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][2][3] Group 1: Fund Performance and Redemption Pressure - Many high-performing thematic funds, particularly in the pharmaceutical, military, and new consumption sectors, are experiencing redemption pressures despite strong year-to-date performance [1][2] - A specific innovative drug fund announced a meeting to discuss modifying its contract termination clauses after being below the 50 million yuan threshold for 45 consecutive working days [2][3] - A new consumption fund has also triggered liquidation procedures, entering asset liquidation as of August 21, with its net asset value recently recovering [2][3] Group 2: Military Industry Fund Insights - The military industry index has seen a nearly 20% increase this year, yet a military-themed fund is facing liquidation due to its net asset value falling below the 200 million yuan threshold [2][4] - This military fund reported a 15% return this year, with most gains occurring in the last three months, indicating a delayed performance recovery [4] Group 3: Future Market Outlook - Industry experts believe that the redemption pressures faced by popular thematic funds do not necessarily indicate the end of the related market trends, as structural opportunities may still exist [5] - The military sector is expected to benefit from increased national defense budgets and technological advancements, with optimistic projections for continued growth in the coming years [6] - The innovative drug sector's strong performance is attributed to previously suppressed valuations and recent positive developments in product profitability and market expansion [7]

Group 1 - The defense and military concept stocks are showing active performance, with the Aerospace ETF Tianhong (159241) maintaining a slight increase of 0.09% and a turnover rate exceeding 7% [1] - Recent data indicates a continuous inflow of funds into the Aerospace ETF Tianhong (159241), with over 51 million yuan net inflow in four out of the last five trading days, totaling over 140 million yuan in the past ten days [1] - As of July 11, the latest fund share of Aerospace ETF Tianhong (159241) is 342 million shares, with an increase of 152 million shares year-to-date, representing a share change rate of 79.66%, the highest among similar products [1] Group 2 - France announced an increase in military spending by 3.5 billion euros in 2026 and 3 billion euros in 2027, totaling 64 billion euros, which has doubled since 2017, focusing on defense modernization and equipment upgrades [2] - The military industry is identified as a key structural opportunity in the A-share market for Q3, with data indicating a sustained market trend from early July to early August [2] - Q3 is expected to see an increase in catalysts for the military industry, alongside positive earnings expectations for some companies in Q2, leading to emerging structural opportunities [3]