Core Viewpoint - After three years of underperformance, active equity funds have rebounded significantly in 2024, with a notable performance divergence among top fund managers [1][3]. Performance Overview - The "Wande Mixed Equity Fund Index," representing active equity funds, showed a performance of -21.03% in 2022, -13.52% in 2023, and a positive 3.45% in 2024, compared to the Shanghai Composite Index's performance of -15.13%, -3.70%, and 12.67% respectively [3]. - As of August 6, 2024, the Wande Mixed Equity Fund Index has increased by 16.67%, outperforming the Shanghai Composite Index by over 8 percentage points and the CSI 300 Index by over 12 percentage points [3]. Star Fund Managers' Performance - Among 242 active equity funds managed by star fund managers with over 10 billion in assets, only 35% outperformed the Wande Mixed Equity Fund Index, while 68% outperformed the Shanghai Composite Index, and 85% outperformed the CSI 300 Index [4][5]. - Notably, over 60% of these funds underperformed the average of active equity funds, with 30% lagging behind the Shanghai Composite Index [5]. Sector Analysis - The underperformance of some star fund managers is attributed to their heavy investments in core stocks, particularly in the food and beverage sector, which has seen declines this year [5][11]. - The food and beverage sector index dropped by 6.06%, with the liquor index down by 8.41% as of August 7, 2024 [5]. Top Performers - Fund managers like Ge Lan and Zhao Bei have excelled, with Ge Lan's funds showing returns of 68.97% and 25.36% respectively, primarily due to heavy investments in innovative drugs, especially in Hong Kong stocks [7]. - Zhao Bei's funds have also performed well, with returns of 89.92% and 63.59%, benefiting from significant allocations to innovative drugs [7][8]. Growth Style Managers - A number of growth-oriented fund managers have also shown strong performance, with returns exceeding 30% for several funds managed by Du Meng and Li Xiaoxing [9]. - These managers have successfully navigated structural market changes by investing in emerging sectors such as AI, innovative drugs, and new consumption [9]. Underperformers - Some previously top-performing fund managers, such as Zheng Chengran and Liu Yanchun, have struggled, with several funds showing negative returns due to heavy exposure to underperforming sectors like liquor and renewable energy [11]. - The rapid market style shifts and the inability to adapt investment strategies have contributed to their underperformance [11]. Future Outlook - The public fund industry is expected to evolve towards a more team-oriented and systematic approach, with a shift away from reliance on star fund managers [12].

在本土政策对创新药的持续加码与国际市场对中国创新的认可升温双重利好下，我国生物医药行业正迎 来高质量发展的黄金周期。面对海量创新机会，专业投资机构如何精准识别具备长期价值的优质标的？ 谈及当前行业的热门赛道，陶峰指出，"肿瘤、自身免疫及代谢领域目前仍是热门赛道，此外CNS(中枢 神经系统)、罕见病等领域也各具特色，不同疾病领域的产品研发有着不同的追求与亮点。"他特别强 调，中国生物医药企业正呈现多元创新态势，"既有跟随式创新，即在已知靶点基础上优化分子、提升 效率，更快推进临床；更有越来越多的原创性突破，其生物学机制由中国科研院所或高校发现，并在中 国本土推进产业化落地。" 如何发掘能实现商业价值最大化的投资标的？ 博远资本创始合伙人陶峰在接受21世纪经济报道记者采访时，分享了他对生物医药投资逻辑的思 考，"从行业价值天花板的高度来看，能否解决全球未被满足的临床需求、是否符合大型药企的管线选 择标准，这无疑是我们做早期投资的核心准则。" 陶峰进一步解析，对于年销售额数百亿规模的跨国药企而言，其产品选择标准清晰明确：目标产品需具 备至少数十亿销售额的潜力，而这类产品往往指向未被满足的临床需求，或是能在重要疾病领 ...

Core Viewpoint - The article discusses the performance of the Chinese stock market on August 8, 2025, highlighting the slight gains in major indices and the active sectors, particularly in hydropower, stablecoins, commercial aerospace, innovative pharmaceuticals, and liquid cooling servers, while noting a pullback in sectors like PEEK materials, AI agents, semiconductors, and robotics [3][4]. Market Performance - The Shanghai Composite Index closed at 3642.1 points, up 0.07% - The Shenzhen Component Index closed at 11173.87 points, up 0.14% - The ChiNext Index closed at 2347.83 points, up 0.21% [3][4]. Capital Flow - Major capital inflows were observed in sectors such as machinery, electric power, non-ferrous metals, and pharmaceuticals, while outflows were noted in computer, electronics, media, food and beverage, and banking sectors [8]. - Specific stocks with significant net inflows included Yingweike (16.56 billion), Shanhe Intelligent (13.08 billion), and Jihua Group (12.84 billion) [8]. Trading Volume - The trading volume in the two markets exceeded 1 trillion yuan for the 52nd consecutive trading day [9]. Sector Highlights - The hydropower sector saw notable gains, with Shanhe Intelligent hitting the daily limit, and other related stocks like Sheyan Institute and Deep Water Planning Institute also performing well [10][13]. - The electric power sector experienced a rise, with Huaguang Huaneng and Huayin Electric reaching the daily limit [13]. Stock Movements - Stocks such as Innovation Medical and Jihua Group reached their daily limit, while other stocks in the medical device sector also saw significant increases [17][21]. - The gas sector showed a short-term rise, with Hongtong Gas achieving four consecutive limits [19]. Economic Indicators - The People's Bank of China conducted a 122 billion yuan reverse repurchase operation at a fixed rate of 1.40%, with a net withdrawal of 40 billion yuan for the day [25]. - The RMB to USD exchange rate was adjusted down by 37 basis points, reported at 7.1382 [26].

Core Viewpoint - The innovative drug industry is currently in a "window period" with a lack of performance, events, and policy catalysts, yet investor enthusiasm remains high, leading to active positioning during this correction phase [1] Group 1: Market Performance - The Hang Seng Innovative Drug ETF (520500) has seen continuous net inflows for two consecutive trading days, increasing its fund shares to 584 million and fund size to 1.141 billion, both hitting record highs since inception, with year-to-date growth of 379% and 843% respectively [1] - As of August 7, 2025, the daily trading volume of the Hang Seng Innovative Drug ETF has exceeded 1 billion yuan for 13 consecutive trading days, with an average daily trading volume of 1.438 billion yuan, ranking it among the top innovative drug ETFs [1] - The Hang Seng Innovative Drug Index, which the ETF tracks, comprises 40 high-growth Hong Kong-listed innovative drug companies, reflecting the overall performance of businesses related to innovative drug research, development, and production [1] Group 2: Policy Support - On August 6, 2025, Shanghai's seven departments jointly issued measures to promote the high-quality development of commercial health insurance, supporting the innovative drug and medical device industries [1] - The new policy is expected to leverage commercial insurance's advantages in medical expense settlement, facilitating the smooth advancement of medical insurance payment reforms and providing strong financial support for the development of "new and superior drugs and devices" [1] Group 3: Investment Outlook - The innovative drug sector is identified as a growth area with industry trends and potential, supported by policy backing and internationalization [1] - Despite short-term correction pressures, the long-term fundamental logic for the sector remains intact, making it a valuable investment area for investors [1] - The Hang Seng Innovative Drug ETF (520500) offers a convenient and efficient tool for investors to allocate resources in the innovative drug sector, potentially becoming a choice for capturing industry opportunities [1]

Core Viewpoint - The article discusses a new IPO in the innovative pharmaceutical sector, highlighting a valuation of 5.2 billion and the involvement of Hillhouse Capital, with the founder being American and the company based in Zhuhai, Guangdong [1]. Group 1 - The company has achieved a valuation of 5.2 billion, indicating strong market interest and potential for growth in the innovative drug sector [1]. - Hillhouse Capital's investment reflects confidence in the company's business model and future prospects within the pharmaceutical industry [1]. - The founder's American background may provide valuable insights and connections in the global pharmaceutical market, enhancing the company's competitive edge [1].

Core Viewpoint - The A-share market in 2025 is experiencing a divergence between technological growth sectors like artificial intelligence and innovative pharmaceuticals, and traditional economic recovery assets, posing unprecedented challenges for fund managers in terms of industry coverage and strategy flexibility [1] Group 1: Market Performance - As of July 16, 2025, the net value of fund products in the market has doubled, with many funds achieving over 30% returns, primarily driven by concentrated positions in one or two popular sectors [1] - The performance of funds is characterized by a "single bet" approach, which can lead to rapid gains but also quick losses, highlighting the scarcity of diversified market players [1] Group 2: Fund Manager Strategy - Wang Zijian, a fund manager at Penghua Fund, has successfully built a comprehensive market capability by adapting to different market environments, achieving a net value growth rate of 32.18% for Penghua Vision Select A in the first half of 2025 [2] - The fund's net value increased from 0.9575 yuan at the beginning of 2025 to 1.5801 yuan by August 6, 2025, reflecting effective market timing and strategic adjustments [2] Group 3: Investment Philosophy - Wang Zijian emphasizes that investment portfolios should reflect significant global changes, utilizing a flexible strategy based on industry comparisons to capture marginal changes [3] - His approach includes assessing the cyclical position of industries, identifying major marginal changes, and quantifying the upward potential of sectors, particularly those at historical valuation lows [3] Group 4: Portfolio Management - The portfolio of Penghua Vision Select A shows a clear all-market style with a low concentration in the top ten holdings, spanning over five industries, and has recently focused on innovative pharmaceuticals to capitalize on valuation recovery [4] - Wang Zijian prioritizes risk control over generating returns, avoiding stocks with significant financial flaws or governance risks, and emphasizes thorough research before adding stocks to the portfolio [4] Group 5: Future Outlook - Looking ahead, Wang Zijian aims to continue delivering excess returns for investors, focusing on long-term opportunities in innovative pharmaceuticals, robotics, and artificial intelligence, while also monitoring sectors like military trade and nuclear fusion for potential growth [5]

【导读】多家外资巨头唱多中国："此乃参与中国市场绝佳时机" 中国基金报记者 格林 近日，瑞银资产管理中国股票主管施斌撰文表示，此乃参与中国市场的绝佳时机。近期，美国万亿资管巨头资本集团、管理规模为8457亿 美元的美国巨头Federated Hermes也发表文章表达了对中国科技的乐观看法。 瑞银资产管理施斌： "此乃参与中国市场绝佳时机" 瑞银资产管理中国股票主管施斌在一篇题为"关注中国股票市场的复兴（Watching for a renaissance in China equities）"的文章中表 示，复杂的经济前景、审慎的投资者心态和政府的支持，三者结合为股市创造了有利条件。施斌写道，"在我们看来，当前的时机非常有 利，此乃参与中国市场的绝佳时机"。 施斌说，全球机构投资者对中国市场的信心有所回升。其中，专注于新兴市场的投资者信心回升尤其明显。尽管如此，国际资本流入相对 缓慢。截至目前，国际投资者对重新进入中国市场仍心存犹豫。他认为背后的原因包括，刺激消费的广泛结构性改革需求仍未得到满足， 房地产市场尚待企稳。尽管面临挑战，但这不应成为阻止投资者考虑中国市场的原因。 施斌认为，零售投资者尚未大规模回 ...

Core Viewpoint - The innovative drug concept stocks are experiencing a rebound, with companies such as Northland Pharmaceutical, Lianhuan Pharmaceutical, Lepu Medical, Junshi Biosciences, Jingxin Pharmaceutical, and Guangsheng Pharmaceutical seeing increases of over 5% [1] Group 1 - Northland Pharmaceutical has shown significant growth in stock price [1] - Lianhuan Pharmaceutical is among the companies that have risen over 5% [1] - Lepu Medical has also reported a stock increase exceeding 5% [1] Group 2 - Junshi Biosciences is part of the group of innovative drug stocks that have rebounded [1] - Jingxin Pharmaceutical has experienced a notable rise in its stock value [1] - Guangsheng Pharmaceutical has joined the trend with a stock increase of over 5% [1]

Group 1: Core Conclusions - The report highlights that AI's demand for computing power accelerates the iteration of communication technology, with significant opportunities in marine energy and communication sectors. The company, as a global leader in the optical cable industry, is expected to benefit from the rising demand in both communication and energy fields. Projected net profits for 2025-2027 are 3.4 billion, 3.9 billion, and 4.5 billion CNY, with growth rates of 21.7%, 15.7%, and 15.7% respectively, corresponding to PE ratios of 12, 10, and 9 times [1][6][7] Group 2: Company Overview - The company is ranked among the top three in the global optical fiber communication industry and marine cable systems, focusing on both communication and energy sectors. It possesses a complete production and service capability across the entire industry chain, from optical fiber preform to optical fiber cable and optical network deployment [6][7] - In the communication sector, the company is a top player in the optical fiber cable market and the only domestic company with the capability to deliver cross-border marine cable systems. In the energy sector, it maintains a leading position in land power grids, offshore wind cables, and specialty cables, with a comprehensive product range across various voltage levels [6][7] Group 3: Market Trends and Opportunities - The demand for low-loss and hollow-core optical fibers is increasing due to the growth in computing power, which is driving the iteration of communication infrastructure. The company has strategically positioned itself in next-generation fiber technology, achieving significant market shares in recent tenders and projects [7] - The government has included deep-sea technology in its work report, indicating ongoing policy support for marine energy and communication sectors. The company is well-positioned to benefit from the accelerated installation of offshore wind power and the increasing demand for submarine cables as the industry enters a replacement phase [7] Group 4: Financial Performance - For Ningde Times, the company reported a revenue of 178.886 billion CNY and a net profit of 30.485 billion CNY for the first half of 2025, reflecting year-on-year increases of 7.27% and 33.33% respectively. The second quarter saw a revenue of 94.182 billion CNY, up 8.26% year-on-year, and a net profit of 16.523 billion CNY, up 33.73% year-on-year [9][10] - For Zhongchong Co., the company achieved a revenue of 2.432 billion CNY and a net profit of 203 million CNY in the first half of 2025, with year-on-year increases of 24.32% and 42.56% respectively. The second quarter revenue was 1.331 billion CNY, up 23.44% year-on-year [13][14]

华宝基金是公募基金业内ETF与指数投资的翘楚之一，公司旗下不仅权益ETF规模超千亿，同时获准纳入沪深港交易所ETF互联互通的产品已达12只。华宝 基金在医药/医疗、大健康领域长期耕耘、深入布局，在这一主题领域拥有深厚底蕴，旗下相关基金特色显著、各有千秋，并形成了良好互补。这些均为药 ETF联接基金（A类024985；C类024986）的发行与投资管理开启了有利局面。 注：根据沪深交易所信息，截至2025年7月24日，华宝基金旗下权益ETF规模达1008亿元。 今年二季度成立并上市的国内唯一"药ETF（562050）"，以闪亮走势、良好的净值表现赢得了投资者的青睐。 今年二季度成立并上市的"药ETF（562050）"，以闪亮走势、良好的净值表现赢得了投资者的青睐。本周五（8月8日），面向场外投资者，药ETF联接基金 （A类024985；C类024986）开启了独家首发。对长坡厚雪医药赛道抱有较高热情的投资者，可适时关注这只基金发售动态及产品特点。简而言之，药ETF 联接基金主要投资于药ETF（562050），由此实现对中证制药指数的跟踪，一站配齐"化学药+生物药品+中药"三大制药领域的A股龙头上市公司。 聚焦制 ...