实过渡，关税扰动逐渐脱敏，经济基本 面重要性上升。资本市场或仍呈现高波动特征，资金面的宽裕是香港市场的主要亮点，在资金支撑下港 股目前赔率优秀，看好港股市场相对表现。同时关注来自海外扰动，如关税及地缘 ...

7月21日，公募基金2025年二季报披露完毕。 公募基金最新前十大重仓股出炉 ，分别是腾讯控股、宁德 时代、贵州茅台、美的集团、紫金矿业、小米集团-W、立讯精密、阿里巴巴-W、新易盛、中芯国际。 腾讯控股仍位列第一大重仓股 根据天相投顾提供的数据， 继一季度末取代宁德时代，成为公募基金第一大重仓股后，二季度末，腾 讯控股仍位列公募基金第一大重仓股。 截至二季度末，公募基金持有腾讯控股市值达591.56亿元。公募 基金第二大重仓股是宁德时代，截至二季度末，公募基金持有宁德时代市值达520.51亿元。 位列公募基金第三到第十大重仓股的分别是贵州茅台、美的集团、紫金矿业、小米集团-W、立讯精 密、阿里巴巴-W、新易盛、中芯国际。截至二季度末，公募基金持有上述个股市值均超160亿元。 与2025年一季度末相比，小米集团-W、新易盛新晋前十大重仓股，比亚迪、五粮液退出前十大重仓 股。 从增持的情况来看，今年二季度，公募基金增持市值最多的是中际旭创和新易盛，分别增持139.72亿元 和128.88亿元。另外，公募基金增持沪电股份的市值超过80亿元；增持信达生物、泡泡玛特、胜宏科 技、三生制药的市值均超过60亿元。 从减持 ...

本报讯(记者袁传玺) 作为一款源头创新药物，爱谱沙具有独特的表观遗传调控机制，对肿瘤抑制性免疫微环境具有重新激活 作用，可单独或联合其他药物治疗恶性肿瘤。凭借显著疗效，爱谱沙在复发/难治性外周T细胞淋巴瘤领 域已连续八年获得中国临床肿瘤学会(CSCO)指南最高级别I级1A类证据推荐，弥漫大B细胞淋巴瘤适应 症亦获得2025年CSCO指南的最高级别推荐。 微芯生物是科创板首家过会企业及第一家上市的生物医药企业，是中国原创新药领域的先行者。此次爱 谱沙在京东健康全网独家首发，是双方深化合作、共同推动创新疗法高效可及的重要举措，将加速创新 药物的精准触达与普惠落地，为更多患者带来新的治疗希望和更优的生存获益。作为新药线上首发第一 站，京东健康将依托全渠道资源与医疗健康服务生态，为患者提供从药品咨询、在线问诊到精准用药指 导的一站式服务，助力爱谱沙快速覆盖终端市场。 日前，由深圳微芯生物科技股份有限公司自主研发的全球首创口服选择性组蛋白去乙酰化酶(HDAC)抑 制剂爱谱沙(西达本胺)在京东健康股份有限公司(以下简称"京东健康")全网独家首发。京东健康将充分 发挥全渠道优势和医疗健康服务能力，加速创新药物普惠可及，让广 ...

Core Viewpoint - The Chinese innovative drug industry is experiencing a significant moment in the first half of 2025, driven by policy benefits and international breakthroughs, with three companies expected to turn losses into profits [1]. Group 1: Company Performance - Tonghua Dongbao expects to achieve a net profit of approximately 217 million yuan for the first half of 2025, marking a turnaround from losses in the previous year [2]. - The main reason for Tonghua Dongbao's performance improvement is the significant growth in sales of insulin analog products, leading to a substantial increase in domestic sales revenue [4]. - The internationalization strategy has also shown significant results, with noticeable growth in export revenue [5]. Group 2: Other Companies' Performance - Zhaoyan New Drug anticipates a net profit of between 50.32 million and 75.49 million yuan for the first half of 2025, recovering from a loss of 169 million yuan in the same period last year [6]. - The decline in Zhaoyan New Drug's operating income is attributed to intensified competition, which has compressed order profits and exacerbated losses in laboratory services [8]. - The fair value changes of biological assets have offset some business losses, contributing to the overall turnaround [9]. Group 3: BoTeng Co. Performance - BoTeng Co. expects a net profit ranging from 0 to 30 million yuan for the first half of 2025, recovering from a loss of 170 million yuan in the previous year [10]. - The company anticipates achieving revenue of 1.55 billion yuan, representing a year-on-year growth of 15% to 20% [12]. - The improvement in BoTeng Co.'s performance is driven by robust revenue growth, enhanced gross margins, effective cost control, and a reduction in losses from new businesses, along with non-recurring investment income of approximately 18.21 million yuan [13][14]. Group 4: Overall Industry Insights - The performance turnaround of Tonghua Dongbao, Zhaoyan New Drug, and BoTeng Co. reflects the positive progress of different segments within the biopharmaceutical industry in overcoming challenges and seeking growth and profitability restoration [15]. - However, the specific paths and sustainability of these improvements depend on each company's business model and future operating environment [15].

Core Viewpoint - The announcement by Tongyuan Kang Pharmaceutical regarding the inclusion of three innovative drugs in the upcoming ESMO conference highlights the early clinical value recognized by the international academic community [1] Group 1: Drug Highlights - The CDK2/4 inhibitor TY-00540 shows broad anti-tumor potential, demonstrating strong inhibitory effects on key targets such as CDK2/CycA2 and CDK4/CycD1, with significant efficacy in breast and ovarian cancers [2] - The CDK7 inhibitor TY-2699a exhibits high selectivity for CDK7, with preclinical studies confirming its ability to inhibit cancer cell growth at non-toxic doses to normal cells, showing promising safety and efficacy in early clinical data [3] - The differentiated CDK4/6 inhibitor TY-302 presents a better treatment experience with lower gastrointestinal side effects and manageable hematological toxicity, demonstrating significant efficacy and safety in combination therapy for HR+/HER2- advanced breast cancer [4]