Core Insights - The performance of public funds in the first half of 2025 has been significantly influenced by the volatile A-share market, with 375 active equity funds achieving a net value growth rate exceeding 20% [2][3] - Leading fund management companies such as Fuquan, GF, Ping An, and Penghua have demonstrated strong active management capabilities, dominating the rankings with a substantial number of high-performing funds [2][3] Fund Management Performance - Fuquan Fund Management Company leads with 25 funds achieving over 20% growth, showcasing its robust overall strength [3] - GF Fund follows closely with 18 funds, with its flagship fund, GF Growth Navigator A, achieving a remarkable 68.29% growth [5][6] - Ping An and Penghua each have 13 funds on the list, while several other firms like ICBC Credit Suisse, Huatai-PineBridge, and E Fund have 10 or more funds listed [5] Sector Focus - The pharmaceutical and biotechnology sectors have emerged as the biggest winners in the first half of 2025, with a high proportion of top-ranking funds heavily invested in these areas [7] - Notable funds include Fuquan Medical Innovation A with a 55.84% increase and GF Medical Innovation A with a 36.28% increase, reflecting strong performance in the healthcare sector [4][6][9] Investment Trends - The investment landscape is shifting towards innovation and international expansion in the pharmaceutical sector, with analysts highlighting the potential for significant growth in innovative drug development and global market competitiveness [10][11] - Fund managers are advised to focus on three main investment lines: domestic market expansion, international licensing of innovative drugs, and capitalizing on industry cycles and valuation opportunities [11] Market Outlook - The outlook for the pharmaceutical industry in the second half of 2025 remains optimistic, with expectations of improved global liquidity and supportive national policies for innovation [10][12] - Fund managers emphasize the importance of fundamental research and strategic positioning to navigate potential market fluctuations and capitalize on emerging opportunities [12][13]

Core Insights - The A-share market in the first half of 2025 exhibited a distinct structural trend, with pharmaceutical and biotechnology-themed funds dominating performance rankings [1] - Over 120 funds were liquidated during this period, indicating significant market shifts [1] Performance Summary Top Performing Funds - The top ten stock funds saw significant returns, with the leading fund, Huaan Pharmaceutical Bio A, achieving a return of 66.44% [2] - Other notable performers included Jiashi Huron Selected A (60.26%) and Ping An Pharmaceutical Selected A (58.80%) [2] - The average return of the top ten funds was driven primarily by smaller, actively managed funds, highlighting their flexibility in capturing rapid market movements [5] Underperforming Funds - The worst-performing funds were led by Jianxin China Manufacturing 2025 A, which recorded a decline of 14.68% [4] - Other funds in the bottom tier included Huaxia Advantage Selected and Great Wall Quantitative Selected A, both with declines exceeding 12% [4] - The coal and photovoltaic sectors faced significant downward pressure, with several funds in these categories showing substantial losses [4] Sector Analysis Pharmaceutical and Biotechnology - The pharmaceutical and biotechnology sectors have seen a resurgence after a prolonged adjustment period, driven by improved valuations and supportive policies [5] - The global and domestic biotech investment climate is recovering, contributing to the strong performance of related funds [5] Coal and Photovoltaic Industries - The coal industry is experiencing a shift in supply-demand dynamics, leading to downward pressure on valuations due to economic restructuring and accelerated energy transitions [5] - The photovoltaic sector is facing intensified competition and concerns over overcapacity, impacting short-term profitability and stock performance [5] Market Outlook - The A-share market is expected to show a trend of gradual upward movement in the second half of 2025, supported by increased participation from public funds and favorable policies [6] - However, significant differentiation among sectors may lead to rebalancing pressures, particularly in pharmaceuticals and biotechnology [6] - Investors are advised to analyze macroeconomic trends and industry policies to identify opportunities amidst market volatility [6]

Core Insights - The performance of ordinary equity funds in the first half of 2025 shows significant differentiation, with pharmaceutical-themed funds demonstrating a comparative advantage in both returns and risk control [1][2] - The Calmar Ratio indicates a stark contrast in investor experience, with pharmaceutical funds dominating the top rankings [1][2] Performance of Pharmaceutical Funds - The top 10 pharmaceutical funds achieved an average return of 52.75%, with Huaan Pharmaceutical Biotechnology A leading at 65.03% [2] - These funds exhibited effective drawdown control, with maximum drawdowns ranging from -9.90% to -15.82%, outperforming the industry average [2] - Huaan Pharmaceutical Biotechnology A has a Calmar Ratio of 14.60, indicating a significant risk-return advantage, while Zhongyin Health A and Fuguo Pharmaceutical Innovation A also showed strong performance with Calmar Ratios of 13.38 and 11.08, respectively [2][4] Underperformance of Technology and Low-Carbon Funds - Funds focused on technology and low-carbon themes displayed a mismatch between returns and risks, characterized by low returns and high drawdowns [2][4] - The bottom 10 funds had an average return of only 3.04% with maximum drawdowns reaching -30.77% [2][3] Comparison of Fund Performance - The worst-performing fund, Invesco Great Wall Quality Growth A, had a Calmar Ratio of 0.22, with a maximum drawdown of -30.77% for a mere 3.21% return [3][4] - The average Calmar Ratio of the bottom three funds was 0.24, indicating significant risk control shortcomings [4] Defensive Characteristics of Pharmaceutical Sector - The defensive nature of the pharmaceutical sector, supported by essential consumption and policy backing, provides a natural buffer against market volatility [4] - High Calmar Ratio pharmaceutical funds tend to have smaller asset sizes (1-10 billion), allowing for more flexible adjustments, while larger funds like Invesco Great Wall Research Select A (31.77 billion) face strategic implementation constraints [4] Importance of Risk-Adjusted Metrics - The data from the first half of 2025 emphasizes that solely pursuing high returns may obscure potential risks [5] - Investors are advised to focus on risk-adjusted return metrics like the Calmar Ratio, particularly for funds with returns below 5% but drawdowns exceeding 20% [5]