在创新药席卷市场的浪潮中，量化策略基金（包括部分风格类量化策略的主动型基金）正迎来一场静悄悄 而耀眼的"逆袭"。 Wind最新数据显示，全市场有近100只量化策略基金单位净值创历史新高。前十大重仓股占股票持仓比例不到 6%的基金今年更是获得近50%的回报。 近年来，投资者对小市值公司、量化策略等情绪从极度悲观到极度乐观转换过多次。在此类策略赚钱效应再度 火爆之际，市场关于小市值策略是否过热的讨论再度热烈起来。有基金经理表示投资者需要高度关注小市值风 险。 量化策略基金净值频创历史新高 今年以来，人形机器人、创新药等主题轮番上演高弹性大戏，不过仍有不少投资者对此类行业主题型基金的高 波动表示厌恶。但是，让投资者不能视而不见的是，主动型基金赚钱效应已经开始回归。 在创新药主题基金霸屏基金涨幅榜的光芒下，一些主动型基金的最新净值也已经悄然创下历史新高。其中尤以 采取了纯量化策略的基金和部分持仓分散、风格类量化策略的主动型基金居多。 开年以来，A股日均成交额连续维持在万亿元以上，资金回流带动市场活跃度提升，显著优化了量化模型的交 易条件。一些量价因子和统计套利策略在流动性充裕的环境中如鱼得水。 国金量化多因子基金的基 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of innovation drug-themed funds, with the Huatai-PineBridge Hong Kong Advantage Select Fund leading the pack with a return of 89.15% as of June 29, 2023 [2][3] - A total of 40 funds have achieved a return exceeding 50% this year, with 16 out of the top 20 funds being innovation drug-themed [2][3] - The AI-themed funds have underperformed significantly, with losses exceeding 20% for the bottom-performing funds [1][3] Group 2 - The active equity funds have generally shown a recovery in performance, with nearly 80% of active equity funds achieving positive returns this year, and over 1,000 funds seeing net value increases of over 10% [4][5] - The market has experienced structural volatility, with different themes impacting fund performance directly, necessitating precise market timing from fund managers [3][4] - The long-term performance of the Huatai-PineBridge North Exchange Innovation Small and Medium Enterprises Select Fund has yielded a cumulative return of 177.04% over the past three years, significantly outperforming its peers [3] Group 3 - The innovation drug sector is currently experiencing a surge, with funds in this category dominating the performance rankings, while the humanoid robot sector has seen a decline from its previous highs [2][7] - The market outlook for the second half of the year suggests a mix of opportunities and risks, with low overall valuation levels and supportive macroeconomic policies being key factors [8][9] - Key investment areas identified include dividend assets, technology sectors with strong policy support, and high-potential domestic demand sectors [9]