Group 1 - The company expects to achieve a net profit of 250 million to 280 million yuan for the first half of 2025, representing a year-on-year growth of 14.39% to 28.12% after deducting non-recurring gains and losses [1] - The forecasted net profit attributable to shareholders is estimated to be between 260 million and 300 million yuan, with a year-on-year increase of 9.2% to 26% [1] - The company plans to repurchase shares using its own funds and a special loan for stock repurchase, with a total amount not less than 80 million yuan and not exceeding 100 million yuan [1] Group 2 - The repurchase price will not exceed 6.6 yuan per share, with an estimated repurchase quantity of approximately 15.15 million shares, accounting for about 0.88% of the current total share capital [2] - The estimated repurchase quantity could be around 12.12 million shares, representing about 0.70% of the total share capital, based on the lower limit of the repurchase funds [2] - The funding for the repurchase will come from the company's own funds and a special loan, with a commitment from China Everbright Bank to provide up to 90 million yuan for the stock repurchase [2]

Core Insights - The article discusses the transformation of Tianhong Fund's investment research system through the TIRD platform, which aims to address the challenges faced by the public fund industry and enhance investor returns [1][3][4]. Group 1: Industry Challenges - The public fund industry is facing five major pain points: reliance on individual fund managers, lack of systematic research management, inadequate management skills among star managers, misalignment of talent assessment mechanisms, and insufficient training for digital research talent [2][3]. - The traditional model of the public fund industry has led to a negative cycle that harms investor experience and restricts long-term healthy development [2]. Group 2: Regulatory Changes - The issuance of the "Action Plan" in May 2023 marks a systemic reform in the public fund industry, shifting focus from scale to investor returns [3]. - The plan emphasizes three key linkages: fund performance must align with shareholder interests and actual investor experiences, equity fund operations should be measured against performance benchmarks, and the evaluation of fund management companies should consider the overall development of equity funds [3]. Group 3: TIRD Platform Development - The TIRD platform was developed to create a scientific investment system characterized by process standardization, platform-based decision-making, and intelligent key nodes [4][5]. - The platform aims to enhance communication between research and investment, improve efficiency, and ensure rigorous quality control of fund products [5][6]. Group 4: Future Directions - The TIRD platform is expected to evolve by expanding asset categories, deepening AI applications, and implementing modular data governance [6]. - The company aims to integrate investment research with wealth management services, providing continuous client support and education [6][7]. Group 5: Investment Philosophy - The company emphasizes a "knowing when to stop" mentality and a "craftsmanship spirit," advocating for responsible growth and a focus on long-term investment strategies rather than short-term gains [7]. - The integration of modern technology with traditional investment practices is seen as essential for breaking the industry's reliance on luck and achieving high-quality development [7].

"让过去、现在、未来的业绩表现高度稳定，让投资者所见即所得。"这是中金基金量化指数部执行负责 人、基金经理王阳峰最想做的事情。 王阳峰的具体做法是，结合基本面和技术面，融合工程控制论和人工智能大数据的前沿技术，开发全频 段、多模态的线性和非线性策略，运用最优控制、自适应控制等方法对投研流程进行全生命周期精细化 管理。在投资风格上，他通过均衡配置和分散持仓，严格约束市场、行业、风格和个股风险，控制组合 相对于基准的偏离，追求稳定可持续的超额收益。 "根据合同约定，我们的指增基金要求指数成分股占基金非现金资产的80%以上，即至少80%要在指数 成分股范围内选择，全市场选股的比例低于20%。"王阳峰表示，要赚到指数的市场收益（贝塔），量 化指增基金需要常年保持较高仓位，减少择时操作；同时，持仓锚定指数，在行业权重、市值权重等方 面大体对标指数，但又不完全复制指数成分股。这样既控制了产品与基准指数的偏离度，又为获取超额 收益留出了空间。 这位从清华数理基科班走出的量化投资人，致力于将钱学森在《工程控制论》中开创的系统工程管理方 法应用于投资实践。他通过建立一套科学严谨的投研流程，设计出能够抵抗不确定性风险和各类干扰因 ...

□本报记者 张韵 从7月7日首发，到当天全部结束募集，再到7月10日全部成立，首批科创债ETF的发行节奏堪称火速。 据统计，这批基金合计募资规模达289.9亿元，多只产品募资金额触及30亿元规模上限，部分基金更是 启动比例配售。 10只基金全部一天结募 回顾首批科创债ETF的发行，从上报发行材料获接收到基金成立，全程耗时不到一个月。6月18日，10 只基金的上报材料获接收；7月2日，10只基金获批发行；7月7日，10只基金开启首发。值得注意的是， 原本只有7只产品定档为当天结束发行。最后，另外3只基金宣布提前结募，也就是说，10只基金全部仅 一天完成首发募集；7月10日，10只基金全部成立，合计募资近290亿元。 据了解，首批科创债ETF共包括10只基金，分别挂钩三类科创债指数，富国基金、南方基金、招商基 金、华夏基金、易方达基金、嘉实基金6家基金公司旗下科创债ETF跟踪中证AAA科技创新公司债指 数；博时基金、广发基金、鹏华基金旗下科创债ETF跟踪上证AAA科技创新公司债指数；景顺长城基金 旗下科创债ETF则跟踪深证AAA科技创新公司债指数。 其中，科创债ETF富国、科创债ETF博时在首募期间均募资超过30 ...

Core Insights - The article emphasizes the importance of a scientific quantitative system in navigating the unpredictable financial world, advocating for a macro strategy that acknowledges the inability to predict macro risks while effectively managing asset allocation through a self-developed macro scenario probability model [1][2] Group 1: Macro Strategy Development - Lianhai Asset has developed a systematic macro strategy that adapts to China's major asset classes, achieving a high Sharpe ratio and low drawdown, thus creating a strategy that can traverse economic cycles [1] - The macro strategy incorporates a risk parity approach influenced by Bridgewater's all-weather strategy, categorizing assets into four major classes: recovery, overheating, stagflation, and recession, with typical and atypical states for each [1][2] Group 2: Local Adaptation of Strategies - Lianhai Asset has localized the all-weather strategy by deeply dissecting risk factors, moving beyond traditional volatility measures to analyze the sources of volatility in domestic assets [2] - The firm redefines structured samples using macro scenario probabilities instead of expected differences, allowing for a more dynamic asset allocation based on current economic conditions [2] - The strategy prioritizes drawdown control, emphasizing maximum drawdown as a critical optimization factor alongside the Sharpe ratio, aiming to enhance the investment experience across different cycles [2] Group 3: Current Macro Environment - The current macro environment in China is characterized as atypical, with weak consumer demand despite strong production, leading to unclear profit-making logic across stocks, bonds, and commodities [3] - The macro strategy has gained prominence, with notable performances from both Bridgewater and local private equity managers, highlighting Lianhai Asset's early commitment to macro strategies and its team of experts from top institutions [3][4] Group 4: Challenges in Macro Strategy - Lianhai Asset faces three main challenges in implementing macro strategies in China: the significant impact of policy variables on economic laws, data quality limitations affecting modeling accuracy, and the misalignment of domestic and global macro cycles [5][6] - The market share of macro strategies in China is currently low at around 2%, indicating substantial growth potential as the domestic market matures and beta returns become more prominent [6]

Core Insights - Temasek's investment portfolio net worth reached SGD 434 billion for FY2025, marking an increase of SGD 45 billion from the previous fiscal year, achieving a historical high [1] - The one-year shareholder return rate for Temasek was 11.8%, with 20-year and 10-year annualized returns at 7% and 5% respectively [1] Investment Strategy - Temasek has maintained a long-term investment philosophy, focusing on resilient assets with good cash flow that can withstand market cycles [2] - The company has consistently overweighted Chinese assets, with a slight decrease in the proportion of Chinese assets in the portfolio from 19% to 18%, but the net value of these assets increased by over SGD 4 billion [2][3] Market Outlook - Temasek emphasizes the importance of long-term investment returns over short-term performance, especially in a complex market environment [2] - The company believes that the global trend of globalization will not reverse, and that trade protectionism reflects economic imbalances that need to be addressed [4] Chinese Market Focus - Temasek's investment focus in China includes sectors such as TMT (Technology, Media, and Telecommunications), life sciences, advanced manufacturing, and new consumption [3][5] - The company recognizes the significant shift in Chinese companies' competitive advantages, moving from labor to engineering and now to research and development [3] Consumer Brand Development - Temasek views the rise of new Chinese consumer brands as a significant trend, noting that Chinese products are entering a new era of brand premium [5] - The emotional value of brands is highlighted, with examples of Chinese brands gaining international recognition and establishing a strong market presence [5] Policy Impact on Consumption - Recent macroeconomic policies in China have positively influenced consumer confidence and spending, with direct and indirect effects on consumption [6] - The company notes that a robust capital market and a high-quality development framework are essential for sustaining consumer growth [6] Valuation Perspective - Current valuations of Chinese assets are considered reasonable, with potential for further recovery as corporate fundamentals improve [7] - Temasek continues to invest in early-stage companies, particularly in China, while focusing on quality projects rather than broad diversification [8] Investment Vehicle Development - Temasek established a dedicated team for early-stage investments and launched a private equity fund,淡明资本, to focus on early investments in life sciences in China [8][9] - The fund aims to expand its currency base from USD to RMB, maintaining a strategy aligned with Temasek's investment philosophy [9]

Core Viewpoint - The surge in bank stocks is driven by a combination of policy benefits and significant institutional capital allocation, leading to a remarkable performance that outpaces other sectors, including technology [1][4]. Group 1: Market Performance - The China Securities Bank Index has increased over 35% in the past year, outperforming the Nasdaq Index, and has become one of the leading indices in the global capital market [1][2]. - As of July 10, 2023, the Shenwan Bank Index has risen 18.38% since 2025, ranking first among 31 primary industries, with an excess return of over 14 percentage points compared to the CSI 300 Index [1][2]. - Individual bank stocks have shown extreme differentiation, with Qingdao Bank leading the A-share banking sector with a rise of over 38% this year [2]. Group 2: Investor Sentiment - Retail investors are increasingly shifting their focus from technology stocks to bank stocks, with some expressing a sense of relief after switching investments [2][3]. - There is a notable shift in the perception of value investing among retail and private equity investors, with many now favoring bank stocks over previously popular sectors [2][3]. Group 3: Fundamental and Financial Drivers - The rise in bank stocks is attributed to a "double engine" of fundamental logic and financial support, with high dividend yields attracting long-term capital [4][5]. - Approximately half of the listed banks have dividend yields exceeding 3%, significantly higher than one-year fixed deposit rates and ten-year government bond yields, creating a "certainty premium" [4]. - Predictions indicate potential further reductions in LPR and reserve requirement ratios, which would enhance the appeal of bank stocks due to their high dividend characteristics [4][5]. Group 4: Institutional Investment Dynamics - Insurance capital has significantly increased its holdings in bank stocks, with over 278 billion shares valued at more than 260 billion yuan, making it the largest sector for insurance investments [5][6]. - Passive funds have also contributed to the rise of bank stocks, with net inflows exceeding 500 billion yuan into funds related to the CSI 300 Index in 2024, of which bank stocks accounted for about 15.7% [5][6]. - Active equity funds still have room to increase their holdings in bank stocks, with current allocations at 3.75% [6]. Group 5: Market Structure and Future Outlook - The current structure of bank stock holdings is characterized by a rare combination of long-term funds and institutional dominance, differing from previous market trends [6][7]. - The market is experiencing a self-reinforcing mechanism driven by investor anxiety and quantitative strategies, which may lead to volatility in bank stock prices [6][8]. - Despite the current enthusiasm, some investors are preparing for potential short-term fluctuations, indicating a cautious outlook on the sustainability of the bank stock rally [8].

□本报记者 王宇露 上周市场上涨，中证新华社民族品牌工程指数上涨1.78%，报1679.33点。阳光电源、泰格医药、康泰生 物等成分股上周表现强势；今年以来，信立泰、药明康德、安集科技等成分股涨幅居前。展望后市，机 构认为，当前市场对于利好信息的反映较为积极，多头力量较为强势，对后市表现较为乐观。 多只成分股表现强势 上周市场继续上涨，上证指数上涨1.09%，深证成指上涨1.78%，创业板指上涨2.36%，沪深300指数上 涨0.82%，品牌工程指数上涨1.78%，报1679.33点。 上周品牌工程指数多只成分股表现强势。具体来说，阳光电源上涨12.50%，排在涨幅榜首位；泰格医 药上涨10.70%，居次席；康泰生物、药明康德、国瓷材料、恒瑞医药分别上涨9.72%、8.94%、7.54%和 6.83%；上海医药、上海家化、欧派家居、恒生电子涨逾5%；智飞生物、东方财富、泸州老窖、中际旭 创涨逾4%；中兴通讯、新希望、广联达、广誉远、沪硅产业、芒果超媒、五粮液、山西汾酒涨逾3%； 中炬高新、中芯国际、爱尔眼科、紫光股份等涨逾2%。 今年以来，信立泰上涨47.42%，排在涨幅榜首位；药明康德上涨43.21%，居次 ...

□本报记者 魏昭宇 近期，国际金价高位持续震荡。受此影响，多只黄金主题基金近期表现不尽如人意。Wind数据显示， 截至7月11日，全市场14只商品型黄金ETF近一个月以来的回报率全部为负。 对于金价未来走势，市场近期分歧较大。一方面，多家投资机构继续唱多黄金；另一方面，有观点认 为，黄金后续上涨动力不足，金价或呈震荡态势。 黄金主题基金高位震荡 自今年4月触及3500美元/盎司之后，COMEX黄金期货价格近两个多月一直徘徊在3100美元/盎司至3400 美元/盎司之间。 世界黄金协会数据显示，今年5月，全球实物黄金ETF净流出约18亿美元，终止了连续五个月的净流入 态势。这是自去年11月以来，全球实物黄金ETF首次遭遇月度净流出；加之金价小幅回落，导致其资产 管理总规模（AUM）下降1%至3740亿美元。全球实物黄金ETF总持仓减少19吨至3541吨。 短期观点现分歧 各路机构针对金价未来走势展开激烈辩论。花旗近期发表观点称，市场对美联储未来的降息预期已经提 前反映在金价中，甚至可能过度反映。因此，随着降息预期逐渐兑现，黄金的上涨动力将减弱，价格可 能回落。花旗预计，第三季度金价在3100至3500美元/盎司 ...

据宋森介绍，公司"一体两翼、八大业务板块"业务新战略已基本构建完成。"我们的'一体'业务是核心基 石。"宋森阐释道，这由两大专业化解决方案（专用打印扫描、智能自助终端）与两大场景化解决方案 （金融机具、物流分拣）构成，旨在稳步提升规模与竞争力。 据介绍，公司"一体"的四大业务中，专业打印扫描产品，随着餐饮、零售、物流、金融、彩票、医疗、 制造、政务等行业信息化提速，全球市场需求持续上扬；智能自助终端产品，正从"功能替代"向"价值 创造"升级，逐步成为智慧社会的基础设施；金融机具产品，国内银行网点数量维持稳定，信创趋势下 需求稳增，海外市场空间更加广阔；物流分拣产品，全球电商的蓬勃发展驱动快递物流企业加速向高效 化、智能化转型升级，自动化分拣设备已经是智慧物流体系构建的关键支撑。 "两翼"则布局于产业链上下游：上游为关键基础零部件解决方案，下游则为服务运营解决方案。这一架 构打通了全产业链协同，为公司整体突破提供支撑。 "两翼"的四大业务中，新零售综合运营，线下零售在数字化和消费升级的浪潮下迎来众多机会，集购 物、增值服务、数据赋能于一体的新零售模式拥有巨大的市场潜力；物流自动化分拣运营，行业还处于 发展初期阶 ...