在年内大盘整体上涨的背景下，部分权益类基金也交出了亮眼的成绩单。公开数据显示，截至7月29日，共有23只基金（份额分开计算，下同） 的年内收益率实现翻倍，其中有七成为医药相关基金。若拉长时间至近一年来看，则有多达134只"翻倍基"，其中，医药相关基金占比超四成，收 益率最高超160%。展望后市，业内人士仍看好创新药等细分方向，但也有观点提醒需注意短期回调可能带来的风险。 15只医药基金年内收益翻倍 业内仍看好创新药领域 从主动型医药主题基金的最新重仓情况来看，部分涨幅较高的产品重仓股大致相同。例如，截至2025年二季度末，前述提及的长城医药产业精选 混合发起式的前十大重仓股包括三生制药、信达生物、热景生物、一品红、石药集团、泽璟制药、益方生物、诺诚健华、科伦博泰生物-B、康弘 药业。 同期，永赢医药创新智选混合发起式、中欧医疗创新股票的前十大重仓股中也均持有三生制药、科伦博泰生物-B。交易行情数据显示，截至7月 30日收盘，三生制药、科伦博泰生物-B在年内累计上涨428.9%、138%。 对于当前医药板块的投资机遇，前海开源基金首席经济学家杨德龙表示，"上半年创新药板块带动相关医药基金上涨或是中长期趋势，下半 ...

Core Viewpoint - The performance of funds in the first half of the year has been significantly influenced by the strong rally in Hong Kong's innovative pharmaceutical sector, with the top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection, achieving over 85% returns [1][3]. Fund Performance - As of June 30, 2023, the top-performing fund, Huatai-PineBridge Hong Kong Advantage Selection, recorded a return of 86.00% [2][3]. - Other notable funds include CITIC Construction Investment North Exchange Selection and Great Wall Pharmaceutical Industry Selection, with returns of 82.45% and 75.18% respectively [6]. - The overall performance of the Hong Kong stock market, particularly in the innovative pharmaceutical sector, has been robust, with the Hang Seng Index and Hang Seng Technology Index rising by 20% and 18.68% respectively [3]. Market Trends - The innovative pharmaceutical sector in Hong Kong has been a key driver of fund performance, with many funds heavily invested in this area [4][6]. - The Hang Seng Hong Kong Innovative Pharmaceutical Selection Index has seen a year-to-date increase of 58.95%, indicating strong market interest and growth potential [6][7]. - Analysts predict that the innovative pharmaceutical sector will continue to benefit from policy support and market dynamics, suggesting a favorable outlook for the second half of the year [7][8]. Investment Insights - Fund managers believe that the pharmaceutical industry will experience a recovery in growth due to normalized regulations and increasing domestic medical demand [3][4]. - The current market environment is characterized by a combination of policy benefits, global liquidity, and positive market sentiment, which are expected to sustain the growth of innovative pharmaceutical companies [7][8]. - The disparity in fund performance highlights the importance of strategic investment choices, with some funds underperforming despite being in popular sectors [9].

Core Insights - The active equity funds have shown a dramatic contrast in performance amidst rising capital market volatility, with the first "doubling fund" emerging in the year, igniting market enthusiasm, while new fund issuance remains relatively subdued [1][3] - As of June 13, the "Huitianfu Hong Kong Advantage Selected Mixed A/C" fund achieved a year-to-date return exceeding 100%, becoming a market highlight, while 16 active equity funds have returns over 70% [3][4] - Despite strong performance from some funds, the new issuance of active equity funds has been lackluster, with a total of 299.16 billion yuan raised in new funds this year, accounting for only 6.56% of the total public offering new issuance [5][6] Fund Performance - The first "doubling fund" appeared in the active equity market, with the "Huitianfu Hong Kong Advantage Selected Mixed" fund showing a year-to-date increase of over 100% [3] - Other notable funds include "Changcheng Medical Industry Selected Mixed" with over 87% return and "Yongying Medical Innovation Smart Selection" with over 79% return [3] - The overall average return for active equity funds this year is 2.87%, with a significant disparity of 132.35 percentage points between the best and worst performers [3][4] Fund Issuance - A total of 89 new active equity funds were established this year, with the largest fund being "Oriental Red Core Value Mixed" at 19.91 billion yuan [5][6] - 32 active equity funds had issuance sizes below 1 billion yuan, indicating a trend towards smaller fund launches [5] - The failure of the "Shenwan Lingshin Vision Growth Mixed" fund to meet fundraising conditions highlights challenges in the current market environment [6] Market Outlook - Analysts suggest that the key to breaking the current stagnation in new fund issuance lies in enhancing asset allocation capabilities and improving net value performance [7][8] - The recent reforms in public funds emphasize the alignment of fund company income with investor returns, which may enhance the attractiveness of existing products and instill confidence in new offerings [8] - Future issuance of active equity funds may improve as market conditions stabilize and investor confidence returns, with a focus on optimizing product design and enhancing service quality [8][9]