Core Viewpoint - The trend of fund managers publicly sharing their real investment portfolios, known as "晒实盘," is gaining traction in the industry, serving as a tool for attracting investors and enhancing engagement with them [1][10][16]. Group 1: Fund Managers' Performance - At least 20 fund managers have publicly shared their real investment portfolios on platforms like Ant Wealth and Tian Tian Fund, with total investment amounts ranging from 40,000 to 4 million yuan [1][5]. - Six fund managers have investment amounts exceeding 1 million yuan, including Yao Jiahong and Ma Fang from Guojin Fund, Liang Xing from Guotai Fund, Liu Junwen from Xinyuan Fund, Lei Tao from Debang Fund, and Guo Xiangbo from Tianhong Fund [5][6]. - The average returns from these real investments have been positive, with some managers reporting cumulative returns exceeding 1 million yuan and return rates as high as nearly 130% [1][6][9]. Group 2: Investor Reactions and Engagement - Investors generally welcome the practice of fund managers sharing their real portfolios, as it boosts confidence, especially during market downturns [1][10][17]. - Fund managers' real investment portfolios often encourage good investment habits among investors, as many adopt regular investment strategies like weekly or monthly contributions [1][17]. - The practice has sparked discussions about potential compliance risks and the possibility of investors following fund managers' actions irrationally [1][16][17]. Group 3: Notable Fund Managers and Their Strategies - Yao Jiahong's real investment portfolio totals 4.1772 million yuan with a cumulative return of 117.14 thousand yuan, while Ma Fang's portfolio amounts to 2.0005 million yuan with a return of 64.33 thousand yuan [6]. - Liu Junwen's portfolio reached 1.2756 million yuan with a return of 13.81 thousand yuan, and he made a notable single investment of 300,000 yuan in his managed fund [7]. - New entrants to the real investment sharing trend include Ren Jie, whose portfolio has achieved a return rate of 129% since its inception [8]. Group 4: Industry Trends and Future Outlook - The introduction of real investment features on platforms like Tian Tian Fund has attracted many fund managers, indicating a shift towards greater transparency and investor engagement in the industry [3][4]. - The practice of sharing real portfolios is seen as a way for fund managers to align their interests with those of investors, fostering a sense of shared risk and commitment [18][19]. - Industry experts suggest that while sharing real portfolios can enhance transparency and trust, it is essential for investors to assess their own risk tolerance and investment goals before following fund managers' strategies [18][19].

Core Viewpoint - The trend of fund managers publicly sharing their real investment portfolios is gaining traction, serving as a tool for attracting investors and enhancing engagement with them [1][10][15]. Group 1: Overview of Fund Managers Sharing Real Portfolios - At least 20 fund managers have publicly disclosed their real investment portfolios on platforms like Ant Fortune and Tian Tian Fund, with total amounts ranging from 40,000 to 4 million yuan [1][4]. - The total investment amounts of six fund managers exceed 1 million yuan, with notable figures including Yao Jiahong and Ma Fang from Guojin Fund, and Liang Xing from Guotai Fund [4][5]. - Fund managers have reported positive returns on their real investments, with some achieving cumulative profits exceeding 1 million yuan and returns as high as nearly 130% [1][5]. Group 2: Performance of Individual Fund Managers - Yao Jiahong's total investment amount is 4.1772 million yuan, with a cumulative profit of 1.1714 million yuan, and holding returns of 39.44% and 38.03% for specific funds [5]. - Ma Fang has a total investment of 2.0005 million yuan and a cumulative profit of 643,300 yuan, with holding returns of 47.68%, 43.79%, and 33.51% for her funds [5]. - Lei Tao from Debang Fund has a total investment of 1.7611 million yuan and a profit of 546,500 yuan, with some holdings still in negative territory [5]. Group 3: Impact and Reactions - The practice of sharing real portfolios has sparked discussions about potential compliance risks and the possibility of investors following trends irrationally [1][10][14]. - Fund managers' public sharing is generally welcomed by investors, as it can boost confidence during market downturns and promote good investment habits through regular contributions [1][14]. - The trend is seen as a step forward in enhancing transparency and fostering trust between fund managers and investors [10][15]. Group 4: Future Considerations - While sharing real portfolios can enhance investor engagement, it is essential for investors to assess their own risk tolerance and investment goals before following fund managers' strategies [17][18]. - Fund managers are encouraged to maintain transparency and provide risk warnings to avoid misleading investors [18].

Group 1 - The core viewpoint of the article is that the trend of fund managers publicly sharing their real investment portfolios is gaining popularity, serving as a tool to attract investors and build trust [1][2][19] - At least 20 fund managers have publicly shared their real portfolios on platforms like Ant Wealth and Tian Tian Fund, with total investment amounts ranging from 40,000 to 4 million yuan [1][7] - Fund managers' real portfolios have generally achieved positive returns, with some reporting cumulative profits exceeding 1 million yuan and return rates as high as nearly 130% [1][8][11] Group 2 - Fund managers' public sharing of real portfolios has been well-received by investors, as it boosts confidence during market downturns and encourages good investment habits through regular contributions [2][20] - The highest investment amount comes from two quantitative fund managers at Guojin Fund, with total amounts of 4.1772 million yuan and 2 million yuan, respectively, achieving significant returns [8][9] - The trend of sharing real portfolios is seen as a new industry phenomenon, enhancing interaction between fund managers and investors while providing insights into investment strategies [13][19] Group 3 - The article highlights the potential risks associated with fund managers sharing their real portfolios, including compliance issues and the possibility of investors following trends irrationally [1][19][20] - Fund managers express confidence in their investment strategies and aim to share their experiences with investors, reinforcing the idea of shared risk and commitment to performance [18][19] - The practice of sharing real portfolios is viewed as a step forward in enhancing transparency and trust in the investment process, although caution is advised regarding the interpretation of short-term performance [19][20]

Core Viewpoint - The innovation drug sector is experiencing a resurgence, driven by supportive policies and a favorable investment environment, marking a significant shift from "squeezing out excess" to "promoting innovation" in the pharmaceutical industry [2][3]. Group 1: Market Performance - In the first half of 2025, the pharmaceutical sector showed strong performance, with the CITIC Pharmaceutical Index rising by 8.11%, outperforming major indices like the Shanghai Composite Index (+5.98%) and the ChiNext Index (+4.25%) [3]. - The A-share innovation drug index increased by 21.84%, while the Hong Kong Hang Seng Innovation Drug Index surged by 60.27% during the same period [4]. Group 2: Policy Support and Industry Trends - The recent policy document titled "Several Measures to Support the High-Quality Development of Innovative Drugs" outlines 16 measures to support the entire chain of innovative drug development, indicating a systemic shift in policy support [2][7]. - The domestic pharmaceutical industry has undergone a transformation since the "4+7" procurement policy was implemented in 2018, leading to a fruitful period for innovative drugs in 2025 as the results of this transformation begin to materialize [7]. Group 3: Future Outlook - The innovation drug sector is expected to remain a key investment focus in the third quarter, with core innovative drug assets requiring attention despite potential short-term fluctuations [8]. - The CDMO (Contract Development and Manufacturing Organization) sector is anticipated to see a revenue recovery trend continuing into the second quarter of 2025, as the industry has established an order inflection point [9]. - The CRO (Contract Research Organization) and front-end innovative drug sectors are set to benefit from overseas licensing deals, which will bring incremental revenue expectations from upfront payments [10].