时隔十年，上证指数重上3800点。 2025年8月22日，A股三大指数集体震荡走强，上证指数收涨逾1%至3825.76点，为近十年来首次站上3800点，沪、深、京三市全天总成交额达2.58万亿 元。自今年二季度以来A股市场持续反弹，相对4月7日的低点，上证指数已大涨近14%。 同样，今年来主动权益基金（包括灵活配置型基金、普通股票型基金、偏股混合型基金在内，以下同）赚钱效应显现。以万得基金指数为例，万得普通股 票型基金指数和万得偏股混合型基金指数年初至今分别大涨24.96%和24.72%，在各大基金指数榜中分别位列第二和第三，仅次于万得QDII混合型基金指 数的27.12%。 来源：Wind（截至2025年8月22日） Wind统计表明，2025年8月22日，年内净值增长率翻倍的主动权益基金（A/C分列，以下同）共计有22只，分别包括长城医药产业精选（A/C）、中银港 股通医药（A/C）、永赢科技智选（A/C）、中信建投北交所精选两年定开（A/C）、永赢医药创新智选（A/C）等。如领涨的长城医药产业精选A和长城 医药产业精选C今年来的净值增长率分别高达130.76%和129.97%。 新经济e线获悉，在年内净 ...

Core Viewpoint - The differences in fund contracts between new and old products have led to a significant performance divergence in public funds, particularly influenced by the inclusion of Hong Kong stocks in investment strategies [1][2][4]. Group 1: Performance Impact of Fund Contracts - A-shares funds that have incorporated Hong Kong stock investments into their contracts have significantly outperformed the market, with all top 20 A-share funds achieving over 70% returns year-to-date as of August 10 [3]. - The top-performing funds, established mostly after 2018, allow for up to 50% of their stock positions to be allocated to Hong Kong stocks, which has been a key factor in their success [3]. - Conversely, funds that do not permit Hong Kong stock investments have generally underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [3]. Group 2: Manager Performance and Contract Limitations - Star fund managers have shown a stark performance split between their new and old funds, with new funds performing well while older funds lag behind due to restrictive contracts [5][6]. - Many of these older funds, established between 2004 and 2014, do not include Hong Kong stocks in their investment scope, limiting their ability to adapt to market opportunities [6]. - For instance, fund managers like Wu Yuanyi have seen their newer products, which include Hong Kong stocks, perform significantly better than older products that do not [6]. Group 3: Contract Modification Considerations - Modifying fund contracts to include Hong Kong stocks could address performance disparities, but this approach is contentious and not universally beneficial for all fund managers [7][8]. - Some fund managers express reluctance to modify contracts, citing unfamiliarity with the Hong Kong market and potential risks associated with expanding investment scopes [8]. - The decision to modify contracts often depends on the individual fund manager's expertise and investment strategy, leading some firms to prefer launching new Hong Kong-themed funds instead of altering existing contracts [7][8].

Group 1 - The performance differentiation of public funds is linked to the differences in fund contracts, particularly regarding the inclusion of Hong Kong stock investments [1][3][4] - As of August 10, 2025, the top 20 A-share funds have annual returns exceeding 70%, with over 90% of these funds established after 2018, allowing up to 50% allocation to Hong Kong stocks [2][3] - Funds that do not permit Hong Kong stock investments have significantly underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [2][5] Group 2 - The contribution of Hong Kong stocks to fund performance is also evident in QDII funds, which have shown positive returns, contrasting with the stark performance divide in A-share funds [3][4] - Star fund managers managing both new and old funds exhibit a clear performance gap, with new funds outperforming due to broader investment mandates [4][6] - Modifying fund contracts to include Hong Kong stock investments is seen as a potential solution to performance discrepancies, but there are concerns about whether this approach suits all fund managers [6][7] Group 3 - Some fund managers express reluctance to modify contracts for Hong Kong investments, citing unfamiliarity with the market and potential risks [7] - The variability of Hong Kong market conditions raises questions about the sustainability of high returns achieved by A-share funds with Hong Kong stock allocations [7]

Group 1 - The core viewpoint is that two additional funds have achieved over 100% performance this year, bringing the total number of "doubling funds" to four, driven by the surge in the innovative drug sector [1][2] - The innovative drug sector has seen a significant increase, with the A-share innovative drug index rising over 3% on July 17, and nearly 20 related stocks hitting the daily limit or rising over 10% [2][5] - The four funds that have doubled their performance focus on the innovative drug industry, with the top performer being Huatai-PB Hong Kong Advantage Selection Fund, which has a year-to-date net value increase of 120.87% [3][5] Group 2 - The funds have experienced explosive growth in both share and net value, with Longcheng Pharmaceutical Industry Selection Fund's total share reaching 679 million, a 22.2-fold increase, and net value growing by 30 times [3][6] - The innovative drug sector is expected to continue its upward trend, with opportunities arising from overseas licensing and domestic sales growth, as highlighted by fund managers [6][7] - The overall market for innovative drug-focused funds has been strong, with 20 funds reporting over 80% net value growth this year, indicating a robust interest in the sector [5][6]

Core Viewpoint - The article highlights the emergence of two additional "doubling funds" in the innovative drug sector, bringing the total to four funds that have achieved over 100% growth in net asset value year-to-date, driven by a strong performance in the innovative drug market [2][4]. Group 1: Fund Performance - As of July 17, 2023, the net asset value growth rates for the newly added funds are 103.61% for China Universal Hong Kong Stock Connect Medicine A and 102.12% for Yongying Medicine Innovation Selection A, marking them as the third and fourth "doubling funds" of the year [4]. - Previously, two funds, Huatai PineBridge Hong Kong Advantage Selection A and Great Wall Medicine Industry Selection A, had already achieved over 100% growth, with respective growth rates of 120.87% and 115.1% [5]. - The performance of these funds is primarily focused on the innovative drug industry, with a significant concentration on Hong Kong stocks [5]. Group 2: Market Trends - The innovative drug sector has seen a strong rally, with the A-share innovative drug index rising over 3% on July 17, 2023, and nearly 20 related stocks hitting the daily limit or rising over 10% [4]. - The overall market for funds focused on innovative drugs has been robust, with 20 funds reporting over 80% growth year-to-date, indicating a strong trend in this sector [7]. Group 3: Future Outlook - Fund managers express optimism about the innovative drug sector's mid-term outlook, emphasizing the importance of entering the large European and American pharmaceutical markets for Chinese innovative drug companies [2][8]. - Key investment opportunities in the innovative drug sector include overseas licensing trends and domestic sales growth, which will be influenced by quarterly reports and negotiations with medical insurance and commercial insurance [8][9].

Group 1 - The innovative drug industry in China is experiencing significant growth, with record-high transaction amounts in licensing deals, indicating a deep revaluation of the industry's value [1][2] - In 2024, the total amount of domestic innovative drug BD transactions reached $52.3 billion, with upfront payments of $4.1 billion, both setting historical records [2] - The increasing recognition of domestic innovative drug pipelines by overseas pharmaceutical companies is providing substantial funding support and facilitating global expansion for domestic firms [2][3] Group 2 - Policy incentives are continuously being released, providing strong momentum for the development of the innovative drug industry, including expedited clinical trial approvals and support measures from the National Healthcare Security Administration [3][4] - Analysts predict that the domestic innovative drug industry may reach a turning point in 2025, shifting from capital-driven growth to profit-driven growth, presenting opportunities for performance and valuation recovery [3][4] - The performance of healthcare-themed funds has been outstanding, with an average net value growth rate of 21.96% for healthcare sector equity funds, highlighting the investment enthusiasm in the innovative drug sector [4][8] Group 3 - The success of Huazhong Fund's pharmaceutical investment team is attributed to their comprehensive product layout and professional collaborative capabilities, with several funds showing remarkable performance [4][8] - Fund manager Sang Xiangyu has a strong background in both bioengineering and economics, allowing him to effectively navigate the pharmaceutical investment landscape and capitalize on market opportunities [5][6] - The investment team at Huazhong Fund emphasizes a structured approach to research and investment, ensuring that team members possess solid industry knowledge and investment skills [8][9] Group 4 - The pharmaceutical investment team at Huazhong Fund utilizes a systematic research platform, enabling collaboration and specialization among team members to enhance investment outcomes [9] - The framework of "policy + technology + globalization" allows the team to capture alpha returns during the innovative drug boom while managing market volatility through diversified asset allocation [9] - The ongoing global shift of the pharmaceutical supply chain to China, coupled with increasing healthcare demands from an aging population, positions the innovative drug and AI healthcare sectors for significant growth [9]

Core Viewpoint - The active equity fund managed by CITIC Construction Investment's North Exchange has achieved the highest performance in the first half of the year, with a return of 82.45% as of June 30 [1] Fund Performance Summary - The top-performing fund is the CITIC Construction Investment North Exchange Selected Two-Year Open Fund, led by Leng Wenpeng, with a return of 82.45% [1] - Other notable funds include: - Huaxia North Exchange Innovation Small and Medium Enterprises Selected Two-Year Open Fund with a return of 72.16% [1] - Wanji North Exchange Intelligent Selection Two-Year Open Fund with a return of 60.36% [1] - The second-ranked fund, Changcheng Pharmaceutical Industry Selected Fund, achieved a return of 75.18% [1] - More than half of the top ten funds have significant investments in the pharmaceutical sector, including: - Bank of China Hong Kong Stock Connect Pharmaceutical Fund with a return of 70.08% [1] - Yongying Pharmaceutical Innovation Intelligent Selection Fund with a return of 69.39% [1] - Huashan Pharmaceutical Biotechnology Fund with a return of 66.44% [1] - Ping An Core Advantage Fund with a return of 63.76% [1] - Nuon Selected Value Fund with a return of 61.88% [1] - The growth-oriented fund managed by Wu Yuanyi, Guangfa Growth Navigation One-Year Holding, ranked sixth with a return of 68.29% [1]

Core Viewpoint - The A-share market has shown strong performance in the first half of 2025, with the Shanghai Composite Index stabilizing above 3400 points and reaching a new high for the year [1] Group 1: Investment Strategies for the Second Half - Investors often mistakenly believe that strong-performing funds from the first half will continue to perform well in the second half, which is a significant misconception in fund investment [3] - The best-performing funds in the first half of 2023 were those focused on the Hong Kong innovative pharmaceutical sector, with several ETFs and equity funds achieving over 50% gains [4] - Historical data indicates that funds that performed well in the first half often see a decline in performance by the end of the year, as seen with AI and gaming-focused funds in 2023 [4][5] Group 2: Focus Areas for Investment - The technology growth sector is expected to become a key market focus again in the second half, driven by strong performances in the U.S. stock market, particularly in AI-related companies [6] - The robotics sector remains a promising area for investment, with several funds achieving over 40% gains despite previous adjustments due to valuation concerns [7] - Dividend funds are gaining popularity due to their stable cash flow and bond-like characteristics, with many achieving positive returns in 2023 [10] Group 3: REITs Market Expansion - The REITs market has been expanding, with a total of 73 products now available, focusing on emerging sectors like new infrastructure and smart cities [12] - REITs have shown strong performance in 2023, with specific products like the Jia Shi Wu Mei Consumption REIT and Hua Xia Da Yue Cheng Commercial REIT achieving over 50% and 49.58% gains, respectively [12]

积十年之功，中国创新药行业完成了一场震撼世界的凤凰涅槃。 2015年到2025年，中国创新药行业用第一个十年解决了"从无到有"的问题，也实现了"产业升级"的飞跃：截至2024年末，中国原研创新药累计数量已达3575个，位 居全球首位；创新药企数量超过1200家，在研管线数量超过7000项，跃居全球第二；中国自研进入临床的FIC（First-in-Class，同类首创）创新药，从2015年仅有9 个（占比不足10%），到2024年爆发至120个（占比超30%）。 从"Fast-Follow"（快速跟随）到"Me-too"（疗效类似）到"Fast-in-class"（同类首创），中国创新药公司正从"代工生产"转向"全球研发"，也在资本市场迎来了价值重 估。 2025年，创新药板块以"黑马"之姿强势崛起，成为资本市场最耀眼的"明星"之一，一扫此前四年阴霾：A股创新药板块年内最高涨幅超30%，港股创新药板块指数年 内最高涨幅超70%，多只聚焦创新药的基金霸榜收益率榜单。 在这场如火如荼的"创新药"投资盛宴中，华安基金旗下华安医药生物、华安健康主题、华安医疗创新、华安恒生生物科技指数等多只医药相关基金表现尤为亮眼。 如 ...

导读：医药，这个曾经被寄予厚望的"黄金赛道"，在过去几年遭遇了最漫长的"寒冬"。但是在医药基金的冬天中，优秀 的医药投资团队并没有"冬眠"。当行业进入反转后，机会一定是留给有准备的人。 2025年，A股市场呈现了比较明显的结构性行情。截至6月9日，沪深300指数下跌了-1.26%，但基金业绩的表现出现了 很大差异，这种差异背后主要来自基金经理的阿尔法能力。 以今年的医药板块为例，不少医药基金表现突出，让大家"误认为"今年是一次医药板块的整体性牛市。但是，根据Wind 的数据统计，医药生物板块今年的涨幅为10.29%，并不突出 （数据来源：Wind；数据截至：2025年6月9日） 。 数据来源：Wind；数据截至：2025年6月9日 政策产业共振， 医药投资窗口全面开启 当下的医药投资领域，正迎来政策东风、产业质变、全球共振与业绩兑现的多重利好叠加期，创新药赛道的投资价值正 以肉眼可见的速度迸发。 从政策维度看，顶层设计正为创新药产业铺设高速跑道。《全链条支持创新药发展实施方案》政策的落地，犹如为行业 注入"强心剂"——发展创新药关系医药产业发展，关系人民健康福祉。要全链条强化政策保障，统筹用好价格管理、医 保 ...