此前沉寂许久的部分医药主题基金，例如安信医药健康A、建信医疗健康行业A、汇添富健康生活一年 持有A等，紧抓今年的创新药行情风口，实现翻盘，基金产品单位净值从水位线以下大幅拉升。目前三 只产品的总回报率均在60%以上，其中基金经理张韡管理的汇添富健康生活一年持有A今年以来接近翻 倍。 部分重仓AI算力等板块的主动权益基金近期表现不俗。基金经理武阳管理的易方达先锋成长A、易方达 远见成长A今年以来的回报率都在80%以上，易方达先锋成长A的单位净值已接近翻倍。根据季报披露 的持仓来看，该基金今年一季度、二季度持续重仓光模块龙头新易盛（300502）、中际旭创 （300308）、天孚通信（300394），今年以来新易盛涨逾180%、中际旭创涨逾90%、天孚通信上涨近 70%。 此外，部分已经离任的绩优主动权益基金经理，如周海栋、丘栋荣、鲍无可等，此前在管理公募产品时 打下了坚实的收益基础。此前，丘栋荣管理的中庚价值品质一年持有、鲍无可管理的景顺长城价值驱动 一年持有的任职总回报率都在40%以上；周海栋此前管理的华商甄选回报A任职总回报率超60%，目前 该基金的单位净值接近翻倍。 近期上证指数接连攀升，2021年的高点 ...

Core Viewpoint - The recent rise in the Shanghai Composite Index has led to a recovery in many actively managed equity funds established in 2021, with over 170 funds returning to positive net asset values as of August 13, 2023, and an average return exceeding 20% this year, outperforming the overall market average [1][2][3] Fund Performance - More than 170 of the 600+ actively managed equity funds established in 2021 have achieved positive returns, with over 98% of products gaining positive returns this year [2] - Notable performers include the Huaxia North Exchange Innovation Small and Medium Enterprises Fund, which has a total return of 137.21%, and several other funds with returns exceeding 80% [2] - Funds focused on AI computing power, such as E Fund Pioneer Growth A and E Fund Vision Growth A, have also shown strong performance, with returns over 80% this year [3] Redemption Pressure - Despite the recovery, many funds are facing significant redemption pressures, particularly as their net asset values approach 1 yuan, leading to concentrated redemption behaviors [3][4] - For instance, the Jiashi Hong Kong Stock Advantage Fund saw its shares drop from 64.34 billion to 49.44 billion due to nearly 15 billion shares being redeemed in a single quarter [4] Market Trends - The current redemption pressure is notably concentrated in sectors such as new energy, liquor, and pharmaceuticals, aligning with the "track-based" funds issued between 2019 and 2021 [5] - The market is transitioning from a rebound to a reversal, with the previous trend of "rising but facing redemptions" weakening, and new fund issuance is accelerating [6] Fundraising and New Issuance - As of August 13, 2023, newly established actively managed equity funds have raised over 60 billion yuan this year, with several products exceeding 10 billion yuan in initial offerings [6] - The issuance of traditional fee-based actively managed equity funds has rebounded to around 10 billion yuan in July, indicating a recovery in fundraising [6] Future Outlook - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds, stocks, and margin trading, while some may also move into lower-risk insurance products [7]

Group 1 - The A-share market has shown a rebound since April 7, with the Wind偏股混合型基金指数 rising over 11% as of June 17, indicating a recovery in active equity products [1][2] - Nearly 70% of active equity funds have turned positive in returns, with 3,079 out of 4,462 funds reporting gains, a significant increase from 10.8% on April 7 [2][3] - The top-performing funds are heavily invested in the pharmaceutical sector, with six out of the top ten funds focusing on this area, driven by Hong Kong innovative drug stocks [3][5] Group 2 - The top fund, 长城医药产业精选A, has achieved a 75.69% return year-to-date, followed closely by 中信建投北交所精选两年定开A and 永赢医药创新智选A with returns of 74% and 70.8% respectively [3] - The performance of the pharmaceutical sector is attributed to the strong showing of Hong Kong innovative drug stocks, which constitute a significant portion of the holdings in these funds [3][6] - Despite recent market corrections in popular sectors like innovative drugs and new consumption, industry experts believe that the long-term value remains intact, with ongoing support from national policies and market demand [5][6] Group 3 - The innovative drug sector has seen a year-to-date increase of 59.18%, while other sectors like humanoid robots and new consumption have also performed well, with gains exceeding 20% [5] - Recent corrections in these sectors are viewed as technical adjustments rather than a sign of a downturn, with analysts suggesting continued investment interest in innovative drugs due to their long-term growth potential [6][7] - The new consumption sector is experiencing a temporary pullback, but the underlying market conditions remain strong, as evidenced by positive consumption data during the recent 618 shopping festival [6][7]