【环球网财经综合报道】随着上市公司半年报持续披露，谢治宇、葛兰、朱少醒等知名基金经理的二季度调仓操作浮 出水面。 此外，国瓷材料半年报显示，截至二季度末，富国天惠精选成长持有国瓷材料2200万股，较去年四季度末的3100万股 有所减少；与一季度末相比，富国天惠精选成长在二季度减持昆药集团1000万股。 另一位知名基金经理葛兰管理的中欧医疗健康在二季度也有明显调仓。东方财富Choice数据显示，该基金出现在丽珠 集团、华东医药、信立泰、贝达药业、新诺威、百利天恒、药明康德等多家上市公司前十大流通股股东名单中，对华 东医药、信立泰、诺诚健华 - U、新诺威等股票进行增持。以新诺威为例，二季度末，中欧医疗健康的持股数量达 2018.39万股，这一数据与一季度末的626.61万股相比，增加1391.77万股。 兴证全球基金基金经理谢治宇管理的兴全合润LOF同样动作不断。截至二季度末，兴全合润LOF成为吉祥航空的新进 前十大流通股股东，持股量达1878.65万股。该基金在二季度对奥比中光进行减仓。此外，兴全合润LOF还出现在继峰 股份半年报前十大流通股股东名单中，与一季度末相比，该基金在二季度末的持股量未发生变化。（南 ...

Core Insights - Recent performance of small and micro-cap indices has significantly outpaced major broad-based indices, with notable gains in related thematic funds [1][2] - Due to limited capacity for small-cap stocks to absorb capital, several funds have implemented purchase restrictions to protect investors [2][3] - Fund managers are adjusting strategies by diversifying investments and shifting capital towards larger-cap stocks to manage increased fund sizes [3][4] Group 1: Market Performance - Small-cap indices such as the CSI 2000 and Guozheng 2000 have seen substantial increases of 34.04% and 29.29% respectively since April 7, with micro-cap indices rising over 56% [2] - The performance of thematic funds focused on small-cap stocks has been impressive, with funds like Nuoan Multi-Strategy Fund gaining over 60% and Jianxin Flexible Allocation Fund nearly 50% year-to-date [2] Group 2: Fund Purchase Restrictions - Several funds have announced purchase limits due to the rapid increase in fund sizes and the need to protect investor interests, including Nuoan Multi-Strategy and CITIC Prudential Multi-Strategy [2][3] - Specific limits include the suspension of large purchases over 5,000 yuan for Nuoan Multi-Strategy and 1,000 yuan for CITIC Prudential Multi-Strategy, marking multiple announcements of such restrictions this year [2] Group 3: Strategy Adjustments - Fund managers are reducing their holdings in small-cap stocks to mitigate the impact on stock prices, with some funds shifting to larger-cap stocks as their assets under management grow [3][4] - For instance, CITIC Prudential Multi-Strategy Fund's assets increased from under 700 million yuan to 1.199 billion yuan, leading to a decrease in individual stock weightings [3] - Other funds, like the招商量化精选, have shifted focus from small-cap stocks to larger companies, reflecting a broader trend among funds adapting to market conditions [4]

上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到 先得！ 下半年以来，超百只基金投顾组合完成调仓。随着赚钱效应的升温，权益类投顾组合持续加仓 权益资产，即便近期遇到了小幅调整，越跌越买的态势仍较为显著。具体来看，基金"专业买 手"更青睐科技等成长领域，拥有产业长周期逻辑的资产被伺机加仓。 加仓权益 青睐主动管理型基金 在市场赚钱效应的加持下，部分权益类基金投顾近期回报丰厚。据开源证券统计，7月股票型投 顾产品平均收益率达到5.12%，高于沪深300指数的3.54%。拉长来看，今年以来，不少投顾组 合的涨幅已经超过20%，如嘉实百灵全天候策略、中欧优势行业全明星等。 不少投顾组合乘胜追击，于近期提升了权益仓位。同源数据显示，仅7月就有141个基金投顾组 合进行了持仓调整。其中，股票型投顾产品减仓偏债类基金，加仓权益类基金；股债混合型投 顾产品加仓主动权益基金，减仓指数基金。例如"嘉实百灵全天候策略"投顾组合在7月上半月降 低了黄金、债券的仓位，并提升权益仓位。 面对近期的市场震荡，多数基金投顾并不担忧。从天天基金网上的基金投顾组合来看，大多组 合最近的"发车"金额并未因 ...

Market Overview - In the second half of the year, fund advisory portfolios have been actively rebalanced, with equity advisors continuing a "buy the dip" strategy, particularly increasing positions in hard technology and high-end manufacturing sectors, which are seen as having long industry cycles [1] - On August 6, A-shares showed an upward trend, with the Shanghai Composite Index rising by 0.45% to 3633.99 points, the Shenzhen Component Index increasing by 0.64% to 11177.78 points, and the ChiNext Index up by 0.66% to 2358.95 points. The total trading volume in the Shanghai and Shenzhen markets reached 17340.68 billion yuan, with over 3300 stocks rising, and nearly 100 stocks gaining over 9% [1] Fund News - On August 6, nine new funds were launched, primarily equity and mixed funds, including the Huaxia SSE Sci-Tech Innovation Board Composite Index Enhanced A, which has a fundraising target of 8 billion yuan. Five funds announced dividends, with the highest being 1.5 yuan per 10 fund shares for the Yinhua Huixiang Three-Year Regular Open Mixed Securities Investment Fund [2] - Following the recent issuance of QDII quotas, six products have announced the suspension of subscriptions or reduced quotas in August. Several ETFs linked to overseas broad-based indices continue to trade at significant premiums, indicating strong investor interest [2] - Convertible bonds have gained attention as the market recovers, with the China Convertible Bond Index rising by 10.09% year-to-date, compared to a 3.58% increase in the CSI 300 Index and a slight decline of 0.59% in the China Bond Composite Index, showcasing significant excess returns [2] Fund Performance - The top-performing funds on August 6 included the Zhonghai Charm Yangtze River Delta Flexible Allocation Mixed Fund, with a daily growth rate of 5.8049%, followed by Hengyue Smart Technology Mixed C at 5.3508% and Hengyue Smart Technology Mixed A at 5.3482% [3][4] - In the stock fund category, the top performer was the Huaan National Robot Industry Index C, with a daily growth rate of 3.5701%, while the bond fund champion was the Wanji Convertible Bond D, with a growth rate of 1.6761% [4][5] - The top five ETFs included the Sichuan Robot Industry ETF, which achieved a daily growth rate of 4.1435%, and the LOF fund champion was the Guotai National Aerospace Military Industry Index (LOF) A, with a growth rate of 3.0963% [4][5]

Core Viewpoint - The Huabao Multi-Strategy A fund has underperformed its benchmark by over 6 percentage points year-to-date as of July 28, 2025, with a net asset value decline of 1.46% [1][5]. Group 1: Fund Performance - The Huabao Multi-Strategy A fund was established in May 2004 and currently has an asset size of approximately 650 million yuan [2]. - The fund has experienced cumulative declines of 14.18% during the tenure of its current manager, Ding Jingfei, who has been in charge since October 2022 [6][9]. - In 2023 and 2024, the fund reported losses of 15.57% and 2.83%, respectively [5]. Group 2: Portfolio Management - The fund's stock holdings accounted for 78.11% of total assets as of the end of Q2 2025, with the top ten holdings representing 40.32% of net asset value [7]. - The fund has a high turnover rate, with stock turnover rates of approximately 468.23% and 614.88% in 2023 and 2024, respectively [7]. - More than half of the top ten holdings were replaced in Q2 2025, indicating a strategy focused on structural adjustments in response to external factors [7]. Group 3: Key Holdings - The top holdings as of Q2 2025 included Jack Shares, Naipu Mining Machinery, and Yonghui Supermarket, with significant declines in the values of Xianglou New Materials and Honglu Steel Structure, both dropping over 15% [8].

Group 1: Fund Positioning Insights - In Q2 2025, the scale of actively managed funds declined again, with redemption pressure remaining high [3] - Hong Kong stock positions reached a new high, but the pace of increase slowed and divergences emerged [3] - The configuration of innovation and entrepreneurship showed a reversal, with the ChiNext index's position regaining upward momentum [3] - There was a noticeable increase in allocation towards growth sectors and large financials, while dividend configurations narrowed [3] - The trend of diversification and market capitalization sinking continued [3] Group 2: Industry Performance - The steel industry showed a performance increase of 34.0% over the past year, leading among industries [1] - The communication sector experienced a significant annual growth of 51.5%, indicating strong market dynamics [1] - The banking sector lagged with a slight decline of -0.2% in January, but showed a recovery of 30.3% over the year [1] Group 3: Company-Specific Insights - Kuaishou (01024.HK) is expected to achieve revenues of 140.6 billion, 154.5 billion, and 166.6 billion RMB from 2025 to 2027, with a net profit growth of 11%, 27%, and 14% respectively [5] - Bilibili (09626.HK) is projected to generate revenues of 30 billion, 32.9 billion, and 36.2 billion RMB from 2025 to 2027, with a year-on-year growth of 12%, 9%, and 10% [8] - GoerTek (002241.SZ) plans to acquire two precision manufacturing companies for approximately 95 billion RMB, enhancing its vertical integration capabilities [9] - Kingsoft (03888.HK) is forecasted to have revenues of 11.4 billion, 12.9 billion, and 14.6 billion RMB from 2025 to 2027, driven by dual growth from office and gaming sectors [10] - Chow Tai Fook (01929.HK) reported a 1.9% decline in same-store sales for FY2026Q1, with expectations for improvement due to strong e-commerce growth [11]

Core Viewpoint - The "national team" has significantly increased its investment in ETFs and equity assets, with an estimated total investment exceeding 207 billion yuan in the first half of the year, reflecting a strategic response to market volatility and a focus on structural opportunities [2][3][5]. Group 1: National Team's Investment Actions - In April, amidst increased volatility in the A-share market, the "national team" including Central Huijin and China Reform Holdings began to increase their holdings in ETFs and other equity assets [3]. - Central Huijin Asset Management has become the largest institutional investor in the Huatai-PineBridge CSI 300 ETF, increasing its holdings from 26.62 billion shares at the end of last year to 37.86 billion shares, representing a rise in shareholding ratio from 29.78% to 40.26% [3][4]. - The total estimated investment by the "national team" in ETFs for the first half of the year reached approximately 207.27 billion yuan, with significant contributions from various ETFs [5][6]. Group 2: Fund Managers' Adjustments - In the second quarter, over 57% of active equity funds increased their stock positions, with some funds raising their equity allocation by more than 30% [8]. - Notable fund managers like Zhang Kun have adjusted their portfolios, increasing their holdings in liquor stocks despite a general reduction in the food and beverage sector [9]. - Liu Gesong has focused on increasing allocations to Hong Kong stocks and non-bank financials, with significant investments in companies like Xiaomi and New Oriental Education [9]. Group 3: Sector Focus and Trends - The innovative drug sector has seen increased interest from fund managers, with significant allocations to companies involved in cutting-edge technologies and international collaborations [10]. - Fund managers are optimistic about the potential for domestic innovative drugs to gain international recognition and market share, driven by ongoing clinical trials and partnerships with multinational pharmaceutical companies [10].

Core Viewpoint - The "national team" has significantly increased its investment in ETFs and equity assets, with an estimated total investment exceeding 207 billion yuan in the first half of the year, reflecting a strategic move to stabilize the A-share market amid increased volatility [1][2][4]. Group 1: National Team's Investment Actions - In response to market fluctuations, the central financial institutions, including Central Huijin and China Guoxin, have actively increased their holdings in ETFs and other equity assets since April [2][3]. - Central Huijin Asset Management has become the largest institutional investor in the Huatai-PB CSI 300 ETF, increasing its holdings from 26.62 billion shares at the end of last year to 37.86 billion shares, raising its shareholding ratio from 29.78% to 40.26% [2][3]. - The total investment in ETFs by the national team in the first half of the year reached approximately 207.27 billion yuan, with significant contributions from various ETFs, including Huatai-PB, China Southern, and E Fund [4][3]. Group 2: Fund Managers' Adjustments - In the second quarter, over 57% of active equity funds increased their stock positions, with some funds raising their equity exposure by more than 30% [5][6]. - Notable fund managers, such as Zhang Kun, have adjusted their portfolios by increasing holdings in liquor stocks despite a general market downturn in the food and beverage sector [6][7]. - Liu Gesong has focused on increasing allocations to Hong Kong stocks and non-bank financials, while fund manager Ge Lan has concentrated on innovative pharmaceuticals, reducing exposure to traditional Chinese medicine and medical devices [7][8]. Group 3: Focus on Innovative Pharmaceuticals - The innovative pharmaceutical sector has attracted significant interest from fund managers, with many increasing their stakes in leading companies within this field [8]. - Ge Lan highlighted the ongoing advancements in innovative drug technologies and the increasing collaboration between domestic companies and multinational pharmaceutical firms, indicating a positive outlook for the sector [8].

Group 1: Overall Market Overview - The overall fund market is dominated by mixed funds, totaling 4,702, followed by bond funds and equity funds. The growth rate for equity funds in the current quarter is the highest at 7.45%, followed by REITs at 6.15%. The largest scale is in money market funds, reaching 142,311.36 billion yuan [3][4] - As of the end of Q2 2025, there are 581 ordinary equity funds, 1,359 flexible allocation funds, 26 balanced mixed funds, and 2,613 equity mixed funds. The number of equity mixed funds increased by 41 compared to Q1 2025 [3][4] Group 2: Active Equity Fund Positioning - The highest equity position is in ordinary equity funds at 89.61%, followed by 88.19% in equity mixed funds. The stock positions of various active equity funds are close to historical highs since 2015, with flexible allocation funds reaching their highest ever [4] - The highest industry allocation for active equity funds is in Hong Kong Stock Connect at 19.91%, followed by electronics at 15.07%. The allocation to Hong Kong Stock Connect has reached its highest level since Q1 2015 [4][5] Group 3: Stock and Individual Stock Configuration - The highest valued stock held by active equity funds is Tencent Holdings. Among the top twenty holdings, six are from Hong Kong Stock Connect, accounting for 33.79% of the total value of the top 20 stocks. The food and beverage and electronics sectors each have three stocks in the top holdings, accounting for 12.44% and 11.72%, respectively [4][5] - The stock with the highest increase in holdings is Zhongji Xuchuang, with an increase of 139.45 billion yuan. Other stocks with increases exceeding 100 billion yuan include Xinyi and Shunfeng Holdings, all from the communication sector [5]

Core Viewpoint - The article discusses the performance of various funds in the context of market trends, emphasizing the importance of understanding both long-term and short-term performance metrics when considering whether to adjust fund allocations [1]. Group 1: Fund Performance Analysis - Long-term performance of a fund may be strong while short-term performance appears weak, suggesting that if the fund manager's strategy and the investor's goals remain unchanged, it may be wise to hold the position [7]. - For funds with poor long-term performance and average short-term results, a thorough analysis is necessary to determine the reasons behind the lackluster performance, which may warrant a change in investment [10]. - Funds that have performed poorly over the long term but show better short-term results require careful evaluation to ascertain whether the performance is due to market trends or the fund manager's strategy [11]. Group 2: Reasons for Poor Fund Performance - A mismatch between the fund's style and current market trends can lead to underperformance, necessitating a review of asset allocation rather than hasty adjustments [12]. - Investors may find themselves in a position of loss if they purchase funds at market peaks, highlighting the importance of timing in investment decisions [14]. - Fund managers may underperform due to lack of diligence or poor stock selection, which can be identified through regular review of fund reports [16][17]. Group 3: Recommendations for Adjusting Fund Allocations - Investors should focus on overall portfolio allocation rather than individual fund performance, as market trends can shift rapidly [24]. - Future potential of investments should be prioritized over past performance when considering adjustments to fund allocations [27]. - Gradual adjustments to fund positions are recommended, allowing for flexibility based on market conditions [30].