The mid-year close of public offering funds: there are over 200 active equity funds that have doubled their net value, and ETF capital is shifting across investment tracks.
The sense of disconnection that "a correct choice leads to a bull market, while a wrong one leads to a bear market" has also spread to the movement of fund net values and ETF funds.
In the just - concluded first half of the year, the market ended with extremely polarized trends: on one hand, the hard - tech sectors represented by semiconductor equipment, AI computing power, and optical modules repeatedly reached new highs; on the other hand, traditional sectors such as consumption, medicine, and finance continued to be under pressure.
This has led to a huge difference in the profit - making experience for investors in the same market. According to the Wind secondary industry index, the semiconductor sector, which led the market in the first half of the year, soared by 105.06%, while the consumer services and daily consumer retail sectors at the bottom of the list both declined by more than 28%.
The sense of disconnection that "a correct choice leads to a bull market, while a wrong one leads to a bear market" has also spread to the movement of fund net values and ETF funds.
Funds associated with the technology sector have seen a sharp rise. According to Wind statistics, as of June 30, 245 "doubling funds" emerged in the public fund industry in the first half of the year, with the highest - performing one surging by more than 180%. However, the performance of funds heavily invested in traditional sectors was dismal, with 136 funds declining by more than 30%. Among them, the ETFs tracking the "Hong Kong Stock Connect Internet" index ranked at the bottom.
ETF funds have also quickly shifted, withdrawing from mainstream broad - based indexes and flowing into the technology sector. The ETF scales of the five mainstream broad - based indexes, namely CSI 300, SSE 50, CSI 1000, CSI 500, and CSI A500, all shrank by more than 100 billion yuan in the first half of the year. The semiconductor materials and equipment, communication equipment, and science and technology innovation chip indexes became the top three in terms of scale growth, attracting 70.089 billion yuan, 45.38 billion yuan, and 43.011 billion yuan respectively.
The Carnival of Technology - themed Funds
In this round of technology market, actively managed equity funds have regained the performance leadership, outperforming passive index funds overall.
Wind data shows that among the 245 funds with doubled performance in the first half of the year, only 44 were index products. In other words, actively managed equity funds contributed more than 80% of the "doubling funds".
When the market's profit - making effect is prominent, the threshold for performance ranking has also risen. To enter the top ten of the actively managed equity fund list in the first half of the year, the rate of return must exceed 157%.
The competition for the mid - year champion was once fierce, and the winner was not determined until the last two trading days. The original favorite, Caitong Multi - Strategy Fuxin managed by Jin Zicai, ranked first with a year - to - date return of 182.51% on June 25, 6.74 percentage points higher than Founder Fubang Core Advantage managed by Wu Hao.
However, after just one trading day, the gap between the two narrowed to 0.51 percentage points. On June 29, the performance of Caitong Multi - Strategy Fuxin declined, while Founder Fubang Core Advantage reversed the situation and took the lead by 16.12 percentage points, holding the top position until the end and winning the champion of actively managed equity funds in the first half of the year with a return rate of 183.67%.
Looking at the first - quarter report of Founder Fubang Core Advantage, the top ten holdings mainly focused on the semiconductor sector. When interviewed by the media, Wu Hao reviewed: "In this wave of the AI boom, the main market trend presented three stages: 'computing power → storage power → transmission power'. I started to track, verify, and iterate roughly last year."
Wu Hao mentioned that at the end of last year and the beginning of this year, when the market was still debating whether the computing power infrastructure was in excess, his focus had gradually shifted to "storage power". Because at that time, the storage industry chain was at the bottom of the industrial cycle, combined with the start of the "super - cycle" driven by AI, the supply - demand pattern and industrial trend were obvious, and the entire storage industry chain had a high probability of becoming the carrier of a boom.
Although Jin Zicai lost in the mid - year race, all 7 products he managed achieved doubled returns in the first half of the year, and 3 of them entered the top ten of actively managed equity funds. He was also the most popular fund manager in the first half of the year. His Caitong Multi - Strategy Fuxin, Caitong Ingenuity Selection One - year Holding, and Caitong Prosperity Selection One - year Holding ranked second, sixth, and tenth respectively, with return rates of 172.94%, 161.32%, and 157.55%.
Yan Kai had two products enter the top ten of the list. Orient Huixin ranked third with a return rate of 167.25%, and Orient Artificial Intelligence Theme ranked fourth with a return of 166.72%. Huian Trend Power managed by Chen Siyu followed closely, ranking fifth with a return rate of 163.21%.
In addition, Orient Alpha Technology Smart Selection managed by Liang Shaowen, Soochow Value Growth managed by Zhang Haojia, and Huaxia Silver IC managed by Fang Jian ranked seventh, eighth, and ninth respectively, with year - to - date return rates of 159.27%, 158.28%, and 157.97%.
ETF Funds Switch Sectors
As a tool - type product tracking indexes, the performance trend and fund movement of ETFs can intuitively reflect the popularity of different sectors.
The 44 ETFs with doubled returns in the first half of the year are closely related to the two keywords of semiconductors and chips. Among them, the products tracking the "Science and Technology Innovation Semiconductor Materials and Equipment" index led the performance. The Science and Technology Innovation Semiconductor Equipment ETF Penghua, Science and Technology Innovation Semiconductor ETF Huaxia, and Science and Technology Innovation Semiconductor Equipment ETF Huatai - Peregrine had return rates of 171.35%, 170.97%, and 169.51% respectively in the first half of the year.
A group of ETFs tracking the "Hong Kong Stock Connect Internet" index ranked at the bottom, with year - to - date declines of more than 30%. The bottom three were the Hong Kong Stock Connect Internet ETF Huaxia, Hong Kong Stock Connect Internet ETF Guotai, and Hong Kong Stock Connect Internet ETF E Fund, with declines of 41.72%, 39.81%, and 38.1% respectively.
As the structural market has intensified, ETF funds have quickly shifted, withdrawing from mainstream broad - based indexes and flowing into the technology sector.
Wind data shows that the ETF scales of the five mainstream broad - based indexes, namely CSI 300, SSE 50, CSI 1000, CSI 500, and CSI A500, all shrank by more than 100 billion yuan in the first half of the year, with decreases of 923.551 billion yuan, 158.206 billion yuan, 150.796 billion yuan, 122.208 billion yuan, and 111.667 billion yuan respectively. The semiconductor materials and equipment, communication equipment, and science and technology innovation chip indexes became the top three in terms of scale growth, attracting 70.089 billion yuan, 45.38 billion yuan, and 43.011 billion yuan respectively.
Broad - based indexes were once the darlings of funds. At the end of 2025, there were 7 ETFs with a scale of over 100 billion yuan in the market, namely the CSI 300 ETF Huatai - Peregrine (422.26 billion yuan), CSI 300 ETF E Fund (299.851 billion yuan), CSI 300 ETF Huaxia (228.654 billion yuan), CSI 300 ETF Harvest (197.122 billion yuan), SSE 50 ETF Huaxia (175.921 billion yuan), CSI 500 ETF Southern (144.691 billion yuan), and ChiNext ETF E Fund (100.43 billion yuan).
Just half a year later, by the end of June this year, there were no more ETFs with a scale of over 100 billion yuan. The CSI 300 ETF Huatai - Peregrine is still the largest ETF, but its scale has shrunk to 94.871 billion yuan.
Compared with the dominance of broad - based indexes at the end of 2025, the list of the top ten ETFs in terms of scale has quietly changed: on one hand, only the CSI 300 ETF Huatai - Peregrine, Gold ETF Hua'an, and Huabao Tianyi ETF remain on the list; on the other hand, the types of short - listed products are more diverse, including broad - based indexes such as CSI 300 and Science and Technology Innovation 50, as well as products related to gold, money funds, and bonds, and industry - themed ETFs such as securities and communication.
This article is from the WeChat official account "Finance" (ID: mycaijing), author: Jiang Jinli, editor: Jiang Shizhou, published by 36Kr with authorization.