背后的规模迷局：资金"追涨"与"落袋"博弈 同样都是医药主题产品，但命运发展却不同。 今年以来，创新药板块以强劲涨势成为市场焦点。板块的持续上攻，也带动相关主题基金净值普遍攀 升。Choice数据显示，截至7月23日，超过98%的医药相关主题基金今年以来实现上涨，72只产品涨幅 超50%。其中，长城医药产业精选混合发起式A、永赢医药创新智选混合发起A、中银港股通医药混合 发起A等产品的年内回报翻倍。 亮眼业绩背后，资金流向却呈现显著分化。部分绩优基金规模激增，如长城医药产业精选混合发起式的 规模单季度暴增超30倍，还有部分产品规模增10倍以上。与之形成鲜明对比的是，部分年内回报超50% 甚至60%的绩优产品，却在二季度遭遇规模大幅缩水或停滞不前。 与此同时，无论是二季报数据还是近一个月资金流向数据，均显示市场对这一板块出现分歧：有部分资 金因交易过热选择落袋减持，亦有投资者基于产业趋势坚定布局。面对短期波动与交易热度，有基金经 理认为，本轮行情缘于中国创新药产业质变与全面追赶的"宏大叙事"，而非短暂板块轮动，当前调整或 为布局良机。 业绩亮眼但资金流向分化 Choice数据显示，截至7月24日，创新药指数（9 ...

Core Insights - The public fund industry in China has seen its total assets exceed 34 trillion yuan by the end of Q2 2025, marking a historical high, with both equity and bond funds experiencing growth [1][4] - The increase in fund size reflects a growing trust from investors, but it also brings greater responsibility for fund managers [4] Fund Size Changes - As of the end of Q2 2025, approximately 12,000 funds had a combined size of 34.05 trillion yuan, an increase of 2.24 trillion yuan from the end of Q1 2025 [1][5] - Bond funds have rebounded, surpassing 10 trillion yuan, with an increase of 865.3 billion yuan (8.74%) from Q1 2025 [1][6] - Money market funds also saw a significant increase, growing by 950.5 billion yuan (7.32%) [1][6] Equity Fund Performance - By the end of Q2 2025, the size of pure index equity funds reached 4.02 trillion yuan, up 7.41% from Q1 2025 [1][5] - Despite a recovery in performance, ordinary equity funds experienced a decrease in size by 107 million yuan [1][5] Specialized Fund Growth - Commodity funds and Funds of Funds (FOF) led the market in growth rates, increasing by 48% and 10% respectively, reaching sizes of 268.3 billion yuan and 165 billion yuan [2] - Notable growth was observed in specific ETFs, particularly those linked to the CSI 300 index, which saw increases exceeding 30 billion yuan [3] High-Performing Funds - Actively managed equity funds that performed well in Q2 2025, such as Changcheng Pharmaceutical Industry Select Mixed Fund and Yongying Technology Smart Select Mixed Fund, saw significant growth in size, increasing by 304.7% and 364% respectively [3]

Group 1 - The core viewpoint of the articles indicates that several high-performing public funds are actively adjusting their portfolios to capture structural opportunities in the market, particularly focusing on the technology and pharmaceutical sectors, reflecting an optimistic outlook for the second half of the year [1][3] - As of July 16, among the disclosed second-quarter reports, many top-performing funds have increased their stock investment ratios, with notable examples including the Changcheng Pharmaceutical Industry Selected Mixed Fund, which raised its stock investment ratio from 72.48% to 75.89%, and the Tongtai Industrial Upgrade Mixed A Fund, which increased its stock investment ratio from 1.62% to 90.16% [1] - The holding structure shows that technology and pharmaceuticals are the main targets for fund managers' adjustments, with funds like Yongying Technology Smart Mixed A shifting focus to global cloud computing and increasing positions in leading companies in optical communication [1][3] Group 2 - Analysts express confidence in the overall performance of the equity market, with many top funds maintaining high positions based on positive assessments of relevant sectors, particularly in structural market conditions where active equity funds can leverage their stock-picking advantages [3] - Fund managers are optimistic about the third quarter, with specific focus areas including the development of innovative drugs in overseas licensing and domestic sales, as well as investment opportunities in cutting-edge models and emerging applications in the technology sector [3] - The proactive adjustments and increased allocations by high-performing funds in the second quarter reflect a long-term positive outlook on high-growth sectors like technology and pharmaceuticals, signaling potential structural opportunities in the equity market for the latter half of the year [3]

本报记者 彭衍菘 二季度公募基金调仓图谱揭开面纱，多只业绩领跑的权益类基金操作路径逐渐清晰。记者梳理发现，截至7月16日，已披 露二季报的公募基金中，有多只绩优基金提升了权益资产仓位，通过大规模调仓换股捕捉结构性机会，其中科技与医药板块成 为核心配置方向。 多只绩优基金 提升权益资产仓位 二季度A股市场整体回暖，部分绩优基金凭借精准布局实现业绩与规模双升。长城医药产业精选混合发起式摘得公募基金 上半年净值增长率的"季军"，达75.18%，同时以9.3倍的规模增幅领跑，该基金资产净值从一季度末的1975万元飙升至二季度末 的2.04亿元。该基金二季度末投资股票市值占基金资产净值比例（以下简称"股票投资占比"）达75.89%，较一季度末的 72.48%，提升约3.4个百分点。 类似提升权益资产仓位的操作并非个例。同泰产业升级混合A股票投资占比从一季度末的1.62%提升至二季度末的 90.16%；同泰远见混合A则将股票投资占比从一季度末的78.65%提升至二季度末的85.74%。 从持仓结构看，多位绩优产品基金经理的调仓操作，集中指向科技与医药两大板块。 今年二季度，永赢科技智选混合发起A基金经理任桀将投资重心从" ...

Group 1: Fund Performance - In the first half of the year, 74.59% of the 23,802 funds in the A-share market achieved positive returns, with 84 funds exceeding 50% returns and 383 funds exceeding 30% returns [2] - The average return of actively managed equity funds was 6.89%, with 74.19% of products achieving positive returns, and 347 products exceeding 20% returns [3] - The top-performing fund, CITIC Construction Investment North Exchange Selected Mixed Fund A/C, achieved a return of 82.45%, ranking first among over 4,000 similar funds [4] Group 2: Sector Highlights - The North Exchange 50 Index rose by 39.45% in the first half of the year, significantly benefiting related theme funds [4] - The pharmaceutical sector saw a rise of 18.27%, with several funds focused on this sector also performing well [4][5] Group 3: Fund Distribution and Dividends - Public funds distributed a total of 1,275.11 billion yuan in dividends, a 37.53% increase compared to the same period last year [7] - Bond funds contributed over 80% of the total dividends, while equity funds saw their dividend scale double [7] - The top dividend-paying fund was Huatai-PB CSI 300 ETF, with a distribution of 8.394 billion yuan [8] Group 4: Fund Issuance Trends - A total of 680 new funds were launched in the first half of the year, marking a 7.94% increase year-on-year [9] - Equity funds accounted for over 70% of the new fund issuance, with 390 stock funds launched, indicating a significant increase in demand [10] - The net subscription amount for non-money public funds reached 5.318 billion yuan, a 189.65% increase compared to the previous year [10]

随着公募基金2025年第二季度报告陆续披露，多只权益类基金运作情况揭晓。《证券日报》记者梳理发 现，截至7月13日发稿时，已有银华基金、长城基金、德邦基金、华富基金、同泰基金5家公募机构旗下 共计17只权益类基金披露二季报。 多只权益类基金在二季度进一步提高股票仓位，维持高仓位运作。基金经理也根据市场变化积极调整投 资组合，整体来看，机器人、金融科技、医药等领域的投资机会受到青睐。 权益投资比例提高 今年第二季度，多只权益类基金继续维持高仓位运作，甚至进一步提高权益投资比例。 截至二季度末，同泰慧利混合、同泰产业升级混合、长城久鑫混合、德邦高端装备混合发起式等9只基 金股票仓位均在80%以上。相较于今年一季度末，部分产品股票仓位进一步提升。例如，同泰远见混合 的股票仓位从一季度末的78.65%提升至85.74%；同泰产业升级混合的股票仓位更是从一季度末的1.62% 跃升至90.16%。 在投资领域方面，各只基金投资侧重点各有不同，部分基金在二季度也经历了调仓换股。 长城基金旗下多只医药主题基金在二季度实现了显著的净值增长。例如，长城医药产业精选混合发起式 A份额和C份额分别实现了35.86%、35.72%的净 ...

Core Insights - The public fund industry in the A-share market has shown remarkable performance in the first half of the year, with 74.59% of funds achieving positive returns, and 84 funds exceeding a 50% return rate [1][2] - The active equity funds have outperformed the overall market, with an average return of 6.89% and 74.19% of products generating positive returns [2][4] Fund Performance - The top-performing active equity funds include those focused on innovative pharmaceuticals and the Beijing Stock Exchange, with notable returns such as 82.45% for the CITIC Construction Investment fund [4][5] - The pharmaceutical sector has also seen strong performance, with related funds achieving returns of 73.96%, 70.50%, and 68.15% [5] Market Indices - The Shanghai Composite Index rose by 2.76%, while the ChiNext Index increased by 0.53%, indicating a relatively stable market environment [2] Dividend Distribution - Public funds distributed a total of 1275.11 billion yuan in dividends, marking a 37.53% increase year-on-year, with bond funds contributing over 80% of the total [7][9] - The top dividend-paying fund was the Huatai-PB CSI 300 ETF, distributing 83.94 billion yuan [9] Fund Issuance and Subscription - The issuance of public funds has rebounded, with 680 new funds launched in the first half of the year, a 7.94% increase year-on-year [10] - Equity funds accounted for over 70% of new issuances, with a significant rise in passive index funds [10][11] - The net subscription for non-money public funds reached 53.18 billion yuan, a 189.65% increase compared to the previous year [11]

证券投资基金研究报告/基金周报 报告日期：2025年07月07日 本期（2025.6.30-2025.7.4）上证指数上涨 1.40%，深证成指上涨 1.25%。申万一级行业涨多跌少，其中钢铁和建筑材料行业表现较好。 海外权益市场重要指数涨多跌少，国际黄金价格上涨。本期各类型基金 均上涨。主动投资股票基金较上期上涨 1.82%，主动投资混合基金上涨 1.25%，主动投资债券基金上涨 0.17%；QDII 基金较上期上涨 0.63%。 图 1、基金指数近一年收益率走势 数据来源：wind，上海证券基金评价研究中心； 起止时间：2024 年 7 月 5 日——2025 年 7 月 4 日 图 2、各类型基金本期收益率（%） 数据来源：wind，上海证券基金评价研究中心；数据截至 2025 年 7 月 4 日 注：主动投资股票基金、混合基金及债券基金平均收益率采用中国开放式主动管理基 金系列指数收益率；其他类型基金平均收益率采用样本基金收益率算术平均值 分析师：池云飞 执业证书编号：S0870521090001 电话：021-53686397 E-mail: chiyunfei@shzq.com 研究助理：汪雪凝 ...

Group 1 - In the first half of the year, 82.97% of the 8267 comparable mixed funds saw an increase in net value, with 6859 funds rising and 1398 funds declining [1] - Six mixed funds achieved a growth rate exceeding 70%, with the top three being theme products focused on the Beijing Stock Exchange [1][2] - The top-performing fund, China CITIC Bank's Beijing Stock Exchange Selected Two-Year Open Mixed A, recorded a growth of 82.45% and a cumulative net value of 2.3271 yuan since its establishment [1][5] Group 2 - The China CITIC Bank's Beijing Stock Exchange Selected Two-Year Open Mixed Fund A and C are primarily invested in companies that meet the "specialized, refined, unique, and innovative" criteria in various sectors, including medical beauty and automotive parts [2] - The fund manager, Gu Xinfeng, has extensive experience in investment research and management within the industry [2] - Other funds with over 70% growth include Changcheng Medical Industry Selected Mixed Fund A and C, and Bank of China Hong Kong Stock Connect Medical Mixed Fund A, with growth rates of 75.18%, 74.73%, and 70.08% respectively [2][3] Group 3 - The Changcheng Medical Industry Selected Mixed Fund A and C focused on innovative drug sectors, investing in companies with disruptive innovation and those that have commercialized their products [3] - The fund manager, Liang Furui, has a background in medical research and has been with Changcheng Fund Management since 2019 [3] - Four funds from Caitong Fund Management Company were among the top ten funds with the largest declines, each dropping over 16% [3][4]

【环球网财经综合报道】公募基金上半年业绩排名即将揭晓，医药类基金凭借显著的超额收益成为市场焦点。Wind资讯数据显示，截至6 月18日，医药类基金以平均超19%的净值增长率脱颖而出，在年内基金收益排名前100名中占据近"半壁江山"，引发市场对医药板块尤其是 创新药领域配置价值的广泛关注。 Wind数据显示，截至6月18日，年内全部公募基金的平均净值增长率为2.83%，而260余只医药类相关基金（不含公募REITs）年内平均净值 增长率高达19.66%。在收益排名前100的基金中，医药类基金占据49席，显示出强大的赚钱效应。长城医药产业精选混合发起式A、永赢医 药创新智选混合发起A等产品年内净值增长率更是保持在70%左右的高位。 名称包含"创新药"的34只基金表现尤为突出，平均年内净值增长率达27.68%，超20%的产品多达21只，成为医药类基金领跑市场的重要推 手。 对于医药板块，尤其是创新药表现亮眼的原因，深圳市融智私募证券投资基金管理有限公司基金经理包金刚分析认为，政策层面的支持是 关键，如药品集采机制完善、新药审批加速等。2025年至2028年是中国创新药企业集体步入盈利期的关键阶段，2025年更是行业 ...