这种双线思维使其在2019-2021年行业普遍重仓医疗服务时保持独立判断，并在2022年市场回调中有效控制回撤。具体而言，明线策略重点布局具有"星辰 大海"特质的产业方向，如创新药、基因编辑等前沿领域。 来源|财富独角兽 2025年以来，A股市场整体呈现震荡上行态势。在此背景下，医药生物主题基金的表现尤为亮眼，成为全市场中最耀眼的板块之一。上半年数据显示，在 股票型基金涨幅前十榜单中，医药生物主题基金占据了绝大多数席位。 笔者发现，金笑非作为鹏华基金自主培养的中生代基金经理代表，其管理的鹏华医药科技股票与鹏华创新升级混合等产品业绩表现尤为亮眼。他独创 的"明暗双线共振"框架，也正是在这一框架的指引下，金笑非成功规避了机构过度拥挤的板块。不过，这种强势表现并非偶然，而是多重因素共同作用的 结果。 01 文|天峰 曾低位买入百济神州 宝盈金笑非最佳任期回报239.59% 据天天基金网显示，金笑非于2012年7月加盟鹏华基金管理有限公司,从事行业研究工作,历任研究部基金经理助理/高级研究员,现任权益投资二部副总经理/ 基金经理。截至目前金笑非累计任职时间9年又174天，现任基金资产总规模53.75亿元，在管基金最佳 ...

Core Insights - The latest report from Galaxy Securities highlights the strong investment capabilities of leading institutions in the public fund sector, with Penghua Fund standing out for its impressive performance across various categories [1] Active Equity - Penghua Medical Technology Stock A, managed by Jin Xiaofei, achieved remarkable results, ranking first in the medical and healthcare sector for seven, five, three, and one-year periods with net growth rates of 147.17% and 59.64% respectively [2] - Penghua Innovation Upgrade Mixed A, also managed by Jin Xiaofei, ranked in the top 4% for three and one-year periods with growth rates of 28.95% and 48.82% [2] - Wu Xuan, another fund manager, reported strong performance for Penghua Shengshi Innovation A, with growth rates of 121.16%, 50.01%, and 28.10% over seven, five, and three years [3] - The stable market conditions and policy support are expected to continue benefiting the market, with the current PE ratio of the CSI 300 index at 13 times and a dividend yield exceeding 5% [3] Stable Income - Penghua Hongjia Flexible Allocation Mixed A, managed by Tang Zhiyan, achieved net growth rates of 153.58%, 58.84%, and 20.70% over seven, five, and three years, ranking in the top 7% of its category [4] - Other funds managed by Tang Zhiyan also performed well, consistently ranking high in their respective categories [4] Index Quantitative - Penghua Fund's index and quantitative investment department showcased strong performance across various categories, including both active and passive strategies [7] - The Penghua Quantitative Pioneer Mixed Fund, managed by Shi Yunchao, ranked in the top 7% for both five and three-year periods with growth rates of 54.28% and 13.09% [7] - The Penghua CSI Cloud Computing and Big Data Theme ETF achieved growth rates of 51.83% and 45.47% over three and one-year periods, ranking well in its category [7] Bond Funds - Penghua Fund's fixed income team demonstrated strong performance, with Penghua Yong'an 18-Month Regular Open Bond A ranking in the top 10% across multiple time frames [10] - Penghua Fenglu Bond A achieved a net growth rate of 47.41% over seven years, ranking first among comparable funds [11] - The overall bond market is expected to remain friendly, with structural opportunities anticipated amid a stable macroeconomic environment [12]