Core Viewpoint - The active equity fund managed by CITIC Construction Investment's North Exchange has achieved the highest performance in the first half of the year, with a return of 82.45% as of June 30 [1] Fund Performance Summary - The top-performing fund is the CITIC Construction Investment North Exchange Selected Two-Year Open Fund, led by Leng Wenpeng, with a return of 82.45% [1] - Other notable funds include: - Huaxia North Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Fund with a return of 72.16% [1] - Wanji North Exchange Intelligent Selection Two-Year Open Fund with a return of 60.36% [1] - The second-ranked fund, Changcheng Pharmaceutical Industry Selected Fund, achieved a return of 75.18% [1] - More than half of the top ten funds have significant investments in the pharmaceutical sector, including: - Bank of China Hong Kong Stock Connect Pharmaceutical Fund with a return of 70.08% [1] - Yongying Pharmaceutical Innovation Intelligent Selection Fund with a return of 69.39% [1] - Huashan Pharmaceutical Biotechnology Fund with a return of 66.44% [1] - Ping An Core Advantage Fund with a return of 63.76% [1] - Nuon Selected Value Fund with a return of 61.88% [1] - The growth-oriented fund managed by Wu Yuanyi, Guangfa Growth Navigation One-Year Holding, ranked sixth with a return of 68.29% [1]

亮眼业绩得益于北交所市场多重利好因素的共振。政策层面，北交所持续优化制度设计，降低企业上市门槛，吸 引众多专精特新企业聚集；业绩方面，北交所上市公司2025年一季度财报显示，265家企业中有165家实现营收正 增长，为市场提供了坚实的基本面支撑；资金端，公募基金加速布局，截至一季度末，72只基金的前十大持仓中 出现了北交所公司，机构配置比例显著提升。 然而，资金的热捧也带来了管理压力。为防止短期资金盲目涌入，多只基金近期启动限购。业内人士指出，限购 既是控制规模、保护现有投资者利益的常规操作，也反映了部分基金对后市波动风险的警惕。 尽管北交所主题基金整体表现强势，但部分产品在"高收益"的光环下，却未能跑赢比较基准。以国泰北证50成份 指数为例，该产品年内收益超20%，却跑输基准达12个百分点。类似情况并非个例，多只成立时间较晚或仓位调 整滞后的基金均出现显著差距。上述产品成立时间为去年11月份，而同期成立的鹏华北证50成份指数也同样跑输 基准10个百分点。 目前，北交所主题基金主要分为主动管理型产品和被动指数基金两类。理论上，被动型基金应尽可能贴近指数表 现，但实际运作中，跟踪误差往往因建仓节奏、成分股调整等 ...

Group 1: Core Insights - The public fund market in Q1 2025 performed well, driven by AI and robotics, with robotics-themed funds, North Exchange funds, and Hong Kong stock funds leading the performance rankings [1][5] - The top-performing fund, Penghua Carbon Neutrality Theme A, achieved a return of 60.26%, making it the champion of Q1 performance [1][2] - Active equity funds showed a significant recovery, outperforming passive products due to their flexible market strategies and early positioning in high-performing stocks [1][5] Group 2: Robotics-Themed Funds - Robotics-themed funds stood out in Q1 2025, with Penghua Carbon Neutrality Theme A heavily invested in stocks like Beite Technology and Hechuan Technology, achieving a 60.26% return [2] - Notable stocks contributing to the fund's success included Shuanglin Co., which saw a year-to-date increase of 118.16% [2] - Fund managers expressed optimism about the robotics sector, highlighting investment opportunities in areas such as electronic skin and laser radar [2] Group 3: North Exchange Funds - North Exchange funds also performed well, with returns of 38.98%, 37.45%, and 34.26% for specific funds, driven by investments in stocks like Kelaite, which increased by 136.01% [3] - The North Exchange market is viewed as having reasonable valuations, with potential for growth due to the continuous inclusion of innovative companies [3] Group 4: Hong Kong Stock Funds - Hong Kong stock funds experienced a resurgence, with returns of 38.9%, 32.25%, and 31.4%, primarily driven by strong performances in the internet technology and pharmaceutical sectors [4] - Key stocks included Hansoh Pharmaceutical and Kelong Biotechnology, which saw significant price increases of 78.08% and 64.58%, respectively [4] - Fund managers anticipate continued growth in the pharmaceutical sector due to improved R&D efficiency and increasing transaction shares from overseas pharmaceutical companies [4] Group 5: Active Equity Funds - Active equity funds demonstrated strong performance, with an average net value growth rate of 3.47%, significantly outperforming mainstream indices [5] - Ordinary stock funds and mixed equity funds reported average net value growth rates of 4.57% and 4.53%, respectively, showcasing the strong capabilities of public funds in equity investment [5] - The overall market in Q1 2025 exhibited structural characteristics, with robotics-themed funds leading the way and active equity funds marking a recognition of fund managers' stock-picking abilities [5]