这只基金为全世界规模排名靠前的主动管理新兴市场基金。截至5月底，基金的前五大重仓股 为台积电、腾讯控股、华住集团、Kotak Mahindra Bank Ltd、美团等。5月，该基金减持了 腾讯控股和美团，减持幅度分别为5.31%和24.77%。在此期间，该基金还增持宁德时代 22.16%，增持阿里巴巴14.79%。前25大重仓股中，基金对恒瑞医药增持幅度最大。 该基金的时任基金经理Justin Leverenz 曾经撰文表示看好中国医药行业。 6月，Justin Leverenz撰文表示，过去五年，中国已从跟随者变成药物研发的先锋。中国跨 越传统化学药物和生物制药的研发阶段，直接跃入新型复杂治疗模式的前沿。 同一篇文章表示，目前，中国生物技术创新领域的领军企业包括传统生物技术或制药公司， 以及CRDMO（合同研发制造组织）公司。CRDMO企业与生物技术、生物制药公司在药物研 发和商业化的各个环节开展合作。中国企业在血液肿瘤治疗领域确立了全球临床和商业领先 地位。中国已成为全球制药和生物技术巨头寻求临床管线的重要市场。在向制药公司进行生 物技术对外授权的交易中，中国占比从2019—2020年的4%增至2023 ...

Core Viewpoint - Foster, a leading photovoltaic film manufacturer, has announced a significant reduction in its expected net profit for the first half of 2025, primarily due to supply-demand imbalances and price pressures in the photovoltaic industry, leading to a nearly 50% decline in net profit compared to the previous year [1][2]. Financial Performance - The company expects to achieve a net profit of 473 million yuan for the first half of 2025, a decrease of 455 million yuan or 49.05% year-on-year; the non-net profit is projected at 426 million yuan, down 473 million yuan or 52.65% year-on-year [2]. - In Q2 2025, the estimated net profit is approximately 71.97 million yuan, representing an 82% decline year-on-year, while the non-net profit is about 48.13 million yuan, down 87% year-on-year [3]. Business Segments - Foster's core business is focused on photovoltaic materials, particularly photovoltaic films, which accounted for over 90% of its revenue in 2024. The company also has divisions for electronic materials and functional films [3]. - The average selling price of photovoltaic films decreased significantly, leading to a 14.54% decline in revenue to 17.504 billion yuan in 2024, despite an increase in sales volume [3][4]. Market Dynamics - The photovoltaic industry is experiencing overcapacity and intensified competition, resulting in decreased prices for raw materials and products, which has negatively impacted revenue and gross margins [3][4]. - The company anticipates that the surge in photovoltaic installations in early 2025 may lead to uncertainty in market demand for the second half of the year, as the rapid installation may have exhausted some of the demand [5][6]. Strategic Initiatives - To counteract the challenges in the domestic market, Foster is accelerating its overseas capacity expansion, particularly in emerging markets such as India, the Middle East, and Southeast Asia, where solar energy is becoming increasingly cost-effective [6]. - The company is also focusing on developing its electronic materials segment, which includes products like photosensitive dry film and flexible copper-clad laminate (FCCL), with plans to increase its market share from 10% to 20-30% [7][8].

Group 1 - Invesco Developing Markets Fund increased its holdings in Jiangsu Hengrui Pharmaceuticals by 100% in May, with a total market value of HKD 185,661,247 [2][3] - The fund's total size is approximately USD 14.1 billion, equivalent to about CNY 101.24 billion [2] - The fund's top five holdings include TSMC, Tencent, Huazhu Group, Kotak Mahindra Bank, and Meituan, with reductions in Tencent and Meituan by 5.31% and 24.77% respectively [3] Group 2 - Justin Leverenz, the fund manager, expressed optimism about the Chinese pharmaceutical industry, noting China's transition to a leader in drug development [4] - China has established a significant position in the global clinical and commercial landscape for blood cancer treatment, with its share of biotech licensing transactions increasing from 4% in 2019-2020 to 12% in 2023-2024 [4] Group 3 - JPMorgan Asset Management increased its stake in Jiangsu Hengrui Pharmaceuticals by 18.49% in May [5] - Allianz Investment also raised its holdings in Jiangsu Hengrui Pharmaceuticals by 8.47% [7] Group 4 - Fidelity China Focus Fund and FSSA China Growth Fund have also shown interest in various Chinese companies, with Fidelity increasing its stake in Alibaba by 12.46% and in Trip.com by 9.41% [9][10] - Temasek Holdings reported a net asset value of USD 340 billion, with a focus on long-term prospects in China, which represents 18% of its portfolio [11]

标普全球发布欧洲、中东和非洲新兴市场主权评级趋势。 ...

智通财经7月10日电，摩根大通集团董事长杰米·戴蒙表示，摩根大通考虑削减印度在新兴市场债券指数 中的比重。 ...

摩根大通CEO戴蒙：摩根大通考虑削减印度在新兴市场债券指数中的比重。 ...

进入第三季度，传统海运旺季已经到来，不过中美航运价格却一度暴跌。 上海航运交易所7月4日发布的上海出口集装箱综合运价指数显示，中国至美西和美东运价分别 为2089美元/FEU和4124美元/FEU。对比6月6日运费高峰的美西5606美元/FEU、美东6939美 元/FEU， 价格分别下跌63%和41%。 此前，美国发动所谓"对等关税"政策，中美贸易一度被按下"暂停键"。直到5月，中美暂停90 天"对等关税"让航运需求高企，港口一度出现"一舱难求"场景。 上海国际航运研究中心7月7日发布2025年第二季度中国航运景气报告。该报告显示，今年第二 季度，集装箱运输企业的景气指数为125.25点，较上季度大幅上升14.93点，升至较为景气区 间；集装箱运输企业的信心指数为121.25点，较上季度大幅上升26.25点，升至较为景气区 间。 但该报告也提出，中国航运景气指数第三季度预计为108.99点，较本季度下降11.81点，进入 微景气区间。第三季度除干散货企业的信心指数较本季度有所上升外，其余类型航运企业的信 心指数将有不同程度的下滑，其中集装箱运输企业信心指数下降幅度最大，较本季度下降10 点。 记者丨 谭海燕； ...

进入第三季度，传统海运旺季已经到来，不过中美航运价格却一度暴跌。 上海航运交易所7月4日发布的上海出口集装箱综合运价指数显示，中国至美西和美东运价分别为2089美 元/FEU和4124美元/FEU。对比6月6日运费高峰的美西5606美元/FEU、美东6939美元/FEU，价格分别下 跌63%和41%。 此前，美国发动所谓"对等关税"政策，中美贸易一度被按下"暂停键"。直到5月，中美暂停90天"对等关 税"让航运需求高企，港口一度出现"一舱难求"场景。 上海国际航运研究中心7月7日发布2025年第二季度中国航运景气报告。该报告显示，今年第二季度，集 装箱运输企业的景气指数为125.25点，较上季度大幅上升14.93点，升至较为景气区间；集装箱运输企业 的信心指数为121.25点，较上季度大幅上升26.25点，升至较为景气区间。 广东世泰服饰有限公司总经理吴维健告诉南方财经记者，从企业经营的角度来看，今年整体对美国市场 仍持保守稳健态度。"我们大多采取'边走边看'的策略，希望稳中求进。" 吴维健的公司也在积极开拓美国以外的新兴市场。"过去我们主要面向美国市场，产品设计和图文推广 内容以英语为主。而现在进入更多细分 ...

Core Viewpoint - Volkswagen's global sales growth has significantly slowed down due to high tariffs in the U.S. and declining demand in key markets [1] Group 1: Sales Performance - In Q2, Volkswagen's global vehicle deliveries increased slightly by 1.2% year-on-year, reaching 2.27 million vehicles [2][4] - In the U.S., Volkswagen's overall sales dropped by 16% year-on-year in Q2, contrasting with a 4.4% growth in Q1, indicating the direct impact of tariff policies on demand [2] - Sales of high-profit brands such as Porsche, Audi, Lamborghini, and Bentley fell by 7.7% year-on-year in Q2, totaling 480,200 units [3] Group 2: Market Dynamics - The U.S. has imposed a 20% tariff on products from the EU, which has adversely affected Volkswagen's North American operations [3] - In China, Volkswagen's electric vehicle sales plummeted by nearly one-third due to intensified competition from local brands like BYD, although overall sales in China grew by 2.8% driven by an increase in gasoline vehicle sales [3] - Despite pressures in major markets, Volkswagen's electric vehicle sales globally rose by 38% year-on-year in Q2, with a remarkable 73% increase in the European market [3] Group 3: Profitability Concerns - Volkswagen's profit in Q1 declined by 40%, raising concerns about profitability due to a structural shift towards lower-margin vehicles [5] - The management emphasized the continuation of electric vehicle strategies and expansion into emerging markets to adapt to changing global market dynamics [5]

（原标题：渣打银行展望下半年全球市场：美元走弱或推动新兴市场资产配置） 在美国经济"软着陆"的基本情境下，渣打认为股票仍有进一步上行空间，因此对股市的看好程度略超固 定收益。在固定收益方面，美元走弱预期有助于增加对新兴市场本币债的配置。渣打还预计，美国机构 按揭抵押证券的表现将持续优于发达市场投资级政府债。 针对中国市场，得益于财政政策支持及美元可能走弱，渣打看好科技、通信服务和非必需消费品行业， 并维持超配中国股票的建议。渣打中国财富管理部首席投资策略师王昕杰表示，相较于A股，港股（H 股）更具吸引力，主要受益于更低的估值、外资回流预期及与全球市场的更高联动性。 渣打对关键资产的观点具体如下： 债券：收益率存在"拉锯战"，对美联储减息的预期抵消了对美国预算赤字的担忧。渣打将全球债券作为 投资组合核心配置，超配新兴市场本币政府债。基于估值高企及美国经济增长不确定性导致收益率溢价 扩大风险，渣打低配发达市场投资级公司债。同时，看好新兴市场亚洲本币债、未对冲外汇风险的英国 国债和美国国库抗通胀债券。 股票：渣打维持超配全球股票的建议。贸易紧张局势缓和且盈利增长稳健，尽管关税带来影响，但通胀 仍受控。渣打将亚洲（除 ...