Core Viewpoint - The year 2025 presents both significant opportunities and challenges for fund investments, with various themes such as AI, robotics, semiconductors, and pharmaceuticals leading the market [2][3]. Fund Performance - As of June 30, 2025, the top five performing funds include: - Huatai-PineBridge Hong Kong Advantage Selection Fund with a return of 85.64% - CITIC Construction Investment North Exchange Selection Fund with a return of 82.45% - Great Wall Pharmaceutical Industry Selection Fund with a return of 75.18% - Huaxia North Exchange Innovation Small and Medium Enterprises Selection Fund with a return of 72.16% - Bank of China Hong Kong Stock Connect Pharmaceutical Fund with a return of 70.08% [2][7][16]. - The next five funds, with returns exceeding 61%, include: - Yongying Pharmaceutical Innovation Selection Fund - GF Growth Navigation Fund - Huaan Pharmaceutical Biotechnology Fund - Ping An Core Advantage Fund - Nuon Selected Value Fund [2][7]. Fund Manager Insights - Notable fund managers include: - Zhang Wei of Huatai-PineBridge, with a background in biomedical studies and extensive experience in the pharmaceutical sector [6]. - Leng Wenpeng of CITIC Construction Investment, who has a diverse career path in various investment firms [6]. - Liang Furui of Great Wall Fund, recognized for his rapid success in the pharmaceutical sector [6]. Mixed Fund Performance - The leading mixed fund is CITIC Construction Investment North Exchange Selection Fund, which focuses on North Exchange stocks, achieving a return of 82.45% [12][16]. - Other notable mixed funds include: - Great Wall Pharmaceutical Industry Selection Fund - Yongying Pharmaceutical Innovation Selection Fund - GF Growth Navigation Fund - Ping An Core Advantage Fund [13][16]. Index Fund Trends - In the index fund category, new entrants like Huatai-PineBridge, Yinhua, and Wanji have shown strong performance, with returns exceeding 57% [17][18]. QDII Fund Highlights - The top QDII fund is Huatai-PineBridge Hong Kong Advantage Selection Fund, with a return of 85.64%, primarily investing in Hong Kong stocks [19][22]. - Other strong performers include: - GF Hong Kong Innovation Pharmaceutical ETF - Huatai-PineBridge Hang Seng Innovation Pharmaceutical ETF, both with returns over 55% [20][22]. Bond Fund Performance - In the bond fund category, the top performer is Huashang Fengli Enhanced Open Fund with a return of 13.83% [24]. - Other notable bond funds include: - China Europe Convertible Bond Fund - Bosera Convertible Bond Enhanced Fund - Fuguo Optimized Enhanced Fund [24].

Core Viewpoint - The article highlights the performance of various mutual funds over different time frames, emphasizing the importance of consistent returns and strong investment research capabilities in selecting funds. It identifies top-performing equity, bond, and FOF funds based on their returns over the past year, three years, and five years [2][3]. Equity Funds - A total of 41 equity funds have ranked in the top 10% for one, three, and five years, with at least 50% cumulative returns over five years. Notable fund managers include Penghua Fund, Dacheng Fund, E Fund, and Huaxia Fund, each having multiple products listed [3][4]. - The top five equity funds over the past five years include: 1. Jin Yuan Shun An Yuan Qi Flexible Allocation Mixed Fund (Code: 004685) with a five-year return of 293.77% [5][7]. 2. Jin Ying Technology Innovation Stock A (Code: 001167) with a five-year return of 139.01% [9][11]. 3. Huashang Runfeng Mixed A (Code: 003598) with a five-year return of 135.67% [5]. 4. Huaxia New Brocade Mixed A (Code: 002833) with a five-year return of 135.50% [5]. 5. Dacheng CSI 360 Internet + Big Data 100 Index A (Code: 002236) with a five-year return of 125.61% [5]. Bond Funds - A total of 47 bond funds have ranked in the top 10% for one, three, and five years, with at least 26% cumulative returns over five years. Leading fund managers include Huashang Fund, Dongfanghong Asset Management, and Anxin Fund, each having multiple products listed [15][19]. - The top five bond funds over the past five years include: 1. Huashang Fengli Enhanced Regular Open Bond A (Code: 003092) with a five-year return of 128.99% [19][20]. 2. Huashang Hengyi Stable Mixed (Code: 008488) with a five-year return of 95.05% [15]. 3. Huashang Shuangyi Balanced Mixed A (Code: 001448) with a five-year return of 83.49% [15]. 4. Huashang Credit Enhanced Bond A (Code: 001751) with a five-year return of 78.91% [15]. 5. Anxin Min Stable Growth Mixed A (Code: 008809) with a five-year return of 50.20% [15]. FOF Funds - A total of 12 FOF funds have ranked in the top 40% for one, three, and five years, with at least 11% cumulative returns over five years. Notable fund managers include招商基金 and 南方基金, each having two products listed [22]. - The top three FOF funds over the past five years include: 1. Qianhai Kaiyuan Yuyuan (FOF) (Code: 005809) with a five-year return of 23.87% [22][24]. 2. Xingquan Antai Balanced Pension Three-Year Holding Mixed (FOF) A (Code: 006580) with a five-year return of 21.93% [22]. 3. 招商和悦稳健养老一年持有期混合(FOF) A (Code: 006861) with a five-year return of 20.83% [22].

Core Viewpoint - The equity market continued to recover in Q1 2025, with investor risk appetite rising, as evidenced by a 4.65% increase in the Wind Mixed Equity Fund Index for the quarter and an 11.77% increase over the past year [1]. Fund Performance Equity Funds - The top-performing ordinary equity funds over the past three years include: - Chuangjin Hexin Cultural Media A with a return of 61.44% and a maximum drawdown of -28.28% [3] - Jin Ying Technology Innovation A with a return of 60.58% and a maximum drawdown of -38.68% [3] - Zhaoshang Technology Power A with a return of 56.81% and a maximum drawdown of -18.47% [3]. Mixed Equity Funds - The top mixed equity funds include: - Zhaoshang Advantage Enterprise A with a return of 86.51% and a maximum drawdown of -40.83% [7]. - Huatai-PB North Exchange Innovation Selected with a return of 80.10% and a maximum drawdown of -27.37% [7]. Bond Funds - In the fixed income market, there was significant structural differentiation affecting bond fund performance: - The Wind Short-term Pure Bond Index slightly increased by 0.13% in Q1 2025, while the Wind Medium-Long Term Pure Bond Index fell by 0.29%, marking the largest quarterly decline since Q1 2023 [1]. QDII Equity Funds - The top QDII equity funds over the past three years include: - Southern China Emerging Economy A with a return of 84.84% and a maximum drawdown of -33.95% [22]. - Tianhong CSI China-US Internet A with a return of 76.74% and a maximum drawdown of -24.33% [22]. FOF Funds - The top FOF funds over the past three years include: - Xingzheng Global Anyue Stable Pension with a return of 11.83% and a maximum drawdown of -4.99% [27]. Thematic Funds - The top quantitative funds over the past three years include: - CITIC Prudential Multi-Strategy with a return of 61.08% and a maximum drawdown of -40.72% [30].

Core Viewpoints - The article emphasizes the common misconceptions in mutual fund investment and encourages investors to adopt a more informed and strategic approach to avoid pitfalls [2][4][9]. Misconception 1: Frequent Trading and Blindly Chasing Gains - Frequent trading and chasing market highs are discouraged as they can lead to emotional decision-making and increased transaction costs, ultimately eroding potential returns [2]. - A more effective strategy is to hold onto a promising fund despite short-term volatility, allowing for recovery and growth over time [2]. Misconception 2: Performance as the Sole Indicator for Fund Selection - Relying solely on past performance rankings to select funds is misleading, as historical returns do not guarantee future results [4]. - Fund performance is influenced by market conditions and the fund manager's capabilities, making it essential to consider a broader range of factors [4]. Misconception 3: Holding a Large Number of Funds - Owning too many funds can lead to excessive management effort and potential confusion, resulting in a "messy investment" [6]. - Diversification is important, but over-diversification can lead to similar holdings across funds, which may not effectively mitigate risk [7]. Misconception 4: High Dividends Equate to Higher Returns - High dividend payouts do not necessarily indicate better overall returns, as dividends are a portion of the fund's net asset value and do not add to the total return [9]. - Investors should focus on the fund's growth potential rather than just dividend frequency, as an overemphasis on dividends may lead to missed opportunities for capital appreciation [10].

Core Viewpoint - The article highlights the performance rankings of various types of funds in Hong Kong, providing transparency and accurate information for mainland investors, and emphasizes the collaboration between Wind and HKCAMA to present these rankings [1]. Fund Performance Rankings Equity Funds - The top-performing five-year equity fund is the "Fuguo China Small Cap Growth Fund I-USD" with a return of 61.97% [2]. - The three-year top performer is the "Zhongyin Baosheng China Value Fund A-HKD" with a return of 22.11% [3]. - The one-year leader is the "Ruiyuan China Equity Fund I-HKD" with a return of 46.66% [4]. Passive Index Funds - The five-year top passive index fund is the "Zhongyin Baosheng North America Index Fund A-HKD" with a return of 90.39% [5]. - The three-year leader is the "Zhongyin Baosheng S&P 500 US Stock Index Fund A-HKD" with a return of 26.59% [6]. - The one-year top performer is also the "Zhongyin Baosheng S&P 500 US Stock Index Fund A-HKD" with a return of 23.75% [7]. Bond Funds - The five-year top bond fund is the "Huaxia Selected Asian Bond Fund I-USD" with a return of 26.48% [8]. - The three-year leader is the "Taikang Kaitai Overseas Short-Term Bond Fund I-USD" with a return of 22.52% [9]. - The one-year top performer is the "Huaxia Selected Stable Income Fund A-USD" with a return of 12.88% [10]. Mixed Funds - The five-year top mixed fund is the "Zhongyin Hong Kong All-Weather Global Investment Fund A1-USD" with a return of 54.13% [12]. - The three-year leader is the same fund with a return of 45.71% [13]. - The one-year top performer is again the "Zhongyin Hong Kong All-Weather Global Investment Fund A1-USD" with a return of 38.39% [14]. Money Market Funds (USD) - The five-year top money market fund is the "Dacheng Money Market Fund M-USD" with a return of 15.62% [18]. - The three-year leader is the "Ping An Money Fund I-USD" with a return of 13.82% [19]. - The one-year top performer is the "Taikang Kaitai USD Money Fund M-USD" with a return of 5.74% [20]. Money Market Funds (HKD) - The five-year top HKD money market fund is the "E Fund (Hong Kong) HKD Money Market Fund I-HKD" with a return of 12.57% [18]. - The three-year leader is the "Taikang Kaitai HKD Money Fund M-HKD" with a return of 11.90% [19]. - The one-year top performer is the "Taikang Kaitai HKD Money Fund M-HKD" with a return of 4.80% [20]. Greater China Funds - The five-year top Greater China equity fund is the "Fuguo China Small Cap Growth Fund I-USD" with a return of 61.97% [22]. - The three-year leader is the "Zhongyin Baosheng China Value Fund A-HKD" with a return of 22.11% [23]. - The one-year top performer is the "Ruiyuan China Equity Fund I-HKD" with a return of 46.66% [24]. Greater China Bond Funds - The five-year top Greater China bond fund is the "China Ping An Selected RMB Bond Fund A-CNY" with a return of 11.95% [26]. - The three-year leader is the "Minyin Ronghui Greater China Selected Bond Fund I-USD" with a return of 9.81% [27]. - The one-year top performer is the "Zhongyin Hong Kong All-Weather China High-Yield Bond Fund A1-CNY" with a return of 7.92% [28]. Overseas Market Funds - The five-year top overseas market equity fund is the "Zhongyin Baosheng North America Index Fund A-HKD" with a return of 90.39% [30]. - The three-year leader is the "Zhongyin Baosheng S&P 500 US Stock Index Fund A-HKD" with a return of 26.59% [31]. - The one-year top performer is the "Zhongyin Baosheng S&P 500 US Stock Index Fund A-HKD" with a return of 23.75% [32]. ETF Performance - The five-year top ETF by average daily trading volume is the "Huaxia CSI 300 Index ETF" with an average daily trading volume of 314.83 million HKD [45]. - The three-year leader is the "Nanfang Dongying Hang Seng Technology Index ETF" with an average daily trading volume of 1986.05 million HKD [46]. - The one-year top performer is the "Nanfang Dongying Hang Seng Technology Index ETF" with an average daily trading volume of 2578.52 million HKD [47].