科技行情降温调整一段时间后，"易中天"再度领涨市场，科技板块投资现在进入什么阶段了？是否还能 入场？ "调整期买入的CPO（共封装光学），上周五已经跌10个点了，还能拿不？"一名新进入市场的投资者李 莉莉在买入高估值板块以后，对于持仓仍然很担忧，10月21日，科技板块再启动，"易中天"再次引领市 场，截至收盘，新易盛涨10.99%、中际旭创涨9.55%、天孚通信涨5.56%。 此轮行情中，上证指数再度站稳3900点，创下近十年历史新高。不过，对上证指数何时突破4000点，市 场存在一定分歧。与A股市场同步，港股也迎来不错涨幅。截至10月21日收盘，沪指年内涨幅超16%， 恒指年内涨幅接近30%。 受行情提振，全市场基金产品收益也相当可观，今年仅有近8%的公募基金产品亏损（样本量为有业绩 的全部公募基金，含所有份额）。 基金业绩走高，基民的体验感也持续回升。不少基金也由于重仓科技板块净值极速回升，亏损的基金 中，今年备受关注的明星基——永赢科技智选混合再度放开限购。CPO等板块是否还能高增长，科技行 情是否能持续，仍是市场讨论的焦点。 "明星基"成估值风向标？ 10月14日，"网红基金"永赢科技智选混合再度打开 ...

今年前三季度，A股市场整体走出震荡上行的"慢牛"趋势，TMT（科技、媒体、通信）板块贡献显著，AI、机器人、半导体等成为资金主线，积极布局新方 向的主动权益基金经理业绩表现亮眼。不过，由于热门板块波动较为显著，另外出现4月初"关税冲击"等事件，主动权益基金经理能否控制回撤影响着投资 者的持仓体验。 公募排排网根据Choice整理的数据显示，有今年前三季度业绩展示的主动权益基金经理共有1698位，收益均值、中位数分别为34.08%、30.45%，回撤均值、 中位数分别为-13.93%、-13.05%。 按照管理规模划分，从中位数来看，百亿主动权益基金经理收益表现最好，但回撤幅度相对较大。管理规模20亿以下的主动权益基金经理收益表现稍显逊 色，回撤幅度却为四大规模组中最小。 在10强基金经理中，担任基金经理年限超10年的占据一半。从基金公司的角度看，中欧基金、银华基金均有2位基金经理上榜。 | 管理规模 | 主动权益基 余经理人数 | 今年来回撤中位数 今年来回撤均值 | | | --- | --- | --- | --- | | 100亿以上 | 80 | -14.13% | -14.30% | | 50-10 ...

Core Viewpoint - The recent surge in fund returns has attracted significant attention, with notable performances from various funds, but the reality for retail investors may differ from the perceived opportunities [1][3]. Group 1: Fund Performance - In the first three quarters of the year, stock funds averaged a return of 28.18%, while mixed funds achieved 25.88%, with 97% of actively managed equity funds showing positive returns [3]. - Specific indices such as the Technology 50 Index and the Northern Stock Exchange 50 Index saw increases of 34% and 47.33% respectively, indicating a strong market performance [3]. Group 2: Retail Investor Behavior - Retail investors often enter the market at high points after media coverage, leading to losses when they sell during corrections [3][12]. - The tendency to follow trends without prior research results in missed opportunities, as institutional investors typically enter positions well before retail investors notice [3][12]. Group 3: Institutional Investment Insights - The concept of "institutional inventory" reflects the level of institutional engagement in stocks, with sustained involvement being a key driver of price increases [5][11]. - Stocks like "Cuiwei Co." demonstrated significant gains due to early institutional interest, while others like "Dongruan Group" failed to maintain momentum due to lack of sustained institutional support [5][9]. Group 4: Market Dynamics and Strategies - The market operates as a dynamic game, where the same positive news can yield different outcomes based on the prevailing market conditions [13]. - Retail investors are encouraged to develop a multi-dimensional observation system and validate their logic with data to better navigate market opportunities [12].

Group 1 - The core viewpoint of the articles highlights the emergence of "doubling funds" in the market, particularly in high-growth sectors like technology and pharmaceuticals, driven by favorable market conditions and strategic fund management [1][2][3] - As of September 16, 75 funds have achieved "doubling" status, with notable performers like Yongying Technology Select A and Huatai-PineBridge Hong Kong Advantage Select C, which have returns exceeding 150% [2] - The performance of these funds is closely tied to industry themes, with a strong focus on technology innovation, including AI, robotics, and medical advancements, which have been supported by policy and market trends [3] Group 2 - The significant inflow of capital into "doubling funds" has led to substantial growth in fund sizes, exemplified by Yongying Technology Select, which grew from 0.26 billion to 11.66 billion in assets under management within a year [2] - Fund managers are maintaining high positions in their portfolios, focusing on key areas such as AI infrastructure and innovative pharmaceuticals, which are expected to continue driving growth [3] - The rapid expansion of fund sizes has prompted some funds to impose purchase limits to manage growth and maintain operational flexibility [2]

Core Viewpoint - The rise of innovative drugs in China is driven by a combination of national support, industry strength, and capital enthusiasm, marking a significant opportunity comparable to the previous boom in new energy [2][3]. Group 1: Market Dynamics - In the first half of 2025, China approved 43 innovative drugs, a 59% increase year-on-year, with 93% developed by Chinese companies [3]. - The implementation of a "30-day fast-track approval channel" has significantly reduced the clinical trial approval time from several years to within one year [3]. - The total value of "License-out" transactions for innovative drugs reached $48.484 billion in the first half of 2025, surpassing the total for 2024 [4][5]. Group 2: Fund Manager Performance - Zhang Wei, a new fund manager, has achieved a return of 151% in 2025, making her fund the top performer in the market [8][9]. - The performance of innovative drug-themed funds has dominated the public fund rankings, with over 90% of the top 100 funds heavily invested in this sector [8]. - New fund managers, with an average tenure of 3-4 years, have shown remarkable performance, often employing concentrated investment strategies in innovative drugs [12][19]. Group 3: Investment Strategies - New fund managers tend to adopt an "all-in" strategy, heavily concentrating their portfolios in innovative drugs, which can amplify returns during bullish trends [12][19]. - The innovative drug sector is viewed as a sustainable trend, akin to the previous new energy boom, with long-term investment value [7][19]. - The current market sentiment reflects a mix of enthusiasm and caution, as the rapid rise in stock prices has led to concerns about potential corrections [6][19]. Group 4: Challenges and Risks - Despite the strong performance, there are concerns about the sustainability of returns for new fund managers, as historical trends show that those who excel in bull markets may struggle during corrections [19][20]. - The innovative drug sector is characterized by high investment risks, long development cycles, and potential market corrections, which could impact future performance [20][21].

Core Insights - The recent market performance has been strong, with public funds demonstrating significant profit-making ability and excess returns, particularly in themes like Hong Kong securities, innovative pharmaceuticals, and new consumption [1][5] - As of August 18, over 130 funds have achieved returns exceeding 100% in the past year, with notable performances from technology-themed funds focusing on humanoid robots and AI [1][2] Fund Performance - Three North Exchange theme funds have reported returns over 200% in the past year, with specific funds showing returns of 249.27%, 225.42%, and 216.91% respectively [3][4] - A total of 137 funds have achieved returns over 100% in the past year, with many North Exchange theme funds also performing well, including several with returns exceeding 170% [3][4] Active Management and Benchmark Comparison - Actively managed equity funds in the North Exchange have shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64%, resulting in a 161.84 percentage point outperformance [4] Hong Kong Fund Performance - Hong Kong-related funds, particularly in the securities and innovative pharmaceuticals sectors, have also performed well, with one ETF achieving a return of 176% in the past year [5] - Several funds focused on Hong Kong innovative pharmaceuticals have reported impressive returns, with one fund achieving a return of 152.75% year-to-date [5] Technology Fund Performance - Technology-themed funds, particularly those focused on humanoid robots and AI, have also seen significant returns, with one fund reporting a return of 172.28% and another at 174.11% [6] New Consumption and Small Cap Funds - The fund "Guangfa Growth Leading" has achieved a return of 162.55% by capturing new consumption stocks, while some small-cap quantitative funds have also doubled their returns, although risks have been highlighted by several fund companies [7]

Group 1 - The recent market has shown a strong performance, with public funds demonstrating significant profit-making ability and excess returns, particularly in themes like Hong Kong securities, innovative pharmaceuticals, and new consumption [1][2] - As of August 18, over 130 funds have achieved returns exceeding 100% in the past year, with three North Exchange theme funds reporting returns over 200% [1][2] - Notably, the top-performing North Exchange funds include those managed by Citic Securities and Huaxia, with returns of 249.27% and 225.42% respectively [1][2] Group 2 - Active management equity funds in the North Exchange have shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64% [2] - Hong Kong-related funds, especially in the securities and innovative pharmaceuticals sectors, have also performed well, with the E Fund Hong Kong Securities Investment Theme ETF achieving a return of 176% [2][3] - The performance of the E Fund ETF has been bolstered by a surge in trading volume, reaching nearly 120 billion yuan in a week, marking a record high since its launch [2] Group 3 - Several technology-themed funds have also reported impressive returns, such as the Yongying Advanced Manufacturing Fund, which focuses on humanoid robots and has a return of 172.28% [3] - The China Europe Digital Economy Fund, which targets artificial intelligence sectors, has achieved a return of 174.11% [3] - The growth of new consumption stocks has significantly contributed to the performance of funds like the GF Growth Navigator, which has a return of 162.55% [4]

Group 1 - The market is currently performing well, with public funds showing significant profit effects and the ability to achieve excess returns, particularly in the past year [1][2] - Two North Exchange theme funds have achieved returns exceeding 200% in the past year, significantly outperforming their performance benchmarks [2][3] - Over a hundred funds have recorded returns of over 100% in the past year, with a concentration in Hong Kong securities, innovative pharmaceuticals, and technology themes such as humanoid robots and AI [1][2] Group 2 - Actively managed equity funds in the North Exchange have shown significant excess returns compared to their performance benchmarks, with one fund achieving a return of 190.48%, surpassing its benchmark by 161.84 percentage points [3] - The Hong Kong fund sector, particularly in securities and innovative pharmaceuticals, has also seen strong performance, with one ETF tracking Hong Kong securities rising by 173.82% in the past year [3][4] - Several technology-themed funds have also performed well, with one fund focused on humanoid robots rising by 168.68% and another focused on AI rising by 166.36% in the past year [5]

Core Insights - The public fund market is experiencing significant profitability, with several funds achieving over 100% returns in the past year, particularly in themes related to the Beijing Stock Exchange and Hong Kong stocks [1][2]. Group 1: Performance of Funds - Two funds related to the Beijing Stock Exchange have reported returns exceeding 200% in the past year, with specific funds achieving 233.32% and 205.11% returns [2]. - Over a hundred funds have achieved returns of over 100% in the past year, with notable performance in Hong Kong securities, innovative pharmaceuticals, and technology themes such as humanoid robots and AI [1][2]. - The active management of equity funds in the Beijing Stock Exchange has shown significant excess returns compared to their benchmarks, with one fund reporting a return of 190.48% against a benchmark return of 28.64%, resulting in a 161.84 percentage point outperformance [3]. Group 2: Sector-Specific Highlights - The Hong Kong stock market has seen strong performance, particularly in the securities and innovative pharmaceutical sectors, with one ETF tracking Hong Kong securities rising by 173.82% in the past year [3]. - Several funds focused on innovative pharmaceuticals have also performed well, with one fund achieving a return of 156.25% [4]. - Technology-themed funds have shown impressive results, with one fund focused on humanoid robots rising by 168.68% and another focused on AI increasing by 166.36% [5]. Group 3: Notable Fund Managers and Strategies - Fund managers have strategically invested in sectors such as real estate, traditional consumption, and finance, contributing to substantial returns [4]. - The performance of funds has been bolstered by investments in high-growth consumer stocks, with one fund achieving notable returns by focusing on specific consumer brands [5]. - Some small-cap quantitative funds have also reported significant returns, although there are warnings regarding the risks associated with small-cap stocks [6].

Core Insights - The Shanghai Composite Index has surpassed last year's "9.24" high point, reaching a nearly four-year high, with 160 funds doubling since last year [2] - There have been 12 funds that have doubled in value this year, focusing primarily on innovative pharmaceuticals [2][5] Fund Performance Summary - The top-performing funds this year include: - Huatai-PineBridge Hong Kong Advantage Selection A: 132.55% return, managed by Zhang Lian, with a scale of 2.194 billion [3] - Great Wall Pharmaceutical Industry Selection A: 128.53% return, managed by Liang Furui, with a scale of 11.317 billion [3] - Yongying Technology Smart Selection A: 119.80% return, managed by Ren Jie, with a scale of 11.665 billion [3] - Bank of China Hong Kong Stock Connect Pharmaceutical A: 116.19% return, managed by Zheng Ning, with a scale of 7.404 billion [3] - Yongying Pharmaceutical Innovation Smart Selection A: 112.33% return, managed by Shan Lin, with a scale of 30.428 billion [3] - Other notable funds include Huashan Pharmaceutical Biology A and various Hong Kong Stock Connect Innovative Pharmaceutical ETFs, all showing significant returns [3] Investment Themes - Among the doubling funds, 11 are heavily invested in innovative pharmaceuticals, indicating a strong trend towards this sector [5] - The Huatai-PineBridge Hong Kong Advantage Selection fund has emerged as the top performer with over 132% return, highlighting the success of innovative pharmaceutical themes [5]