曾经挣扎在清盘边缘的迷你基金，正在通过布局风口赛道和未来产业大翻身。 Wind数据显示，今年二季度共有15只公募基金规模增长超10倍，甚至有基金暴增超1.46万倍，其中13只为一季 度规模不足2亿元的迷你基金。通过重仓股"腾笼换鸟"，这些基金大举押注机器人、创新药、算力等热门赛 道，部分产品甚至提前布局可控核聚变、深海科技等前沿领域，成为基金公司探索布局未来产业的矛。 迷你基金"脱贫致富" 二季度规模增幅最大的是，王秀管理的同泰产业升级。该基金在一季度曾遭遇大额赎回，一度沦为规模不足 万元 的迷你产品，挣扎于清盘边缘，因此一季度末的股票持仓仅有六只银行股，但截至二季度末，该基金的 规模已超过1.44亿元，规模增长超1461747%。 值得一提的是，同泰产业升级混合的持仓在二季度发生"大换血"，不仅股票仓位猛增，从一季度的三成大幅升 高至九成，且持仓方向大幅调整，从银行股转为重仓机器人，二季度末的前十大重仓股分别为地平线机器人、 敏实集团、德昌电机控股、优必选、越疆、易实精密、丰光精密、机科股份、速腾聚创、首程控股，这十只股 票均为该基金二季度新进品种。 另外一只规模大增的是，以近120%收益率位列今年收益亚军 ...

Core Insights - The article discusses the resurgence of small mutual funds in the second quarter of 2025, driven by structural market changes and thematic investments, leading to significant growth in fund sizes [1][2][3] - It highlights the trend of "mini funds" leveraging thematic and style-based investments to recover from previous struggles, with some funds experiencing dramatic increases in net asset values [2][3] - The article emphasizes the need for investors to carefully evaluate the risk-reward ratio when considering investments in these funds, despite their recent performance [1][4] Group 1 - Many small mutual funds have seen rapid growth in size and performance due to structural market conditions and thematic investments in the first half of 2025 [2][3] - The article cites the example of Tongtai Fund's "Industrial Upgrade Mixed A" fund, which achieved a 20.38% return in the first half of the year, with net asset value increasing from approximately 9,887.46 yuan to about 14.5 million yuan [2][3] - Fund companies are increasingly adopting a strategy of focusing on thematic and style-based investments to enhance performance and scale, with some using "shell resources" from mini funds to capture short-term market opportunities [3][5] Group 2 - Despite the strong performance of thematic and style-based funds, there has not been a significant increase in the number of investors jumping on the bandwagon, indicating a cautious approach [4][5] - Investors are expressing concerns about the volatility associated with thematic investments, noting that while they can rise quickly, they can also decline sharply [4][5] - Fund companies are wary of heavily promoting these thematic funds due to potential customer complaints, opting instead to focus on repositioning smaller funds [5]

不少曾经挣扎在清盘边缘的迷你基金，正在通过布局风口赛道和未来产业实现"致富"之路。 证券时报记者 裴利瑞 Wind数据显示，今年二季度共有15只公募基金规模增长超10倍，其中13只为一季度规模不足2亿元的迷 你基金。通过重仓股腾笼换鸟，这些基金大举押注机器人、创新药、算力等热门赛道，部分产品甚至提 前布局可控核聚变、深海科技等前沿领域，成为基金公司探索布局未来产业的"矛"。 此外，陈岚和吴秋君管理的中信保诚稳鸿从一季度末的不足0.17亿元，大增至二季度末的94.93亿元，规 模增长近574倍；林景艺管理的信澳核心智选从一季度末的0.11亿元增至二季度末的2.16亿元，增长近20 倍；冯炉丹管理的中欧数字经济从一季度末的1.17亿元增长至二季度末的15.27亿元，增长超12倍。 整体来看，据Wind数据统计，二季度有15只基金实现了超10倍的规模增长，其中13只基金都曾在一季 度末规模不足2亿元，在二季度实现规模飞跃，成功"脱贫致富"。 重仓股腾笼换鸟抓风口 在迷你基金华丽转身的背后，像同泰产业升级混合一样发生大幅调仓、重仓股换血的基金屡见不鲜。 比如，冯炉丹管理的中欧数字经济也在二季度进行了大幅换仓，减持机器 ...

Core Viewpoint - The recent public fund reports reveal that high-performing funds have achieved impressive returns by focusing on sectors like innovative pharmaceuticals and new consumption, while also highlighting a trend towards thematic funds targeting niche markets [1][2][5]. Fund Performance and Holdings - High-performing funds have seen significant returns, with the Changcheng Pharmaceutical Industry Fund achieving a return rate of 102.52% this year, driven primarily by its focus on innovative pharmaceuticals [2]. - Many top-performing funds in the first half of the year are pharmaceutical-themed, including Zhongyin Hong Kong Stock Connect Pharmaceutical and Huashan Pharmaceutical Biotechnology [2][3]. - The top holdings of several funds have shifted towards technology and pharmaceuticals, with notable new additions like Zhongji Xuchuang and Xin Yisheng in the top ten holdings of the China Europe Digital Economy Mixed Fund [3]. Thematic Funds and Sector Focus - Some actively managed funds have undergone significant portfolio changes, with a complete overhaul of their top holdings to focus on emerging sectors like robotics and short dramas [4]. - The Tongtai Industry Upgrade Mixed Fund increased its stock position from 30% to 90% and shifted its focus to robotics, while the Tongtai Huile Mixed Fund transitioned to short drama and gaming stocks [4]. - Fund companies are launching numerous thematic products targeting specific high-growth sectors, such as controllable nuclear fusion and deep-sea technology, indicating a trend towards specialized investment strategies [5]. Market Outlook - Fund managers maintain a positive outlook for the equity market in the third quarter, with confidence in the performance of related sectors [6]. - The Changcheng Pharmaceutical Industry Fund manager anticipates growth in innovative pharmaceuticals driven by overseas licensing and domestic sales, while the Tongtai Industry Upgrade Fund manager expects significant opportunities in the robotics sector due to increased production and technological advancements [6].

文/海歌 随着二季报披露，公募基金的"赛道豪赌"浮出水面——从创新药到短剧、机器人、可控核聚变，基金经 理们正以令人咋舌的速度切换战场。长城医药产业基金年内暴涨102.52%成"翻倍基"，而同泰产业升级 混合从清盘边缘逆袭重仓机器人，永赢基金更是推出可控核聚变、深海科技等"从0到1"赛道的发起式基 金。这场资本狂欢的背后，是基金公司对结构性行情的主动出击，更是对万亿级新兴产业的押注。 长城医药产业基金以102.52%的年内涨幅成为市场焦点，其成功密码在于对创新药赛道的精准把控。二 季度末，该基金前十大重仓股中，三生制药、信达生物、石药集团等港股创新药龙头占据六席，其中石 药集团单季加仓超1389万股 。基金经理梁福睿在季报中直言，创新药的海外授权和国内销售将成为核 心驱动力，例如三生制药与辉瑞的60亿美元合作大单，直接引爆股价。这种"港股+A股"的组合策略， 使得该基金在上半年斩获75%的收益，规模从一季度的3600万元暴增至11.32亿元，增幅超30倍 。 值得注意的是，医药主题基金集体爆发：中银港股通医药、永赢医药创新智选等产品年内回报率均超 60%，背后是国产创新药从"me-too"到"first-in ...

Group 1 - The overall performance of public funds in the first half of the year shows a focus on innovative drugs, new consumption, and artificial intelligence as key investment themes [1][4] - Notable funds include the Great Wall Pharmaceutical Industry Fund, which achieved a 102.52% annual return, primarily investing in innovative drug stocks [1] - Other high-performing funds in the pharmaceutical sector include Bank of China Hong Kong Stock Connect Pharmaceutical and Yongying Pharmaceutical Innovation Selection, which also ranked high in returns [1] Group 2 - Some funds have shifted their strategies significantly to recover from large redemptions, such as the Zhongtai Industrial Upgrade Mixed Fund, which increased its stock position from 30% to 90% and focused entirely on the robotics sector [2] - The Zhongtai Huili Mixed Fund has invested in short dramas and gaming concepts, viewing them as potential growth areas at the intersection of domestic mental consumption and AI technology [2] Group 3 - The rise of niche thematic funds indicates an active search for excess returns by fund companies in a structured market [4] - Yongying Fund's thematic funds have shown strong performance, with a focus on the controllable nuclear fusion industry, which is seen as a significant opportunity despite its commercialization being distant [4] - Yongying Qiyuan is concentrating on deep-sea technology, particularly in military, materials, and communications sectors, recognizing the long-term trends in this early-stage industry [4]

Group 1 - The core viewpoint of the articles indicates that several high-performing public funds are actively adjusting their portfolios to capture structural opportunities in the market, particularly focusing on the technology and pharmaceutical sectors, reflecting an optimistic outlook for the second half of the year [1][3] - As of July 16, among the disclosed second-quarter reports, many top-performing funds have increased their stock investment ratios, with notable examples including the Changcheng Pharmaceutical Industry Selected Mixed Fund, which raised its stock investment ratio from 72.48% to 75.89%, and the Tongtai Industrial Upgrade Mixed A Fund, which increased its stock investment ratio from 1.62% to 90.16% [1] - The holding structure shows that technology and pharmaceuticals are the main targets for fund managers' adjustments, with funds like Yongying Technology Smart Mixed A shifting focus to global cloud computing and increasing positions in leading companies in optical communication [1][3] Group 2 - Analysts express confidence in the overall performance of the equity market, with many top funds maintaining high positions based on positive assessments of relevant sectors, particularly in structural market conditions where active equity funds can leverage their stock-picking advantages [3] - Fund managers are optimistic about the third quarter, with specific focus areas including the development of innovative drugs in overseas licensing and domestic sales, as well as investment opportunities in cutting-edge models and emerging applications in the technology sector [3] - The proactive adjustments and increased allocations by high-performing funds in the second quarter reflect a long-term positive outlook on high-growth sectors like technology and pharmaceuticals, signaling potential structural opportunities in the equity market for the latter half of the year [3]

本报记者 彭衍菘 二季度公募基金调仓图谱揭开面纱，多只业绩领跑的权益类基金操作路径逐渐清晰。记者梳理发现，截至7月16日，已披 露二季报的公募基金中，有多只绩优基金提升了权益资产仓位，通过大规模调仓换股捕捉结构性机会，其中科技与医药板块成 为核心配置方向。 多只绩优基金 提升权益资产仓位 二季度A股市场整体回暖，部分绩优基金凭借精准布局实现业绩与规模双升。长城医药产业精选混合发起式摘得公募基金 上半年净值增长率的"季军"，达75.18%，同时以9.3倍的规模增幅领跑，该基金资产净值从一季度末的1975万元飙升至二季度末 的2.04亿元。该基金二季度末投资股票市值占基金资产净值比例（以下简称"股票投资占比"）达75.89%，较一季度末的 72.48%，提升约3.4个百分点。 类似提升权益资产仓位的操作并非个例。同泰产业升级混合A股票投资占比从一季度末的1.62%提升至二季度末的 90.16%；同泰远见混合A则将股票投资占比从一季度末的78.65%提升至二季度末的85.74%。 从持仓结构看，多位绩优产品基金经理的调仓操作，集中指向科技与医药两大板块。 今年二季度，永赢科技智选混合发起A基金经理任桀将投资重心从" ...

随着公募基金二季报披露大幕的揭开，多只基金产品的运作情况也陆续出炉。 目前已有同泰基金、东方红基金、长盛基金、银华基金、汇安基金、长城基金、德邦基金、华富基金等 多家基金旗下产品披露了公募基金二季报。其中，包括权益类和固收类在内的多只产品规模较一季度末 出现显著增长。权益类资产配置比例提升，人形机器人、金融科技等领域成为布局重点，债券基金规模 的增长反映出投资者风险偏好的变化。 多只产品规模出现增加 聚焦规模方面，不少基金资产净值较一季度末大幅增加，还有多只产品规模翻倍。 基金经理王秀认为，人形机器人行业发展趋势已明晰，2025年是量产元年，预计下半年行业将进入量产 爬坡期，头部厂商订单放量、大模型技术突破和场景落地将驱动板块整体性机会，基金将持续聚焦港股 与北交所机器人高成长细分领域。 而北交所主题也是基金重仓的重要方向。其中，同泰远见混合基金二季度前十大重仓股全部为北交所上 市公司，且集中在生物医药、新能源材料、高端装备制造三大硬科技领域。基金经理马毅表示，该基金 侧重于构建成长风格组合，并基于风格动量定期筛选强势因子调整持仓。 作为7月9日首批披露二季报的同泰产业升级混合规模增长显著。数据显示，一季度末 ...

文/瑞财经 许淑敏 同泰基金旗下多个基金产品率先披露2025年二季报。 最先公布的三只权益类基金二季度报告，分别为同泰远见灵活配置混合型证券投资基金、同泰产业升级混合型证券投资基金、同泰金融精选股票型证券投 资基金。 随之，同泰基金继续释出同泰慧利混合型证券投资基金、同泰优选配置3个月持有混合(FOF)等二季度报告。 从这些基金持仓动向，观察市场投资喜好。与此同时，亦可窥见同泰基金旗下产品的盈利状况。 同泰产业升级混合基金市场关注度颇高。该基金合同生效日2022年3月24日，主要投资于与产业升级主题相关的资产，基金经理为王秀。 王秀为90后，曾任职于太平洋保险，2019年1月加入同泰基金，正式管理基金仅一年多时间，旗下共管理5个基金产品。 回顾2025年一季度末，该基金前十重仓股当中存在6只银行股，分别为渝农商行、北京银行、无锡银行、中国银行、邮储银行、农业银行等，同泰产业升 级混合A实现利润1329.64万元。 | 序号 | 股票代码 | 股票名称 | 数量(股) | 公允价值(元) | 占基金资产净 值比例(%) | | --- | --- | --- | --- | --- | --- | | 1 | ...