Group 1 - The core viewpoint of the articles highlights the recovery of 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 [1][2][6] - The performance of specific funds, such as those focused on the North Exchange and innovative pharmaceutical sectors, has been particularly strong, with some funds achieving total returns of over 137% since inception [2][3] - Despite the recovery, many funds are facing significant redemption pressures, especially those concentrated in sectors like new energy, liquor, and pharmaceuticals, which aligns with the trends observed in "track funds" issued between 2019 and 2021 [4][5] Group 2 - The redemption pressure is notably high for funds that have recently returned to positive net asset values, with some funds experiencing substantial declines in share volume despite recovering their net asset values [4][5] - The market is witnessing a shift from a negative cycle to a more stable fundraising environment for new actively managed equity funds, with over 600 billion yuan raised in new fund launches this year [6][7] - The redemption funds are likely to flow into financial assets, with a preference for higher-risk products such as public funds and stocks, while some may also move towards lower-risk insurance products [7]

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 core viewpoint of the article highlights that funds focused on innovative pharmaceuticals have seen significant gains, with some funds increasing over 61% in the first half of the year [1] - The top-performing funds include several that are primarily invested in innovative drugs, with the highest return being 86.48% for the fund "汇添富音港优势精选A" [1] - Other notable funds in the top 16 also show strong performance, with returns ranging from 61.77% to 83.15% [1] Group 2 - The article suggests that innovative drugs can be pursued when the market declines, indicating a potential buying opportunity [2] - The "广发成长领航一年持有A" fund has a significant portion of its holdings in new consumer concepts, with major investments in companies like 泡泡玛特 and 老铺黄金 [3] - The fund manager 吴远怡 has demonstrated strong performance across various products, with most showing commendable returns [4] Group 3 - The historical performance of the "广发科技创新" fund shows a maximum drawdown of -53%, indicating high volatility [5] - Overall, the funds discussed are characterized by high volatility and significant drawdowns, making them more suitable for investors willing to buy during market dips [7] - The article emphasizes that these funds may not be suitable for low-risk investors due to their performance characteristics [7]

张韡是医药科班出身，研究生就读于康奈尔大学和斯隆-凯特琳癌症中心的联合医学项目，师从全球基因编辑技术鼻 祖的嫡传弟子。她一直以科研的态度对待投资，深入产业一线做调研。 不确定的市场中，总是充斥着各种"噪音"，"跌的时候，你会听到大量的声音说某个公司不好、某个行业不好。涨的 时候，又会有大量的人告诉你，这个东西有多好"。 在张韡看来，市场热衷于对边际信息的过度追求，反而让那些更有价值的信息，比如对企业本质的商业模式、长期 的成长性研究，变得稀缺起来。 《财经》新媒体 文丨蒋金丽 政策扶持、产业升级与业绩兑现的"三重共振"下，沉寂已久的创新药重回热门赛道。 若此时再来唱多创新药，多少会被诟病"马后炮"。毕竟投资最大的挑战之一，就在于逆人性和逆周期，敢于在无人问 津时出手，方能彰显眼光和定力。 张韡属于前瞻性选手，在创新药板块深耕已久。 从研究员到基金经理的十年间，张韡有过多次逆势布局的成功案例。这份敢于"对抗市场"的底气，源自她对医药行业 的深度研究和独立思考的能力。 她在书房一角，架了一块白板。 上面记录了一些零星的、不同阶段的投资感悟，大部分是对抗本能的那种东西，什么事情不能这样干，不能那样 干。她曾在上面写 ...

Group 1 - The core viewpoint of the news is the introduction of a new policy by the China Securities Regulatory Commission (CSRC) aimed at enhancing the long-term performance of public fund managers by linking their compensation to the performance of their funds relative to benchmarks [2][3] - The policy targets fund managers whose products have underperformed their benchmarks by more than 10 percentage points over three years, leading to a significant reduction in their performance-based compensation [2][3] - The initiative is expected to align the interests of fund managers with those of investors, encouraging a shift away from short-term speculation towards a focus on long-term investment capabilities [2][3] Group 2 - As of May 21, 2023, there are 5,898 public funds managed by fund managers with over three years of experience, with 1,341 funds underperforming their benchmarks by over 10 percentage points [3][4] - Among these, 31 funds have underperformed their benchmarks by more than 50 percentage points, including notable funds managed by well-known managers such as Zheng Chengran from GF Fund and Yao Zhipeng from Harvest Fund [3][4][5] - The worst-performing fund, Morgan Small Cap A, managed by Guo Chen, has a cumulative return of -23.03% over three years, underperforming its benchmark by 127.69 percentage points [4][5] Group 3 - Conversely, there are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding their benchmarks by more than 50 percentage points [7][9] - The top-performing fund, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, managed by Gu Xin Feng, achieved a cumulative return of 194.13%, surpassing its benchmark by 175.89 percentage points [9][10] - The North Exchange theme funds have emerged as a significant area for excess returns, with several funds exceeding their benchmarks by over 60 percentage points [10] Group 4 - In response to the new policy, many fund companies are adjusting their performance benchmarks to better reflect the risk-return characteristics of their funds [11][12] - Recent adjustments include changes to benchmarks for various funds, such as the adjustment of the performance benchmark for the浦银安盛稳健增利债券 from "CSI All Bond Index" to a more complex composite benchmark [11][12] - The trend of benchmark adjustments is expected to continue as fund companies seek to align their performance metrics with regulatory expectations and improve their competitive positioning [13][14]

汇添富健康生活一年持有A业绩表现较为突出。 2025年以来的震荡市场中，沪深300指数下跌3.76%，汇添富健康生活一年持有A仍保持36.03%的正收益，跑赢 业绩比较基准超过30个百分点，同类排名34/4575。 重仓股科伦博泰生物、百利天恒年内股价涨幅超四成 汇添富健康生活一年持有基金经理为张韡。公开资料显示，张韡曾任东方证券医药助理研究员，汇添富基金医 药研究员、高级医药研究员及医药行业研究组组长。 截至2025年4月23日数据（下同），该基金近一年收益率达29.23%，成立以来回报率达到16.67%，大幅跑赢业 绩比较基准及同类平均。 基金经理张韡在行业分化中抓住结构性机会，成为近年来健康主题基金的领跑者。2025年以来，基金净值累计 上涨36.03%，同类排名34/4575。 业绩领跑：年内回报达36.03% 汇添富健康生活一年持有A成立于2021年3月，基金采用自下而上的投资方法，以深入的基本面分析为立足点， 精选健康生活主题中的优质上市公司，在科学严格管理风险的前提下，谋求基金资产的中长期稳健增值。 基金业绩比较基准为中证医药卫生指数收益率*50%+中证消费服务领先指数收益率*20%+中债综合指 ...