Core Viewpoint - Despite high returns this year, several popular thematic funds are facing liquidation risks due to significant redemption pressures after recovering their net asset values [1][3][4]. Group 1: Fund Liquidation Risks - Multiple high-performing thematic funds, including those in the pharmaceutical, military, and new consumer sectors, have disclosed risks of contract termination and liquidation [3][4]. - A public fund in South China announced a meeting to discuss modifying the termination clauses of its innovative drug fund, which has been below 50 million yuan for 45 consecutive working days [3]. - A new consumer-themed fund has triggered liquidation procedures, entering asset liquidation as of August 21, with a net asset value of 1.17 yuan [3][4]. Group 2: Performance and Redemption Pressure - Funds facing redemption pressures are often those that have performed well this year, with some achieving returns close to 55% [4]. - The innovative drug fund's net asset value increased from 0.955 yuan at the beginning of the year to approximately 1.4 yuan [4]. - The military-themed fund has seen a year-to-date return of about 15%, with most gains occurring in the last three months [5]. Group 3: Future Opportunities - Despite redemption pressures, industry experts believe there are still structural opportunities in popular sectors [7]. - The military industry is expected to grow due to increased national defense budgets and technological advancements, with optimism for continued improvement in the sector's fundamentals [7][8]. - The innovative drug sector's growth is supported by previous valuation suppression and recent positive developments in product profitability and overseas transactions [8].

Core Viewpoint - Despite high returns this year, several popular sector funds are facing liquidation risks due to significant redemption pressures after recovering their net asset values [1][2]. Group 1: Fund Performance and Redemption Pressure - Many top-performing funds in sectors like pharmaceuticals, military, and new consumption are experiencing large redemption pressures despite their strong performance [2][4]. - A notable innovative drug fund announced a meeting to discuss modifying its contract termination clauses to avoid liquidation, highlighting the growing divergence in sector investments amid a booming stock market [2][3]. - Several funds, including a new consumption theme fund and a military industry fund, have triggered contract termination procedures due to their net asset values falling below required thresholds [3][4]. Group 2: Specific Fund Cases - An innovative drug fund reported a year-to-date return of approximately 55%, with its net asset value rising from 0.955 yuan at the beginning of the year to around 1.4 yuan [4]. - A new consumption fund recently completed its net value recovery, achieving a net asset value of 1.17 yuan, supported by investments in companies like Pop Mart and Wei Long [4]. - The military industry index has seen a year-to-date increase of nearly 20%, yet a military-themed fund is facing liquidation despite a return of about 15% this year, indicating a puzzling situation given the recent market trends [5]. Group 3: Future Outlook and Sector Opportunities - Industry experts believe that popular sectors still hold structural opportunities despite redemption pressures, particularly in the military sector, which is expected to benefit from increased military budgets and technological advancements [6]. - The innovative drug sector is also anticipated to continue its upward trajectory due to previously suppressed valuations and recent positive developments in product profitability and overseas transactions [7].

Group 1 - The A-share market saw a slight rebound in the afternoon on July 7, with the aerospace ETF Tianhong (159241) rising by 0.36% and a turnover rate increasing by nearly 11% [1] - The aerospace ETF Tianhong (159241) has attracted significant capital inflow, with over 24 million yuan net inflow on the previous trading day, and it has recorded net inflows for seven consecutive trading days, totaling over 150 million yuan [1] - As of July 4, the latest circulation scale of the aerospace ETF Tianhong (159241) reached 326 million yuan, with a circulation share of 296 million shares, both hitting new highs [1] Group 2 - The aerospace ETF Tianhong (159241) closely tracks the Guozheng Aerospace Index, which has over 98% weight in the defense and military industry, making it the highest military content index in the market [2] - The core sectors of aerospace equipment and aerospace technology account for 66% of the index's weight, focusing on key areas in the aerospace equipment industry chain such as large aircraft development, low-altitude economy, and commercial aerospace [2] - Current growth trends in the military industry include domestic demand for low-cost precision-guided munitions and unmanned systems, as well as international military trade demand potentially spurred by conflicts [2]