鹏华碳中和基金在二季度再度出现大规模资金流动。该基金C类份额申购金额超过100亿份，同时赎回也达到93.6亿份。这种短期快进快出的资金流动模式， 反映出投资者对热门概念的追逐心理。相比一季度55.8亿份的赎回规模，二季度赎回金额显著增加，显示出市场情绪的快速变化。 基金在二季度的表现并不理想。C类份额净值增长率为负6.86%，明显跑输同期业绩比较基准的0.86%增长率。这一表现与一季度人形机器人概念的火热形成 鲜明对比，也解释了投资者大量赎回的原因。 尽管发生了较大幅度的调仓，基金的投资主线依然聚焦在机器人概念板块。这种调整反映出基金经理对机器人产业链内部结构的重新认识和配置优化。新进 入的重仓股在机器人产业链中占据不同环节，体现了对产业发展趋势的判断。 市场环境影响分析 基金经理闫思倩在二季报中分析了上半年市场环境的变化。全球重构的宏大叙事对市场产生较大影响，关税等政策不确定性给制造业产业链带来压力。家 电、工程机械、汽车、光模块、军工等行业面临挑战，特别是基本面不佳的光伏、锂电等行业，盈利实现更加困难。 这种外部环境的变化直接影响了基金的投资策略和持仓结构。制造业出海业务面临的不确定性，促使基金经理重新评 ...

Core Viewpoint - The public fund industry is experiencing a generational shift as veteran balanced fund managers retire, raising concerns about the ability of successors to maintain the established investment styles of their predecessors [1][4][12]. Group 1: Departure of Veteran Managers - Notable veteran fund managers like Zhou Haidong and Bao Wuke have left the public fund industry, leading to a scarcity of balanced fund managers [1][4]. - The successors of these veterans often have differing investment styles, which may not align with the balanced approach that characterized their predecessors' management [1][4]. - The transition of management styles is evident, as seen with the varied expertise of fund managers taking over Bao Wuke's products, including strengths in cycles, technology, and asset allocation [1][4]. Group 2: Industry Statistics and Trends - As of May 30, 2025, there are 3,850 public fund managers, but only 27.58% have over seven years of experience, and very few exceed ten years [6]. - The performance of veteran managers has been validated over time, with Zhou Haidong's representative product achieving an annualized return of 27.82% from 2019 to 2024, significantly outperforming the CSI 300 index [8]. - The market has seen a trend where only 14 products have achieved six consecutive years of positive returns since 2019, with eight of these managed by the departing veterans [8][9]. Group 3: Challenges Faced by Veterans - The public fund industry prioritizes scale, leading to a situation where veteran managers struggle to grow their fund sizes compared to more aggressive, growth-oriented products [12]. - Despite superior performance, veterans like Bao Wuke have not ascended to higher management positions, highlighting a disconnect between performance and career advancement [11][12]. - The combination of slow growth in fund size and limited career progression opportunities contributes to the departure of veteran managers seeking new challenges [12]. Group 4: Shift in Investment Styles - The investment landscape has shifted towards growth styles, with 76% of new fund products launched post-2019 being growth-oriented, while balanced styles have decreased to 18.58% [15][17]. - The emergence of successful growth fund managers has overshadowed balanced fund managers, making it difficult for the latter to gain recognition [18]. - The trend towards a more tool-oriented approach in fund management has led to a decline in the appeal of balanced fund strategies, as firms opt for specialized managers focusing on specific sectors [20]. Group 5: Future Outlook - The public fund industry faces a critical juncture, needing to decide on the investment styles that will resonate with investors moving forward [18][20]. - The scarcity of balanced fund managers poses a risk to the long-term stability and diversity of investment strategies within the industry [20][21]. - Historical lessons suggest that overly focusing on a single investment style can lead to rapid declines in performance, emphasizing the need for a balanced approach [20][21].

值得一提的是，排名第三与第七的人形机器人赛道基金，在今年1月初的资产规模均不足汇添富香港优势精选基金规 模的25%，但在人形机器人赛道热度吸引下，年初规模仍极为迷你的2只产品实现急速增长，使得汇添富香港优势精 选基金在规模上已只相当于2只产品的10%与25%，这显示出业绩或排名虽然对基金产品的规模吸金能力有正向贡 献，但并不是唯一因素，甚至也可能不是主要因素。 吸金能力差距巨大 尽管许多基金产品的业绩并不逊色于人形机器人赛道，但基于高弹性和市场话题热度，人形机器人赛道基金几乎成 为本轮市场的最大的吸金产品。 业绩遥遥领先的医药基金正头疼于基金的吸金能力，或艳羡于吸金规模后来居上的人形机器人赛道基金。 券商中国记者注意到，年内基金业绩排名第二且重仓医药股的汇添富香港优势精选基金，今年一季度规模增长仅 23%。而排名第一、第三、第七的产品均为重仓人形机器人赛道的基金，其一季度规模增长分别为10倍、51倍、27 倍。 以平安先进制造主题基金为例，该产品今年内的收益率为52.59%，但该产品规模从今年1月初的4900万元暴增到3月 末的近14亿元。这意味着许多在1月初资产规模尚无法赶超汇添富香港优势精选基金的产品，在 ...