中国母基金行业一周资讯（ 3 . 2 2 - 3 . 2 8） 【资讯解读】 本周资讯涉及的母基金管理规模达 2 0 3 6 亿元，主要分布在四川、北京、山西等地区，投资高 端装备制造、生物医药、人工智能等。以下是内容提要和具体资讯。 【内容提要】 01 四川： 首迎国家科创母基金 3月2 7日，成都交子中赢基金签约暨成都东部新区"创-投-贷-保"全要素金融服务体系推介活动 举办。首支落地四川的国家科创协同发展母基金—成都交子中赢创新发展基金（以下简称"成 都交子中赢基金"）正式对外亮相并完成合作签约。 1、 四川：首迎国家科创母基金 2、全国： 国家军民融合产投基金二期登记成立 3、 山西：低空经济和通用航空业发展基金管理机构遴选公告 4、 湖北：湖北省政府投资引导基金支持设立的农银 AIC基金成功落地 5、 北京：将新设 1 0 0亿元规模医药并购基金 6、广东： 打造千亿级产业生态圈，东莞松山湖科技金融集聚区启动 7、北京： 1 5 0亿，北京新基金群诞生 8、 天津：天津市国资产业发展母基金成功设立，助力市属国企高质量发展 9、 广西：特色农业母基金企业设立登记工作完成 1 0、 上海：上海发布 2个 ...

证券代码：600893 证券简称：航发动力 公告编号：2025-002 中国航发动力股份有限公司 关于变更项目合伙人及签字注册会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 项目合伙人、签字注册会计师：李昊阳，2020年成为注册会计师，2013 年从事上市公司审计业务，2024年开始在大信会计师事务所执业，近三年签 署上市公司审计报告5家。 签字注册会计师：黄颖，2021年成为注册会计师，2016年开始从事上市 公司审计业务，2014年开始在大信会计师事务所执业，近三年签署上市公司 审计报告2家。 （二）诚信记录 项目合伙人、签字注册会计师李昊阳及签字注册会计师黄颖近三年不存 在因执业行为受到刑事处罚，受到中国证监会及其派出机构、行业主管部门 的行政处罚、监督管理措施，受到证券交易所、行业协会等自律组织的自律 监管措施、纪律处分的情况。 （三）独立性 项目合伙人、签字注册会计师李昊阳及签字注册会计师黄颖均不存在违 反《中国注册会计师职业道德守则》对独立性要求的情形。 中国航发动力股份有限公司（以下简称公司）于20 ...

Core Viewpoint - The year 2025 is projected to be the year of large-scale implementation of the low-altitude economy, with high-end equipment ETFs (159638) expected to benefit significantly from this trend [1][4]. Group 1: Market Performance - As of March 26, 2025, the CSI High-end Equipment Sub-index has risen by 0.42%, with notable increases in constituent stocks such as Zhenhua Technology (up 4.82%) and Hangjin Technology (up 3.96%) [1]. - The high-end equipment ETF (159638) has seen a rise of 0.38%, with a trading volume reaching 24.64 million yuan [1]. Group 2: Fund Flow and Investment - The latest scale of the high-end equipment ETF has reached 1.139 billion yuan, with a net inflow of 3.171 million yuan [3]. - Over the past five trading days, there have been net inflows on four days, totaling 24.08 million yuan [3]. - Leveraged funds are actively investing, with the latest margin buying amounting to 2.321 million yuan and a margin balance of 31.896 million yuan [3]. Group 3: Industry Outlook - The high-end equipment ETF closely tracks the CSI High-end Equipment Sub-index, focusing on leading companies in aerospace, military equipment, and satellite navigation, which are expected to benefit from the low-altitude economy boom [3]. - According to Zhejiang Securities, various provincial low-altitude economic development plans and support measures are being rolled out in 2024, with 2025 anticipated to be a pivotal year for large-scale application of new technologies and products in this sector [4]. - The low-altitude economy is expected to play a significant role in macroeconomic recovery and has strategic importance in the competition between emerging industries in China and abroad [4].

公开信息显示，现任基金经理崔宸龙先生:中国国籍,研究生、博士,曾任深圳市前海安康投资发展有限公 司研究部研究员,2017年8月加盟前海开源基金管理有限公司,曾任权益投资本部研究员,现任权益投资本 部基金经理。2020年7月20日起担任前海开源公用事业行业股票型证券投资基金基金经理。2020年7月20 日起担任前海开源沪港深非周期性行业股票型证券投资基金基金经理。2020年10月27日起担任前海开源 新经济灵活配置混合型证券投资基金基金经理。2021年6月24日起担任前海开源沪港深智慧生活优选灵 活配置混合型证券投资基金基金经理。2021年11月18日担任前海开源新兴产业混合型证券投资基金基金 经理。2023年01月13日担任前海开源沪港深新机遇灵活配置混合型证券投资基金基金经理。 截止2024年12月31日，前海开源新经济混合C前十持仓占比合计60.81%，分别为：航发动力 （9.60%）、中航沈飞（9.60%）、法拉电子（9.10%）、中航西飞（8.59%）、紫光国微（5.37%）、中 航重机（4.75%）、山东黄金（3.59%）、国轩高科（3.56%）、道通科技（3.40%）、微光股份 （3.25%）。 ...

Group 1 - The National Military-Civilian Integration Industry Investment Fund Phase II has been established with a registered capital of 59.6 billion yuan, focusing on private equity investment, investment management, and asset management [1] - The fund's shareholders include various government entities and major military enterprises, indicating strong state support and involvement from the military-industrial complex [1] - The first phase of the fund, established in 2018 with a registered capital of 51 billion yuan, has invested in over 110 projects, demonstrating a track record of active investment in the military-civilian integration sector [1] Group 2 - Military-civilian integration aims to deeply embed national defense and military modernization into the economic and social development system, enhancing resource availability for sustainable development [2] - Recent policies have been introduced to accelerate military-civilian integration, including the establishment of industry funds and reforms in defense research and procurement systems [2] - The projected market size for military-civilian integration in China is expected to reach 7.3 trillion yuan by 2024, with civilian sectors contributing 6.27 trillion yuan and military sectors 1.03 trillion yuan [2] Group 3 - The military-civilian integration industry plays a crucial role in the midstream of the industrial chain, impacting both upstream manufacturers and downstream application sectors [3] - Key areas with significant military-civilian integration potential include infrastructure, defense technology, and emerging fields such as artificial intelligence and renewable energy, which can enhance national defense capabilities while promoting economic growth [3]

航发动力连跌7天，华泰柏瑞基金旗下1只基金位列前十大股东 | 阶段涨幅 | 季度涨幅 年度涨幅 | | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | -2.30% | -1.58% | -0.13% | 22.63% | -0.329 | | 同类平均� | -2.23% | -1.70% | 2.19% | 31.47% | 3.899 | | 沪深300 | -1.55% | -0.88% | -1.23% | 17.39% | 0.009 | | 跟踪标的? | -1.55% | -0.88% | -1.23% | 17.39% | 0.009 | | 同类排名 3 | 2194 3642 | 2068 3558 | 2296 3401 1852 3044 | | 2604 344 | | | | | 图片来源:天天基金网 2025/3/24 | | | 华泰柏瑞沪深300ETF基金经理为柳军。 简历显示，柳军先生:中国国籍。监事,复旦大学财务管理硕士,2000-2001年任上 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The concept of "Deep Sea Technology" has been included in the government work report for the first time, indicating significant growth opportunities for the underwater equipment industry [4][10] - The government aims to promote the large-scale application of new technologies and products in emerging industries, including deep sea technology, commercial aerospace, and low-altitude economy [4][10] - The underwater combat capabilities are considered an important component of new domain combat power, with technologies such as underwater acoustic detection and communication, and UUV technology expected to play a crucial role [11] Summary by Sections Industry Overview - The closing index for the defense and military industry is 1555.26, with a 52-week high of 1712.48 and a low of 1113.62 [1] Investment Recommendations - Two main investment themes are suggested: 1) Aerospace and "gap-filling" new focuses, including companies like Feilihua, Fenghuo Electronics, and AVIC Shenyang Aircraft [12][13] 2) New technologies, products, and markets with greater elasticity, including companies like Aerospace Zhizao, Guorui Technology, and Guangdong Hongda [12][13] Market Performance - The military industry index increased by 2.57% this week, ranking 9th among 31 first-level industries [14] - The top ten performing stocks in the military sector this week include Zhongke Haixun (+62.42%) and Hongyuan Electronics (+23.80%) [16] Valuation Levels - As of March 14, 2025, the military industry index stands at 11204.55, with a PE-TTM valuation of 78.84 and a PB valuation of 3.55, both at historical mid-levels [19] Key Data Tracking - The report tracks various aspects, including private placements and stock incentive data for military companies [22][25] - The report highlights significant growth in the low-altitude economy and military trade markets, with the U.S. maintaining a dominant position in global arms exports [28][30]

Investment Rating - The report maintains an "Outperform" rating for the defense and military industry [5]. Core Viewpoints - The report expresses continued optimism for the military industry, highlighting a 2.57% increase in the Shenwan Military Index (801740) compared to a 1.59% increase in the CSI 300 Index, resulting in an excess return of 0.98 percentage points [2][43]. - The 2025 government work report emphasizes "deep-sea technology" as a new emerging industry, which has positively impacted related stocks [3][43]. - The macro-level focus on completing the "14th Five-Year Plan" is expected to accelerate improvements in the industry's fundamentals [3][44]. - The report notes a slight decrease in financing buy-in amounts, but an increase in military ETF fund sizes and shares, indicating stable confidence from passive funds in the military sector [3][44]. Summary by Sections Market Performance - The Shenwan Military Index increased by 2.57% during the week of March 10-14, outperforming the CSI 300 Index by 0.98 percentage points [10][17]. - Since May 2024, the Shenwan Military Index has risen by 22.96%, while the CSI 300 Index has increased by 11.16%, resulting in an excess return of 11.8 percentage points [19][10]. - The engine sector performed the best this week, with significant gains from stocks like Baotai Co., which rose by 21.07% due to the "deep-sea technology" theme [24][10]. Investment Opportunities - The report suggests focusing on traditional main battle equipment and high-elasticity sectors that will cross the "15th Five-Year Plan" cycle [45][47]. - Key companies to watch include: - Traditional Equipment: AVIC Shenyang Aircraft, AVIC Xi'an Aircraft, and others [47]. - High Elasticity Directions: Commercial engines, materials, information technology, low-cost drones, and controlled nuclear fusion [47]. Valuation and Funding - As of March 15, the TTM price-to-earnings ratio for the Shenwan Military Index is 63.72, with a percentile rank of 86.27%, indicating a high configuration value despite some valuation increases [4][45]. - The report notes that passive funds have shown a net inflow of 949 million yuan into military ETFs, reflecting strong confidence in the sector [30][44].

Group 1 - The low-altitude economy is expected to continue its growth trajectory into 2025, with significant investments and projects underway [1][4] - The total estimated investment for the first phase of the low-altitude new infrastructure project in Shaoxing City is 2.05 billion, marking a record for public bidding in the low-altitude economy sector [3] - The low-altitude economy in China reached a scale of 505.95 billion in 2023, with a growth rate of 33.8%, and is projected to reach 1.5 trillion by 2025 and 3.5 trillion by 2035 [4] Group 2 - Several low-altitude economy companies have secured orders this year, accelerating their product commercialization process, with notable contracts signed for eVTOL aircraft [5] - Over 320 stocks in the A-share market are related to the low-altitude economy concept, with an average increase of 16.66% this year, significantly outperforming the Shanghai Composite Index [5] - A total of 53 stocks in the low-altitude economy sector are expected to see net profit growth rates exceeding 20% in 2025 and 2026, including major players like Changan Automobile and Aihua Group [6]

Investment Rating - The report provides a positive investment outlook for the defense and military industry, highlighting a dual logic driving significant market opportunities in 2025 [4]. Core Insights - The report emphasizes that the improvement in military orders and thematic catalysts, such as military AI and robotics, will significantly expand the investment space and elasticity within the military sector [4][40]. - It identifies four main investment themes: order elasticity in missiles and underwater systems, thematic space in military AI/robotics, military-civilian integration in commercial aerospace and low-altitude economy, and value investment in aircraft and engines [4][50]. Summary by Sections 1. Dual Logic Driving the 2025 Military Market - The report outlines that the military construction cycle in China is currently in a new phase, with increasing demand for various military products and a shift from sporadic orders to more consistent and widespread orders across the industry [4][10]. - It notes that the demand for military supplies is expected to grow due to increased training frequency and global conflicts, which will drive ammunition consumption [16][23]. 2. Order Elasticity Main Line: Missiles/Underwater - The missile sector is projected to enter a growth phase in 2025, with significant potential for order elasticity, particularly in guided missiles [4][50]. - The underwater sector is also highlighted, with a focus on the development of underwater combat systems and the integration of various platforms [78][82]. 3. Thematic Catalysts: Military AI/Robotics - The report discusses the acceleration of military AI and robotics, which are expected to become core components of new combat capabilities, enhancing the overall investment landscape [40][44]. - It emphasizes that global military powers are increasingly prioritizing the development of intelligent weaponry and new combat strategies [44][45]. 4. Military-Civilian Integration: Commercial Aerospace/Low-altitude Economy - The report indicates that policies supporting commercial aerospace and low-altitude economies are gaining traction, presenting new investment opportunities [4][50]. - It highlights specific companies that are well-positioned to benefit from these trends, such as Zhenray Technology and Shanghai Hanhua [4]. 5. Value Investment Main Line: Aircraft/Engines - The aircraft and engine sectors are expected to maintain stable growth, with resilience against market fluctuations [4][50]. - The report suggests focusing on companies like AVIC Shenyang Aircraft and Aero Engine Corporation of China for potential investments [4].