以下文章来源于兴证全球基金 ，作者与您相伴的 兴证全球基金 . 从我们的经验来看，主动基金经理很多都是行业研究员出身，对行业的了解比我们深，他们做行业轮 动的成功概率都不高，我们作为 FOF 或者投顾的管理人，难度就更高了。相对来说，我们会在我们 的研究比市场平均认知水平更高一点的领域，去争取创造超额，要在一个我们不擅长并且又很卷的领 域去创造超额，胜率比较低。推而广之，我觉得可能大部分普通投资者也不太适合去做行业轮动，因 为我们面临的困境，大多数投资者也是类似的。 投资复盘：你在哪里赚到了钱，在哪里亏了钱？ 文子： 我最近做了一些复盘，发现我真正赚到钱的投资其实只有两笔。第一笔是FOF ，因为我 们公司的 FOF 管理理念是 "追求赚到比平均好一点点的钱"，这个理念特别打动我，于是从 2020 年开始，我每周定投 FOF ，金额不大，但坚持几年下来，已经默默积累成了一笔可观的资产，而且 在2021 年市场波动很大的时候，因为 FOF 相对波动比较小，我也没有想过去减仓。虽然收益率不 算惊人，但它反而成为了我投资收益里贡献很大的一部分。 第二笔是今年 4 月买入的一笔投资，当时市场主流指数跌幅都很大，我觉得这 ...

人民财讯8月24日电，券商中国记者注意到，在行业指数持续拉升之际，多只业绩排名领先的医药基 金、军工基金、新消费基金，反而在净值解套之后迎来较大的赎回压力。 有业绩爆棚的创新药基金并不甘心直接清盘，为此召开持有人大会，寻求修改基金合同终止条款，以保 住基金产品的存续。这凸显出股票基金市场火爆趋势中，各类赛道投资的分歧也在逐步加大。 记者注意到，因赎回压力导致合同终止风险或清盘的基金，大多是今年内市场人气热度大、业绩表现好 的优质赛道基，这些基金产品大多取得较好收益率和排名，基金面值接近解套或刚刚完成解套。 ...

Core Viewpoint - The recent trend of high-performing funds implementing "purchase limits" reflects a shift from scale-oriented strategies to investor return-oriented strategies, aimed at protecting existing fund holders' interests amidst a hot market [1][3]. Group 1: Fund Purchase Limits - Several high-performing funds have recently announced limits on large purchases, including the Caizhong Securities Asset Management's Digital Economy Mixed Fund, which has a return rate of 56.37% year-to-date as of August 18 [1]. - The Great Wall Pharmaceutical Industry Selected Mixed Fund and the CCB Flexible Allocation Mixed Fund have also set purchase limits, with year-to-date return rates of 135.09% and 49.74%, respectively [2]. - The招商成长量化选股 fund has implemented its second purchase limit this year, with a return rate of 29.55% as of August 18 [2]. Group 2: Reasons for Purchase Limits - Fund managers indicate that limiting purchases is necessary to protect performance, as large inflows at high net asset values can dilute returns and lead to inefficient cash management [2][3]. - Controlling fund size is crucial to avoid operational constraints on portfolio adjustments, especially when the fund size exceeds the manager's capability, which could lead to significant net asset value fluctuations [3]. Group 3: Market Focus and Alternatives - The limited funds primarily focus on popular sectors such as innovative pharmaceuticals, technology, and military industries, which are currently crowded, suggesting that now may not be the optimal time to invest [3]. - Fund companies are exploring other niche sectors and offering products like "fixed income plus" and FOFs to provide investors with a balanced selection [3][4]. - There is a growing interest in "fixed income plus" products and FOFs, with over 90% of FOFs achieving positive returns this year, making them an attractive option for investors seeking stable returns [4].

Group 1 - The core viewpoint of the article highlights that funds focused on innovative pharmaceuticals have seen significant gains, with some funds increasing over 61% in the first half of the year [1] - The top-performing funds include several that are primarily invested in innovative drugs, with the highest return being 86.48% for the fund "汇添富音港优势精选A" [1] - Other notable funds in the top 16 also show strong performance, with returns ranging from 61.77% to 83.15% [1] Group 2 - The article suggests that innovative drugs can be pursued when the market declines, indicating a potential buying opportunity [2] - The "广发成长领航一年持有A" fund has a significant portion of its holdings in new consumer concepts, with major investments in companies like 泡泡玛特 and 老铺黄金 [3] - The fund manager 吴远怡 has demonstrated strong performance across various products, with most showing commendable returns [4] Group 3 - The historical performance of the "广发科技创新" fund shows a maximum drawdown of -53%, indicating high volatility [5] - Overall, the funds discussed are characterized by high volatility and significant drawdowns, making them more suitable for investors willing to buy during market dips [7] - The article emphasizes that these funds may not be suitable for low-risk investors due to their performance characteristics [7]

经过4年调整后，2025年创新药基金"王者归来"。 今年上半年，创新药超额收益非常明显。Wind数据显示，上半年，恒生创新药指数上涨60.27%，万得 创新药指数上涨23.93%。 据21世纪经济报道记者统计，上半年，收益超过40%的基金中，逾七成重仓创新药；而二季度，收益超 过20%的基金中，逾五成重仓创新药。 经历上半年大爆发后，创新药股价"泡沫化"了吗，行情是否可持续？ 从刚刚披露的二季报及最新观点来看，医药基金经理们继续看好创新药的结构性行情。包括下半年到明 年的多个潜在的重磅BD（Business Development，商务拓展）交易，以及国内支持创新药的利好政策。 "王者归来" 21世纪经济报道特约记者 庞华玮 经历了4年低谷之后，今年以来，一批创新药基金业绩重回颠峰。 21世纪经济报道记者统计发现，上半年，全市场有88只基金（仅计算初始基金，下同）收益超过40%， 其中，有66只重仓创新药，占比75%。 而来自二季度的最新数据也显示，全市场有107只基金收益超过20%，其中，有59只重仓创新药，占比 55%。 也就是说，今年上半年一批业绩较好的头部基金，超过一半重仓在创新药。 今年以来，重仓创 ...

Core Viewpoint - The innovative drug sector has become the main market theme in the first half of the year, with significant excess returns observed in the second quarter [1][2]. Performance and Scale Paradox - In the second quarter, 107 funds achieved returns exceeding 20%, with 59 of these heavily invested in innovative drugs, accounting for 55% of the total [2]. - The top three performing innovative drug funds in Q2 were: Changcheng Pharmaceutical Industry Select A (35.86%), Huitianfu Hong Kong Advantage Select A (34.09%), and Huashan Pharmaceutical Biology A (31.20%) [2]. Fund Flows - Despite strong performance, many innovative drug funds did not experience net inflows; approximately 60% of the funds with over 20% returns faced net redemptions [4][5]. - Among the 43 actively managed innovative drug funds with returns over 20%, only 18 saw net subscriptions, while 25 experienced net redemptions [4]. Scale Changes - Only three innovative drug funds saw their scale increase by over 1 billion yuan in Q2, while others either remained stable or faced net redemptions [5]. - Specific funds like Huitianfu Innovation Medicine and Yongying Medicine Innovation Select saw significant scale growth, while others like Huitianfu Daxin and Huitianfu Medical Services faced substantial scale reductions [6]. Market Sentiment - Fund managers remain optimistic about the innovative drug sector for the second half of the year but caution about potential adjustments and volatility due to prior gains [8][9]. - The outlook for Q3 includes a focus on overseas licensing and domestic sales expansion, with expectations for continued activity in the innovative drug sector [8][11]. Investment Strategy - Fund managers suggest diversifying investments to mitigate risks associated with policy changes and technological iterations, advocating for a rational and long-term asset allocation approach [9]. - The current market is viewed as a structural bull market, with innovative drugs being the primary focus for investment opportunities [10].

Core Viewpoint - The article emphasizes the importance of understanding the complexities of investment rather than succumbing to a "comparative mindset" that can lead to poor decision-making [3][4][6][7] Group 1: Investment Performance - As of last week, four funds have doubled in value this year, highlighting a significant performance in the market [2] - The funds that achieved this remarkable performance are primarily focused on innovative pharmaceuticals, indicating a concentrated investment strategy [4] Group 2: Challenges in Investment - The article points out that the perception of easy gains from these "doubling funds" underestimates the challenges investors face, such as making timely decisions and holding onto investments during market fluctuations [4][6] - It stresses that successful investing requires thorough research, independent thinking, and emotional resilience [4] Group 3: Future Outlook - Investors should be cautious about extrapolating past performance into future expectations, as previous strong performers may not sustain their success [6] - The article references a previous instance in 2023 where funds that had performed well in the first half of the year saw their returns diminish significantly by year-end, illustrating the volatility of investment returns [6] Group 4: Focus on Personal Investment Strategy - The article concludes that investors should concentrate on their own investment strategies and progress rather than comparing themselves to others, akin to a long-distance runner focusing on their own pace [7]

Group 1: Brokerage Performance - In the first half of the year, 27 out of 34 brokerage firms' stock selection portfolios reported positive returns, accounting for nearly 80% [2][4] - Huaxin Securities and Dongxing Securities led with returns exceeding 30%, at 35.59% and 34.72% respectively [3][4] - The top-performing stocks in June included Giant Network, which saw a monthly increase of 63.09%, and Shenghong Technology, with gains over 50% [4][5] Group 2: Fund Performance - Active equity funds achieved an average return of 6.78% in the first half of the year, with over 80% reporting positive returns [9][10] - Notably, 347 funds had returns exceeding 20%, and 50 funds surpassed 40%, with 11 funds achieving over 60% [9][10] - The top-performing fund was the CITIC Construction North Exchange Selected Mixed Fund, with a return of 82.45% [10] Group 3: Investment Outlook - Brokerages expect the A-share market to trend upwards in the second half, focusing on emerging technology sectors and maintaining dividend assets as core holdings [7][8] - Key sectors for investment include AI, defense, and high-tech manufacturing, with a shift towards core asset trends anticipated [8] - Fund managers are optimistic about opportunities in AI, pharmaceuticals, and consumer sectors, suggesting a proactive investment strategy [11][12] Group 4: Macro Economic Insights - External factors have shown that Chinese assets are increasingly attractive, with resilience being a key characteristic of the macro economy [13][14] - Consumer performance has exceeded expectations, supported by policies like the trade-in subsidy, while exports have also remained strong [14] - The influx of southbound capital into Hong Kong stocks has been significant, with net inflows reaching 731.19 billion HKD, indicating robust market interest [17]

Group 1 - The first batch of 10 Sci-Tech Bond ETFs has been reported, marking the entry of bond ETFs into the "hard technology" sector [1] - The China Securities Regulatory Commission announced plans to enhance the linkage between stocks and bonds to support technological innovation [1] - The largest broad-based index ETF, Huatai-PB CSI 300 ETF, has set a record for a single dividend payout amounting to 8.4 billion yuan [1] Group 2 - In June, oil and gas public funds have outperformed innovative drug-themed products, with 12 funds showing a net value increase of over 10% [2] - The smart glasses market in China saw a shipment volume of 494,000 units in Q1 2025, a year-on-year increase of 116.1% [2] - The growth in smart glasses sales is attributed to advancements in AI and AR technologies, government subsidies, and the introduction of new products [2] Group 3 - The Zhiyuan Data Collection Center in Shanghai has collected over one million high-quality data points to enhance robot intelligence [3] - The center's initiatives are expected to lead to mass production of robots by 2025, with thousands of units anticipated to be shipped [3] Group 4 - The total public procurement in China for 2024 is projected to be 45 trillion yuan, reflecting a year-on-year decrease of 2.18% [3] - State-owned enterprises are expected to play a stabilizing role in procurement, with central enterprises' procurement exceeding 1.8 trillion yuan [3] Group 5 - The geopolitical risks in the Middle East are expected to drive up oil shipping prices due to recent conflicts affecting shipping routes [5] Group 6 - Audi has halted its plan for full electrification and will not set a clear timeline for phasing out internal combustion engine vehicles [6] - The company plans to launch new internal combustion and plug-in hybrid models between 2024 and 2026 [6] Group 7 - HNA Holding is undergoing a significant asset restructuring with a cash acquisition of 799 million yuan for a 100% stake in Hainan Tianyu Flight Training Co., Ltd [7] - The Shanghai Stock Exchange has issued an inquiry regarding the high proportion of accounts receivable and the reasonableness of bad debt provisions [7] Group 8 - Sichuan Blu-ray Development Co., Ltd. has been added to the list of dishonest executors, with 11 new records of dishonesty reported [8] Group 9 - Yongsheng Environmental Protection announced that its actual controller has been changed to bail pending trial, with no significant impact on daily operations [9] Group 10 - Yingkang Life announced a change in management, with Peng Wen resigning as director and general manager, and Ma Anjie taking over the role [11] Group 11 - ST Huawang received an inquiry letter from the Shanghai Stock Exchange regarding its major asset purchase proposal, which involves a valuation increase of 665.84% [12] Group 12 - Konggang Co., Ltd. plans a significant asset restructuring by selling 80% of its subsidiary Tianyuan Construction, with the stock remaining listed [13] Group 13 - The US stock market showed mixed results, with the Nasdaq rising by 0.13% while the S&P 500 and Dow Jones fell slightly [14] - The Federal Reserve's comments on inflation pressures influenced market movements, with technology stocks leading the gains [14]

Group 1 - Since June, oil and gas public funds have outperformed innovative drug-themed products in net value growth, with 12 public funds showing over 10% growth, primarily driven by oil-related funds [1][2] - The top-performing fund, Jiashi Oil, achieved a net value growth rate of 17.3%, while several other oil-themed funds maintained growth rates between 9% and 10% [2] - Analysts attribute the strong performance of oil and gas funds to rising asset prices due to geopolitical risks and supply-demand dynamics, with international oil prices experiencing significant fluctuations [3][4] Group 2 - Future growth potential for oil and gas funds may be limited, as analysts suggest that international oil prices could lack upward momentum, advising cautious asset holding [4] - Geopolitical uncertainties are expected to lead to continued volatility in oil prices, with a potential oversupply situation anticipated in the third quarter, indicating a bearish outlook [4] - Despite the underperformance of innovative drug funds in June, some products still showed decent growth, maintaining rates around 10%, and several pharmaceutical funds remain strong performers year-to-date [4]