时隔十年，上证指数重上3800点。 2025年8月22日，A股三大指数集体震荡走强，上证指数收涨逾1%至3825.76点，为近十年来首次站上3800点，沪、深、京三市全天总成交额达2.58万亿 元。自今年二季度以来A股市场持续反弹，相对4月7日的低点，上证指数已大涨近14%。 同样，今年来主动权益基金（包括灵活配置型基金、普通股票型基金、偏股混合型基金在内，以下同）赚钱效应显现。以万得基金指数为例，万得普通股 票型基金指数和万得偏股混合型基金指数年初至今分别大涨24.96%和24.72%，在各大基金指数榜中分别位列第二和第三，仅次于万得QDII混合型基金指 数的27.12%。 来源：Wind（截至2025年8月22日） Wind统计表明，2025年8月22日，年内净值增长率翻倍的主动权益基金（A/C分列，以下同）共计有22只，分别包括长城医药产业精选（A/C）、中银港 股通医药（A/C）、永赢科技智选（A/C）、中信建投北交所精选两年定开（A/C）、永赢医药创新智选（A/C）等。如领涨的长城医药产业精选A和长城 医药产业精选C今年来的净值增长率分别高达130.76%和129.97%。 新经济e线获悉，在年内净 ...

Core Insights - The Shanghai Composite Index has surpassed last year's "9.24" high point, reaching a nearly four-year high, with 160 funds doubling since last year [2] - There have been 12 funds that have doubled in value this year, focusing primarily on innovative pharmaceuticals [2][5] Fund Performance Summary - The top-performing funds this year include: - Huatai-PineBridge Hong Kong Advantage Selection A: 132.55% return, managed by Zhang Lian, with a scale of 2.194 billion [3] - Great Wall Pharmaceutical Industry Selection A: 128.53% return, managed by Liang Furui, with a scale of 11.317 billion [3] - Yongying Technology Smart Selection A: 119.80% return, managed by Ren Jie, with a scale of 11.665 billion [3] - Bank of China Hong Kong Stock Connect Pharmaceutical A: 116.19% return, managed by Zheng Ning, with a scale of 7.404 billion [3] - Yongying Pharmaceutical Innovation Smart Selection A: 112.33% return, managed by Shan Lin, with a scale of 30.428 billion [3] - Other notable funds include Huashan Pharmaceutical Biology A and various Hong Kong Stock Connect Innovative Pharmaceutical ETFs, all showing significant returns [3] Investment Themes - Among the doubling funds, 11 are heavily invested in innovative pharmaceuticals, indicating a strong trend towards this sector [5] - The Huatai-PineBridge Hong Kong Advantage Selection fund has emerged as the top performer with over 132% return, highlighting the success of innovative pharmaceutical themes [5]

Core Viewpoint - The market has seen significant recovery, with the Shanghai Composite Index breaking the previous high from September 2022, indicating a bullish trend in the equity market [1][6]. Group 1: Market Performance - As of August 13, 2023, 160 funds have doubled in value since the September 2022 peak, with 12 funds achieving this milestone in 2023 alone [1][6]. - The "Wande Equity Mixed Fund Index" has risen by 19.67% this year, and since the September 2022 rally, it has increased by 43.18% [6][8]. - The Hang Seng Innovation Drug Index has surged by 109% this year, while the Wande Innovation Drug Index has increased by 51% [13]. Group 2: Fund Recovery and Redemption - Research indicates that the average return of new funds launched between 2019 and 2021 has returned to break-even, while existing funds from the previous bull market show an average loss of 5% [8][9]. - Despite the recovery, there is significant redemption pressure on equity funds, with a 56.43% increase in net redemptions for active equity funds in Q2 2025 [10]. - Investors are showing a tendency to redeem funds once they reach break-even, reflecting a lack of confidence in long-term returns [10][11]. Group 3: Sector Focus and Fund Management - Funds heavily invested in innovative sectors such as pharmaceuticals, AI, and robotics have generally maintained their positions, with few making significant adjustments [1][12]. - The majority of funds focused on innovation sectors have not reduced their holdings, despite some individual fund managers considering adjustments due to high valuations [13][14]. - There is a notable trend of funds shifting towards fixed-income products, with 50% to 70% of monthly sales in certain banks being allocated to these products [1][11].

Core Viewpoint - The recent trend of fund subscription limits reflects a response to significant performance gains in the active equity fund sector, with many funds experiencing substantial inflows and subsequently implementing restrictions to manage investor behavior and maintain stability [1][2][5]. Fund Subscription Limits - Da Cheng Fund has reduced the subscription limit for its Da Cheng Global USD Bond Fund's RMB share to 50,000 yuan as of July 29 [1]. - A total of 225 funds have seen year-to-date growth exceeding 50%, with 12 funds currently suspended from subscriptions and 21 funds limiting large subscriptions [2]. - Notable funds like Huatai-PineBridge Hong Kong Advantage Select have reported year-to-date returns of 134.72% and 135.08% for their A and C classes, respectively [2]. Performance and Market Trends - The active equity fund sector has rebounded significantly, with many funds experiencing over fivefold growth in size during the second quarter [2]. - Small-cap stocks have outperformed large-cap stocks in the first half of 2025, driven by favorable industry trends and macroeconomic conditions [2]. - Despite the positive performance, some funds are limiting subscriptions to prevent investors from chasing high returns and to manage volatility [2][4]. Fund Management Strategies - Funds like Nuon Multi-Strategy have focused on small-cap stocks, which have contributed to their net value growth, although they also exhibit higher volatility [3][4]. - The strategy of limiting subscriptions is aimed at maintaining portfolio stability and preventing forced adjustments due to large inflows [5]. - Some funds have implemented subscription limits to mitigate the impact of large institutional investments and to avoid dilution of returns [5].

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].

Group 1: Leadership Changes - Xiaoyi Helen Huang has resigned as Chairman of Fidelity Fund due to personal reasons, effective July 18, with Shaojie Li appointed as the new Chairman [1] - Zhang Shunguo has been appointed as the new Chief Supervisor of Industrial Fund, effective July 18, previously serving as Vice General Manager [2] - Liu Jian has been appointed as Vice General Manager of Tongtai Fund, having previously been promoted to Assistant General Manager earlier this year [6][7] Group 2: Investment Trends - Central Huijin Asset Management has significantly increased its holdings in multiple broad-based ETFs, with total purchases exceeding 190 billion yuan in the second quarter [3] - The innovative drug sector has seen the emergence of four "doubling funds" in 2023, with the top performer, Huatai-PB Hong Kong Advantage Selection, achieving a 133.72% increase [4] - Zhang Kun's fund management has shown notable changes, including the addition of JD Health to the top ten holdings and a reduction in Tencent Holdings [5] Group 3: Market Performance - On July 21, the market experienced a strong upward trend, with both the Shanghai Composite Index and the ChiNext Index reaching new highs for the year, led by sectors such as cement, machinery, and steel [8]

Group 1 - The core viewpoint of the article highlights the growing investment interest in the innovative pharmaceutical sector, which has led to the emergence of three actively managed equity funds that have doubled their returns this year [1] - The fund "Changcheng Medical Industry Selection" leads the year-to-date performance among actively managed equity funds with a return of 119.66% [1] - Other funds, "Yongying Medical Innovation Smart Selection" and "Bank of China Hong Kong Stock Connect Medical," have also shown impressive returns of 106.37% and 105.43% respectively [1]

Group 1 - The overall performance of public funds in the first half of the year shows a focus on innovative drugs, new consumption, and artificial intelligence as key investment themes [1][4] - Notable funds include the Great Wall Pharmaceutical Industry Fund, which achieved a 102.52% annual return, primarily investing in innovative drug stocks [1] - Other high-performing funds in the pharmaceutical sector include Bank of China Hong Kong Stock Connect Pharmaceutical and Yongying Pharmaceutical Innovation Selection, which also ranked high in returns [1] Group 2 - Some funds have shifted their strategies significantly to recover from large redemptions, such as the Zhongtai Industrial Upgrade Mixed Fund, which increased its stock position from 30% to 90% and focused entirely on the robotics sector [2] - The Zhongtai Huili Mixed Fund has invested in short dramas and gaming concepts, viewing them as potential growth areas at the intersection of domestic mental consumption and AI technology [2] Group 3 - The rise of niche thematic funds indicates an active search for excess returns by fund companies in a structured market [4] - Yongying Fund's thematic funds have shown strong performance, with a focus on the controllable nuclear fusion industry, which is seen as a significant opportunity despite its commercialization being distant [4] - Yongying Qiyuan is concentrating on deep-sea technology, particularly in military, materials, and communications sectors, recognizing the long-term trends in this early-stage industry [4]

Core Insights - The public fund performance in the first half of 2025 reveals an unexpected phenomenon, with the pharmaceutical and North Exchange sectors dominating the top returns, showcasing significant gains despite market anxieties [2][9]. Group 1: Fund Performance - The top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection (QDII fund), achieved a nearly 98% year-to-date increase, driven by a contrarian strategy during a challenging market environment [4]. - Changcheng Pharmaceutical Selection ranked second with an 81.45% return, led by a new fund manager who focused on innovative and commercially viable companies [5]. - CITIC Securities North Exchange Selection achieved an 80.95% return, showcasing a remarkable turnaround with a nearly doubled net value in under a year [6]. - Bank of China Hong Kong Stock Connect Pharmaceutical fund recorded a 77.14% return, employing a high-growth, high-barrier investment strategy [7]. - Yongying Pharmaceutical Innovation Selection reached a 76.76% return, utilizing a dual-manager strategy to balance performance and risk [8]. Group 2: Investment Strategies - The successful funds employed diverse strategies, including contrarian approaches, multi-asset allocation, and a focus on undervalued growth opportunities [4][6][9]. - The emphasis on pharmaceutical innovation and the valuation recovery of the North Exchange "specialized and innovative" companies were pivotal in driving the capital market's performance [9][10]. - The collective success of these funds highlights the importance of deep research, differentiated positioning, and the courage to go against market trends [9][10].

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]