在创新药定价逻辑跨进"赚美元"阶段之际，各大公募2026年开年火速投放医药新基金。 2026年开年仅一周，基金经理南下挖掘创新药的热度便已点燃。随着中国创新药行业逐步迈 入"赚美元"的全球化变现周期，公募基金迅速推出各类医药新品。 从ETF到主动权益产品，围绕创新药估值重构的上升逻辑也成为基金公司产品开发的引擎，公募 弹药也因此持续投向港股医药赛道。对此，多位医药明星基金经理认为，全球化商业变现，被视 为医药行业诞生超级巨头的关键特征，行业进入"赚美元"的新阶段后也将迎来新的行业估值。 开年新品密集南下布局创新药 在公募持续挖掘海外增量业绩的背景下，2026年的创新药板块正迎来"海外BD大单"向实打实业绩 转化的关键期。这一确定性趋势，直接推动了基金发行市场的"开门红"。 开年不足一周，创新药赛道便迎来了新产品发行的接力潮。基金弹药正持续涌入港股医药行业， 意图抢占这一轮业绩兑现的先机。1月7日，华宝基金发布公告，旗下华宝港股通医疗主题ETF将 于1月12日正式上市交易。该产品募集规模达3.31亿元，截至1月5日（上市前一周），股票仓位已 快速建至14.70%。根据披露，该基金首批建仓股涵盖了京东健康、晶泰控 ...

从具体产品来看，2025年以来，汇添富香港优势精选表现尤为突出，A类和C类份额总回报分别达到 118.70%和118.38%；创金合信全球医药生物A/C、易方达全球成长精选、易方达全球医药行业等产品也 表现不俗，均跻身收益率超70%的行列。 此外，广发中证香港创新药ETF、易方达黄金主题等产品也凭借精准的赛道布局，收益率在70%以上。 不过，在整体业绩亮眼背后，QDII基金的业绩分化也较为明显。部分聚焦单一资产的产品在2025年遭 遇了收益下滑，其中多只原油、油气、地产主题基金，以及投资于沙特、印度等单一市场的产品出现负 收益，反映出单一赛道与区域市场的投资风险，也显示出QDII基金在跨市场、跨行业配置中的重要 性。 2026年机会展望：多家机构看好港股 在全球资本市场波动加剧、资产配置需求多元化的背景下，QDII基金凭借其跨市场投资特性，成为投 资者参与全球财富增长的重要渠道。 2025年，受益于海外主要市场结构性行情与部分行业的爆发式增长，QDII基金整体交出了一份亮眼答 卷，多只产品斩获超高收益。 展望2026年，随着全球货币政策调整、产业趋势演进，港股、美股及特定赛道的投资机会备受市场关 注，如何精准 ...

每经记者：黄小聪 每经编辑：赵云 在全球资本市场波动加剧、资产配置需求多元化的背景下，QDII基金凭借其跨市场投资特性，成为投资者参与全球财 富增长的重要渠道。 2025年，受益于海外主要市场结构性行情与部分行业的爆发式增长，QDII基金整体交出了一份亮眼答卷，多只产品斩 获超高收益。 展望2026年，随着全球货币政策调整、产业趋势演进，港股、美股及特定赛道的投资机会备受市场关注，如何精准布 局依然是投资者最为关注的核心话题。 2025年走势回顾：17只QDII收益率超70% Wind数据显示，截至2025年12月18日，QDII基金市场呈现出"整体向好、局部分化"的鲜明特征。在纳入统计的产品 中，多数实现了正收益，其中半数以上产品今年以来收益率超15%，超50只产品收益率突破50%，更有17只产品（不 同份额分开计算）飙升至70%以上，头部产品最高收益率甚至超过100%。 从具体产品来看，汇添富香港优势精选表现尤为突出，A类和C类份额今年以来总回报分别达到118.70%和118.38%， 领跑全场；创金合信全球医药生物A/C、易方达全球成长精选、易方达全球医药行业等产品也表现不俗，均跻身收益 率超70%的行 ...

Core Viewpoint - The growth of fund scale in the pharmaceutical sector is increasingly influenced by product style clarity and predictable holdings, rather than just performance metrics [2][8]. Group 1: Fund Performance and Scale Dynamics - Despite having the highest performance, some pharmaceutical funds are experiencing significant scale growth challenges, with many funds seeing scale increases despite lower returns [2][3]. - As of November 2, 2025, the top-performing pharmaceutical fund achieved a return of 118% but had a scale of only approximately 530 million yuan, while other funds with lower returns had scales exceeding 2.4 billion yuan [3]. - The disparity in scale growth among similar funds managed by the same fund manager indicates that performance alone is not a sufficient driver for scale [5][6]. Group 2: Importance of Style and Transparency - The clarity of product style and transparency of holdings are becoming critical factors for investors when selecting funds, especially in a market with a wide variety of offerings [2][8]. - Funds that maintain stable styles and transparent holdings are more likely to attract investment, as investors prefer predictable products in a segmented market [8][9]. - Frequent changes in fund holdings can negatively impact scale growth, highlighting the importance of consistent investment strategies [8][9]. Group 3: Case Studies of Fund Managers - Fund managers with similar holdings and performance levels can see vastly different scales, as evidenced by the comparison between two funds managed by the same manager, where one fund had a scale of 2.45 billion yuan and the other 41.52 billion yuan despite differing performance [6][7]. - The lack of mandatory investment scope in fund contracts can hinder scale growth for high-performing funds, as seen with the "champion pharmaceutical fund" that did not have a strict mandate to invest solely in the pharmaceutical sector [4][8].

Group 1 - The core viewpoint of the news is that QDII funds are experiencing increased restrictions on large subscriptions, with many funds lowering their maximum subscription limits significantly [1][2][3] - Several QDII funds have adjusted their large subscription limits, with the maximum now set as low as 500 yuan, indicating a trend of tightening access to these investment vehicles [2][5] - The adjustment in subscription limits is aimed at protecting the interests of fund shareholders, as seen in the case of the Hua Bao Overseas Technology Stock Fund, which reduced its daily subscription limit to 1,000 yuan [3][4] Group 2 - The performance of QDII funds has been strong this year, with many funds showing positive net asset value growth, which has attracted significant inflows [6][7] - Notable performers include the Huatai-PineBridge Hang Seng Innovation Drug ETF and the GF CSI Hong Kong Innovation Drug ETF, both of which have achieved returns exceeding 85% this year [7] - Market analysts suggest that the tightening of QDII fund subscriptions may be a response to the strong performance and increased investor interest, as funds like the Huatai-PineBridge Hong Kong Advantage Selection have seen a net value growth rate of over 135% [6][8]

Core Viewpoint - The recent trend shows an increase in restrictions on QDII funds, with many funds lowering their large subscription limits to as low as 500 yuan, indicating a tightening of investment access despite previously approved new quotas [2][3][5]. Summary by Sections QDII Fund Subscription Limits - Several QDII funds have recently reduced their large subscription limits, with the minimum now set at 500 yuan [3][8]. - On August 13, the Hua Bao Overseas Technology Stock (QDII-LOF) announced a new limit of 1,000 yuan for single-day subscriptions, down from 2,000 yuan just a week prior [5][8]. - Other funds, including Hua Bao Nasdaq Select Stock (QDII) and Hua Bao S&P US Quality Consumption Stock Index Fund (LOF), have also adjusted their limits to between 500 and 1,000 yuan [8][10]. Performance of QDII Funds - QDII funds have shown strong performance this year, with many funds reporting positive unit net value growth rates. For instance, the Hui Tian Fu Hong Kong Advantage Selection (QDII) has a growth rate exceeding 135%, leading the market [11][12]. - The overall market sentiment is improving, with expectations of more certainty in global markets as risks are gradually released [12]. Market Trends and Future Outlook - The tightening of subscription limits may be a response to the influx of capital attracted by the strong performance of QDII funds [12]. - There is a potential shift in global capital allocation, with investors possibly reducing their exposure to US stocks in favor of high-quality non-US assets due to rising uncertainties in the US political and economic landscape [12].