Core Insights - In the first three quarters of this year, 624 out of 650 comparable QDII funds saw an increase in net value, representing a 96% success rate, while 26 funds experienced a decline [1] - The innovative drug sector has rebounded, leading to significant gains for funds heavily invested in this area, with top performers achieving returns exceeding 155% [1][2] - The top-performing QDII funds include Huatai-PB Hong Kong Advantage Selected Mixed Fund A and C, both achieving returns of 155.14% and 155.09% respectively [1] Fund Performance - 13 QDII funds recorded gains over 100%, with four from E Fund Management, including E Fund Global Pharmaceutical Industry Mixed Fund A and C, all surpassing 102% [2] - The top holdings of these funds include companies like Innovent Biologics, I-Mab Biopharma, and others in the innovative drug sector [2][3] - Other notable funds with over 100% returns include GF CSI Hong Kong Innovative Drug ETF and ICBC New Economy Mixed Fund, with respective gains of 112.80% and 104.12% [3] Fund Management - The current fund manager for Huatai-PB Hong Kong Advantage Selected Mixed Fund is Zhang Wei, who has extensive experience in the pharmaceutical sector [2] - E Fund's funds are managed by Yang Zhenxiao, who has a background in investment management and industry research [3] Sector Analysis - The innovative drug sector has shown strong performance, contributing to the significant gains of various QDII funds [3][4] - Funds with poor performance are primarily those focused on real estate and oil & gas sectors, as well as those tracking the S&P 500 healthcare index [5]

Core Viewpoint - The A-share and Hong Kong stock markets have shown a continuous upward trend since mid-April, achieving new highs in the third quarter, with equity funds yielding significant returns [1] Group 1: Active Equity Funds - A total of 37 funds have doubled their returns this year as of September 26, with 31 active equity funds in A-shares achieving over 100% returns [2][4] - The average return for active equity funds is 30.32%, with over 98% of these funds reporting positive returns [4] - The top-performing fund, Yongying Technology Smart Selection A, has a return rate of 189.58%, significantly boosted by its focus on AI concept stocks [4][6] Group 2: Passive Index Funds - Nearly 98% of index funds have achieved positive returns, with an average return of 27.53% [7] - Funds tracking innovative drugs, communications, and artificial intelligence have outperformed, with the top two funds yielding returns of 103.96% and 100.59% [7] - Underperforming index funds are primarily those tracking energy, food and beverage, and coal sectors, with losses exceeding 5% [7] Group 3: QDII Funds - QDII funds focused on the Hong Kong market, particularly in innovative drug assets, have performed well, with four funds exceeding 100% returns [3][8] - The top-performing QDII fund, Huatai Bairui Hang Seng Innovation Drug ETF, has a return of 152.25% [8] - Other notable funds in this category have also shown strong performance, with several exceeding 90% returns [8]

Group 1 - The Hong Kong stock market showed strong performance last week, with the Hang Seng Index surpassing 27,000 points for the first time in nearly four years, driven primarily by the technology sector, which saw a weekly increase of 5.09% in the Hang Seng Tech Index [1] - Significant capital inflows were observed in Hong Kong-related ETFs, with the E Fund Hang Seng Tech ETF receiving over 800 million yuan in net inflows, bringing its total size to 20.45 billion yuan [1] - Other ETFs, such as the GF Hang Seng Tech ETF and the Huaxia Hang Seng Internet Technology ETF, also experienced substantial net inflows exceeding 600 million yuan, indicating strong investor confidence in the Hong Kong tech sector [1] Group 2 - Southbound capital has played a crucial role in the recent recovery of the Hong Kong stock market, with ETFs focused on technology and internet sectors seeing significant net inflows, providing stable liquidity support [2] - Multiple public fund institutions are optimistic about the continuation of the Hong Kong stock market's performance in the second half of the year, citing a stable economic recovery and the potential for more quality companies to list in Hong Kong [3] - The ongoing deepening of the mutual market access mechanism between mainland China and Hong Kong is expected to attract more southbound capital, providing long-term and stable funding support for the market [3] Group 3 - The Hong Kong stock market is positioned as a frontier for the integration of Chinese industries and global capital, attracting international investors due to its stable domestic environment and strong economic resilience [4] - The current global political and economic uncertainties have increased investor interest in assets with higher certainty, making the Hong Kong market an attractive option for international capital [4]

Group 1 - In the first eight months of the year, 610 out of 644 comparable QDII funds saw an increase in net value, representing 94.7% of the total [1] - The innovative drug sector has rebounded, leading to significant gains for funds heavily invested in this area, with top performers including Huatai-PB Hong Kong Advantage Selected Mixed C and A, achieving returns of 133.73% and 133.56% respectively [1] - The top ten holdings of Huatai-PB Hong Kong Advantage Selected Mixed A/C include companies such as InnoCare Pharma, Kelun-Biotech, and Innovent Biologics [1] Group 2 - Ten QDII funds recorded gains exceeding 90%, with four from E Fund Management, including E Fund Global Pharmaceutical Industry Mixed Fund, all surpassing 94% [2] - The top ten holdings of these E Fund products include major players like Innovent Biologics and InnoCare Pharma [2] Group 3 - Funds such as GF CSI Hong Kong Innovative Drug ETF and Huatai-PB Hang Seng Innovative Drug ETF also performed well, with returns of 103.70% and 100.04% respectively [3] - The top ten holdings of the larger Huatai-PB Hang Seng Biotechnology ETF include companies like Innovent Biologics and WuXi Biologics [3] Group 4 - The bottom performers among QDII funds primarily tracked the FTSE Saudi Arabia Index, with several oil and gas funds and those tracking the S&P 500 healthcare index also underperforming [4]

中国经济网北京8月7日讯（记者 何潇） 今年前7个月，全市场650只（各类份额分开计算，下同）有可 比业绩的QDII基金中，共有600只基金净值上涨，占比92.31%；有49只基金净值下跌；其余1只基金净 值持平。 以工银新经济混合美元、工银新经济混合人民币为例，截至二季度末，该基金的前十大重仓股为科伦博 泰生、信达生物、三生制药、海思科（002653）、药明康德（603259）、恒瑞医药（600276）、再鼎医 药、百济神州、先声药业、翰森制药。目前由基金经理赵蓓管理。赵蓓2010年加入工银瑞信，现任研究 部副总监、医疗保健研究团队负责人。 跌幅榜上，前7个月垫底QDII基金的主要为跟踪富时沙特阿拉伯指数的的产品。此外，一些跟踪标普 500医疗保健等权重指数、标普生物科技精选行业指数的QDII基金以及原油、油气类基金也表现欠佳。 汇添富香港优势精选混合A/C在今年二季度持续聚焦在创新药、优秀设备耗材龙头方向。截至二季度末 其前十大重仓股分别为映恩生物、科伦博泰生、信达生物、和黄医药、康诺亚、三生制药、诺诚健华、 石药集团、康方生物、荣昌生物。 该基金的现任基金经理为张韡。张韡曾任东方证券医药助理研究员，汇添 ...

Group 1 - In July 2023, 670 comparable QDII funds were analyzed, with 586 funds (87.46%) showing an increase in net value, while 80 funds experienced a decline, and 4 funds remained flat [1] - 15 QDII funds had a monthly increase exceeding 24%, with the top performers being E Fund Global Healthcare Mixed Fund (QDII) C (USD) at 28.94%, followed closely by other E Fund variants [1] - The E Fund Global Healthcare Mixed Fund (QDII) C (USD) was established on November 15, 2023, while its A share (USD) was launched on January 20, 2020 [1] Group 2 - As of July 31, 2025, the year-to-date returns for the top E Fund variants were 97.18%, 96.71%, 96.05%, and 95.63%, with cumulative net values ranging from 0.1956 to 1.4089 [2] - The fund maintained a positive outlook on the Chinese pharmaceutical industry, particularly focusing on innovative drug companies, and optimized stock selection as of the second quarter [2] - The largest fund by size among the top performers was the GF CSI Hong Kong Innovative Drug ETF, with a scale of 15.9 billion yuan and a July increase of 27.04% [2] Group 3 - The Manulife India Equity Fund (QDII), established on January 30, 2019, reported a year-to-date return of -2.38% and a cumulative net value of 1.5203 yuan as of July 31, 2025 [3] - The fund's investment strategy shifted from strong defensive positions to include more mid-cap companies and sectors like public utilities and new consumption [3] - The top ten holdings of the Manulife India Equity Fund included major companies such as Reliance Industries and HDFC Bank as of the second quarter [3]

Core Insights - 华夏基金（香港） has been focusing on innovative financial products and positioning itself as a differentiated Chinese institution in the market [1][3] - The CEO, 甘添, believes that the new technology revolution is reshaping the financial industry, providing strategic opportunities for asset management institutions in Hong Kong [1][3] - The offshore RMB bond market is expected to experience explosive growth in the next three to five years, with 华夏香港 already taking the lead in this area [1][5] Company Strategy - 华夏香港 has launched several innovative products, including the first RMB-denominated public fund in Hong Kong and the largest offshore RMB money market ETF, which has grown to a scale of 4.97 billion RMB within two years [3][4] - The company has also introduced the first pure Hong Kong stock biotech ETF and the largest ESG broad-based ETF in Asia (excluding Japan), showcasing its commitment to differentiation in the ETF market [4] Market Outlook - 甘添 predicts that the offshore RMB funds pool could reach approximately 5 trillion RMB by 2030, driven by the internationalization of the RMB and the growth of the dim sum bond market [6][8] - The dim sum bond market has seen significant growth, with the market size increasing from 254 billion RMB in 2020 to nearly 1 trillion RMB currently, indicating a strong demand for these bonds [6][7] Investment Trends - The yield on dim sum bonds is currently more attractive compared to domestic bonds, leading to increased interest from domestic investors facing asset allocation challenges [7][8] - Major domestic enterprises are increasingly using dim sum bonds to replace USD-denominated bonds, reflecting a shift in financing strategies [7][8] Regulatory Environment - The Chinese government is actively supporting the internationalization of the RMB, which is expected to enhance the development of the offshore RMB market [6][8] - Recent policy optimizations, such as the cross-border wealth management connect, are facilitating domestic investors' access to offshore RMB assets, providing a stable funding source for the offshore market [8][9]

Core Viewpoint - 华夏基金（香港） is positioning itself as a differentiated Chinese financial institution, focusing on innovative financial products and capitalizing on emerging market opportunities, particularly in the offshore RMB bond market [1][3][7]. Group 1: Company Strategy and Innovation - 华夏基金（香港） has adopted a forward-looking approach, launching several innovative products, including the first RMB-denominated public fund in Hong Kong, which targets investment-grade bonds [3][7]. - The company has successfully launched the largest offshore RMB money market ETF globally, with a scale of 4.97 billion RMB, demonstrating its ability to identify and capitalize on market trends [3][4]. - The firm has also introduced the first pure Hong Kong stock biotechnology ETF, which has gained significant traction among both domestic and international investors [4][5]. Group 2: Market Outlook and Growth Potential - 甘添, CEO of 华夏基金（香港）, predicts explosive growth in the offshore RMB bond market over the next three to five years, with the offshore RMB fund pool expected to reach approximately 5 trillion RMB by 2030 [1][7]. - The point bond market has seen substantial growth, with its scale increasing from 254 billion RMB in 2020 to nearly 1 trillion RMB currently, driven by attractive yields compared to domestic bonds [8][9]. - The company anticipates that the increasing participation of domestic institutions in the offshore RMB market will be fueled by favorable policies and the growing appeal of point bonds [9][10]. Group 3: Regulatory and Market Dynamics - The Chinese government is actively supporting the internationalization of the RMB, which is expected to enhance the development of the offshore RMB market and create a stable liquidity supply channel [7][9]. - Recent policy changes, such as the relaxation of cross-border investment channels, are expected to facilitate domestic investors' access to offshore RMB assets, further boosting market growth [9][10]. - The shift in the Hong Kong stock market's pricing power, with increasing domestic investment, indicates a changing landscape where local investors are becoming more influential [10][11].

Core Viewpoint - 华夏基金（香港） is positioning itself as a differentiated Chinese financial institution, focusing on innovative financial products and capitalizing on emerging market opportunities [1][2]. Group 1: Innovation and Market Positioning - 华夏香港 has adopted a forward-looking approach, launching several first-of-their-kind financial products in the Hong Kong market, including the first RMB-denominated public fund and the largest offshore RMB money market ETF [2][3]. - The company has successfully identified and capitalized on market trends, such as the growth of the offshore RMB bond market, by launching products like the 华夏精选人民币投资级别收益基金 during a period of currency volatility [2][3]. Group 2: Offshore RMB Bond Market - 甘添 predicts explosive growth in the offshore RMB bond market over the next three to five years, with the offshore RMB fund pool expected to reach approximately 5 trillion by 2030 [2][5]. - The point bond market has seen significant growth, with its scale increasing from 2.54 trillion in 2020 to nearly 10 trillion currently, driven by a decrease in RMB financing costs [6][7]. Group 3: Investment Opportunities - The point bond market offers attractive yields compared to domestic bonds, with yields for similar maturity bonds being 30-50 basis points higher than their domestic counterparts [6][7]. - Major domestic enterprises are increasingly participating in the point bond market, with significant issuances from companies like 百度 and 蒙牛乳业, indicating strong market demand [7][8]. Group 4: Market Dynamics and Future Outlook - The influx of domestic capital into the Hong Kong stock market is shifting the pricing power, with local investors now holding a significant portion of shares [8]. - The anticipated introduction of a mechanism allowing mainland investors to directly invest in Hong Kong stocks using offshore RMB is expected to enhance participation and pricing power in the market [8].

Group 1 - The core viewpoint of the report indicates that the construction materials and coal industries performed well during the period, with the Shanghai Composite Index rising by 1.67% and the Shenzhen Component Index increasing by 2.33% [2][9] - In the recent 12 periods, the comprehensive and pharmaceutical industries showed strong performance, suggesting potential investment opportunities in these sectors [9] - Active equity funds focusing on electronics and coal industries also demonstrated superior performance during this period [14] Group 2 - Among various fund types, actively managed stock funds increased by 1.55%, while mixed funds rose by 1.63%, and bond funds saw a slight decline of 0.16% [2] - The average return of convertible bond funds was notably high at 12.46% year-to-date, indicating a strong performance in this category [17] - QDII funds, particularly those focused on Asia-Pacific and emerging markets, led the performance with an increase of 2.56% during the period [19][21]