一只规模接近于零、濒临清盘的"空壳基金"，却因为机构大额赎回，意外获得单日68.73%的净值暴涨。 基金公司对此非但不明确回应，反而浑水摸鱼高调营销，误导不明真相的投资者蜂拥而至。"翻倍基"的 外壳下，该基金在二季度押注单一赛道。 二季度，该基金规模暴增上万倍，成功摆脱清盘危机。基金公司罔顾事实宣传误导投资者，并以浓厚的 赛道标签进行包装，成功实现"保壳"。这显然与《推动公募基金高质量发展行动方案》强调的以投资者 为本，强化业绩比较基准的约束作用，加强透明度建设等要求背道而驰。 ● 本报记者张舒琳 次日，同泰产业升级混合公告恢复个人投资者申购、转换转入、定期定额投资业务。此前在2022年4 月，该基金已对个人投资者"闭门谢客"。根据相关规定，单一投资者持有基金份额比例达到或超过50% 的产品，不得向个人投资者公开发售。但是在机构撤退后，或因为"封印"解除，这只产品得以向个人投 资者打开大门。 显然，非投资因素导致的净值异常波动并不能代表基金真实投资业绩或基金经理的投资管理能力。 随后，大量基民涌入基金评论区，纷纷询问净值暴涨究竟是何缘由。对于投资者的疑惑，同泰基金在近 两个月后终于做出回应，但这份含糊不清的说 ...

一只规模接近于零、濒临清盘的"空壳基金"，却因为机构大额赎回，意外获得单日68.73%的净值暴涨。 基金公司对此非但不明确回应，反而浑水摸鱼高调营销，误导不明真相的投资者蜂拥而至。"翻倍基"的 外壳下，该基金在二季度押注单一赛道。 由此可以断定，3月31日净值暴涨是由于机构投资者大额赎回产生的赎回费计入基金资产所导致。赎回 费依据投资者持有时长，部分计入基金资产，当基金产品出现持有人巨额赎回，且剩余的基金份额很少 时，就会出现净值暴涨的情形。 次日，同泰产业升级混合公告恢复个人投资者申购、转换转入、定期定额投资业务。此前在2022年4 月，该基金已对个人投资者"闭门谢客"。根据相关规定，单一投资者持有基金份额比例达到或超过50% 的产品，不得向个人投资者公开发售。但是在机构撤退后，或因为"封印"解除，这只产品得以向个人投 资者打开大门。 二季度，该基金规模暴增上万倍，成功摆脱清盘危机。基金公司罔顾事实宣传误导投资者，并以浓厚的 赛道标签进行包装，成功实现"保壳"。这显然与《推动公募基金高质量发展行动方案》强调的以投资者 为本，强化业绩比较基准的约束作用，加强透明度建设等要求背道而驰。 ● 本报记者 张舒琳 显 ...

Core Viewpoint - Mini funds that were once struggling on the brink of liquidation are now making a significant comeback by investing in trending sectors and future industries [1][5]. Group 1: Fund Performance and Growth - In Q2, 15 public funds experienced a scale increase of over 10 times, with some funds surging by more than 14,600% [2][5]. - The fund "Tongtai Industrial Upgrade," managed by Wang Xiu, saw its scale grow from under 10,000 yuan to over 14.4 million yuan, marking a growth of over 1,461,747% [3]. - "Changcheng Pharmaceutical Industry Selection," with a nearly 120% return, increased its scale from 3.6 million yuan to 1.132 billion yuan, a growth of over 30 times [4]. Group 2: Investment Strategies and Sector Focus - Many mini funds have undergone significant portfolio adjustments, shifting from traditional sectors to high-growth areas like robotics, innovative pharmaceuticals, and computing power [6][7]. - The fund "Zhongou Digital Economy," managed by Feng Ludan, shifted its focus from robotics and smart driving to computing power, changing eight of its top ten holdings [8]. - The "Yongying Medical Health" fund transitioned its focus from medical services to innovative pharmaceuticals, with top holdings including Shutaishen and Rejing Bio, the latter having a year-to-date increase of 523.75% [9]. Group 3: Early Positioning in Future Industries - Fund companies are using mini funds to target emerging sectors such as deep-sea technology and controllable nuclear fusion, positioning themselves ahead of the curve [10][11]. - The "Yongying Manufacturing Upgrade" fund is heavily invested in controllable nuclear fusion, anticipating significant growth in the sector by 2025, with potential annual investments reaching 30 to 50 billion yuan [12]. - The "Yongying Qiyuan" fund focuses on the deep-sea technology industry, with major holdings in companies involved in deep-sea materials and applications [12].

Core Insights - Mini funds that were previously struggling on the brink of liquidation are now achieving significant growth by investing in trending sectors and future industries [1][2] - In Q2, 15 public funds experienced a scale increase of over 10 times, with 13 of them being mini funds that had less than 200 million yuan in scale at the end of Q1 [3] Fund Performance - The fund managed by Wang Xiu, Tongtai Industrial Upgrade, saw its scale grow from less than 10,000 yuan to over 1.44 billion yuan, marking a growth of over 14,600 times [2] - Changcheng Pharmaceutical Industry Selected Fund achieved a scale increase of over 30 times, reaching 1.132 billion yuan, with a notable focus on innovative drugs [2] - Other funds like CITIC Prudential Stable Hong and Xinao Core Selection also reported substantial growth, with increases of nearly 574 times and 20 times, respectively [3] Investment Strategies - Many mini funds are undergoing significant portfolio adjustments, shifting from traditional sectors to high-growth areas such as robotics and innovative pharmaceuticals [4][6] - The fund managed by Feng Ludan, China Europe Digital Economy, made substantial changes in its holdings, focusing on AI infrastructure and applications while reducing exposure to robotics [4] - The Yongying Medical Health Fund shifted its focus entirely to innovative drugs, with top holdings showing significant price increases [6] Emerging Technologies - Fund managers are positioning themselves in early-stage industries like deep-sea technology and controllable nuclear fusion, indicating a proactive approach to future investment opportunities [7][8] - Funds such as Yongying Manufacturing Upgrade and Huafu Tianxin are heavily investing in companies related to controllable nuclear fusion, anticipating significant market growth by 2025 [7] - The Yongying Qiyuan Fund is focusing on the deep-sea technology sector, with investments in materials and applications related to deep-sea exploration and extraction [8]

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].

Group 1: Core Insights - Public funds are rapidly shifting investment strategies, focusing on sectors like innovative pharmaceuticals, short dramas, robotics, and controllable nuclear fusion, reflecting a proactive approach to structural market trends [1][7] - The Longcheng Pharmaceutical Industry Fund achieved a remarkable 102.52% increase in year-to-date performance, driven by strategic investments in leading innovative pharmaceutical companies [2][4] - The success of the fund is attributed to its combination strategy of investing in both Hong Kong and A-share markets, with significant contributions from partnerships like the $6 billion deal between Sanofi and 3SBio [2][5] Group 2: Sector-Specific Strategies - The Tongtai Industrial Upgrade Mixed Fund, previously on the brink of liquidation, successfully pivoted to a focus on robotics, resulting in a recovery of its scale from 80 million to 140 million yuan, with a net value increase of 42% [3][5] - The Yongying Fund's aggressive strategy includes launching funds focused on controllable nuclear fusion and deep-sea technology, with significant investments in companies like Guoguang Electric and Zhongke Haixun [5][6] - The deep-sea technology sector is projected to see investments exceeding 200 billion yuan by 2025, driven by national strategies and the potential for domestic replacements in materials and exploration technologies [5][8] Group 3: Industry Transformation - The public fund industry is undergoing a transformation from broad-based investment strategies to more targeted approaches, as evidenced by the shift in focus from renewable energy to AI-driven technologies [6] - Innovative fund products, particularly those with a three-year lock-up period, are becoming more prevalent, allowing for long-term strategic investments without short-term redemption pressures [6] - High volatility is becoming a norm in the market, with significant daily fluctuations in sectors like controllable nuclear fusion, yet fund managers remain committed to long-term technological breakthroughs [6][7]

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]

Core Insights - Multiple equity funds have increased their stock positions in Q2 2025, with a focus on sectors such as robotics, fintech, and pharmaceuticals [1][4][5] Fund Performance and Strategy - As of the end of Q2, several funds reported stock positions exceeding 80%, with notable increases in positions for funds like Tongtai Yuanjian Mixed, which rose from 78.65% to 85.74%, and Tongtai Industrial Upgrade Mixed, which jumped from 1.62% to 90.16% [2][3] - Longcheng Fund's pharmaceutical-themed funds achieved significant net value growth, with Longcheng Pharmaceutical Industry Selected Mixed A and C shares recording growth rates of 35.86% and 35.72% respectively [3] Sector Focus - The investment focus varies among funds, with some shifting their portfolios. For instance, Tongtai Industrial Upgrade Mixed transitioned from banking stocks to robotics, while Tongtai Financial Selected Stock maintained a focus on long-term investments in the financial sector [3] - The investment strategy of Debang New Return Flexible Configuration Mixed involves a mix of fixed income and equity assets, with a focus on banks, white goods, public environmental protection, and gold [3] Future Investment Opportunities - Fund managers are optimistic about investment opportunities in robotics, pharmaceuticals, and fintech. The robotics sector is expected to see significant growth driven by increased orders from leading manufacturers and advancements in large model technology [4] - In the pharmaceutical sector, there is anticipation for the growth of innovative drugs, particularly in overseas licensing and domestic sales, with expectations tied to quarterly reports and negotiations with medical insurance [5][6] - The financial sector is viewed as having potential for performance elasticity, especially if the A-share market rebounds, which could benefit brokerage, asset management, and proprietary trading businesses [6]

Group 1: Equity Funds - Several funds from Tongtai Fund, Debon Fund, Huian Fund, and Dongfanghong Asset Management have disclosed their Q2 reports, with a focus on AI applications like humanoid robots [1] - Tongtai Fund's equity products have actively adjusted their portfolios, with Tongtai Industrial Upgrade Mixed Fund increasing its stock assets to 90.16% by the end of Q2, a significant rise from Q1 [1] - The top ten holdings of Tongtai Industrial Upgrade Mixed Fund have shifted from banking stocks to six stocks in the robotics industry, primarily listed on Hong Kong and North Exchange [1] - Tongtai Financial Select Fund slightly reduced its stock position from 93.63% to 84.32%, focusing on brokerage and fintech sectors [1] - Tongtai Vision Flexible Allocation Mixed Fund increased its stock position from 78.65% to 85.74%, with a focus on biotech, new energy materials, and high-end equipment manufacturing [1] - Tongtai Huile Mixed Fund completely replaced its top ten holdings, emphasizing technology and entertainment sectors [1] Group 2: Bond Funds - Debon Fund, Huian Fund, and Dongfanghong Asset Management have reported significant growth in some of their bond products, such as Debon Short Bond Fund, which increased from 2.8 billion to 6.371 billion yuan [2] - The Debon Rui Xing Bond Fund also saw an increase of at least 2 billion yuan in Q2 [2] - The bond market is expected to remain favorable in early Q3, supported by stable real estate cycles and potential monetary easing [3]

Core Viewpoint - The first batch of actively managed equity funds' Q2 reports indicates a general increase in equity investment ratios, reflecting fund managers' optimistic market outlook and the enhanced attractiveness of the stock market [1][6][9] Fund Performance and Changes - Four actively managed equity funds from Tongtai Fund were reported, with varying changes in scale; most funds increased their equity investment ratios [1][5] - The Tongtai Huili Mixed Fund's scale decreased by 29.9% from 1.09 billion to 765.14 million [5] - The Tongtai Yanjian Mixed Fund and Tongtai Financial Select Stock Fund saw scale increases of 46.1% and 13.7%, respectively [5][6] - The equity investment ratios for Tongtai Huili Mixed and Tongtai Yanjian Mixed increased to 93.78% and 85.74%, respectively [5][6] Investment Focus and Strategies - The Tongtai Yanjian Mixed Fund focused on stocks listed on the Beijing Stock Exchange, with top holdings including Jinbo Biological, Shuguang Shuchuang, and Naconoer [7][8] - The fund manager emphasized the importance of identifying high-growth potential companies in the robotics sector and the Beijing Stock Exchange [8][9] - The Tongtai Industrial Upgrade Mixed Fund experienced a significant recovery in equity investment ratio from 1.62% to 90.16% after a large redemption in Q1 [6][8] Market Outlook - Analysts suggest that the increase in equity investment ratios among funds indicates a positive market sentiment and potential growth opportunities in specific sectors [6][9] - The robotics sector is highlighted as a key area for investment, with expectations of significant growth driven by major manufacturers and technological advancements [9]