在当下火热的权益市场中，如何真正地检验一家公募基金公司的核心投研能力？是能够精准捕捉不同板 块的结构性行情？是基金整体的业绩表现优异？还是底层投研机制和平台的建设？ 平安基金给出了自己的答案——从人工智能、机器人、创新药、新消费等主题赛道的精准捕捉，到全市 场选股中各类投资风格的多点开花。平安基金旗下成立1年以上的53只主动权益型基金中，近一年收益 率超50%的基金（32只）占比六成，收益率超30%的基金（43只）占比八成！ 在这份惊艳市场的"绩优答卷"背后，是平安基金权益投资近年来持续践行的"四真"投研一体化机制作为 支撑，通过"真机制、真团队、真人才、说真话"，构建"业绩可归因、策略可复制、人才可持续"的专业 投研平台，为投资者带来长期稳健的投资回报。 "主题赛道+全市场选股"业绩爆发 在今年一季度和二季度的结构性行情中，平安基金已有周思聪、张荫先、林清源、翟森、丁琳等多位基 金经理通过产业深度研究，抓住创新药、机器人、人工智能、新消费、港股红利等热门赛道的爆发机 遇，引起市场重点关注。 如今，在三季度的火热市场中，该类主题产品再次表现亮眼。 作为持续看好创新药未来三年投资机遇的基金经理，周思聪通过布局创 ...

Core Viewpoint - The article emphasizes the impressive performance of Ping An Fund's equity investment capabilities, highlighting their ability to capture structural market opportunities and achieve significant returns through a well-integrated research and investment mechanism known as the "Four Truths" [2][9]. Group 1: Performance Highlights - In the past year, 60% of Ping An Fund's actively managed equity funds (32 out of 53) achieved returns exceeding 50%, while 80% (43 funds) surpassed 30% [2]. - Notable fund managers like Zhou Sicong and Zhang Yinxian have successfully capitalized on themes such as innovative pharmaceuticals and robotics, with their funds achieving returns of 109.98%, 108.82%, and 146.26% respectively [5][6]. - The fund's performance in the AI sector also stands out, with returns of 88.61% and 66.14% from key products managed by fund managers Zhai Sen and Lin Qingyuan [6]. Group 2: Investment Strategy - Ping An Fund employs a dual strategy of "thematic tracks and full-market stock selection," allowing for diversified investment across various sectors [3]. - The fund managers focus on high-growth areas such as innovative pharmaceuticals, robotics, and AI, which have shown significant market potential [4][5][6]. - The "Four Truths" mechanism supports this strategy by ensuring that research outcomes are effectively translated into practical investment decisions [9]. Group 3: Research and Development Mechanism - The "Four Truths" mechanism consists of "True Mechanism, True Team, True Talent, and True Words," which collectively enhance the fund's investment performance [9][12]. - The internal culture promotes transparency and meritocracy, allowing fund managers and researchers to collaborate closely and share insights [10][11]. - The fund emphasizes continuous talent development through a dual approach of internal training and external recruitment, fostering a diverse and skilled investment team [13]. Group 4: Future Outlook - Looking ahead, Ping An Fund remains committed to long-term investment principles, prioritizing the interests of investors and focusing on in-depth research to uncover quality investment opportunities [14].

Core Viewpoint - The overall performance of the domestic A-share market has been lackluster in 2023, with the CSI 300 index down by 1.34% and the STAR 50 index down by 0.84% as of May 23. However, some funds have shown significant gains, with 21 open-end funds achieving over 50% net value growth this year [1][2]. Fund Performance Summary - The top-performing funds this year can be categorized into three main types: 1. Four funds focused on innovative enterprises listed on the Beijing Stock Exchange, including products from Huaxia, CITIC, Wanjia, and Huitianfu [3]. 2. Four funds investing in advanced manufacturing, particularly in the AI industry chain, from Penghua, Qianhai Kaiyuan, Ping An, and Yongying [3]. 3. Two funds heavily invested in Hong Kong consumer and pharmaceutical stocks, namely Guangfa Growth Navigator and Bank of China Hong Kong Stock Connect Medical A [3]. Performance Against Benchmarks - All top 10 funds have outperformed their respective performance benchmarks. For instance, Huaxia's fund has increased by 66.2% against a benchmark growth of 25.4%, outperforming by 40.8% [3][4]. Similarly, Guangfa's fund has risen by 62.1% compared to a mere 1.9% benchmark increase, outperforming by 60.2% [3][4]. Long-term Performance - Over the past year, the top 10 funds have maintained strong performance, with the lowest growth at 48% and five funds exceeding 100% returns. All have significantly outperformed their benchmarks [4][5]. Historical Performance - Since their inception, all top 10 funds have shown positive returns, with the best performer, Qianhai Kaiyuan, achieving a net value increase of 138.5% against a benchmark growth of 30% [6][7]. Annualized Returns - As of May 23, the annualized returns for these funds range from 10.9% to 36.9%, with newer funds generally showing higher annualized returns [8][9]. Fund Manager Assessment - The China Securities Regulatory Commission has mandated that fund companies assess fund managers based on medium to long-term performance, emphasizing the importance of benchmarks over three-year periods [5][6]. Fund Size and Manager Experience - The top 10 funds have accumulated significant assets, with some exceeding 10 billion yuan in size. However, many of these funds and their managers do not meet the industry standard of having over 10 years of experience [9][10].

- The weighted share of active equity funds decreased by 1.93% in Q1 2025 compared to Q4 2024, with a total scale increase to 3.47 trillion yuan due to net value growth[9][41] - The top 10 active equity funds by Q1 2025 returns received a total net subscription of approximately 233 billion yuan, with two popular funds accounting for about 77.60% of the net subscription[11][14][41] - The top 10 active equity funds by Q1 2025 net subscription received a total of approximately 402 billion yuan, with the same two popular funds ranking first and second, collectively accounting for about 44.93%[18][19][41] - The median return rate for active equity funds in Q1 2025 was 9.48%[19] - In Q1 2025, the top 10 holdings of active equity funds included humanoid robots (1.37%), innovative drugs (0.93%), and Beijing Stock Exchange stocks (0.22%)[32][33][41] - Hong Kong stock holdings in the top 10 holdings of active equity funds reached 14.63% in Q1 2025, including internet stocks (5.67%), innovative drugs (1.24%), and consumer stocks (0.91%)[35][36][40][41]

Group 1 - Guosen Securities has received approval from the Shenzhen Stock Exchange for the acquisition of 96.08% of Wanhua Securities for a transaction price of 5.192 billion yuan, which will enhance its capital strength and market competitiveness [1] - The acquisition is expected to positively impact Guosen Securities' stock price and contribute to the overall stability of the stock market by optimizing resource allocation within the securities industry [1] Group 2 - The first batch of fund quarterly reports for 2025 shows significant adjustments, with fund managers concentrating their core positions in the humanoid robot industry, reflecting a strong pursuit of emerging sectors [2] - The reported returns for the funds, such as 53.65% for Ping An Advanced Manufacturing Theme A and 37.12% for Huafu Technology Momentum Mixed A, significantly outperformed their benchmarks, indicating a strong market interest in humanoid robotics [2] Group 3 - The scale of gold ETFs has surged to 116.029 billion yuan, with a year-to-date increase of 64.72%, driven by rising risk aversion in global financial markets [3] - Major gold ETFs from fund companies like Huasan, Bosera, and E Fund have seen substantial growth, with increases of 63.7%, 49.1%, and 49.13% respectively, benefiting the related fund companies [3] Group 4 - Leading private equity firms are actively increasing their investments in Chinese assets, with firms like Kwan Der Investment and Inno Investment buying back their long strategies amid a favorable economic recovery and ongoing technological trends [4] - High positions maintained by firms such as Gao Yi Asset and Shen Zhi Asset indicate confidence in Chinese assets, which is expected to attract more institutional funds into the A-share and Hong Kong markets [4]

Core Viewpoint - The first quarter reports of 2025 show significant returns for thematic funds focused on humanoid robotics, indicating a strong shift in investment strategies towards emerging sectors [1][2][3]. Fund Performance - Ping An Advanced Manufacturing Theme A Fund achieved a return of 53.65%, while Huafu Technology Momentum Mixed A Fund recorded a return of 37.12%, both outperforming their benchmarks [1][2]. - The top ten holdings of these funds have undergone substantial adjustments, reflecting a strategic pivot towards the humanoid robotics industry [1][3]. Investment Strategy - Both funds are heavily invested in the humanoid robotics sector, with Ping An Advanced Manufacturing Theme A focusing on companies like Hengli Hydraulic and Zhejiang Rongtai, while Huafu Technology Momentum Mixed A covers various segments of the humanoid robotics supply chain [3][4]. - The management scale of Huafu Technology Momentum Mixed A Fund increased from 1.08 million shares to 6.70 million shares, indicating strong investor interest in high-growth sectors [3]. Market Outlook - Fund managers express optimism about the humanoid robotics industry, likening its growth trajectory to that of smartphones and electric vehicles, with a longer sustainability cycle and larger market capacity [5][6]. - Despite the positive outlook, fund managers caution about high valuations and potential short-term volatility in the humanoid robotics sector, advising investors to adopt a rational and phased investment approach [4][6].

Core Viewpoint - The article highlights the strong performance of two funds, Ping An Advanced Manufacturing Theme A and Huafu Technology Momentum Mixed A, which achieved returns of 53.65% and 37.12% respectively in Q1, significantly outperforming their benchmarks. This reflects a strategic shift towards the humanoid robotics industry by fund managers [1][2]. Fund Performance - Ping An Advanced Manufacturing Theme A ranked second in the market for Q1 performance, focusing on humanoid robotics due to optimistic future industry trends in China's robust manufacturing and technological innovation [2]. - The top ten holdings of Ping An Advanced Manufacturing Theme A include companies like Hengli Hydraulic and Zhejiang Rongtai, while previous holdings such as Zhaowei Electric and Haoneng Co. have been removed from the top positions [2][3]. Investment Strategy - Fund managers are concentrating their investments in the humanoid robotics sector, which encompasses various components such as actuators, sensors, and control systems. The management scale of Huafu Technology Momentum Mixed A increased from 1.08 million to 6.70 million, indicating strong investor interest in high-growth sectors [2]. - The investment approach is characterized by a "long-term growth stock" strategy, focusing on companies with strong fundamentals and potential for significant growth in the humanoid robotics market [5]. Market Outlook - Fund managers express optimism about the humanoid robotics industry, likening its growth trajectory to that of smartphones and electric vehicles, with a longer sustained cycle and larger market capacity [5]. - Despite the positive outlook, fund managers caution investors about the high static valuations and potential short-term volatility in the sector, advising a rational and phased investment approach [4][5].

Group 1: Core Insights - The public fund market in Q1 2025 performed well, driven by AI and robotics, with robotics-themed funds, North Exchange funds, and Hong Kong stock funds leading the performance rankings [1][5] - The top-performing fund, Penghua Carbon Neutrality Theme A, achieved a return of 60.26%, making it the champion of Q1 performance [1][2] - Active equity funds showed a significant recovery, outperforming passive products due to their flexible market strategies and early positioning in high-performing stocks [1][5] Group 2: Robotics-Themed Funds - Robotics-themed funds stood out in Q1 2025, with Penghua Carbon Neutrality Theme A heavily invested in stocks like Beite Technology and Hechuan Technology, achieving a 60.26% return [2] - Notable stocks contributing to the fund's success included Shuanglin Co., which saw a year-to-date increase of 118.16% [2] - Fund managers expressed optimism about the robotics sector, highlighting investment opportunities in areas such as electronic skin and laser radar [2] Group 3: North Exchange Funds - North Exchange funds also performed well, with returns of 38.98%, 37.45%, and 34.26% for specific funds, driven by investments in stocks like Kelaite, which increased by 136.01% [3] - The North Exchange market is viewed as having reasonable valuations, with potential for growth due to the continuous inclusion of innovative companies [3] Group 4: Hong Kong Stock Funds - Hong Kong stock funds experienced a resurgence, with returns of 38.9%, 32.25%, and 31.4%, primarily driven by strong performances in the internet technology and pharmaceutical sectors [4] - Key stocks included Hansoh Pharmaceutical and Kelong Biotechnology, which saw significant price increases of 78.08% and 64.58%, respectively [4] - Fund managers anticipate continued growth in the pharmaceutical sector due to improved R&D efficiency and increasing transaction shares from overseas pharmaceutical companies [4] Group 5: Active Equity Funds - Active equity funds demonstrated strong performance, with an average net value growth rate of 3.47%, significantly outperforming mainstream indices [5] - Ordinary stock funds and mixed equity funds reported average net value growth rates of 4.57% and 4.53%, respectively, showcasing the strong capabilities of public funds in equity investment [5] - The overall market in Q1 2025 exhibited structural characteristics, with robotics-themed funds leading the way and active equity funds marking a recognition of fund managers' stock-picking abilities [5]

Core Viewpoint - The public fund industry achieved impressive performance in Q1 2025, driven by a structural market led by AI and robotics themes [1][2]. Group 1: Fund Performance - The fund performance leaderboard for Q1 2025 was dominated by robotics-themed funds, Beijing Stock Exchange funds, and Hong Kong stock funds [2]. - The top-performing fund, Penghua Carbon Neutral Theme A, managed by Yan Siqian, achieved a return of 60.26%, heavily investing in several robotics stocks [3][5]. - Other notable funds include Ping An Advanced Manufacturing Theme A and Yongying Advanced Manufacturing Smart Selection A, both exceeding 50% returns, also focusing on robotics [6]. Group 2: Robotics Theme Funds - Penghua Carbon Neutral Theme A's significant holdings included stocks like Beite Technology and Hechuan Technology, with Double Forest Co. seeing a year-to-date increase of 118.16% [3][6]. - Fund managers expressed optimism about the rapid production of humanoid robots and the investment opportunities in new materials and technologies [7]. - The focus on core components and AI perception in humanoid robots indicates a growing market potential, with significant room for technological advancement [7][8]. Group 3: Beijing Stock Exchange Funds - Beijing Stock Exchange funds also performed well, with notable returns from funds like CITIC Construction Investment and Huaxia, achieving returns of 38.98% and 37.45% respectively [9]. - These funds have successfully identified high-performing stocks within the Beijing Stock Exchange, such as Kelaite, which saw a remarkable increase of 136.01% [9]. Group 4: Hong Kong Stock Funds - Hong Kong stock funds regained attention, with funds like Huatai Hong Kong Advantage Selection and Zhongyin Hong Kong Medical achieving returns of 38.9% and 32.25% respectively [12]. - The performance of these funds was bolstered by significant gains in pharmaceutical stocks, with companies like Kelun Pharmaceutical and Rongchang Biological seeing increases of 78.08% and 64.58% [12]. - The manager of Huatai Hong Kong Advantage Selection highlighted the growing competitiveness of Chinese innovative drugs in the global market, projecting a significant increase in overseas licensing deals [12][13].