"种一棵树最好的时间是十年前，其次是现在。" 对基民而言，这句话再熟悉不过，面对这类二级债基，其含金量非常高。 下图蓝线是汇添富添添乐双盈（A类：017592/C类：017593）自成立以来的净值走势（红线是基准）。根据2025年三季报， 汇添富添添乐双盈自2023年2月成立以来，净值累计上涨18.50%，同期业绩基准为12.98%。值得一提的是，在两年八个月的 时间内，经历过股票和债券市场的多轮考验，其最大回撤仅为1.56%。（数据来源：业绩和基准来自基金2025年三季报，统计 区间为2023年2月1日—2025年9月30日） 资料来源：基金2025年三季报，截至2025年9月30日 （基金过往业绩不代表其未来表现） 在较小的波动范围内实现净值较为平稳的上涨，背后的秘诀是什么？ 以清晰稳定风格精准匹配客户需要 作为行业内较早布局"固收+"业务的基金公司，汇添富深刻认识到，"固收+"客群的风险容忍度相对较低，在供给端尤其需要 精细分层、精准匹配。为此，汇添富构建了脉络清晰的多策略产品体系，为不同风险偏好的投资者，提供针对性的解决方 案。 这一体系的基石，是汇添富不断强调的"客户需求—产品定位—投资策略—投资人 ...

Group 1 - Technology stocks experienced a rebound, with AI applications showing strong performance, particularly in multi-modal AI and AI agents [2][4] - Alibaba officially launched the "Qianwen" project, with the public beta version of the Qianwen app going live, leading to significant stock price increases for related companies [4][5] - The overall market saw a decline in major indices, with the Shanghai Composite Index down 0.43%, Shenzhen Component Index down 0.35%, and ChiNext Index down 0.8%, while the half-day trading volume exceeded 1.27 trillion yuan [1] Group 2 - Berkshire Hathaway disclosed its third-quarter holdings, revealing a purchase of nearly 17.85 million shares of Google-A, valued at approximately $4.3 billion, which alleviated market concerns about an "AI bubble" [4][5] - The release of OpenAI's GPT-5.1 series models and the announcement of Alibaba's Qianwen app are seen as positive developments for the AI sector, contributing to the rise in related stocks [5] - Companies like Rongbai Technology and others in the energy metals and defense sectors also saw significant stock price increases, indicating a broader market interest in these areas [1][7]

11月17日，中伟股份H股在港交所主板上市交易。中伟股份港股股票简称为中伟新材，股票代码为 02579。 Wind显示，截至17日上午收盘，中伟新材报32.30港元/股，"A+H"总市值为495亿元。 业内人士表示，中伟股份9个月内完成H股上市，构建"A+H"双资本平台，此举标志着公司国际化战略 取得里程碑式突破，为企业深度融入全球市场、优化国际资源配置提供了强有力的资本引擎。同时，这 也是贵州辖区上市公司深入贯彻落实《贵州省推动资本市场高质量发展实施方案》的成果，是贵州全面 深化改革开放、积极融入全球资本市场的生动实践，具有较高引领示范意义。 抢抓机遇，资本运作有成效 中伟股份11月16日晚公告称，中伟新材本次全球发售H股基础发行股数为1.04亿股（行使超额配售权之 前），其中香港公开发售1042.26万股，国际发售9380.28万股。 根据每股H股发售价34港元计算，经扣除全球发售相关承销佣金及其他估计费用后，并假设超额配售权 未获行使，中伟新材将收取的全球发售所得款项净额约为34.33亿港元。 自2020年12月在深交所创业板上市以来，中伟股份紧抓资本市场改革机遇，完成多项资本运作。 一是高效融资夯实根 ...

喜欢在论文中寻找产业前瞻趋势，常常为看到的技术进步而激动不已……寥寥数语，一个热衷于科技产 业投资的基金经理形象跃然纸上。化工材料专业出身，2013年开始研究布局新能源，如今逐渐聚焦科技 产业，诺安基金权益事业部副总经理、研究部总经理邓心怡正立足于人工智能（AI）浪潮开启她的投 资新征程。 近日，邓心怡在接受中国证券报记者专访时表示，"前瞻再前瞻一些"是令她觉得踏实的超额收益策略。 在产业趋势初露苗头、市场还没有充分定价前进入，能够更稳妥地获得可观回报。与此同时，"读论 文"成为她前瞻性嗅到投资机会的重要法宝。展望未来，她认为，AI有望成为科技产业浪潮中的核心驱 动力，看好该板块蕴藏的丰富投资机会。 邓心怡，曾任职于中国对外贸易信托有限公司，从事投资研究工作。2020年11月加入诺安基金，现任 权益事业部副总经理兼研究部总经理。自2022年7月6日起担任基金经理，现管理诺安稳健回报混合、诺 安平衡混合、诺安优势行业混合、诺安研究优选混合等多只产品。 读论文发现投资机会 中国证券报：可以先简单介绍下你的投资经历吗？ 邓心怡：我最早是在外贸信托公司做自营投资，当时主要研究新能源、新材料、化工环保等，更多是偏 一级 ...

Core Viewpoint - The implementation of "reporting and execution in unison" for non-auto insurance starting November 1 aims to standardize the market, curb vicious competition, and improve underwriting profitability [1][2]. Group 1: Implementation Details - "Reporting and execution in unison" means that the insurance terms and rates executed by companies must align with the materials submitted to regulatory authorities [2]. - The non-auto insurance sector has seen rapid growth, with premium income reaching 687.8 billion yuan in the first nine months of this year, accounting for a significant portion of property insurance premiums [2]. - Regulatory measures have been introduced to address issues in the non-auto insurance market, including optimizing assessment mechanisms and strengthening rate management [2][4]. Group 2: Industry Impact - Analysts believe that the new regulations will lead to a shift in business models, focusing on service competition rather than price competition, ultimately promoting high-quality development in the non-auto insurance sector [3][5]. - The requirement for "fee upon issuance" will change the operational processes of insurance companies, necessitating communication with clients regarding these changes [4]. Group 3: Future Competitiveness - The competition in the non-auto insurance market is expected to shift from cost-based competition to a focus on pricing capability, risk identification, and service quality [5][6]. - Smaller specialized insurance companies can leverage their strengths by focusing on niche markets and offering customized products and differentiated services [6].

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low valuation value investment approach, which has shown resilience and adaptability in the face of market fluctuations, leading to a year-to-date return exceeding 50% as of November 7, 2023 [1][5]. Investment Strategy - Liu Zheng's investment framework is rooted in a "low valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [2]. - The selection of stocks is deemed the lifeline of the portfolio, focusing on fundamental clues and valuation safety margins to identify undervalued assets with high implied returns and clear risk-reward characteristics [2]. - The strategy is not static; it evolves through practice, incorporating risk management indicators, especially after expanding into Hong Kong stocks, to address higher market volatility [2]. Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and advocating for a return to fundamental business logic [3]. - The investment strategy prioritizes a comprehensive understanding of risk-reward ratios over rigid left-side or right-side positioning, allowing for flexibility in purchasing decisions based on future growth potential [3]. Market Outlook - The current equity market is viewed positively, with expectations of a cyclical recovery in active equity funds as economic conditions improve, providing fertile ground for excess returns [5]. - Liu Zheng identifies structural opportunities in sectors such as domestic demand, resources, midstream manufacturing, and technology, despite existing macroeconomic pressures [5]. - The risk premium levels in the market remain above historical medians, indicating that overall valuations are still within a reasonable range [5]. Hong Kong Market Analysis - The Hong Kong market is characterized by a low equity risk premium, with significant discounts for H-shares compared to A-shares, presenting unique investment opportunities [6]. - Liu Zheng highlights the presence of high-quality assets in the Hong Kong market that are not easily found in the A-share market, reinforcing the case for portfolio diversification [6]. - The analysis suggests that despite short-term uncertainties, there is confidence in the long-term potential of the Hong Kong market, driven by structural factors and relative valuation advantages [6].

东阳光药业董事长张英俊表示，"创新与国际化已从'可选'变为'必选'，成为中国药企突围的核心双引 擎。中国药企正从'跟跑'向'领跑'跨越，未来将以创新为基、国际化为翼，持续开拓全球医药创新新空 间。" 此外，在大会上，康方生物创始人、董事长夏瑜，前FDA定量药理部部长、瑞宁康创始人王亚宁，微芯 生物创始人、董事长鲁先平，亚盛医药董事长、CEO杨大俊，百图生科AI解决方案负责人贺照人，乐 纯生物首席商务官、康天晟合生物联合创始人吴帆，信立泰药业总经理、广东省生物医药创新技术协会 会长颜杰，广东省生物医药创新技术协会执行会长朱少璇，博济医药董事长王廷春，美国汉佛莱首席运 营官赵东以及近1000名中外顶尖科学家和产业界领袖，共同展望粤港澳大湾区生物医药的创新实践与未 来发展。 中证报中证网讯（王珞）据博济医药公众号消息，近日，由广东省生物医药创新技术协会、广州市科技 进步基金会共同主办，博济医药等单位联合承办的第七届粤港澳大湾区生物医药创新大会在广州开幕。 论坛以"湾区创新 擎航新程"为主题，重点聚焦创新药内外双循环发展路径、科技成果加速转化、全球 出海合规发展，以及AI技术如何为新药研发全链条赋能等关键议题，共同探 ...

在智慧城市的地下管廊中，化工企业的生产车间里，普通家庭的厨房角落，一枚枚气体安全监测设备如 同敏锐的"侦察兵"，24小时捕捉着易燃易爆、有毒有害气体的踪迹。作为守护这份安全的幕后企业，驰 诚股份已深耕气体检测领域21年，业务覆盖气体传感、监测设备研发制造及物联网平台服务等环节，从 初创企业成长为国家级专精特新"小巨人"企业，并于2023年在北交所上市。 近日，驰诚股份董事长徐卫锋在接受中国证券报记者采访时分析了企业创新对长期发展的关键价值，并 分享了气体检测行业的技术变革、市场机遇以及企业战略布局。 构建核心竞争力 "气体检测行业正处于技术快速变革阶段，人工智能、物联网、大数据等技术的深度融合，推动行业从 被动防护向主动安全转型。"徐卫锋表示。 在此背景下，创新能力成为企业长期发展的重要支撑。徐卫锋认为："一家企业的研发能力，是其未来 发展有没有爆发力、有没有后劲的重要支撑。"基于这一认知，驰诚股份长期重视研发投入，研发投入 占比持续保持在6.5%以上，逐步构建起从传感器研发到传感仪表制造、再到平台开发的完整技术链。 在技术攻坚层面，公司以技术积累为基础，对标国际先进水平，突破关键领域。徐卫锋介绍："我们基 ...

Core Insights - The article discusses the advancements made by Galaxy Fund's quantitative team in deep quantitative stock selection research, emphasizing the shift from traditional linear analysis to nonlinear analysis for better market insights and investment opportunities [1][2] Group 1: Quantitative Research Strategies - The quantitative research approach combines linear and nonlinear strategies, utilizing multi-factor models alongside nonlinear machine learning models to achieve stable excess returns and reduce tracking errors [1][2] - The team has developed strategies that include both linear methods, primarily multi-factor models, and nonlinear methods such as XGBoost and LightGBM, which enhance the model's adaptability to market changes [2][3] Group 2: Neural Network Development - The development of complex neural network learning is highlighted, where the approach integrates long-term rules with short-term information to improve the training of supervised learning models [3] - The focus is on extracting features from raw data while addressing the noise present in the data, which aids in the model's ability to adapt quickly to market fluctuations [3] Group 3: Satellite Strategies - To further enhance market adaptability, satellite strategies are employed, including dividend selection and large-cap growth selection, which target specific market characteristics [4] - The dividend selection strategy focuses on high dividend yield stocks, while the large-cap growth strategy emphasizes stocks with large market capitalization and high growth potential [4] Group 4: Risk Management and Product Development - A financial risk management strategy has been developed to mitigate unexpected impacts from risk events, forming a comprehensive quantitative strategy system [5] - The Galaxy Fund has launched two index enhancement products: the Galaxy CSI 300 Index Enhanced Fund and the Galaxy CSI A500 Index Enhanced Fund, with plans to issue the Galaxy CSI 800 Index Enhanced Fund, which offers a balanced representation of both large-cap and mid-cap growth styles [5]

上周（11月10日至11月14日），大盘宽基产品成交活跃。其中，A500ETF易方达（159361）等跟踪中证A500指数的ETF，合计成交额超1300亿元；恒生科 技、香港证券、黄金等主题ETF成交也较为活跃。 此外，科技题材上周回调，但聚焦科技方向的ETF产品获资金青睐，科创50指数上周净流入额居权益类指数第一，科创板50ETF（588080）等跟踪科创50 指数的ETF合计净流入额达23亿元。 02 上周，港股市场冲高回落，恒生指数全周上涨1.26%。港股创新药板块异军突起，恒生创新药ETF（159316）的标的指数上周涨超8%，港股通医药ETF （513200）的标的指数上周涨近7%。 03 机构认为，结构性修复趋势有望延续。海外方面，弱美元趋势延续，资金偏好改善，有利于提升新兴市场资产吸引力。整体来看，经济韧性、政策清晰度 提升与资金面友好等因素共同支撑市场，A股有望延续稳健偏强走势。 港股创新药、黄金等板块领涨 上周，A股、港股市场高位震荡，市场分化特征与结构性行情特征突出。A股方面，黄金、中药等板块ETF涨幅居前。 ETF市场上，恒生创新药ETF（159316）等多只跟踪港股医药板块的ETF，上 ...