广发基金也表示，当前权益资产仍然处于相对适宜的环境之中：一方面全球宏观政策对权益资产来说较 为有利；另一方面，国内稳市场政策坚定、负债端资金流入更为稳定，均对市场形成了有效支撑。 对于港股市场，博时基金认为，全球资金再平衡尚未结束，南向资金流入港股活跃，港股市场风险偏好 持续高位，在流动性充裕的环境下，预计港股表现较强。 关注细分领域结构性机会 行业配置上，富国基金建议，重点关注三条主线的投资机会：一是产业趋势，科技成长修复空间仍在， 下半年重磅催化可期，关注人工智能（AI）、军工、创新药等方向；二是政策指引，根据政策节奏增 加对存在政策倾斜的内需消费方向的关注，同时可关注新能源等"反内卷"方向；此外，在低利率时代， 红利资产仍是底仓选择。 □本报记者 万宇 8月的投资已经拉开帷幕，多家公募机构发布了投资观点，展望后市及具体投资机会。公募机构普遍认 为，8月A股市场或震荡上行，建议以均衡配置应对市场波动和行业轮动，关注红利资产、位于低位的 科技股以及"反内卷"等周期方向的投资机会。 8月指数有望震荡上行 数据显示，截至7月底，今年以来超九成主动权益类基金（统计包括普通股票型基金、偏股混合型基 金、灵活配置型基 ...

□本报记者 王雪青 公募打新策略重回公众视野 "从2024年10月前后，随着市场活跃度上升，公募发现打新又可以赚钱了，沉寂已久的公募打新策略重 回公众视野。"上述公募基金资深人士对中国证券报记者表示。 数据显示，2024年全年上市新股共100只，首日收盘破发的仅有1只。2024年9月以来，红四方 （603395）、长联科技（301618）、强邦新材（001279）等多只个股上市首日涨幅较大，打新"大肉 签"频出，拉动2024全年新股首日收盘价平均涨幅超250%。2025年前7个月，A股59只新股首日收 盘"零"破发，上市首日收盘价平均涨幅为236%。丰厚的打新收益，吸引来了大量资金参与，导致网下 申购中签率大幅下降，今年前7个月的平均网下申购配售比例（0.0191%）仅为2023全年数据 （0.3658%）的零头。 公募基金参与新股网下配售的热情显著回归。数据显示，截至7月末，今年以来已有超过3530只公募产 品获得新股配售，获配金额约54亿元；2024年同期分别为3100余只和41亿元。从2024年9月至2025年7 月，公募基金每月获得新股网下配售的产品数量从2200余只增至接近3200只，每月公募基金获 ...

近期，松延动力、优必选等人形机器人企业密集公布产品订单消息，行业预计今年将迎来人形机器人量 产元年。同时，行业企业融资节奏加快，多家企业宣布完成新一轮融资，宇树科技上市计划提上日程， 投资者关注人形机器人商业化节点何时到来。 人形机器人或迎来量产元年 松延动力创始人、董事长姜哲源表示，在参加北京机器人半程马拉松比赛后，公司一个月内收获意向订 单超过2000台，合同额超1亿元，其中教育教具、商业演出需求占比超60%，文旅展厅需求快速增长。 目前，松延动力在北京、常州、东莞布局了生产基地，提升产能。"今年下半年公司主要目标是把机器 人的生产和交付做好，明年，公司的目标是交付量达到万台。"姜哲源称。 在刚刚结束的世界人工智能大会上，银河通用相关负责人表示，其展示的商超值守机器人已经获得100 家门店订单，计划于年底前实现全国范围投用。 推出AlphaBot（爱宝）系列机器人的智平方则表示，公司今年已收到近500个通用智能机器人的订单， 主要用于工业、公共服务场景。目前爱宝系列机器人已经在东风柳汽、晶能微电子、华熙生物等工厂投 入使用，并即将在上海虹桥机场提供公共服务。 星动纪元相关负责人说："人形机器人商业化进程明 ...

Group 1: Core Insights - The core viewpoint of the news is that Aomeisen and Sanxie Electric have received approval from the China Securities Regulatory Commission for their public stock offerings, aiming to raise funds for business expansion and development [1][2]. Group 2: Company Overview - Aomeisen specializes in intelligent manufacturing equipment, serving various sectors including electrical appliances and renewable energy, with a planned IPO fundraising of approximately 195 million yuan [1][2]. - Sanxie Electric focuses on the research, manufacturing, and sales of control motors, with an IPO fundraising target of about 159 million yuan [1][3]. Group 3: Financial Performance - Aomeisen's revenue from 2021 to 2024 is projected to grow from 308 million yuan to 358 million yuan, with net profits increasing from approximately 40.98 million yuan to 52.72 million yuan [2]. - Sanxie Electric's revenue is expected to rise from 287 million yuan in 2022 to 420 million yuan in 2024, with net profits growing from about 26.98 million yuan to 56.33 million yuan [3]. Group 4: Fundraising Utilization - Aomeisen plans to allocate 89.61 million yuan for the construction of a production base for digital forming equipment, 75.45 million yuan for R&D center development, and 30 million yuan for working capital [2]. - Sanxie Electric intends to use the funds raised for expanding production capacity of energy-efficient control motors, enhancing R&D capabilities, and supplementing working capital [3]. Group 5: Regulatory Scrutiny - Aomeisen faced inquiries regarding the sustainability of its performance and the rationality of using part of the raised funds for working capital, given its positive cash flow and lack of funding gaps [4][5][6]. - Sanxie Electric's transactions with Reais Intelligent raised questions about the fairness of pricing and the sustainability of its sales growth following Reais's investment [7][8].

Core Insights - Recent disclosures from private equity firms, including notable names like Dongfang Gangwan and Gao Yi Asset, have drawn market attention, particularly their focus on technology stocks and other emerging sectors like innovative pharmaceuticals and new consumption [1][3] Group 1: Dongfang Gangwan's Investment Strategy - Dongfang Gangwan's overseas fund reported a total holding value of $1.127 billion as of the end of Q2 2025, with Nvidia as the largest position [1] - The fund significantly increased its positions in Alphabet and Montreal Bank, now the second and third largest holdings, while also entering new positions in Tesla, Netflix, and Coinbase [1] - The fund reduced its holdings in Nvidia, Amazon, and Apple during the same period [1][2] Group 2: Gao Yi Asset's Position in Hikvision - Gao Yi Asset's Gao Yi Linshan No.1 Fund holds 338 million shares of Hikvision, representing 3.66% of the company, making it the fourth largest shareholder [2] - Since entering the top ten shareholders in Q3 2020, the fund has reduced its holdings by nearly 10 million shares from its peak of 435 million shares [2] - Despite being a top shareholder, Hikvision's stock price did not rise significantly after the fund's holdings peaked [2][3] Group 3: Market Trends and Sector Focus - Multiple private equity firms have highlighted technology, innovative pharmaceuticals, and new consumption as key investment areas in their mid-2025 strategy reports [3][4] - The chairman of Rongshu Investment expressed optimism about the potential of humanoid robots, predicting they will transform human lifestyles and lead to the emergence of leading companies [3] - Ding Ying, chairman of Kangmand Capital, emphasized the unique investment window created by the convergence of long-term technological revolutions and short-term market elasticity [4] Group 4: Overall Market Sentiment - Private equity firms maintain a relatively optimistic outlook for the market, citing factors such as policy support, increased stock buybacks, ample liquidity, and economic recovery as potential drivers for market performance [5]

□本报记者 张舒琳 王雪青 成立近17年以来，华夏香港一直致力于打造一个差异化的中资机构。 金融产品创新，如同"拿着锤子找钉子"，也如同"找准钉子造锤子"的过程。这意味着开拓者要兼具前瞻 视野以定位潜在需求，以及拆解难点、构建创新动能的能力。华夏基金（香港）近年来正是如此践行： 放弃"寻找更好的蜡烛"，选择"点亮电灯"，在新兴赛道上持续破局。 在华夏香港CEO甘添看来，新技术革命对金融业并非锦上添花，而是形态重塑。正如十几年前，在没人 可以想象互联网将以全天候、跨地域、效率革命的线上业态颠覆大众消费习惯时，就有一批科技企业致 力于创新产品改变生活。当下中国香港市场的创新土壤，为资管机构提供了不可多得的战略机遇。华夏 香港作为创新的笃行者，在拥有全面资产类别的背景下，每一阶段性的战略方向都充满前瞻性，打造了 多只全球首发、亚洲首发、中国香港市场首发的产品。 甘添看好离岸人民币债券市场未来三到五年的爆发式增长，华夏香港已抢占布局先机：香港首只以人民 币计价、跨市场、纯投资级别的人民币债券公募基金正是来自华夏香港。甘添预测，离岸人民币资金池 有望在2030年达约5万亿规模，而点心债（离岸人民币债券）作为核心载体面临 ...

Core Viewpoint - The public REITs market in China is experiencing significant growth with multiple "first" products being launched, indicating a positive trend in capital market support for energy transition and infrastructure investment [1][2][3] Group 1: Market Performance - As of August 1, the CSI REITs All-Return Index has increased by over 13% this year, outperforming major A-share indices such as the CSI 300 and CSI 500 [3] - Among the more than 70 listed public REITs, only 2 have reported negative returns this year, showcasing the overall strong performance of the sector [3] - The public REITs market's total market capitalization surpassed 200 billion yuan by the end of June, covering various asset types including industrial parks, logistics, data centers, and energy infrastructure [3] Group 2: Recent Listings - The first central enterprise natural gas power public REIT, Huaxia Huadian Clean Energy REIT, was successfully listed on August 1, marking a milestone in capital market support for energy transition [1] - The first central enterprise logistics REIT, Bank of China Zhongwaiyun Logistics REIT, was listed on July 29, with its underlying assets consisting of six logistics projects [1] - On July 25, Chuangjin Hexin Shounong REIT was listed, achieving a record subscription amount of 231.6 billion yuan, indicating strong market interest [2] Group 3: Investment Strategies - Analysts suggest that the recent valuation adjustments in public REITs present new investment opportunities, particularly in cash flow stable "debt-like" products and high-yield potential assets [4] - The focus should be on projects with stable cash flows, strong support from original rights holders, and stable lease agreements, especially in municipal environmental and energy sectors [4] - The normalization of public REITs issuance is expected to enhance market ecology and diversify asset types available for investment [4]

Core Viewpoint - In July, the public fund issuance experienced a resurgence, with nearly 150 new funds launched, marking a monthly issuance record for the year, driven by improved market sentiment and investor enthusiasm [1][2] Fund Issuance Overview - A total of 149 public funds were launched in July, with over 90 funds already established by August 3, accumulating over 800 billion units in issued fund shares [1] - The largest single product by issuance was the Huatai-PineBridge Stable Return Fund, which issued 3.741 billion units, with 6,904 effective subscriptions [1] - The first batch of Sci-Tech Bond ETFs was a significant highlight, with 10 ETFs collectively issuing over 28 billion units, accounting for nearly 40% of the total issuance for the month [1] Bond and Equity Fund Trends - Bond funds remained the mainstay of fund issuance, although their issuance volume decreased by over 40% compared to the same period last year, with total issuance for the first seven months being less than half of last year's figures [2] - Conversely, equity fund issuance showed a marked recovery, with 81 new stock funds launched in July, nearly 2.8 times the number from the previous year, and issuance scale increasing by 5.7 times [2][3] Performance of Equity Funds - The highest issuance scale among equity funds was for the index fund, HuaBao CSI 300 Free Cash Flow Link Fund, with a total issuance scale close to 2.7 billion [3] - Several actively managed equity funds also performed well, with multiple funds exceeding 2 billion in issuance [3] - The most popular themes among newly issued equity funds included free cash flow, dividend themes, and sectors like technology, innovative pharmaceuticals, robotics, artificial intelligence, and aerospace [3] Future Fund Launches - Looking ahead, the issuance of equity funds is expected to continue, with over 60 public funds scheduled to launch in August, of which more than 80% are equity funds [4] - On August 1, 10 equity funds were launched simultaneously, featuring well-known fund managers [4] - Additionally, a second batch of 12 new floating fee rate products has been approved, with expectations for these products to become a regular feature in the market [4]

在第一轮创新药贝塔行情迅速爆发后，廖庆阳敏锐地将目光转向那些具备高成长潜质的"黑马"创新药公 司。在他看来，很多"水下"的创新药企业近年来都在经历起死回生的巨大转折，大额BD交易的出现， 不仅意味着全球大型跨国制药公司对中国创新药产品的认可，更昭示着中国创新药资产估值重塑的道路 还将继续。 "第一波行情主要源于医保政策的推动，创新药不仅可以由医保支付，商业保险也逐步覆盖。在此过程 中，一些医药企业逐步有大额的BD项目出现，创新药在AI及机器人之后承接了市场的热点切换。而支 撑起第二轮行情的因素，一是在以ASCO年会为代表的全球创新药学术会议上，中国大量优秀的创新药 产品凭借出色的临床验证成果，获得了全球投资者的高度关注；二是全球大型跨国制药企业对国内创新 药产品进行'扫货式'抢购，大型BD交易浮出水面，正式开启了这一轮国内创新药资产的价值重估。"廖 庆阳总结道。 在廖庆阳看来，BD交易爆发的原因，一方面是全球大型跨国制药公司专利药进入了快速迭代的"悬崖 期"，另一方面是肿瘤等重大疾病的治疗方式正经历重大变革。在这样的迭代周期中，跨国公司发现， 中国的创新药企业经过多年蛰伏，已经能生产出疗效显著的创新药产品，并 ...

Group 1 - The A-share market is expected to experience a volatile upward trend in August, with public fund institutions suggesting a balanced allocation to cope with market fluctuations and sector rotations [1][2] - Over 90% of actively managed equity funds have achieved positive returns year-to-date, indicating a favorable market environment [1] - The liquidity environment remains supportive, with low interest rates and a strong demand for high-return assets due to "asset under-allocation" [2][3] Group 2 - Key investment opportunities are identified in three main areas: technology growth recovery, policy-driven domestic consumption, and "anti-involution" sectors such as new energy [2][3] - The sentiment in the market is at a high level, suggesting a need for balanced allocation to manage potential volatility and rapid rotations [3] - Specific sectors to focus on include AI applications, semiconductors, pharmaceuticals, and high-dividend assets [3]