背后的规模迷局：资金"追涨"与"落袋"博弈 同样都是医药主题产品，但命运发展却不同。 今年以来，创新药板块以强劲涨势成为市场焦点。板块的持续上攻，也带动相关主题基金净值普遍攀 升。Choice数据显示，截至7月23日，超过98%的医药相关主题基金今年以来实现上涨，72只产品涨幅 超50%。其中，长城医药产业精选混合发起式A、永赢医药创新智选混合发起A、中银港股通医药混合 发起A等产品的年内回报翻倍。 亮眼业绩背后，资金流向却呈现显著分化。部分绩优基金规模激增，如长城医药产业精选混合发起式的 规模单季度暴增超30倍，还有部分产品规模增10倍以上。与之形成鲜明对比的是，部分年内回报超50% 甚至60%的绩优产品，却在二季度遭遇规模大幅缩水或停滞不前。 与此同时，无论是二季报数据还是近一个月资金流向数据，均显示市场对这一板块出现分歧：有部分资 金因交易过热选择落袋减持，亦有投资者基于产业趋势坚定布局。面对短期波动与交易热度，有基金经 理认为，本轮行情缘于中国创新药产业质变与全面追赶的"宏大叙事"，而非短暂板块轮动，当前调整或 为布局良机。 业绩亮眼但资金流向分化 Choice数据显示，截至7月24日，创新药指数（9 ...

公开信息显示，现任基金经理胡洁女士:中国国籍,金融学硕士。2006年6月加入华宝基金管理有限公司, 先后在交易部、产品开发部和量化投资部工作,现任指数投资总监、指数研发投资部总经理。2012年10 月至2018年11月任华宝上证180成长交易型开放式指数证券投资基金联接基金基金经理,2012年10月至 2019年1月任上证180成长交易型开放式指数证券投资基金基金经理,2015年5月至2020年12月任华宝中证 医疗指数分级证券投资基金基金经理,2015年6月至2018年8月任华宝中证1000指数分级证券投资基金基 金经理,2016年8月起任华宝中证军工交易型开放式指数证券投资基金基金经理,2017年1月起任华宝标普 中国A股红利机会指数证券投资基金(LOF)基金经理,2017年7月起任华宝中证银行交易型开放式指数证 券投资基金基金经理,2018年11月起任华宝中证银行交易型开放式指数证券投资基金联接基金基金经 理,2019年1月至2021年3月任华宝标普中国A股质量价值指数证券投资基金(LOF)基金经理,2019年5月起 任华宝中证医疗交易型开放式指数证券投资基金基金经理,2019年7月起任华宝中证科技龙头 ...

Core Viewpoint - The article emphasizes that the current valuation of the China Medical Index (中证医疗) is at historically low levels, making it an opportune time for regular investment by ordinary investors [1]. Group 1: Market Analysis - The China Medical Index has experienced a significant adjustment period, with a peak in June 2015 and a low point at the end of 2018, followed by a recovery until the end of 2021, and has now been in a correction phase for approximately two years [5]. - The current adjustment has reached about 60% of its potential, indicating that the market may be nearing a bottom, although the duration of the adjustment is uncertain [5]. - A longer adjustment period is seen as beneficial for regular investors, as it allows for the accumulation of shares at lower prices, potentially leading to greater future gains [5]. Group 2: Investment Strategy - Ordinary investors are advised to focus on the Price-to-Book (PB) ratio for the China Medical Index, with a recommendation to start regular investments when the PB is below 20% [9]. - For more aggressive investors, a threshold of 25% to 30% is suggested for initiating investments [9]. - The article lists several actively managed medical-related funds that have been established for over six years and have a scale of over 500 million, highlighting their respective returns, with the top performer achieving a return of 178.62% since May 2017 [11]. Group 3: Fund Selection - The article provides a table of selected funds, showing their total returns and annualized returns over a period of approximately 6.2 years, with the best-performing fund yielding an annualized return of 18.00% [11]. - It emphasizes that despite current low valuations, all listed funds have positive long-term returns, suggesting that the issue lies more with the timing of investments rather than the funds themselves [12]. - The article advises investors to consider funds that have survived through market cycles and have demonstrated resilience [12].