The performance ranking of the fund industry for the first half of the year has been announced: The "champion" rose over 85%, with the Beijing Stock Exchange, pharmaceuticals, and Hong Kong stock funds leading the way

2025 is an exceptionally challenging year for fund investments.

This year presents many opportunities and challenges. Theme funds such as AI, robotics, semiconductors, and large models are all thriving, while pharmaceuticals and new consumption have also led the trend for a period of time.

As of the evening of June 30, the top five funds with the best performance in the first half of this year include Hua Tian Fu Hong Kong Advantage Selected, CSC North Exchange Selected Two-Year Fixed Open Fund, Great Wall Pharmaceutical Industry Selected Fund, Huaxia North Exchange Innovative Small and Medium Enterprises Selected Fund, and Bank of China Hong Kong Stock Connect Pharmaceutical Fund. The net value return rates of these products have all exceeded 70%.

Following closely in sixth to tenth place are Yongying Pharmaceutical Innovation Smart Selection, GF Growth Navigation One-Year Holding, Huazhong Pharmaceutical Biology, Ping An Core Advantage, and Nuoan Selected Value. The return rates of these funds have also exceeded 61%.

These ten funds, with distinct styles and different investment focuses, have become the leading group in the industry, fully demonstrating the characteristics of a vibrant and unpredictable capital market in mainland China since 2025.

In such an era, those who can rank high in fund performance are not ordinary investment talents.

Leaders "Face Chart"

Looking at the leading fund managers in the first half of the year, most have a certain number of years of research and investment accumulation, with distinct investment styles, and are part of the new generation of fund managers in their prime.

The fund manager of Hua Tian Fu Hong Kong Advantage Selected, Zhang Wei, is a typical example. She holds a master's degree in biomedical science from Cornell University and has served as an assistant researcher in pharmaceuticals at Dongfang Securities, a pharmaceutical researcher, senior pharmaceutical researcher, and head of the pharmaceutical industry research group at Hua Tian Fu Fund. She began serving as a fund manager in March 2021 and achieved success in the first half of this year.

The fund manager of CSC North Exchange Selected, Leng Wenpeng, has a more convoluted career path. She holds a master's degree in finance from the Graduate School of the People's Bank of China and has worked in various research departments including Zhongji Investment, Huaxia Fund, Xinhua Fund, and Huatai-PB Fund since September 2005. It wasn't until eleven years later, in 2016, that she had the opportunity to become a fund manager at Western Gain, later joining Guoxin Investment, and eventually Xinhua Fund, until she joined CSC Fund in June 2023, achieving second place in the annual rankings with the North Exchange Fund.

Liang Furui from Great Wall Fund is the "third place" in the first half of the year. He started as a pharmaceutical researcher at Guangzhou Securities in 2018, joined Great Wall Fund in March 2019, and later became the fund manager of the Great Wall Pharmaceutical Industry Selected Fund. It has been proven that the young Liang Furui is a "blessing general"; he manages only one fund, but this fund secured third place in performance for the first half of this year.

Additionally, Gu Xinfeng from Huaxia Fund, Zheng Ning from Bank of China Fund, Chu Kefa, Shan Lin from Yongying Fund, Wu Yuanyi from GF Fund, Sang Xiangyu from Huazhong Fund, Zhou Sicong from Ping An Fund, and Tang Chen from Nuoan Fund are also among the outstanding young and middle-aged fund managers in the industry Many of them have their own specialized investment directions, particularly evident in their accumulation in the pharmaceutical field. As pharmaceutical fund managers who have felt immense pressure over the past four years, the performance explosion in 2025 serves as a reward for this group of fund managers' patience, perseverance, and refusal to give up.

Attached image: Top-performing equity funds in the first half of 2025

Equity Funds Achieve Highest Yield of Over 66%

The leading category of actively managed investments—ordinary equity funds—made a comeback in 2025, demonstrating their value through actual performance.

Among ordinary equity funds, the Hua'an Pharmaceutical Biotechnology Fund managed by Sang Xiangyu has seen a rise of over 66% since the beginning of the year, ranking first.

In addition, the Jia Shi Hu Rong Selected Fund managed by Hao Miao, the Ping An Pharmaceutical Selected Fund managed by Zhou Sicong, the Zhongyin Big Health Fund managed by Zheng Ning and Wang Fangzhou, the Fu Guo Pharmaceutical Innovation Fund managed by Zhao Wei and Wang Chao, the Ping An Advanced Manufacturing Theme Fund managed by Zhang Yin Xian, the Penghua Pharmaceutical Technology Fund managed by Jin Xiao Fei, the Fu Guo Pharmaceutical Growth 30 Fund managed by Sun Xiao Yue, the Dongfang Hong Medical Upgrade Fund managed by Jiang Qi, and the Dongwu Medical Service Fund managed by Mao Ke Jun have all entered the industry's top ten.

Among them, Hua'an Fund has one fund leading the pack, while Fu Guo and Ping An Funds each have two funds selected in the top ten ordinary equity funds, reflecting their considerable investment research strength.

Moreover, after years of absence, Dongfang Hong once again has a fund manager entering the industry's top ten, proving the company's potential in equity investment.

Attached image: Top-performing ordinary equity funds in the first half of 2025

Mixed Funds Have Many Paths

Compared to the relatively pure asset categories (mainly pharmaceutical and robotics industry funds) of ordinary equity funds, the leaders in mixed funds are much more complex.

For instance, the top mixed fund is the CITIC Construction Investment North Exchange Selected Two-Year Open-End Fund managed by Leng Wenpeng, which focuses on stocks from the North Exchange, differing completely from other funds' investment directions.

Similar situations include the Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open-End Fund managed by Gu Xinfeng.

In addition, the Great Wall Pharmaceutical Industry Selected Fund, Yongying Pharmaceutical Innovation Smart Selected Fund, GF Growth Navigation One-Year Holding Fund, Ping An Core Advantage Fund, Nuoan Selected Value Fund, and Wan Jia North Exchange Smart Selected Two-Year Open-End Fund have entered the top nine in the mixed fund rankings Champion of the First Half Zhang Wei managed another fund, Hua Tian Fu Health Life One-Year Holding Fund, which also entered the top ten in this category, with a growth rate of 57.95%, highlighting the fierce competition among mixed funds.

In addition to the aforementioned funds, Fu Juan and others managed Shenwan Hongyuan Lirong One-Year Fund, Song Jialing managed Hengyue Craftsmanship Preferred Fund, Zhang Jintao and Qi Zhen managed Huabao Big Health Fund, Ma Xiang and others managed Hua Tian Fu Beijing Stock Exchange Innovation Fund, and Li Bokan managed HSBC Jintrust Medical Pioneer Fund also made it into the top twenty mixed funds, with half-year returns exceeding 51%.

In the fiercely competitive mixed fund sector, making it into the top twenty is quite challenging, representing a performance that is almost one in a hundred.

Attached image: Mixed funds with high growth in the first half of 2025

Index Funds "Newcomers and New Products" Take the Lead

In terms of index funds, the first half of the year saw more newcomers and new products, with Hua Tian Fu, Yin Hua, Wan Jia and other ETFs leading in returns, while the largest companies in the industry for index products did not have any selections.

Among them, the Hua Tian Fu Guozheng Hong Kong Stock Connect Innovative Drug ETF, Yin Hua Guozheng Hong Kong Stock Connect Innovative Drug ETF, and Wan Jia Zhong Zheng Hong Kong Stock Connect Innovative Drug ETF ranked in the top three, with annual returns all exceeding 57%.

Following closely are the Invesco Great Wall Zhong Zheng Hong Kong Stock Connect Innovative Drug ETF, Fullgoal Hang Seng Hong Kong Stock Connect Healthcare ETF, Hua Tian Fu Guozheng Hong Kong Stock Connect Innovative Drug Link Fund, China Europe Zhong Zheng Hong Kong Stock Connect Innovative Drug Index Fund, E Fund Zhong Zheng Hong Kong Stock Connect Medical and Health Comprehensive ETF, Fullgoal Hang Seng Hong Kong Stock Connect Healthcare Link Fund, and Penghua Zhong Zheng Hong Kong Stock Connect Medical and Health Comprehensive ETF, all ranking in the top ten with growth rates exceeding 45%.

Attached image: Equity index funds with high growth in the first half of 2025

QDII Hides the Market Leader

The QDII fund produced the annual public fund champion in the first half of the year, but can proudly announce that the current QDII fund leaders are mainly funds investing in Hong Kong stocks, which is different from previous years where US stocks, gold, and other QDII products led the way.

As mentioned above, the Hua Tian Fu Hong Kong Advantage Selected Fund managed by Zhang Wei has seen a growth rate exceeding 85% since the beginning of the year, leading all QDII funds. Although this is a QDII fund, based on its historical regional allocation, it almost exclusively holds Hong Kong stocks.

Next, Huatai-PineBridge Hang Seng Innovative Drug ETF and GF Zhong Zheng Hong Kong Innovative Drug ETF have also seen growth rates exceeding 55% since the beginning of the year (the ranking of QDII funds is based on the latest net value and may vary) The fourth place, Yang Zhenxiao managed E Fund Global Pharmaceutical Industry RMB Fund, and the fifth place, Zhao Bei managed ICBC New Economy RMB Fund, both invested more in pharmaceutical stocks and Hong Kong stocks.

Attached image: QDII funds with high growth in the first half of 2025

Bond Fund Rankings Reflect "Stock Performance"

In 2025, the equity market has many opportunities, which are also reflected in bond funds, convertible bond funds, and some mixed secondary bond funds that dare to take on equity positions, leading the way again.

Li Qian managed Huashang Fengli Enhanced Open-End Fund, with a yield of 13.83%, ranking first among bond funds.

The yields of bond funds are closely "biting" each other. From second to fifth place are Li Bo managed China Europe Convertible Bond Fund, Guo Jun and Gao Hui managed Bosera Convertible Bond Enhanced Fund, Liu Xingwang managed Fortune Optimized Enhanced Fund, and Liu Wenliang managed Southern Changyuan Convertible Bond Fund, all with yields exceeding 12%.

Attached image: Bond funds with high growth in the first half of 2025

2025 was once considered a "challenging year" for Chinese funds, but unexpectedly showed better performance than the past two years.

This may hint that the next performance "spring" for public funds is not far away!

Risk Warning and Disclaimer

The market has risks, and investment requires caution. This article does not constitute personal investment advice and does not take into account individual users' specific investment goals, financial conditions, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific circumstances. Investment based on this is at one's own risk