Core Viewpoint - The popularity of real-time fund tracking by influential investors (referred to as "DVs") has surged in 2023, with many retail investors actively following and mimicking their investment strategies on platforms like Ant Wealth and JD Finance [1][2][3] Group 1: Investor Behavior - Retail investors are increasingly using social media to track the investment activities of top fund managers and influencers, often making decisions based on their trades [1][2] - The trend of "copying real-time operations" has become fashionable, with many investors sharing their own investment results and strategies [2][3] Group 2: Platform Features - Platforms like Ant Wealth utilize algorithms to rank active users based on their returns, allowing investors to easily track the performance and trading history of top investors [2] - The introduction of various leaderboards categorizes users based on different investment strategies, enhancing engagement and learning opportunities for novice investors [2] Group 3: Fund Manager Influence - Fund managers have started sharing their real-time investment activities, which has become a valuable tool for educating investors and building trust [4][5] - The visibility of fund managers' personal investments is believed to enhance investor confidence, as it aligns their interests with those of retail investors [4][5] Group 4: Marketing and Commercialization - The rise of real-time fund tracking has led to some influencers using their platforms as marketing tools, blurring the lines between genuine investment advice and promotional content [6][7] - Some influencers are reportedly backed by commercial entities that manage multiple accounts, raising concerns about the authenticity of their investment claims [6][7] Group 5: Compliance and Risks - The commercialization of real-time fund tracking raises compliance risks, as some practices may violate regulations regarding investment advice and fund sales [8] - The trend of simplifying investment decisions into a "copycat" approach undermines the educational goals of the fund industry, potentially leading to a less informed investor base [8]

上周市场震荡调整，上证指数下跌0.18%，深证成指下跌1.40%，创业板指下跌3.01%，沪深300指数下 跌1.08%，品牌工程指数下跌0.11%，报2019.62点。 上周品牌工程指数多只成分股逆市上涨。具体来说，锦江酒店上涨13.13%，排在涨幅榜首位；以岭药 业上涨12.45%，居次席；中国中免上涨11.76%；信立泰和泸州老窖分别上涨6.11%和6.05%；石头科 技、爱美客、安琪酵母、步长制药、通策医疗、山西汾酒涨逾5%；光明乳业、同仁堂涨逾4%；美的集 团、三全食品、伊利股份、王府井、长白山、三只松鼠、贝泰妮等多只成分股涨逾3%。 下半年以来，中际旭创上涨217.63%，排在涨幅榜首位；阳光电源上涨174.76%，居次席；亿纬锂能上 涨80.90%；我武生物、兆易创新、中微公司、宁德时代涨逾60%；达仁堂、盐湖股份、以岭药业涨逾 50%；澜起科技、中国中免、国瓷材料涨逾40%；科沃斯、药明康德、中芯国际、安集科技、长白山、 信立泰涨逾30%；泸州老窖、北方华创、芒果超媒、中兴通讯、恒瑞医药涨逾20%；盾安环境、锦江酒 店、沪硅产业、复星医药等多只成分股涨逾10%。 □本报记者 王宇露 上周市场震 ...

Core Insights - As of November 14, 2023, 19 public funds have doubled their performance this year, all of which are actively managed funds, indicating the unique advantages of active investment strategies in capturing excess returns [1][2] Fund Performance and Strategy - The majority of these funds saw a significant increase in net asset value starting from the second quarter, largely due to heavy investments in strong sectors such as optical modules, PCB, innovative pharmaceuticals, and storage [1][4] - Many funds exhibited a notable increase in concentration, with over 60% of their net asset value held in the top ten stocks by the end of the second and third quarters [1][2] Notable Fund Examples - The top-performing fund, Yongying Technology Smart Selection, achieved a return rate exceeding 180% this year, with its manager, Ren Jie, having a background as a TMT researcher [1][2] - This fund underwent significant portfolio adjustments, completely changing its top ten holdings multiple times within the year, reflecting Ren Jie's preference for concentrated holdings [2][3] Sector Focus - The top holdings of the funds are heavily concentrated in the optical communication, PCB, and cloud computing sectors, with the top three stocks in the optical module sector accounting for nearly 30% of the fund's net asset value [3][4] - The performance of these top holdings has been impressive, with seven stocks doubling in value during the third quarter, including Industrial Fulian, which saw a rise of over 200% [3][4] Common Trends Among High-Performing Funds - A significant trend among the 19 funds is the heavy investment in optical module stocks, with nearly 70% of the funds having optical module stocks as their top holdings by the end of the second quarter [4] - Other sectors contributing to the strong performance include PCB and innovative pharmaceuticals, with specific funds like Yongying Technology Smart Selection and Hengyue Advantage Select showing substantial gains from these sectors [4][5]

□本报记者 王鹤静 为适应复杂的市场环境，银河基金量化团队近年来在深度量化选股研究领域持续深耕，突破传统线性分 析对历史回测分析的局限，通过非线性分析方式，更加精准地分析市场，挖掘其中的投资机遇。 日前，银河基金量化与FOF投资部总监助理、基金经理罗博在接受中国证券报记者采访时介绍了量化研 究的新思路。在指数样本增强方面，罗博主要采取线性和非线性相结合的方式，由多因子模型与非线性 的机器学习模型互相协作，力争获得相对稳健的超额收益；同时，由于模型间相关性较低，力争有效降 低整体组合的跟踪误差。 开发深度神经网络学习 罗博具有21年证券从业经验、15年公募基金管理经验，长期扎根于指数与量化投资领域。随着市场环境 持续发生变化，罗博意识到，量化投资仅仅依靠线性分析把握市场长期规律愈发难以支撑，在行业趋势 从线性向非线性过渡的过程中，需要不断学习非线性分析技术，紧跟市场变化。 在简单的神经网络学习基础上，罗博做了进一步的开发和挖掘，看好复杂神经网络学习。"简单的神经 网络学习主要是根据原始数据来提取个股的特征，用未来一段时间的预期收益率作为标签，进行有监督 的学习。但原始数据可能存在较大的'噪音'，很难训练出一个收 ...

摩根资产管理李德辉： 以合理估值为保护 践行基本面成长投资 ...

中庚基金刘晟：坚持低估值价值策略 构建穿越周期的科学组合 ...

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。 分化成关键词 中国黄金协会最新数据显示，2025年前三季度，我国黄金消费量为682.73吨，同比下 ...

杰瑞股份生产车间 公司供图 ...

全球化布局筑牢根基 谈及业绩表现，李慧涛开门见山："今年上半年公司油气工程、技术服务业务营收同比增长超88%，天 然气相关业务收入同比增长112.69%——这样的增长速度并非偶然，而是杰瑞长期布局与全球能源需求 共振的结果。"当前各国重视能源安全，天然气作为清洁高效的过渡能源，成为能源结构转型的关键选 择，而杰瑞早已构建"前端工艺开发—设备制造—技术服务—地面工程"的全产业链布局，恰好契合全球 清洁低碳转型需求。 区域市场的精准开拓进一步放大增长势能。"中东、中亚、北非等地区天然气资源丰富，当地能源开发 需求旺盛，直接带动我们全链条业务落地。"李慧涛举例，这些区域项目不仅带来订单增量，更验证了 杰瑞全产业链模式的国际竞争力——从设计到运维的一站式解决方案，是许多国际同行难以比拟的优 势。且这种增长是长期战略的必然，"多年前我们就预判能源转型趋势，提前加大天然气装备与技术服 务投入。" 海外市场是杰瑞实力的重要体现。自2005年首次出海，近20年布局已让公司实现从产品出口到本地化运 营的跨越，截至目前在手订单金额超百亿元，海外收入占比将近50%，业务覆盖70多个国家。近年来， 公司进一步强化中东、中亚、北美等传 ...

● 本报记者 王婧涵 "保障产业链每一个环节都不掉链子，是比短期算财务账更重要的战略选择。"至纯科技董事长蒋渊在接 受中国证券报记者专访时，道出了公司在半导体热潮中的冷静抉择。 蒋渊表示，近两年半导体行业获得了极高的市场关注度："这是机遇也是挑战。短期内企业有很多方式 能快速吸引市场的热钱和资源，但如果没有坚定的价值和信念去挑战更深更难的技术，这种表象上的活 力是难以为继的。" "因此，至纯科技聚焦攻克最难的技术空白点，坚持以全工艺覆盖为目标，咬牙完成湿法四个平台全工 艺覆盖性开发。"蒋渊表示，"我们不做机会主义者，而是咬紧牙关，一个节点、一个节点地实现技术突 破。因为我们相信，在极端情况下，保障产业链的每一个环节都不掉链子，是比短期算账更重要的战略 选择。" 目前，至纯科技布局的湿法设备在产品平台和工艺搭载上已基本覆盖了全部湿法工艺。其中，28纳米节 点设备开发已经全部完成，全工艺机台均有订单；在更先进制程节点，聚焦先进湿法设备的子公司至微 科技也已取得部分工艺订单。高阶设备方面，对于高温硫酸、FIN ETCH、单片磷酸等机台产品，至纯 科技的交付和验证进度均处于国内领先水平。 在电子材料方面，至纯科技大宗 ...