随着2025年基金半年报的披露，公募基金的隐形重仓股逐渐浮出水面，几位百亿级明星基金经理的最新动向备受市场 关注。 券商中国记者注意到，张坤在减持美团的同时加仓贝壳，延续对内需逻辑的关注；葛兰继续加码创新药械产业链，重点 增持艾力斯，凸显其对医药成长的坚定押注；傅鹏博则大幅增持阿里巴巴、比亚迪等行业龙头，并表示下半年将对业绩 转好的行业和公司做好"查缺补漏"。 值得一提的是，这几只百亿规模基金年内均实现了正收益。展望2025年下半年，基金经理们将继续聚焦内需修复和高景 气成长等行业主题的投资机会。 张坤：内需循环正反馈有望再形成 数据显示，由张坤管理的易方达蓝筹精选目前仍是管理规模最大的公募基金，最新规模达到349.43亿元，截至8月29日， 该基金的年内收益率为12.85%。 半年报显示，截至2025年年中，易方达蓝筹精选的隐形重仓股包括分众传媒、美团、港交所等。其中，分众传媒和美团 的持仓变化较为明显：分众传媒的持仓相对上期增长13.76%，美团则相对上期减少46.43%。这一调仓动作或与外卖行业 竞争加剧有关，美团盈利预期承压，也体现出张坤对互联网平台估值逻辑的重新审视。 半年报显示，截至2025年中， ...

来源：瞪羚社 基金"限购潮"不断，中欧基金多只产品加入。 8月9日，中欧基金称，为进一步保证基金稳定运作，保护基金份额持有人利益，葛兰管理的中欧医疗创 新单日单账户限购10万元；同日，邵洁管理的中欧科创主题也进行了100万元的限购。 上述两只基金限购自8月11日起生效。在此之前，中欧数字经济已于8月6日起暂停100万元以上的大额申 购。 她表示，将保持对创新药械产业链的重点配置。理由是，一方面国内企业在ADC、双抗、多肽等领域 的竞争力逐步获得全球认可，已成为跨国药企管线布局的重要伙伴，后续仍有多个品种存在海外授权预 期；另一方面，国内政策层面也在持续优化，支持研发效率与质量提升，完善多元化支付机制，以及投 融资渠道进一步疏通，这些都有望持续支持创新药企业的发展。 据不完全统计，7月以来已有近50只主动权益基金发布限购公告，面对火热的行情，不断有绩优产品开 启限购，限购原因也相对一致，即保证基金的稳定运作，保护基金份额持有人利益。在业内看来，在当 前市场高位限购，为基金公司拉好感，一方面有利于保护存量持有人的利益，防范短期资金大量流入而 摊薄持有人收益，另一方面也体现了基金公司愈发对规模保持克制。 市场也有观 ...

Core Viewpoint - Multiple high-performing funds under China Europe Fund have announced purchase restrictions to ensure stable fund operations and protect the interests of fund shareholders [1][3][7]. Fund Purchase Restrictions - On August 9, China Europe Medical Innovation Fund announced a purchase limit of 100,000 yuan per day per fund account, effective from August 11, to maintain stability and protect shareholder interests [1][3]. - The fund's combined scale for Class A and Class C shares was reported at 8.114 billion yuan as of June 30 [1]. - Similar restrictions were previously implemented for another fund managed by the same manager, China Europe Medical Health, since January 2021 [2]. Performance Metrics - As of August 8, the China Europe Medical Innovation Fund achieved a year-to-date return of 62.28% and a one-year return of 80.12%, ranking in the top 2 among similar funds [4]. - Other funds managed by China Europe Fund, such as China Europe Science and Technology Theme Fund and China Europe Intelligent Manufacturing Mixed Fund, have also announced purchase limits due to strong performance, with returns of 84.33% and over 140% respectively [7]. Investment Strategy - The fund manager, Ge Lan, remains optimistic about the innovative drug sector, emphasizing the growing global competitiveness of domestic companies in areas like ADC, dual antibodies, and peptides [5]. - The domestic policy environment is also seen as supportive, with ongoing improvements in research efficiency, quality, and diversified payment mechanisms, which are expected to benefit innovative drug companies [5]. Industry Trends - The trend of imposing purchase limits among high-performing funds reflects a proactive approach by fund companies to control scale during favorable market conditions, ensuring effective investment strategies and stable fund operations [7]. - Approximately 80 actively managed equity funds have announced purchase restrictions since July, indicating a broader industry trend towards managing fund sizes in response to market performance [7].