Core Insights - The A-share market concluded the first half of 2025 with a structural market trend, showing significant performance divergence among public funds, with an average return of 4.13% and over 87% of funds achieving positive returns [2][3] - The top-performing funds were primarily focused on the pharmaceutical and biotechnology sectors, while some funds heavily invested in new energy and artificial intelligence themes faced performance challenges [2][3] Fund Performance Overview - The top fund, Huatai Hong Kong Advantage Selection A, achieved a remarkable return of 86.48%, while the bottom fund, Qianhai Kaiyuan Artificial Intelligence A, recorded a loss of -20.57%, resulting in a performance gap of 107 percentage points [2][3][5] - The top 30 funds exhibited three notable characteristics: a strong rise of North Exchange theme funds, widespread success of pharmaceutical theme funds, and robust performance of Hong Kong Stock Connect innovative drug ETFs [3][5] Top 30 Funds Summary - The top three funds were: 1. Huatai Hong Kong Advantage Selection A (86.48%) 2. CITIC Construction Investment North Exchange Selection Two-Year Open A (82.45%) 3. Great Wall Pharmaceutical Industry Selection A (75.18%) [4][5] - The North Exchange 50 Index rose approximately 39.45% in the first half of the year, with related theme funds dominating the top ten performance rankings [3][5] Bottom 30 Funds Summary - The bottom fund, Qianhai Kaiyuan Artificial Intelligence A, had a return of -20.57%, with most underperforming funds being mixed and stock funds, showing losses between -12.43% and -20.57% [6][7] - The underperforming funds were heavily concentrated in technology and AI sectors, which faced significant downturns, contrasting with the strong performance of healthcare and innovative drug sectors in top-performing funds [8][9] Market Outlook - The A-share market is expected to present a "volatile upward" trend in the second half of 2025, supported by a series of domestic growth policies and monetary easing [11][12] - Investment strategies should balance high-growth sectors with stable dividend assets, focusing on innovative drugs and technology while considering potential external uncertainties [12]

Group 1 - The core viewpoint of the article highlights the strong performance of actively managed equity funds, particularly those focused on the Beijing Stock Exchange and the pharmaceutical sector, with the top-performing fund achieving a return of 82.45% in the first half of 2025 [1][7]. - The top-performing funds include the CITIC Securities Beijing Stock Exchange Selected Two-Year Open A Fund, which is the only fund to exceed an 80% return, and other notable funds such as Great Wall Pharmaceutical Industry Selected A and Bank of China Hong Kong Stock Connect Pharmaceutical A, both exceeding 70% returns [2][7]. - The overall performance of the A-share and Hong Kong stock markets was positive, with major indices showing gains, particularly the North Exchange 50 Index, which rose by 39.45% [5][6]. Group 2 - Looking ahead to the second half of 2025, several fund companies express optimism about investment opportunities in the A-share market due to historically low valuation levels and supportive fiscal and monetary policies [3][10]. - Fund managers are particularly focused on sectors such as technology, innovative pharmaceuticals, and new consumption, anticipating structural opportunities in these areas [11][12]. - The Hong Kong market is expected to attract more investment due to the internationalization of the RMB and the listing of quality A-shares and overseas Chinese assets, which enhances its appeal [10]. Group 3 - Despite the overall positive outlook, some actively managed equity funds have underperformed, with the Qianhai Kaiyuan Artificial Intelligence A Fund showing a decline of 20.57%, marking it as the worst performer [9]. - Fund managers emphasize the importance of identifying structural opportunities in the market, particularly in sectors like AI, semiconductors, and military industry, as well as in cyclical industries that have seen significant price declines [11][12].

Core Viewpoint - The performance of active equity funds has shown a positive trend in the first half of the year, with over 70% achieving positive returns, particularly in the pharmaceutical and North Exchange sectors [1][2]. Group 1: Fund Performance - As of June 26, 2023, 6085 out of 7881 equity and mixed-asset funds reported positive returns, representing over 70% [2]. - The leading pharmaceutical fund, Huazhong Pharmaceutical Bio A, achieved a return of 75.91%, while several others exceeded 50% [2]. - North Exchange-themed funds also performed well, with the CITIC Construction North Exchange Select Fund yielding 80.71% [2]. Group 2: Market Outlook - Institutions maintain a cautiously optimistic view for the second half of the year, expecting a continuation of structural market characteristics [1][3]. - Key sectors for investment include technology, new consumption, and innovative pharmaceuticals, which are seen as having strong growth potential [1][4]. - The A-share market is anticipated to exhibit clear structural features, with the index likely oscillating around a central point [3]. Group 3: Investment Strategies - Investors are advised to focus on low-entry opportunities rather than chasing high prices, given the rapid rotation of market styles [4][5]. - Specific areas of interest include technology, new consumption, stable dividend stocks, and sectors benefiting from policy support [5]. - The expected policy measures are likely to positively influence investor sentiment and the equity market [5].