整体来看，在这波牛市行情中，百亿级明星基金经理的表现参 差不齐。其中，有部分明星基金经理成功抓住了市场热点，取 得了不俗的业绩，大幅跑赢市场平均水平；然而，也有一些明 星基金经理的业绩表现不尽如人意，甚至跑输了大盘。 作者：洪小棠 封图：图虫创意 今年以来，A 股市场走出了震荡上行的牛市行情。截至8月13日，上证指数年内涨幅9.90%，深证 成指年内上涨10.91%，创业板指同期涨幅16.57%。同期，万德偏股混合型基金指数今年以来的收 益率为19.67%，近一年该指数更是创造了38%的收益率。 在这波 牛 市行情中，明星基金经理们的表现如何？是否能做出超越市场的超额收益？ Wind数据显示， 截至二季度末，共近20位主动权益类明星基金经理在管规模超过200亿元。 这些 明星基金经理的投资风格各异，涵盖了成长、价值、均衡、主题等多种风格，他们的投资决策不仅 影响着市场的走势，也牵动着无数投资者的心。 整体来看，在这波牛市行情中，百亿级明星基金经理的表现参差不齐。其中，有部分明星基金经理 成功抓住了市场热点，取得了不俗的业绩，大幅跑赢市场平均水平；然而，也有一些明星基金经理 的业绩表现不尽如人意，甚至跑输了大盘 ...

Core Insights - The recent market recovery has led to an increase in the number of non-monetary funds exceeding 10 billion yuan, with 226 such funds reported as of the end of Q2, representing approximately 0.98% of the total, an increase of 34 funds from Q1 [4][5] - The number of active equity funds with over 10 billion yuan has stabilized at 20, with the new addition being the "Yongying Advanced Manufacturing Select C" fund managed by Zhang Lu [4][5] - The performance of these large-scale funds has improved significantly this year, with the average return of active equity funds being 14.31%, outperforming the CSI 300 index [5] Fund Performance - As of June 30, the total share of active equity funds was 31.2 trillion shares, a decrease of 129.7 billion shares (approximately 4%) from the end of last year [5] - The top-performing active equity fund this year is "Yongying Advanced Manufacturing Select C," with a return of 57.65% as of August 1, significantly higher than its benchmark return of 9.77% [9] - The largest active equity fund is "E Fund Blue Chip Select," managed by Zhang Kun, with a size of 34.943 billion yuan as of the end of Q2 [5] Key Holdings - The top five holdings of "Yongying Advanced Manufacturing Select C" include companies in the humanoid robot industry, such as Zhejiang Rongtai and Lingyun Shares, indicating a strong focus on this sector [9][10] - The "Zhongou Medical Health A" fund, managed by Guo Lan, has a significant holding in WuXi AppTec, which has seen a price increase of 31.14% since the end of Q2 [11][12] Investment Outlook - Zhang Lu from Yongying Fund emphasizes the importance of production ramp-up in core robotics companies and the supportive domestic policies for the robotics industry in the upcoming quarter [10] - Guo Lan highlights the potential for innovation drugs and structural opportunities in the consumer healthcare sector, particularly in medical aesthetics and home medical devices, as the economy recovers [13][14] - Xie Zhiyu from Xingzheng Global Fund suggests that sectors like innovative drugs, smart driving, and new consumption are more suitable for value investors due to their realistic performance support [17]

Market Overview - On August 9, the Shanghai Composite Index reached a peak of 3656.85, just 17.55 points shy of the high of 3674.40 from September 24 of the previous year [1] - The market has been characterized by small-cap stocks, with the Micro-cap Index rising by 1.75%, the CSI 2000 by 1.7%, the CSI 1000 by 1.55%, the CSI 500 by 1.08%, and the CSI 300 by 0.43% [1][2] Fund Performance - As of June 30, 2025, only 2 out of 1037 ordinary equity funds remained above 10 billion yuan in size, namely E Fund Consumer Industry at 16.854 billion yuan and Da Cheng Gao Xin A at 12.340 billion yuan [4] - Among 4846 mixed equity funds, only 14 funds exceeded 10 billion yuan, with the largest being E Fund Blue Chip Selection at 34.93 billion yuan [4] - The performance of these large-scale funds has been mixed, with only 4 out of 14 funds achieving returns over 20% year-to-date as of August 8, 2025 [6] Year-to-Date Performance - The top-performing funds year-to-date include: - Yongying Advanced Manufacturing Selection C with a net value growth of 59.99% - Ruiyuan Growth Value A with a growth of 22.04% - China Europe Medical Health A with a growth of 21.81% [6][8] One-Year Performance - Over the past year, the top three funds in terms of net value growth are: - Yongying Advanced Manufacturing Selection C at 163.94% - Galaxy Innovation Growth A at 62.66% - Ruiyuan Growth Value A at 40.79% [9][10] Annualized Returns - Among the 14 large-scale mixed equity funds, 10 have an annualized return exceeding 8%, indicating strong long-term performance [11] - Yongying Advanced Manufacturing Selection C, with a short history of less than 3 years, has an impressive annualized return of 35.96% [11][12] Notable Exceptions - The fund "Quan Guo Xu Yuan San Nian Chi You A" has a current size of 11.2 billion yuan, with year-to-date returns of 12.98% and one-year returns of 31.68%, but an annualized return of -7.18% since inception [12][13]

Core Viewpoint - The article provides a comprehensive overview of the updated active fund manager pool information, focusing on various metrics such as investment style, stock allocation, industry preference, turnover rate, valuation of major holdings, concentration of holdings, and fund size [3][32]. Group 1: Fund Manager Information - The article lists various fund managers along with their respective funds, categorized by investment style such as value, growth, and balanced [2][4]. - It highlights the experience of fund managers, indicating that many have been in the industry for several years, which is crucial for navigating different market cycles [39][41]. Group 2: Fund Metrics - The article discusses key metrics to consider when evaluating funds, including stock allocation, which typically ranges from 85% to 90% for active funds [43][44]. - It emphasizes the importance of industry preference, noting that fund managers often focus on specific sectors where they have expertise [48][50]. - The concentration of holdings is also addressed, with a higher concentration indicating greater potential volatility [53]. Group 3: Valuation and Performance Indicators - The article mentions the valuation of major holdings, suggesting that growth-style funds tend to have higher valuations compared to value-style funds [58]. - It discusses turnover rates, indicating that a turnover rate below 200% is considered low for active funds, which can be influenced by changes in fund size [61][62]. - Fund size is highlighted as a critical factor, with larger funds potentially facing challenges in achieving excess returns due to management difficulties [63][68]. Group 4: Fund Reports and Insights - The article outlines the types of periodic reports available for funds, with annual reports containing the most comprehensive information [32]. - It suggests focusing on factors that impact fund performance, such as investment style, industry preference, and the fund manager's insights on market conditions [32][66].

Core Viewpoint - The recent recovery in the equity market has led to a significant rebound in the net value of actively managed equity funds, with nearly 90% of these funds showing positive returns over the past year, providing hope for investors who had previously suffered losses [3][5]. Group 1: Fund Performance - As of August 6, 2023, 4304 out of 4349 actively managed equity funds reported positive returns over the past year, representing 99% of the total [5]. - Among these, 40 funds achieved a doubling of their performance, with the top performer, CITIC Construction Investment North Exchange Select Two-Year Open A, showing a return of 212.25% [5]. - Over 70% of funds with over 10 billion in assets achieved returns exceeding 10%, with some funds like China Merchants Advantage Enterprises A and Galaxy Innovation Growth A exceeding 60% [6]. Group 2: Investor Behavior - Investor behavior has shown significant divergence, with three main strategies emerging: some investors choose to redeem their funds upon recovery, others redeem after a significant reduction in losses, and a third group waits until they fully recover their investments [9][10]. - Despite the recovery, there is a notable redemption pressure as many investors opt to cash out when the net asset value approaches their initial investment [10]. - In the second quarter, actively managed equity funds experienced a net redemption of 1,076.04 million units, a 56.43% increase from the previous quarter, indicating a trend of investors withdrawing funds despite improved performance [10][11]. Group 3: Market Sentiment and Trust - The recovery in fund performance has not yet translated into increased investor trust, as many investors remain cautious due to past losses from 2022 to 2024, leading to a prevalent "redeem upon recovery" behavior [11]. - Analysts suggest that the current situation represents a critical period for "cognitive repair" in the market, where fund managers need to enhance their professional capabilities and improve the industry ecosystem to regain investor confidence [11].

Core Viewpoint - After three years of underperforming the market, actively managed equity funds have experienced a significant rebound this year [1][5]. Group 1: Performance of Active Equity Funds - The "Wande Equity Mixed Fund Index," representing actively managed equity funds, showed a performance of -21.03% in 2022, -13.52% in 2023, and 3.45% in 2024, all underperforming the Shanghai Composite Index [5]. - As of August 6, 2024, the Wande Equity Mixed Fund Index has increased by 16.67%, outperforming the Shanghai Composite Index, which rose by 8.42% [5][6]. - Year-to-date, actively managed funds have outperformed the Shanghai Composite Index by over 8 percentage points and the CSI 300 Index by over 12 percentage points [6]. Group 2: Performance of Star Fund Managers - A significant number of star fund managers have shown varied performance this year, with some excelling, particularly in the healthcare sector, while others have struggled [2][3]. - Among the top-performing funds, the "China Europe Medical Innovation" fund managed by Ge Lan has achieved a return of 68.97%, while the "China Europe Medical Health" fund has returned 25.36% [10][11]. - Conversely, some star fund managers, such as Zheng Chengran and Liu Yanchun, have seen their funds underperform, primarily due to heavy investments in sectors like liquor and new energy [16]. Group 3: Sector Performance and Investment Strategies - The healthcare sector has seen a resurgence, with funds heavily invested in innovative drugs, especially those with significant exposure to Hong Kong stocks, outperforming others [12][15]. - Funds managed by star managers focusing on growth sectors, such as technology and new energy, have also performed well, with notable returns from funds like "Xingquan Social Value" and "Xingquan Harmony" [13][14]. - The performance disparity among star fund managers is attributed to their investment strategies not adapting to the rapidly changing market conditions, particularly in sectors like AI and innovative drugs [16].

Group 1: Fund Management Updates - Wang Lang has been appointed as the new deputy general manager of Baoying Fund as of July 22, 2023, previously holding positions at Penghua Fund and Guoshou Anbao Fund [1] - As of the end of Q2 2023, there are 24 funds with over 10 billion yuan in assets, a decrease from 27 funds in the same period last year and 26 funds at the end of Q1 2023 [2] - The largest fund remains the E Fund Blue Chip Select managed by Zhang Kun, with a latest size of 34.943 billion yuan, down by 3.965 billion yuan from the end of Q1 [2] Group 2: Market Trends and Performance - The allocation ratio of public funds to Sci-Tech Innovation Board stocks reached a record high of 15.36% by the end of Q2 2023, an increase of 0.19 percentage points from Q1 [3] - The excess allocation ratio for the Sci-Tech Innovation Board also rose from 7.5% to 7.72% [3] Group 3: Notable Fund Manager Insights - Fund manager Ge Lan expressed optimism about the innovative drug sector, highlighting advancements in dual antibodies and ADC technologies, as well as increasing collaboration between domestic companies and multinational pharmaceutical firms [4] - Ge Lan noted that domestic innovative drugs are gaining global recognition, with multiple products expected to have overseas licensing opportunities [4] Group 4: ETF Market Overview - The market experienced a rally with major indices reaching new highs; the Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index by 1.21%, and the ChiNext Index by 1.5% [5] - The total trading volume in the Shanghai and Shenzhen markets was 1.84 trillion yuan, a decrease of 199 billion yuan from the previous trading day [5] - Rare earth permanent magnet stocks surged, with the Rare Metal ETF rising by 7.49% [6] Group 5: Future Outlook - Despite rising geopolitical tensions, improvements in global supply and demand, along with low inventory levels, are expected to boost small metal prices, enhancing corporate profitability and growth potential [9] - The valuation attractiveness of industry leaders is expected to become more pronounced, with a focus on rare metal-related ETFs [9]

Core Viewpoint - The "national team" has significantly increased its investment in ETFs and equity assets, with an estimated total investment exceeding 207 billion yuan in the first half of the year, reflecting a strategic move to stabilize the A-share market amid increased volatility [1][2][4]. Group 1: National Team's Investment Actions - In response to market fluctuations, the central financial institutions, including Central Huijin and China Guoxin, have actively increased their holdings in ETFs and other equity assets since April [2][3]. - Central Huijin Asset Management has become the largest institutional investor in the Huatai-PB CSI 300 ETF, increasing its holdings from 26.62 billion shares at the end of last year to 37.86 billion shares, raising its shareholding ratio from 29.78% to 40.26% [2][3]. - The total investment in ETFs by the national team in the first half of the year reached approximately 207.27 billion yuan, with significant contributions from various ETFs, including Huatai-PB, China Southern, and E Fund [4][3]. Group 2: Fund Managers' Adjustments - In the second quarter, over 57% of active equity funds increased their stock positions, with some funds raising their equity exposure by more than 30% [5][6]. - Notable fund managers, such as Zhang Kun, have adjusted their portfolios by increasing holdings in liquor stocks despite a general market downturn in the food and beverage sector [6][7]. - Liu Gesong has focused on increasing allocations to Hong Kong stocks and non-bank financials, while fund manager Ge Lan has concentrated on innovative pharmaceuticals, reducing exposure to traditional Chinese medicine and medical devices [7][8]. Group 3: Focus on Innovative Pharmaceuticals - The innovative pharmaceutical sector has attracted significant interest from fund managers, with many increasing their stakes in leading companies within this field [8]. - Ge Lan highlighted the ongoing advancements in innovative drug technologies and the increasing collaboration between domestic companies and multinational pharmaceutical firms, indicating a positive outlook for the sector [8].

Group 1 - The number of actively managed equity funds with assets exceeding 10 billion yuan has decreased from 27 to 24 year-on-year, indicating a shrinking market for these funds [1][2][6] - The largest fund remains the E Fund Blue Chip Select managed by Zhang Kun, with a current size of 34.943 billion yuan, down 3.965 billion yuan from the previous quarter [1][2] - Other notable funds such as the China Europe Medical Health and the Fortune Tianhui Select Growth have also seen reductions in size, with current assets of 30.801 billion yuan and 23.544 billion yuan respectively [1][2] Group 2 - In contrast to the decline in actively managed equity funds, many ETFs, money market funds, and bond funds have experienced significant inflows, with total public fund assets increasing by 2.11 trillion yuan in the second quarter [6][7] - Three ETFs, specifically the Huaxia CSI 300 ETF, Huatai-PB CSI 300 ETF, and E Fund CSI 300 ETF, each saw growth exceeding 30 billion yuan in a single quarter, highlighting strong demand for broad-based ETFs [7][8] - The overall market for public funds reached a total size of 33.73 trillion yuan by mid-year, with money market funds, bond funds, and stock funds contributing significantly to this growth [6][7] Group 3 - Some actively managed funds have bucked the trend and increased in size, such as the Yongying Advanced Manufacturing Select Fund, which grew by 2.327 billion yuan in the second quarter, reaching a total of 13.845 billion yuan [3][6] - The divergence between actively managed products and passive index products is becoming more pronounced, reflecting a shift in investor risk preferences and a growing demand for stable performance [8]

Core Viewpoint - E Fund's report indicates a stable stock position in its largest fund, E Fund Blue Chip Selection, with adjustments in consumer and technology sectors, highlighting the attractiveness of undervalued stocks with substantial shareholder returns for long-term investors [1] Group 1: Fund Performance - E Fund Blue Chip Selection maintained a stable stock position in Q2, with adjustments made to the structure of consumer and technology sectors [1] - The fund continues to hold high-quality companies with excellent business models, clear industry patterns, and strong competitiveness [1] Group 2: Top Holdings - As of the end of Q2, the top ten holdings of E Fund Blue Chip Selection include Tencent Holdings, Wuliangye, Luzhou Laojiao, Kweichow Moutai, Shanxi Fenjiu, Alibaba-W, JD Health, Yum China, CNOOC, and SF Holding [1] - Compared to the end of Q1, JD Health and SF Holding entered the top ten holdings, while Yanghe Brewery and Meituan-W exited [1]