作者 | Los 编辑 | 小白 医药是历次牛市的主题之一，不要轻易离开。 8月是科技股的天下，带领指数猛猛干，其它板块变得黯然失色。 此前，31个申万行业，医药生物板块以涨超40%的绝对优势位列前茅，但被上周五猛拉的通信与电子 后来者居上，尤其涨势最为凶猛的创新药指数近期表现滞涨，本月仅涨2.76%，大幅跑输各大指数， 成交量也开始缩量。 （来源：同花顺数据） 同时，前期热门医药股，例如信达生物、三生制药、石药集团、热景生物、一品红等纷纷进入高位震 荡盘整，难道医药股的春天就要结束了吗？ 下面，我们就试着从被动基金与主动基金中去寻找答案。 六大类被动基金如何选？ 先来盘点下年内被动基金的表现。 截至8月22日，年内共有1039只ETF录得收益率，其中97.3%的基金取得正收益，年内平均收益率高达 20.79%，中位数为18.59%，赚钱效应非常可观，各位老铁你们跑赢了吗？ 目前，ETF涨幅榜仍被医药板块相关基金牢牢占据，多只港股创新药基金名列前茅甚至涨幅翻倍，并 断层式领先涨幅同样居前的稀土ETF、通信ETF、创业板人工智能ETF（均涨超50%）。 01 港股创新药强者恒强，资金仍在持续流入 生物医药板块相 ...

蔡路平坦言，左侧布局的想法能够切实落地，离不开公司平台化建设所形成的高效合作机制。 指数投资业务展业六年多以来，永赢基金另辟蹊径，在ETF领域通过创新研发和不断探索，前瞻布局了 医疗器械ETF、黄金股ETF、通用航空ETF、卫星ETF、港股医疗ETF等"首创"指数系列产品，在激烈的 行业竞争中，走出了差异化发展之路。Wind数据显示，截至今年9月4日，永赢基金ETF管理规模已突破 150亿元。 日前，永赢基金指数与量化投资部总经理蔡路平在接受中国证券报记者采访时，详细回顾了公司指数业 务发展的探索历程。蔡路平表示，下一步，永赢基金在指数业务上将继续做好基建工作，在丰富产品矩 阵的同时，还将在营销配套、人员配置、投资服务等多方面协同发力。 以"切蛋糕"思路挖掘机会 "永赢基金的指数业务最早从沪深300指数、创业板指数这样的宽基指数产品起步。2020年，国内医药板 块迎来显著行情，当时我们尝试从医药板块中切分出医疗器械这一细分行业布局指数产品。回顾来看， 布局特色化指数产品的整体思路正是在这一时期奠定的。"蔡路平将这样的商业模式总结为"切蛋糕"， 即在相对成熟的领域进一步挖掘具有潜力且吸引力更强的细分方向进行布局 ...

Core Insights - Yongying Fund has differentiated itself in the ETF market by innovatively developing a series of "first-of-its-kind" index products, including medical device ETFs, gold stock ETFs, general aviation ETFs, satellite ETFs, and Hong Kong medical ETFs, achieving an ETF management scale exceeding 15 billion yuan as of September 4 this year [1][3][5] Group 1: Business Strategy - The index business of Yongying Fund began with broad-based index products like the CSI 300 and ChiNext Index, and later focused on niche sectors such as medical devices, driven by significant market trends in the pharmaceutical sector [3][5] - The company employs a "cake-cutting" strategy to identify opportunities in mature sectors by exploring more attractive and potential sub-sectors [3][5] - Future plans include enhancing the product matrix while improving marketing support, personnel allocation, and investment services to strengthen overall business operations [1][7] Group 2: Product Development - Yongying Fund has accelerated its index product offerings this year, launching seven new ETF products, including the Yongying CSI A500 ETF and the Yongying Hong Kong Stock Medical Theme ETF [5][6] - The company aims to continue diversifying its product offerings across various sectors such as consumption, manufacturing, technology, cycles, finance, and military industry [5][6] Group 3: Infrastructure and Collaboration - The efficient collaboration mechanism within Yongying Fund, characterized by a flat organizational structure, facilitates high levels of cross-departmental communication and idea generation [4][5] - The company emphasizes the importance of infrastructure development to ensure the availability of suitable investment tools across different market conditions [6] Group 4: Quantitative Investment - Yongying Fund is also focusing on enhancing its quantitative investment business, with a primary emphasis on index enhancement strategies and plans to expand into active quantitative strategies [8] - The team is leveraging advanced technologies, including AI models, to improve strategy effectiveness and adapt to market conditions [8]

日前，永赢基金指数与量化投资部总经理蔡路平在接受中国证券报记者采访时，详细回顾了公司指数业 务发展的探索历程。蔡路平表示，下一步，永赢基金在指数业务上将继续做好基建工作，在丰富产品矩 阵的同时，还将在营销配套、人员配置、投资服务等多方面协同发力。 □本报记者 王鹤静 指数投资业务展业六年多以来，永赢基金另辟蹊径，在ETF领域通过创新研发和不断探索，前瞻布局了 医疗器械ETF、黄金股ETF、通用航空ETF、卫星ETF、港股医疗ETF等"首创"指数系列产品，在激烈的 行业竞争中，走出了差异化发展之路。数据显示，截至今年9月4日，永赢基金ETF管理规模已突破150 亿元。 值得注意的是，今年以来，永赢基金在指数化产品，尤其是ETF的布局上显著提速，目前已成立了永赢 中证A500ETF、永赢中证港股通医疗主题ETF、永赢国证自由现金流ETF、永赢上证科创板综合价格增 强策略ETF、永赢中证港股通央企红利ETF等7只ETF产品；永赢上证AAA科技创新公司债ETF已获批； 此外，公司还上报了永赢中证红利低波动ETF、永赢中证科创创业人工智能ETF等产品。 "今年我们在指数产品布局上取得了显著进展，无论是T+0的港股产品， ...

□本报记者 王鹤静 指数投资业务展业六年多以来，永赢基金另辟蹊径，在ETF领域通过创新研发和不断探索，前瞻布局了 医疗器械ETF、黄金股ETF、通用航空ETF、卫星ETF、港股医疗ETF等"首创"指数系列产品，在激烈的 行业竞争中，走出了差异化发展之路。Wind数据显示，截至今年9月4日，永赢基金ETF管理规模已突破 150亿元。 日前，永赢基金指数与量化投资部总经理蔡路平在接受中国证券报记者采访时，详细回顾了公司指数业 务发展的探索历程。蔡路平表示，下一步，永赢基金在指数业务上将继续做好基建工作，在丰富产品矩 阵的同时，还将在营销配套、人员配置、投资服务等多方面协同发力。 蔡路平表示，尽管左侧布局潜力巨大，但孵化过程仍需要漫长等待，某种程度上更像是一级市场投 资："有些细分行业产品的天花板很低，尤其是在左侧布局阶段，可能难以打开想象空间，产品规模长 期受限，如同播种的种子不知道何时才能开花结果。所以，布局指数产品不仅需要提前制定战略，选择 胜率更高的打法，还要结合自身资源禀赋，才能提高孵化成功的可能性。" 在潜力行业的试水初步取得成果后，蔡路平介绍，公司下一步将在延续差异化布局优势的同时，持续丰 富产品矩阵 ...

Core Viewpoint - Index funds have gained popularity among investors as a means to optimize asset allocation and diversify risk, with Yongying Fund adopting a dual-track strategy of "broad-based foundation + innovative breakthrough" to navigate the competitive landscape [1] Company Development - Yongying Fund's index business started relatively late, initially adopting a conservative defensive strategy and focusing on building a foundational framework and conducting extensive market research [2] - A strategic turning point occurred in 2020 when the company recognized the need to move beyond merely "following" the market and began to explore differentiated opportunities, particularly in the booming medical sector [2][3] - The decision to launch a medical device ETF was based on the recognition of the unique investment value in the medical device sector, which was less saturated compared to other areas in healthcare [3] Investment Strategy - The company embraces "left-side" opportunities, focusing on sectors aligned with clear national policy directions, such as low-altitude economy and commercial aerospace, which were highlighted in government reports [4] - Despite being a latecomer in the index product market, the company leverages the creativity and efficiency of its research team to pursue challenging yet promising investment opportunities [4] Recent Product Launches - In 2023, the company launched a gold stock ETF to fill a gap in the domestic market, which has seen a net value increase of over 68% year-to-date as of September 3, 2025 [5] - The company emphasizes the importance of research and risk control in index investment, countering the misconception that index investing requires no research [5] Future Directions - The company plans to enhance its product matrix by focusing on three dimensions: refining broad-based products, embracing Smart Beta opportunities, and implementing a "two-step" strategy for new productivity sectors [6] - The refinement of broad-based products will involve detailed operations to capture market opportunities, while Smart Beta products are expected to gain market share as the market shifts towards a more configuration-oriented approach [6] - The "two-step" strategy involves initially launching actively managed funds in emerging sectors before transitioning to index products as market conditions improve [6][7] - The company aims to continuously expand its product offerings to build a competitive and comprehensive product matrix [7]

Group 1 - The ETF market opened with mixed performance on September 4, with the Mechanical ETF (516960) rising by 3.83% and the Medical Device ETF (562600) increasing by 3.38% [1] - The China A50 ETF by Bosera (561750) saw a rise of 2.78%, indicating positive investor sentiment in large-cap stocks [1] - Conversely, the S&P Oil & Gas ETFs (159518 and 513350) experienced declines of 2.34% and 2.24% respectively, reflecting potential challenges in the oil and gas sector [1] - The China Fortune 50 ETF (159371) also fell by 1.77%, suggesting a broader market pullback in certain sectors [1]

Core Insights - Yongying Fund has successfully adopted a differentiated strategy to break through in the competitive index business, achieving rapid growth in its ETF scale from 3 billion to over 12 billion yuan within a year [1] Group 1: Differentiated Strategy - The company focuses on niche markets and seeks medium to long-term opportunities, particularly in areas where there is a lack of existing products [1] - In 2020, Yongying Fund identified a gap in the market for ETFs focused on medical devices and launched a medical device ETF, which has since grown to nearly 5 billion yuan, making it the largest in its category [1] Group 2: Product Development and Market Positioning - Yongying Fund's product strategy is characterized by left-side positioning, launching products before market hotspots emerge, such as the first gold stock ETF and a general aviation ETF [2] - The company has established a dual-track layout of "broad-based foundation + innovative breakthrough," with 15 passive index funds and 3 enhanced index funds launched this year [3] Group 3: Future Outlook - The company plans to continue expanding its index product line, focusing on mainstream sectors like consumption, technology, and finance, while also exploring new index product models such as Smart Beta [3] - Yongying Fund aims to enhance its product offerings and improve its decision-making and communication structures to leverage its late-mover advantage in the index market [3][4]

Group 1 - Mingde Biological (002932.SZ) released its semi-annual report for 2025 on August 28, 2025, showing that as of August 27, 2025, 11 institutional investors held a total of 11.31 million shares, accounting for 4.86% of the total share capital [1] - The top ten institutional investors include major entities such as China Merchants Bank, Bank of China, and China Ping An Life Insurance, with their combined shareholding percentage decreasing by 2.23 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, three funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.56% [2] - Four new public funds disclosed their holdings this quarter, including funds focused on dividend indices and medical devices [2] - In the insurance sector, one insurer, China Ping An Life Insurance, reported a slight decrease in holdings compared to the previous quarter [2]

Group 1 - The core viewpoint of the news is that Caina Co., Ltd. (301122.SZ) has reported its semi-annual results for 2025, highlighting significant institutional investment in its A-shares [1] - As of August 27, 2025, a total of 12 institutional investors disclosed holdings in Caina Co., Ltd., with a combined shareholding of 33.6289 million shares, representing 27.51% of the total share capital [1] - The top ten institutional investors collectively hold a proportion of 27.51%, which has increased by 0.49 percentage points compared to the previous quarter [1] Group 2 - In terms of public funds, five new public funds were disclosed this period compared to the previous quarter, including Medical Device ETF, China Securities Medical Device ETF, Galaxy Intelligent Mixed A, Galaxy Industrial Power Mixed A, and Galaxy He Mei Life Mixed A [1] - Regarding foreign investment, one new foreign institution was disclosed this period, namely J.P. Morgan Securities PLC - proprietary funds [2]