Core Viewpoint - The A-share market has shown a strong rebound, with the Shanghai Composite Index reaching a nearly ten-year high around 3720 points, driven primarily by growth-oriented sectors [1] Market Performance - As of August 19, the North Exchange 50 Index and the Sci-Tech Innovation 200 Index have both seen year-to-date gains exceeding 50%, while the CSI 2000 Index has risen over 30% [1] - The performance of technology growth-style broad-based indices has significantly outpaced that of the broader market indices, with over a hundred equity funds achieving net value increases of over 100% in the past year [1][3] - The leading funds in the past year include those focused on themes such as financial technology, humanoid robots, and pharmaceuticals, with actively managed funds dominating the top performers [1][3] Fund Performance - Three funds from the North Exchange have reported net value increases exceeding 200% in the past year, highlighting the strong performance of thematic funds [3] - A total of 137 funds have seen net value increases over 100% in the past year, with 103 of these being actively managed equity funds [3] - The Wind Mixed Equity Fund Index has shown a net value increase of over 40% in the past year, benefiting from several market rallies [4] Market Trends and Future Outlook - The current market rally is attributed to a bullish sentiment, with continuous inflow of new capital and easing of US-China tariffs [6] - Institutions like Morgan Stanley and Guotai Fund express optimism about the sustainability of the market rally, citing strong liquidity and upcoming positive events as potential support for market sentiment [6][8] - The technology sector, particularly in AI applications and semiconductor materials, is expected to continue leading the market, with other sectors also presenting investment opportunities [7][8]

上周A股股指持续走高，一众公募基金净值随之大幅上扬。Wind数据显示，8月11日至8月15日期 间，全市场超过2000只含权类公募基金（剔除偏债混合基金、混合债基金一级、混合债基金二级）复权 单位净值创成立以来历史新高。投资者乐观情绪高涨，一些机构表示看好后市上涨动能，科技、医药、 大金融等方向颇受青睐。 Wind数据显示，截至8月15日，全市场含权类基金中，仅剩约两成的复权单位净值仍在"1元"以 下。迈入"2元"俱乐部的基金数量超过1300只，约占含权类基金总数的17%。"10元基"数量超过50只， 复权单位净值最高的达到35.5元，为华夏大盘精选，该基金成立已超过20年。 众多基金告别"1"时代 在大批含权类公募基金复权单位净值创历史新高的背景下，许多基金自此告别了复权单位净 值"1"时代。Wind数据显示，上周创净值新高的基金中，复权单位净值超过2元的产品数量已超过200 只。 招商盛合、安信价值成长、景顺长城量化小盘、富国医药创新等多只基金复权单位净值均在上周首 度踏入"2元"俱乐部。除了富国医药创新外，其余3只基金均成立超过5年时间。 值得注意的是，上周净值创新高的基金里，不乏首度进入"10元"梯队 ...

Core Viewpoint - The performance of active equity funds has significantly outperformed passive index funds in 2023, but rebuilding investor trust will take time [4][5][8]. Group 1: Performance Comparison - As of the end of July, over 70% of active equity funds outperformed their benchmarks, a notable increase from less than 30% in the previous year [5]. - The average return of active equity funds this year is 14.05%, surpassing major indices like CSI 300 (3.58%) and CSI 500 (8.74%), with 92.33% of active funds achieving positive returns [7]. - In contrast, passive index funds have an average return of 10.94% this year, with 90.38% showing positive returns [7]. Group 2: Sector Performance - The innovative drug sector has emerged as a significant winner among active equity funds, with top-performing funds achieving returns exceeding 100% [8]. - Specific funds like Changcheng Medical Industry Selection and Zhongyin Hong Kong Stock Connect Medicine have led the pack with returns of 127.05% and others closely following [7]. Group 3: Redemption Pressure - Despite strong performance, active equity funds face increasing redemption pressure, with total assets decreasing by 366.62 billion and total shares down by 866.98 million in Q2 [9]. - Notably, funds with strong performance, such as Huatai-PineBridge Innovation Medicine, have seen significant inflows, indicating that individual fund performance can attract investor interest [9][11]. Group 4: Investor Behavior - The "anchoring effect" in behavioral finance suggests that past performance influences current investor decisions, leading many to hold onto funds that have not performed well in recent years [15]. - The growth of "fixed income plus" funds and multi-asset strategies reflects a shift in investor preference towards more stable products amid the challenges faced by active equity funds [15][16]. Group 5: Future Outlook - Historical trends indicate that active equity funds excel in identifying growth opportunities in emerging sectors, suggesting potential for future outperformance as market conditions evolve [18]. - The transition from a "star-driven" to a "return-driven" approach in the industry may pave the way for a resurgence in investor confidence in active equity funds [18].

主动权益基金业绩跑赢ETF，规模却不及ETF增长。 今年以来，人形机器人、创新药等板块演绎极致上涨行情，而公募基金市场却呈现出"主动权益基金赚 业绩，ETF赚规模"的割裂现象：主动权益基金凭借个股挖掘能力阶段性跑赢ETF，但ETF却凭借多重优 势实现规模碾压。 主动权益基金赚吆喝，ETF成赢家 近期，创新药板块行情持续演绎，推升基金产品业绩向好。业绩翻倍基金产品批量涌现，在7月29日， 创新药行情达到巅峰，年内基金业绩翻倍的产品总数一度达到了17只，均为创新药主题基金，其中10只 产品为主动权益基金，7只产品为创新药主题ETF。 汇添富香港优势精选、长城医药产业精选、中银港股通医药、永赢医药创新智选、华安医药生物5只创 新药主题基金占据年度业绩榜前列，汇添富国证港股通创新药ETF、万家中证港股通创新药ETF、广发 中证香港创新药ETF、华泰柏瑞恒生创新药ETF、银华国证港股通创新药ETF等ETF产品业绩紧随其 后。 今年以来，人形机器人、创新药板块迎来爆发性行情，率先布局的主动权益基金业绩一骑绝尘，长期占 据年内业绩榜前列，主动权益基金经理凭借精准选股和集中持仓，收获的业绩大幅领先相关指数基金产 品。 不过， ...

Core Viewpoint - The article highlights a divergence in performance between actively managed equity funds and ETFs, where actively managed funds have outperformed in terms of returns, but ETFs have significantly outpaced them in terms of growth in scale [2][4]. Group 1: Performance Comparison - Actively managed equity funds have excelled in performance, particularly in sectors like innovative pharmaceuticals and humanoid robots, with a notable number of funds doubling their performance this year [3][4]. - As of July 29, 17 funds had doubled their performance, with 10 being actively managed equity funds and 7 being innovative pharmaceutical ETFs [3]. - Despite strong performance, the scale of actively managed funds has not kept pace with ETFs, which have attracted more investor interest due to their structural advantages [4][6]. Group 2: Scale and Growth - By the end of Q2, the 10 actively managed innovative pharmaceutical funds had a total scale of only 9.4 billion, with a modest increase of 5.8 billion during the quarter, while 7 ETFs saw an increase of 12.9 billion, reaching a total scale of 28.4 billion [4]. - From July onwards, these 7 ETFs have further increased their scale by nearly 10 billion [4]. - The rapid growth of ETFs is closely linked to the performance of hot sectors like innovative pharmaceuticals and humanoid robots, which have provided excellent opportunities for expansion [4][5]. Group 3: Market Dynamics - The rise of ETFs has created competitive pressure on actively managed equity funds, as investors prefer the passive tracking mechanism of ETFs that allows for quick exposure to high-growth sectors [6][8]. - ETFs are characterized by lower management fees and greater transparency, which enhances their appeal to investors compared to actively managed funds [8][9]. - The shift in focus towards passive investment strategies by fund companies further constrains the space for actively managed equity funds [8][9]. Group 4: Future Outlook - The increasing prevalence of ETFs capturing market beta raises concerns about potential market volatility due to their short-term trading characteristics [12]. - While ETFs serve as effective tools for asset allocation, the article emphasizes the importance of maintaining a balanced long-term investment strategy [11][12].

Core Viewpoint - The article highlights the significant performance disparity between actively managed equity funds and thematic ETFs, particularly in the booming sectors of humanoid robots and innovative pharmaceuticals, with ETFs gaining substantial scale due to their advantages in capturing market trends [1][2]. Group 1: Performance of Funds - The innovative pharmaceutical sector has seen a strong market performance, leading to a total of 17 "doubling funds" in 2023, all of which are related to this theme, with 10 being actively managed equity funds and 7 being thematic ETFs [1]. - The top-performing innovative pharmaceutical funds include several actively managed funds and ETFs, with notable mentions such as Huatai-PB Hang Seng Innovative Pharmaceutical ETF and others [1]. - Despite the strong performance of actively managed funds, their scale growth has lagged behind that of ETFs, with the top 10 innovative pharmaceutical active funds having a total scale of only 9.4 billion yuan at the end of Q2, while the 7 ETFs increased their scale by 12.9 billion yuan to reach 28.4 billion yuan [2]. Group 2: Market Dynamics - The rapid growth of ETFs is attributed to their passive tracking mechanism, which allows them to effectively capture beta returns from high-growth sectors, making them more appealing to investors compared to actively managed funds [3]. - The expansion of ETFs has put pressure on actively managed equity funds, which are struggling to attract new investments despite their strong performance, as investors prefer the transparency and lower costs associated with ETFs [4]. - The management fees for ETFs are generally lower than those for actively managed funds, further enhancing their attractiveness to investors [4]. Group 3: Future Trends - The emergence of new ETFs focused on themes such as artificial intelligence and cloud computing indicates a shift in investor preference towards passive investment strategies, while the success of actively managed funds will increasingly depend on the historical performance of fund managers [5]. - The coexistence of passive and active investment strategies is essential, as both serve different investor needs and risk profiles, with active funds playing a crucial role in value discovery [5][6].

Group 1 - The core viewpoint of the article highlights the significant performance disparity between actively managed equity funds and thematic ETFs, particularly in the context of the booming human-robot and innovative drug sectors [1][2][4] - The number of "doubling funds" in the innovative drug sector reached 17 by July 29, with 10 being actively managed equity funds and 7 being thematic ETFs, showcasing the strong performance of these funds [2][3] - Actively managed equity funds have achieved substantial excess returns due to stock-picking abilities, but their scale expansion has lagged behind that of ETFs, which have benefited from the strong market performance of specific sectors [2][3] Group 2 - Data shows that the 10 actively managed innovative drug funds had a total scale of 9.4 billion yuan at the end of Q2, with an increase of 5.8 billion yuan during the quarter, while the 7 ETFs saw an increase of 12.9 billion yuan, reaching 28.4 billion yuan [3] - The rapid growth of ETFs is attributed to their passive tracking mechanism, which allows them to capture industry beta returns effectively, leading investors to prefer ETFs for quick exposure to high-growth sectors [4][5] - The rise of ETFs has created competitive pressure on actively managed equity funds, which are struggling to attract new investments despite their strong performance [5][6] Group 3 - The article notes that the existence of actively managed equity funds remains valuable, as they can smooth out volatility through strategic stock selection, contrasting with the automatic rebalancing of ETFs [6][7] - The current trend indicates that passive products like ETFs are more attractive to investors, prompting actively managed funds to seek differentiated strategies for survival [7] - The article warns that while ETFs offer convenience, investors should be cautious of their short-term speculative nature, which can exacerbate market volatility [8]

Core Viewpoint - The article highlights the strong performance of the innovative drug sector in the A-share market, with a significant number of funds achieving over 100% net value growth, indicating a potential investment opportunity in this sector [1][4][5]. Group 1: Fund Performance - As of July 29, 2023, 16 funds have achieved a net value growth rate exceeding 100% this year, with a notable increase from only 4 such funds by July 28 [1]. - Several funds have also reported net value increases of over 90%, just shy of doubling [2]. - The strong performance is primarily attributed to the innovative drug theme, with many funds in this category seeing substantial gains [3]. Group 2: Market Dynamics - On July 29, the innovative drug sector index rose by 3.23%, with nearly 20 related stocks hitting the daily limit or increasing by over 10% [4]. - Key funds such as Huaxin Medical Biology A and others have successfully entered the "doubling fund" category due to their impressive performance [4]. - A total of 7 ETFs focused on innovative drugs have also seen their net values double this year, reflecting a broad interest in this sector [5]. Group 3: Future Outlook - Fund managers believe that the innovative drug sector is entering a golden development phase, supported by strong earnings growth and favorable market conditions [6]. - The article outlines three main reasons for the sector's explosive growth: the need for multinational corporations to innovate due to patent cliffs, the anticipated profitability of biotech companies, and comprehensive policy support [6]. - Current valuations in the innovative drug sector are considered reasonable, with some funds suggesting that the sector still holds significant investment value despite recent gains [8]. Group 4: Investment Strategy - Investment managers recommend a cautious yet optimistic approach to the innovative drug sector, advising against excessive speculation [10]. - Diversification is emphasized to mitigate risks associated with policy changes and technological advancements [10]. - A systematic investment strategy, such as dollar-cost averaging, is suggested to manage investment costs effectively [10].

Core Viewpoint - The innovative drug sector in A-shares has experienced significant value reassessment in 2023, with the innovative drug index rising over 70% year-to-date, driven by favorable policies and major transactions in the industry [3][4]. Group 1: Market Performance - On July 28, 2023, Heng Rui Medicine announced a potential deal worth $12 billion (approximately 86 billion RMB) with GlaxoSmithKline, leading to a surge in its stock price, which hit a four-year high with a market cap of 411.8 billion RMB [3]. - The innovative drug sector saw a collective increase of over 3% on the same day, reflecting strong investor sentiment [3]. Group 2: Policy Support - The National Healthcare Security Administration and the National Health Commission released measures on July 1, 2023, to support the high-quality development of innovative drugs, including the establishment of a diversified payment system and improving accessibility [3]. - A press conference on July 24, 2023, indicated a shift in drug procurement policies, moving away from a simple lowest price reference to promote healthier industry development [3]. Group 3: Fund Performance - All 265 innovative drug-themed funds reported positive returns in 2023, with 152 funds achieving returns over 30%, and the highest return exceeding 80% [4]. - The top-performing fund in the 1 million to 10 million RMB category is the Hua Bao Health Mixed A fund, with a return of 82.55% year-to-date [5][6]. - In the 1 billion to 5 billion RMB category, the Chang Cheng Health Mixed A fund led with a return of 74.64% [7]. - The Peng Hua Medical Technology Stock A fund topped the 5 billion to 20 billion RMB category with a return of 81.85% [8][9]. - The top fund in the 20 billion RMB and above category is the Zhong Ou Medical Innovation Stock A fund, achieving a return of 58.65% [10][11].

2. 第二批浮动费率基金获批，最快下周开售。 证监会批准第二批12只浮动费率基金产品，最快将于下 周上市。与首批产品类似，这些基金设置了1.2%、1.5%和0.6%三档费率，部分产品还将降档阈值上调 为跑输基准2个百分点。此举旨在通过费率与业绩挂钩，激励基金管理人提升投资能力，同时为投资者 提供更多选择。 3. 成长与价值"一个不能少"，百亿级基金经理业绩跑出"加速度"。 凭借二季度的积极调仓换股，近期 多位"百亿级"全市场选股基金经理业绩显著回暖。从二季度调仓换股的情况来看，"成长派"主动权益基 金经理积极挖掘AI算力、创新药等板块机会；"价值派"基金经理深耕大金融、资源品等方向；执行"哑 铃型策略"的基金经理则兼顾科技成长与高股息品种的配置。部分基金经理表示，不仅是个别行业景气 上行，国内市场将迎来全面重估。 4. 券商资管公募赛道表现亮眼，创新药主题基金收益领跑。 券商资管今年在公募赛道上的业绩表现正 浮出水面。整体而言，创新药主题的演绎推动多只医药主题基金净值近期不断攀高。截至7月22日，东 方红医疗升级A目前年内净值已增长了71.54%。创新药主题基金收益领跑，券商公募资管产品排名前三 均为医药主题 ...