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]

近期市场行情如火如荼，公募基金展现出较明显的赚钱效应和获取超额收益的能力。例如，2只北交所 主题基金近一年来收益率超过200%，大幅跑赢同期业绩比较基准。 截至8月17日，近一年来有百余只基金斩获了100%以上收益，主要集中在香港证券、港股创新药、港股 新消费等港股主题基金，以及人形机器人、AI等科技主题基金。 北交所、港股主题基金超额收益明显 据数据，截至8月17日，近一年以来有2只基金取得200%以上的回报（仅统计主代码，下同），均为北 交所相关主题基金。其中，冷文鹏管理的中信建投（601066）北交所精选两年定开近一年以来回报 233.32%，顾鑫峰管理的华夏北交所创新中小企业精选两年定开近一年来回报205.11%。 截至8月17日，近一年来共有百余只基金斩获了100%以上收益。除上述两只"两倍基"以外，还有103 只"翻倍基"。 其中，北交所主题基金中诞生了多只牛基。例如，汇添富北交所创新精选两年定开近一年来回报 193.02%，景顺长城北交所精选两年定开、万家北交所慧选两年定开涨幅均超过150%。中欧北证50成份 指数、易方达北交所精选两年定开、博时北证50成份指数、广发北证50成份指数等涨幅均超过 ...

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]

Core Viewpoint - The market has seen significant recovery, with the Shanghai Composite Index breaking the previous high from September 2022, indicating a bullish trend in the equity market [1][6]. Group 1: Market Performance - As of August 13, 2023, 160 funds have doubled in value since the September 2022 peak, with 12 funds achieving this milestone in 2023 alone [1][6]. - The "Wande Equity Mixed Fund Index" has risen by 19.67% this year, and since the September 2022 rally, it has increased by 43.18% [6][8]. - The Hang Seng Innovation Drug Index has surged by 109% this year, while the Wande Innovation Drug Index has increased by 51% [13]. Group 2: Fund Recovery and Redemption - Research indicates that the average return of new funds launched between 2019 and 2021 has returned to break-even, while existing funds from the previous bull market show an average loss of 5% [8][9]. - Despite the recovery, there is significant redemption pressure on equity funds, with a 56.43% increase in net redemptions for active equity funds in Q2 2025 [10]. - Investors are showing a tendency to redeem funds once they reach break-even, reflecting a lack of confidence in long-term returns [10][11]. Group 3: Sector Focus and Fund Management - Funds heavily invested in innovative sectors such as pharmaceuticals, AI, and robotics have generally maintained their positions, with few making significant adjustments [1][12]. - The majority of funds focused on innovation sectors have not reduced their holdings, despite some individual fund managers considering adjustments due to high valuations [13][14]. - There is a notable trend of funds shifting towards fixed-income products, with 50% to 70% of monthly sales in certain banks being allocated to these products [1][11].

Core Insights - The Shanghai Composite Index has recently surpassed the previous high from September 24, 2022, reaching a nearly four-year peak [1] - As of August 13, 2023, the market has seen 160 funds double in value since the last high, with 12 funds achieving this feat in 2023 alone [2][4] - The active equity funds have shown a rapid recovery in net value, with the "equity mixed fund index" rising by 19.67% this year and 43.18% since the last high [6][8] Fund Performance - The top-performing funds this year are heavily invested in innovative pharmaceuticals, AI, humanoid robots, and computing power, with the best performer, Huatai-PB Hang Seng Innovation Drug ETF, achieving over 132% returns [4][12] - A total of 219 funds have reported returns between 50% and 100% this year, primarily in sectors like pharmaceuticals, technology, and new consumption [5][6] Redemption Trends - Despite the recovery, many funds are facing significant redemption pressure, particularly those heavily invested in electric new energy, pharmaceuticals, and food and beverage sectors [10] - The redemption trend has not reversed, with a notable increase in net redemptions for equity funds, indicating a lack of confidence among investors despite some funds returning to profitability [9][10] Market Sentiment - There are signs of a potential reversal in the "return kill" phenomenon, with some investors returning to the market as they see positive returns [11] - The current market atmosphere is optimistic, with institutional clients continuing to subscribe to rights-containing products [11] Sector Focus - The innovation drug sector has been a major winner, with the Hang Seng Innovation Drug Index rising by 109% this year [12] - Fund managers have largely maintained their positions in high-performing sectors like AI and computing power, although some are considering reducing exposure to certain high-valuation stocks [18]

在基金人士看来，多只基金净值创新高一定程度上离不开大盘上涨的带动。6月26日，上证指数盘 中创2025年以来新高之后收跌，但此前已连续三个交易日上涨。而市场上涨的背后是诸多利好因素积 累，叠加外部事件催化共同推动。展望后市，创新药、科技、红利等方向颇受关注，哑铃配置策略再度 走红。 主动权益基金悄悄发力 从单位净值跌至接近"腰斩"，到快速修复并创历史新高；从横盘震荡，到突然蓄力上涨创净值新 高……今年以来，许多主动权益基金正上演着业绩的"逆袭"，从备受荣宠的被动产品重重压力之中突 围，走进投资者视野。 在主动与被动基金的博弈中，一批主动权益基金正悄悄开启业绩"翻盘"。Wind数据显示，截至6月 25日，按照基金主代码统计口径，全市场已有超过180只主动权益基金的单位净值创成立以来新高，其 中超半数基金成立时长超过1年，成立时间较长的接近14年。 今年以来，全市场涨幅最高的基金单位净值逼近翻倍，为汇添富香港优势精选，上涨超过90%。今 年一季度末，该基金前十大重仓股全部为港股医药板块标的，分别为荣昌生物、科伦博泰生物、信达生 物、和黄医药、康诺亚、翰森制药、康方生物、诺诚健华、来凯医药、百济神州。 长城医药产业 ...

Group 1: Fund Performance Overview - Over 80% of public funds achieved positive returns in 2025, with the top fund, Huatai-PineBridge Hong Kong Advantage Selection, showing a gain of 89.15% [1] - The competition among public funds is intense, with the top two funds having an 8 percentage point difference in returns, while the third to fifth funds have a narrower margin of only 2 percentage points [1] - The top-performing fund over the past five years, JY Fund, has nearly tripled in value, with a return of close to 300%, significantly outperforming the second-place fund by over 90 percentage points [1] Group 2: Sector-Specific Fund Performance - Pharmaceutical funds led the performance, with around 80% of funds that gained over 50% in 2025 being heavily invested in the pharmaceutical sector, particularly in innovative drugs [2] - The top fund, Huatai-PineBridge Hong Kong Advantage Selection, had its top ten holdings primarily in Hong Kong innovative drug stocks, all of which recorded positive returns, with four stocks doubling in price [2][3] - The second-ranked fund, Changcheng Pharmaceutical Industry Selection, also focused on innovative drugs, with all top ten holdings showing gains of over 30% [3] Group 3: Investment Strategies and Insights - Fund managers emphasized that innovative drugs will be a key focus for the pharmaceutical industry in the coming years, with a commitment to investing in companies with core competitiveness and long-term growth potential [3][4] - The investment strategy includes focusing on companies with disruptive innovations and those that have entered commercial phases, leading to rapid improvements in financial reports [4] Group 4: North Exchange Fund Performance - Several funds focused on the North Exchange performed well, with two of the top five funds being heavily invested in this market, achieving returns of 81.59% and 71.92% respectively [5] - The top holdings of these funds included companies with strong growth potential, and all top ten stocks recorded positive returns, with several exceeding 30% gains [5][6] Group 5: Fund Size and Performance Correlation - Many of the top-performing funds are smaller in size, with half of the top ten funds having a scale of less than 100 million yuan, indicating a potential correlation between fund size and performance [7] - Larger funds tend to perform better when they are index products, while actively managed large funds may struggle to maintain high performance due to diversification challenges [7] Group 6: Market Outlook - Fund companies are optimistic about investment opportunities in the second half of the year, highlighting sectors such as technology, pharmaceuticals, dividends, and consumer goods as areas of focus [8] - The improvement in liquidity in the Hong Kong market is attracting more institutional interest in investment opportunities there [8]