近日，咸宁长证高新产业投资母基金完成合伙协议签署及工商注册，成为继武汉都市圈基金、孝感战新基金之后又一只落地的区域母基金。 咸宁区域母基金总规模30亿元，其中：省政府投资引导基金认缴7.5亿元，咸宁市引导基金及产业投资平台认缴15亿元，长江成长资本作为社会资本 认缴7.5亿元，围绕地方优势产业，重点投向大健康、电子信息、绿色能源、新材料等咸宁市"5+4"主导产业和新兴未来产业。 一是导入优质产业项目。作为招引外部优质资源的"强磁石"和"助推器"，咸宁区域母基金将依托长江证券产业资源网络优势，主动"走出去"，精准对 接符合地方主导产业方向的国内外龙头企业、产业链关键环节项目以及高成长性科技企业。通过股权投资、政策配套、资源嫁接等组合拳，吸引目标 企业在咸宁落户，实现"引进一个项目、带动一个链条、壮大一个集群"的目标。 二是激活区域产投生态。通过母子基金架构设计，吸引更多社会资本投入，实现放大撬动数倍的预期。母基金专注于不同细分领域或不同发展阶段设 立市场化子基金，不仅能有效分散投资风险，还能将省、市两级财政资金的引导作用最大化，带动形成近百亿元规模的投资集群，全面激活区域创新 创业活力。 三是提升产业价值链能级 ...

Summary of Key Points Core Viewpoint - The article highlights the recent developments in China's mother fund industry, with a total management scale of 1,540 billion RMB, focusing on investments in sectors such as biomedicine, emerging industries, and semiconductors [2]. Group 1: National Developments - A national-level mother fund, the Service Trade Innovation Development Guidance Fund Phase II, has been established with a capital of 10 billion RMB, focusing on equity investment and asset management [4]. Group 2: Regional Developments - Shanghai has initiated the selection process for the third batch of sub-funds under its three major leading industry mother funds, targeting integrated circuits, biomedicine, and artificial intelligence [5]. - Zhejiang Province is recruiting general partners for its third phase of the Science and Technology Innovation Mother Fund, with a scale of 30.02 billion RMB [6]. - In Hubei, a humanoid robot industry investment mother fund has been established with a total scale of 10 billion RMB, focusing on core technologies and applications in various sectors [10]. - A regional mother fund in Hubei, the Xianning High-tech Industry Investment Mother Fund, has been set up with a total scale of 30 billion RMB, focusing on health, electronic information, and green energy [11]. - The Yunnan Dianzhong New Area Industry Guidance Fund has been officially established with a scale of 50 billion RMB, focusing on non-listed enterprises [13]. - Two provincial government investment mother funds have been launched in Shanxi, focusing on angel investment and low-altitude economy [14]. - The Henan Provincial Equity Investment Fund has been established with a capital of 10 billion RMB, aiming to attract venture capital and private equity institutions [15]. - The Ningbo Angel Investment Guidance Fund is planning to establish two sub-funds [18]. - The Suzhou High-end Equipment Industry Special Mother Fund is set to invest in sub-funds with a target scale of 15 billion RMB [19]. - The Yangzhou Aerospace Industry Special Mother Fund has successfully registered its first sub-fund with a total scale of 5 billion RMB [21]. - The Guangzhou Development Zone has established a 50 billion RMB technology innovation and entrepreneurship investment mother fund [22].

Core Viewpoint - Recent policies have emphasized the need to address "involutionary" competition, specifically targeting the governance of low-price disorderly competition and promoting the exit of backward production capacity [1] Group 1: Policy Impact - The supply-side clearing driven by policies is expected to improve the industry landscape, with the first phase of the market rally initiated by policy expectations [1] - The previous round of excess capacity was mainly concentrated in upstream resource industries, while the current round is focused on midstream and downstream industries [1] Group 2: Investment Strategies - Two main investment lines are suggested: 1. Industries with a longer supply-side clearing time and potential for supply-demand balance improvement, such as agricultural chemicals, general machinery, and components [1] 2. Industries undergoing policy-driven clearing, such as cement and photovoltaic sectors [1]

弹性基金销售回落 长江证券研究所金融工程研究小组 2025-08-01 %% %% %% %% research.95579.com 1 分析师及联系人 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 证券研究报告 • 证券研究报告 • %% %% %% %% research.95579.com 2 01 资金流向 02 行业配置情况 03 A股热点板块和港股持仓分析 04 总结 目 录 %% research.95579.com 3 资金流向 2025Q2主动权益基金加权份额相对于2025Q1继续减少3.21% ⚫ 其中普通股票型减少4.53%，偏股混合型减少2.50%，灵活配置型减少4.18%，平衡混合型减少4.51% 图1：主动权益基金规模走势（单位：亿元） 图2：主动权益基金加权份额走势（单位：亿份） 资料来源：Wind，长江证券研究所 %% %% %% %% research.95579.com 4 ⚫ 加权份额相对于2022Q1峰值回落了24.65% ⚫ 主动权益基金总规模回落至3.43万亿元，相对于2025Q1减少401亿 %% %% %% ...

Core Viewpoint - The article highlights the performance of new IPOs in the A-share market from January to July 2025, indicating a significant increase in both the number of new listings and the total funds raised compared to the same period last year [1]. Group 1: IPO Performance - A total of 59 new companies were listed in the A-share market from January to July 2025, representing an 18.00% increase from 50 companies in the same period last year [1]. - The net fundraising amount for these 59 new listings reached 544.21 billion yuan, which is a 63.83% increase compared to 332.18 billion yuan in the previous year [1]. Group 2: Underwriting Institutions Ranking - 26 underwriting institutions participated in the IPOs of the 59 new companies, with a total of 60 deals due to dual appointments for some companies [2]. - The top three underwriting institutions by the number of deals are: - First: Guotai Junan with 7 deals - Second: Huatai United and CITIC Securities, each with 6 deals [2]. Group 3: Legal and Accounting Firms Ranking - 25 law firms provided legal services for the 59 new IPOs, with the top three being: - First: Shanghai Jintiancheng with 9 deals - Second: Beijing Zhonglun with 6 deals - Third: Guangdong Xinda with 4 deals [5]. - 15 accounting firms provided auditing services for the IPOs, with the top three being: - First: Rongcheng with 13 deals - Second: Lixin and Tianjian, each with 9 deals [5].

基金会采用"母基金+项目直投"方式，前瞻布局机器人"大脑"和"小脑"及"肢体"等领域。 目 前已经对湖北省内核心零部件企业完成了产业图谱的摸排，有13家本土企业进入到整机供应 链中。 湖北省百亿人形机器人母基金有了实质性动作。 日前，武汉投控集团与东湖高新区签订战略合作协议，核心内容之一，是由武汉投控集团旗下武汉基 金，联合长江证券、东湖高新区，共同发起设立总规模100亿元的湖北人形机器人母基金。 创投日报记者了解到，基金总规模100亿元，计划分两期组建，首期规模50亿元，目前已完成工商注 册、实缴出资。一期基金中，长江证券与东湖高新区的湖北科投集团各认缴30%，湖北省政府投资引导 基金、武汉产业基金各认缴20%。 这意味着，人形机器人母基金得到湖北省、市、区三级国资的支持。基金的管理方是长江证券的全资私 募子——长江成长资本，它此前的投资主要集中在半导体、新能源、新材料领域。目前，人形机器人母 基金还没有对外的公开出资。 据武汉投控集团有关负责人介绍，会采用"母基金+项目直投"方式，围绕机器人核心技术与零部件、软 件与平台等产业，深耕工业、服务、医疗、农业等细分应用领域，前瞻布局人形机器人"大脑"和"小 脑 ...

Quantitative Models and Construction Methods 1. Model Name: General Risk Parity Model - **Model Construction Idea**: The risk parity model aims to equalize the risk contribution of each asset in the portfolio. When assets are uncorrelated, the risk parity allocation is equivalent to inverse volatility weighting, where higher volatility assets receive lower weights[18]. - **Model Construction Process**: - The risk contribution of each asset is calculated to ensure equal risk allocation. - Formula: $ w_i = \frac{1}{\sigma_i} $, where $ w_i $ is the weight of asset $ i $ and $ \sigma_i $ is the volatility of asset $ i $[18]. - **Model Evaluation**: This model is effective in balancing risk across assets, particularly when asset correlations are low[18]. 2. Model Name: Adjusted Risk Budget Model - **Model Construction Idea**: Adjust the risk budget based on the number of assets and their characteristics. The risk budget multiplier is proportional to the square root of the number of assets[29]. - **Model Construction Process**: - Static risk budgets are assigned to assets, with equity risk budget set at 25 and commodity/gold risk budgets at 36. - Dynamic adjustments are made using the Sharpe ratio over the past six months, with the maximum budget set at 1.5 times the static budget[36]. - **Model Evaluation**: The dynamic adjustment improves the model's responsiveness to market conditions, enhancing performance metrics like Sharpe ratio and reducing drawdowns[36]. 3. Model Name: Macro Risk Parity Model - **Model Construction Idea**: Incorporate macroeconomic factors into the risk parity framework to refine asset allocation based on macro factor correlations[38]. - **Model Construction Process**: - Decompose macro factor returns and calculate their correlations. - Formula: $ w_i = \frac{1}{\sigma_i} \times \text{Macro Factor Adjustment} $, where macro factor adjustment accounts for the correlation between macro factors and asset returns[38]. - **Model Evaluation**: This model enhances returns by aligning asset allocation with macroeconomic conditions, while maintaining risk parity principles[38]. 4. Model Name: Risk Budget Timing Model - **Model Construction Idea**: Adjust risk budgets dynamically based on asset timing signals, such as Sharpe ratios and macroeconomic states[59]. - **Model Construction Process**: - Fixed-income assets maintain a constant risk budget of 1. - Equity assets are adjusted based on a 1-month Sharpe ratio threshold of 0.5, with budgets increased to 64 if exceeded. - Convertible bonds are adjusted similarly with a threshold of 0.6 and a budget of 36. - Macro timing multiplies equity risk budgets by 4 during favorable conditions and reduces them by 4 during unfavorable conditions[59]. - **Model Evaluation**: This model significantly improves returns and reduces drawdowns by incorporating timing signals into risk budget adjustments[60]. --- Model Backtesting Results General Risk Parity Model - Annualized Return: 6.47% - Maximum Drawdown: -2.84% - Volatility: 2.79% - Sharpe Ratio: 2.25 - Monthly Win Rate: 74.76% - Monthly Profit-Loss Ratio: 6.14[55] Adjusted Risk Budget Model - Annualized Return: 7.99% - Maximum Drawdown: -4.01% - Volatility: 3.79% - Sharpe Ratio: 2.03 - Monthly Win Rate: 71.84% - Monthly Profit-Loss Ratio: 4.26[55] Risk Budget Timing Model - Annualized Return: 9.11% - Maximum Drawdown: -3.64% - Volatility: 3.62% - Sharpe Ratio: 2.41 - Monthly Win Rate: 71.84% - Monthly Profit-Loss Ratio: 5.50[61] --- Quantitative Factors and Construction Methods 1. Factor Name: Sharpe Ratio Adjustment - **Factor Construction Idea**: Use the Sharpe ratio as a timing signal to adjust risk budgets dynamically[59]. - **Factor Construction Process**: - Calculate the 1-month Sharpe ratio for each asset. - Compare the Sharpe ratio to predefined thresholds (e.g., 0.5 for equity, 0.6 for convertible bonds). - Adjust risk budgets based on whether the Sharpe ratio exceeds the threshold[59]. 2. Factor Name: Macro Timing Signal - **Factor Construction Idea**: Use macroeconomic states to determine equity allocation adjustments[59]. - **Factor Construction Process**: - Identify macroeconomic states using predefined signals. - Multiply equity risk budgets by 4 during favorable states and divide by 4 during unfavorable states[59]. --- Factor Backtesting Results Sharpe Ratio Adjustment Factor - Equity Risk Budget: Increased to 64 if Sharpe ratio exceeds 0.5[59] - Convertible Bond Risk Budget: Increased to 36 if Sharpe ratio exceeds 0.6[59] Macro Timing Signal Factor - Equity Risk Budget: Multiplied by 4 during favorable macro states, divided by 4 during unfavorable states[59]

长江证券承销保荐有限公司 关于西安西测测试技术股份有限公司 调整部分募投项目内部结构及实施地点的核查意见 长江证券承销保荐有限公司（以下简称"长江保荐"或"保荐机构"）作为西安 西测测试技术股份有限公司（以下简称"西测测试"或"公司"）首次公开发行股票 并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》《上市公司监管指引第 2 号——上市公司募集资 《深圳证券交易所上市公司自律监管指引第 13 号—— 金管理和使用的监管要求》 保荐业务》等相关法律、法规和规范性文件的规定，对西测测试调整部分募投项 目内部结构及实施地点的事项进行了审慎核查，核查情况及意见如下： 一、募集资金基本情况 经中国证券监督管理委员会（以下简称"中国证监会"） 《关于同意西安西测 （证监许可【2022】748 号） 测试技术股份有限公司首次公开发行股票注册的批复》 为规范公司募集资金管理，保护投资者权益，公司及公司控股子公司与保荐 人、募集资金专户开户银行签署了《募集资金三方/四方监管协议》，开设了募集 资金专项 ...

格隆汇7月30日｜长江证券研报指出，阳光电源从2023年至今，已有2-3年的时间业绩表现持续强势并多 次超预期。认为公司估值修复的逻辑将逐步明朗，其弹性或远高于业绩的增长。随着盈利下行和贸易壁 垒的担忧逐步淡化或消除，2025H2-2026，公司将逐步走入估值修复的窗口。对于贸易壁垒，美国大储 政策存在不确定性，但公司终将找到稳定的出美方式。对等关税和大美丽法案如今均已靴子落地，2026 年正式执行外国禁止实体，预计半年左右的缓冲期限过后，在2026H2 阳光电源出美方案大概率将得到 明确，公司美国量利预期将更为清晰，估值压制得以减轻。阳光电源凭借优异的产品力和固有的工商业 光伏逆变器渠道地位，充分受益于工商储市场爆发，为公司业绩再添增量。我们预计公司2025-2026 年 实现归母净利润130、140 亿元，对应PE 为12、11 倍，安全边际足够。维持"买入"评级。 ...

长江证券研报指出，阳光电源从2023年至今，已有2-3年的时间业绩表现持续强势并多次超预期。认为 公司估值修复的逻辑将逐步明朗，其弹性或远高于业绩的增长。随着盈利下行和贸易壁垒的担忧逐步淡 化或消除，2025H2-2026，公司将逐步走入估值修复的窗口。对于贸易壁垒，美国大储政策存在不确定 性，但公司终将找到稳定的出美方式。对等关税和大美丽法案如今均已靴子落地，2026 年正式执行外 国禁止实体，预计半年左右的缓冲期限过后，在2026H2 阳光电源出美方案大概率将得到明确，公司美 国量利预期将更为清晰，估值压制得以减轻。阳光电源凭借优异的产品力和固有的工商业光伏逆变器渠 道地位，充分受益于工商储市场爆发，为公司业绩再添增量。我们预计公司2025-2026 年实现归母净利 润130、140 亿元，对应PE 为12、11 倍，安全边际足够。维持"买入"评级。 ...