近日，平安基金权益投资部投资总监神爱前因对创新药板块的判断引发热议。7月底，其在公开分析中提出"创新药最大上涨已过"的观点，直言港股主流标 的虽有余温但核心上涨阶段已逝，这一言论迅速遭到部分同行激烈反驳，有业内人士在朋友圈直指其"不懂装懂还敢胡说八道"。 神爱前的核心逻辑聚焦于市场结构性轮动特征，认为西藏水电产业链等主题炒作由量化游资主导，机构难以参与，而AI与创新药虽属产业趋势，但AI已进 入爆发期，创新药则偏向个股逻辑。 这一判断与二季报披露的操作形成鲜明对比。神爱前管理的平安策略先锋混合（700003）与平安产业趋势混合A（022119）在二季度减持消费电子、汽车零 部件等板块，转而加仓AI算力、医药和有色，并明确表示"重点关注创新药等细分机会"，此番言论被市场质疑为"言行不一"。 值得注意的是，神爱前并非医药专业出身，其研究重心长期集中于泛科技领域，曾短暂管理医疗健康基金但未形成持续覆盖。此次跨界对创新药"下定论"， 被业内解读为"越界发言"，暴露了对细分行业研究的盲区。反观同期，创新药板块在政策支持、出海突破与技术迭代驱动下持续走强，恒生创新药指数年内 涨幅超60%，多只重仓该领域的基金收益翻倍。 ...

Group 1 - Guanghe Tong (300638.SZ) released its 2024 annual report on April 19, 2025, with 289 institutional investors holding a total of 95.14 million A-shares, accounting for 12.43% of the total share capital [1] - The top ten institutional investors hold a combined 8.64% of shares, with a decrease of 0.51 percentage points compared to the previous quarter [1] Group 2 - Four public funds reduced their holdings compared to the previous quarter, with a total decrease of 0.40% [2] - A total of 280 new public funds were disclosed this period, including several notable funds such as Dongfanghong Rui Feng Mixed and Xin'ao New Energy Industry Stock [2] - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.49% compared to the previous period [2]

Group 1 - SMIC (688981.SH) released its 2024 annual report on March 28, 2025, indicating that as of March 27, 2025, 535 institutional investors disclosed holding shares in SMIC A-shares, totaling 817 million shares, which accounts for 10.25% of SMIC's total share capital [1] - The top ten institutional investors include notable entities such as the National Integrated Circuit Industry Investment Fund II, China Merchants Bank, and various ETFs focused on the semiconductor sector, with the top ten collectively holding 7.17% of the shares [1] - Compared to the previous quarter, the combined holding percentage of the top ten institutional investors decreased by 1.25 percentage points [1] Group 2 - In the public fund sector, three funds reported a decrease in holdings compared to the previous quarter, with a total reduction of 0.95% [2] - A total of 31 new public funds were disclosed during this period, including various ETFs and mixed funds focused on large-cap indices and digital economy [2] - There were 230 public funds that did not disclose holdings in this period, including several semiconductor-focused ETFs and mixed funds [2]