除了长期业绩榜单外，基金评级也成为投资者筛选基金的重要依据之一。在国泰海通证券公布的五星评 级榜单中，截至2025年4月，鹏华权益旗下有41只产品荣获三年期、五年期、十年期五星评级(份额分开 统计)，其中11只荣获双五星评级。 具体来看，鹏华盛世创新A(LOF)(160613)、鹏华弘利(A：001122，C：001123)在不同年限均荣获五星评 级。鹏华医药科技A、鹏华弘益(A：001336，C：001337)、鹏华优选价值A(008134)、鹏华量化先锋 (005632)、鹏华弘尚(A：003495，C：003496)、鹏华弘嘉(A：003165，C：003166)均获得三年期、五年 期双五星评级；鹏华先进制造(000778)、鹏华普天收益(160603)获得三年期、十年期双五星评级。 据国泰海通证券基金长期业绩排行榜单，截至2025年6月30日，鹏华基金旗下5只权益基金在不同期限跻 身同类TOP10(份额分开统计)。其中鹏华医药科技A(001230)近两年、近十年两次荣登同类前十。 具体来看，鹏华碳中和A(016530)、鹏华碳中和C(016531)分别凭借105.51%、104.33%的净值增长率，在 ...

Market Review - The equity market indices rebounded collectively last week, with the CSI 300 index showing the largest increase of 1.54% [4][5] - The bond market saw a decline in both short and long-term interest rates, with the 10-year government bond yield decreasing by 0.29 basis points to 1.643% [9][12] - The fund market experienced gains in equity funds and secondary bond indices, with the equity fund index rising by 1.25% [14] Equity Product Allocation Strategy - Event-driven strategy includes focusing on funds related to the newly released policy supporting high-quality development of innovative drugs, such as ICBC Medical Health A (006002) and Penghua Medical Technology A (001230) [16] - The asset allocation strategy suggests a balanced core plus a barbell strategy, emphasizing dividend and technology sectors, with recommended funds including Anxin Dividend Select (018381) and Jiashi Hong Kong Internet Core Assets (011924) [18][20] Stable Product Allocation Strategy - Market analysis indicates a net withdrawal of 13,753 billion yuan in central bank operations, maintaining a loose monetary balance [21] - The June PMI data suggests the economy is in a recovery phase, with the manufacturing PMI at 49.7% and the non-manufacturing PMI at 50.5% [21] - Convertible bonds are highlighted as having allocation value, with a median price around 1200, but caution is advised due to potential volatility risks [23][26]

Core Insights - The performance of actively managed equity funds in the first five months of 2025 shows a significant disparity, with the best-performing fund achieving a return of 69.30% and the worst losing over 37%, resulting in a nearly 108% difference between the top and bottom performers [1] - The average return for all 4,516 actively managed equity funds was 2.64%, with 190 funds exceeding a 20% return in the first two months [1] - The North Exchange 50 Index outperformed other indices, leading to strong performances from several North Exchange-themed funds and a rebound in pharmaceutical-themed funds due to the strong performance of the innovative drug sector [1] Fund Performance - The top two funds in terms of performance for the first five months of 2025 were the CITIC Securities North Exchange Selected Two-Year Open A, managed by Leng Wenpeng, with a return of 69.30%, and the Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open, managed by Gu Xinfeng, with a return of 67.38% [1][5] - Other notable funds include Changcheng Pharmaceutical Industry Selected A and Guangfa Growth Navigation One-Year Holding A, both exceeding 60% returns [3] Sector Analysis - The innovative drug sector has seen a significant increase in market costs since 2022, with a notable second wave of cost increases occurring after the Lunar New Year [4] - The analysis suggests that the second wave of cost increases in the innovative drug sector may present greater potential for returns compared to the first wave, driven by a combination of policy, capital, and industry dynamics [4]

Group 1 - The core viewpoint of the news is the introduction of a new policy by the China Securities Regulatory Commission (CSRC) aimed at enhancing the long-term performance of public fund managers by linking their compensation to the performance of their funds relative to benchmarks [2][3] - The policy targets fund managers whose products have underperformed their benchmarks by more than 10 percentage points over three years, leading to a significant reduction in their performance-based compensation [2][3] - The initiative is expected to align the interests of fund managers with those of investors, encouraging a shift away from short-term speculation towards a focus on long-term investment capabilities [2][3] Group 2 - As of May 21, 2023, there are 5,898 public funds managed by fund managers with over three years of experience, with 1,341 funds underperforming their benchmarks by over 10 percentage points [3][4] - Among these, 31 funds have underperformed their benchmarks by more than 50 percentage points, including notable funds managed by well-known managers such as Zheng Chengran from GF Fund and Yao Zhipeng from Harvest Fund [3][4][5] - The worst-performing fund, Morgan Small Cap A, managed by Guo Chen, has a cumulative return of -23.03% over three years, underperforming its benchmark by 127.69 percentage points [4][5] Group 3 - Conversely, there are 543 funds that have outperformed their benchmarks by over 10 percentage points, with 33 funds exceeding their benchmarks by more than 50 percentage points [7][9] - The top-performing fund, Huaxia North Exchange Innovation Small and Medium Enterprises Selected Fund, managed by Gu Xin Feng, achieved a cumulative return of 194.13%, surpassing its benchmark by 175.89 percentage points [9][10] - The North Exchange theme funds have emerged as a significant area for excess returns, with several funds exceeding their benchmarks by over 60 percentage points [10] Group 4 - In response to the new policy, many fund companies are adjusting their performance benchmarks to better reflect the risk-return characteristics of their funds [11][12] - Recent adjustments include changes to benchmarks for various funds, such as the adjustment of the performance benchmark for the浦银安盛稳健增利债券 from "CSI All Bond Index" to a more complex composite benchmark [11][12] - The trend of benchmark adjustments is expected to continue as fund companies seek to align their performance metrics with regulatory expectations and improve their competitive positioning [13][14]

Core Viewpoint - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes linking fund manager compensation to performance, with significant salary adjustments based on performance relative to benchmarks [1] Group 1: Fund Manager Performance - Chen Ying, managing the Jin Ying Technology Innovation fund, achieved a remarkable 85.96% excess return over the benchmark in the past three years, focusing on AI and technology sectors [3][4] - Sun Quan from the Fu Guo fund has also excelled, with a focus on TMT sectors, achieving significant returns through investments in AI-related companies [5] - Jin Xiao Fei, managing the Peng Hua Medical Technology fund, has delivered a 41.11% return over three years, utilizing a top-down approach to navigate the pharmaceutical sector [6] Group 2: Investment Strategies - Chen Ying emphasizes a diversified portfolio with a focus on emerging technologies, while also managing risks through strategic allocation to blue-chip stocks [4] - Sun Quan's strategy involves identifying competitive companies within high-growth sectors, particularly in AI and renewable energy [5] - Jin Xiao Fei employs a top-down analysis to time market entries and exits, focusing on innovative pharmaceuticals and AI healthcare [6] Group 3: Fund Characteristics - The Jin Ying Technology Innovation fund has a total scale exceeding 72 billion, with a high concentration in technology stocks [3] - The Fu Guo fund managed by Sun Quan has a total scale of over 82 billion, with a significant portion in AI-related stocks [5] - The Peng Hua Medical Technology fund has a scale of approximately 44 billion, with a concentrated portfolio strategy [6] Group 4: Market Trends and Insights - The article highlights the importance of understanding market cycles and the specific stages of industries when making investment decisions [4][6] - Fund managers are encouraged to adapt their strategies based on market conditions, with a focus on long-term growth potential [5][6] - The performance of funds is closely tied to the ability of managers to identify and capitalize on emerging trends, particularly in technology and healthcare sectors [22]