Group 1: Fund Performance Overview - Over 80% of public funds achieved positive returns in 2025, with the top fund, Huatai-PineBridge Hong Kong Advantage Selection, showing a gain of 89.15% [1] - The competition among public funds is intense, with the top two funds having an 8 percentage point difference in returns, while the third to fifth funds have a narrower margin of only 2 percentage points [1] - The top-performing fund over the past five years, JY Fund, has nearly tripled in value, with a return of close to 300%, significantly outperforming the second-place fund by over 90 percentage points [1] Group 2: Sector-Specific Fund Performance - Pharmaceutical funds led the performance, with around 80% of funds that gained over 50% in 2025 being heavily invested in the pharmaceutical sector, particularly in innovative drugs [2] - The top fund, Huatai-PineBridge Hong Kong Advantage Selection, had its top ten holdings primarily in Hong Kong innovative drug stocks, all of which recorded positive returns, with four stocks doubling in price [2][3] - The second-ranked fund, Changcheng Pharmaceutical Industry Selection, also focused on innovative drugs, with all top ten holdings showing gains of over 30% [3] Group 3: Investment Strategies and Insights - Fund managers emphasized that innovative drugs will be a key focus for the pharmaceutical industry in the coming years, with a commitment to investing in companies with core competitiveness and long-term growth potential [3][4] - The investment strategy includes focusing on companies with disruptive innovations and those that have entered commercial phases, leading to rapid improvements in financial reports [4] Group 4: North Exchange Fund Performance - Several funds focused on the North Exchange performed well, with two of the top five funds being heavily invested in this market, achieving returns of 81.59% and 71.92% respectively [5] - The top holdings of these funds included companies with strong growth potential, and all top ten stocks recorded positive returns, with several exceeding 30% gains [5][6] Group 5: Fund Size and Performance Correlation - Many of the top-performing funds are smaller in size, with half of the top ten funds having a scale of less than 100 million yuan, indicating a potential correlation between fund size and performance [7] - Larger funds tend to perform better when they are index products, while actively managed large funds may struggle to maintain high performance due to diversification challenges [7] Group 6: Market Outlook - Fund companies are optimistic about investment opportunities in the second half of the year, highlighting sectors such as technology, pharmaceuticals, dividends, and consumer goods as areas of focus [8] - The improvement in liquidity in the Hong Kong market is attracting more institutional interest in investment opportunities there [8]

值得一提的是，虽然被动指数产品越来越受欢迎，但是这些排名靠前的基金中，大部分却是主动管 理型基金。 随着时间进入到7月，公募基金今年上半年的业绩榜单有了完整的呈现。 《每日经济新闻》记者注意到，今年上半年共有超百只基金的收益率高于40%，其中最高收益率超 85%，创新药主题基金处于"霸榜"的状态。 如果从分类榜单来看，不管是普通股票型、偏股混合型，还是被动指数型，收益靠前的也大多是创 新药主题基金。 21只基金收益率超60% 数据显示，截至6月底，在所有公募基金中，近千只基金（不同份额分开计算，下同）的收益率超 过20%，其中超百只基金的收益率高于40%，更有21只基金上半年的收益率超60%。 从这些基金来看，主要分为两类，一是聚焦在创新药的医药主题基金，二是北交所的主题基金。 15只QDII收益率超50% 从上半年来看，在短期纯债和中长期纯债这两类产品中，也有超百只基金上半年的回报超过2%， 其中有13只基金上半年的回报超过3%，可以说也是不错的表现。值得注意的是，这13只基金全部是来 自中长期纯债基金。 进一步分产品类型来看，普通股票型基金今年上半年共有19只产品的收益率超过40%，主要也是因 为赶上了创 ...

Core Insights - The A-share market in the first half of 2025 experienced significant volatility, leading to a stark performance divergence among private equity firms, with some capitalizing on new trends while others faced losses [1][2] - The focus of investment strategies shifted towards sectors such as artificial intelligence (AI), new consumption, innovative pharmaceuticals, and dividend assets as firms actively adjusted their portfolios [1][5] Performance of Private Equity Firms - Notable private equity firms showed significant performance variation, with firms like Tongben Investment achieving substantial positive returns due to the rise of the new consumption sector, shifting their focus from "big consumption" to "new consumption" since November 2024 [2] - Conversely, some well-known private equity firms faced losses exceeding 20% due to heavy investments in the oil and gas sector [2] Market Reflections - The market's main theme in the first half of 2025 was characterized by "wide fluctuations combined with structural opportunities," leading many investors to struggle with decision-making during periods of volatility [3] - Key events included the "DeepSeek moment" before the Spring Festival and overseas disturbances in early April, which influenced investment strategies and market dynamics [3] Outlook for the Second Half - Private equity firms expressed optimism for the second half of the year, maintaining focus on AI, new consumption, innovative pharmaceuticals, and dividend assets [5][6] - Investment strategies are expected to emphasize a dual focus on "technology + consumption," with an increased emphasis on sectors like financial technology and biotechnology as well as new consumption leaders [6] - Firms like Qinghequan Capital anticipate that the Chinese market remains attractive to foreign capital due to relatively low valuations, with expectations of a positive market sentiment driven by global capital flows [6]

Core Viewpoint - The A-share market has shown resilience in the first half of 2025, with significant growth in various sectors, leading to a recovery in the public fund market, which remains above 32 trillion yuan in total scale [1][4]. Group 1: Market Performance - The A-share market closed positively on June 30, marking a successful end to the first half of the year [1]. - In the first quarter, sectors such as humanoid robots and DeepSeek concepts thrived, while the second quarter saw substantial gains in innovative drugs, stablecoins, and military industries [1]. - Over 80% of the 12,897 public funds in the market achieved net value growth in the first half of the year [1]. Group 2: Fund Performance - China Universal Asset Management (中欧基金) has demonstrated strong research and investment capabilities, with several of its products performing exceptionally well [1][2]. - The China Universal Digital Economy Mixed A fund, managed by Feng Ludan, ranked first in its category over the past year [1][3]. - The fund's focus on artificial intelligence has allowed it to make forward-looking investments, aligning with the booming humanoid robot concept in the first quarter [2]. Group 3: Investment Strategy - The "industrialized" research and investment system implemented by China Universal Fund has contributed to its outstanding performance [2][3]. - This system emphasizes professional division of labor, standardized processes, and intelligent platforms to enhance efficiency and product quality [2]. - The company aims to provide clearer positioning and more stable styles in its investment products through this approach [2]. Group 4: Future Outlook - Predictions suggest that the capital market in the second half of 2025 will operate steadily, potentially entering a slow bull market phase supported by strong policies [4]. - With the backing of its "China Universal Manufacturing" investment strategy, the company is expected to continue generating favorable returns for investors in the upcoming months [4].

来源：中国基金报 随着A股市场的震荡攀升，可转债市场也接连刷新十年新高。受益于此，可转债基金表现亮眼，十多只 主题基金年内净值增长率超15%，业绩最高近25%。 对于年内转债市场整体不错的赚钱效应，中欧可转债基金经理李波表示，一方面，当前利率环境的影 响，转债需求端始终比较强；另一方面，市场向下的托底力量较强，有较高的安全边际。而对于转债这 类正常环境下容错率较高，但害怕尾部风险的资产来说，这一点是非常重要的，这也是去年和今年转债 表现截然相反的原因。因此从中期来看，转债向下的底可能会比较坚实，高容错率的环境或会提升转债 的持有体验。 转债弹性表现值得期待 对于后市，南方昌元可转债基金经理刘文良认为，可转债估值不容易再次跌入2024年三季度的谷底，更 有可能在近3～4年的估值区间内运行，当前估值处于区间中偏高水平，如果后续转债估值跟随权益市场 波动回落到区间下沿，则是年内较好的加仓窗口。当前时点主要关注科技自主可控的布局机会，耐心等 待新消费、创新药情绪降温后的配置机会。 广发基金基金经理吴敌认为，可转债蕴含三个阶段的机会。刚开始是低价转债的折价修复，紧接着将进 入平衡型转债估值扩张的阶段，最后随着转债估值过 ...

Group 1: Market Overview - A-shares experienced fluctuations on August 8, with the technology sector showing a slight pullback [1] - The Tianhong Sci-Tech Innovation Index ETF (589860) fell by 1.02%, with a trading volume exceeding 194 million yuan, ranking first among similar products [1] - Notable gainers among constituent stocks included Sainuo Medical, Kewell, Zhejiang Haideman, and Nanmo Biology, all hitting the daily limit [1] Group 2: Fund Flow and Investment Trends - The Tianhong Sci-Tech Innovation Index ETF attracted over 21 million yuan in inflows on August 7, leading among 19 similar ETFs [1] - The index closely tracks the Sci-Tech Innovation Index (000680.SH), covering approximately 97% of the market capitalization of the Sci-Tech Innovation Board, with a focus on small-cap hard technology companies [1] Group 3: Positive Catalysts for Investment - Three favorable factors for the Sci-Tech Innovation Index were highlighted: 1. Catalysts from leading stocks, particularly in the domestic chip sector, benefiting companies like SMIC and Cambrian [2] 2. Resonance between the semiconductor and pharmaceutical sectors, with potential for long-term valuation recovery in pharmaceuticals [2] 3. Policy changes and new merger regulations that could unlock long-term growth opportunities for Sci-Tech Innovation Board companies [2] Group 4: Sector Analysis - The pharmaceutical sector is gradually recovering from the impact of centralized procurement, with a shift in policy attitudes and optimization of procurement rules [3] - Increased R&D investments are leading to a harvest period for pharmaceutical companies, with a growing trend in overseas business development reflecting the competitiveness of domestic innovative drugs [3] - The pharmaceutical industry is expected to undergo a valuation re-rating as policy and earnings improve [3]

Core Viewpoint - The convertible bond market in China has reached a ten-year high, leading to impressive performance from convertible bond funds, with over ten thematic funds achieving a net value growth rate exceeding 15% this year, and the top performer reaching nearly 25% [2][6]. Market Performance - As of August 7, the China Convertible Bond Index peaked at 469.56 points, marking a 12.74% increase year-to-date [4]. - The top-performing convertible bond funds include: - Southern Changyuan Convertible Bond A with a performance of 24.78% this year [6]. - Other notable funds such as Bosera Convertible Bond Enhanced A, Oriental Convertible Bond A, and others have growth rates around 20% [6][7]. Fund Manager Insights - Fund managers attribute the strong performance of convertible bonds to a combination of a favorable interest rate environment and strong market support, which provides a high margin of safety [8]. - The market is expected to maintain a solid bottom, enhancing the holding experience for convertible bonds [8]. Future Outlook - Managers suggest that convertible bond valuations are unlikely to drop to the lows seen in Q3 2024, with expectations of trading within a higher valuation range over the next 3-4 years [10]. - Opportunities are identified in low-priced convertible bonds, with a focus on sectors like technology and new consumption as market conditions evolve [10][11]. - The convertible bond market is anticipated to experience three phases: price recovery of low-priced bonds, balanced valuation expansion, and eventual high volatility and high returns [10].

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Selected Index (HSSCPB) decreased by 1.63% as of August 8, 2025, with mixed performance among constituent stocks [3] - The top-performing stocks included CSPC Pharmaceutical Group (up 4.44%), United Laboratories (up 3.29%), and Kangji Medical Holdings (up 1.38%), while the worst performers were Hutchison China MediTech (down 15.70%), Zai Lab (down 10.86%), and BeiGene (down 6.47%) [3] - The Hong Kong Stock Connect Innovative Drug Selected ETF (520690) fell by 1.64%, with the latest price at 0.96 yuan [3] Group 2 - The pharmaceutical and biotechnology sector received a policy boost with the release of measures to support high-quality development of innovative drugs in July 2025, leading to a significant increase of 13.93% in the sector [4] - The latest share count for the Hong Kong Stock Connect Innovative Drug Selected ETF reached 360 million, a new high since its inception [4] - Recent net inflows into the ETF amounted to 4.92 million yuan, with a total of 32.45 million yuan net inflow over the last five trading days [4] Group 3 - The top ten weighted stocks in the HSSCPB index accounted for 78.03% of the total index weight, including companies like BeiGene, Innovent Biologics, and WuXi Biologics [6]

Core Viewpoint - The stock price of Hutchison China MediTech (00013.HK) plummeted over 15% following the release of disappointing mid-term results, leading to a total market capitalization of HKD 20.721 billion [1][3]. Financial Performance - For the first half of 2025, the company reported total revenue of USD 277.677 million, a year-on-year decrease of 9.16%, while net profit surged to USD 455.555 million, a significant increase of 1663.32% due to the sale of a 50% stake in Shanghai Hutchison Pharmaceuticals [4][10]. - The company's research and development expenses decreased by 24.4% to USD 71.99 million, with overseas R&D investments halved [4][7]. - The company held cash and cash equivalents totaling USD 1.365 billion (approximately RMB 9.8 billion) at the end of the reporting period, up from USD 836 million at the end of the previous year [7]. Strategic Focus - The company is shifting its focus from traditional Chinese medicine to innovative drugs, having sold stakes in its Chinese medicine assets to invest in its internal product pipeline [12][13]. - The company aims to accelerate the development of its innovative ATTC platform candidates and has 13 oncology candidates in various clinical trial stages, with four already approved in mainland China [9][10]. - The company plans to utilize proceeds from the sale of its Chinese medicine assets to further develop its core business in targeted therapies and immunotherapies [13][14]. Market Outlook - The company anticipates a recovery in sales growth in the second half of 2025, driven by the expansion of indications in China and increased penetration in overseas markets [9]. - Recent improvements in China's drug policies and pricing environment are expected to support the development of innovative drugs, with a new commercial insurance drug list anticipated to be released later this year [8].

Market Overview - The Hong Kong stock market has seen a continuous rise for four days, with the Hang Seng Index increasing by 171 points or 0.7%, closing at 25,081 points. The Hang Seng Tech Index rose by 0.3%, closing at 5,546 points. The market turnover exceeded HKD 245.7 billion, with a net inflow of HKD 660 million from the Stock Connect, indicating a significant reduction in net inflow compared to previous days [1] - The trading style of the Stock Connect has shifted from banking, insurance, and pharmaceutical stocks to technology growth stocks led by Tencent and Alibaba, which is beneficial for stabilizing the Hong Kong market [1] - The A-share margin financing and securities lending balance has risen above CNY 2 trillion, reaching a 10-year high, indicating a positive trend in the A-share market and supporting the performance of Hong Kong stocks [1] Macro Dynamics - China's July import and export data exceeded expectations, with exports rising by 7.2% year-on-year, the fastest growth in three months. Exports to the EU and ASEAN increased by 9.2% and 16.6%, respectively, offsetting a 21.7% decline in exports to the US. Imports rose by 4.1% year-on-year, the highest growth since July of the previous year, indicating a recovery in demand [2] Industry Dynamics - The Hang Seng Healthcare Index fell by 2.9%, marking its first decline this week. The US plans to impose tariffs on imported drugs, which negatively impacted companies with overseas expectations. However, the short-term impact on Chinese pharmaceutical companies is limited as their sales are primarily domestic [3] - The performance of the renewable energy and public utility sectors in Hong Kong was mixed, with the photovoltaic sector remaining weak while the wind power sector saw slight increases. Utility companies received support due to their stable business models [3] Industry Strategy - As of July 31, the environmental, photovoltaic, wind power, natural gas, power equipment, and Hong Kong public utility sectors outperformed the market by an average of 1.0%, 2.2%, 0.2%, 17.0%, and 2.2 percentage points, respectively. In contrast, the thermal power, nuclear power, and water supply sectors lagged behind by an average of 0.6%, 6.1%, and 0.5 percentage points [4] Power Generation - The thermal power sector is expected to be impacted by rising coal prices, with July coal prices showing a narrowing year-on-year decline due to seasonal demand increases [5] Power Equipment - The launch of the Yarlung Tsangpo River downstream hydropower project, with a total investment of CNY 1.2 trillion and an expected capacity of 60-70 GW, is anticipated to significantly increase the national hydropower capacity. However, the long construction period may limit short-term profits for equipment manufacturers [6] Photovoltaic Sector - As of July 30, the average price of polysilicon rose by 13.3% year-on-year, while the average price of photovoltaic modules fell by 22.4%. The market is experiencing a divergence between capital market expectations and actual demand in the physical market [7] Stock Recommendations - Harbin Electric (1133 HK) is expected to benefit from the Yarlung Tsangpo project, with a projected 95.0% year-on-year increase in net profit for H1 2025 [8] - Towngas Smart Energy (1083 HK) anticipates moderate growth in natural gas sales, with a projected dividend yield of 4.8% for FY25 [8] - Cheung Kong Infrastructure (1038 HK) operates in stable public utility sectors and is also expected to have a dividend yield of 4.8% for FY25 [8] Pharmaceutical Sector - The healthcare sector has seen significant stock performance, with the Hang Seng Healthcare Index rising by 22.8% in July, outperforming the Hang Seng Index by nearly 20 percentage points. This is attributed to supportive policies for innovative drugs and successful overseas collaborations [10] - The government plans to establish a new directory for innovative drugs and support the use of medical insurance data for drug development, which is expected to enhance the sales of high-priced innovative drugs [11] - The upcoming drug procurement policies are expected to be more moderate, allowing for better quality assurance in the procurement process [12]