（原标题：超100只科技主题基金申报） 【导读】年内逾百只科技主题基金申报，公募多维度深耕科创领域 中国基金报记者 张燕北 今年以来，公募基金对科技创新板块的布局力度持续加大。一方面，科技主题基金申报数量同比大幅增加，产品类型与参与机构呈现多元化特 征；另一方面，越来越多基金公司扩充科创领域投研力量，深耕科创赛道，挖掘科技发展红利。 科技主题基金申报热度飙升 Wind数据显示，截至9月5日，今年以来，有106只名称中带"科技"的基金申报，较去年同期的19只增长4.6倍；其中44只产品的名称包含"科技创 新"，聚焦科创核心方向的意图明显。 这些产品中，股票型指数基金最多，有64只（其中44只是ETF），占比超六成。 在华安基金看来，新产品涉及多个代表性科技指数，从宽基到主题，从信息技术到生物科技，从硬件开发到软件应用，由表及里、细致入微，全 方位涵盖了中国科技行业的重点发展方向，从不同侧重点为投资者提供投资中国科技行业的工具。 除了股票型指数基金，此轮申报还有多个品类作为补充，包括22只主动权益产品，旨在挖掘科技板块超额收益；15只债券指数基金，以满足不同 风险偏好投资者对科技相关固定收益资产的配置需求；还有4 ...

Group 1 - The A-share market has experienced a significant upward trend since August, leading to a notable profit effect for actively managed equity funds, with over 30% of funds reaching historical net asset value highs [1][3] - A total of 1,616 out of 5,279 actively managed equity funds have achieved historical highs since August, with 105 funds doubling in value and 232 funds increasing by over 50% within the year [1][3] - The leading funds are primarily focused on technology innovation sectors such as artificial intelligence, innovative pharmaceuticals, and semiconductors, indicating proactive positioning by public funds in line with industry trends [1][3] Group 2 - The performance of actively managed equity funds is characterized by a "head effect" and the emergence of mid-generation fund managers, with top firms contributing significantly to the number of funds reaching new highs [3][4] - Notable fund managers, such as Wu Yang from E Fund and Wu Yuanyi from GF Fund, have achieved substantial returns by focusing on emerging growth sectors [3][4] - The common strategy among successful funds involves either anchoring on new productivity sectors like AI and innovative pharmaceuticals or aligning with industrial innovation trends through deep research and early positioning [4][6] Group 3 - The concept of "new productivity" has become a central narrative in the capital market, with public funds actively participating in this trend as a response to the evolving economic landscape [6][7] - The allocation of actively managed equity funds to the ChiNext and STAR Market has increased, with significant rises in their respective allocation ratios, indicating a clear trend of continued investment in these areas [6][7] - The electronics and pharmaceutical sectors have emerged as key areas of focus for fund managers, with substantial investments in semiconductor and innovative drug companies [7][8] Group 4 - Fund companies are enhancing their technological research capabilities, with a growing number of technology-themed funds and a significant total scale in the market [9][10] - E Fund has launched over 20 products targeting technology, manufacturing, and green sectors since 2019, reflecting a comprehensive approach to investment in new productivity areas [10][11] - The long-term opportunities in sectors such as technology, high-end manufacturing, and innovative pharmaceuticals are becoming increasingly clear, with public funds positioned to discover and capitalize on these opportunities [11][12]

Group 1 - The technology sector has shown strong performance in recent months, prompting public funds to increase their investment in technology-themed funds [1] - Over 35 technology-themed funds have been reported in August, including the first batch of 10 China Securities Innovation and Entrepreneurship Artificial Intelligence ETFs [1] - Additionally, there has been an expansion of broad-based index funds for the Science and Technology Innovation Board and Hong Kong technology-themed funds [1]

Core Insights - The article emphasizes the importance of technology finance, green finance, inclusive finance, pension finance, and digital finance in supporting the high-quality development of China's real economy [1][2][3] - Shenzhen's financial institutions are actively implementing these five key areas, contributing to the transformation from traditional channel business to comprehensive financial services [1] Technology Finance - Since the beginning of 2024, Shenzhen's securities firms have underwritten over 350 billion yuan in technology innovation bonds [1] - CITIC Securities led the underwriting in the technology innovation bond sector with an amount of 71.101 billion yuan and 46.73 underwriting cases in the first half of the year [1] - Public fund companies in the region have issued nearly 30 billion yuan in technology-themed funds [1] Green Finance - In 2024, Shenzhen's securities firms have underwritten over 70 billion yuan in green bonds [2] - An action plan was released to support the construction of carbon peak pilot cities, encouraging the development of green assets for financing [2] - The plan supports the issuance and underwriting of various types of green bonds, including blue bonds and carbon-neutral bonds [2] Pension Finance - A total of 58 fund products from 14 public fund companies in Shenzhen have been included in the personal pension fund directory [2] - The region's public fund management includes over 2 trillion yuan in long-term funds such as social security funds and basic pensions [2] - Southern Fund has prioritized pension business development, establishing a comprehensive asset management system covering multiple pillars of pension assets [2] Inclusive Finance - Shenzhen's futures companies have provided hedging services to over 500 enterprises, achieving a hedging amount of nearly 3.6 trillion yuan in 2024 [3] - The "insurance + futures" projects have exceeded 400, with an insurance amount of nearly 9 billion yuan [3] - Risk management subsidiaries of futures companies have served over 1,700 small and micro enterprises, providing 755 million yuan in funding support [3] Digital Finance - The first batch of nine financial technology innovation pilot projects in Shenzhen has transitioned to regular operations, providing full lifecycle financial services to specialized small and medium enterprises [3] - These projects have assisted nine technology innovation enterprises in securing over 50 million yuan in financing [3] Industry Development - Shenzhen is actively working to build first-class industry institutions, aiming to create a high-quality capital market that meets the needs of economic and social development [3] - The action plan outlines the goal of establishing a high-quality capital market with top-notch innovation capital formation mechanisms and risk prevention systems [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The technology sector was significantly affected by the tariff shock in early April. The technology index rose rapidly before February 2025, then corrected, and experienced a significant pullback due to the tariff shock in early April, followed by an adjustment phase [3][9]. - In the first half of 2025, technology - themed funds had higher volatility and slightly weaker returns compared to the sample of active equity funds. The average volatility of technology - themed funds reached 31.26%, while that of the active equity sample was only 23.25%. The average return of technology - themed funds was about 6.25% [3][12]. - Several technology - themed funds had excellent performance in the first half of 2025. For example, many products under China Europe Fund led in performance, and Yongying Technology Smart Selection managed by Ren Jie achieved the highest return of 47.43% [3][19]. - In terms of fund companies, China Europe Fund had a leading average performance among those with more technology - themed fund layouts. Yongying Fund had the highest average performance among all fund companies, followed by Caitong Securities Asset Management [3][23][24]. - According to the fund performance measurement method designed by Shenwan Hongyuan's quantitative research team, China Europe Digital Economy had the highest average quantile in the first half of 2025, and Yongying Semiconductor Industry Smart Selection and Caitong Asset Management Digital Economy also had relatively high average quantiles [3][30]. 3. Summary According to the Table of Contents 3.1 Technology - Themed Fund Overall Performance - The technology index was affected by the tariff shock in early April. It rose rapidly before February 2025, then corrected, and pulled back significantly in early April, followed by an adjustment [9]. - The average volatility of technology - themed funds in the first half of 2025 was 31.26%, significantly higher than the 23.25% of the active equity sample. The average return was about 6.25%, slightly weaker than the sample as a whole [12]. 3.2 Which Technology - Themed Funds Had Excellent Performance in the First Half of 2025? - Individual fund performance: Many products under China Europe Fund, such as China Europe Digital Economy, China Europe Intelligent Manufacturing, and China Europe Internet Pioneer, had good returns. Yongying Technology Smart Selection had the highest return of 47.43% in the first half of 2025. Other funds like Noah Steady Return and Huian Growth Selection also had returns above 30% [16][19]. - Fund company - level performance: China Europe Fund had 8 technology - themed funds with a total scale of over 19.3 billion yuan and an average performance of 18.98% in the first half of 2025, leading among companies with similar scale and quantity. Yongying Fund had 3 technology - themed funds with a total scale of about 5.487 billion yuan and an average performance of 29.54%, the highest among all fund companies. Caitong Securities Asset Management's 3 products had an average performance of 21.97%. Most other fund companies with leading average performance had a small number and scale of technology - themed funds [23][24]. - Performance measurement results: According to the measurement method, China Europe Digital Economy had the highest average quantile of 81.1% in the first half of 2025, with good performance in both favorable and unfavorable market environments. Yongying Semiconductor Industry Smart Selection and Caitong Asset Management Digital Economy had average quantiles of 75.8% and 75.5% respectively, and performed better in favorable market environments [27][30].

Group 1 - The first batch of 10 Sci-Tech Bond ETFs was launched on July 17, with products from four fund companies listed on the Shenzhen Stock Exchange and six on the Shanghai Stock Exchange [1] - Several technology-themed funds have announced early closures in July, including the China Ocean Technology Innovation Fund and the Penghua Shanghai Stock Exchange Sci-Tech Chip ETF [2] - The number of ETF margin trading and securities lending targets has expanded to 438, with adjustments made to both the Shanghai and Shenzhen stock exchanges [3] Group 2 - Zhang Yifei has resigned from all managed funds at Anxin Fund, effective July 15, impacting nine funds previously managed by him [4] - The latest quarterly report from Ruiyuan Fund revealed that manager Fu Pengbo has significantly increased holdings in Xinyisheng while reducing positions in China Mobile and Ningde Times [4] Group 3 - The ETF market experienced a positive trading day, with the Shanghai Composite Index rising by 0.37% and the Shenzhen Component Index increasing by 1.43% [5] - The innovation drug sector remains strong, with Hong Kong innovation drug ETFs showing gains of up to 5.73% [5][6] - Gold-related ETFs experienced a decline, with the highest drop recorded at 1.56% [7] Group 4 - There is increasing policy support for innovative drugs, with expectations for a rise in the number and innovation of new drug listings [8] - The structure of medical insurance fund expenditures is shifting towards innovative drugs, indicating a more reasonable pricing mechanism [8] - The pharmaceutical industry has undergone valuation adjustments, positioning innovative drug valuations at a low point, suggesting potential for systematic rebound [8]

Core Viewpoint - The public funds are shifting their investment strategies from an aggressive approach in the first half of the year to a more defensive stance in the second half, emphasizing the need to protect gains and avoid losses [2][3][7]. Group 1: Market Sentiment and Strategy - Fund managers are increasingly adopting a "guarding" strategy, reflecting a rise in risk aversion despite optimistic market expectations for the second half of the year [2][3]. - The overall market is expected to maintain a high-level fluctuation, with the upcoming semi-annual reports serving as a significant sentiment indicator [4]. - The anticipated economic recovery is expected to improve, but the policy expectations from important meetings in July may be limited [4]. Group 2: Investment Focus - The focus is on a balanced strategy that combines both offensive and defensive positions, with an emphasis on stable dividend assets to mitigate short-term volatility [5][6]. - Investment opportunities are identified in high-growth sectors such as AI, robotics, autonomous driving, innovative pharmaceuticals, and semiconductors [5][6]. - The strategy includes pairing dividend stocks with small-cap tech stocks, focusing on stable earnings and sectors benefiting from long-term value and reform [6]. Group 3: Performance and Themes - The high returns of public funds in the first half of the year have led to a focus on maintaining performance and managing market volatility in the second half [7][8]. - The theme-based investment approach seen in the first half, which included sectors like robotics and innovative drugs, is now being scrutinized for its sustainability and alignment with fundamental performance [9][10]. - The underlying theme of technological evolution, particularly in AI, remains a critical focus for investors, indicating a shift towards sectors that drive industrial transformation [10].

Core Viewpoint - Financial institutions are actively entering the market to enhance equity allocation, stabilize capital markets, and promote value investment, thereby contributing to the healthy and orderly development of the capital market [1] Group 1: High-Quality Development - Southern Fund has implemented the central financial work meeting's spirit, focusing on serving the real economy through five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - The company emphasizes technology finance as a core strategy for modern industrial system construction, enhancing research and asset allocation in strategic emerging industries like semiconductors, artificial intelligence, and biomedicine [2] Group 2: Green Finance and ESG Practices - Southern Fund actively practices ESG investment principles, covering over 5,100 A-share companies and 7,100 bond issuers in its ESG rating system, significantly impacting ESG performance and risk assessment [3] - The company has developed a comprehensive carbon emission database for all A-share listed companies and received two awards from UNPRI for its ESG practices [3] Group 3: Inclusive Finance and Digital Transformation - The company adheres to the "finance for the people" philosophy, enhancing investor experience through innovative platforms like "Sinan Investment Advisory" for comprehensive asset allocation solutions [3] - Southern Fund prioritizes financial technology, implementing a clear digital transformation strategy to integrate finance with digital technology, thereby improving service efficiency [4] Group 4: Value Creation and Market Stability - The introduction of the new "National Nine Articles" has improved the capital market's foundational systems and enhanced institutional investor stability [5] - Southern Fund supports the implementation of policies aimed at increasing long-term capital market participation, which is crucial for optimizing investor structure and enhancing market resilience [5] Group 5: Regulatory Framework and Future Outlook - The China Securities Regulatory Commission released an action plan for promoting high-quality development in the public fund industry, focusing on optimizing operational models and enhancing equity investment [6] - Southern Fund aims to adhere to its core asset management principles while exploring ways to support modern industrial systems and contribute to common prosperity [6]

Core Viewpoint - The issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant transformation in China's public fund industry, shifting from a "scale-oriented" approach to a "quality-oriented" one, focusing on investor interests and long-term stable capital inflow [2][3][4]. Policy Design Logic - The core logic of the policy is to establish a floating management fee mechanism linked to fund performance and implement long-term assessments for fund companies, aiming to break the traditional "scale-first" mentality and reshape the industry ecosystem [3][4]. - The floating management fee directly ties fund company income to investor returns, ending the fixed fee model and promoting performance-driven growth [3][4]. - Long-term assessments discourage short-term speculative behaviors and guide funds towards assets with long-term growth potential, addressing issues like short-termism and misaligned interests in the industry [3][4]. Impact on Fund Companies - Fund companies are required to enhance active management capabilities, optimize investment strategies, and cultivate professional investment teams to adapt to the new quality-oriented focus [5][6]. - The long-term assessment mechanism will attract institutional investors like insurance and pension funds, helping to stabilize market fluctuations caused by retail investor behaviors [5][6]. Focus on Small and Medium Fund Companies - Small and medium fund companies are encouraged to adopt differentiated competition strategies, such as focusing on niche markets and developing thematic ETFs or enhanced index products [7]. - These companies should leverage their flexibility to concentrate on specific investment areas, enhancing their research capabilities and improving customer service to attract investors [7][8]. Index Fund Expansion and Product Innovation - The plan aims to increase the scale and stability of equity investments and optimize the registration mechanism for index funds, which is expected to enhance market stability and support the "slow bull" market goal [8][9]. - Shenzhen is positioned to leverage its status as a technology innovation center to expand index funds and innovate low-volatility products, attracting long-term capital into hard technology sectors [9]. Investor Experience Improvement - The action plan includes measures to reduce investor costs, such as lowering subscription fees and enhancing transparency, which will improve the overall investment experience for fund investors [10][11]. - The shift from a "sales-oriented" to a "service-oriented" model aims to protect investor rights and enhance confidence in the market [10][11].

Macro and Industry - The first batch of technology-themed funds has revealed their adjustment trends, with fund companies like Yongying, Zhongou, and Changcheng continuing to increase their positions in the AI industry chain in the first quarter, focusing heavily on information technology and manufacturing sectors [3] - Fund managers predict that the commercialization breakthrough of AI agents is accelerating, while the continuous iteration of large models is underestimated, and the mass production and short-term growth capabilities of humanoid robots are overestimated [3] Capital Markets - A-shares rebounded from a low point, with the Shanghai Composite Index closing up 0.15% at 3267.66 points, while the Shenzhen Component Index and the ChiNext Index saw slight declines of 0.27% and 0.13% respectively. The banking sector saw collective gains, and consumer stocks remained active [4] - The Hong Kong Hang Seng Index rose 0.23% to 21466.27 points, marking six consecutive days of gains, while the Hang Seng Technology Index fell 0.67% [4] - The US stock indices experienced slight declines, with the Dow Jones down 0.38% at 40368.96 points, and the S&P 500 down 0.17% at 5396.63 points. Notably, Boeing and Caterpillar led the declines in the Dow [5] Commodity Market - The IEA's monthly report has lowered the global oil demand growth forecast for 2025 to 730,000 barrels per day from a previous estimate of 1,030,000 barrels per day, with further slowdown expected in 2026 [7] - Domestic commodity futures saw most contracts decline in the night session, with energy and chemical products generally down, while black metals showed mixed results [8] - The precious metals market saw gold and silver prices rise, with gold reaching a high of 766.74, up 0.73%, driven by rising expectations of interest rate cuts [10][11] Specific Sectors - In the black metal sector, rebar and hot-rolled coil prices showed slight declines, with current steel demand remaining weak due to ongoing contraction in the real estate sector [11] - The agricultural products market saw fluctuations, with soybean meal prices declining while palm oil prices rebounded due to stable export tax rates [11] - The oil market continued to experience sideways movement, with geopolitical and fundamental factors being closely monitored [12]