5月19日，嘉实港股互联网产业核心资产A（011924）下跌0.57%，最新净值0.77元，连续3个交易日下 跌，区间累计跌幅2.78%。 据了解，嘉实港股互联网产业核心资产A成立于2021年8月，基金规模5.53亿元，成立来累计收益 率-22.74%。从持有人结构来看，截至2024年末，嘉实港股互联网产业核心资产A的基金机构持有0.30亿 份，占总份额的10.70%，个人投资者持有2.50亿份，占总份额的89.30%。 公开信息显示，现任基金经理王贵重先生:博士研究生,曾任上海重阳投资管理股份有限公司TMT行业研 究员。2015年7月加入嘉实基金管理有限公司,历任TMT行业研究员、科技组组长,现任大科技研究总 监。2019年5月7日至今任嘉实科技创新混合型证券投资基金基金经理,2020年8月21日至今任嘉实文体娱 乐股票型证券投资基金基金经理,2021年2月10日至今担任嘉实创业板两年定期开放混合型证券投资基金 基金经理。2022年1月22日担任嘉实前沿科技沪港深股票型证券投资基金、嘉实前沿创新混合型证券投 资基金基金经理。2023年11月16日担任嘉实创新先锋混合型证券投资基金基金经理。现任基金经理王鑫 ...

公开信息显示，现任基金经理闵锐女士:中国国籍,硕士研究生,具有基金从业资格。2015年10月加入嘉实 基金管理有限公司固定收益研究部,从事信用研究工作。2022年3月9日至2024年9月25日任嘉实稳泽纯债 债券型证券投资基金基金经理、2022年3月9日至2024年9月25日任嘉实致禄3个月定期开放纯债债券型发 起式证券投资基金基金经理、2022年11月12日至2025年1月10日任嘉实丰益纯债定期开放债券型证券投 资基金基金经理、2022年12月5日至2024年9月25日任嘉实长三角ESG纯债债券型证券投资基金基金经 理、2023年3月30日至2024年9月25日任嘉实致诚纯债债券型证券投资基金基金经理、2022年8月6日至今 任嘉实中债3-5年国开行债券指数证券投资基金基金经理、2022年8月20日至今任嘉实稳骏纯债债券型证 券投资基金基金经理、2023年9月23日至今任嘉实稳荣债券型证券投资基金基金经理、2024年6月3日至 今任嘉实中债绿色普惠主题金融债券优选指数证券投资基金基金经理。现任基金经理张文玥女士:中国 国籍,硕士。曾任中国邮政储蓄银行股份有限公司金融市场部货币市场交易员及债券投资经理。20 ...

Group 1 - The core viewpoint of the news is the launch of the "Daka Dingtou" investor education activity by the Shenzhen Stock Exchange in collaboration with Ant Group, aimed at promoting understanding of ETF investment tools and strategies among investors [1][2] - The activity is guided by the Fund Management Department of the Shenzhen Stock Exchange and involves participation from several leading fund companies, including E Fund, Fuguo Fund, and Huaxia Fund, among others [1] - The event will run from May 15 to June 30, providing ample time for investors to participate and learn about the long-term and stable characteristics of ETF investment strategies [1] Group 2 - The investor education initiative represents an innovative practice in capital market education, combining authoritative guidance, platform technology, and industry collaboration to create a new paradigm for investor education [2] - The activity is expected to enhance investor awareness of the value of ETF regular investment, fostering a positive market atmosphere for medium to long-term capital inflow [2]

Core Insights - The article highlights the ongoing efforts of the company to explore and promote new quality enterprises in China through investor service activities, focusing on sectors such as robotics, low-altitude economy, new energy vehicles, and intelligent manufacturing [2][3]. Group 1: Investor Service Activities - Since 2025, the company has organized nearly 10 investor service events across major cities in China, aiming to enhance investor understanding of innovative enterprises [2]. - The activities combine on-site visits to industries with educational services, creating a bridge between investors and the forefront of technological innovation [2][3]. - The initiative emphasizes the importance of direct engagement with companies to gain authentic insights into their operations and innovations [4]. Group 2: Industry and Economic Impact - The capital market is positioned not only as an economic indicator but also as a facilitator of industrial transformation, with public funds playing a crucial role in this dynamic [3]. - The company aims to build an ecosystem involving new quality enterprises, public funds, and investors, fostering a multi-perspective understanding of the industry [3]. - The cultivation of new productive forces requires a synergy of technology, capital, and application scenarios, with the company facilitating the flow of social capital into strategic emerging industries [3]. Group 3: Investor Education and Engagement - Investor education is deemed essential for informed decision-making, with the company focusing on deepening investor knowledge through direct interactions with industry players [4][5]. - The ongoing activities allow investors to experience the charm of the real economy and understand the innovative achievements of companies in the context of national modernization efforts [5]. - The company plans to continue inviting investors to engage with more core enterprises involved in innovation and industrial upgrades, thereby identifying investment opportunities in new productive forces [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented a new action plan to promote the high-quality development of public funds, linking fund manager compensation to long-term performance, which shifts the industry focus from "scale expansion" to "performance-oriented" strategies [1]. Group 1: Policy Impact - The new policy emphasizes the importance of fund managers' long-term performance, potentially leading to a transformation in the industry dynamics [1]. - Wang Guizhong, a prominent fund manager at Harvest Fund, has gained attention for his investment framework that focuses on "information, energy, and life," targeting key technology sectors such as semiconductors, digitalization, and new energy [1]. Group 2: Performance Metrics - As of Q1 2025, Wang Guizhong manages seven funds with a total scale of 11.076 billion yuan, with his flagship product, Harvest Technology Innovation, achieving a remarkable three-year return of 41.76%, significantly outperforming its benchmark by over 54% [1]. - The Harvest Technology Innovation fund has consistently ranked among the top in its category, with a five-year return of 92.56%, and has outperformed its benchmark by 99% over the same period [3]. Group 3: Investment Strategy - The top ten holdings of the Harvest Technology Innovation fund include major companies in semiconductors (SMIC, Jiangfeng Electronics), new energy vehicles (Li Auto, Leap Motor), and high-end manufacturing (Luxshare Precision), indicating a concentrated investment strategy in high-growth sectors [3][4]. - Wang Guizhong highlights the rapid advancements in China's technology sector and the potential for new investment opportunities, despite external pressures such as tariffs [5]. Group 4: Future Outlook - The new compensation structure linked to performance is expected to enhance Wang Guizhong's competitive edge, as his in-depth industry research and forward-looking investment approach align with the policy direction [5]. - The high volatility characteristic of the technology sector poses challenges for fund managers in balancing the pursuit of excess returns with growth in fund size, which will be a critical issue moving forward [5].

先锋期货期权日报 2025-5-14 风险揭示 本报告中的信息或所表述的意见并不构成对任何人的投资建议。本报告所载 的资料、工具、意见及推测只提供给客户作参考之用。过去的表现并不代表未来 的表现，未来的回报也无法保证，投资者可能会损失本金。 在任何情况下，我们不对任何人因使用本报告中的任何内容所引致的任何损 失负任何责任，投资者需自行承担风险。此报告中所指的投资及服务可能不适合 阁下，我们建议阁下如有任何疑问应咨询独立投资顾问。 | 标 的 | 平值期权隐 | 排 名 | 标的30天历 | 排 名 | 标的当日 | 排 名 | | --- | --- | --- | --- | --- | --- | --- | | | 含波动率 | | 史波动率 | | 真实波幅 | | | ps2507 | 2.4% | 1 | 2.1% | 1 | 3.3% | 11 | | sn2506 | 2.4% | 2 | 1.2% | 24 | 1.5% | 44 | | eb2506 | 2.2% | 3 | 1.8% | 6 | 4.1% | 4 | | br2506 | 2.2% | 4 | 1.9% | 5 | 2. ...

Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. Core Viewpoints - On May 13, 2025, the Shanghai Composite Index rose 0.17% to 3374.87 points, the Shenzhen Component Index fell 0.13% to 10288.08 points, and the ChiNext Index fell 0.12% to 2062.26 points. The total trading volume of A-shares in the two markets was 1325.1 billion yuan. The top-performing industries were banking (1.52%), beauty and care (1.18%), and pharmaceutical biology (0.90%), while the worst-performing industries were national defense and military industry (-3.07%), computer (-0.80%), and machinery and equipment (-0.66%) [2][6]. Summary by Directory Market Overview - The Shanghai Composite Index rose 0.17%, the Shenzhen Component Index fell 0.13%, and the ChiNext Index fell 0.12%. The total trading volume of A-shares in the two markets was 1325.1 billion yuan. The top-performing industries were banking, beauty and care, and pharmaceutical biology, while the worst-performing industries were national defense and military industry, computer, and machinery and equipment [2][6]. Stock ETF - The top trading volume stock ETFs were Huaxia CSI A500 ETF (up 0.11% with a premium rate of 0.08%), Huatai-PineBridge CSI 300 ETF (up 0.10% with a premium rate of 0.08%), and Guotai CSI A500 ETF (unchanged with a premium rate of -0.01%) [3][7]. Bond ETF - The top trading volume bond ETFs were Fuguo ChinaBond 7 - 10 Year Policy Financial Bond ETF (down 0.13% with a premium rate of 0.15%), Pengyang ChinaBond - 30 Year Treasury Bond ETF (down 0.38% with a premium rate of 0.52%), and Haifutong CSI Short - Term Commercial Paper ETF (unchanged with a premium rate of -0.00%) [4][9]. Gold ETF - The price of gold AU9999 rose 0.65%, and Shanghai Gold fell 0.31%. The top trading volume gold ETFs were Huaan Gold ETF (down 0.60% with a premium rate of 0.67%), E Fund Gold ETF (down 0.59% with a premium rate of 0.65%), and Bosera Gold ETF (down 0.61% with a premium rate of 0.65%) [12]. Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF fell 0.21% with a premium rate of 1.54%, Dacheng Non - Ferrous Metals Futures ETF fell 0.12% with a premium rate of 0.14%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF rose 0.77% with a premium rate of 1.75% [13]. Cross - Border ETF - The previous trading day, the Dow Jones Industrial Average rose 2.81%, the Nasdaq Composite rose 4.35%, the S&P 500 rose 3.26%, and the German DAX rose 0.29%. On this day, the Hang Seng Index fell 1.87%, and the Hang Seng China Enterprises Index fell 2.02%. The top trading volume cross - border ETFs were Huaxia Hang Seng Tech ETF (down 0.83% with a premium rate of -3.43%), Huatai - PineBridge Southern Dongying Hang Seng Tech ETF (down 0.84% with a premium rate of -3.33%), and Guotai S&P 500 ETF (up 10.01% with a premium rate of 23.45%) [15]. Money ETF - The top trading volume money ETFs were Yin Hua Ri Li ETF, Hua Bao Tian Yi ETF, and Money ETF Jian Xin Tian Yi [17].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The central bank's reserve requirement ratio cut and interest rate reduction stimulated the financial sector, leading to capital differentiation and industry rotation among ETFs. Stock ETFs had a net capital outflow overall, but there were differences between broad - based and industry - themed ETFs. Some sectors like military, communication equipment, and gold saw reverse capital inflows [2][16]. - The E Fund CSI Digital Economy Theme ETF (159311) was launched. The digital economy, as a long - term growth track, has attracted institutional investors, with continuous policy support [3][16]. 3. Summary According to Relevant Catalogs 3.1 ETF and Index Product Focus - The central bank's policy on May 7th led to positive responses in the financial sector, with the Securities ETF (159841) rising and the Financial Technology ETF (516860) increasing by 2.79%. There was a net capital outflow in stock ETFs, but broad - based ETFs such as SSE 50 and STAR 50 had capital inflows, while some like ChiNext and Dividend Low - Volatility ETFs had outflows. Military, communication equipment, and gold sectors had capital inflows [2][16]. - The E Fund CSI Digital Economy Theme ETF (159311) started its offering on May 6, 2025, focusing on the digital economy industry chain [3][16]. 3.2 Market Performance Review Last Week 3.2.1 Main Asset Index Performance - Domestic equity broad - based indices showed mixed performance. ChiNext, CSI 300, SSE 50, and CSI 500 rose by 3.27%, 2%, 1.93%, and 1.6% respectively, while STAR 50 fell by 0.6%. Bond - related indices also had mixed results. Commodity - related indices all increased, with NYMEX WTI crude oil, ICE Brent crude oil, COMEX gold, and COMEX silver rising by 4.75%, 4.23%, 2.65%, and 1.93% respectively. Overseas equity indices had both gains and losses [4][17]. 3.2.2 Shenwan Primary Industry Performance All Shenwan primary industries rose last week, with National Defense and Military Industry, Communication, and Power Equipment leading the gains, rising by 6.33%, 4.96%, and 4.02% respectively [20]. 3.3 Valuation Situation - The valuation quantiles of major equity broad - based indices all increased. CSI 300, SSE 50, CSI 800, Wind All - A, CSI 500, ChiNext, and CSI 1000 rose by 7.78pp, 7.6pp, 6.01pp, 5.02pp, 3.3pp, 2.77pp, and 1.57pp respectively. Most valuation quantiles of Shenwan primary industries also increased, with some exceptions like Agriculture, Forestry, Animal Husbandry and Fishery, Media, and Comprehensive [24][30]. 3.4 ETF Scale Change and Trading Volume 3.4.1 ETF Scale Change - Non - monetary ETFs increased in scale by 55.299 billion yuan last week, with a net inflow of - 7.313 billion yuan. Stock - type ETFs increased by 39.399 billion yuan with a net inflow of - 10.879 billion yuan; commodity - type ETFs increased by 3.038 billion yuan with a net inflow of 2.025 billion yuan; bond - type ETFs increased by 4.867 billion yuan with a net inflow of 4.202 billion yuan; cross - border Hong Kong - related ETFs increased by 3.187 billion yuan with a net inflow of - 2.23 billion yuan; cross - border non - Hong Kong - related ETFs increased by 4.808 billion yuan with a net inflow of - 0.431 billion yuan [6][35]. - Among equity broad - based ETFs, the CSI 300 theme ETF had the largest scale increase of 15.211 billion yuan, while the Hang Seng Index theme ETF had the largest scale decrease of - 0.03 billion yuan. The STAR 50 theme ETF had the largest capital inflow of 2.707 billion yuan, and the CSI 300 theme ETF had the largest capital outflow of - 5.692 billion yuan [7][35]. 3.4.2 ETF Trading Volume Compared with the previous week, the average daily trading volume of some ETFs increased significantly. For example, the E Fund CSI Overseas Internet ETF among cross - border non - Hong Kong - related ETFs, the E Fund CSI Hong Kong Securities Investment Theme ETF among cross - border Hong Kong - related ETFs, the Huatai - Peregrine CSI 300 ETF among stock - type ETFs, the Huaan Gold ETF among commodity - type ETFs, and the Fuguo China Bond 7 - 10 - year Policy - Financial Bond ETF among bond - type ETFs [47][48]. 3.5 ETF Performance - Among cross - border non - Hong Kong - related ETFs, the Huaan Germany (DAX) ETF performed best with a 4.59% increase; among cross - border Hong Kong - related ETFs, the GF CSI Hong Kong Stock Connect Non - Bank Financial Theme ETF performed best with a 4.3% increase; among stock - type ETFs, the Yongying China Securities General Aviation Industry ETF performed best with a 6.48% increase; among commodity - type ETFs, the Jianxin Shanghai Gold ETF performed best with a 0.92% increase; among bond - type ETFs, the Haifutong SSE Investment - Grade Convertible Bond ETF performed best with a 1.15% increase [8][50]. 3.6 ETF Issuance and Listing - Three ETFs were listed for trading last week. - Eight new ETFs were established last week, all of which were passive index funds [9][65]. 3.7 Current ETF Market Scale As of May 9, 2025, there were 1148 listed ETFs in the market, with a total scale of 4111.612 billion yuan. Among stock - type ETFs, scale - based index ETFs had the largest scale of 2239.861 billion yuan, followed by theme - based index ETFs with a scale of 458.643 billion yuan [53].

Group 1 - Public fund institutions remained active in research activities, with 146 institutions participating in A-share company research from May 5 to May 11, covering 156 stocks across 24 industries, totaling 1198 research instances [1][2] - The mechanical equipment sector stood out, with LeiSai Intelligent (002979) leading with 54 research instances, attracting nearly 30% of public institutions, while Honghua Digital Technology also received 33 instances [1][2] - The pharmaceutical and biological industry was another focus, with three stocks in the top ten, including Baiji Shenzhou, YiHe JiaYe (301367), and AoHua Endoscopy, receiving 49, 44, and 35 research instances respectively, indicating strong market interest in innovative drugs and medical devices [1][2] Group 2 - The electronic, pharmaceutical, and mechanical equipment sectors were the main areas of focus for public fund research, with electronic industry leading at 201 instances, followed by pharmaceutical at 194, and mechanical equipment at 143 [2] - A significant concentration of research activity was noted, with over 60% of public institutions conducting more than four research activities, and nine leading institutions exceeding 20 research instances [2][3] - Among the top ten active public institutions, Penghua Fund Management conducted 28 research instances, focusing on stocks like Naer Shares (002825), Oulutong (300870), and Honghua Digital Technology, which had notable weekly gains [3]

5月12日，晶丰明源连续4个交易日下跌，区间累计跌幅-6.52%。上海晶丰明源半导体股份有限公司(股票代码:688368)成立于2008年10月,是专业的电源管理 和控制驱动芯片供应商。 财报显示，嘉实基金旗下3只基金进入晶丰明源前十大股东。其中嘉实科技创新混合今年一季度增持，嘉实前沿科技沪港深股票A今年一季度增持，嘉实创 新先锋混合A今年一季度不变。 | | | 今年以来各阶段业绩及同类排名 | | | | | --- | --- | --- | --- | --- | --- | | 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 | 0.41% | 8.46% | 3.56% | 13.78% | 16.96 | | 同类平均0 | 1.06% | 7.06% | 0.28% | -1.35% | 3.35 | | 沪深300 | 3.18% | 3.74% | -0.75% | -4.78% | -1.13 | | 同类排名 3 | 3471 4703 | 1411 4688 | 1079 4622 | 180 4 ...