Core Viewpoint - The article discusses the launch of the "Oriental Red Hui Xuan Growth" fund by Oriental Red Asset Management, highlighting its investment strategy, management fees, and the performance of its fund manager, Xu Xijia [1][2][4]. Fund Details - The "Oriental Red Hui Xuan Growth" fund is a mixed equity fund set to be publicly offered from June 10, 2025, to September 9, 2025, with a minimum fundraising target of 200 million shares [2]. - The fund aims for long-term stable asset appreciation while strictly controlling investment risks, with a performance benchmark comprising 85% of the CSI 800 Index, 5% of the Hang Seng Index (adjusted for exchange rates), and 10% of the China Bond Total Index [2]. - The fund will invest 60%-95% of its assets in stocks, including a 0%-50% allocation to Hong Kong Stock Connect stocks, utilizing a multi-factor stock selection model [2]. Management Fees - The management fee for the "Oriental Red Hui Xuan Growth" fund is set at an annual rate of 1.2% based on the previous day's net asset value [4][2]. Fund Manager Profile - Xu Xijia, the proposed fund manager, has a Ph.D. in Finance from Temple University and extensive experience in asset management and investment banking [4]. - Xu currently manages two active equity funds, both initiated in 2024, and has a history of managing various index and mixed funds [5][6]. Performance Analysis - As of June 9, 2025, the "Oriental Red Quantitative Stock A" fund managed by Xu has achieved a return of 6.78% this year, outperforming its benchmark by over 7 percentage points [7]. - In contrast, the "Oriental Red Dividend Quantitative Stock A" fund has seen a decline of 0.62% since its inception in August 2024, underperforming its benchmark by over 9 percentage points [7].

投资咨询业务资格：证监许可【2011】1778 号 晨会纪要 宝城期货橡胶早报-2025-06-10 品种晨会纪要 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | --- | | 沪胶 | 2509 | 震荡 | 震荡 | 震荡 偏强 | 偏强运行 | 宏观因子改善，沪胶震荡偏强 | | 合成胶 | 2508 | 震荡 | 震荡 | 震荡 偏强 | 偏强运行 | 宏观因子改善，合成胶震荡偏强 | 备注： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘 价为终点价格，计算涨跌幅度。 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 主要品种价格行情驱动逻辑—商品期货能源化工板块 沪胶（RU） 日内观点：震荡偏强 中期观点：震荡 参考观点：偏强运行 核心逻辑：近日中美两国领导人通电话，释放积极信号，中方邀请美方访 ...

2025.06. 09 人民币强势下逆周期因子淡出 本文字数：2734，阅读时长大约5分钟 作者 | 第 一财经 周艾琳 在美元弱周期开启的背景下，人民币汇率更多由市场供求决定。近期随着人民币持续升值，逆周期因 子几乎归零，这也是2023年来的首次。 截至6月9日17:50，美元/人民币报7.1831，美元/离岸人民币报7.1845。美元指数报98.8，回吐 去年第四季度全部涨幅，近六周以来基本持平，并较高点累计跌幅近10%。 接受记者采访的交易员和机构策略师认为，美元更大概率仍将维持"长熊"。国泰君安国际首席经济 学家周浩对记者表示："目前的共识在于，美元可能会稳定在这个位置上一段时间之后再跌，因为如 果美联储降息，美元可能还会走弱。未来人民币预计将跟随美元指数波动。" 6月9日，人民币中间价报7.1855。华创证券的研究显示，逆周期因子影子变量为-37点，相较于上 周-100点以上的幅度继续调弱，而去年11月以来，逆周期因子调节幅度一度超出-1000点，将中间 价维持在7.2以下，即释放维持人民币对美元稳定的信号。 近期市场对人民币的预期转为乐观，"中间价的影响因素几乎归零了，即中间价里面隐含的管理货币 ...

Core Viewpoint - The recent strengthening of the Renminbi (RMB) is primarily driven by market supply and demand, coinciding with a period of weakness for the US dollar, with expectations for the RMB to follow fluctuations in the dollar index [1][5]. Exchange Rate Dynamics - As of June 9, the USD/RMB exchange rate was reported at 7.1831, with the dollar index at 98.8, reflecting a nearly 10% decline from its recent peak [1]. - The RMB's central parity rate was reported at 7.1855, with the counter-cyclical factor's influence diminishing significantly, indicating a shift towards a more market-driven exchange rate [3]. Market Sentiment and Predictions - Analysts express a consensus that the US dollar is likely to remain weak, with potential further declines if the Federal Reserve lowers interest rates [1][5]. - Goldman Sachs projects a 3% appreciation of the RMB over the next 12 months, targeting an exchange rate of 7.0 [5]. Trade and Economic Indicators - China's exports in May grew by 4.8% year-on-year, below the expected 6.0%, while imports fell by 3.4%, indicating a shift in trade dynamics [8]. - The decline in exports to the US has intensified, with a year-on-year drop of 35.2% in May, compared to a 20.9% decline in April [8]. Investment Trends - There is a growing interest from foreign investors in the Chinese stock market, particularly in sectors like new consumption, AI, and innovative pharmaceuticals [9]. - Current allocations to China from global active long-term funds are underweight compared to the MSCI Emerging Markets benchmark, suggesting significant potential for increased investment [9]. Future Considerations - The future trajectory of the USD index, China's economic fundamentals, and capital inflows will be critical in determining the RMB's performance [8]. - The ongoing trade negotiations and their outcomes remain uncertain, which could impact market sentiment and currency valuations [8].

2025 年 06 月 09 日 全天候策略再思考：多资产及权益 内部的应用实践 联系人 沈思逸 (8621)23297818× shensy@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 ——数说资产配置系列之十二 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 权 益 量 化 研 究 请务必仔细阅读正文之后的各项信息披露与声明 量 化 策 略 证 券 研 究 报 告 ⚫ 全天候策略再思考：提到全天候策略，大家首先会想到的便是风险平价模型，但从境内实 践来看，由于我国债券的波动率较低，直接按照资产收益波动作为风险分配标准时债券的 仓位偏高，这也和全天候策略分散宏观风险的想法有一定出入。本报告中，我们从最基础 的风险平价策略出发，探讨全天候策略的各种可能构建方式，除了在大类资产之间进行尝 试，我们也探索在相关性较高的权益资产内部应用全天候思想的可能性。 ⚫ 从风险平价到"场景平价"：从桥水官方对全天候策略的说明来看，该策略是基于增长、 通胀两个维度 ...

证券研究报告：金融工程报告 发布时间：2025-06-09 研究所 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:金晓杰 SAC 登记编号:S1340124100010 E研ma究il所:jinxiaojie@cnpsec.com 近期研究报告 近期研究报告 《结合基本面和量价特征的 GRU 模型》 - 2025.06.05 《DeepSeek-R1 完成小版本更新，阿里 开源自主搜索 AI 智能体——AI 动态汇 总 20250602》 - 2025.06.03 《Claude 4 系列发布，谷歌上线编程智 能体 Jules——AI 动态汇总 20250526》 - 2025.05.27 《谷歌发布智能体白皮书，Manus 全面 开放注册——AI 动态汇总 20250519》 - 2025.05.20 《证监会修改《重组办法》，深化并购重 组改革——微盘股指数周报 20250518》 - 2025.05.19 《通义千问发布Qwen-3模型，DeepSeek 发布数理证明大模型——AI 动态汇总 20250505 ...

Core Insights - Quantitative stock investment is expected to perform exceptionally well in 2025 after years of stagnation, driven by models based on factors and machine learning that have shown strong performance amid market volatility and political noise [1][6] Group 1: Strategy Recovery - Traditional long/short factor models and newer machine learning-based strategies are experiencing a revival, with the global bottom-up stock factor strategy rising over 9% this year, successfully navigating market volatility [2][3] - The top-down factor indices covering regions like Europe, the US, and Japan have also shown robust growth, particularly value and momentum strategies outside the US [2] Group 2: Regional and Strategy Performance - Europe has been the leading region for factor performance in 2025, with value strategies achieving the best relative and absolute returns, although valuation gaps have narrowed significantly [3] - Machine learning models from Société Générale have performed strongly, with a newly launched mean-reversion strategy yielding a return of 4.1%, outperforming basic reversal models [3] Group 3: Investment Themes and Strategy Outlook - Société Générale is optimistic about defensive stock income strategies, focusing on companies with strong balance sheets and high dividend yields, particularly in utilities, telecom, and energy sectors [4] - The US small-cap value strategy, excluding distressed stocks, has outperformed benchmark indices, emphasizing the importance of balance sheet strength as credit conditions tighten [4] - The "strong balance sheet" trade is supported as an alternative hedging strategy against high-yield credit risk, maintaining positive growth in 2025 [4] Group 4: Outlook for the Second Half of 2025 - Despite the strong performance of European value strategies, a cautious outlook is held for the second half of 2025 due to rising market volatility and valuation spreads nearing historical norms [5] - The easy gains from European value stocks may be over, influenced by geopolitical uncertainties and increasing earnings risks [5]

Core Insights - The article highlights the performance of the CSI 500 Quality Growth Index, which has shown a positive trend with a 0.35% increase as of June 9, 2025, and mentions specific stocks that have performed well within this index [1] - It emphasizes the outperformance of small-cap stocks this year, driven by improved risk appetite among individual investors, with a focus on identifying high-quality potential "new blue chips" [1] - The report indicates that the quality factor has gained prominence, with the CSI 500 Quality Index outperforming for two consecutive years, while dividend strategies have narrowed, leaving banks as the sole standout [1] Performance Summary - As of May 30, 2025, the top ten weighted stocks in the CSI 500 Quality Growth Index include Chifeng Jilong Gold Mining (600988), Ninebot (689009), and Shenghong Technology (300476), collectively accounting for 23.79% of the index [2] - The performance of individual stocks within the index varies, with notable movements such as Chifeng Jilong Gold Mining decreasing by 2.49% and Ninebot increasing by 1.01% [4] Investment Strategy - The report suggests that investors should focus on stocks with high SIRR (Sustainable Internal Rate of Return) and improving performance in semi-annual reports, particularly within the small-cap segment [1] - It also notes that as economic stability improves, high SIRR stocks in the CSI 300 Quality Growth Index are expected to gradually rise [1]

能源化工期权 2025-06-09 能源化工期权策略早报 | 卢品先 | 投研经理 | 从业资格号：F3047321 | 交易咨询号：Z0015541 | 邮箱：lupx@wkqh.cn | | --- | --- | --- | --- | --- | | 黄柯涵 | 期权研究员 | 从业资格号：F03138607 | 电话：0755-23375252 | 邮箱：huangkh@wkqh.cn | 能源化工期权策略早报概要：能源类：原油、LPG；聚烯烃类期权：聚丙烯、聚氯乙烯、塑料、苯乙烯；聚酯类期 权：对二甲苯、PTA、短纤、瓶片；碱化工类：烧碱、纯碱；其他能源化工类：橡胶等。 策略上：构建卖方为主的期权组合策略以及现货套保或备兑策略增强收益。 表1：标的期货市场概况 | 期权品种 | 标的合约 | 最新价 | 涨跌 | 涨跌幅 | 成交量 | 量变化 | 持仓量 | 仓变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | （%） | (万手) | | (万手) | | | 原油 | SC2507 | 476 | 8 ...

证券研究报告——晨会聚焦 2025 年 6 月 9 日 | 6 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 002352.SZ | 顺丰控股 | | 688019.SH | 安集科技 | | 688198.SH | 佰仁医疗 | | 000524.SZ | 岭南控股 | | 600600.SH | 青岛啤酒 | | 688507.SH | 索辰科技 | | 中银晨会聚焦-20250609 | | --- | ■重点关注 中银国际证券股份有限公司 具备证券投资咨询业务资格 产品组 证券分析师：王军 (8621)20328310 jun.wang_sh@bocichina.com 证券投资咨询业务证书编号：S1300511070001 重点关注 【策略研究】风格制胜 3*王君 郭晓希。自下而上的 A 股风格因子的定量构 建及框架应用。 【固定收益】PMI 修复，内需仍需重视*肖成哲。制造业 PMI 边际回暖，内 需相对而言仍需后续政策支持。 市场指数 | 指数名称 | 收盘价 | 涨跌% | | --- | --- | --- | | 上证综指 | 3385.36 | 0. ...