2025年A股市场以强劲上涨收官，主要指数全线飘红。创业板指全年累计上涨49.57%，领跑市场；上证 指数上涨18.41%，创下近六年来的最大年度涨幅。A股全年"结构性牛市"特征显著，以人工智能为代表 的硬科技行情贯穿始终，驱动电子、通信等行业表现突出。伴随着市场回暖，2025年公募基金行业总规 模历史性突破37万亿元大关，标志着资产管理行业迈上新台阶。 在此背景下，2025年富国基金权益、固收、量化产品业绩表现亮眼。银河证券数据显示，截至2025年12 月31日，富国基金旗下共有62只产品（不同统计区间上榜产品合并统计）跻身银河证券业绩排名前10% 榜单，4只产品排名同类第一，20只产品位列同类前三。具体来看，权益类产品精准把握产业脉搏，32 只产品排名前10%，并打造了5只翻倍基；固收业务构筑稳健"理财新选择"，16只产品位列前10%；量 化指数则把握工具化机遇，14只产品排名前10%。 主动权益：超30只产品排名领先 前瞻把握结构性机会 在A股结构性行情导致业绩分化加剧的背景下，主动管理能力已成为公募基金创造超额收益的关键。国 泰海通证券数据显示，富国基金近三年权益类产品主动管理收益率在13家大型公募基 ...

2025年A股市场以强劲上涨收官，主要指数全线飘红。创业板指全年累计上涨49.57%，领跑市场；上证 指数上涨18.41%，创下近六年来的最大年度涨幅。A股全年"结构性牛市"特征显著，以人工智能为代表 的硬科技行情贯穿始终，驱动电子、通信等行业表现突出。伴随着市场回暖，2025年公募基金行业总规 模历史性突破37万亿元大关，标志着资产管理行业迈上新台阶。 固定收益：核心产品持续排名前10%，追求长期稳健回报 2025年，债市波动与低利率环境并存，对固收投资能力提出严峻考验。富国基金固收团队凭借体系化的 投研框架与严谨的风控体系，展现出穿越周期的固收投研实力。国泰海通证券数据显示，公司固定收益 投资在近3年、近5年、近7年维度，排名均位列同业前1/4，印证了其追求长期稳健回报的投资管理能 力。 作为固收大厂，富国基金构建了包括"固收+"在内的产品矩阵，以满足投资者日益多元的资产配置需 求。整体来看，富国固收产品在偏债混合、中长期纯债等细分领域均展现出色业绩。俞晓斌与蔡耀华管 理的富国久利稳健配置A年内回报37.04%，近一年排名高居同类第二；黄纪亮与吕春杰共同管理的富国 汇利回报近一年业绩在156只同类产品中排 ...

Core Insights - The pharmaceutical sector has experienced a slowdown in momentum after a strong rally earlier in the year, with the number of "doubling funds" significantly decreasing [1][2] - As of November 28, only two pharmaceutical-themed funds maintained over 100% returns, indicating a retreat from previous high performance [2] - The industry is currently in a transitional phase characterized by increased market speculation, despite a solid long-term growth outlook supported by policy reinforcement and improved cash flow [1][3] Fund Performance - As of November 28, the only two funds with over 100% returns are Zhongyin Hong Kong Stock Connect Pharmaceutical A (up 107.69%) and Chuangjin Hexin Global Pharmaceutical Biotechnology A (up 100.32%) [2] - The average return of pharmaceutical-themed funds has retreated approximately 10% from their peak in September [2] - Major pharmaceutical ETFs have seen a decline in scale over the past three months, reflecting a shift from aggressive buying to a more cautious stance [2] Policy Environment - The policy landscape is expected to remain favorable for the pharmaceutical industry, with significant measures announced to support high-quality development [3][4] - Key policies include a comprehensive support framework for innovative drugs, scientific regulation, and standardized development of traditional Chinese medicine [3] - The upcoming negotiations for the national basic medical insurance directory are anticipated to enhance funding sources for the healthcare industry [3][4] Valuation and Market Dynamics - The pharmaceutical sector has been ranked low in relative performance over the past four years, indicating a potential for upward valuation adjustments [5][6] - The market is transitioning from short-term trading strategies to a focus on valuation recovery, with signs of performance improvement following the third-quarter earnings reports [5][6] - Positive catalysts are expected in the fourth quarter, including accelerated business development and improved cash flow for leading companies [6]

Core Viewpoint - The pharmaceutical sector has experienced a slowdown in its upward momentum after a strong rally earlier in the year, with the number of "doubling funds" significantly decreasing [1][2]. Group 1: Market Performance - As of November 28, only two pharmaceutical-themed funds, Zhongyin Hong Kong Stock Connect Pharmaceutical A and Chuangjin Hexin Global Pharmaceutical Biotechnology A, maintained doubling returns, with gains of 107.69% and 100.32% respectively, indicating a notable contraction compared to previous performance [3]. - In the third quarter, multiple pharmaceutical funds saw significant net value increases, but by the end of November, the average return for pharmaceutical-themed funds had retreated approximately 10% from their September peak [3]. - Major pharmaceutical ETFs, including the CSI 300 Pharmaceutical and Health Index and the CSI All Share Pharmaceutical and Health Index, have also seen a decline in scale over the past three months, reflecting a shift in investor sentiment from aggressive buying to cautious observation [3]. Group 2: Policy Environment - The policy landscape is viewed as a stabilizing factor for the pharmaceutical sector, with institutions focusing on policy and industry dynamics to gauge future trends [4]. - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, providing comprehensive support across research, access, clinical application, and payment mechanisms [5]. - Regulatory improvements, such as the implementation of ICH guidelines and encouragement of real-world studies for drug safety assessments, are expected to enhance the efficiency and scientific rigor of drug approvals [5]. Group 3: Valuation and Investment Outlook - The pharmaceutical industry has ranked relatively low in terms of valuation over the past four years, suggesting significant potential for upward movement as valuations have been sufficiently digested [6]. - Following a period of correction, the relative value of the pharmaceutical sector is becoming more apparent, with a shift in investment logic from short-term trading to valuation recovery [6]. - Positive signs of recovery are emerging in the pharmaceutical sector's fundamentals, with improved performance reported in the third quarter and expectations for accelerated business development in the fourth quarter [6]. - The Federal Reserve's interest rate cuts are anticipated to facilitate a recovery in pharmaceutical financing, alongside improvements in the domestic capital market, which will likely enhance new drug research and development spending [7].

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]