由于部分基金此前已实现优厚回报(22只主动权益基金年内收益超100%，最高收益超过200%)，公募在 跨年布局上出现了明显分歧：浮盈明显的基金想保存收益平稳度过年关，前期回报不明显的基金则想再 冲一把。 11月至12月5日，不少翻倍基的净值波动已在放缓，但依然有基金在进取博弈，取得了逾10%的收益 率，年内收益突破20%。这些分歧背后，公募还要考虑比以往更为复杂的情况：年末市场流动性、风格 切换方向、海外扰动因素等。 "想把排名往上拉一拉" 根据Wind统计，截至12月5日年内回报超过100%的主动权益基金数量(均为偏股混合型基金)，达到22只 (以初始基金为统计口径，下同)。其中，永赢科技智选A回报率为202.13%，是唯一一只年内回报超过 200%的主动权益基金。紧跟其后的是中航机遇领航A，年内回报率为144.12%。恒越优势精选A、中欧 数字经济A、信澳业绩驱动A的年内回报率均在120%以上。 除科技主题产品外，22只翻倍基中还有聚焦北交所、港股、医药等领域。其中，中信建投北交所精选两 年定开A年回报率为101.96%，中银港股通医药A回报率为104.47%。此外，另有18只普通股票基金和49 只偏股混 ...

临近年末，跨年行情预期升温。但公募在跨年布局上则各有各的"心思"：浮盈明显的基金想保存收益平 稳收尾，前期回报不明显的基金则想最后再冲一把。 不过，公募投研人士认为，在年底有限的时间里去博取收益难度会有所增加，市场内外干扰因素不少， 还要考虑岁末流动性等多方面因素。 年末博取收益难度增加 和上述观点类似，从11月至今的业绩情况来看，主动权益基金之间呈现出不少分歧。有的基金采取了进 取姿态，比如永赢高端装备智选A在11月至今的收益率达到14.56%，年内回报率为41.56%。华西优选价 值A年内回报22.37%，其中有10.14%的收益为11月以来的这段时间里实现的。平安资源精选A年内回报 约为13.39%，11月至今的回报率为9.94%。 相比之下，年内取得高收益的基金，11月以来净值波动率普遍不高。比如，年内回报超过200%的永赢 科技智选A，11月以来的收益率只有0.50%。年内收益率超过130%的中欧数字经济A，11月以来下跌 1.91%。富国创新科技A、易方达科融、华泰柏瑞质量成长A、中银港股通医药A等翻倍基，11月以来的 净值波动率基本在4%以内。 "这种现象不难理解的，此前取得丰厚回报的基金，其主 ...

Group 1 - The article discusses the rising expectations for the year-end market rally, with significant divergence among public funds regarding their strategies for year-end positioning [1][2] - As of December 5, 22 actively managed equity funds have achieved returns exceeding 100% this year, with the highest return being 202.13% from Yongying Technology Smart A [3][4] - The performance ranking shows a significant gap between the top fund and others, indicating a competitive environment among fund managers to improve their rankings before year-end [4][6] Group 2 - There is a notable split in strategies among funds, with some aiming to preserve gains while others seek to capitalize on the year-end rally, reflecting differing performance levels throughout the year [5][6] - The market environment is described as complex, influenced by factors such as year-end liquidity, style rotation, and external disturbances, which may affect the potential for a year-end rally [6][7] - Historical data indicates that the timing of the year-end rally can vary, with the current year being particularly complicated due to external factors and market sentiment [7][8] Group 3 - Key sectors such as artificial intelligence, semiconductor equipment, and high-end manufacturing are highlighted as areas of focus for future investment, while traditional sectors like real estate and consumer goods are recovering more slowly [8] - The article emphasizes the importance of monitoring structural shifts in the market, with potential opportunities arising from changes in investment focus and market dynamics [8]

Core Insights - The pharmaceutical sector has experienced a slowdown in momentum after a strong rally earlier in the year, with the number of "doubling funds" significantly decreasing [1][2] - As of November 28, only two pharmaceutical-themed funds maintained over 100% returns, indicating a retreat from previous high performance [2] - The industry is currently in a transitional phase characterized by increased market speculation, despite a solid long-term growth outlook supported by policy reinforcement and improved cash flow [1][3] Fund Performance - As of November 28, the only two funds with over 100% returns are Zhongyin Hong Kong Stock Connect Pharmaceutical A (up 107.69%) and Chuangjin Hexin Global Pharmaceutical Biotechnology A (up 100.32%) [2] - The average return of pharmaceutical-themed funds has retreated approximately 10% from their peak in September [2] - Major pharmaceutical ETFs have seen a decline in scale over the past three months, reflecting a shift from aggressive buying to a more cautious stance [2] Policy Environment - The policy landscape is expected to remain favorable for the pharmaceutical industry, with significant measures announced to support high-quality development [3][4] - Key policies include a comprehensive support framework for innovative drugs, scientific regulation, and standardized development of traditional Chinese medicine [3] - The upcoming negotiations for the national basic medical insurance directory are anticipated to enhance funding sources for the healthcare industry [3][4] Valuation and Market Dynamics - The pharmaceutical sector has been ranked low in relative performance over the past four years, indicating a potential for upward valuation adjustments [5][6] - The market is transitioning from short-term trading strategies to a focus on valuation recovery, with signs of performance improvement following the third-quarter earnings reports [5][6] - Positive catalysts are expected in the fourth quarter, including accelerated business development and improved cash flow for leading companies [6]

Core Viewpoint - The pharmaceutical sector has experienced a slowdown in its upward momentum after a strong rally earlier in the year, with the number of "doubling funds" significantly decreasing [1][2]. Group 1: Market Performance - As of November 28, only two pharmaceutical-themed funds, Zhongyin Hong Kong Stock Connect Pharmaceutical A and Chuangjin Hexin Global Pharmaceutical Biotechnology A, maintained doubling returns, with gains of 107.69% and 100.32% respectively, indicating a notable contraction compared to previous performance [3]. - In the third quarter, multiple pharmaceutical funds saw significant net value increases, but by the end of November, the average return for pharmaceutical-themed funds had retreated approximately 10% from their September peak [3]. - Major pharmaceutical ETFs, including the CSI 300 Pharmaceutical and Health Index and the CSI All Share Pharmaceutical and Health Index, have also seen a decline in scale over the past three months, reflecting a shift in investor sentiment from aggressive buying to cautious observation [3]. Group 2: Policy Environment - The policy landscape is viewed as a stabilizing factor for the pharmaceutical sector, with institutions focusing on policy and industry dynamics to gauge future trends [4]. - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, providing comprehensive support across research, access, clinical application, and payment mechanisms [5]. - Regulatory improvements, such as the implementation of ICH guidelines and encouragement of real-world studies for drug safety assessments, are expected to enhance the efficiency and scientific rigor of drug approvals [5]. Group 3: Valuation and Investment Outlook - The pharmaceutical industry has ranked relatively low in terms of valuation over the past four years, suggesting significant potential for upward movement as valuations have been sufficiently digested [6]. - Following a period of correction, the relative value of the pharmaceutical sector is becoming more apparent, with a shift in investment logic from short-term trading to valuation recovery [6]. - Positive signs of recovery are emerging in the pharmaceutical sector's fundamentals, with improved performance reported in the third quarter and expectations for accelerated business development in the fourth quarter [6]. - The Federal Reserve's interest rate cuts are anticipated to facilitate a recovery in pharmaceutical financing, alongside improvements in the domestic capital market, which will likely enhance new drug research and development spending [7].

Core Viewpoint - The pharmaceutical sector has experienced a slowdown in momentum after a strong rally earlier in the year, with a significant reduction in the number of "doubling funds" [1][2]. Group 1: Market Performance - As of November 28, only two pharmaceutical-themed funds, Bank of China Hong Kong Stock Connect Pharmaceutical A and Chuangjin Hexin Global Pharmaceutical Biotechnology A, maintained over 100% returns for the year, with cumulative returns of 107.69% and 100.32% respectively [2]. - The average return of pharmaceutical-themed funds has retreated by approximately 10% from the peak in September [2]. - Major pharmaceutical ETFs, including the CSI 300 Healthcare Index and the CSI All Share Healthcare Index, have seen a decline in scale over the past three months, indicating a slowdown in passive fund inflows [2]. Group 2: Policy Environment - The policy environment for the pharmaceutical industry is expected to remain positive, with three key factors identified: clear top-level design, scientific regulation, and standardized development of traditional Chinese medicine [3][4]. - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, providing comprehensive support across various stages [3]. - The upcoming negotiations for the national basic medical insurance directory and commercial insurance innovative drug directory are anticipated to enhance funding sources for the healthcare industry [3][4]. Group 3: Valuation and Investment Outlook - The pharmaceutical industry has been ranked relatively low in terms of valuation over the past four years, indicating that it has undergone sufficient valuation digestion, suggesting potential upside [6]. - The industry is transitioning from a "short-term trading" mindset to a focus on "valuation recovery," with signs of performance improvement following the release of Q3 reports [6]. - The Federal Reserve's interest rate cuts are expected to facilitate a recovery in pharmaceutical investment and financing, further strengthening the positive outlook for the industry [7].

Core Viewpoint - The A-share market has shown a clear "track market" characteristic this year, with significant performance in sectors like AI and innovative pharmaceuticals, while traditional sectors like consumption and banking are struggling [1][2]. Group 1: Market Performance - As of October 10, 2023, 53 funds have doubled their performance year-to-date, with 43 of these being actively managed equity products, highlighting the advantage of active management in a structural market [2][3]. - The technology and pharmaceutical sectors have emerged as the biggest winners, with top-performing funds like Yongying Technology Smart A achieving a return of 187.86% [2]. - The overall performance of the A-share market has been mixed, with over 96% of equity products showing positive returns, but 20 funds still experiencing declines of over 10% [3]. Group 2: Impact of External Factors - The recent escalation of the US-China tariff conflict has introduced new uncertainties to the market, with the A-share indices experiencing slight declines on October 13, 2023 [1][5]. - Analysts believe the current market reaction to the tariff threat is different from the sharp declines seen in April, as the market has become somewhat immune to such threats due to previous experiences [5][6]. - The consensus among analysts is that while short-term market fluctuations may occur, the long-term focus on technology and growth sectors remains unchanged [7]. Group 3: Investment Strategies - In light of the current market conditions, it is suggested that investors focus on funds with mature strategies and stable teams, balancing performance with stability [4]. - The recommendation is to wait for short-term market risks to fully materialize before increasing positions, while maintaining a focus on sectors with clear growth trends like AI and innovative pharmaceuticals [7].

Core Viewpoint - The A-share and Hong Kong stock markets have shown a continuous upward trend since mid-April, achieving new highs in the third quarter, with equity funds yielding significant returns [1] Group 1: Active Equity Funds - A total of 37 funds have doubled their returns this year as of September 26, with 31 active equity funds in A-shares achieving over 100% returns [2][4] - The average return for active equity funds is 30.32%, with over 98% of these funds reporting positive returns [4] - The top-performing fund, Yongying Technology Smart Selection A, has a return rate of 189.58%, significantly boosted by its focus on AI concept stocks [4][6] Group 2: Passive Index Funds - Nearly 98% of index funds have achieved positive returns, with an average return of 27.53% [7] - Funds tracking innovative drugs, communications, and artificial intelligence have outperformed, with the top two funds yielding returns of 103.96% and 100.59% [7] - Underperforming index funds are primarily those tracking energy, food and beverage, and coal sectors, with losses exceeding 5% [7] Group 3: QDII Funds - QDII funds focused on the Hong Kong market, particularly in innovative drug assets, have performed well, with four funds exceeding 100% returns [3][8] - The top-performing QDII fund, Huatai Bairui Hang Seng Innovation Drug ETF, has a return of 152.25% [8] - Other notable funds in this category have also shown strong performance, with several exceeding 90% returns [8]

Core Viewpoint - Despite fluctuations in the A-share market and adjustments in the pharmaceutical sector, overall market sentiment remains active, with the pharmaceutical sector showing resilience and growth potential due to various catalytic events [1] Industry Insights - The upcoming ESMO conference in October is expected to release new research findings that could enhance the international competitiveness of Chinese innovative drugs [1] - The pharmaceutical sector is anticipated to experience a value reassessment, driven by strong performance and overseas expansion potential of innovative drugs [1] - The National Healthcare Security Administration emphasized the importance of balancing quality and price in drug procurement, indicating a focus on quality in the pharmaceutical industry [1] - The Ministry of Industry and Information Technology held a meeting to strengthen the innovation capabilities of pharmaceutical companies and promote AI integration across the entire pharmaceutical industry chain [1] Fund Management Insights - Zhongyin Fund has multiple pharmaceutical-themed funds managed by a skilled team, with a focus on long-term pricing and filtering out short-term noise to assess long-term value [1][2] - Fund manager Zheng Ning emphasizes a risk-reward balance rather than short-term performance rankings, aiming for consistent returns across market cycles [2] - Zheng Ning's funds have performed well, with Zhongyin Innovation Medical A ranking in the top five of its category over the past year, and other funds also showing strong performance in their respective categories [2] Performance Review - Zhongyin Hong Kong Stock Connect Medical A, managed by Zheng Ning since December 29, 2023, reported a net value growth rate of -11.60% for 2024 and 70.08% for the first half of 2025 [5] - Zhongyin Innovation Medical Mixed A, managed since July 1, 2022, showed a net value growth rate of 54.08% for the first half of 2025 [6] - Zhongyin Healthcare Mixed A, managed since October 13, 2022, reported a net value growth rate of 51.59% for the first half of 2025 [7]

Core Viewpoint - The pharmaceutical sector in the A-share market has shown structural performance, with the innovative drug index rising by 60.77% year-to-date, significantly outperforming the overall A-share index by 22.14% [1] Group 1: Pharmaceutical Sector Performance - The pharmaceutical sector has been active this year, with innovative drug indices leading the gains [1] - The performance of pharmaceutical-themed mutual funds has attracted investor attention, with notable returns reported [1] - Zhongyin Fund's pharmaceutical-themed funds have ranked well among peers, with Zhongyin Innovation Medical A achieving top rankings over various time frames [1] Group 2: Fund Manager Insights - Fund manager Zheng Ning employs a long-term pricing focus, filtering out market noise to concentrate on long-term implied returns [3] - The performance of Zhongyin Hong Kong Stock Connect Pharmaceutical A has shown significant growth, with a net value growth rate of 70.08% in the first half of 2025 [3] - Zheng Ning has managed multiple funds, consistently achieving competitive returns compared to benchmarks [4][6] Group 3: Market Drivers - The recent rise in the innovative drug sector is driven by fundamental improvements, including advancements in R&D, successful profit realization, and favorable policies [2] - The innovative drug industry is expected to have substantial growth potential, becoming a strategic industry in China's export structure and a key pillar in the global pharmaceutical industry [2]