在今年六七月份，还在AI板块躲牛市甚至大幅亏损的基金，如今已赚得盆满钵满。 今年权益类基金的业绩接棒现象，演绎得淋漓尽致，虽然医药赛道在今年年中批量出现翻倍基，然而当 时的AI赛道基表现低迷，许多产品彼时尚未喝上一口汤。当市场进入7月份，在主题轮动和切换需求 下，上半年躲牛市的AI赛道基开始攻城略地，短短三个月时间，不少基金经理从亏损的冷板凳上，开 始站上市场C位。 AI基金先苦后甜 在医药基金喜庆的氛围中，苦熬六个月并不容易，近期AI赛道行情的上场接棒，对许多基金犹如一场 及时雨。 例如，信澳业绩驱动基金在今年1月的初始净值为0.7264元，而其到6月11日仍未能突破这一净值，当时 的年内收益率分文未赚，但随着AI算力行情的启动，该产品自6月12日开始净值狂飙，该产品在8月22 日的净值已达到1.2948元，在最近三个月内实现105%的净值涨幅，从此前的年内业绩亏损变成暴赚， 今年内收益率已达78%。 甚至行情已来到7月，仍有许多重仓算力的基金还在躲牛市，年内收益还在亏损中，而今也在净值上一 雪前耻。财通集成电路产业基金在1月初的净值为1.9635元，到6月3日时基金净值已跌至1.5468元，相当 于说，2 ...

时隔十年，上证指数重上3800点。 2025年8月22日，A股三大指数集体震荡走强，上证指数收涨逾1%至3825.76点，为近十年来首次站上3800点，沪、深、京三市全天总成交额达2.58万亿 元。自今年二季度以来A股市场持续反弹，相对4月7日的低点，上证指数已大涨近14%。 同样，今年来主动权益基金（包括灵活配置型基金、普通股票型基金、偏股混合型基金在内，以下同）赚钱效应显现。以万得基金指数为例，万得普通股 票型基金指数和万得偏股混合型基金指数年初至今分别大涨24.96%和24.72%，在各大基金指数榜中分别位列第二和第三，仅次于万得QDII混合型基金指 数的27.12%。 来源：Wind（截至2025年8月22日） Wind统计表明，2025年8月22日，年内净值增长率翻倍的主动权益基金（A/C分列，以下同）共计有22只，分别包括长城医药产业精选（A/C）、中银港 股通医药（A/C）、永赢科技智选（A/C）、中信建投北交所精选两年定开（A/C）、永赢医药创新智选（A/C）等。如领涨的长城医药产业精选A和长城 医药产业精选C今年来的净值增长率分别高达130.76%和129.97%。 新经济e线获悉，在年内净 ...

6、7月，还在人工智能（AI）板块"躲牛市"的基金，如今打出了漂亮的翻身仗。 彼时，医药赛道涌现"翻倍基"，布局AI赛道的基金则表现低迷。随后，市场主题迎来切换，AI主题基金 开始攻城略地。在不到3个月的时间，不少基金经理已从亏损的冷板凳上站起，走到市场的C位。 证券时报记者 安仲文 重仓人工智能 股票基金"笑逐颜开" Wind数据显示，截至8月24日，权益类基金最近3个月的收益排名已出现了明显的赛道变换，表现最强 的20只基金全部来自AI算力板块，这些产品最近3个月的业绩回报均超70%，最高回报甚至达到111%。 证券时报记者注意到，在6、7月的时候，上述20强产品中的大部分还处于年内业绩亏损的状态。彼时， 医药主题基金批量走出翻倍行情，而重仓AI赛道的基金则出现了明显的份额赎回。 所谓风水轮流转，随后医药赛道逐渐降温，AI赛道则趁势崛起。 例如，信澳业绩驱动基金在今年1月的初始净值为0.7264元，直到6月11日这一净值仍未见突破，年内收 益可谓分文未赚。不过，随着AI算力行情启动，该产品的净值自6月12日起开始狂飙，8月22日已升至 1.2948元，最近3个月大涨105%，从亏损变成大赚。 另一只财通集 ...

6、7月，还在人工智能（AI）板块"躲牛市"的基金，如今打出了漂亮的翻身仗。 彼时，医药赛道涌现"翻倍基"，布局AI赛道的基金则表现低迷。随后，市场主题迎来切换，AI主题基金 开始攻城略地。在不到3个月的时间，不少基金经理已从亏损的冷板凳上站起，走到市场的C位。 重仓人工智能 股票基金"笑逐颜开" Wind数据显示，截至8月24日，权益类基金最近3个月的收益排名已出现了明显的赛道变换，表现最强 的20只基金全部来自AI算力板块，这些产品最近3个月的业绩回报均超70%，最高回报甚至达到111%。 证券时报记者注意到，在6、7月的时候，上述20强产品中的大部分还处于年内业绩亏损的状态。彼时， 医药主题基金批量走出翻倍行情，而重仓AI赛道的基金则出现了明显的份额赎回。 所谓风水轮流转，随后医药赛道逐渐降温，AI赛道则趁势崛起。 例如，信澳业绩驱动基金在今年1月的初始净值为0.7264元，直到6月11日这一净值仍未见突破，年内收 益可谓分文未赚。不过，随着AI算力行情启动，该产品的净值自6月12日起开始狂飙，8月22日已升至 1.2948元，最近3个月大涨105%，从亏损变成大赚。 另一只财通集成电路产业基金，今年1 ...

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 Viewpoint - Over 1300 active equity funds have reached new net asset value highs, significantly outperforming the market index, indicating a return of excess returns in the A-share market [2][4]. Group 1: Fund Performance - As of August 13, the average net asset value growth rate for active equity funds this year is 16.03%, with 1332 funds achieving new highs, representing over 25% of all active equity funds [4]. - Notable funds such as Changcheng Medical Industry Select and Yongying Technology Smart Selection have seen their net asset values double this year [5]. - The Wind indices for mixed equity and ordinary stock funds have increased by 19.67% and 19.83% respectively, outperforming the CSI 300 index by over 12 percentage points [5]. Group 2: Factors Driving Performance - The continuous rise of the Shanghai Composite Index has led to an increase in stock prices, closely linking fund net values to stock performance [6]. - Certain funds have aligned their investment strategies with current market trends, capturing opportunities that have driven net value increases [7]. - Skilled fund managers leverage their expertise to identify market trends and investment opportunities, enhancing fund performance through strategic asset allocation and stock selection [7]. - Increased risk appetite and a favorable market environment have attracted significant capital inflows into equity funds, supporting their investment operations and driving net values higher [7]. Group 3: Future Outlook - The investment community remains optimistic about the market, with expectations of a positive cycle of capital inflows and market growth [9]. - Recommended sectors for investment include high-growth industries such as AI, innovative pharmaceuticals, non-ferrous metals, and military industries, which are expected to benefit from market activity [10]. - The current market's upward momentum is supported by solid fundamentals, with a clear policy backing and ongoing emergence of new growth drivers [10]. - Short-term market fluctuations may occur due to profit-taking, but a slow bull market is anticipated in the medium to long term, driven by fundamental recovery and positive capital feedback mechanisms [10].

Core Viewpoint - The differences in fund contracts between new and old products have led to a significant performance divergence in public funds, particularly influenced by the inclusion of Hong Kong stocks in investment strategies [1][2][4]. Group 1: Performance Impact of Fund Contracts - A-shares funds that have incorporated Hong Kong stock investments into their contracts have significantly outperformed the market, with all top 20 A-share funds achieving over 70% returns year-to-date as of August 10 [3]. - The top-performing funds, established mostly after 2018, allow for up to 50% of their stock positions to be allocated to Hong Kong stocks, which has been a key factor in their success [3]. - Conversely, funds that do not permit Hong Kong stock investments have generally underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [3]. Group 2: Manager Performance and Contract Limitations - Star fund managers have shown a stark performance split between their new and old funds, with new funds performing well while older funds lag behind due to restrictive contracts [5][6]. - Many of these older funds, established between 2004 and 2014, do not include Hong Kong stocks in their investment scope, limiting their ability to adapt to market opportunities [6]. - For instance, fund managers like Wu Yuanyi have seen their newer products, which include Hong Kong stocks, perform significantly better than older products that do not [6]. Group 3: Contract Modification Considerations - Modifying fund contracts to include Hong Kong stocks could address performance disparities, but this approach is contentious and not universally beneficial for all fund managers [7][8]. - Some fund managers express reluctance to modify contracts, citing unfamiliarity with the Hong Kong market and potential risks associated with expanding investment scopes [8]. - The decision to modify contracts often depends on the individual fund manager's expertise and investment strategy, leading some firms to prefer launching new Hong Kong-themed funds instead of altering existing contracts [7][8].

Group 1 - The performance differentiation of public funds is linked to the differences in fund contracts, particularly regarding the inclusion of Hong Kong stock investments [1][3][4] - As of August 10, 2025, the top 20 A-share funds have annual returns exceeding 70%, with over 90% of these funds established after 2018, allowing up to 50% allocation to Hong Kong stocks [2][3] - Funds that do not permit Hong Kong stock investments have significantly underperformed, with over 90% of the bottom 10 A-share funds lacking such provisions in their contracts [2][5] Group 2 - The contribution of Hong Kong stocks to fund performance is also evident in QDII funds, which have shown positive returns, contrasting with the stark performance divide in A-share funds [3][4] - Star fund managers managing both new and old funds exhibit a clear performance gap, with new funds outperforming due to broader investment mandates [4][6] - Modifying fund contracts to include Hong Kong stock investments is seen as a potential solution to performance discrepancies, but there are concerns about whether this approach suits all fund managers [6][7] Group 3 - Some fund managers express reluctance to modify contracts for Hong Kong investments, citing unfamiliarity with the market and potential risks [7] - The variability of Hong Kong market conditions raises questions about the sustainability of high returns achieved by A-share funds with Hong Kong stock allocations [7]

Core Viewpoint - The active equity fund market has shown significant recovery in performance, with a notable increase in net asset values and a majority of funds achieving positive returns in 2023 [2][3][10]. Performance Summary - In July, nearly 800 active equity funds reached historical net asset value highs, with 94% of products achieving positive returns and an average annual return of 13.89% [1][2][3]. - The number of funds that doubled their returns this year reached four, with the top-performing fund, Huatai-PB Hong Kong Advantage Selection, achieving a return of 135.23% [2][3]. - The Wind偏股混合基金指数 recorded a return of 14.49% this year, indicating that most active equity fund holders who entered the market in 2023 are now profitable [3]. Fund Manager Performance - Several veteran fund managers have successfully turned around their funds, with notable performances such as Guangfa Growth Navigator achieving an annual return of 88.44% [5]. - Fund managers with over 20 years of experience, such as Guo Jun, have also delivered high returns, with the Bosera New Income fund achieving 27.85% this year [5][6]. - The trend of "using feet to vote" is evident, as funds with sustained excess returns are attracting significant capital inflows, with some funds seeing their sizes increase by over five times in the second quarter [7][10]. Market Dynamics - The recovery in fund performance has led to a weakening of the constraints imposed by fund size on performance, with several large funds reaching new net asset value highs [6]. - Investors are increasingly willing to pursue high-performance funds, moving away from the "fear of heights" mentality that previously dominated the market [8][10]. - Funds that failed to outperform the偏股混合基金指数 have seen their sizes shrink, becoming "mini" funds with less than 50 million yuan in assets [9]. Trust Rebuilding Efforts - Despite the positive performance, many investors remain cautious due to past experiences, leading to a continued decline in the size of some active equity funds [10]. - Fund companies are implementing measures to rebuild trust, including enhancing research capabilities, ensuring transparency, and binding fund manager interests to performance [10][11]. - Regulatory initiatives are also expected to promote high-quality development in the public fund sector, further enhancing investor confidence in active equity funds [11].