Market Overview - The Shanghai Composite Index has been on the rise since July, breaking through the 3600-point mark for the fourth time since 2007, 2015, and 2021 [1] - Since September 2024, A-shares and Hong Kong stocks have shown a rotating upward trend across multiple sectors, including dividends, artificial intelligence, banking, and innovative pharmaceuticals, boosting market sentiment [1] Fund Performance - As of August 6, 2023, 80 actively managed equity funds have seen gains exceeding 60% this year, primarily from leading fund managers like E Fund, Huatai-PineBridge, and GF Fund [2] - Over the past year, 43 actively managed equity funds have doubled in value, with E Fund leading with four "doubling funds" [2] - The technology sector, represented by AI, and the pharmaceutical sector, represented by innovative drugs, have shown strong performance, with the CSI Artificial Intelligence Theme Index and CSI Innovative Drug Industry Index rising over 60% and 40% respectively [2] North Exchange Performance - The North Exchange has experienced a significant rally since September 2024, with the North 50 Index rising over 110% in the past year [3] - Several North Exchange-themed funds have outperformed this index, with the CITIC Construction Investment North Exchange Select Fund ranking first among peers with a nearly 200% increase [3] Long-term Fund Returns - As of August 6, 2023, 90 actively managed equity funds have achieved an annualized return of over 15% over the past three years, with E Fund having the highest number of such products [4][5] - The annualized return for the entire market's active equity funds has been negative, with the Wind All A Index at 3.19% and the Wind Mixed Equity Fund Index at -1.99% [6] Future Outlook on Sectors - The innovative pharmaceutical sector has seen a strong rebound, with several stocks doubling or tripling in value this year, indicating a sustainable trend according to top fund managers [8] - The technology sector, particularly cloud computing, is expected to face adjustments after significant gains, with a focus on emerging applications and models [9] - The North Exchange remains at a high valuation, with some caution advised, but long-term investment potential is still recognized [9]

Core Viewpoint - The North Exchange 50 Index has shown exceptional performance in the first half of 2025, becoming the highest-gaining index globally, with a rise of 39.45% [3][2]. Group 1: Index Performance - As of June 30, 2025, the North Exchange 50 Index closed at 1447.18 points, up from 1037.81 points at the end of 2024 [3]. - The index's strong performance is attributed to favorable policy guidance, liquidity conditions, and the presence of quality companies in sectors like AI and new consumption [4][5]. Group 2: Fund Performance - A total of 39 North Exchange thematic funds achieved positive returns in the first half of 2025, with only 7 funds outperforming the North Exchange 50 Index [6]. - The top-performing funds include CITIC Construction Investment North Exchange Selected Two-Year Open A/C, with returns of 82.45% and 82.10%, respectively [6][2]. - Other notable funds include Huaxia North Exchange Innovative Small and Medium Enterprises Selected Fund, with a return of 60.36%, and Wanji North Exchange Wisdom Selected Fund, with returns of 60.36% and 59.97% [6]. Group 3: Market Dynamics - The North Exchange's performance is supported by a robust market structure and the increasing number of "specialized, refined, distinctive, and innovative" enterprises, with 160 out of 206 new entrants in the first three batches fitting this category [3]. - The average revenue of these new entrants reached 5.69 million, with an average net profit of 0.61 million and R&D expenses of 0.24 million [3]. Group 4: Investment Strategies - The success of the CITIC Construction Investment fund is attributed to its long-term value research and flexible investment strategies, allowing it to capitalize on market volatility [7]. - The fund manager emphasizes the importance of market tracking and adjusting portfolio structures to optimize returns [7]. Group 5: Performance Disparity - There is a significant performance gap between top and bottom funds, with some funds yielding less than 30% and failing to outperform the North Exchange 50 Index [8][9]. - The bottom-performing funds, such as the Jiashi North Exchange Selected Two-Year Open A/C, reported returns of 28.97% and 28.58%, lagging over 53 percentage points behind the top fund [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an "Action Plan for Promoting the High-Quality Development of Public Funds," which links fund managers' compensation to long-term performance, addressing the industry's focus on scale over returns [2] Group 1: Fund Manager Compensation - Fund managers with products underperforming their benchmarks by more than 10 percentage points over three years will see a significant decrease in their performance-based compensation [2] - Conversely, fund managers whose performance significantly exceeds benchmarks may see reasonable increases in their compensation [2] Group 2: Underperforming Funds - As of May 21, nearly 6000 public funds have been managed for over three years, with 1341 funds underperforming their benchmarks by over 10 percentage points, involving 735 fund managers [3] - Among these, 31 funds have underperformed their benchmarks by over 50 percentage points, including notable managers like Yao Zhipeng from Harvest Fund and Shi Cheng from Guotai Junan [3] - The worst performer is Morgan Fund's Guo Chen, whose fund has a cumulative return of -23.03%, lagging behind the benchmark by 128 percentage points [3] Group 3: High-Performing Funds - There are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding benchmarks by over 50 percentage points [6] - Notable high performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, managed by Guo Xin, which achieved a cumulative return of 194%, surpassing its benchmark by 176 percentage points [6][7] - The North Exchange theme funds have emerged as a concentrated area of excess returns, with several funds exceeding their benchmarks by over 60 percentage points [7] Group 4: Adjustments to Performance Benchmarks - In response to the new action plan, many fund companies have begun to adjust their performance benchmarks, with over 100 funds changing their benchmarks by May 26 [8][10] - Adjustments are made to ensure benchmarks accurately reflect the risk-return characteristics of the funds, addressing previous inadequacies in benchmark design [10][11] - The CSRC emphasizes the need for strict regulation of benchmark selection and modification to ensure alignment with investment strategies and product positioning [11]

Group 1 - The core viewpoint of the news is the introduction of a new policy by the China Securities Regulatory Commission (CSRC) aimed at enhancing the long-term performance of public fund managers by linking their compensation to the performance of their funds relative to benchmarks [2][3] - The policy targets fund managers whose products have underperformed their benchmarks by more than 10 percentage points over three years, leading to a significant reduction in their performance-based compensation [2][3] - The initiative is expected to align the interests of fund managers with those of investors, encouraging a shift away from short-term speculation towards a focus on long-term investment capabilities [2][3] Group 2 - As of May 21, 2023, there are 5,898 public funds managed by fund managers with over three years of experience, with 1,341 funds underperforming their benchmarks by over 10 percentage points [3][4] - Among these, 31 funds have underperformed their benchmarks by more than 50 percentage points, including notable funds managed by well-known managers such as Zheng Chengran from GF Fund and Yao Zhipeng from Harvest Fund [3][4][5] - The worst-performing fund, Morgan Small Cap A, managed by Guo Chen, has a cumulative return of -23.03% over three years, underperforming its benchmark by 127.69 percentage points [4][5] Group 3 - Conversely, there are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding their benchmarks by more than 50 percentage points [7][9] - The top-performing fund, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, managed by Gu Xin Feng, achieved a cumulative return of 194.13%, surpassing its benchmark by 175.89 percentage points [9][10] - The North Exchange theme funds have emerged as a significant area for excess returns, with several funds exceeding their benchmarks by over 60 percentage points [10] Group 4 - In response to the new policy, many fund companies are adjusting their performance benchmarks to better reflect the risk-return characteristics of their funds [11][12] - Recent adjustments include changes to benchmarks for various funds, such as the adjustment of the performance benchmark for the浦银安盛稳健增利债券 from "CSI All Bond Index" to a more complex composite benchmark [11][12] - The trend of benchmark adjustments is expected to continue as fund companies seek to align their performance metrics with regulatory expectations and improve their competitive positioning [13][14]

亮眼业绩得益于北交所市场多重利好因素的共振。政策层面，北交所持续优化制度设计，降低企业上市门槛，吸 引众多专精特新企业聚集；业绩方面，北交所上市公司2025年一季度财报显示，265家企业中有165家实现营收正 增长，为市场提供了坚实的基本面支撑；资金端，公募基金加速布局，截至一季度末，72只基金的前十大持仓中 出现了北交所公司，机构配置比例显著提升。 然而，资金的热捧也带来了管理压力。为防止短期资金盲目涌入，多只基金近期启动限购。业内人士指出，限购 既是控制规模、保护现有投资者利益的常规操作，也反映了部分基金对后市波动风险的警惕。 尽管北交所主题基金整体表现强势，但部分产品在"高收益"的光环下，却未能跑赢比较基准。以国泰北证50成份 指数为例，该产品年内收益超20%，却跑输基准达12个百分点。类似情况并非个例，多只成立时间较晚或仓位调 整滞后的基金均出现显著差距。上述产品成立时间为去年11月份，而同期成立的鹏华北证50成份指数也同样跑输 基准10个百分点。 目前，北交所主题基金主要分为主动管理型产品和被动指数基金两类。理论上，被动型基金应尽可能贴近指数表 现，但实际运作中，跟踪误差往往因建仓节奏、成分股调整等 ...