Core Insights - The QDII (Qualified Domestic Institutional Investor) funds have shown significant divergence in net value performance in 2023, with 75.5% of the 310 funds experiencing growth [1][3] - The top three performing funds have net value growth rates of 66.8%, 41.7%, and 37.5%, respectively, indicating strong performance in specific sectors [1][3] Performance Analysis - Out of the 310 QDII funds, 234 funds have reported net value growth, while 76 funds have experienced a decline [1][3] - The funds with strong growth are primarily invested in the pharmaceutical sector, while those with declines are heavily weighted in commodity assets [3] Fund Composition - The top holdings of the best-performing fund, 汇添富香港优势精选A, include companies in the pharmaceutical sector such as 荣昌生物 and 科伦博泰生物 - B, which contributed to its strong performance [3] - Conversely, the poorly performing 华宝标普油气A人民币 fund has significant investments in energy sector companies like 安特罗资源 and 埃克森美孚, which have been adversely affected by international commodity market fluctuations [3]

Core Viewpoint - The performance of QDII (Qualified Domestic Institutional Investor) funds has shown significant divergence in 2023, with a notable number of funds experiencing substantial gains primarily in the pharmaceutical sector, while others, particularly commodity-focused funds, have faced declines [1][2][4]. Group 1: Fund Performance - As of May 26, 2023, out of 310 QDII funds, 234 funds (75.5%) reported positive net asset value growth, with 45 funds achieving growth rates exceeding 20% [2][4]. - The top three performing funds were Huatai-PB Hong Kong Advantage Selection A (66.8%), ICBC New Economy USD (41.7%), and FT Global Blue Chip Selection RMB (37.5%) [2][3]. - Conversely, 76 QDII funds experienced net value declines, with 11 funds seeing declines greater than 8%, particularly in oil and gas sectors [2][3]. Group 2: Sector Analysis - Funds with strong net value growth predominantly invested in the pharmaceutical sector, while those with significant declines were heavily weighted in commodity assets, especially oil and gas [3][4]. - For instance, Huatai-PB Hong Kong Advantage Selection A's top holdings included companies like Rongchang Bio and Innovent Biologics, all within the pharmaceutical sector [3][4]. - In contrast, the top holdings of Hua Bao S&P Oil & Gas A RMB included energy companies such as Hess and Exxon Mobil, reflecting a focus on the energy sector [3]. Group 3: Market Conditions - The pharmaceutical sector has shown strong fundamentals, providing support for the net value increases of related funds, while the oil and gas sector has been negatively impacted by international commodity price fluctuations [4][5]. - International oil prices have remained weak, with the NYMEX crude oil price at $61.76 per barrel, and natural gas prices dropping to $3.7 per million British thermal units [4][5]. - Analysts suggest that geopolitical risks and excess inventory have contributed to the ongoing weakness in oil prices, with expectations of continued pressure on oil and gas fund valuations [5].