Core Insights - The majority of ordinary stock funds in China have performed well in the first seven months of the year, with 92% of the 983 funds showing positive returns [1] - The top-performing fund, Huaan Medical Biotechnology, achieved a remarkable increase of over 105% [1] - The strong performance of these funds is largely attributed to their heavy investments in the pharmaceutical sector, with several stocks experiencing significant gains [2][3] Fund Performance - Huaan Medical Biotechnology Fund A and C led the performance with increases of 105.40% and 104.88% respectively, heavily investing in companies like Innovent Biologics and Stone Pharma [1] - Other notable funds include Jiashi Mutual Selection and Fortune Medical Innovation, which saw increases of 97.28% and 96.67% respectively, also focusing on pharmaceutical stocks [2] - Funds with over 80% growth include Ping An Medical Selected Stocks and Penghua Medical Technology Stocks, indicating a strong trend in the healthcare investment space [3] Underperforming Funds - Only seven funds experienced declines exceeding 10%, primarily in sectors like consumer goods, new energy, and technology [4] - The Minsheng Plus Silver Preferred Stock Fund saw a decline of 13.06%, with major holdings in companies like CATL and BYD [4] - Other funds with significant declines include Changxin Consumer Selected Quantitative Stocks and Beixin Ruifeng Preferred Growth, both heavily invested in the liquor sector [5]

Core Insights - The public fund industry is experiencing a performance review as of mid-2025, with a focus on top institutions' long-term performance and research capabilities in a volatile market environment [1] - Harvest Fund stands out due to its strong research capabilities and strategic positioning, leading in various sectors such as technology, pharmaceuticals, and manufacturing [1] Performance Summary - In the one-year performance review, Harvest Fund's equity funds achieved an absolute return of 5.82% year-to-date and 16.06% over the past year, ranking third among large fund companies [2] - Notable products include: - Harvest Mutual Selection, focusing on A-shares and Hong Kong stocks in the pharmaceutical and technology sectors, with a net value growth rate of 79.41%, ranking 2nd out of 344 [2] - Harvest Green Theme, specializing in renewable energy and environmental sectors, with a growth rate of 55.96%, ranking 6th [2] - Harvest Manufacturing Upgrade, with a growth rate of 54.63%, ranking 10th [2] - Harvest Frontier Technology, achieving a growth rate of 52.81%, ranking 12th [2] - Harvest Mutual Selection, with a growth rate of 50.64%, ranking 13th [2] Long-term Performance - Over a three-year period, Harvest Fund's performance remains strong, particularly in technology and new productivity themes, with Harvest Mutual Selection achieving a return of 64.07% [4] - 28 products exceeded their performance benchmarks by 10% over three years, with several products surpassing benchmarks by 20% [4] - Over five years, 29 products achieved total returns exceeding 30%, with notable returns of 121.54% and 113.69% for Harvest Resource Selection and Harvest US Growth, respectively [4] Research and Investment Strategy - Harvest Fund's research capabilities are built on five pillars: boutique stocks, cornerstone fixed income, Super ETFs, overseas investments, and asset allocation [5] - The research team, consisting of nearly 300 members, covers key sectors such as technology, pharmaceuticals, consumption, and manufacturing, creating a differentiated competitive edge [5] - The investment strategy combines passive index investments with active equity products, focusing on long-term sectors like renewable energy and smart manufacturing [6] - The success of Harvest Fund's performance in the first half of 2025 highlights the effectiveness of its dual-driven model of long-term performance and research capabilities [6]