在科技不断演进的时代里，人工智能正成为我国科技创新和经济发展的重要驱动力。面对这一趋势，中 欧基金基金经理冯炉丹选择以系统性框架来应对复杂的市场变化。她利用"3D"投资方法，试图在喧嚣 与波动中识别真正具备长期潜力的产业机会。在她看来，AI不仅是一项新技术，更是一种重构市场需 求和产业逻辑的力量。 公开信息显示，冯炉丹拥有9年从业经验，4年投资经验。复旦大学金融学硕士，2016年7月加入中欧基 金，2021年10月起管理公募产品，现任中欧新蓝筹（与周蔚文共管）、中欧数字经济（独自管理）基金 经理。 从冯炉丹的职业履历来看，横跨多个行业——有色、金融、传媒、计算机等。然而，自2018年起，她逐 渐将重心聚焦在科技成长板块，并深耕至今。谈及这一选择，她坦言，既有个人兴趣的驱动，也有理性 判断的支撑。"我个人是喜欢有变化的行业，喜欢新鲜的东西。"她坦率地说。比如在ChatGPT刚发布 时，她便第一时间上手体验，线上各种AI产品也都亲自试用。对变化的兴趣，不仅带来好奇心，更驱 动她对科技趋势的前瞻性思考。 她看重科技长期的成长性。"我希望找到真正具备数倍增长潜力的大趋势，而科技板块，是我认为最有 希望实现这一点的方向 ...

Core Viewpoint - The international silver price has surged significantly this year, with a cumulative increase of 35%, surpassing gold's performance, and reaching a 14-year high of over $39 per ounce on July 14 [1][12]. Group 1: Market Trends - Multiple banks have launched various silver investment products to capitalize on the rising silver prices [2][3]. - The Industrial and Commercial Bank of China (ICBC) has prominently featured a silver investment product called "Wealthy Blessing Silver Ingot" priced at 755 yuan for 50 grams, and a popular "Panda Silver Coin" set priced at 5,317 yuan for 30 grams each, achieving sales of over 7,000 sets [3][7]. - China Bank has introduced commemorative silver bars, with prices ranging from 598 yuan for 10 grams to 3,980 yuan for 200 grams [7]. Group 2: Investor Sentiment - Many investors are eager to invest in silver, but there is a noticeable disparity between the high demand for silver and the actual sales at bank branches, which remain relatively low [9][10]. - Despite the high price increase in silver, gold products continue to be more popular among investors, leading to limited inventory of silver products at banks [9][10]. Group 3: Market Dynamics - The recent surge in silver prices is attributed to several factors, including a tight supply of silver, significant inflows into silver ETFs, and a growing industrial demand that has resulted in a supply deficit of over 4,000 tons this year [12][13]. - Market analysts suggest that the rising risk appetite and expectations of interest rate cuts by the Federal Reserve have contributed to the bullish sentiment in the silver market [13].

Core Viewpoint - The article emphasizes the importance of providing comprehensive and warm financial services for the elderly in Shenzhen, particularly through the "Happiness+" pension financial brand of CITIC Bank Shenzhen Branch, which aims to enhance the quality of life for retirees and contribute to the city's development [1][2]. Group 1: Pension Financial Services - CITIC Bank Shenzhen Branch has opened over 100,000 personal pension accounts, significantly improving the coverage of the third pillar of pension [1]. - Since 2024, the bank has organized over 600 pension financial theme activities, contributing to the high-quality development of the pension industry and enhancing residents' welfare [1][2]. Group 2: "Six Ones" Service System - The bank has established a "Six Ones" service system, which includes "one account, one ledger, one set of products, one set of services, one team, and one platform," to simplify pension planning for clients [2]. - The intelligent "pension ledger" and "asset planning system" are key components of this system, providing clients with comprehensive pension solutions [2]. Group 3: Professional and Accessible Services - CITIC Bank focuses on cultivating a professional team for pension financial services, ensuring 100% coverage of pension policy knowledge among employees [3]. - The bank has implemented "age-friendly" renovations in its branches, equipping them with necessary facilities for the elderly, such as reading glasses and wheelchairs [3]. Group 4: Technological Empowerment - The bank has developed an intelligent "pension ledger" and "asset planning system" to enhance online and offline service integration, providing clients with efficient account management and planning tools [4]. Group 5: Community Engagement and Ecosystem Building - CITIC Bank actively engages in community services, conducting various activities to promote financial literacy among the elderly and enhance the warmth of financial services [5]. - The bank is extending its pension financial services by linking with medical and rehabilitation institutions, offering customized financial planning services for corporate pension clients [6]. Group 6: Innovative Business Models - The bank has introduced an integrated trust pension service model that combines insurance, trust structures, and pension services, addressing clients' needs for professional management of pension funds and wealth transfer [6]. - CITIC Bank is redefining its role in the pension sector as a comprehensive partner rather than just a product seller, actively promoting innovative products like smart elderly communities and long-term care insurance [6].

据了解，作为一家拥有20余年深厚底蕴的公募机构，泰信基金这些年在投研建设方面颇有成效。公司选 择以差异化突围破局，一方面坚持深耕硬科技，打造"产业级投研"能力，不断巩固增强在AI、半导体、 新能源车、生物医药、消费升级等新质生产力领域具备鲜明特色的投研优势。另一方面，构建绝对收益 产品矩阵，权益投资上加速布局量化策略，固收领域按收益率曲线及负债端稳定性梯度完善产品线，从 短债到"固收+"全覆盖。 近年来，随着公募行业头部效应日趋加剧，中小公司在发展中面临的挑战也愈发严峻。然而，总有一些 中轻量级的资管机构凭借自身特色，能够在同质化竞争如此激烈的环境下，开辟出一条公募"红海"的新 路径，泰信基金就是其中之一。也正是因为它们的存在，为市场注入了更鲜活的发展动力，也为广大投 资者提供了更多更优质的投资选项。 国泰海通证券的最新评价数据显示，截至2025.6.30，泰信基金近一年的权益类资产业绩在166家公募中 排名行业第4，而权益类超额收益（基金净值增长率减去业绩比较标准后的收益）更是高居行业第2。其 中，由其麾下基金经理董季周管理的泰信鑫选混合A及泰信中小盘精选混合两只产品，近一年同类排名 分列第1和第17，亮眼 ...

大家好，简单回顾下今天的市场动态。 A股震荡小幅下跌 7月16日，沪指震荡调整，创业板指冲高回落。截至收盘，沪指跌0.03%，深成指跌0.22%，创业板指跌0.22%。 医药股逆市走强，联环药业、力生制药等多股涨停。 两市共3278只个股上涨，67只个股涨停，1929只个股下跌。 机器人概念股反复活跃，上纬新材、浙江荣泰等多股涨停。 | 880005 涨跌家数 | | | | --- | --- | --- | | 其中 涨停 | | 67 | | 涨幅 > 7% | | 104 | | 涨幅 5-7% | 1 | 76 | | 涨幅 3-5% | | 256 | | 涨幅 0-3% | | 2842 | | 跌幅 0-3% | | 1784 | | 跌幅 3-5% | | 84 | | 跌幅 5-7% | | 38 | | 跌幅 > 7% | | 23 | | 其中 跌停 | | 8 | | 上涨家数 | | 3278 | | 下跌家数 | | 1929 | | 平盘停牌 | | 211 | | 总品种数 | | 5418 | | 总成交额 | | 14617.34亿 | | 总成交量 | | 109665 ...

Core Viewpoint - The public fund market is experiencing a positive trend, with multiple funds achieving over 100% net asset value growth in 2023, indicating strong performance in the healthcare sector, particularly in innovative pharmaceuticals [1][2]. Fund Performance - The Changcheng Pharmaceutical Industry Select Fund, managed by Liang Furui, has achieved a year-to-date net asset value growth of 102.52%, following the Huatai-PineBridge Hong Kong Advantage Select Fund, which also surpassed 100% [2]. - The fund's net value has accelerated in recent trading days, with increases of 3.17%, 2.58%, and 4.10% on July 11, 14, and 15, respectively [2]. - Over the past six months, the fund's growth reached 111.15%, leading among its peers [2]. Investment Focus - The fund's top ten holdings include companies such as 3SBio, Innovent Biologics, and Hotgen Biotech, with a significant focus on innovative drugs [2]. - Liang Furui indicated that the fund will continue to focus on innovative pharmaceuticals in the third quarter, particularly in areas of overseas licensing and domestic sales expansion [3]. Market Trends - The A-share and Hong Kong stock markets have shown strong performance, with the Shanghai Composite Index and Hang Seng Index surpassing key levels of 3,500 and 24,000 points, respectively [2]. - The innovative drug sector has outperformed, with an annual growth rate exceeding 36% [2]. Broader Fund Performance - As of July 15, the equity fund index has risen by 7.95% year-to-date, outperforming the CSI 300 Index by over 6 percentage points [4]. - Several other funds, including the Bank of China Hong Kong Stock Connect Pharmaceutical Fund, have also reported significant growth, with some exceeding 90% [4]. Future Outlook - Fund managers express confidence in the innovative drug sector, citing strong clinical data and ongoing commercialization efforts as key drivers for future performance [5]. - The Hong Kong Stock Connect Innovative Drug Index is expected to continue its rebound, supported by international collaborations and policy optimizations [6].

Core Viewpoint - The stock ETF market experienced a net outflow of 5.1 billion yuan on July 15, with mixed performance across A-share indices, as the Shanghai Composite Index slightly declined while the ChiNext surged by 1.73% [1][2]. Market Overview - As of July 15, the total scale of 1,140 stock ETFs in the market reached 3.66 trillion yuan, with a reduction of 1.692 billion units in total shares, translating to a net outflow of approximately 5.112 billion yuan based on average transaction prices [3]. - The largest net outflow was observed in broad-based ETFs, amounting to 9.31 billion yuan, with the CSI A500 Index ETF leading the outflow at 3.277 billion yuan [3]. Fund Performance - Specific ETFs that saw significant net outflows include the ChiNext ETF with 1.351 billion yuan, the CSI 300 ETF with 1.244 billion yuan, and the Artificial Intelligence ETF with 788 million yuan [3]. - Despite the overall outflow, certain products, particularly industry-themed ETFs and Hong Kong market ETFs, attracted inflows of 2.521 billion yuan and 1.627 billion yuan, respectively [5][7]. Investment Sentiment - Analysts noted that since July, the A-share market has shown signs of recovery, with the Shanghai Composite Index surpassing 3,500 points, leading some short-term investors to take profits [3]. - Looking ahead, BoShi Fund expressed optimism about the market's strong performance and suggested that the index may continue to rise, driven by liquidity and risk appetite [3]. Sector Recommendations - BoShi Fund recommended focusing on aggressive and flexible sectors such as technology growth and cyclical sectors that may benefit from stable growth policies, specifically highlighting media, computer, machinery, non-bank financials, real estate, food and beverage, and pharmaceutical industries [3][4]. Notable Inflows - The top inflow products included the Sci-Tech 50 ETF with over 900 million yuan, followed by the Hong Kong Securities ETF with 702 million yuan, and the National Semiconductor ETF with 537 million yuan [5][6]. - The top five sectors for inflows were the Dividend Index (1.43 billion yuan), Sci-Tech 50 Index (1.35 billion yuan), Semiconductor Index (1.32 billion yuan), Hong Kong Financial Index (870 million yuan), and Hong Kong Technology Index (820 million yuan) [5].

Market Overview - The overall market is experiencing a struggle around the 3500-point mark, with the Shanghai Composite Index closing at 3500.62 points, down 0.12% [2] - The total market turnover for the morning session was 927 billion, showing a significant decrease compared to the previous day [3] Financial Sector Performance - The financial sector, particularly banks and insurance companies, is underperforming, with major banks seeing declines. For instance, Xinhua Insurance dropped by 2.69%, and other major insurers also fell by over 1% [5][6] - Among 42 bank stocks, only China Bank remained flat, while others, such as Xiamen Bank, saw declines of nearly 4% [7] New Energy Sector Highlights - N Huadian New Energy (N华新) had a strong debut on July 16, with its stock price reaching a peak increase of 219.81% during trading, closing at 7.38 yuan per share, a rise of 132.08% [10][11] - The company raised 18.171 billion yuan through its IPO, with plans to invest in various renewable energy projects [11] Hong Kong Market Activity - In the Hong Kong market, Weiyali (威雅利) resumed trading with a dramatic increase, reaching a peak of 918.4% during the session, closing at 11 HKD per share, up 237.42% [12][13] - The stock had been suspended since September 30, 2024, and the recent surge followed the completion of a subscription that increased public shareholding [13]

Group 1 - The core point of the article is the appointment of Yang Lin as the new chairman of Zhongjia Fund, following the departure of the previous chairman, Xia Yuanyang, due to work arrangements [1][3] - Zhongjia Fund was established in March 2013 and is a bank-affiliated fund company, with Beijing Bank as its largest shareholder [1][7] - As of the end of the first quarter, Zhongjia Fund's non-monetary fund management scale exceeded 110 billion yuan [1][8] Group 2 - Yang Lin is the fourth chairman of Zhongjia Fund and has a background in Beijing Bank, where she held various senior positions [4][5] - The fund's product structure is primarily focused on fixed-income products, with bond fund scale reaching 112.42 billion yuan, accounting for over 98% of its non-monetary fund scale [10] - Zhongjia Fund faces challenges in expanding its equity fund scale and improving retail channel construction, as many of its equity funds are classified as "mini funds" with low asset sizes [10]

Core Insights - The article highlights the significant investment in the enterprise-level AI Agent sector, with Zhongshu Ruizhi completing a 200 million yuan A+ round of financing, setting a record for the largest disclosed financing in this niche in China [1] - The global AI Agent market is projected to grow from $5.29 billion in 2024 to $216.8 billion by 2035, with a compound annual growth rate (CAGR) of 40.15% during this period [2] - Zhongshu Ruizhi is recognized for its ability to implement AI Agents in large-scale enterprise scenarios, which is rare in the domestic AI and software market [2] Company Overview - Zhongshu Ruizhi, founded in 2020 and headquartered in Beijing, focuses on building a multi-agent self-evolution system that connects data assets with business processes, serving numerous central state-owned enterprises [3] - The company aims to enhance its research and development and market promotion through the recent financing, solidifying its leading position in the AI Agent industry [1] Industry Trends - The AI sector is transitioning from model capability competition to systematic application scenarios, with major companies like Alibaba and ByteDance entering the enterprise-level AI Agent space [2] - The Chinese government is promoting AI integration in state-owned enterprises, which is expected to drive the overall intelligent transformation of society [4] - Challenges such as data silos and low-quality annotations in the AI industry are acknowledged, with state-owned enterprises playing a crucial role in bridging these gaps [4] Technological Development - The need for enterprise-level AI Agents arises from the inadequacy of existing cloud infrastructure to support the increasing demand for intelligent agents [6] - Zhongshu Ruizhi's solutions emphasize the importance of scenario validation and a complete knowledge tracing system to provide reliable decision-making support [6] - The current phase of the AI Agent market is characterized by a focus on comprehensive technological application and engineering capabilities rather than just algorithmic innovation [7]