博时基金 指数与量化投资部基金经理 刘玉强 什么是"专精特新"政策？ 刘玉强：流动性确实是投资专精特新企业需要考虑的重要因素。部分上市时间较短的企业日均成交额可 能仅在几千万元级别，这或许会给大资金运作带来一定挑战。不过我们也注意到，随着市场关注度提 升，优质"小巨人"企业的流动性正在显著改善，部分龙头公司日均成交额已达到数十亿元水平。从换手 率指标看，专精特新企业的活跃度普遍高于中证2000指数成分股。（数据来源：wind，截止2025年12月 19日） 博时专精特新主题基金的投资策略有何特点？ 刘玉强："专精特新"是我国在特定历史背景下推出的重要产业政策。全球产业链供应链正在加速重构， 关键技术领域竞争白热化，培育自主可控的产业链迫在眉睫。国内方面，中国经济正从高速增长转向高 质量发展阶段。"专精特新"政策旨在培育一批在细分领域具有核心技术、市场占有率高、质量效益优 的"排头兵"企业。"专精特新"政策意味着发展模式的转变：从依赖规模扩张转向创新驱动，从追求速度 转向注重质量。这些企业通过攻克关键核心技术，不仅有望提升产业链供应链韧性，还有望带动整体制 造业向价值链高端攀升、实现科技自立自强。 专精特新"小 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of innovation drug-themed funds, with the Huatai-PineBridge Hong Kong Advantage Select Fund leading the pack with a return of 89.15% as of June 29, 2023 [2][3] - A total of 40 funds have achieved a return exceeding 50% this year, with 16 out of the top 20 funds being innovation drug-themed [2][3] - The AI-themed funds have underperformed significantly, with losses exceeding 20% for the bottom-performing funds [1][3] Group 2 - The active equity funds have generally shown a recovery in performance, with nearly 80% of active equity funds achieving positive returns this year, and over 1,000 funds seeing net value increases of over 10% [4][5] - The market has experienced structural volatility, with different themes impacting fund performance directly, necessitating precise market timing from fund managers [3][4] - The long-term performance of the Huatai-PineBridge North Exchange Innovation Small and Medium Enterprises Select Fund has yielded a cumulative return of 177.04% over the past three years, significantly outperforming its peers [3] Group 3 - The innovation drug sector is currently experiencing a surge, with funds in this category dominating the performance rankings, while the humanoid robot sector has seen a decline from its previous highs [2][7] - The market outlook for the second half of the year suggests a mix of opportunities and risks, with low overall valuation levels and supportive macroeconomic policies being key factors [8][9] - Key investment areas identified include dividend assets, technology sectors with strong policy support, and high-potential domestic demand sectors [9]