回调或由获利了结导致 10月8日，国庆假期最后一天，港股遭遇回调。具体来看，截至收盘，恒生指数、恒生科技指数双双下跌0.48%、0.55%。若 拉长时间至10月以来，港股市场则呈现先扬后抑态势，恒生指数突破年内新高后连续回调。回顾年内，在港股走势表现亮 眼的背景下，多只港股主题基金业绩突出，最高已赚155%。有业内人士指出，未来港股仍有向上空间，科技板块仍将是市 场关注的焦点，板块或呈现"波动上行、龙头领跑"的格局。港股主题基金未来仍具备较好的投资机会，特别是聚焦新经济、 科技和创新产业的基金。 就具体产品看，截至9月末，汇添富香港优势精选混合C类份额和A类份额的前三季度收益率分别达155.14%和155.09%，排 名全市场基金收益第三、四名。同期，中银港股通医药混合发起A/C的收益率也达126.55%、125.48%，排名居前。 值得关注的是，在港股细分板块中，创新药行情的"狂飙"备受关注。仅从市场多只指数基金跟踪的中证港股通创新药指数来 看，据中证指数官网，截至9月30日，该指数年内涨幅已达118.52%。 这一背景下，多家公募旗下的港股创新药ETF或相关被动指数基金的前三季度收益也均翻倍，包括万家中证 ...

Core Viewpoint - The recent announcement of subscription limits for the China Europe Medical Innovation Fund managed by Ge Lan highlights the strong rebound in the innovative drug sector, with significant year-to-date gains in related funds and stocks [1][2]. Fund Performance and Subscription Limits - The China Europe Medical Innovation Fund has seen a year-to-date return exceeding 60%, with its scale increasing to 8.1 billion yuan by the end of Q2 [1][4]. - Over 30 actively managed equity funds have announced subscription limits since July, indicating a cautious approach by fund managers in response to rapid inflows [2][7]. - The China Europe Medical Innovation Fund's performance is notable, but it has not recovered from significant losses over the past three years, with a decline of 9.62% [2][6]. Market Trends and Fund Management - The strong performance of the innovative drug sector is reflected in the China Securities Index's pharmaceutical and biotechnology index, which has risen over 20% in the past year [5]. - The subscription limits are intended to stabilize fund operations and protect the interests of existing investors, serving as a buffer against excessive short-term inflows [2][3]. - Other funds managed by prominent managers, such as the China Europe Digital Economy Fund and the China Europe Science and Technology Innovation Fund, have also implemented subscription limits to manage inflows effectively [2][3]. Fund Composition and Strategy - The China Europe Medical Innovation Fund has a heavy allocation in the pharmaceutical and biotechnology sector, with 91.62% of its holdings in this area, primarily in stocks like 3SBio, which has seen a nearly 400% increase this year [5][6]. - The fund's previous subscription limit was set at 5 million yuan per day, indicating a history of managing inflows carefully [5][6]. Broader Market Context - The recent trend of subscription limits among high-performing funds reflects a broader strategy to maintain fund performance and manage investor expectations amid a rising equity market [7][10]. - The market outlook suggests potential structural characteristics in A-shares, with expectations of continued recovery in risk appetite due to easing monetary policies and reduced global trade tensions [12].

Group 1 - The core point of the article is that China Europe Digital Economy Mixed Fund has announced the suspension of large subscriptions over 1 million yuan to ensure stable fund operations and protect the interests of fund shareholders [1][2][4] - As of August 5, the fund has achieved over 150% performance in the past year, ranking 8th out of 4349 similar funds [1][4] - The fund manager, Feng Ludan, has a background in finance and has been managing public funds since October 2021 [5] Group 2 - The fund has seen a significant increase in shares, exceeding 900 million, which is more than a tenfold growth since the end of the first quarter [6] - The fund maintains a high allocation focusing on five core investment areas: AI infrastructure, AI applications, domestic AI supply chain, intelligent robotics, and intelligent driving [6] - The top holdings of the fund have shown substantial price increases this year, with stocks like Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology rising over 70%, 126%, and 365% respectively [6] Group 3 - The trend of limiting large subscriptions is not unique to this fund; several other high-performing funds have also implemented similar measures to control fund size and maintain investment strategy effectiveness [7][9] - The recent surge in performance among many funds has led to a wave of subscription suspensions, with nearly 30 active equity funds announcing such measures since July [8][9] - Industry insiders suggest that limiting subscriptions helps protect existing shareholders from potential losses due to market volatility and prevents dilution of returns for current investors [9]

Core Viewpoint - The China Europe Digital Economy Mixed Fund has announced a suspension of large subscriptions exceeding 1 million yuan to ensure stable fund operations and protect the interests of fund shareholders [2][5]. Fund Performance - The fund has achieved over 150% performance in the past year, ranking 8th out of 4349 similar funds [3][8]. - As of the second quarter, the fund's shares have surged to over 900 million, increasing more than tenfold compared to the end of the first quarter [8]. Market Context - The recent recovery in the equity market has led to a wave of "subscription limits" from high-performing actively managed funds [3][11]. - Multiple funds under China Europe have announced similar subscription limits this year, indicating a trend among top-performing funds to manage inflows [9][12]. Investment Strategy - The fund maintains a high allocation focusing on five core investment areas: AI infrastructure, AI applications, domestic AI supply chain, intelligent robotics and driving, and edge AI [8]. - Key stocks in the fund, such as Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology, have seen significant price increases of over 70%, 126%, and 365% respectively this year [8]. Industry Insights - Industry experts suggest that the trend of limiting subscriptions is primarily to control fund size and maintain the effectiveness of investment strategies [12]. - Limiting subscriptions also aims to protect existing shareholders from potential losses due to market volatility when new funds enter at high valuations [12].

Core Viewpoint - The recent trend of fund subscription limits reflects a response to significant performance gains in the active equity fund sector, with many funds experiencing substantial inflows and subsequently implementing restrictions to manage investor behavior and maintain stability [1][2][5]. Fund Subscription Limits - Da Cheng Fund has reduced the subscription limit for its Da Cheng Global USD Bond Fund's RMB share to 50,000 yuan as of July 29 [1]. - A total of 225 funds have seen year-to-date growth exceeding 50%, with 12 funds currently suspended from subscriptions and 21 funds limiting large subscriptions [2]. - Notable funds like Huatai-PineBridge Hong Kong Advantage Select have reported year-to-date returns of 134.72% and 135.08% for their A and C classes, respectively [2]. Performance and Market Trends - The active equity fund sector has rebounded significantly, with many funds experiencing over fivefold growth in size during the second quarter [2]. - Small-cap stocks have outperformed large-cap stocks in the first half of 2025, driven by favorable industry trends and macroeconomic conditions [2]. - Despite the positive performance, some funds are limiting subscriptions to prevent investors from chasing high returns and to manage volatility [2][4]. Fund Management Strategies - Funds like Nuon Multi-Strategy have focused on small-cap stocks, which have contributed to their net value growth, although they also exhibit higher volatility [3][4]. - The strategy of limiting subscriptions is aimed at maintaining portfolio stability and preventing forced adjustments due to large inflows [5]. - Some funds have implemented subscription limits to mitigate the impact of large institutional investments and to avoid dilution of returns [5].

Group 1 - Several QDII funds have achieved over 50% net value growth in 2023, driven by investments in artificial intelligence (AI) and innovative pharmaceuticals [2][3] - The top-performing QDII fund, Huatai-PB Hong Kong Advantage Selection Mixed Fund, has a remarkable 130% year-to-date net value increase [2] - Other notable funds with over 50% growth include E Fund Global Healthcare Industry Mixed Fund and ICBC New Economy Flexible Allocation Mixed Fund [2] Group 2 - Many high-performing QDII funds are focusing on AI and innovative pharmaceuticals as their core investment themes [3] - Fund managers express optimism about the growth potential in AI and innovative pharmaceuticals, indicating a long-term commitment to these sectors [4][5] - Specific strategies include increasing exposure to global computing power and innovative pharmaceuticals while reducing allocations to consumer electronics [3][5] Group 3 - Fund managers highlight the importance of identifying individual stocks with global competitiveness in the innovative pharmaceutical sector [5] - The AI industry is expected to continue its strong growth trajectory, with a focus on the complete value chain from foundational infrastructure to application scenarios [5] - The development of AI is seen as a key factor in enhancing social productivity over the next decade, with significant opportunities for industry leaders [5]

Group 1 - The issuance of actively managed equity funds has been on the rise, with new products breaking annual records in scale [1][4][5] - On July 17, the Dachen Insight Advantage Mixed Fund was launched with a scale of 2.46 billion yuan, setting a new record for the year [1][4] - The total issuance scale of actively managed equity funds has reached 56.964 billion yuan, a year-on-year increase of 28.01% compared to 44.501 billion yuan in the same period last year [4][7] Group 2 - The increase in issuance is attributed to positive changes in the stock market, with the Shanghai Composite Index fluctuating around 3,500 points and strong performance in sectors like AI [5][6] - New floating fee rate funds and fee reforms have gained investor trust, contributing to the surge in fund issuance [5][8] - The average return of actively managed equity funds has reached 9.41% this year, with 87.7% of funds showing positive performance [7][8] Group 3 - The performance of actively managed equity funds has significantly improved, with several funds achieving over 100% returns this year [6][7] - The outlook for the equity market remains optimistic, with expectations of continued economic recovery and potential policy support [7][8] - The trend indicates a rapid expansion in the issuance scale of actively managed equity funds, driven by increasing investor confidence and a favorable economic environment [8]

Group 1 - In the first half of the year, 576 out of 650 comparable QDII funds saw an increase in net value, representing 88.62% of the total [1] - The innovative drug sector has rebounded, leading to significant gains for funds heavily invested in this area, with top performers including Huatai-PB Hong Kong Advantage Selected Mixed Fund A and C, achieving returns of 86.00% and 85.64% respectively [1] - The top ten holdings of the leading funds include companies such as Rongchang Biologics, Kelun Pharmaceutical, and Innovent Biologics, indicating a strong focus on innovative pharmaceuticals [1] Group 2 - Thirteen QDII funds recorded gains exceeding 50% in the first half of the year, with four from E Fund Management, all focused on the innovative drug industry [2] - The top holdings of these high-performing funds include Hansoh Pharmaceutical, Kelun Pharmaceutical, and Innovent Biologics, showcasing a concentrated investment strategy in the healthcare sector [2] - Other ETFs such as GF CSI Hong Kong Innovative Drug ETF and Huatai-PB Hang Seng Innovative Drug ETF also reported gains above 50%, benefiting from the strong performance of the innovative drug sector [2] Group 3 - The top ten holdings of the ICBC New Economy Mixed Fund include Kelun Pharmaceutical, Innovent Biologics, and Hansoh Pharmaceutical, reflecting a strategic focus on high-growth healthcare companies [3] - Funds tracking indices related to Southeast Asian technology and oil sectors have underperformed, indicating sector-specific challenges within the QDII fund landscape [3] Group 4 - The performance rankings of QDII funds show that the top three funds are Huatai-PB Hong Kong Advantage Selected Mixed Fund C, A, and GF CSI Hong Kong Innovative Drug ETF, with net value growth rates of 86.00%, 85.64%, and 57.12% respectively [4] - The bottom-performing funds primarily track indices related to Southeast Asian technology and oil, with significant negative returns [4]

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]