当公募基金行业告别简单规模扩张的初级阶段，迈入服务实体经济、满足居民财富管理的高质量 发展阶段，一个根本性的问题随之浮出水面：靠单个基金经理"聪明"是否足以应对复杂多变的市 场？在中欧基金董事长窦玉明看来，答案显然是否定的。要真正成为一家"用长期业绩说话"、长 期服务大众的基金公司，就必须从"靠个体"走向"靠体系"，完成一次深刻的生产方式变革。 除了人才，窦玉明还反复强调"长期导向""流程一致""团队协作"等关键词。 他并不急于在短期市 场波动中证明什么，而是更在意五年、十年甚至更久之后，中欧管理的基金产品能否持续跑赢基 准，整体业绩能否站在同行前列。 在窦玉明眼中，基金行业的终极竞争力不是短期业绩，而是能 否构建一个长期可持续产生投资洞见的组织。这也是走向"专业化、工业化、数智化"转型之路的 意义所在。 "专业化、工业化、数智化"转型之路 "中欧制造"的提出，是希望构建一个清晰、稳定、可复制的体系，让像中欧这样的公募基金公司 能更好地满足普罗大众的资产管理需求。在这样的目标下，依靠传统的"手工作坊"模式，显然是 难以为继的。 对此，中欧基金提出的解决方案是，通过"专业化、工业化、数智化"三化协同构建一个真正 ...

Core Insights - The recent market performance has been strong, with public funds demonstrating significant profit-making ability and excess returns, particularly in themes like Hong Kong securities, innovative pharmaceuticals, and new consumption [1][5] - As of August 18, over 130 funds have achieved returns exceeding 100% in the past year, with notable performances from technology-themed funds focusing on humanoid robots and AI [1][2] Fund Performance - Three North Exchange theme funds have reported returns over 200% in the past year, with specific funds showing returns of 249.27%, 225.42%, and 216.91% respectively [3][4] - A total of 137 funds have achieved returns over 100% in the past year, with many North Exchange theme funds also performing well, including several with returns exceeding 170% [3][4] Active Management and Benchmark Comparison - Actively managed equity funds in the North Exchange have shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64%, resulting in a 161.84 percentage point outperformance [4] Hong Kong Fund Performance - Hong Kong-related funds, particularly in the securities and innovative pharmaceuticals sectors, have also performed well, with one ETF achieving a return of 176% in the past year [5] - Several funds focused on Hong Kong innovative pharmaceuticals have reported impressive returns, with one fund achieving a return of 152.75% year-to-date [5] Technology Fund Performance - Technology-themed funds, particularly those focused on humanoid robots and AI, have also seen significant returns, with one fund reporting a return of 172.28% and another at 174.11% [6] New Consumption and Small Cap Funds - The fund "Guangfa Growth Leading" has achieved a return of 162.55% by capturing new consumption stocks, while some small-cap quantitative funds have also doubled their returns, although risks have been highlighted by several fund companies [7]

【导读】资管工业化转型！中欧基金窦玉明谈"中欧制造"崛起——"专业化、工业化、数智化"转型之路 中国基金报记者 曹雯璟 当公募基金行业告别简单规模扩张的初级阶段，迈入服务实体经济、满足居民财富管理的高质量发展阶段，一个根本性的问题随之浮出水面：靠单个基金 经理"聪明"是否足以应对复杂多变的市场？在中欧基金董事长窦玉明看来，答案显然是否定的。要真正成为一家"用长期业绩说话"、长期服务大众的基金 公司，就必须从"靠个体"走向"靠体系"，完成一次深刻的生产方式变革。 中欧基金董事长 窦玉明 近年来，中欧基金投研体系大力推动"专业化、工业化、数智化"转型，并将其归结为"中欧制造"的核心理念。这不仅是对公募基金投研体系从理念到流程 的框架重构，更是对整个行业未来发展路径的深刻思考。"'中欧制造'不是一句口号，而是一套切实可落地、可复制的方法论，是中欧基金对自身投资能 力的底层构建。"在窦玉明看来，要想真正实现可持续的阿尔法，服务好大众投资者，靠的不是个体，而是需要一套能够持续产出"洞见"，并有效协作落 地的体系。 向"专业化、工业化、数智化"的转型则有望实现从"个体"向"体系"的飞跃，也是中欧基金在践行高质量发展过程中 ...

Core Viewpoint - The article emphasizes the transformation of the asset management industry towards a "professional, industrialized, and intelligent" model, termed "Zhongou Manufacturing," which aims to enhance the investment research system and better serve the public's asset management needs [5][8][28]. Group 1: Transformation Strategy - Zhongou Fund is focusing on a three-pronged approach: specialization, industrialization, and digital intelligence, to create a sustainable investment research system that can produce high-quality insights [9][11]. - Specialization involves building a knowledge-intensive team where each investment professional excels in specific areas, allowing for deeper insights and better market predictions [9][10]. - Industrialization aims to enhance organizational efficiency and the speed of insight delivery, ensuring that research findings translate effectively into investment decisions [10][11]. - Digital intelligence focuses on leveraging technology to convert human expertise into reusable data assets, enhancing the overall decision-making process [10][11]. Group 2: Long-term Focus and Team Collaboration - The company prioritizes long-term performance over short-term market fluctuations, aiming for sustained outperformance against benchmarks over five to ten years [6][12]. - A collaborative team structure is essential, as individual fund managers cannot independently manage extensive portfolios; a well-coordinated team is necessary for effective investment management [12][14]. - The emphasis on a decentralized organization allows for diverse perspectives and reduces the reliance on a single decision-maker, fostering a more inclusive decision-making environment [15][18]. Group 3: Challenges in Implementation - The most significant challenges in implementing the transformation are related to human factors, including selecting the right talent, nurturing their development, and fostering collaboration among intelligent individuals [20][21]. - The company recognizes that building a cohesive team requires time and patience, as well as a commitment to cultivating a shared understanding and methodology [22][24]. - The concept of "good product rate" is introduced as a key performance indicator, reflecting the effectiveness of the investment research system and the importance of long-term stability [24][25]. Group 4: Focus on Active Management - Zhongou Fund chooses to focus solely on active investment management, believing that it is essential to excel in one area rather than attempting to balance both active and passive strategies [28][29]. - The company argues that the success of active management relies on deep research and talent, contrasting with the cost-driven nature of passive investment strategies [28][29]. - The long-term vision is to establish a culture of professional excellence that prioritizes sustainable performance and the development of a robust investment philosophy [28][29].

Core Viewpoint - The recent trend of "purchase limits" in the public fund industry reflects a shift towards controlling fund size to ensure effective investment strategies and protect the interests of existing investors [1][4]. Group 1: Fund Performance and Purchase Limits - Several high-performing active equity funds have announced limits on large subscriptions, with approximately 50 funds implementing such measures since July [1]. - Notable funds include the China Europe Medical Innovation Fund, managed by Ge Lan, which has a year-to-date return of over 87%, and the China Europe Science and Technology Innovation Fund, managed by Shao Jie, with a return of 84.33% [2][4]. - The purchase limits range from 50,000 to 1 million yuan, aimed at controlling fund size and maintaining performance [2][4]. Group 2: Rationale Behind Purchase Limits - The primary reason for implementing purchase limits is to balance fund size and returns, as rapid inflows can dilute existing investors' returns and affect the fund manager's ability to adjust portfolios effectively [4]. - The limits are also intended to protect investors from potential market volatility, encouraging rational investment behavior and reducing the risk of "buying high and selling low" [4][5]. Group 3: Industry Shift Towards Quality - The current purchase limit trend indicates a transition in the fund industry from a focus on size competition to prioritizing quality and effective strategies [5]. - Fund managers are increasingly emphasizing long-term investment principles over short-term size expansion, as seen in the consistent purchase limits on Ge Lan's medical funds and similar actions by emerging fund managers [5].

Core Viewpoint - Recent announcements from China Europe Fund indicate a trend of limiting large purchases for several high-performing funds, including the China Europe Medical Innovation Fund managed by Ge Lan, which has a daily purchase limit of 100,000 yuan per account [1][3][14]. Fund Purchase Restrictions - Starting from August 11, 2025, the China Europe Medical Innovation Fund will suspend large purchases, conversions, and regular investment plans, with a limit of 100,000 yuan per account [3][5]. - This follows a similar restriction placed on another fund managed by Ge Lan, the China Europe Medical Health Fund, which has maintained a 100,000 yuan limit since January 2021 [1][3]. Fund Performance and Holdings - As of mid-2023, the China Europe Medical Innovation Fund has a total net asset value exceeding 8.2 billion yuan, with significant investments in the healthcare sector, accounting for 46.41% of its portfolio [6][7]. - The top ten holdings of the fund include notable companies such as 3SBio, with a year-to-date increase of nearly 400%, and all top ten stocks have shown an average increase of over 100% this year [6][8][9]. Market Trends and Fund Management - The recent surge in the innovative drug sector has led to a continuous rise in the unit net value of the China Europe Medical Innovation Fund, which recently surpassed 1.7 yuan, compared to a low of 0.9 yuan a year ago [9]. - The trend of limiting purchases is seen across the industry, with approximately 50 actively managed equity funds announcing similar restrictions since July, reflecting a cautious approach by fund managers to maintain investment strategy effectiveness and protect existing investors [14][15].

Core Viewpoint - Recent announcements from multiple high-performing funds under China Europe Fund indicate a trend of limiting large purchases to ensure stable fund operations and protect the interests of existing fund holders [1][3][15]. Fund Purchase Limitations - On August 9, China Europe Fund announced that starting from August 11, the China Europe Medical Innovation Fund would limit single-day purchases to 100,000 yuan per account [3][5]. - This is not the first instance; a similar limit was imposed on another medical fund managed by the same manager, Guo Lan, since January 2021 [1][2]. Fund Performance and Holdings - As of mid-2023, the China Europe Medical Innovation Fund had a total net asset value exceeding 8.2 billion yuan, with major investments in healthcare and manufacturing sectors, accounting for 46.41% and 41.99% of the portfolio, respectively [6][7]. - The top ten holdings of the fund include notable companies such as Sanofi Pharmaceutical and WuXi AppTec, with significant year-to-date price increases, including a nearly 400% rise for the largest holding, Sanofi Pharmaceutical [6][8]. Market Trends and Reactions - The recent surge in the innovative drug sector has led to substantial gains for the fund's holdings, with an average increase of over 100% for the top ten stocks this year [7][8]. - The fund's unit net value has also risen significantly, reaching 1.6874 yuan, compared to a low of below 0.9 yuan a year ago [9]. Broader Industry Context - The trend of limiting fund purchases is not isolated; approximately 50 actively managed equity funds have announced similar restrictions since July, reflecting a broader industry response to rapid inflows and the need to maintain investment strategy effectiveness [14][15]. - Industry experts suggest that these measures are aimed at controlling fund size to enhance investment efficiency and protect existing investors from potential losses due to market volatility [15][16].

Core Viewpoint - The active equity fund market has shown significant recovery in performance, with a notable increase in net asset values and a majority of funds achieving positive returns in 2023 [2][3][10]. Performance Summary - In July, nearly 800 active equity funds reached historical net asset value highs, with 94% of products achieving positive returns and an average annual return of 13.89% [1][2][3]. - The number of funds that doubled their returns this year reached four, with the top-performing fund, Huatai-PB Hong Kong Advantage Selection, achieving a return of 135.23% [2][3]. - The Wind偏股混合基金指数 recorded a return of 14.49% this year, indicating that most active equity fund holders who entered the market in 2023 are now profitable [3]. Fund Manager Performance - Several veteran fund managers have successfully turned around their funds, with notable performances such as Guangfa Growth Navigator achieving an annual return of 88.44% [5]. - Fund managers with over 20 years of experience, such as Guo Jun, have also delivered high returns, with the Bosera New Income fund achieving 27.85% this year [5][6]. - The trend of "using feet to vote" is evident, as funds with sustained excess returns are attracting significant capital inflows, with some funds seeing their sizes increase by over five times in the second quarter [7][10]. Market Dynamics - The recovery in fund performance has led to a weakening of the constraints imposed by fund size on performance, with several large funds reaching new net asset value highs [6]. - Investors are increasingly willing to pursue high-performance funds, moving away from the "fear of heights" mentality that previously dominated the market [8][10]. - Funds that failed to outperform the偏股混合基金指数 have seen their sizes shrink, becoming "mini" funds with less than 50 million yuan in assets [9]. Trust Rebuilding Efforts - Despite the positive performance, many investors remain cautious due to past experiences, leading to a continued decline in the size of some active equity funds [10]. - Fund companies are implementing measures to rebuild trust, including enhancing research capabilities, ensuring transparency, and binding fund manager interests to performance [10][11]. - Regulatory initiatives are also expected to promote high-quality development in the public fund sector, further enhancing investor confidence in active equity funds [11].

2025 年 07 月 22 日 哪些科技主题基金25年上半年业绩 出色？ ——科技主题基金 25H1 业绩简评 相关研究 《重塑基金业绩衡量体系：另辟蹊径 探索定量选基新思路——基金投资 策略研究系列报告之八》 2025/05/09 证券分析师 奚佳诚 A0230523070004 xijc@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 请务必仔细阅读正文之后的各项信息披露与声明 股 票 基 金 告 ⚫ 科技板块受四月初关税冲击影响较大：对比申万宏源大类风格-科技(TMT)指数（801275， 下简称科技指数）和万得全 A 在 25 年上半年的走势来看，科技指数在 25M2 及之前快 速上行，而后出现回调，在四月初受关税冲击影响下出现显著回撤，随后进入调整。 ⚫ 25 年上半年科技主题基金在主动权益基金样本中波动更高，收益率稍弱：对比科技主题 基金和主动权益基金 ...

Core Viewpoint - Mini funds that were once struggling on the brink of liquidation are now making a significant comeback by investing in trending sectors and future industries [1][5]. Group 1: Fund Performance and Growth - In Q2, 15 public funds experienced a scale increase of over 10 times, with some funds surging by more than 14,600% [2][5]. - The fund "Tongtai Industrial Upgrade," managed by Wang Xiu, saw its scale grow from under 10,000 yuan to over 14.4 million yuan, marking a growth of over 1,461,747% [3]. - "Changcheng Pharmaceutical Industry Selection," with a nearly 120% return, increased its scale from 3.6 million yuan to 1.132 billion yuan, a growth of over 30 times [4]. Group 2: Investment Strategies and Sector Focus - Many mini funds have undergone significant portfolio adjustments, shifting from traditional sectors to high-growth areas like robotics, innovative pharmaceuticals, and computing power [6][7]. - The fund "Zhongou Digital Economy," managed by Feng Ludan, shifted its focus from robotics and smart driving to computing power, changing eight of its top ten holdings [8]. - The "Yongying Medical Health" fund transitioned its focus from medical services to innovative pharmaceuticals, with top holdings including Shutaishen and Rejing Bio, the latter having a year-to-date increase of 523.75% [9]. Group 3: Early Positioning in Future Industries - Fund companies are using mini funds to target emerging sectors such as deep-sea technology and controllable nuclear fusion, positioning themselves ahead of the curve [10][11]. - The "Yongying Manufacturing Upgrade" fund is heavily invested in controllable nuclear fusion, anticipating significant growth in the sector by 2025, with potential annual investments reaching 30 to 50 billion yuan [12]. - The "Yongying Qiyuan" fund focuses on the deep-sea technology industry, with major holdings in companies involved in deep-sea materials and applications [12].