Core Insights - The equity market has experienced a bullish trend over the past year, with most active equity funds showing positive net value growth, yet over 20 funds have reported negative returns [1][2][3]. Performance Overview - As of August 18, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have recorded cumulative gains of approximately 30%, 40%, and 60% respectively [3]. - The average net value growth rate for 5,033 active equity funds is 34.65%, with a median of 30.65%, and 99.56% of these funds have positive returns [3]. Notable Fund Performance - Three funds have achieved over 200% growth, with the highest reaching a net value growth rate of 249.27% [3]. - 83 funds have doubled their net value, primarily investing in advanced manufacturing and innovative pharmaceuticals, benefiting from policy support and technological breakthroughs [3]. Underperforming Funds - Despite the overall positive performance, over 20 active equity funds have recorded negative returns, with the worst-performing fund declining over 6%, resulting in a 255 percentage point difference from the top-performing fund [3][4]. - These underperforming funds have also lagged behind their performance benchmarks, with some underperforming by more than 25 percentage points [4]. Investment Strategy Issues - Many of the underperforming funds have misaligned their investment strategies with market trends, often holding positions in sectors that are not currently favored [5]. - A significant number of these funds are classified as "mini funds," with assets under management below 50 million yuan, facing operational challenges due to their small size [5]. Specific Fund Examples - Tianzhi Core Growth Fund has a net value growth rate of -6.5% over the past year, significantly underperforming compared to the average return of 40.97% for similar funds [6]. - Guorong Rongxin Consumer Select Fund has seen a decline of 6.21%, trailing its benchmark by nearly 17 percentage points [6]. - Beixin Ruifeng External Growth Fund has also reported a decline of over 5%, underperforming its benchmark by more than 25 percentage points [7]. Summary of Underperforming Funds - A list of underperforming funds includes Tianzhi Core Growth, Guorong Rongxin Consumer Select A, and Beixin Ruifeng External Growth, among others, with varying degrees of negative returns [9].

在A股市场结构性行情持续演绎，主动偏股型基金今年以来超95%实现正收益的背景下，消费主题基金 却呈现两极分化。 Wind数据显示，今年以来，截至8月11日，近8000只(不同份额分开计算)主动偏股型基金中，95%以上 的基金取得正收益。部分消费主题基金业绩垫底。 截至8月11日，国融融信消费严选C和国融融信消费严选A今年以来的收益率分别为-15.20%和-15.10%。 翻看国融融信消费严选的二季报，二季度末，这只基金的前五大重仓股中，有两只白酒股，分别为第一 大重仓股五粮液和第四大重仓股贵州茅台，这两只白酒股占基金资产净值的比例分别为4.66%和 4.42%。一季报，这两只白酒股也在该基金的前十大重仓股之中，分别位列第四和第六位。此外，二季 度末，在这只基金的前十大重仓股中，还出现了北大荒、孩子王、伊利股份等消费股。这只基金明显重 仓传统消费股。 绩优基金挖掘港股新消费股 但并非所有的消费主题基金都业绩不佳，不少基金凭借对港股新消费股的挖掘，取得亮眼的业绩。 截至8月11日，海富通消费优选A今年以来的收益率为60.13%。基金二季报显示，截至二季度末，该基 金的前十大重仓股分别为：今世缘、万辰集团、潮宏基、 ...

Group 1 - The core viewpoint of the article highlights the strong performance of actively managed equity funds, particularly those focused on the Beijing Stock Exchange and the pharmaceutical sector, with the top-performing fund achieving a return of 82.45% in the first half of 2025 [1][7]. - The top-performing funds include the CITIC Securities Beijing Stock Exchange Selected Two-Year Open A Fund, which is the only fund to exceed an 80% return, and other notable funds such as Great Wall Pharmaceutical Industry Selected A and Bank of China Hong Kong Stock Connect Pharmaceutical A, both exceeding 70% returns [2][7]. - The overall performance of the A-share and Hong Kong stock markets was positive, with major indices showing gains, particularly the North Exchange 50 Index, which rose by 39.45% [5][6]. Group 2 - Looking ahead to the second half of 2025, several fund companies express optimism about investment opportunities in the A-share market due to historically low valuation levels and supportive fiscal and monetary policies [3][10]. - Fund managers are particularly focused on sectors such as technology, innovative pharmaceuticals, and new consumption, anticipating structural opportunities in these areas [11][12]. - The Hong Kong market is expected to attract more investment due to the internationalization of the RMB and the listing of quality A-shares and overseas Chinese assets, which enhances its appeal [10]. Group 3 - Despite the overall positive outlook, some actively managed equity funds have underperformed, with the Qianhai Kaiyuan Artificial Intelligence A Fund showing a decline of 20.57%, marking it as the worst performer [9]. - Fund managers emphasize the importance of identifying structural opportunities in the market, particularly in sectors like AI, semiconductors, and military industry, as well as in cyclical industries that have seen significant price declines [11][12].

- The report provides an overview of the major asset markets, including equities, bonds, commodities, and foreign exchange markets[4][9][10][26][27][32][33][39] - The report highlights the performance of various indices in the A-share market, such as the Shanghai Composite Index, Shenzhen Component Index, and others, with their respective percentage changes[9][11][12][13][15] - The report also covers the performance of the Hong Kong stock market, including the Hang Seng Index and the Hang Seng China Enterprises Index, along with their percentage changes[10][18][19][22] - The report includes the performance of the US stock market, with indices like the Dow Jones Industrial Average, Nasdaq Index, and S&P 500, along with their percentage changes[10][24][25] - The bond market section discusses the yield changes of various government and corporate bonds, including the yield spread between different maturities[26][27][28][29][30][31] - The commodities market section provides the weekly percentage changes of various commodities such as crude oil, gold, copper, aluminum, and others[32][33][34][35][36][37][38] - The foreign exchange market section details the exchange rate changes of major currencies against the Chinese Yuan[39][41][42][43] - The report summarizes the newly established funds for the week, including their types, sizes, and fund managers[44][46] - The report provides an overview of the total number and scale of open-end public funds in China, categorized by different types of funds[47][48][49][50] - The performance of different types of funds over the past week, month, year, and year-to-date is compared, highlighting the best and worst performers[51][52][54][55][56][57][59]