Group 1 - The core viewpoint of the news is that public funds focusing on the North Exchange and innovative pharmaceuticals have shown remarkable performance in the first half of 2025, with specific funds achieving significant returns [1][2]. - The top three performing public funds as of June 30, 2025, are: 1. CITIC Construction Investment North Exchange Selected Two-Year Open Fund with a return of 82.45% 2. Great Wall Pharmaceutical Industry Selected Fund with a return of 75.18% 3. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Fund with a return of 72.16% [1]. - Over the past three, five, and ten years, the top-performing funds have been: 1. Huaxia North Exchange Innovative Small and Medium Enterprises Selected Fund with a return of 175.64% 2. Jinyuan Shun'an Yuanqi Fund with a return of 297.96% 3. Huashang New Trend Preferred Fund with a return of 361.6% [1]. Group 2 - The North Exchange theme funds have performed exceptionally well, with two of the top three funds being North Exchange theme funds. CITIC Construction Investment North Exchange Selected Fund ranks first [2]. - The top holdings of CITIC Construction Investment North Exchange Selected Fund include companies listed on the North Exchange, indicating a strong focus on this market [2]. - The fund manager of CITIC Construction Investment has expressed optimism about the long-term investment potential of North Exchange companies, while also emphasizing the need to manage external uncertainties [2][3]. Group 3 - Funds focused on innovative pharmaceuticals, particularly in the innovative drug sector, have also shown strong performance, with six out of the top ten funds investing heavily in this area [4]. - The Great Wall Pharmaceutical Industry Selected Fund, managed by Liang Furui, has become the runner-up in performance, with significant holdings in companies that have seen their stock prices double this year [4]. - The fund manager believes that the innovative drug sector is at a pivotal moment, with improvements in overseas research collaborations and financial reports expected to drive future growth [4].

Core Viewpoint - The recent trend in the fund industry shows that some newly established funds with good performance are facing significant redemptions, leading to net assets falling below 50 million, putting them at risk of liquidation [1][2]. Group 1: Fund Performance and Redemption - A prominent public fund in Shenzhen announced that one of its innovative drug industry funds may face contract termination risk due to significant redemptions, with its scale dropping from 47 million yuan at the end of March to 32 million yuan by the end of June [2]. - Despite the fund's net value consistently being above par and achieving an annual return of nearly 50% as of July 27, it still faced large-scale redemptions [3]. - Investors are increasingly opting to redeem their investments, driven by past poor performance in equity investments and a desire to secure profits from newer funds that are performing well [4]. Group 2: High-Performing Funds - There are funds that have successfully achieved both performance and scale growth this year, with the top three performing open-end funds in terms of net value growth being medical funds [5]. - The three funds, namely Changcheng Medical Industry Select A/C, Yongying Medical Innovation Select A/C, and Bank of China Hong Kong Stock Connect Medical A/C, have all been established recently, post-November 2022 [5][8]. - For instance, Changcheng Medical Industry Select C has seen a net value increase of 112.35% and a share increase of 5.55 million shares as of June 30 [8]. Group 3: Characteristics of Successful Funds - The three high-performing funds share five common characteristics: they are all newly established, have low initial shares, and are managed by relatively inexperienced fund managers [12]. - They heavily invest in innovative Hong Kong stocks, particularly in the pharmaceutical sector, and their significant growth in net value and share size occurred in the second quarter of this year [12]. - Despite differences in holder structures, these funds have not experienced the same large-scale redemptions as other funds, indicating strong confidence from their investors in the fund managers and the companies [12][14].