Core Insights - Foreign public funds have shown strong performance in Q2, with a focus on structural opportunities in the Chinese market, particularly in artificial intelligence, innovative pharmaceuticals, and high-dividend assets [1][2][3] Group 1: Fund Performance - Several foreign public equity products achieved notable returns in Q2, with the Robeco China Healthcare Equity Fund leading at a 28.51% increase in net value [1] - BlackRock's Advanced Manufacturing Fund and Fidelity's Dividend Growth Fund reported net value increases of 21.83% and 13.64%, respectively [1] Group 2: Investment Strategies - Robeco emphasized a multi-dimensional evaluation of companies in the innovative sector, focusing on quality, talent, R&D investment, and clinical data to select high-potential firms [1] - BlackRock's fund manager highlighted a strategic focus on artificial intelligence and technology sectors, achieving significant excess returns [2] - Fidelity's managers noted strong performance in traditional dividend sectors, attracting risk-averse capital due to low valuations and high dividend certainty [2] Group 3: Future Outlook - Fund managers expressed optimism about the attractiveness of A-share valuations, supported by policy backing and positive industry trends, indicating ongoing structural opportunities [2] - Future investment will continue to prioritize high-quality technology assets and sectors with concentrated distribution, such as TMT, machinery, pharmaceuticals, and chemicals [3] - The Chinese pharmaceutical industry is expected to enhance its global competitiveness, with a clear trend towards international expansion in innovative drugs and medical devices [3]

证券研究报告 | 行业点评报告 2025 年 07 月 22 日 2025 年 2 季度基金持仓点评 有增持，更欠配 总量研究/银行 公募基金发布二季度重仓持股数据，主动偏股基金银行股仓位上升，由"量增+ 价涨" 共同推动，但欠配幅度也有所扩大。我们解读如下（详细图表见正文）： 银行股仓位上升，主动偏股基金进一步增持：25Q2 主动偏股基金持有银行股的 比例为 4.87%，为 2021 年 2 季度以来的的最高水平，环比一季度提升 1.12pct， 仓位增幅显著。这一变化由"量增"与"价涨"共同推动：一方面，二季度银 行板块跑赢大盘（中信银行指数上涨 12.62%，分别跑赢万得全 A、沪深 300 全 收益指数 8.76、10.24 个百分点），带动基金持仓市值被动扩大；另一方面， 基金主动增持趋势明确，二季度末主动基金持有上市银行流通股数达 48.7 亿股， 环比增持 6.5 亿股，增幅 15.3%。值得注意的是，银行仓位 30%左右的升幅已 超过板块相对收益，进一步印证基金主动加仓是银行仓位提高的主要动力。 不过主动偏股基金对银行板块的欠配幅度也在进一步扩大。以沪深 300 为例， 25Q2 主动基金相对 ...

Core Insights - The State Administration of Foreign Exchange (SAFE) has reported significant progress in foreign exchange business reform, with 22 banks now participating in the initiative, which aims to enhance cross-border trade and investment facilitation [1][2] Group 1: Bank Participation - The 22 participating banks include 4 large banks, 9 joint-stock banks, 4 city commercial banks, and 5 foreign banks, indicating a diverse representation across the banking sector [2] - New entrants to the foreign exchange business reform this year include major banks such as China Construction Bank and foreign banks like Standard Chartered and JPMorgan [2] Group 2: Reform Impact - The foreign exchange business reform has streamlined processes, reducing the average time for quality clients to complete foreign exchange transactions by over 50%, thus providing tangible benefits to enterprises [3] - The number of classified quality clients has increased by 23% compared to the end of 2024, with over $200 billion in cross-border payment transactions processed based on client instructions this year [3] Group 3: Policy Framework - The foreign exchange business reform is a key component of the "more integrity, more convenience" policy framework, which aims to enhance foreign exchange services for the real economy [4] - The reform includes a focus on supporting technology-driven and small enterprises, optimizing due diligence processes, and establishing evaluation mechanisms for foreign exchange management policies [4]

Core Viewpoint - The AI Fund Zhongyin New Opportunities Mixed A (002057) reported a profit of 10.82 thousand yuan for Q2 2025, with a weighted average profit per fund share of 0.0086 yuan, and a net asset value growth rate of 0.72% during the period [3][4]. Fund Performance - As of the end of Q2 2025, the fund's scale was 1,446.05 thousand yuan [15]. - The fund's unit net value as of July 21 was 1.201 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 0.80%, ranking 130 out of 142 comparable funds [4]. - 6-month net value growth rate: 0.48%, ranking 130 out of 142 comparable funds [4]. - 1-year net value growth rate: 1.59%, ranking 139 out of 142 comparable funds [4]. - 3-year net value growth rate: 3.36%, ranking 96 out of 142 comparable funds [4]. Investment Strategy - The fund maintained a low equity position during Q2, focusing on sectors such as banking, public utilities, energy, and non-bank financials [4]. - The strategy included increasing exposure to the banking sector, particularly high-dividend and low-valuation banks, while slightly reducing holdings in the energy sector and lowering allocations in the operator and automotive sectors [4]. - Fixed income investments primarily included financial bonds and convertible bonds, with an increased duration to capitalize on bond market opportunities [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.3497, ranking 118 out of 142 comparable funds [9]. - The maximum drawdown over the past three years was 3.17%, with the largest single-quarter drawdown occurring in Q1 2020 at 4.64% [11]. Holdings - As of June 30, 2025, the fund's top ten holdings included: - Nanjing Bank - Industrial and Commercial Bank of China - Yangtze Power - Ping An Insurance - Shanghai Bank - China Construction Bank - Sinopec - Pudong Development Bank - China International Capital Corporation - Jiangsu Bank [19].

Summary of Key Points from the Equity Research Report Industry Overview - The report discusses the potential for a new round of supply-side structural reforms in China, referred to as Supply-Side Structural Reform 2.0 (SSSR2.0), following a call from the Central Commission for Financial and Economic Affairs (CCFEA) to address price competition and eliminate obsolete capacity [2][11]. Core Insights 1. **Differences from Previous Reforms**: - SSSR1.0 focused on upstream industries like coal, steel, cement, and glass, while SSSR2.0 is expected to encompass both traditional industries (e.g., steel) and new industries (e.g., solar, auto, lithium batteries) [3][13]. - The current reforms may be driven by self-regulating industry associations and market players rather than solely by government mandates, which characterized SSSR1.0 [3][13]. - Economic conditions differ significantly; SSSR1.0 coincided with a boost from infrastructure projects, whereas the current economy faces challenges in property and consumption sectors [3][13]. 2. **Urgency of Reform**: - The solar industry is identified as having the highest urgency for reform due to low capacity utilization rates (73.5%) and negative return on equity (ROE) among top players [5][24]. - Other industries in need of reform include steel, lithium batteries, and auto [5][24]. 3. **Potential Outcomes**: - The pace of capacity elimination may be slower in SSSR2.0 compared to SSSR1.0 due to the different measures and types of enterprises involved (state-owned vs. private) [4][26]. - It may take longer for Producer Price Index (PPI) growth to return to positive territory due to weaker demand and less stringent supply-side controls [4][26]. Key Beneficiaries - The report highlights five stocks that could benefit from the anticipated supply-side measures: - **Tongwei** (Hold) - **Longi Green** (Hold) - **First Applied Material** (Buy) - **Lead Intelligent** (Buy) - **Bank of Jiangsu** (Buy) [7][35]. Additional Insights 1. **Historical Context**: - SSSR1.0 led to significant improvements in capacity utilization and ROE for industry leaders, suggesting that similar outcomes could be expected for leading firms in SSSR2.0 [30][31]. - During SSSR1.0, industries involved in reforms outperformed the CSI300 benchmark, with large caps generally outperforming small caps [31][33]. 2. **Current Economic Indicators**: - The report notes that PPI has been in contraction for 33 months since October 2022, indicating ongoing economic challenges [14][26]. - Capacity utilization rates have declined across various sectors, with electrical equipment and auto industries experiencing significant drops [16][29]. 3. **Regulatory Measures**: - Recent measures include standardized conditions for solar manufacturing and initiatives to curb price wars in the auto industry, indicating a proactive approach by regulatory bodies [21][22]. 4. **Market Sentiment**: - Investor expectations for SSSR2.0 are fueled by recent government discussions and publications highlighting the need for structural reforms to address overcapacity and competition issues [2][12]. This comprehensive analysis provides insights into the potential impacts of SSSR2.0 on various industries and highlights key stocks that may benefit from these reforms.

Core Points - The China Securities Index AH Economic Growth Index has shown significant growth, with a 7.97% increase over the past month, 10.26% over the last three months, and a year-to-date increase of 13.34% [1] - The index comprises financially sound leading companies from both mainland and Hong Kong markets, reflecting the performance of companies benefiting from changes in the national economic structure [1] - The index's top ten holdings include Tencent Holdings (9.46%), Alibaba-W (9.43%), Meituan-W (3.83%), Yum China (3.37%), Jiangsu Bank (3.03%), Jitu Express-W (2.96%), Muyuan Foods (2.56%), Dekang Agriculture (2.43%), Wens Foodstuff Group (2.3%), and China Telecom (1.84%) [1] Market Composition - The index's market composition shows that the Hong Kong Stock Exchange accounts for 52.86%, the Shanghai Stock Exchange for 30.81%, the Shenzhen Stock Exchange for 16.33%, and the Beijing Stock Exchange for 0.00% [1] - In terms of industry representation, the index has 20.08% in industrials, 19.84% in consumer discretionary, 15.61% in communication services, 11.42% in information technology, 9.15% in consumer staples, 8.30% in financials, 6.14% in materials, 4.91% in healthcare, 1.69% in utilities, 1.68% in energy, and 1.18% in real estate [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are adjusted in accordance with the sample changes, and in special circumstances, temporary adjustments may be made [2]

Group 1: Core Activities and Promotions - Jiangsu Bank launched the second phase of the "Follow the Super League to Celebrate" theme activity, enhancing benefits from the first phase with new offerings such as free beer from Meituan, exclusive coupons from Ele.me, and discounts on fitness memberships [1][2] - The second phase runs from July 21, 19:00 to July 27, 18:00, allowing all authenticated users of the Jiangsu Bank App to participate in various prize draws across four categories: entertainment, travel, drinks, and transportation [1][3] - The activity aims to connect consumption scenarios with a total of millions in consumption vouchers, promoting consumer enthusiasm while contributing to economic recovery [1][4] Group 2: Entertainment and Leisure Offers - New "home benefits" include discounts on Mango TV and Keep fitness memberships, alongside a lottery for items like bone conduction headphones and LEGO blind boxes, catering to both entertainment and fitness needs [2] - The continuation of the 300 yuan hotel voucher package offers discounts for fans to enjoy local cultural experiences while watching matches, enhancing the overall event experience [2] Group 3: Food and Beverage Promotions - The campaign includes classic offers such as free drinks and discounts on food delivery services, with new additions like free beer vouchers from Meituan and a coupon package from Ele.me, making it convenient for fans to enjoy matches at home or with friends [3] Group 4: Transportation Benefits - The initiative features ongoing fuel and convenience store vouchers, with the introduction of a new cycling benefits package for both new and existing users, making short-distance travel easier for fans attending matches [4] - Jiangsu Bank's activities not only respond to the national enthusiasm for football but also serve as a practical example of financial services promoting consumption [4]

Group 1 - The Shanghai Composite Index opened high and the CSI 300 Commercial Banks Index reported 7780.10 points, with a 3.00% increase over the past month, 11.10% over the past three months, and a 15.30% increase year-to-date [1] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, providing a comprehensive analysis tool for investors [1] - The top ten weights in the CSI 300 Commercial Banks Index are: China Merchants Bank (16.86%), Industrial Bank (12.27%), Industrial and Commercial Bank of China (8.23%), Bank of Communications (6.49%), Agricultural Bank of China (6.0%), Jiangsu Bank (5.23%), Shanghai Pudong Development Bank (4.78%), Minsheng Bank (4.08%), Ping An Bank (3.73%), and Shanghai Bank (3.32%) [1] Group 2 - The CSI 300 Commercial Banks Index consists of 76.30% comprehensive banks and 23.70% regional banks [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples or significant events affecting sample companies [2]

Core Viewpoint - The AI Fund Yingda State-Owned Enterprise Reform A (001678) reported a profit of 12.55 million yuan for the second quarter of 2025, with a net asset value growth rate of 2.47% during the period [3] Fund Performance - As of July 18, the fund's unit net value was 1.621 yuan, with a three-month return of 10.04%, a six-month return of 6.78%, a one-year return of 7.85%, and a three-year return of 16.04% [4] - The fund's Sharpe ratio over the past three years was 0.4178, ranking 22 out of 159 comparable funds [8] - The maximum drawdown over the past three years was 30%, with the largest single-quarter drawdown occurring in Q2 2022 at 15.67% [10] Fund Management Strategy - The fund maintains an average stock position of 89.84% over the past three years, with a peak of 93.28% at the end of Q3 2023 [13] - The fund's investment strategy focuses on deep research and value discovery, targeting undervalued stocks in sectors such as non-ferrous metals, food and healthcare, military industry, and emerging technology fields like electronics, semiconductors, and advanced manufacturing [3] Fund Holdings - As of June 30, 2025, the fund's total assets amounted to 586 million yuan [15] - The top ten holdings of the fund include companies such as Juhua Co., Crystal Optoelectronics, Zijin Mining, Jiangsu Bank, Sanlipu, Lanke Technology, Changxin Bochuang, Haowei Group, Wentai Technology, and Zhaoyi Innovation [18]

Core Insights - The report indicates a shift in the banking sector's focus from fundamental expectations and growth thinking to strategy and trading thinking, highlighting the evolving landscape of investment approaches in the industry [2][29]. Group 1: Regulatory Actions - Three significant regulatory actions have guided the banking industry from "wild growth" to orderly expansion: 1. In 2011, the tightening of city commercial banks' cross-regional expansion and the central bank's credit scale control ended the disorderly expansion of the banking sector [16][20]. 2. The introduction of the MPA assessment in 2016 served as a core regulatory framework, preventing small and medium-sized banks from circumventing regulations and promoting stability [21][23]. 3. The implementation of asset management regulations in 2018 significantly constrained the expansion of non-standard assets in banks, addressing risks associated with shadow banking [24][28]. Group 2: Valuation Framework - A new understanding of the valuation framework for banks is presented, emphasizing the "PB-ROE" model, where banks with higher ROE typically correspond to higher PB ratios. The introduction of dividend yield and payout ratio into this framework suggests that banks with an ROE above 11.7% could justify a PB valuation above 1 [32][33]. - The report notes a shift in the driving logic behind bank stock price increases from growth logic to dividend strategies, indicating a transition in market focus from numerator-driven factors (like ROE) to denominator-driven factors (like dividend yield) [32][33]. Group 3: Historical Performance Review - A comprehensive review of bank stocks from 2008 to 2022 reveals that the banking sector has outperformed the CSI 300 index, achieving nine rounds of excess returns lasting over three months. The core driving factors shifted from growth to dividends over this period [8][29]. - Specific periods of excess returns are highlighted, such as: 1. From November 2008 to July 2009, the sector achieved an absolute return of 139.8% and an excess return of 15.3% [19]. 2. In 2011, despite negative absolute returns, the sector still managed an excess return of 17.6% [19]. 3. The period from October 2014 to December 2014 saw an absolute return of 60% and an excess return of 14.9% [19]. Group 4: Investment Recommendations - The report suggests two main investment themes: 1. Anticipating a reduction in insurance preset interest rates in Q3 2025, it recommends focusing on high-dividend banks such as China Construction Bank, Industrial and Commercial Bank of China, and Chongqing Rural Commercial Bank [3]. 2. The strong performance of small and medium-sized banks since the beginning of the year is expected to continue, with recommendations for banks like Industrial Bank, CITIC Bank, and Nanjing Bank based on valuation, dividends, and fundamentals [3].