今年以来，人形机器人、创新药等板块演绎了极致上涨行情。 在此影响下，公募基金市场呈现"主动权益基金赢得业绩、主题ETF赚足规模"的现象——主动权益基金 凭借个股挖掘能力实现了更大超额收益，主题ETF则凭借多重优势实现了在规模上对前者的碾压。 创新药ETF规模大增 近期，创新药板块行情持续强势演绎，推升相关基金产品业绩向好，"翻倍基"批量涌现。 7月29日，年内的"翻倍基"总数达到了17只，均为创新药主题基金，其中10只产品为主动权益基金，7只 产品为创新药主题ETF。具体来看，汇添富香港优势精选、长城医药产业精选、中银港股通医药、永赢 医药创新智选、华安医药生物等5只创新药主题基金占据了业绩榜前列，汇添富国证港股通创新药 ETF、万家中证港股通创新药ETF、广发中证香港创新药ETF、华泰柏瑞恒生创新药ETF、银华国证港 股通创新药ETF等ETF产品则紧随其后。 今年以来，人形机器人、创新药板块迎来了爆发性行情，率先布局其中的主动权益基金也实现了业绩一 骑绝尘——基金经理凭借精准选股和集中持仓，取得的业绩表现明显大幅领先于相关指数基金。 不过，主动权益基金虽赢得了业绩，但在规模扩张方面仍逊于相关ETF产品。从市 ...

随着科创板重启未盈利企业适用第五套标准上市并扩大适用范围、创业板启动第三套标准，支持人工智 能、商业航天、低空经济等更多前沿科技领域企业上市，国内商业航天企业正在密集闯关资本市场。 8月1日证监会网站显示，屹信航天在江苏证监局上市辅导备案，辅导机构为民生证券。无独有偶，蓝箭 航天空间科技股份有限公司（简称"蓝箭航天"）也在近日宣布启动科创板IPO辅导。 屹信航天成立于2018年1月，主要从事微小卫星星载测控通信产品及地面测控系统研发，并覆盖软件开 发、集成电路设计、卫星载荷及信息技术咨询等多元领域。 政策监管、技术突破与生态协同正合力推动中国商业航天高质量发展"加速跑"。中信建投指出，政策监 管层面明确，国家航天局7月21日发布商业航天全寿命周期质量新规，明确"终身追责制"与高风险项目 独立评估，倒逼企业从"野蛮生长"转向技术与管理双轮驱动，加速行业洗牌。技术方面，垣信卫星 13.36亿元发射服务招标（一箭18星/10星）释放组网加速信号。在生态协同扩容上，国家航天局主导的 商业航天创新联合体7月22日开放50家成员准入，以"技术共研—数据共享—风险共担"机制补全产业链 短板。 中信建投指出，我国国有、民营企 ...

推动人工智能化"盆景"为"风景"、化"亮点"为"底色"，要求我们超越对技术本身的迷恋，回归"技术为人 服务、为发展赋能"的本质。相信只要牢牢牵住应用这个"牛鼻子"，通过海量、多元、真实的场景锤炼 技术成熟度，依托庞大市场形成数据飞轮效应，利用完备产业链实现技术快速迭代与成本优化，我们将 在全球人工智能竞争中走出一条以应用牵引创新、以规模驱动普惠的中国道路。 （文章来源：证券时报） 近日，国务院常务会议审议通过《关于深入实施"人工智能+"行动的意见》，明确提出"要深入实施'人 工智能+'行动，大力推进人工智能规模化商业化应用"，"推动人工智能在经济社会发展各领域加快普 及、深度融合，形成以创新带应用、以应用促创新的良性循环"。这一顶层设计，吹响了"人工智能+"行 动向深度应用、全面融合进军的号角，表明我国人工智能发展正从技术探索期迈入规模化落地的深水 区。 此次审议通过的《意见》，精髓和重点在于"应用"二字，核心策略是牵住应用这个"牛鼻子"，让人工智 能加速赋能千行百业，与实体经济深度融合。一方面，这是因为应用是检验技术的试金石和推动技术发 展的动力源泉。如果不能解决真实问题，再先进的技术也如同无根之木、无源之 ...

Core Viewpoint - The public fund industry is experiencing a resurgence in 2025 after a prolonged period of stagnation, with over 90% of actively managed equity funds achieving positive returns this year, indicating a potential recovery in investor confidence [1][2]. Group 1: Fund Performance - Active equity funds have seen an average return exceeding 13% year-to-date, with a significant number of products doubling their performance, including 17 funds achieving returns over 140% as of July 29 [2]. - Over 800 active equity funds reached historical net asset value highs in the past month, reflecting a strong recovery in short-term performance [2][3]. - Despite some funds still recovering from previous losses, the overall performance improvement is expected to support long-term growth [2]. Group 2: Fund Manager Sentiment - Fund managers are increasingly optimistic, raising stock positions and focusing on core holdings, with some increasing their stock allocations by 5 to 8 percentage points [5][6]. - A notable shift in investment strategy is observed, with managers concentrating their portfolios, as seen in the increase of top ten holdings' concentration from around 50% to nearly 60% [6][7]. - Fund managers are favoring sectors with clear growth potential, particularly in technology and high-end manufacturing, as they anticipate improving profit growth in the latter half of the year [5][7]. Group 3: Fund Issuance and Market Dynamics - The positive performance of funds has led to a noticeable increase in the pace of new fund issuance, particularly in equity funds, with a significant rise in marketing efforts [8][9]. - In June, 155 new funds were established, marking a near-record high, with July seeing 135 new fund launches, indicating a robust recovery in the fund issuance market [9][10]. - Despite the overall positive trend, not all funds are equally favored, with passive investment products gaining more traction than actively managed equity funds [10].

Core Viewpoint - The article emphasizes the increasing recognition among investors of the importance of global asset allocation to diversify risks and enhance multiple sources of returns in the context of declining domestic interest rates [1]. Group 1: Fund Overview - The Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF was officially launched on August 4, managed by Chief Investment Officer En Xuehai and Fund Manager Wu Chunjie, with En having nearly 30 years of investment research experience [1]. - The fund aims to explore a new "fixed income plus" solution for the Chinese market through a strategy of "bond foundation + overseas diversified asset enhancement" [1]. Group 2: Strategic Framework - The fund's allocation framework is based on a long-term capital market assumption (LTCMA) system, which has been tested and refined over 29 years, providing guidance for strategic asset allocation by predicting the risk-return characteristics of various asset classes over the next 10-15 years [2]. - En Xuehai noted that the combination of "bond foundation + overseas diversified assets" has a lower correlation than a simple "stock-bond mix," effectively reducing overall portfolio volatility [2]. Group 3: Risk Diversification - A rigorous screening mechanism has been established to select funds, with a focus on a "core + satellite" strategy for bond investments, selecting actively managed bond funds as core holdings while using bond ETFs for flexible adjustments [3]. - The screening process involves three layers: initial screening to eliminate low-scale and high-concentration funds, behavioral scanning to identify stable duration and credit characteristics, and platform validation to ensure strong active management capabilities [3]. Group 4: Equity Investment Strategy - For equity investments, a "quantitative first, qualitative second" screening system has been established, employing a combination of holding and net value analysis for domestic active equity funds, while monitoring premium rates and liquidity indicators for QDII products [4]. Group 5: Investor Education - The core value of FOF is to allow investors to focus on matching their risk preferences while leaving the rest to professional allocation, emphasizing the importance of understanding one's risk tolerance rather than merely selecting funds [6]. - En Xuehai believes that the current global environment of continued monetary easing and fiscal stimulus is likely to improve risk appetite, with expectations of rising inflation in the U.S. and a stable domestic market [6].

彭雷旸还说到，相关机构手上目前已储备不少景区类项目，但由于构建经营权以及入池资产范围等问题 难以妥善处理，至今尚未看到景区类落地项目。这些问题会拉长每单公募REITs的周期，也是各机构所 要考虑的"成本收益匹配"问题。 中航证券资管发展部总经理彭雷旸表示，截至目前二级市场的REITs产品已有70只左右，涵盖到保租 房、仓储、交通、能源、消费、园区等资产。在这过程中，相关政策先后鼓励了新能源、保障性住房、 5A和4A级景区、消费基础设施、养老等资产申报发行。但从他亲身参与的实践经验来看，个别资产存 在特有问题，后期同类资产模式不一定完全可参照。在前期经验基础上，通过个案分析从中提炼出共性 经验，逐步形成可推广、可复制的参考经验，进而把细分领域的资产规模逐步做大，是公募REITs从业 者需要进一步思索的问题。 中航京能光伏REIT是新能源领域的首批REITs项目之一。彭雷旸提到，当时很多新能源项目存在50%至 60%的国补资金，但这些国补资金到账会存在滞后时间。"我们的挑战在于，如何把不确定的现金流变 成平缓、相对每年能够确定的现金流。如果这个不能保证，投资人分红率的稳定性就会受影响。此外， 光伏项目所在地大部分 ...

代理见证开户业务为港澳居民在内地求学、就业、生活提供了更加便捷的支付服务，促进了大湾区金融 互联互通。目前，共有中国银行等8家银行参与港澳居民代理见证开户业务。截至2025年6月末，共开立 个人银行账户47.2万户，交易金额超过400亿元。据中国银行介绍，该行自2019年首发推出的"大湾区开 户易"已累计服务数十万港澳客户。 随着"北上"旅游、置业、养老的规模不断增长，港澳居民在大湾区内活动半径扩大至更多城市，对扩大 业务办理城市范围提出需求。在此背景下，7月30日起，中国人民银行广东省分行推动将港澳居民代理 见证开户业务拓展到佛山、惠州、东莞、中山、江门、肇庆6个大湾区城市，加上已开办业务的广州、 深圳、珠海，实现了粤港澳大湾区内地城市全覆盖。 多家银行随之实现代理见证开户服务的升级，据中国银行反馈，服务升级政策落地当天就有港澳居民在 香港、澳门的中国银行指定网点办理业务。目前，港澳居民只需携带港澳永久性居民身份证及港澳居民 来往内地通行证，前往港澳地区见证网点即可办理开户。 日前，港澳居民代理见证开户业务完成粤港澳大湾区全覆盖，符合条件的港澳居民无需亲自前往内地， 即可在见证银行网点申请开立大湾区全域范围 ...

Group 1 - In July, the enthusiasm for subscribing to newly issued public funds continued to rise, with 135 new funds raising a total of 104.868 billion yuan, marking the second highest monthly fundraising scale this year [1] - The floating fee rate reform significantly boosted the new fund market, with the first batch of 26 floating fee rate funds raising 25.865 billion yuan and achieving 261,500 effective subscriptions [1] - Several fund products leveraged policy benefits and market trends to achieve rapid fundraising, including 10 sci-tech bond ETFs that collectively raised 28.99 billion yuan in just one day [1] Group 2 - The A-share market recovery and increased investor risk appetite led to a quick fundraising for mixed funds, with 23 new mixed funds raising a total of 10.181 billion yuan in July [2] - The fund issuance in July can be summarized as "structural differentiation and innovation leadership," with both bond and equity funds driving growth, particularly in sci-tech bond ETFs and ESG themes [2] - The rapid fundraising of multiple products reflects institutional investors' recognition of bond asset allocation value and indicates a stabilization in the equity market [2]

Core Viewpoint - The article highlights the booming popularity of Pop Mart's products, particularly the LABUBU series, amidst challenges related to supply capacity and the rise of counterfeit goods in the market [1][9]. Group 1: Market Demand and Sales Dynamics - The summer season has seen a surge in customer traffic at Pop Mart stores, particularly among students, leading to increased spending by parents [2]. - LABUBU products are not available for direct purchase in stores; instead, customers must participate in online flash sales, which have proven to be highly competitive and difficult to navigate [2][3]. - The combination of high market demand and limited online purchasing opportunities has led to the emergence of scalpers, who quickly buy up stock and resell it at a premium [3][4]. Group 2: Counterfeit Goods and Market Challenges - The proliferation of counterfeit products has become a significant issue, with some sellers openly advertising fake items, while others create convincing replicas that are sold at high prices [6][8]. - Pop Mart has faced challenges in combating counterfeit goods due to the vast number of third-party sales channels and the rapid emergence of unauthorized sellers [8]. - The company has issued warnings about the risks associated with purchasing from unofficial channels, emphasizing the difficulty in verifying product authenticity [8]. Group 3: Financial Performance and Market Outlook - Pop Mart's strong sales performance has led to a dramatic increase in revenue and profit forecasts, with expected revenue growth of at least 200% and net profit growth of at least 350% for the first half of 2025 [9]. - The company's stock price has seen significant appreciation, reaching a historical high of 283.4 HKD, with a market capitalization that briefly surpassed 380 billion HKD [9]. - Analysts remain optimistic about Pop Mart's long-term growth potential, citing its robust retail business model and competitive advantages in the market [9][11].

在杨默看来，公募REITs的资产筛选还要讲求"战略卡位"。公募REITs的核心价值在于搭建上市平台，长 久的生命力在于持续扩募、并购，构建融资机制，形成存量带动增量的良性循环。其中，扩募的基础源 自战略资源、战略地域、战略企业三重卡位。国家战略指引着资源配置的方向，也决定着基础设施的需 求逻辑。布局在国家和人民真正需要的行业，不仅能获得稳定的政策环境，更能分享行业成长红利。 银华基金基础设施投资部总监、REITs投资经理杨默的主旨演讲，围绕公募REITs资产筛选主题展开。 她表示，公募REITs是一场马拉松，参赛者的参赛资格是公募REITs项目的合规性。公募REITs对项目有 着严格的合规性要求，这是为了事先排除资产风险隐患，避免上市后因权属瑕疵引发纠纷，影响持有人 利益和二级市场信心。 在合规基础上，杨默认为高质量的公募REITs资产会持续获得市场认可。资产质量可从三个维度筛选： 一是资产的物理状态，如工程规划理念、使用年限、施工质量、设备设施良好程度等。二是供需关系， 在存续期内持续具备稀缺性的资产，更能产生较强溢价能力和收入预期。三是公司治理。即便是当下经 济效益好的项目，如果没有完善规范的治理体系，也 ...