近期，国际金价高位震荡，国内首饰金价格也居高不下，不少品牌黄金珠宝商足金饰品报价突破1300 元/克大关，回收价则突破900元/克大关。在此背景下，黄金消费出现新趋势，轻克重黄金产品、金条 等受到消费者青睐。 金价维持高位 11月16日，周大福足金饰品报价为1315元/克，工艺金章金条类报价为1153元/克，黄金增值服务金价为 1138元/克，黄金回收服务金价为901元/克。 同日，六福珠宝足金饰品报价为1313元/克；周生生足金饰品报价为1310元/克。 11月以来，国际金价维持高位震荡走势。11月14日，COMEX黄金报价达到4084.4美元/盎司，收盘跌幅 为2.62%。 业内人士普遍认为，今年下半年以来，受全球地缘局势不确定性加剧、美元指数波动等因素影响，国际 黄金价格保持强劲走势，带动国内零售端价格同步上行。短期内，黄金价格或仍将维持高位震荡，若相 关经济数据进一步推升避险情绪，金价仍有上行空间。对于消费者而言，若以投资为目的，需关注国际 金价波动；若以佩戴需求为主，建议根据自身预算合理选择购买时机。 ● 本报记者 董添 不同品类黄金产品的表现差异明显。轻克重、附加值高的首饰产品仍保持较强的市场吸引 ...

Core Viewpoint - The company emphasizes the importance of maintaining a robust supply chain over short-term financial calculations, positioning itself strategically within the semiconductor industry [1] Group 1: Company Strategy and Development - The company has evolved from a single system integrator to a comprehensive service provider covering "process-equipment-materials" in the semiconductor sector, focusing on high-purity processes [2] - The company aims to tackle the most challenging technological gaps in the semiconductor industry, ensuring full process coverage in wet processing equipment [2][4] - The company has completed the development of equipment for the 28nm node and has secured orders for all equipment across various advanced process nodes [2] Group 2: Technological Advancements - The company has established the first fully domestically produced 12-inch wafer gas supply plant for 28nm, breaking the overseas supplier monopoly [3] - The company has a strong focus on R&D, with a total of 865 patent applications, including 356 invention patents, reflecting its commitment to innovation [5] - The company balances depth in technology research with broad application, ensuring that its production capabilities align with market demands [5] Group 3: Market Position and Ecosystem - The company has a high bid success rate in the domestic high-purity process system market, surpassing many international suppliers [6] - The company has built a nationwide service team to provide 24/7 rapid response, enhancing its competitive edge in customer service [6] - The company aims to be the preferred supplier for clients, focusing on collaborative growth and addressing both process challenges and value creation through equipment innovation [6]

ESG已成为影响企业市值定价的因素之一，不少企业在筹备上市期间对自身ESG评级进行预估，为上市 融资做准备。从资本配置到舆情管理，ESG正通过双重路径重塑企业价值评估体系。而ESG中的环境、 社会、公司治理三大维度议题，也以不同方式对企业市值产生影响。专家表示，ESG不再是表面文章， 而是企业规避风险、吸引资本、实现市值长期增长的现实路径，中国企业市值管理的全新范式已然确 立。 ● 本报记者郑萃颖 ESG评级影响企业市值 ESG金融科技公司Smartesg创始人兼CEO张译戈注意到，今年以来，不少企业在上市前进行标普或明晟 (MSCI)的ESG预评级，其中不乏筹备赴港上市企业。 "相关企业往往涉及出海业务，需要用ESG这门国际语言讲述自身优势。这样做的目的，既是为了在上 市前吸引更多的国际投资者，也是为了在上市后增强股票的流动性。"张译戈说，有的企业因为在标普 ESG评级中获得了高分值，进入行业优秀的队伍，被匹配给更多的金融产品，从而拓宽了融资渠道。 ESG通过影响资金配置来影响企业市值。"在实践中，我们清晰地看到了ESG的价值传导路径。"劳盛大 中华区可持续发展总监杨晓曼告诉记者，"在企业ESG信息披露具备 ...

Core Insights - The article highlights the investment strategy of Deng Xinyi, a fund manager at Nuoan Fund, who emphasizes the importance of early identification of investment opportunities in the technology sector, particularly in artificial intelligence (AI) [1][6]. Investment Experience - Deng Xinyi has a background in self-operated investment at a foreign trade trust company, focusing on new energy, new materials, and environmental protection, witnessing the rapid development of China's new energy vehicle industry [2]. - The transition from new energy to technology investments has been marked by a systematic understanding of the changes from internet to mobile internet, recognizing the empowerment brought by technological advancements [2]. Investment Strategy - The core investment strategy revolves around technology growth, with a focus on identifying high-growth investment targets across different industries [3][4]. - The strategy incorporates macroeconomic data tracking, industry policy analysis, and micro-level research on individual stocks to identify competitive advantages and market share [3]. Identifying Opportunities - A unique approach to identifying forward-looking investment opportunities involves reading academic papers, which can reveal technological applications and market readiness before they are fully priced in by the market [5]. - The AI sector is viewed as a significant driver of the current technology wave, comparable to the mobile internet era, with ample investment opportunities and time for strategic positioning [6]. Company Characteristics - Companies that leverage AI capabilities to transform productivity across various sectors are prioritized, especially those with strong customer data and ecosystem barriers [7]. - The distinction between "shovel-type" companies (providing tools) and application-based companies is crucial for investment focus [7]. Stock Selection - Stock selection is based on technological foundations and the ability to match industry changes, alongside valuation assessments to identify stocks with significant return potential [8]. - Continuous industry research and tracking of high-frequency data are essential for evaluating investment opportunities and risks dynamically [8]. Market Dynamics - The article discusses the challenges faced in 2023, including market pullbacks in the AI sector, prompting a reassessment of the industry's genuine demand and the manager's investment capabilities [10][11]. - The importance of distinguishing between fluctuations caused by technological changes versus pricing changes is emphasized, as this can guide strategic adjustments in investment positions [11]. Fund Management - Active equity funds are positioned as tools for investors to engage in industry investments, with advantages in timely capturing investment opportunities and flexibility in portfolio adjustments compared to passive ETFs [12].

□本报记者 张韵 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 ...

Group 1 - The ETF market has seen a surge in new products, with 11 ETFs launched between November 10 and November 16, including two that invest in the Brazilian market and four focused on Hong Kong technology sectors [1][2] - The popularity of cross-border ETFs is increasing due to their high transparency, flexibility, and lower costs, making them important vehicles for investors to diversify risks and capture opportunities in overseas markets [2][3] - Several thematic ETFs targeting specific sectors such as chemicals, technology, and aviation have also been successfully launched, indicating a trend towards specialized investment products [2][3] Group 2 - Multiple ETFs are currently in the subscription phase, with notable products including those focused on the automotive and internet sectors, indicating ongoing interest and demand in the market [3][4] - The A-share market is expected to see a return to positive earnings growth by 2025-2026, supported by policy measures, which may provide a favorable environment for ETF investments [4] - Fund managers express optimism about the equity market, highlighting that despite previous gains, there remains potential for further valuation increases, particularly in technology and cyclical sectors [4]

在纷繁复杂的资本市场中，成长股投资如同穿越一片幽深的森林，容易让人迷失方向，却也有人能探出 一条清晰的路。广发基金国际业务部基金经理陈韫中，正是这样一位"探路者"——他不仅善于识别哪 些"树苗"有望长成参天大树，更注重判断它们所处的生长阶段，以"传统成长"与"新兴成长"的双轨思 维，构建出一套灵活且具备前瞻性的成长股投资体系。 "我习惯于先对产业属性进行系统思考，厘清行业周期阶段与中长期趋势，再精选优质成长股。"在陈韫 中看来，成长股投资不仅是在不同的细分赛道优选标的，更是在产业周期的基础上把握好买卖节奏。 银河证券统计显示，截至10月31日，由陈韫中管理的广发成长启航A近1年收益率达到88.81%，在1876 只同类基金中排名前3%。11月17日起，拟由陈韫中管理的新基金——广发创新成长开始发行，该产品 将动态调整"传统成长"与"新兴成长"的配置，在保持行业均衡的同时，以捕捉个股超额收益的方式，追 求有锐度的长期回报。 一场关于"成长"的进化 陈韫中对成长股的偏爱，始于对科技产品的好奇心。他是iPhone第一代手机的尝鲜者，至今保持着研究 新兴科技产品的热情。"投资需要好奇心，特别是对于成长板块的机会挖掘， ...

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low-valuation value investment approach, which has shown resilience and adaptability, leading to a year-to-date return exceeding 50% as of November 7, 2023 [1][3] Investment Strategy - The 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 [1] - Stock selection alpha is deemed essential for the portfolio's survival, focusing on fundamentally sound companies with low valuations and high implied returns [1] - The strategy is not static; it evolves through practice, incorporating risk management and liquidity considerations, especially when expanding into Hong Kong stocks [1] 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 [2] - The current equity market is viewed positively, with expectations of a cyclical recovery in active equity funds as economic conditions improve [3] - Structural opportunities are identified in domestic demand, resources, midstream manufacturing, and technology sectors, despite existing macroeconomic pressures [3] Market Valuation Insights - The dynamic assessment of market conditions indicates that the risk premium for the CSI 800 index remains above historical medians, suggesting overall valuations are still reasonable [4] - In contrast, the Hong Kong market shows a low risk premium due to high benchmark yields, presenting unique investment opportunities, particularly in H-shares that are undervalued compared to A-shares [4]

□本报记者 王鹤静 李德辉，上海交通大学生物医学工程博士。拥有13年投研经验、近9年基金管理经验，历任研究员、行 业专家兼基金经理助理、基金经理、高级基金经理，现为资深基金经理。 以成长投资见长的摩根资产管理资深基金经理李德辉，经历了过去几年国内权益市场的逆风期后，在均 衡配置的道路上走得愈发稳健。面对这一轮科技股行情，李德辉一方面把关注度集中在那些有基本面支 撑的品种上，另一方面有意识地关注了部分低估值品种，以保持组合整体估值处于合理区间。 近期A股市场来到阶段性高位，综合政策预判、宏观基本面等多方面因素研判，李德辉认为，当前市场 仍处于相对健康的上行通道，后续市场结构可能会围绕基本面做调整，所以要重点关注有基本面支撑的 优质资产。其中，人工智能大模型公司商业化变现还未被市场充分定价，有色金属、机械等出口链相关 公司仍将受益于海外需求提升，这些都是后续重点关注的方向。 坚定看好科技主线 在这一轮科技股行情中，TMT研究员出身的李德辉较早就参与布局了相关核心标的。 "回过头来看，今年上半年，海外扰动因素虽然对市场有暂时的负面影响，但投资者逐渐发现国内经济 并没有明显承压，再加上人工智能端加速发展，市场的投资热 ...

□本报记者 魏昭宇 此外，还有多家此前一直发力B端业务的销售公司正在积极探索能够触达C端客户的业务模 9月初，中国证监会修订发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》。这意味 着，公募基金行业第三阶段费率改革正式拉开序幕。中国证券报记者了解到，在销售费率改革文件出台 后的两个多月时间里，多家基金销售机构在战略规划、策略升级、客户开拓等方面进行了思路上的调 整。 为适应市场环境变化并构建新的增长曲线，不少领先的第三方代销机构正积极推动其业务重心与客户结 构的战略性调整。据一位业内资深人士透露，其公司已将部分资源向私募业务领域倾斜，这不仅是出于 提升业绩能力的考量，更是为打造差异化竞争壁垒所做的长期布局。与此同时，在市场波动加剧的背景 下，能够理解并承受较高风险、资金期限较长的机构客户，因其对权益类资产的配置需求更为稳定和专 业，正成为销售团队重点聚焦与服务的核心对象。 有业内人士表示，费率改革将深刻影响基金销售行业的生态格局和发展方向。在产品类型上，权益类产 品将成为代销机构发力的重点，而提升客户体验、优化服务能力、增强客户黏性等，对代销机构来说刻 不容缓。 打法有所变化 9月5日，中国证监会修 ...