今年以来，A股市场呈现显著的结构性行情。8月沪指一路向上冲破3800点，但随之而来的是市场热点 的加速轮动，各板块之间涨跌互现、此起彼伏。尤其是3800点后市场高位震荡，行情较难把握，甚至有 不少投资者可能错失行情。 尽管复杂的行情加大了投资的难度，但同时也是检验基金经理能力的试金石，在波动的环境下保持稳健 向上的曲线，才是真正优秀的基金经理，华商基金胡中原正是其中之一。 据银河证券数据，胡中原在管的所有混合型基金，近1年、3年、5年的业绩排名，均位列同类前十。其 中，华商双翼平衡混合A近1年、3年、5年业绩均位列同类第一；华商润丰灵活配置混合C近5年业绩位 列同类第一，近1年、3年业绩均位列同类前五，可见胡中原对市场的理解力与资产配置的掌控力。 | | 业绩排名 | | | | | --- | --- | --- | --- | --- | | | 近1年 近3年 | | 近5年 | 近7年 | | 基金名称 | 2024.09.01至 | 2022.09.01全 | 2020.09.01至 | 2018.09.01 套 | | | 2025.08.31 | 2025.08.31 | 2025.08.31 ...

尽管复杂的行情加大了投资的难度，但同时也是检验基金经理能力的试金石，在波动的环境下保持稳健 向上的曲线，才是真正优秀的基金经理，华商基金胡中原正是其中之一。 据银河证券数据，胡中原在管的所有混合型基金，近1年、3年、5年的业绩排名，均位列同类前十。其 中，华商双翼平衡混合A近1年、3年、5年业绩均位列同类第一；华商润丰灵活配置混合C近5年业绩位 列同类第一，近1年、3年业绩均位列同类前五，可见胡中原对市场的理解力与资产配置的掌控力。 名数据来自银河证券，2025年9月发布，更多说明详见文末。 投资之道：风险收益比是第一要义 每个基金经理都有自己的投资之道，或攻或守，亦或攻守相宜。 今年以来，A股市场呈现显著的结构性行情。8月沪指一路向上冲破3800点，但随之而来的是市场热点 的加速轮动，各板块之间涨跌互现、此起彼伏。尤其是3800点后市场高位震荡，行情较难把握，甚至有 不少投资者可能错失行情。 胡中原的投资之道则是"风险收益比为第一要义"。在权益投资体系，他以中观行业比较为核心，个股选 择淡化阿尔法，组合管理坚持双重分散原则。简洁直白却又十分有效。 从其管理的华商润丰灵活配置混合A表现来看：自2019年3月接 ...

今年以来，A股市场呈现显著的结构性行情。8月沪指一路向上冲破3800点，但随之而来的是市场热点 的加速轮动，各板块之间涨跌互现、此起彼伏。尤其是3800点后市场高位震荡，行情较难把握，甚至有 不少投资者可能错失行情。 尽管复杂的行情加大了投资的难度，但同时也是检验基金经理能力的试金石，在波动的环境下保持稳健 向上的曲线，才是真正优秀的基金经理，华商基金胡中原正是其中之一。 据银河证券数据，胡中原在管的所有混合型基金，近1年、3年、5年的业绩排名，均位列同类前十。其 中，华商双翼平衡混合A近1年、3年、5年业绩均位列同类第一；华商润丰灵活配置混合C近5年业绩位 列同类第一，近1年、3年业绩均位列同类前五，可见胡中原对市场的理解力与资产配置的掌控力。 | 基金名称 | | 业绩排名 | | | | | --- | --- | --- | --- | --- | --- | | | | 近1年 | 近3年 | 近5年 | 近7年 | | | | 2024. 09. 01 至 | 2022.09.01 至 | 2020.09.01 至 | 2018. 09. 01 至 | | | | 2025. 08. 31. | ...

用 一 句 话 总 结 我 的 转 债 择 券 理 念 : 基 于 正 股 特 征 的 风 险 收 益 比 分 析 SE 基 金 经 理 英 雄 榜 第 5 7 6 期 导读：伴随着债券收益率的不断下降，含权的债券型产品需求出现了爆发。越来越多低风险偏好的投资者，希望通过购买这类产品，获得更高的收 益。这就让我们想到了：可转债。 如何利用好转债，是这类产品控制回撤，又能力争带来收益增厚的关键。带着这个问题，我们找到了非常善于在组合中使用转债做投资的中银基金 范锐。从2015年加入中银基金后，范锐就一直在研究可转债。他不仅擅长做转债投资，其投资理念也有很深的"转债烙印"。截至6月30日，他管理 的中银产业债A过去一年取得了9.31%的收益率，业绩比较基准收益率2.36%，相对基准跑赢了6.95%。 （数据来源：基金定期报告；数据截止：2025年6 月30日） 那么，范锐是怎么实现这样的收益，他在转债投资上又有什么不同呢？ 在底层的投资观上，范锐认为未来可持续的业绩不能过度依赖对未来的预测。世界是高度不确定的，需要构建一个具有风险收益比的组合。那么， 如果他看对了，组合能实现好的表现，而即便他看错了，也不会出现太 ...

Report Core View - The highest level of cognition and ability in futures trading is to understand the essence, follow the trend, and obtain the maximum results at the minimum cost, transforming from a "fighter" to a "strategist" [2] - Traders should learn continuously, keep an open mind, and draw wisdom, not being confined to their own opinions or superstitious about a single technical indicator or trading system [3] - The core of "subduing the enemy without fighting" is the establishment and application of "momentum", which means following the market trend in futures trading and making decisions based on risk - return assessment [4][5] Summary by Related Content Comparison between Ordinary Traders and High - level Traders - Ordinary traders are like inexperienced generals, believing in the power of "fighting", frequently trading, and facing high costs and risks. Some even go all - out to recover losses and end up with total failure [3] - High - level traders are like Han Xin, willing to learn from others, waiting for the right "momentum" in the market, and making trades based on sufficient research and strict discipline [3][4] Establishment and Application of "Momentum" in Trading - In futures trading, when the long - term trend is established, the moving average system diverges upward, the fundamentals are strong, and market sentiment is optimistic, traders should follow the trend and let profits run [4] - When the trend is unclear or in a short - term pattern, forcing a long position is against the "momentum" and will be punished by the market. Traders should wait for the right opportunity [4] Risk - Return Assessment in Trading - Before each trade, traders should assess the upside potential, downside risk, and probability of success. If the risk - return ratio is not good, they can choose not to trade [5] - When there is a floating profit in the account, traders should decide whether to hold or close the position based on the trend, fundamentals, and market sentiment [5]

Core Viewpoint - The recent strong performance of the A-share market is attributed to long-term valuation compression and the potential for valuation recovery, which has been building up over the past few years [1] Investment Philosophy - The investment philosophy emphasizes "value anchoring and going with the trend," focusing on maintaining a balanced portfolio while adhering to low valuation assets for a more "secure" investment approach [1][5] - The strategy involves a flexible adjustment to market conditions, allowing for rebalancing of positions and combinations based on market dynamics [7] Investment Strategy - The preferred investment model is to focus on low-valuation assets, reflecting a preference for a stable investment style [5] - The approach includes diversified sector allocation and holding assets at different valuation realization stages, rather than concentrating on a single high-risk investment [5] - The focus is on capturing valuation recovery rather than speculative valuation expansion, with a keen eye on risk-reward ratios and certainty [5][6] Market Outlook - The investment outlook remains positive across multiple sectors, including innovative pharmaceuticals, technology, cyclical industries, automotive, and public utilities [10][11] - The innovative pharmaceutical sector is particularly highlighted as a promising area, with expectations for domestic companies to transition from following to leading innovation [10] - The AI sector is noted for its potential, especially in computing power and humanoid robotics, which are expected to become significant markets [11] Sector-Specific Insights - In advanced manufacturing, the shift towards higher value chain segments is seen as crucial for enhancing competitiveness and market returns [11] - The cyclical sector, particularly energy and chemicals, is anticipated to see price stabilization and growth potential due to favorable market conditions [11] - In the automotive sector, the focus is on identifying companies undergoing deep reforms or new product cycles, with an emphasis on smart and robotic trends [11] - The public utilities sector is viewed as presenting medium to long-term investment opportunities due to currently reasonable valuations and expected growth in electricity demand [11] Conclusion - Overall, the A-share market is expected to witness a maturation of shareholder return and market value management systems, with a focus on identifying undervalued assets that show potential for fundamental improvement [12]

Core Viewpoint - Dividend assets serve as a dual-purpose investment, providing both growth potential akin to stocks and stable income similar to bonds, making them an effective balancing tool in investment portfolios [1]. Group 1: Dividend Assets Characteristics - Dividend assets are rooted in sectors closely tied to economic cycles, such as coal, petrochemicals, and finance, exhibiting strong stock-like characteristics while also offering regular dividends [1]. - The unique cross-asset nature of dividend assets allows them to effectively reduce overall portfolio volatility while potentially enhancing returns, achieving a surprising effect of 1+1>2 in holding experience [1]. Group 2: Performance with Other Assets - The "Dividend + Gold" combination effectively controls maximum drawdown while improving the risk-return ratio, especially beneficial during periods of gold market downturns [1][2]. - The "Dividend + Commodity" strategy enhances returns, risk-return ratios, and reduces maximum drawdown compared to holding commodities alone, demonstrating resilience during market downturns [5]. - The "Dividend + Bond" approach offers higher long-term compound return potential with limited increase in maximum drawdown, providing strong inflation resistance [8]. - The "Dividend + Growth" strategy lowers volatility and maximum drawdown while maintaining the elasticity of growth assets, thus improving the risk-return ratio [10]. Group 3: Investment Tools - The E Fund (515180), tracking the CSI Dividend Index, is highlighted as a low-fee quality option for investors seeking to allocate to A-share dividend products [12].

Core Insights - The A-share market experienced a slight decline on August 8, with the three major indices collectively falling, while stock ETFs attracted significant capital inflow of 19.40 billion yuan on the same day [1][2] Group 1: Stock ETF Performance - Stock ETFs have seen a continuous inflow of nearly 150 billion yuan over six consecutive trading days in August, with over 130 billion yuan inflow recorded in the week from August 4 to August 8 [1][2] - As of August 8, there are 1,167 stock ETFs in the market, with a total scale of 3.80 trillion yuan [2] - The top three stock ETFs by net inflow on August 8 were: Huabao 300 Cash Flow ETF (5.61 billion yuan), Jiasheng Sci-Tech Chip ETF (5.37 billion yuan), and Guangfa Hong Kong Innovative Medicine ETF (4.05 billion yuan) [2][4] Group 2: Sector and Theme Analysis - The sectors attracting the most capital inflow on August 8 included cash flow (17.8 billion yuan), Hong Kong pharmaceuticals (12.2 billion yuan), semiconductors (10.2 billion yuan), and Hong Kong technology (8.1 billion yuan) [2] - Among the top 20 stock ETFs by net inflow, 11 were related to Hong Kong stocks, focusing on innovative medicine, internet, technology, and non-bank sectors [2][4] Group 3: Outflow Trends - On August 8, 24 stock ETFs experienced outflows exceeding 1 billion yuan, particularly those tracking broad indices like the CSI 300 and the ChiNext, as well as industry ETFs related to gaming, consumption, and artificial intelligence [5][6] - The top three stock ETFs by net outflow included the CSI 300 ETF (6.03 billion yuan), ChiNext ETF (3.78 billion yuan), and Gaming ETF (3.34 billion yuan) [7] Group 4: Market Outlook - The A-share market is expected to maintain a slow upward trend supported by policy backing and reasonable liquidity, with structural opportunities remaining abundant [6]

Core Viewpoint - The stock ETF market in China has seen significant inflows, with a total of approximately 150 billion yuan in net inflows over six consecutive trading days in August, indicating strong investor interest and confidence in the market [2][4]. Summary by Sections Stock ETF Inflows - On August 8, the stock market experienced slight declines, with total trading volume reaching 1.74 trillion yuan, while stock ETFs attracted a net inflow of 19.40 billion yuan [2][3]. - Since the beginning of August, stock ETFs have accumulated nearly 150 billion yuan in net inflows, with over 130 billion yuan flowing in during the week of August 4 to August 8 [2][4]. Leading ETFs - As of August 8, there are 1,167 stock ETFs in the market, with a total scale of 3.80 trillion yuan. On that day, 21 ETFs saw net inflows exceeding 1 billion yuan, with industry and thematic ETFs leading the inflows [4]. - The top three ETFs by net inflow on August 8 were: - Huabao 300 Cash Flow ETF: 18.17 billion yuan - Jiashu Science and Technology Chip ETF: 5.61 billion yuan - Guangfa Hong Kong Innovative Medicine ETF: 5.37 billion yuan [4][6]. Sector Performance - The sectors with the highest net inflows on August 8 included: - Cash Flow: 17.8 billion yuan - Hong Kong Pharmaceuticals: 12.2 billion yuan - Semiconductors: 10.2 billion yuan - Hong Kong Technology: 8.1 billion yuan - Hong Kong Internet: 4.0 billion yuan [4][5]. Outflows from Certain ETFs - On August 8, 24 stock ETFs experienced net outflows exceeding 1 billion yuan, particularly those tracking broad indices like the CSI 300 and ChiNext, as well as industry ETFs related to gaming, consumption, and artificial intelligence [8][10]. - The top three ETFs with the largest net outflows included: - CSI 300 ETF: -6.03 billion yuan - ChiNext ETF: -3.78 billion yuan - Gaming ETF: -3.34 billion yuan [10]. Market Outlook - According to Guangfa Fund, the risk-return ratio and funding supply will be key factors influencing asset price performance. The current A-share market shows low certainty in profitability, with moderate valuation attractiveness and improving funding supply, suggesting a continued wide-ranging fluctuation in the market [9]. - Fuqun Fund anticipates that with policy support and reasonable funding conditions, the market is likely to maintain a slow upward trend, presenting structural opportunities [9].

Core Viewpoint - Far East Horizon reported a decline in revenue for the first half of 2025, but a growth in net profit, indicating a mixed performance in its financial results [1][2]. Group 1: Financial Performance - In 1H25, the company achieved operating revenue of 17.336 billion yuan, a year-on-year decrease of 3.9%, while net profit attributable to shareholders was 2.164 billion yuan, an increase of 3.8% [1]. - The average return on equity for the first half of 2025 was 8.66%, up by 0.17 percentage points year-on-year [1]. Group 2: Business Segments - The financial and consulting business remains a key pillar, generating revenue of 11.090 billion yuan (up 2.1% year-on-year), while equipment operation and industrial operation revenues were 4.350 billion yuan (down 10.7%) and 1.797 billion yuan (down 15.5%), respectively [2]. - The gross margins for these segments were 57.5%, 21.6%, and 18.0%, reflecting changes of +1.7, -10.4, and -3.9 percentage points year-on-year [2]. Group 3: Asset Management - The company maintained a stable interest-earning asset scale of 266.626 billion yuan, with a quarter-on-quarter increase of 2.3% [2]. - The average yield on interest-earning assets rose to 8.08%, while the cost of interest-bearing liabilities decreased to 4.02%, leading to a net interest margin increase to 4.51% [2]. Group 4: Inclusive Finance - The inclusive finance business saw significant growth, with interest-earning assets reaching 22.192 billion yuan, a quarter-on-quarter increase of 28.7%, and revenue of 1.451 billion yuan, a year-on-year increase of 124.1% [3]. - The yield for this business segment was 14.72%, notably higher than the overall financial business yield of 8.1% [3]. Group 5: Asset Quality - The non-performing loan ratio and attention ratio were 1.05% and 5.51%, respectively, both showing a decline from the previous year [3]. - The provision coverage ratio remained stable at 227.33%, indicating good asset quality [3]. Group 6: Dividend and Future Outlook - The company has a high cash dividend payout ratio of 56% for 2024 and 50% for 1H25, with potential for stability and further increases [3]. - Projected net profits for 2025 to 2027 are 4.01 billion yuan, 4.23 billion yuan, and 4.48 billion yuan, reflecting year-on-year growth rates of 3.8%, 5.5%, and 5.9% respectively [3].