Core Viewpoint - The technology and pharmaceutical sectors have shown significant performance in the first half of the year, with several thematic funds reporting substantial growth in both performance and scale [1][2]. Fund Performance and Scale Growth - The China Europe Digital Economy Mixed Fund saw its scale increase from less than 8 million shares at the end of Q1 to over 900 million shares by the end of Q2, representing a growth of over 10 times [2][4]. - The total subscription for the A and C classes of the China Europe Digital Economy Mixed Fund exceeded 800 million shares in Q2 [2][3]. - The China Europe Information Technology Mixed Fund also experienced significant growth, with total subscriptions exceeding 900 million shares and total scale surpassing 1 billion shares by the end of Q2, marking an increase of over 8 times from approximately 110 million shares at the end of Q1 [3][4]. - The China Europe Sci-Tech Theme Mixed Fund had total subscriptions exceeding 1.1 billion shares in Q2, with total scale exceeding 1.8 billion shares, more than doubling from the previous quarter [5][6]. Changes in Holdings - The substantial growth in fund scale is attributed to strong performance throughout the year, with notable changes in the top ten holdings of several funds [7]. - The China Europe Digital Economy Mixed Fund made significant changes to its top ten holdings, notably increasing its position in Xinyi Technology, which saw a surge in stock price following its half-year earnings forecast [7][9]. - The China Europe Information Technology Mixed Fund also saw Xinyi Technology become its second-largest holding [9][10]. Investment Focus - The fund manager of the China Europe Digital Economy Mixed Fund emphasized a focus on five core investment areas: AI infrastructure, AI applications, domestic AI supply chain, intelligent robotics, and intelligent driving [8]. - The manager indicated a systematic reduction in exposure to the robotics sector, awaiting a decisive breakthrough in technology before increasing positions again [8]. - The manager of the China Europe Sci-Tech Theme Mixed Fund highlighted the importance of understanding industry trends and company value amidst the volatility of technology investments [12].

编者按：2025年上半年，中国公募基金行业在资本市场波动中展现出稳健韧性，行业管理规模锚定32万亿元量级，延续高质量发展态势。这一成绩的取 得，既得益于宏观经济基本面修复与资本市场改革深化，也反映出投资者信心逐步回暖、行业生态持续优化的内生动力。值得关注的是，权益类基金发行 显著回暖，行业产品结构加速迭代，折射市场风险偏好修复。站在年中节点，公募基金正以专业化、多元化的发展路径，为资本市场注入新动能，亦为投 资者共享经济转型红利提供更丰富的工具选择。 在此背景下，中欧基金凭借均衡的产品布局与逐步完善的投研机制，在权益与固收领域均交出阶段性答卷。 权益类基金：多策略产品跻身行业前列 固收领域：可转债产品表现亮眼 固定收益投资方面，中欧基金同样展现专业能力。银河证券数据显示，截至3月末，该机构近十年主动债券投资管理能力位居行业前三。旗下中欧可转债 债券A近一年以1/38排名同类首位，中欧诚悦债券A、中欧瑾泰债券A分别位列936只产品中第29位和第40位。中长周期维度，中欧兴利债券A近五年、近 七年排名分别为505只产品中第29位和261只产品中第9位，中欧盈和5年定开债券以5/63跻身定开债基前列。 投研体系升级 ...