(本文来自第一财经) 光大证券研报表示，港股整体盈利能力相对较强，同时互联网、新消费、创新药等资产相对稀缺。此 外，尽管港股已经连续多月上涨，但是整体估值仍然偏低，长期配置性价比仍较高。在AI产业趋势持 续发展，以及美联储降息周期开启背景下，港股市场未来或许将继续震荡上行。可关注科技成长及高股 息占优的"哑铃"策略。 ...

Core Viewpoint - Several foreign public funds have delivered impressive performance this year, with some products ranking among the best in their category, revealing hidden heavy holdings across various sectors such as automotive, consumer, and pharmaceuticals [1][2]. Group 1: Fund Performance - Fidelity's 6-Month A Fund achieved a year-to-date return of 31.61%, with hidden heavy holdings including Jiangsu Shentong, ZhongAn Online, and Jinzheng Co., focusing on the information technology sector [2][3]. - Schroder's China Power A Fund also reported a return of 31.01%, with hidden heavy holdings including XPeng Motors, Li Auto, and Zero Run Auto, indicating a strategic focus on the new energy vehicle sector [2][3]. - Allianz China Select Fund outperformed with a return of 40.59%, with hidden heavy holdings in consumer discretionary and healthcare sectors, reflecting active management in structural shifts [3]. Group 2: Investment Strategy - Foreign public funds maintain a balanced allocation strategy while emphasizing key sectors such as information technology and healthcare, which helps capture structural opportunities in a differentiated market environment [1][3]. - The investment managers of Schroder's China Power anticipate a structural market driven by overseas risk appetite and domestic asset allocation pressures, suggesting a continued focus on high-dividend sectors and technology [4]. - Fidelity's fund managers emphasize a high allocation in information technology and industrial sectors, while reducing exposure to overvalued consumer discretionary stocks, indicating a disciplined investment approach [5].

多家外资公募旗下的基金在今年交出了亮眼的成绩单，部分产品收益率已在同类中名列前茅。随着半年报的持仓信息 披露，外资公募的隐形重仓股也逐一显露。 截至近日，富达传承6个月A、施罗德中国动力A、安联中国精选等产品的业绩都有不俗表现，年内收益均超过30%，从隐 形持仓来看，覆盖汽车、消费、医药等多个领域。 从持仓特征来看，外资公募延续了均衡配置的风格，同时在信息科技、医疗和消费等重点板块上有所倾斜。这种"均衡 +侧重"的策略，在降低风险的同时，也帮助产品在市场分化环境下捕捉结构性机会。 多只外资公募基金年内收益不俗，隐形重仓股曝光 业绩表现不仅在同类产品中领先，也引发了市场对外资公募投资策略的关注。 截至9月2日，富达传承6个月A在年内实现了显著的收益增长，收益率达到了31.61%。根据最新披露的持仓数据，其11～ 20位隐形重仓股包括江苏神通、众安在线、金证股份、中航西飞以及星云股份等。 在这些隐形重仓股中，众安在线和金证股份等新进纳入该基金重点持仓名单。从行业分布来看，富达传承6个月A的加仓 主要聚焦于信息科技板块，这一板块的强势表现无疑为基金的整体收益贡献了重要力量。除此之外，该基金11～20位重 仓股还覆盖 ...

- The industry mainline model uses the Relative Strength Index (RSI) indicator to identify leading industries. The construction process involves calculating the past 20, 40, and 60 trading days' returns for 29 primary industry indices, normalizing the rankings, and averaging them to derive the final RSI value. Industries with RSI > 90% by April are likely to lead the market for the year[11][13][14] - The industry rotation model is based on the "Prosperity-Trend-Crowdedness" framework. It includes two sub-models: the industry prosperity model (high prosperity + strong trend, avoiding high crowdedness) and the industry trend model (strong trend + low crowdedness, avoiding low prosperity). Historical backtesting shows annualized excess returns of 14.4%, IR of 1.56, and a maximum drawdown of -7.4%[16][18][22] - The left-side inventory reversal model focuses on industries with low inventory pressure and potential for restocking. It identifies sectors undergoing a rebound from current or past difficulties. Historical backtesting shows absolute returns of 25.9% in 2024 and excess returns of 14.8% relative to equal-weighted industry benchmarks[28][30][29] - The industry ETF allocation model applies the prosperity-trend-crowdedness framework to ETFs. It achieves annualized excess returns of 15.5% against the CSI 800 benchmark, with an IR of 1.81. The model's excess returns were 6.0% in 2023, 5.3% in 2024, and 7.7% in 2025[22][27][16] - The industry prosperity stock selection model combines industry weights from the prosperity-trend-crowdedness framework with PB-ROE scoring to select high-value stocks within industries. Historical backtesting shows annualized excess returns of 20.0%, IR of 1.72, and a maximum drawdown of -15.4%[23][26][16] - The industry prosperity-trend model achieved excess returns of 3.9% in 2025, while the inventory reversal model showed absolute returns of 1.3% and excess returns of -2.1% relative to equal-weighted industry benchmarks[16][28][30]

Group 1 - The U.S. employment data for June shows mixed results, indicating a steady but weakening economic trend, with expectations of fiscal easing from the "Great Beautiful" plan suggesting resilience in the economy for the near term [1] - China's manufacturing and construction PMI showed marginal improvement in June, with strong midstream equipment manufacturing driven by exports and new industries [1] - The central government has reiterated the need to address low-price disorderly competition in industries such as photovoltaics, lithium batteries, and automobiles, leading to increased expectations for "anti-involution" policies [1] Group 2 - The bond market experienced a shift to a looser funding environment post-quarter-end, with overall stability and a slight upward trend, despite weak fundamentals [1] - A-shares are under pressure in terms of corporate earnings, but liquidity and risk appetite are showing signs of recovery, suggesting a bullish market outlook [1] - A suggested investment strategy includes a "barbell" approach, balancing growth assets in Hong Kong and A-shares with low-volatility dividend assets until key economic indicators confirm an upward trend [1] Group 3 - The current low AH share premium and high U.S. Treasury yields may exert medium-term adjustment pressure on the Hong Kong stock market [2] - Oil demand is expected to be weak in 2025, with ongoing supply releases putting downward pressure on oil prices, influenced by geopolitical uncertainties [2] - Economic policy uncertainties due to tariffs and doubts about the dollar's credibility are likely to support a long-term bullish trend for gold prices, although short-term volatility is expected [2] Group 4 - The formation of a MACD golden cross signal indicates positive momentum for certain stocks [3]

Core Viewpoint - The bond market is expected to stabilize and improve in the second half of the year, likely presenting a "low interest rate, medium volatility" oscillating pattern [2][7]. Group 1: Market Performance and Trends - In the first half of 2025, the bond market experienced significant volatility, with the ten-year government bond yield fluctuating between 1.6% and 1.9% [2]. - The average net asset value growth rate of medium- and long-term bond funds in the first half of the year was 0.73%, marking the lowest semi-annual performance in nearly a decade and a half [2]. - The bond market's absolute interest rates are currently at historically low levels, which has reduced the buffer effect of coupon income against market fluctuations compared to previous years [3][6]. Group 2: Investment Strategies - In a low interest rate environment, the strategy for pure bond funds has become constrained, with limited opportunities for differentiation due to the compression of credit spreads and term spreads [4][5]. - The investment strategy for the second half of the year should focus on the role of coupon income, with a primary emphasis on coupon strategies and supplementary wave trading [16]. - A "barbell strategy" is recommended, balancing between high liquidity assets and medium to low duration assets to secure stable coupon income while allowing for wave trading opportunities [17]. Group 3: Focus on Specific Bond Types - There is a focus on investment opportunities in technology innovation bonds (科创债) and local government bonds (地方债) due to their higher yield compared to government bonds and their alignment with high-quality development goals [12][13]. - Credit bonds are also highlighted for their long-term allocation logic, especially in the context of recent deposit rate cuts enhancing their relative value [12][13]. Group 4: Risks and Market Dynamics - The bond market is currently facing multiple risks, including potential policy shifts that could lead to capital diversion from the bond market, as well as geopolitical tensions affecting market sentiment [19][20]. - The market's response to economic recovery and potential tightening of monetary policy could lead to upward pressure on bond yields if expectations are not met [19][20]. Group 5: Long-term Investment Perspective - Investors are advised to maintain a rational approach to short-term fluctuations in bond market net values and focus on long-term allocation value [23][24]. - Diversification in asset allocation is emphasized, with recommendations to balance different maturity bond funds to meet liquidity needs while mitigating the impact of individual asset volatility [23][24].

Group 1: Economic Outlook - The Federal Reserve's June FOMC meeting maintained the current interest rates, with inflation effects from tariffs requiring time to observe, indicating a potential stagflation scenario for the U.S. economy [1] - Domestic economic data for May shows a strong supply side, a rebound in consumption growth, and a decline in investment growth, with fiscal intensity weakening [1] - The second and third quarters are expected to show resilient year-on-year growth due to low base effects from last year, with further policy support potentially mitigating growth slowdowns [1] Group 2: Market Strategy - In the bond market, expectations for "restart buying bonds" and "government bond reserve requirements" have increased, with short-term bonds performing better than long-term ones, leading to an overall strong bond market [1] - The central bank's unexpected support for liquidity in June, including multiple reverse repos and MLF operations, is expected to stabilize the funding environment, with short-term yields likely to remain strong [1] - Weak financial data and investment trends have not improved, maintaining a downward trend for long-term yields, which may require central bank actions to break previous lows [1] Group 3: A-shares and H-shares - In the A-share market, external geopolitical conflicts may present buying opportunities during significant adjustments, with the focus shifting to economic fundamentals as the U.S.-China tariff pause extends to August [2] - The upcoming earnings season in July and August will be crucial for A-share market pricing, with a low risk of significant declines in economic fundamentals under policy support [2] - The H-share market currently enjoys ample liquidity, but mid-term adjustments may be pressured by low AH share premiums and high U.S. Treasury yields [2] Group 4: Commodities - The escalation of geopolitical conflicts in the Middle East has temporarily boosted oil sentiment, although global oil demand may still be affected by tariffs in the mid-term [3] - Economic policy uncertainties from tariffs and doubts about the dollar's credibility are expected to support a long-term bullish trend for gold prices, despite short-term volatility [3] - The formation of a MACD golden cross signal indicates positive momentum for certain stocks [3]

Group 1 - The core viewpoint is that the Hong Kong stock market is experiencing significant inflows from southbound funds, leading to a strong performance in various sectors, particularly technology and new consumption [1][5][9] - The Hang Seng Index and Hang Seng Technology Index have achieved over 20% returns year-to-date, outperforming global markets [2][3] - Southbound funds have seen a cumulative net inflow of over 630 billion yuan, more than doubling year-on-year, indicating a strong interest in Hong Kong stocks [5][6] Group 2 - The healthcare, materials, and information technology sectors have shown robust growth, with respective increases of 50.54%, 36.41%, and 28.32% [3] - Notable individual stock performances include Tencent Holdings rising over 22% with a market capitalization of 4.69 trillion HKD, and Alibaba increasing by 46% with a market cap of 2.25 trillion HKD [3] - The investment strategy of southbound funds has shifted towards a "barbell" approach, focusing on high-dividend assets and technology growth sectors [8] Group 3 - Analysts believe that the current macroeconomic environment in China favors the Hong Kong stock market, with structural opportunities in dividends, new consumption, and AI technology [4][9] - The market is expected to continue strengthening, driven by a U-shaped recovery in corporate earnings and an expansion of core listings [9] - The innovation drug sector is highlighted as having significant potential, although caution is advised regarding small-cap stocks that have seen rapid gains [9]

Group 1: TMT Sector Insights - The core viewpoint of the report indicates that the TMT sector's congestion has decreased, suggesting that a barbell strategy may be the optimal solution at present [3] - Based on the trend model, certain value sectors such as non-ferrous metals, agriculture, banking, and building materials are in the "strong trend - low congestion" area [3] - The report highlights that the building materials, non-bank financials, military industry, new energy, and steel sectors are in the "high prosperity + strong trend" quadrant, showing significant changes compared to the first quarter [3] Group 2: Investment Recommendations - The report recommends focusing on stable value sectors (banking, non-bank financials, steel, agriculture, building materials) on one hand, and technology sectors (electronics, communications, military, new energy, and innovative pharmaceuticals) on the other hand, as a barbell strategy [3] Group 3: Company-Specific Insights - For Chipone Technology (688521.SH), the company is projected to achieve revenues of 3.18 billion, 4.06 billion, and 5.88 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 36.9%, 27.6%, and 45.0% [5] - The report anticipates that the net profit attributable to the parent company for Chipone Technology will be 10 million, 60 million, and 140 million yuan for the same years, reflecting significant growth rates of 101.8%, 505.1%, and 125.3% [5] - Eastroc Beverage (003012.SZ) is expected to generate revenues of 6.01 billion, 6.11 billion, and 6.58 billion yuan from 2025 to 2027, with a compound annual growth rate of 17.8% [8] Group 4: Industry Performance Overview - The report lists the top-performing industries over the past year, with pharmaceuticals and biotechnology leading at 10.4%, followed by agriculture at 2.8% and textiles at 13.4% [1] - Conversely, the worst-performing industries include defense and military, food and beverage, and machinery, with declines of 17.5%, 3.1%, and 26.0% respectively over the past year [1] Group 5: Resource Expansion Insights - The report notes that Yubang Mining's silver resource has been confirmed to increase to 21,600 tons, with an additional 6,147 tons added, which is above expectations [9] - The projected revenues for Yubang Mining are expected to be 5.86 billion, 6.68 billion, and 8.32 billion yuan from 2025 to 2027, with net profits of 2.06 billion, 2.41 billion, and 3.13 billion yuan respectively [9]

Group 1 - The core viewpoint of the articles highlights the continuous inflow of southbound funds into the Hong Kong market, with a net purchase of 76 billion HKD on June 10, leading to a cumulative net purchase of 674.2 billion HKD for the year, which is 83% of last year's total [1][2] - Alibaba is the most favored stock among southbound funds, with a net purchase of 85.8 billion HKD this year, bringing its market value close to 200 billion HKD. Tencent follows with a net purchase of 45.1 billion HKD and a market value exceeding 530 billion HKD, while Meituan ranks third with a net purchase of 32.2 billion HKD and a market value over 125 billion HKD [1] - The investment style of southbound funds is characterized by a "barbell" strategy, focusing on high-dividend assets on one end and technology growth and consumer discretionary sectors on the other [1] Group 2 - According to CICC, the current macro and market environment in China, while still needing repair, has structural highlights that favor the Hong Kong stock market. This includes stable returns from dividends and structural opportunities in new consumption, AI technology, and innovative pharmaceuticals [2] - CICC estimates that the net inflow of southbound funds for the year will be around 200 to 300 billion HKD, with a total annual inflow projected to be between 800 billion to 1 trillion HKD [2]