Core Viewpoint - Despite high returns this year, several popular thematic funds are facing liquidation risks due to significant redemption pressures after recovering their net asset values [1][2][3] Group 1: Fund Performance and Redemption Pressure - Many high-performing thematic funds, particularly in the pharmaceutical, military, and new consumption sectors, are experiencing redemption pressures despite strong year-to-date performance [1][2] - A specific innovative drug fund announced a meeting to discuss modifying its contract termination clauses after being below the 50 million yuan threshold for 45 consecutive working days [2][3] - A new consumption fund has also triggered liquidation procedures, entering asset liquidation as of August 21, with its net asset value recently recovering [2][3] Group 2: Military Industry Fund Insights - The military industry index has seen a nearly 20% increase this year, yet a military-themed fund is facing liquidation due to its net asset value falling below the 200 million yuan threshold [2][4] - This military fund reported a 15% return this year, with most gains occurring in the last three months, indicating a delayed performance recovery [4] Group 3: Future Market Outlook - Industry experts believe that the redemption pressures faced by popular thematic funds do not necessarily indicate the end of the related market trends, as structural opportunities may still exist [5] - The military sector is expected to benefit from increased national defense budgets and technological advancements, with optimistic projections for continued growth in the coming years [6] - The innovative drug sector's strong performance is attributed to previously suppressed valuations and recent positive developments in product profitability and market expansion [7]

Core Viewpoint - Despite high returns this year, several popular thematic funds are facing liquidation risks due to significant redemption pressures after recovering their net asset values [1][3][4]. Group 1: Fund Liquidation Risks - Multiple high-performing thematic funds, including those in the pharmaceutical, military, and new consumer sectors, have disclosed risks of contract termination and liquidation [3][4]. - A public fund in South China announced a meeting to discuss modifying the termination clauses of its innovative drug fund, which has been below 50 million yuan for 45 consecutive working days [3]. - A new consumer-themed fund has triggered liquidation procedures, entering asset liquidation as of August 21, with a net asset value of 1.17 yuan [3][4]. Group 2: Performance and Redemption Pressure - Funds facing redemption pressures are often those that have performed well this year, with some achieving returns close to 55% [4]. - The innovative drug fund's net asset value increased from 0.955 yuan at the beginning of the year to approximately 1.4 yuan [4]. - The military-themed fund has seen a year-to-date return of about 15%, with most gains occurring in the last three months [5]. Group 3: Future Opportunities - Despite redemption pressures, industry experts believe there are still structural opportunities in popular sectors [7]. - The military industry is expected to grow due to increased national defense budgets and technological advancements, with optimism for continued improvement in the sector's fundamentals [7][8]. - The innovative drug sector's growth is supported by previous valuation suppression and recent positive developments in product profitability and overseas transactions [8].

Core Viewpoint - Despite high returns this year, several popular sector funds are facing liquidation risks due to significant redemption pressures after recovering their net asset values [1][2]. Group 1: Fund Performance and Redemption Pressure - Many top-performing funds in sectors like pharmaceuticals, military, and new consumption are experiencing large redemption pressures despite their strong performance [2][4]. - A notable innovative drug fund announced a meeting to discuss modifying its contract termination clauses to avoid liquidation, highlighting the growing divergence in sector investments amid a booming stock market [2][3]. - Several funds, including a new consumption theme fund and a military industry fund, have triggered contract termination procedures due to their net asset values falling below required thresholds [3][4]. Group 2: Specific Fund Cases - An innovative drug fund reported a year-to-date return of approximately 55%, with its net asset value rising from 0.955 yuan at the beginning of the year to around 1.4 yuan [4]. - A new consumption fund recently completed its net value recovery, achieving a net asset value of 1.17 yuan, supported by investments in companies like Pop Mart and Wei Long [4]. - The military industry index has seen a year-to-date increase of nearly 20%, yet a military-themed fund is facing liquidation despite a return of about 15% this year, indicating a puzzling situation given the recent market trends [5]. Group 3: Future Outlook and Sector Opportunities - Industry experts believe that popular sectors still hold structural opportunities despite redemption pressures, particularly in the military sector, which is expected to benefit from increased military budgets and technological advancements [6]. - The innovative drug sector is also anticipated to continue its upward trajectory due to previously suppressed valuations and recent positive developments in product profitability and overseas transactions [7].