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 Insights - Publicly offered Fund of Funds (FOF) has achieved its best performance in five years, driven by heavy investments in equity funds, particularly in the pharmaceutical and technology sectors [1] - The shift from bond funds to equity funds has become a new growth highlight for publicly offered FOFs, with the best-performing FOF product yielding 34.28% year-to-date [1] - Over 90% of all FOFs in the market have reported positive returns this year, with the top 10 FOFs heavily investing in high-volatility equity funds while reducing allocations to bond funds and conservative balanced funds [1]

Core Insights - Publicly offered funds of funds (FOFs) have achieved their best performance in five years, primarily due to heavy investments in equity funds, particularly in the pharmaceutical and technology sectors [1] - The shift from bond funds to equity funds has become a new growth highlight for public FOFs, with over 90% of FOFs showing positive returns this year [1] - The top 10 FOFs in the market have significantly increased their allocations to high-volatility equity funds while reducing their investments in bond funds and conservative balanced funds [1] Performance Metrics - The best-performing FOF product has recorded a return of 34.28% year-to-date, a stark contrast to the best return of only 0.29% in the 2022 fiscal year [1] - The overall market performance indicates a strong recovery and positive sentiment towards equity investments among FOFs [1]

Core Viewpoint - The recent surge in the Shanghai Composite Index, which surpassed 3700 points, has led to increased market activity and a significant rise in new stock account openings, indicating a growing investor interest in the stock market [4][14]. Summary by Sections Market Performance - On August 14, the Shanghai Composite Index reached a four-year high, surpassing 3700 points, reflecting a strong market performance [4][14]. - Year-to-date, the Shanghai Composite Index has increased by 10.19%, while the Shenzhen Component Index and the ChiNext Index have risen by 11.07% and 16.84%, respectively [14]. New Account Openings - In July, approximately 1.9636 million new accounts were opened in the A-share market, marking a year-on-year increase of 70.54% and a month-on-month increase of 19.27% [12][14]. - The total number of new accounts opened in the A-share market from January to July 2025 reached 14.5613 million, a 36.88% increase compared to the same period in 2024 [14]. Investor Sentiment - The increase in new account openings suggests a growing confidence among investors in the capital market, with potential new funds flowing into the stock market [18]. - Factors contributing to the heightened investor enthusiasm include significant profit opportunities, favorable policies, and a shift in asset allocation towards equities [17][18]. Trading Activity - The trading activity has seen a notable uptick, with many investors expressing a sense of urgency to enter the market due to the rising index [8][9]. - Financing funds in the A-share market have also been increasing, with the margin trading balance reaching 2.0345 trillion yuan, the highest in over a decade [14]. Investor Demographics - The majority of new account openings are attributed to individual investors, with a notable presence of older investors seeking assistance in physical brokerage offices [12][14]. - Younger investors are also entering the market, motivated by the rising index and perceived opportunities in sectors like technology [9][10].

Core Viewpoint - The article discusses the volatility and potential investment opportunities in the pharmaceutical sector, particularly focusing on the impact of pricing policies and market sentiment on stock valuations [2][6][9]. Group 1: Market Sentiment and Valuation - The pharmaceutical sector experienced a significant downturn following the implementation of centralized procurement policies, leading to a loss of confidence in the industry's growth prospects [2][3]. - Despite the downturn, there were signs of recovery in the pharmaceutical sector, especially in the Hong Kong innovative drug market, with nearly ten pharmaceutical funds doubling or nearing double their net values by the end of July 2021 [3][4]. - Recent U.S. policies demanding price reductions from major pharmaceutical companies have negatively impacted stock prices in the innovative drug sector globally, including Hong Kong [4][6]. Group 2: Valuation Metrics - The article highlights the importance of valuation metrics such as Price-to-Earnings (PE) and Price-to-Book (PB) ratios in assessing pharmaceutical companies. The Hong Kong innovative drug index has a dynamic PE ratio of approximately 40 times, indicating a 42% percentile, while the PB ratio is around 4 times, at the 100% percentile [6][7]. - Mature and profitable pharmaceutical companies tend to rely more on PE ratios, while innovative and raw material pharmaceutical companies, which have high R&D costs, are better assessed using PB ratios [7]. Group 3: Investment Opportunities - The article suggests that high-quality pharmaceutical companies may be undervalued due to market panic, presenting potential investment opportunities as their stable cash flows and growth potential are overlooked [8]. - The long-term value of pharmaceutical companies is ultimately supported by their actual profitability and growth potential, which may lead to significant price increases after a period of stagnation [9].

Core Viewpoint - The article discusses the recent trend of investors in mutual funds finally breaking even after a prolonged period of losses, highlighting the diverse reactions and strategies among investors as the market recovers [2][3]. Group 1: Market Recovery and Investor Reactions - As of August 1, 2023, six public mutual funds have doubled in value this year, with several well-known fund managers seeing rebounds of over 50% in their representative funds [2]. - Investors who entered the market at high points are experiencing a sense of relief as their accounts return to profitability, leading to varied responses: some choose to redeem their investments, while others opt for cautious withdrawal or even additional investments [2][3]. - A notable investor, Gao Le, who faced a peak loss of nearly 40%, decided to redeem his fund immediately upon breaking even, prioritizing cash in hand for peace of mind [2]. - Another investor, Wang Qian, adopted a more gradual approach, planning to redeem 10% of her holdings for every 5% increase in net value, reflecting a cautious mindset shaped by past experiences [2]. Group 2: Investment Strategies Post-Recovery - Investors' choices after breaking even reveal differences in risk tolerance, investment goals, and market outlooks [5]. - Lin Yang, an investor from the cultural sector, emphasized the importance of accumulating more shares at lower prices rather than focusing solely on breaking even, and he has increased his investment during market lows [3]. - Zhao Meng, a seasoned investor, is using the current rebound to adjust his portfolio, shifting from high-volatility funds to those with lower volatility and benefiting from recent policy changes [4].

Core Insights - The article reflects on a decade of investment experiences, highlighting the transition from stock trading to mutual fund investments, emphasizing the importance of strategy and persistence in achieving positive returns [3][4][10]. Investment Strategy - The initial investment strategy involved systematic investment in mutual funds, particularly in index funds, despite experiencing significant drawdowns during market downturns [4][7]. - The author emphasizes the importance of dollar-cost averaging, which helped mitigate losses during market declines, ultimately leading to profitable outcomes when the market recovered [4][10]. Market Observations - The article notes the market's high valuation during the 2021 bull run, prompting the author to take profits and caution against overexposure to popular funds [6]. - It discusses the performance of various sectors, indicating that many have underperformed compared to broader indices, with some sectors experiencing significant declines [10][11]. Fund Performance - The performance of specific funds, such as the Hang Seng Internet ETF, is highlighted, showcasing the potential for recovery after substantial losses through strategic buying during downturns [7][8]. - The article contrasts the performance of actively managed funds with index funds, suggesting a shift towards index funds due to their better performance and lower fees in recent years [10][11]. Risk Management - The importance of risk management is underscored, particularly through the allocation to bond funds, which have outperformed many equity funds in recent years [11]. - The article advocates for a cautious approach to investing in sector-specific funds, recommending a focus on broad market indices to reduce volatility and improve the likelihood of sustained returns [11].

Group 1 - The average return of active equity funds in the first half of the year reached 7.36%, with over 70% of funds achieving positive returns [1][2] - Notable performers include funds focused on the North Exchange and the pharmaceutical sector, with top funds achieving returns of 82.45% and 75.18% respectively [2] - There is a significant performance disparity among active equity funds, with the best and worst performers showing a difference of over 103% in returns [3] Group 2 - Analysts express a cautiously optimistic outlook for the market in the second half of the year, anticipating a potential upward trend amid easing tariff concerns and improved risk appetite [4] - Structural investment opportunities are expected to emerge in technology, new consumption, and stable dividend sectors, with a focus on areas like AI applications and semiconductor industries [5] - The market sentiment has improved significantly as the Shanghai Composite Index has successfully surpassed the 3400-point mark, although caution is advised regarding crowded trades in certain sectors [5]

Core Insights - Over 70% of actively managed equity funds achieved positive returns as of June 26 this year [1] - Pharmaceutical funds and Beijing Stock Exchange funds showed particularly strong performance [1]

【导读】 百余只 主动权益基金净值创历史新高 中国基金报记者 张燕北 孙晓辉 随 着 A股市场震荡上行，一批主动权益基金净值创出历史新高。 日前， 全市场 超百只 主动 权益基金最新净值创出历史新高，其中，93只基金过去一年涨幅超过50%。 在业内 人士 看来，虽然不确定性仍存，但经过此前 较为 充分的调整，A股市场 值得乐观看 待， 科技成长的布局时点或已临近 。 上百只主动权益基金净值创历史新高 Wind数据显示，截至6月23日，共有106只主动权益基金 （ 仅统计主代码，下同 ） 净值创 出 成立以来 新高 。 从业绩表现来看，这批主动权益基金中，有91只基金年内涨幅超过30%，其中，24只年内涨 幅超过50%，更有10只年内涨幅超过60%，展现出较好的超额收益获取能力。 科技成长布局时点或已临近 展望后市，信达澳亚基金 表示 ，短期来看，市场对于关税担忧减弱，叠加中东局势缓和，市 场进入阶段性风险偏好回升阶段 。 中长期来看，尽管外部环境不确定性仍存，但随着政策红 利逐步释放，以及流动性保持宽裕，有望进一步为A股长期叙事的演绎奠定基础。 "经过此前充分调整，科技成长的布局时点或已临近，科技行业尤其是A ...