【导读】次新主动权益类基金积极建仓 中国基金报记者 曹雯璟 随着2025年基金二季报披露完毕，次新主动权益基金的建仓情况也浮出水面。 Wind数据显示，不少次新基金在今年二季度选择积极建仓，纳入统计50多只首次披露季报的主动权益基金平均股票仓位约为72%，属于中 性偏上水平。 展望2025年下半年，基金经理们普遍看好A股市场机会，仍将保持较高的权益仓位。 由周雪军管理的海富通远见回报于今年3月初成立。截至今年二季度末，该基金股票仓位为93.20%，其前五大重仓股分别是新易盛、紫金 矿业、宁德时代、天孚通信、美的集团。周雪军在二季度中表示，4、5月份，总体在经济对冲、产业对抗等相关行业配置占比较高；5月下 半月开始逐步加大弹性，在坚持"哑铃型"策略的基础上，着重加配海外算力和银行，同时适度在军工、有色、新消费等方向优选个股。 由杨冬管理的广发制造智选于今年3月中旬成立。二季度，该基金逐步建仓，在积累一定安全垫后提高了权益仓位。结构上，配置以电子、 电力设备、汽车、机械设备等行业为主。截至今年二季度末，该基金股票仓位为92.44%，其前五大重仓股分别是工业富联、宁德时代、国 能日新、扬杰科技、超声电子。 由李浩玄 ...

Core Viewpoint - The public fund management scale reached a historical high of 34.05 trillion yuan by the end of Q2 2025, marking an increase of 2.24 trillion yuan from the previous quarter, driven by strong inflows from residents and a broad-based growth across various fund types [2][5]. Fund Management Scale - By the end of Q2 2025, the total management scale of 162 public fund institutions reached 34.05 trillion yuan, an increase of 2.24 trillion yuan from 31.81 trillion yuan at the end of Q1 2025 [5]. - The growth in fund scales was broad-based, with stock funds increasing by over 270 billion yuan, bond funds growing by 865.3 billion yuan, and money market funds increasing by 950.5 billion yuan [2][7]. Fund Types Performance - Despite lower yields in the bond and money market funds compared to the previous year, there was a significant inflow into stable-performing bond and money market funds, indicating a continued demand for stable assets [6]. - The growth in bond and money market funds was substantial, with bond funds increasing by 865.3 billion yuan and money market funds by 950.5 billion yuan in Q2 2025 [7]. ETF Growth - ETFs remained a key growth engine for fund companies, with significant inflows into various ETFs, particularly in the context of AI, humanoid robots, and innovative pharmaceuticals [11]. - The non-money management scale of fund companies grew by nearly 1.29 trillion yuan in Q2 2025, surpassing 20 trillion yuan for the first time [12]. - Major fund companies like Huaxia Fund and E Fund saw their non-money management scales increase by over 100 billion yuan, with specific ETFs experiencing substantial growth [12][14]. Competitive Landscape - The public fund industry continues to exhibit a "Matthew Effect," where leading fund companies maintain strong competitive advantages, while smaller firms face intense competition and challenges in growth [18]. - Smaller fund companies like Yongying Fund and Haifutong Fund have been actively expanding their product offerings and achieving growth, while others have seen declines in their management scales [19][21].

证券研究报告 | 策略专题报告 2025 年 07 月 21 日 港股占比创历史新高，重点增配科技及金融 ——主动及被动基金持仓分析 2025Q2 2025Q2 主被动基金规模均有回升，各类型主动基金仓位普遍回升，同时持股 集中度进一步下降，港股持有比例再创历史新高，加仓方向上主要围绕科技、 大金融、军工医药展开，成长及小市值因子偏好继续回升。被动基金风格则更 加偏好金融、大盘价值。 ❑ 2025Q2 主被动基金规模均有回升。2025 年二季度以来 A 股探底修复，投资 者风险偏好提升，成长风格整体占优叠加 AI、创新药各类产业趋势提速，主 动基金业绩规模继续双增。与此同时，被动基金规模在 4 月初国家队入市维 稳推动下同样迎来大幅净申购。主动基金净流出规模收窄，被动基金净流入。 各类型主动基金仓位普遍回升，同时持股集中度进一步下降。 ❑ 2025Q2 主动偏股基金加仓思路主要围绕科技、大金融、军工医药展开，持 仓风格偏小盘成长风格。一是聚焦 AI 算力为代表的科技主线，重点加仓通信。 二季度以来 AI 板块持续高景气，各大厂商纷纷加大 AI 相关的资本性开支， 进一步带动 AI 服务器、AI 芯片、光模块等 ...

联系人： 李智 电话： 0371-65585629 分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 证券基建行业领涨 A 股震荡上行 ——市场分析 相关报告 《市场分析：煤炭有色行业领涨 A 股小幅上 行》 2025-07-18 《市场分析：成长行业走强 A 股震荡上行》 2025-07-17 《市场分析：汽车电力行业领涨 A 股震荡整 固》 2025-07-16 地址： 郑州郑东新区商务外环路10号18楼 地址： 上海浦东新区世纪大道 1788 号 T1 座 22 楼 证券研究报告-市场分析 发布日期：2025 年 07 月 21 日 投资要点： ◼ A 股市场综述 周一（07 月 21 日）A 股市场高开高走、小幅震荡上行，早盘股指高 开后震荡上行，盘中沪指在 3555 点附近遭遇阻力，午后股指维持震 荡，尾盘再度上扬，盘中工程建设、水泥建材、电网设备以及证券 等行业表现较好；银行、保险、教育以及互联网服务等行业表现较 弱，沪指全天基本呈现小幅震荡上行的运行特征。创业板市场周一 小幅上扬，创业板成分指数全天表现与主板市场基本同步。 ◼ ...

Group 1 - The core trend observed in the second quarter of 2025 is that many prominent fund managers are increasing their positions in the innovative drug sector, indicating a growing interest in this area [1] - Yongying Fund's Gao Nan reported that the total scale of the funds he manages reached 15.326 billion yuan, a significant increase of nearly 3.5 billion yuan compared to the end of the first quarter [2] - Several funds managed by Gao Nan achieved net value growth exceeding 10%, ranking among the top in their category, showcasing a dual increase in performance and scale [2] Group 2 - The top ten holdings of Gao Nan's flagship fund, Yongying Ruixin, saw significant adjustments, with new additions from the communication equipment sector and innovative drug companies [3] - Major new holdings include companies like ZTE and Innovent Biologics, while positions in BYD and Ninebot were exited [3][4] - The three main investment directions for Gao Nan's funds are communication (TMT), innovative drugs, and light manufacturing, reflecting a clear structural adjustment in response to market themes [4] Group 3 - Gao Nan emphasizes stock selection based on company growth potential and earnings realization, aiming to reduce industry concentration while capturing growth opportunities [5] - The Yongying Technology Driven Fund plans to increase exposure to the artificial intelligence supply chain and reallocate in defense and biomedicine sectors [5] - Gao Nan expresses cautious optimism for the second half of the year, noting improved liquidity conditions and a strong financial risk prevention system established by the government [5] Group 4 - Ruiyuan Fund's Fu Pengbo also significantly increased allocations to the pharmaceutical sector, particularly in innovative drugs, during the second quarter [6] - The Ruiyuan Growth Value Mixed Fund reached a scale of 18.666 billion yuan, with a net value growth rate of 5.80%, outperforming its benchmark by 4.13 percentage points [6][7] - Fu Pengbo's portfolio is heavily weighted towards electronics, internet technology, precision manufacturing, and pharmaceuticals, with a stock position exceeding 92% [7] Group 5 - Fu Pengbo's strategy involves increasing holdings in the pharmaceutical sector, covering innovative drugs and traditional medicine benefiting from AI, while reducing exposure to traditional energy companies [10] - He plans to closely monitor mid-year reports from listed companies and seek industries and companies with rising prosperity [11] - Both Gao Nan and Fu Pengbo share a focus on innovative drugs, providing investors with a reference point for market trends and industry movements [11]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector in the next six months [1][29]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with an overall increase of 4.00% in the week from July 14 to July 18, outperforming the CSI 300 index by 2.91 percentage points [3][11]. - Year-to-date, the sector has risen by 16.59%, ranking third among 31 industries, and has outperformed the CSI 300 index by 13.45 percentage points [3][13]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.02 times, which is at the historical median level, with a valuation premium of 137% compared to the CSI 300 index [3][17]. Market Performance - The pharmaceutical and biotechnology sector's sub-sectors that performed best last week include chemical pharmaceuticals (6.86%), biological products (3.68%), and medical services (3.14%) [3][11]. - A total of 397 stocks (82.88%) in the sector increased in value, while 70 stocks (14.61%) decreased [3][23]. - The top five performing stocks were: - Borui Pharmaceutical (42.35%) - Lisheng Pharmaceutical (41.68%) - Nanxin Pharmaceutical (34.95%) - Aosaikang (32.77%) - Yipinhong (32.13%) [3][24]. Industry News - The 11th batch of national centralized procurement was officially launched on July 15, with 55 drug varieties included, focusing on mature clinical drugs and excluding new drugs from procurement [4][25]. - He Yuan's plant-derived recombinant human serum albumin (HY1001) was approved for domestic marketing on July 18, aimed at treating liver cirrhosis with low albumin levels [4][26]. Investment Recommendations - The report suggests that the pharmaceutical and biotechnology sector remains a strong investment opportunity, particularly in innovative drugs, CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][27]. - Recommended stocks include: - Buy: Betta Pharmaceuticals, Teva Biologicals, Lao Baixing, Huaxia Eye Hospital, Qianhong Pharmaceutical, Baipusais [5][27]. - Focus: Kelun Pharmaceutical, Rongchang Biotechnology, Lizhu Group, Lingrui Pharmaceutical, Kaili Medical, Kangtai Biotechnology [5][27].

Core Viewpoint - The Tianhong Advanced Manufacturing A Fund (011851) reported a profit of 300,400 yuan for Q2 2025, with a net value growth rate of 0.26% and a fund size of 147 million yuan as of the end of Q2 2025 [2][17]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.002 yuan [2]. - As of July 18, 2025, the fund's unit net value was 1.059 yuan [2]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 10.59%, ranking 100 out of 171 comparable funds [4]. - 6-month net value growth rate: 4.78%, ranking 112 out of 171 comparable funds [4]. - 1-year net value growth rate: 16.01%, ranking 97 out of 166 comparable funds [4]. - 3-year net value growth rate: -11.88%, ranking 26 out of 125 comparable funds [4]. - The fund's Sharpe ratio over the past three years was 0.0736, ranking 26 out of 120 comparable funds [10]. - The maximum drawdown over the past three years was 40.31%, ranking 112 out of 122 comparable funds [12]. Investment Strategy and Outlook - The fund manager anticipates a more optimistic market in the second half of the year, contingent on a stable external environment [3]. - Key investment directions for the second half include: - Cyclical sectors benefiting from domestic economic improvement, extending from consumption to manufacturing and from downstream to upstream [3]. - High-tech sectors benefiting from domestic industrial restructuring, including new energy, AI applications, computing power construction, aerospace manufacturing, and innovative pharmaceuticals [3]. Fund Holdings - As of June 30, 2025, the fund's top ten holdings included: - Geely Automobile, CATL, Air China, China Power, Zhongtian Technology, Shantui, Guangdong Hongda, Xiamen Tungsten, AVIC Shenyang Aircraft, and Torch Electronics [20]. Fund Positioning - The fund maintained an average stock position of 87.59% over the past three years, with a peak of 93.24% at the end of 2024 and a low of 70.32% in mid-2021 [15].

AI基金前海开源医疗健康A（005453）披露2025年二季报，第二季度基金利润5704.41万元，加权平均基金份额本期利润0.123元。报告期内，基金净值增长 率为12.63%，截至二季度末，基金规模为4.98亿元。 该基金属于灵活配置型基金，长期投资于医药医疗股票。截至7月18日，单位净值为1.307元。基金经理是范洁，目前管理3只基金。其中，截至7月18日，前 海开源公共卫生股票A近一年复权单位净值增长率最高，达48.8%；前海开源中药股票A最低，为-4.57%。 基金管理人在二季报中表示，2025 年 2 季度本产品重点配置了具有更高成长弹性的生物科技企业和创新药产品进入收获期的传统医药企业，从产业趋势来 看，海外专利悬崖带来的海外药企对于创新药产品的需求和国内医药企业批量供给创新药产品的共振将持续，我们有机会看到中国企业通过创新药批量出 海，从对外授权到逐步实现自主商业化。本基金将加强对行业基本面的研究和对宏观趋势的把握，通过自上而下的分析方法对于医药细分子行业进行配置上 的调整，通过自下而上的分析方法对个股的基本面、估值水平等进行投资价值判断，力争获得持续稳定的超额回报。 截至7月18日，前海开源 ...

Core Viewpoint - The report highlights a positive performance in the pharmaceutical sector, particularly in the innovative drug industry, driven by ongoing licensing agreements and supportive domestic policies [3]. Fund Performance - The fund reported a profit of 26.97 million yuan in Q2 2025, with a weighted average profit per fund share of 0.0627 yuan [2]. - The fund's net asset value (NAV) growth rate for Q2 was 7.62%, and the fund size reached 375 million yuan by the end of Q2 [2][16]. - As of July 18, the fund's unit NAV was 0.96 yuan [2]. - The fund's performance over the past three months showed a NAV growth rate of 14.74%, ranking 112 out of 138 comparable funds [4]. - Over the past six months, the fund's NAV growth rate was 25.40%, ranking 100 out of 138 [4]. - The one-year NAV growth rate was 24.99%, also ranking 100 out of 133 [4]. - The three-year NAV growth rate was 4.99%, ranking 46 out of 107 [4]. Investment Strategy - The fund manager expressed optimism about the innovative drug sector, indicating a shift from a general revaluation phase to a stage where actual performance and partnerships will be tested [3]. - The strategy includes a "barbell" approach, focusing on high-probability or high-return innovative drug companies [3]. - The fund is also looking at sectors with strong performance, such as orthopedics and upstream innovative drugs, while making early allocations in improving sectors like medical devices [3]. - New technologies like AI and brain-computer interfaces are expected to transform the healthcare system, although short-term financial impacts on related companies may be limited [3]. Risk and Return Metrics - The fund's three-year Sharpe ratio was 0.1406, ranking 41 out of 105 comparable funds [9]. - The maximum drawdown over the past three years was 29.8%, ranking 97 out of 106 [11]. - The fund's average stock position over the past three years was 85.43%, slightly below the comparable average of 86.95% [14].

港股市场惊现"乌龙指"交易 东方电气盘中一度飙涨逾700% 东方电气在上午9时30分22秒出现一笔异常成交，以119.9港元/股的价格成交400股，较上一笔交易19.32 港元/股暴涨520%。该笔交易后，东方电气股价迅速回落至20.85港元/股附近。市场分析认为，这很可 能是交易员原本想以19.9港元买入，却误输入为119.9港元。受此影响，东方电气盘中一度飙涨 703.62%，创下历史最大单日波动。截至午间收盘，该股涨幅收窄至77.28%，报26.45港元/股。（上证 报） 年内已诞生3只主动权益"翻倍基" 全部来自创新药 今年以来，创新药板块逐步积累投资热度，主动权益基金中诞生出来的3只翻倍基，全部出自创新药板 块。其中，长城医药产业精选以119.66%的回报领跑今年以来的主动权益基金；永赢医药创新智选、中 银港股通医药净值亦同步狂飙，年内回报分别达106.37%、105.43%。（智通财经） 易方达基金张坤最新持仓曝光 郭良金任中国稀土董事长 天眼查App信息显示，7月18日，中国稀土发生工商变更，杨国安卸任法定代表人、董事长，由郭良金 接任，同时多位高管发生变更。中国稀土集团资源科技股份有限公司成立 ...