另一位百亿医药基金经理赵蓓管理的工银瑞信前沿医疗股票，则采取了增持操作。截至2025年12月31 日，工银瑞信前沿医疗股票的持股量为2200.00万股。而在2025年三季度末，工银瑞信前沿医疗股票持 有科伦药业2000.00万股。 另一家知名消费品公司珀莱雅1月5日晚间也发布了回购公告，公告显示，截至2025年12月30日，知名基 金经理刘彦春管理的景顺长城新兴成长混合持股量为260.00万股。这一数据与2025年三季度末的333.20 万股相比，减持了超70万股。此外，知名基金经理胡昕炜管理的汇添富消费行业混合已退出珀莱雅前十 大流通股股东名单。 （文章来源：中国证券报·中证金牛座） 科伦药业日前发布的公告显示，截至2025年12月31日，知名基金经理葛兰管理的中欧医疗健康混合持有 科伦药业3819.54万股。而在2025年三季度末，中欧医疗健康混合的持股量为4006.24万股。这意味着， 中欧医疗健康混合在2025年四季度减持了科伦药业186.7万股。 事实上，葛兰在2025年三季度便已有了减持动作。 科伦药业中报显示，截至2025年二季度末，中欧医疗健康混合持股量为4259.95万股，这表明中欧医疗 健 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘开盘上涨，到收盘变成下跌，还在4.1星。 沪深300下跌0.46%。中小盘股下跌少一些。 价值风格波动不大。 创业板等成长风格下跌多一些。 港股也是类似，上午下跌，港股科技股下跌稍多。 1. 今天也是2025年最后一个交易日。 2025年是A股港股，最近5年表现最好的一年。 （1）A股沪深300上涨17%。 中小盘股上涨更多一些，中证500上涨30%。 这跟去年反过来。2024年是大盘股上涨多，小盘股上涨少。 A股在2025年年底，也回到了4.1星上下的位置。 （2）港股恒生指数，上涨27%。 今年港股比A股表现更强一些。 港股也因为比A股上涨多一些，整体回到了3.9星上下。 （3）几个组合今年也上涨，在2025年创下新高。 2. 说一下元旦前后的安排： （1）周四周五是假期。 假期里基金也暂停交易，假期后恢复。 本周五A股放假，但港股周五会有开盘交易。 相应涨跌不会丢失，会在假期回来后统一更新。 主动优选上涨27%上下。 指数增强上涨23%上下。 准确数据要等元旦假期后知晓。 去年是指数组合强一些，今年是主动优选强一些。 两个组合今年也都跑赢了对应的业绩基准指 ...

Group 1 - The core point of the article highlights the recent adjustments in fund holdings, revealing that 600 stocks have been newly added to the fund's heavy holdings list, with 20 stocks having a new holding ratio exceeding 3% [1] - A total of 2888 stocks appeared in the fund's heavy holdings list, with 1040 stocks being increased, 1224 stocks being reduced, and 23 stocks remaining unchanged compared to the previous quarter [1] - The newly added stocks include 325 from the main board, 184 from the ChiNext, 54 from the Sci-Tech Innovation Board, and 37 from the Beijing Stock Exchange, with significant representation from the machinery, basic chemicals, and electronics sectors [1] Group 2 - Among the newly added stocks, the highest holding ratio is for China Shipbuilding Industry Corporation's special gas, with a total holding of 15.456 million shares, accounting for 10.66% of the circulating shares [2] - Yunyi Electric has the most fund holders, with 21 funds holding it, followed by Guoen Co., China Shipbuilding Special Gas, and Yanjing Co. with 20, 12, and 11 funds respectively [2] - The average increase of the high-proportion newly added stocks since the third quarter is 50.67%, with notable increases for Longyang Electronics, Boyuan Co., and Dongtian Microelectronics, which saw increases of 159.01%, 136.81%, and 119.14% respectively [2][3] Group 3 - Among the high-proportion held stocks, 15 have reported their third-quarter results, with the highest net profit growth being for Yinglian Co., which saw a year-on-year increase of 1572.67% [2] - The article provides a detailed table of high-proportion held stocks, including their stock codes, names, total holding quantities, circulating share ratios, and industry classifications [3] - The sectors represented in the high-proportion held stocks include electronics, automotive, basic chemicals, and machinery, indicating a diverse investment strategy among funds [2][3]

Group 1 - Notable fund managers such as Xie Zhiyu, Ge Lan, and Zhu Shaoxing have made significant adjustments to their portfolios in the second quarter as companies continue to disclose their semi-annual reports [1] - Zhu Shaoxing's fund, the Fortune Fund Tianhui Select Growth, has emerged as a major shareholder in several companies, including holding 15 million shares in Guangdong Hongda by the end of Q2, marking a new entry into the top ten circulating shareholders [3] - The fund also increased its holdings in Jifeng Shares by 2 million shares, bringing the total to 30 million shares, while reducing its stake in Guocera Materials from 31 million shares at the end of Q4 last year to 22 million shares by the end of Q2 [3] Group 2 - Ge Lan's fund, the China Europe Medical Health, has also made notable adjustments, appearing in the top ten circulating shareholders of several companies, including Lijuz Group and East China Pharmaceutical, with significant increases in holdings [3] - For instance, the fund increased its holdings in Xin Nuo Wei from approximately 6.27 million shares at the end of Q1 to 20.18 million shares by the end of Q2, an increase of about 13.92 million shares [3] - Xie Zhiyu's fund, the Xingquan He Run LOF, has also been active, becoming a new top ten circulating shareholder in Jixiang Airlines with 18.79 million shares, while reducing its position in Obsidian Light [4]

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]

Core Viewpoint - The article highlights the increasing trend of equity fund advisors actively adjusting their portfolios, favoring growth sectors like technology, despite recent market fluctuations [3][4]. Group 1: Fund Performance and Adjustments - Over 100 fund advisory combinations have completed adjustments since the second half of the year, with a notable increase in equity asset allocations [3]. - In July, the average return of stock advisory products reached 5.12%, outperforming the CSI 300 index's 3.54% [3]. - Many advisory combinations have seen year-to-date gains exceeding 20%, with specific examples like the Jiashi Bailin All-Weather Strategy and China Europe Advantage Industry All-Star [3]. Group 2: Portfolio Strategies - Fund advisors are increasingly replacing passive funds with active management funds due to improved performance in active equity funds [4]. - For instance, the ICBC Credit Suisse Balanced Allocation Combination reduced its index fund holdings by 15 percentage points while increasing its allocation to mixed funds [4]. - The article notes a shift in focus towards sectors such as pharmaceuticals, cyclical industries, and technology, while reducing exposure to consumer sectors [6]. Group 3: Tactical Adjustments - Some advisory combinations are optimizing their portfolio structures by taking profits and reallocating funds to more promising sectors [8]. - The "交银全明星" combination adjusted its holdings by decreasing the weight of value funds and increasing its offensive positioning [8]. - Advisors maintain a positive outlook on the A-share market's upward trend, suggesting that short-term adjustments should be leveraged for strategic accumulation in sectors with stable long-term fundamentals [8].

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].