导语： 面对蓬勃发展的科技赛道，选择一只优质的科技主题基金至关重要，本文将以主动管理型的华 安汇宏C（011145）为例，为您解析其投资策略与核心优势。 作者： 立康 一、科技主题基金：把握时代脉搏的核心资产 科技，包括半导体（芯片）、新能源、人工智能（AI）等细分领域，是未来经济增长的核心驱动力。 投资者关注科技类基金，目的在于分享这些高成长性行业的红利。在选择科技主题基金时，投资者通常 需要关注以下几个关键要素： 1. 宏观赛道潜力： 基金是否聚焦于长期高景气度的细分领域（如：AI算力、固态电池、光伏储能、国 产替代芯片等）。 2. 基金经理能力： 经理是否具备深厚的产业研究背景和穿越牛熊的择股能力。 3. 投资策略： 是采取指数复制还是主动精选个股的策略。 4. 风险与费用： 关注基金的波动性、夏普比率以及费率结构。 二、产品聚焦：主动权益型基金——华安汇宏C（011145） 在众多的科技类基金产品中，主动权益型基金凭借其灵活的配置和精选个股的能力，常能为投资者带来 超额收益。 1. 基本信息概览 | 指标名称 | 详细信息 | 核心要点 | | --- | --- | --- | | 基金名称 | 华 ...

Core Viewpoint - The "14th Five-Year Plan" emphasizes the importance of energy transformation and upgrading for achieving high-quality development in China, with smart energy playing a crucial role in enhancing energy efficiency and optimizing energy structure [1][2]. Group 1: Development of New Energy - The plan highlights the need for a diversified approach to energy development, including wind, solar, hydro, and nuclear energy, to ensure high-quality development of clean energy [3]. - Smart energy systems will be utilized to achieve multi-energy complementarity, enhancing the stability and reliability of energy supply [3]. Group 2: Green and Low-Carbon Energy Consumption - The plan calls for accelerating the electrification of end-use energy, particularly in industrial, building, and transportation sectors, to promote green and low-carbon energy consumption [9]. - The development of smart energy solutions will facilitate the formation of green production and lifestyle habits, such as smart homes, green buildings, and electric vehicles [10]. Group 3: Digitalization and Intelligent Upgrade of Energy Systems - The application of big data and artificial intelligence in the energy sector is expected to improve operational efficiency and reliability through data collection and analysis [11]. - Investments will be increased in the digitalization and intelligent upgrade of energy systems during the "14th Five-Year Plan" period [11]. Group 4: Reform and Innovation in Energy Markets - The plan aims to improve energy market mechanisms, including electricity and carbon trading markets, to optimize resource allocation and enhance market vitality [16]. - Emphasis is placed on promoting energy technology innovation and industrial upgrades, with increased investment in research and development to support breakthroughs in energy technology [18]. Group 5: Overall Direction for Smart Energy Development - The "14th Five-Year Plan" outlines key development directions for smart energy, including large-scale development and efficient utilization of new energy, green low-carbon transformation of energy consumption, digitalization and intelligent upgrades of energy systems, and reform and innovation in energy markets [20]. - The plan encourages international cooperation to address global energy challenges and improve the global energy governance system [20].

Group 1 - The core viewpoint is that the expectation of interest rate cuts by the Federal Reserve has led to a collective strengthening of the non-ferrous metal sector, with significant movements in related ETFs and stocks [1] - As of December 10, the non-ferrous metal ETF (516650) rose by 0.76%, with stocks like Shengxin Lithium Energy increasing over 7%, and other companies such as Guocheng Mining and Yahua Group also showing notable gains [1] - The macroeconomic outlook is positive due to rising expectations for a December rate cut, while the supply side remains tight, with risks of contraction persisting [1] Group 2 - Looking ahead to 2026, multiple institutions remain optimistic about the continued strength of non-ferrous metals, highlighting a shift in demand towards emerging sectors such as new energy, new materials, AI, and aerospace [2] - The current non-ferrous metal market is compared to the 2006 cycle, noting that the demand in 2025 is directed towards "new productive forces" rather than traditional real estate and infrastructure [2] - The strategic value and scarcity of strategic metals are becoming more pronounced in the context of great power competition, with demand elasticity significantly higher than that of traditional industrial metals [2]

作为丰隆星河的出资人，郭令明指出，此次合作不仅对其个人，也对丰隆集团具有重要的战略意义。他 表示，中国正在全力推动科技自立自强，科创产业迎来前所未有的历史机遇。通过QFLP这一更具开放 性和灵活性的投资平台，希望能更直接、更深入地支持中国新质生产力的发展。 投资中国科创的背后是郭令明对中国市场的信心。"我们一直看好中国，认为中国长期基本面向好，有 韧性和能力克服眼前的挑战。"他将信心来源归结于三方面，包括中国在硬科技、人工智能、新能源、 生物医药等领域充沛的内生动力和研发生态；持续向好的政策环境与国家战略的支持；以及丰隆集团在 中国市场深耕多年所建立的信任与合作基础。 基于这份信心，郭令明对未来投资布局有着清晰规划。他明确了投资的四大战略性新兴产业，包括人工 智能及高端软硬件、新能源与新材料、生物医药与精准医疗、半导体与高端制造。 "这些领域代表中国新质生产力的核心方向，增长确定性强。"郭令明表示，这些赛道不仅与丰隆在城市 运营、产业园区等既有业务高度契合，更能让集团在未来十年到二十年的科技浪潮中，与中国市场共同 成长。 除了产业层面的考虑，营商环境的优化也是郭令明决定加大投资的原因。他认为，上海在制度透明度 ...

每日经济新闻 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 平安证券指出，2026年工业金属行业面临供应约束强化与需求弹性释放的双重驱动。上游资源端及中游 冶炼产能扰动持续，新能源需求韧性叠加AI等新兴产业打开远期增长极，宽松货币环境有望推动宏观 与基本面共振。有色金属方面，美元信用弱化及美联储降息预期支撑贵金属价格，黄金货币属性持续计 价；工业金属中铜、铝、锡等品种受资源约束、电力扰动及海外政策收紧影响，供需趋紧或推升价格中 枢。能源金属中锂、钴伴随主产国供给出清结束及储能需求增长，基本面改善显著。整体来看，弱美 元、供给收缩与新兴需求构成行业核心驱动。 矿业ETF（561330）跟踪的是有色矿业指数（931892），该指数从市场中选取涉及贵金属、工业金属等 矿产资源开发及相关产业的上市公司证券作为指数样本，以反映有色金属行业上市公司证券的整体 ...

2025 年 12 月 10 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-63638617 上海市浦东新区世纪大道 210 号 10 楼 1001； 地址： 电话： 1 市场有风险 投资需谨慎 | | | | 铅： | | 15 | | --- | --- | --- | | 锡： | | 15 | | 镍： | | 16 | | 豆油、豆粕： | | 16 | | 棕榈油： | | 17 | | 菜粕、菜油： | | 17 | | 棉花： | | 18 | | 白糖： | | 19 | | 苹果： | | 20 | | 生猪： | | 20 | | 鸡蛋： | | 21 | | 玉米&淀粉： | | 22 | | 免责声明 | | 24 | 国债： 上一交易日，国债期货收盘全线上涨，30 年期主力合约涨 0.45%报 112.590 元， 10 年期主力合约涨 0.12%报 107.980 元，5 年期主力合约涨 0.07%报 105.785 元，2 年 期主力合约涨 0.02%报 102.430 元。 公开市场方面，央行公告称，12 月 9 日以固定利率、数量招标方式开展了 1173 亿 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 专业研究·创造价值 1 / 14 请务必阅读文末免责条款 资讯早班车-2025-12-10 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251130 | 2025/11 | 制造业 PMI | % | 49.20 | 49.00 | 50.30 | | 20251130 | 2025/11 | 非制造业 PMI:商务活 动 | % | 49.50 | 50.10 | 50.00 | | 20251114 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10. ...

1. Report Industry Investment Rating - No relevant information provided. 2. Core Views of the Report - Nickel: The structural surplus is changing, but the game contradictions remain unchanged [2][4]. - Stainless steel: Supply and demand continue to operate weakly, and the cost - support logic is strengthening [2][4]. - Lithium carbonate: Spot trading remains light, and it shows a weak and volatile trend [2][9]. - Industrial silicon: Attention should be paid to the subsequent environmental protection situation in Xinjiang [2]. - Polysilicon: With the establishment of the platform company, the trading strategy for the market is mainly to buy on dips [2][13]. 3. Summaries According to Relevant Catalogs Nickel and Stainless Steel - **Fundamental Data**: The closing price of Shanghai Nickel's main contract was 117,350 yuan, down 680 yuan from the previous trading day; the closing price of stainless - steel's main contract was 12,500 yuan, down 10 yuan. The trading volume of Shanghai Nickel's main contract was 102,410 lots; that of stainless - steel's main contract was 127,287 lots. Other data on electrolytic nickel, high - nickel pig iron, and stainless - steel products also showed different degrees of changes [4]. - **Macro and Industry News**: Due to violations of forestry license regulations, the Indonesian forestry working group took over a more than 148 - hectare nickel mine area of PT Weda Bay Nickel, which is expected to affect the nickel ore production by about 600 metal tons per month. China suspended an unofficial subsidy for copper and nickel imports from Russia. The Indonesian government imposed sanctions on 190 mining companies, and new regulations on RKAB approval were issued [4][5][6]. - **Trend Intensity**: The trend intensity of nickel and stainless steel is 0, indicating a neutral trend [8]. Lithium Carbonate - **Fundamental Data**: The closing price of the 2601 contract was 91,000 yuan, down 2,060 yuan; the closing price of the 2605 contract was 92,800 yuan, down 2,040 yuan. The trading volume and open interest of both contracts also changed significantly. The SMM battery - grade lithium carbonate index price was 92,649 yuan/ton, down 76 yuan/ton from the previous trading day [9][10]. - **Macro and Industry News**: As the price of lithium carbonate soars, listed companies are accelerating the layout of sodium - ion batteries. Sodium batteries and lithium batteries are in a synergistic and complementary relationship [12]. - **Trend Intensity**: The trend intensity of lithium carbonate is 0, indicating a neutral trend [12]. Polysilicon and Industrial Silicon - **Fundamental Data**: The closing price of the Si2601 contract was 8,340 yuan/ton, down 335 yuan; the closing price of the PS2601 contract was 55,610 yuan/ton, up 1,065 yuan. The trading volume, open interest, basis, price, profit, and inventory data of industrial silicon and polysilicon also showed different trends. For example, the social inventory of industrial silicon was 55.8 million tons, with an increase of 0.8 million tons compared to the previous period [13]. - **Macro and Industry News**: The "Research and Application Project on Key Technologies for Improving the Quality of Polysilicon Powder" of Shaanxi Non - ferrous Tianhong Ruike Silicon Materials Co., Ltd. passed the acceptance, and the purity of its polysilicon powder products was successfully stabilized at the 7N level [14]. - **Trend Intensity**: The trend intensity of industrial silicon is 0, indicating a neutral trend; the trend intensity of polysilicon is 1, indicating a slightly bullish trend [15].

国信证券主要观点如下： 智通财经APP获悉，国信证券发布研报称，在新能源需求快速释放下，硫酸需求保持中速增长，同时带 动硫磺需求增长，导致全球硫磺供需偏紧。硫磺制酸几乎是所有头部磷肥企业首选的制酸工艺。硫磺制 酸对保证硫酸供应意义重大。目前我国硫酸-硫磺产业链景气度较高，在全球供需偏紧、海外合同价格 不断走高情况下，国内硫磺价格有望进一步上涨。 硫磺主要伴生于油气开采及炼化，未来油气消费增速下降，同时明年高硫原油产量预计下降，全球硫磺 产量增速预期较低 硫磺主要在油气生产及炼化过程伴生，硫磺产量与化石能源消费紧密相关。主流机构均预测明年原油消 费增速较低，仅约1%。IEA预测，今年全年天然气消费增速为1.3%，明年天然气消费增速预计为2%。 全球高硫原油主要产区为中东，OPEC近期决定于2026年一季度暂停增产，并且部分国家提交了额外减 产计划。伊朗受美国制裁，原油产量不断下降。油气需求增速较低，高硫原油产量预期下降，全球硫磺 产量预计低速增长。俄罗斯本为全球第二大硫磺生产国，今年来其炼厂持续受袭，直接影响了气硫磺的 生产和出口，加剧硫磺供应紧张。 2024年中国硫磺产量为1106.74万吨，进口量为995. ...

近期，据专业光伏网站"索比光伏"统计，今年以来，多个省区废止光伏指标项目达80个，规模超 11GW，涉中核、三峡、国家能源、华能、华电、国电投、晋能控股、 广东电力 等多家能源央企及地 方国企。 央企为何会"中断项目"？有能源央企内部人士对《能见派》表示，实行市场定价后，很多光伏项目收益 有所下降，企业不仅需要满足资本金内部收益率的硬性要求，还需承担非技术成本，这使得光伏项目前 景蒙上阴影。 收益率不能低于6.5%？ 据公开信息统计，光伏项目遭原中标业主放弃指标以云南省尤为集中，项目总规模超800MW，业主涉 及中核、 广东能源集团 、 国家能源集团 、 京能集团 、 中国能建 等。还有 中核汇能 勐丙、安龙堡两 项目合计14.5万kW，于11月15日在昆明交易中心挂牌转让，挂牌价1元/ kW，附带负债3.4亿元。 当前风电、集中式光伏项目指标的获取，要么通过竞争性配置争夺，要么借助源网荷储等市场化模式申 报。无论采用何种方式，电力企业均需投入高额前期开发成本，涵盖项目调研、方案设计、资质申报等 多个环节。一旦退出，前期投入都是沉没成本。 即便如此，为什么会有这么多开发企业"忍痛割肉"？ "国资委的要求是资本 ...