2025 年 07 月 22 日 哪些科技主题基金25年上半年业绩 出色？ ——科技主题基金 25H1 业绩简评 相关研究 《重塑基金业绩衡量体系：另辟蹊径 探索定量选基新思路——基金投资 策略研究系列报告之八》 2025/05/09 证券分析师 奚佳诚 A0230523070004 xijc@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 请务必仔细阅读正文之后的各项信息披露与声明 股 票 基 金 告 ⚫ 科技板块受四月初关税冲击影响较大：对比申万宏源大类风格-科技(TMT)指数（801275， 下简称科技指数）和万得全 A 在 25 年上半年的走势来看，科技指数在 25M2 及之前快 速上行，而后出现回调，在四月初受关税冲击影响下出现显著回撤，随后进入调整。 ⚫ 25 年上半年科技主题基金在主动权益基金样本中波动更高，收益率稍弱：对比科技主题 基金和主动权益基金 ...

Core Insights - The public fund industry in China has seen its total assets exceed 34 trillion yuan by the end of Q2 2025, marking a historical high, with both equity and bond funds experiencing growth [1][4] - The increase in fund size reflects a growing trust from investors, but it also brings greater responsibility for fund managers [4] Fund Size Changes - As of the end of Q2 2025, approximately 12,000 funds had a combined size of 34.05 trillion yuan, an increase of 2.24 trillion yuan from the end of Q1 2025 [1][5] - Bond funds have rebounded, surpassing 10 trillion yuan, with an increase of 865.3 billion yuan (8.74%) from Q1 2025 [1][6] - Money market funds also saw a significant increase, growing by 950.5 billion yuan (7.32%) [1][6] Equity Fund Performance - By the end of Q2 2025, the size of pure index equity funds reached 4.02 trillion yuan, up 7.41% from Q1 2025 [1][5] - Despite a recovery in performance, ordinary equity funds experienced a decrease in size by 107 million yuan [1][5] Specialized Fund Growth - Commodity funds and Funds of Funds (FOF) led the market in growth rates, increasing by 48% and 10% respectively, reaching sizes of 268.3 billion yuan and 165 billion yuan [2] - Notable growth was observed in specific ETFs, particularly those linked to the CSI 300 index, which saw increases exceeding 30 billion yuan [3] High-Performing Funds - Actively managed equity funds that performed well in Q2 2025, such as Changcheng Pharmaceutical Industry Select Mixed Fund and Yongying Technology Smart Select Mixed Fund, saw significant growth in size, increasing by 304.7% and 364% respectively [3]

Core Viewpoint - The recent public fund reports reveal that high-performing funds have achieved impressive returns by focusing on sectors like innovative pharmaceuticals and new consumption, while also highlighting a trend towards thematic funds targeting niche markets [1][2][5]. Fund Performance and Holdings - High-performing funds have seen significant returns, with the Changcheng Pharmaceutical Industry Fund achieving a return rate of 102.52% this year, driven primarily by its focus on innovative pharmaceuticals [2]. - Many top-performing funds in the first half of the year are pharmaceutical-themed, including Zhongyin Hong Kong Stock Connect Pharmaceutical and Huashan Pharmaceutical Biotechnology [2][3]. - The top holdings of several funds have shifted towards technology and pharmaceuticals, with notable new additions like Zhongji Xuchuang and Xin Yisheng in the top ten holdings of the China Europe Digital Economy Mixed Fund [3]. Thematic Funds and Sector Focus - Some actively managed funds have undergone significant portfolio changes, with a complete overhaul of their top holdings to focus on emerging sectors like robotics and short dramas [4]. - The Tongtai Industry Upgrade Mixed Fund increased its stock position from 30% to 90% and shifted its focus to robotics, while the Tongtai Huile Mixed Fund transitioned to short drama and gaming stocks [4]. - Fund companies are launching numerous thematic products targeting specific high-growth sectors, such as controllable nuclear fusion and deep-sea technology, indicating a trend towards specialized investment strategies [5]. Market Outlook - Fund managers maintain a positive outlook for the equity market in the third quarter, with confidence in the performance of related sectors [6]. - The Changcheng Pharmaceutical Industry Fund manager anticipates growth in innovative pharmaceuticals driven by overseas licensing and domestic sales, while the Tongtai Industry Upgrade Fund manager expects significant opportunities in the robotics sector due to increased production and technological advancements [6].

随着投资热度的提升，更多的科技主题基金扎堆进入新发序列，且多只采用发起式的形式。较低的成立 门槛使这类新基金得以更快入市，比如国投瑞银中证港股通科技指数发起、鑫元创业AI指数发起式 等。 从近期机构调研来看，机构正在加速掘金AI产业链公司。以新易盛为例，该公司7月16日接待调研机构 近180家，包括易方达基金、鹏华基金、广发基金、华安基金等。该公司近日预计上半年的归母净利润 同比增幅上限高达385.47%，此次机构聚焦于公司业绩、扩产计划等方面。仕佳光子、东山精密等多家 公司近期均接受了机构的调研。 对于下半年AI的投资机会，永赢科技智选基金经理任桀表示，从产业链角度观察，中国厂商擅长的光 通信、PCB领域过去两年实现了高增长，今年以来客户逐渐提出更高、更长期的需求后，一些厂商进入 扩产阶段。随着全球大客户需求持续扩张，以及AI产业的长期发展，中国厂商有望持续分享全球AI发 展的红利。 科技主题ETF也联袂上涨，并获得大量资金的流入。数据显示，多只ETF近一个月涨幅超15%，如南方 创业板人工智能ETF、富国中证通信设备主题ETF等。相关ETF同期净申购份额较多，华夏上证科创板 50成份ETF获净申购54亿份 ...

Group 1 - The core viewpoint of the articles indicates that several high-performing public funds are actively adjusting their portfolios to capture structural opportunities in the market, particularly focusing on the technology and pharmaceutical sectors, reflecting an optimistic outlook for the second half of the year [1][3] - As of July 16, among the disclosed second-quarter reports, many top-performing funds have increased their stock investment ratios, with notable examples including the Changcheng Pharmaceutical Industry Selected Mixed Fund, which raised its stock investment ratio from 72.48% to 75.89%, and the Tongtai Industrial Upgrade Mixed A Fund, which increased its stock investment ratio from 1.62% to 90.16% [1] - The holding structure shows that technology and pharmaceuticals are the main targets for fund managers' adjustments, with funds like Yongying Technology Smart Mixed A shifting focus to global cloud computing and increasing positions in leading companies in optical communication [1][3] Group 2 - Analysts express confidence in the overall performance of the equity market, with many top funds maintaining high positions based on positive assessments of relevant sectors, particularly in structural market conditions where active equity funds can leverage their stock-picking advantages [3] - Fund managers are optimistic about the third quarter, with specific focus areas including the development of innovative drugs in overseas licensing and domestic sales, as well as investment opportunities in cutting-edge models and emerging applications in the technology sector [3] - The proactive adjustments and increased allocations by high-performing funds in the second quarter reflect a long-term positive outlook on high-growth sectors like technology and pharmaceuticals, signaling potential structural opportunities in the equity market for the latter half of the year [3]

7月15日，AI算力板块强势上涨，多只被业界视为"AI算力基"的主动权益类产品净值大幅飙升，涨幅甚 至超过了相关ETF产品。其中，基金经理周建胜管理的诺德新生活A当日净值增长率高达9.42%，居全 市场第一；金梓才管理的财通集成电路产业A等6只产品净值增长率都在8%以上。 业内人士认为，光通信、PCB领域在过去两年的AI大发展中实现了高速增长。随着全球大客户需求持续 扩张以及AI产业长期向好，中国厂商有望持续分享全球AI发展红利。目前AI算力领域的价值正被市场 重估，需要关注具备全球竞争力的中国企业。 主动权益基金领涨 7月15日至7月16日，华夏上证科创板50ETF成交额位居股票型ETF首位，连续两个交易日成交额均突破 35亿元。嘉实上证科创板芯片ETF、国联安中证全指半导体ETF最近两个交易日成交额也都在10亿元以 上，位居股票型ETF前列。 从资金流向来看，以华夏上证科创板50ETF为代表的宽基产品强势"吸金"。7月15日，该ETF净流入近10 亿元，位居ETF首位。7月以来，该ETF累计净流入额已接近50亿元，同样在ETF市场排名第一，目前该 ETF规模已回到800亿元以上。此外，嘉实上证科创板芯片E ...

本报记者 彭衍菘 二季度公募基金调仓图谱揭开面纱，多只业绩领跑的权益类基金操作路径逐渐清晰。记者梳理发现，截至7月16日，已披 露二季报的公募基金中，有多只绩优基金提升了权益资产仓位，通过大规模调仓换股捕捉结构性机会，其中科技与医药板块成 为核心配置方向。 多只绩优基金 提升权益资产仓位 二季度A股市场整体回暖，部分绩优基金凭借精准布局实现业绩与规模双升。长城医药产业精选混合发起式摘得公募基金 上半年净值增长率的"季军"，达75.18%，同时以9.3倍的规模增幅领跑，该基金资产净值从一季度末的1975万元飙升至二季度末 的2.04亿元。该基金二季度末投资股票市值占基金资产净值比例（以下简称"股票投资占比"）达75.89%，较一季度末的 72.48%，提升约3.4个百分点。 类似提升权益资产仓位的操作并非个例。同泰产业升级混合A股票投资占比从一季度末的1.62%提升至二季度末的 90.16%；同泰远见混合A则将股票投资占比从一季度末的78.65%提升至二季度末的85.74%。 从持仓结构看，多位绩优产品基金经理的调仓操作，集中指向科技与医药两大板块。 今年二季度，永赢科技智选混合发起A基金经理任桀将投资重心从" ...

随着基金二季报陆续披露，多只基金产品规模呈现爆发式增长，部分"迷你基"上演惊人逆转。其中，长 城医药产业精选混合基金规模从一季度末的0.36亿元猛增至二季度末的11.32亿元，增幅超30倍，成为当 季耀眼黑马之一。 面对二季度震荡行情，主动权益基金经理普遍选择提升进攻性。长城医药产业精选混合权益仓位从 72.48%升至75.89%，重点加码创新药板块，三生制药、石药集团新晋前十大重仓股。同泰远见混合权 益仓位从78.65%提升至85.74%，前十大重仓股均为北交所上市公司。 重仓股"大换血"成为多家基金公司的共同选择。永赢基金旗下产品操作尤为激进：永赢科技智选的前十 大重仓股全部换新，持仓名单包括新易盛、中际旭创、天孚通信、胜宏科技、源杰科技、长芯博创、沪 电股份、工业富联、太辰光、深南电路。 永赢医药健康同样大幅调整持仓，最新前十大重仓股分别为舒泰神、热景生物、益方生物、泰恩康、奥 赛康、康辰药业、荣昌生物、神州细胞、迪哲医药、汇宇制药。舒泰神、热景生物、益方生物等创新药 企跻身前十。 值得注意的是，中欧数字经济混合前十大重仓股更换显著，新易盛再度被重点配置——该股曾在2024年 第三季度成为其第一大重仓股 ...

Core Viewpoint - The article highlights the active repositioning of high-performing funds in the second quarter, with a focus on technology and healthcare sectors for future investments [2][6]. Fund Performance and Adjustments - Several high-performing funds have significantly increased their scale in the second quarter. For instance, the scale of Yongying Technology Select Mixed Fund reached 1.166 billion yuan, an increase of 910 million yuan, representing a growth of 364% [3]. - After attracting substantial capital, fund managers quickly adjusted their portfolios. By the end of the second quarter, Yongying Technology Select Mixed Fund had a stock investment ratio of 94.67%, up from 77.62% at the end of the first quarter, with a focus on the A-share market [3]. - The top ten holdings of Yongying Technology Select Mixed Fund underwent significant changes, with new stocks like Xin Yisheng and Zhongji Xuchuang becoming prominent [3]. Sector Focus and Investment Strategies - The Longcheng Pharmaceutical Technology Six-Month Holding Mixed Fund also saw a slight increase in scale, with a year-to-date net value increase of over 50%. Its stock investment ratio grew by nearly 10 percentage points in the second quarter [4][5]. - The fund managers are focusing on policy beneficiaries and innovative drugs that exceed expectations in overseas business development [5]. - Many equity funds increased their stock positions in the second quarter, with Yongying Medical Health Stock Fund's stock investment ratio reaching 92.35%, up by 2.79 percentage points from the previous quarter [5]. Market Outlook and Future Opportunities - Public funds generally remain optimistic about future equity investment opportunities, particularly in technology and healthcare sectors [7]. - The manager of Yin Hua Tai Li Mixed Fund believes that the risk-reward ratio for equity assets has improved, maintaining a positive outlook [7]. - The AI sector continues to attract attention, with expectations for advancements in models and applications, particularly in the context of global cloud computing opportunities [7].

2025.07. 15 本文字数：1983，阅读时长大约4分钟 作者 | 第一财经 齐琦 近期基金经理纷纷"晒实盘"，包括鑫元基金刘俊文、上银基金陈博、海富通基金纪君凯、永赢基金任桀 等。 这些基金经理公开的基金组合均是100%配置本人管理的产品，投入资金从数万元至百万元不等，多数晒 出的产品为盈利状态。 从晒盘目的来看，多家公募基金提到投资陪伴的概念。"但从具体操作上，这类有营销属性的行为合规边 界还不明确。"一位基金行业合规部负责人在接受第一财经记者采访时表示，除公开实盘持仓展示外，基 金经理与投资者的日常互动（如社群交流、直播评论区答疑等）同样处在合规的"模糊地带"。 "更值得关注的是，目前监管规则对互动内容是否构成宣传推介、基金经理个人账号发言的权责归属等问 题尚未出台细则，机构内部合规审查标准不一，进一步加剧了操作边界的模糊性。"该合规部负责人进一 步称。 晒盘风又起 "本周继续定投计划，加仓1000元永赢科技智选。"这是永赢基金的基金经理任桀7月8日在天天基金APP 上更新投资动态。 上述任桀配置的产品组合为自己管理的永赢科技智选混合发起C，最新定投动态显示，任桀在6月23日、7 月1日、7月7日 ...