21日开放式基金净值增长排名前10的基金分别是：汇添富双鑫添利债券D、平安港股通医疗创新精选混合A、平安港股通医疗创新精选混合C、嘉实中证港 股通创新药ETF、万家中证港股通创新药ETF、港股通创新药ETF工银、广发中证香港创新药(QDII-ETF)、景顺长城中证港股通创新药ETF、招商景气优选股 一顿操作猛如虎，目前已有28402只基金更新净值，谁是基金中的王者，谁又垫底，请看数据： 票A、汇添富国证港股通创新药ETF。 【备注：汇添富双鑫添利债券D净值变化比较大，但汇添富双鑫添利债券A/C今天净值变化不大，从公告看，这个基金净值重新估值导致的涨幅，并不是基 金运营实际产生的收益。详见《汇添富双鑫添利债券型证券投资基金D类份额基金产品资料概要》；平安港股通医疗创新精选混合A/C属于新基金，基金成 立日期是06-12，现在当然是没有十大持仓公示，也无法得知持股风格，只知道是创新药方向；嘉实中证港股通创新药ETF也是新基金，基金成立日期是07- 30，情况与上一家很像，这里注意看了，近期不少创新药的新基金发行】 写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述， ...

Group 1 - As of July 31, 12 public funds have achieved a net value growth rate exceeding 100% in 2023, primarily focusing on themes such as innovative drugs, biomedicine, and healthcare, closely linked to the strong performance of the Hong Kong innovative drug sector [1][2] - The top-performing fund, Huatai-PB Hong Kong Advantage Selection A, boasts a 143.24% year-to-date net value growth rate, heavily invested in Hong Kong innovative drugs, with its top ten holdings all being Hong Kong innovative drug stocks [2][3] - Other notable funds with over 100% growth include Changcheng Medical Industry Selection A and Bank of China Hong Kong Stock Connect Medical A, along with several ETFs focused on innovative drugs [2][3] Group 2 - The strong performance of the Hong Kong innovative drug sector is driven by three main factors: increased collaboration needs due to multinational pharmaceutical companies facing "patent cliffs," many biotech companies approaching breakeven within three to five years, and comprehensive policy support from research to payment [3] - The manager of Huatai-PB Hong Kong Stock Connect Innovative Drug ETF noted a significant acceleration in Chinese innovative drug companies' overseas expansion since 2025, with multiple large overseas licensing deals indicating global recognition of China's innovation capabilities [3] - The manager of Huatai-PB Hong Kong Advantage Selection Mixed Fund emphasized that with the recovery of market risk appetite, innovative drug companies with core competitiveness will demonstrate long-term growth value, focusing on globally competitive innovative drug firms and high-quality medical device leaders [3] Group 3 - The Hong Kong stock market has seen significant liquidity improvement and increased trading activity in 2023, enhancing its resilience and attracting global capital to quality assets [4] - The Hang Seng Index has outperformed major global markets with over a 20% increase in the first half of the year, and net inflows from southbound funds exceeded 700 billion yuan, marking a record high [4] - Looking ahead, the Hong Kong market is expected to continue its diversification trend, supported by improving free cash flow and increasing share buybacks among listed companies, which may lay a solid foundation for long-term stable performance [4]

Group 1 - As of July 31, 12 public funds have achieved a net value growth rate exceeding 100% in 2023, primarily focusing on themes such as innovative drugs, biomedicine, and healthcare, closely linked to the strong performance of the Hong Kong innovative drug sector [1][2] - The top-performing fund, Huatai-PB Hong Kong Advantage Selection A, has a net value growth rate of 143.24%, heavily invested in Hong Kong innovative drugs, with its top ten holdings all being Hong Kong innovative drug stocks [2][3] - Other funds, including Changcheng Medical Industry Selection A and Bank of China Hong Kong Stock Connect Medicine A, also reported net value growth rates over 100%, indicating a robust performance across various funds in the innovative drug sector [2][3] Group 2 - The strong performance of the Hong Kong innovative drug sector is driven by three main factors: increased collaboration demand due to multinational pharmaceutical companies facing "patent cliffs," many biotech companies approaching breakeven within three to five years, and comprehensive policy support from R&D to payment [3] - The manager of Huatai-PB Hong Kong Stock Connect Innovative Drug ETF noted a significant acceleration in Chinese innovative drug companies' overseas expansion since 2025, with multiple large overseas licensing deals indicating global recognition of China's innovation capabilities [3] - The manager of Huatai-PB Hong Kong Advantage Selection Mixed Fund emphasized that with the recovery of market risk appetite, innovative drug companies with core competitiveness will demonstrate long-term growth value, focusing on globally competitive innovative drug firms and high-quality medical device leaders [3] Group 3 - The Hong Kong stock market has seen significant liquidity improvement and increased trading activity, enhancing its resilience and overall performance, with the Hang Seng Index rising over 20% this year, outperforming major global markets [4] - The net inflow of over 700 billion yuan from southbound funds has set a new high for the same period, indicating a strong demand for quality assets in the Hong Kong market [4] - Looking ahead, the Hong Kong market is expected to continue its diversification trend, supported by ongoing policy measures, improved free cash flow among listed companies, and an increasing buyback scale, which reflects enhanced corporate quality and shareholder return awareness [4][5]

Group 1 - The core viewpoint of the report indicates that the construction materials and coal industries performed well during the period, with the Shanghai Composite Index rising by 1.67% and the Shenzhen Component Index increasing by 2.33% [2][9] - In the recent 12 periods, the comprehensive and pharmaceutical industries showed strong performance, suggesting potential investment opportunities in these sectors [9] - Active equity funds focusing on electronics and coal industries also demonstrated superior performance during this period [14] Group 2 - Among various fund types, actively managed stock funds increased by 1.55%, while mixed funds rose by 1.63%, and bond funds saw a slight decline of 0.16% [2] - The average return of convertible bond funds was notably high at 12.46% year-to-date, indicating a strong performance in this category [17] - QDII funds, particularly those focused on Asia-Pacific and emerging markets, led the performance with an increase of 2.56% during the period [19][21]

Group 1 - The core viewpoint is that two additional funds have achieved over 100% performance this year, bringing the total number of "doubling funds" to four, driven by the surge in the innovative drug sector [1][2] - The innovative drug sector has seen a significant increase, with the A-share innovative drug index rising over 3% on July 17, and nearly 20 related stocks hitting the daily limit or rising over 10% [2][5] - The four funds that have doubled their performance focus on the innovative drug industry, with the top performer being Huatai-PB Hong Kong Advantage Selection Fund, which has a year-to-date net value increase of 120.87% [3][5] Group 2 - The funds have experienced explosive growth in both share and net value, with Longcheng Pharmaceutical Industry Selection Fund's total share reaching 679 million, a 22.2-fold increase, and net value growing by 30 times [3][6] - The innovative drug sector is expected to continue its upward trend, with opportunities arising from overseas licensing and domestic sales growth, as highlighted by fund managers [6][7] - The overall market for innovative drug-focused funds has been strong, with 20 funds reporting over 80% net value growth this year, indicating a robust interest in the sector [5][6]

Core Viewpoint - The article highlights the emergence of two additional "doubling funds" in the innovative drug sector, bringing the total to four funds that have achieved over 100% growth in net asset value year-to-date, driven by a strong performance in the innovative drug market [2][4]. Group 1: Fund Performance - As of July 17, 2023, the net asset value growth rates for the newly added funds are 103.61% for China Universal Hong Kong Stock Connect Medicine A and 102.12% for Yongying Medicine Innovation Selection A, marking them as the third and fourth "doubling funds" of the year [4]. - Previously, two funds, Huatai PineBridge Hong Kong Advantage Selection A and Great Wall Medicine Industry Selection A, had already achieved over 100% growth, with respective growth rates of 120.87% and 115.1% [5]. - The performance of these funds is primarily focused on the innovative drug industry, with a significant concentration on Hong Kong stocks [5]. Group 2: Market Trends - The innovative drug sector has seen a strong rally, with the A-share innovative drug index rising over 3% on July 17, 2023, and nearly 20 related stocks hitting the daily limit or rising over 10% [4]. - The overall market for funds focused on innovative drugs has been robust, with 20 funds reporting over 80% growth year-to-date, indicating a strong trend in this sector [7]. Group 3: Future Outlook - Fund managers express optimism about the innovative drug sector's mid-term outlook, emphasizing the importance of entering the large European and American pharmaceutical markets for Chinese innovative drug companies [2][8]. - Key investment opportunities in the innovative drug sector include overseas licensing trends and domestic sales growth, which will be influenced by quarterly reports and negotiations with medical insurance and commercial insurance [8][9].

Core Viewpoint - The rise of the innovative drug sector in the first half of 2025 has become a significant highlight in the investment market, driven by policy support, technological breakthroughs, and market demand, leading to outstanding performance of related funds and marking a critical battle for active equity funds to prove their worth [1][15]. Group 1: Performance of Active Equity Funds - In the first half of 2025, active equity funds have outperformed broad-based indices, with the average return of equity mixed funds at 4.81% and 75% of these funds achieving positive returns [3]. - The top-performing funds in the first half of 2025 include 汇添富香港优势精选A with a return of 86.48%, 中信建投北交所精选两年定开A at 82.45%, and 长城医药产业精选A at 75.18% [5][6]. Group 2: Innovative Drug Sector Growth - The innovative drug sector has experienced explosive growth in the first half of 2025, with the 万得创新药概念指数 rising over 21% and the 恒生创新药指数 increasing by more than 66% [4]. - The top holdings of 汇添富香港优势精选 include stocks like 荣昌生物 and 科伦博泰生物-B, which have shown significant price increases, with 荣昌生物's stock price rising over 370% year-to-date [9][10]. Group 3: ETF Performance - The innovative drug sector has also played a crucial role in the performance of ETFs, with 汇添富国证港股通创新药ETF leading the market with a return of 68.98% [12][13]. - Other notable ETFs in the innovative drug space include 银华国证港股通创新药ETF and 华泰柏瑞恒生创新药ETF, both achieving returns above 67% [12]. Group 4: Long-term Investment Value - The innovative drug industry, after years of stagnation, is now recognized for its market value and commercial potential, highlighting the importance of long-term investment strategies [14][15]. - The historical context shows that since 2010, the A-share market has shifted towards structural opportunities, with sectors like healthcare, consumption, and technology becoming the main drivers of economic growth [20].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The report focuses on the performance and capital flow of the ETF fund market in the past week (from June 30th to July 4th), providing reference for investors [1]. - Most A - share - focused ETFs rose this week. Among them, pharmaceutical and biological ETFs had the largest increase, with an average increase of 3.11% for funds above a certain scale, while TMT ETFs declined, with an average decrease of 0.19% for funds above a certain scale [2][5]. - Capital continued to flow into bond ETFs significantly, with a net inflow of 11.299 billion yuan for the whole week. On the contrary, large - cap index ETFs experienced significant capital outflows, with a net outflow of 19.567 billion yuan for the whole week [3][5]. 3. Summary by Related Catalogs 3.1 ETF Market Overall Performance - Market performance: Most A - share - focused ETFs rose. Pharmaceutical and biological ETFs had the largest increase (3.11% on average for large - scale funds), and TMT ETFs declined (0.19% on average for large - scale funds) [2][5]. - Capital flow: Bond ETFs had a net capital inflow of 11.299 billion yuan, and large - cap index ETFs had a net capital outflow of 19.567 billion yuan [3][5]. - Top - performing funds: Some Hong Kong - listed innovative drug ETFs, such as Wanjia CSI Hong Kong - Stock Connect Innovative Drug ETF (520700), had high weekly returns, with a weekly increase of 7.55% [8]. - Top funds in terms of capital inflow: E Fund Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF (511110) had a capital inflow of 1.982 billion yuan [9]. - Top funds in terms of capital outflow: Huatai - Peregrine CSI 300 ETF (510300) had a capital outflow of 6.626 billion yuan [10]. 3.2 Different Popular Sub - Type ETF Fund Market Performance - **Stock ETF - Broad - Based Index**: Different broad - based index ETFs had different performances. For example, in the super - large - cap index category, Huaxia SSE 50 ETF (510050) had a weekly increase of 1.47% [12]. - **Stock ETF - Industry Theme**: Each industry - themed ETF also showed different trends. For instance, in the TMT sector, some semiconductor - related ETFs declined, while in the pharmaceutical and biological sector, some innovative drug ETFs rose [18][21]. - **Bond ETF**: Various bond ETFs had capital inflows, such as Southern Shanghai Stock Exchange Benchmark Market - Making Corporate Bond ETF (511070) with a capital inflow of 1.32 billion yuan [26]. - **QDII ETF**: Some Hong Kong - related innovative drug QDII ETFs had high returns, like GF CSI Hong Kong Innovative Drug ETF (513120) with a weekly increase of 7.35% [27]. - **Commodity ETF**: Gold - related commodity ETFs, such as Huaan Gold ETF (518880), had a certain increase [28]. 3.3 Innovation Theme and Sub - Industry ETF Fund Market Performance - **TMT Innovation Theme**: The animation and game theme had a high weekly increase of 6.99%, and the representative fund, Huaxia Game ETF (159869), had a weekly increase of 6.77% [30]. - **Consumption Sub - Industry**: The livestock and poultry breeding sub - industry had a weekly increase of 2.31%, and the representative fund, Cathay Pacific Livestock and Poultry Breeding ETF (159865), had a weekly increase of 2.36% [31]. - **Pharmaceutical Sub - Industry**: The innovative drug sub - industry had a weekly increase of 4.56%, and the representative fund, Yin Hua Innovative Drug ETF (159992), had a weekly increase of 4.73% [32]. - **New Energy Theme**: The photovoltaic industry theme had a weekly increase of 4.44%, and the representative fund, Huatai - Peregrine Photovoltaic ETF (515790), had a weekly increase of 4.41% [33]. - **Central and State - Owned Enterprises Theme**: The central enterprise dividend theme had a weekly increase of 2.83%, and the representative fund, Huatai - Peregrine Central Enterprise Dividend ETF (561580), had a weekly increase of 2.73% [34]. - **Steady - Growth Theme**: The CSI Iron and Steel theme had a weekly increase of 5.62%, and the representative fund, Cathay Pacific Iron and Steel ETF (515210), had a weekly increase of 5.41% [35]. - **Hong Kong - related Sub - Industry**: The Hong Kong biotechnology sub - industry had a weekly increase of 5.94%, and the representative fund, Huaxia Hang Seng Biotechnology ETF (159892), had a weekly increase of 5.16% [36]. - **Dividend/Dividend Low - Volatility Index Family**: The CSI 300 Dividend Index had a weekly increase of 2.59%, and the representative fund, Jianxin CSI 300 Dividend ETF (512530), had a weekly increase of 2.66% [37]. - **Growth Enterprise Market Index Family**: The ChiNext 50 Index had a weekly increase of 1.93%, and the representative fund, Huaan ChiNext 50 ETF (159949), had a weekly increase of 1.79% [38].

Core Viewpoint - The ETF performance in the first half of 2025 shows a stark contrast, with the Hong Kong innovative drug ETFs surging over 58%, while the photovoltaic industry ETFs faced a decline of over 11% [2][3]. Group 1: Performance of Innovative Drug ETFs - The top-performing ETFs are dominated by the pharmaceutical sector, particularly focusing on Hong Kong innovative drugs and biotechnology, indicating strong investor interest in the innovative drug field [3]. - The leading ETF, Huatai-PB Hong Kong Innovative Drug ETF, achieved a remarkable increase of 58.77%, with a scale of 7.802 billion [4]. - Other notable ETFs include Yinhua and Wanji's Hong Kong Innovative Drug ETFs, both exceeding 57% growth, showcasing significant capital involvement in the sector [4][5]. Group 2: Performance of Photovoltaic and Traditional Energy ETFs - In stark contrast, the coal and photovoltaic industry ETFs experienced significant declines, with the top loser, Guotai Zhongzheng Coal ETF, dropping by 12.28% [6][7]. - The photovoltaic ETFs collectively faced severe downturns, with all listed ETFs in this category recording declines exceeding 11%, reflecting the industry's adjustment pressures [7][8]. Group 3: Underlying Market Dynamics - The extreme market divergence reflects a sensitive response to changes in industry trends, driven by supportive policies for innovative drugs and the challenges faced by traditional energy and photovoltaic sectors [9]. - Recent policies from various government departments have provided robust support for the innovative drug industry, enhancing its development prospects [9][10]. - Conversely, the photovoltaic sector is grappling with overcapacity and financial losses, with expectations for a prolonged adjustment period before recovery [10]. Group 4: Future Outlook - The innovative drug market in China is projected to have significant growth potential, driven by low per capita medical spending and an aging population [11]. - The Hong Kong innovative drug sector is expected to continue its rapid development, supported by policy initiatives and advancements in research and commercialization [11][12]. - Long-term perspectives suggest that innovative drugs represent a "long slope, thick snow" sector, emphasizing the importance of distinguishing between thematic speculation and value growth [12].

Core Insights - The A-share market in the first half of 2025 exhibited a distinct structural trend, with pharmaceutical and biotechnology-themed funds dominating performance rankings [1] - Over 120 funds were liquidated during this period, indicating significant market shifts [1] Performance Summary Top Performing Funds - The top ten stock funds saw significant returns, with the leading fund, Huaan Pharmaceutical Bio A, achieving a return of 66.44% [2] - Other notable performers included Jiashi Huron Selected A (60.26%) and Ping An Pharmaceutical Selected A (58.80%) [2] - The average return of the top ten funds was driven primarily by smaller, actively managed funds, highlighting their flexibility in capturing rapid market movements [5] Underperforming Funds - The worst-performing funds were led by Jianxin China Manufacturing 2025 A, which recorded a decline of 14.68% [4] - Other funds in the bottom tier included Huaxia Advantage Selected and Great Wall Quantitative Selected A, both with declines exceeding 12% [4] - The coal and photovoltaic sectors faced significant downward pressure, with several funds in these categories showing substantial losses [4] Sector Analysis Pharmaceutical and Biotechnology - The pharmaceutical and biotechnology sectors have seen a resurgence after a prolonged adjustment period, driven by improved valuations and supportive policies [5] - The global and domestic biotech investment climate is recovering, contributing to the strong performance of related funds [5] Coal and Photovoltaic Industries - The coal industry is experiencing a shift in supply-demand dynamics, leading to downward pressure on valuations due to economic restructuring and accelerated energy transitions [5] - The photovoltaic sector is facing intensified competition and concerns over overcapacity, impacting short-term profitability and stock performance [5] Market Outlook - The A-share market is expected to show a trend of gradual upward movement in the second half of 2025, supported by increased participation from public funds and favorable policies [6] - However, significant differentiation among sectors may lead to rebalancing pressures, particularly in pharmaceuticals and biotechnology [6] - Investors are advised to analyze macroeconomic trends and industry policies to identify opportunities amidst market volatility [6]