心系投资者，携手共行动，在2 0 2 5年" 5・1 5 全国投资者保护宣传日"活动期间，招商证券国家级投教基地积 极践行金融为民服务理念，联合交易所、基金公司、中国基金报等机构，通过"线上+ 线下"渠道开展了丰富 的投教活动，提升投资者金融素养，倡导理性投资理念。 聚焦ETF投资，点亮指数投资"新视界" 截至2 0 2 5年4月，境内交易所挂牌上市的ETF总规模突破4万亿元，ETF逐渐成为投资者资产配置的重要工 具。招商证券精准聚焦ETF投资需求，在4月底开幕的ETF实盘大赛中设置"ETF投资一点通"投教板块，积极 引导投资者参与"ETF投教答题"活动，全面普及ETF知识。截至目前，"ETF投资一点通"板块浏览量已达1 3 . 4 万人次，答题参与人数已达6 . 5万人次。 5月1 4日，招商证券国家级投教基地走进暨南大学深圳校区，开展《ETF：指数投资大浪潮》讲座，普及指数 投资知识，解析ETF运作机制及全球指数投资发展脉络。5月1 5日，招商证券国家级投教基地联合上海证券交 易所、鹏华基金，开展"ETF大讲堂"线上直播讲座。招商证券财富管理部赵峙淳在讲座中介绍，ETF通过复制 标的指数构建投资组合，紧密 ...

（原标题：投资不迷路！5·15投教节来了） 当前，中国经济"新质生产力"培育与资本市场深化改革同频共振，投资者教育不仅是风险防范的"防火 墙"，更是资本市场高质量发展的"推进器"。 为助力居民财富管理，中国基金报联合 博时基金、大成基金、泓德基金、长城基金、招商证券、财通 基金、 海富通基金共同举办 中国基金报5·15 投 教节系列活动。本届投资者教育节以" 遇见投资，遇见 更好的自己"为主线，播出丰富多元的视频节目，开展丰富多样的社群活动。倡导价值投资、理性投 资， 帮助投资者穿透市场迷雾，掌握理性投资方法论。 中国基金报5·15投教节将在中国基金报官方微信公众号、官方视频号、官方APP、官方微博、官方抖 音、官方社群等媒体平台进行同步宣传和推广，辐射中国基金报用户人群超1200万。 让金融知识普及 和每一位投资者的日常紧密联系起来，让投资者教育工作变成一件有价值的事情。 5·15投教直播节 筑牢理性基石 守护财富未来。5月15日， 中国基金报盛大启动 5·15投教直播节活动，邀请头部基金公 司、券商资管的资深基金经理、资产配置专家、投教专家为投资者讲述投资热点话题、投资者成长故 基民来了 基民该如何参与科 ...

21世纪经济报道记者 黎雨辰 北京报道 鹏华基金指数与量化投资部总经理苏俊杰，将聚焦指数投资实战，分享关税冲击后高波市场中的ETF投 资策略，为机构投资者运用工具提升投资效能打开思路。 相聚资本总经理梁辉，将结合对2025年中美经济路径的推演和细分行业的观察，分享当前成长股投资中 的机会与挑战。 继首场"财富·中国行"战略峰会在沪掀起思想风暴、收获行业热烈反响后，5月13日，由21世纪经济报道 主办、鹏华基金战略支持的"财富·中国行"活动"共话共启·机构视野·投资新局——全球秩序裂变与机构 资产配置研讨会"北京站也将正式启幕。 站在初夏的时点回望，资本市场的脉搏正与全球政治经济格局的演变同频共振。开年以来，全球供应链 重构的浪潮叠加大国博弈升级，资本市场的波动率中枢持续上移。但与此同时，一揽子支持稳市场、稳 预期的金融政策，也正以前所未有的密度和力度释放暖意。 此次研讨会汇聚了40余位来自私募、公募、券商、保险、智库及媒体行业代表。与会嘉宾将聚焦全球秩 序重构下的投资变局，通过主旨演讲与圆桌对话，共同探讨如何把握政策红利、优化资产配置以及践行 责任投资。 在稳定股市方面，央行坚定支持汇金公司增持股票市场指数基 ...

Group 1 - The ETF has become an important tool for industrial capital to allocate equity assets, with a growing ecosystem of index investment forming [1][3] - Recent announcements indicate that industrial capital is increasingly using ETFs, with multiple cash flow theme ETFs being heavily purchased [1][3] - Investors can optimize their portfolios by exchanging shares for ETF units, avoiding transaction costs and enhancing asset allocation efficiency [1][2] Group 2 - Specific examples include Weir Shares and Fudan Microelectronics, which announced plans to exchange shares for ETF units to optimize asset allocation [2] - The "Action Plan for Promoting High-Quality Development of Index Investment in Capital Markets" aims to expand ETF subscription targets and normalize subscription activities [3] - The characteristics of ETFs, such as high liquidity and low fees, make them attractive for institutional investors seeking diversified asset allocation [3] Group 3 - Industrial capital is showing a preference for stable style ETFs, with a notable interest in newly launched cash flow theme ETFs [3][5] - Companies like Shanxi Changtai Energy Group and Sichuan Longmang Group are among the largest holders of cash flow theme ETFs, indicating strong institutional interest [4] - Some industrial capital is also targeting growth sector ETFs to achieve higher returns, reflecting a dual strategy of stable and growth-oriented investments [5]

以下文章来源于妙投APP ，作者刘国辉 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 作者 | 刘国辉 图片来源 | AI制图 做投资的公募基金，早在七八年前就开始买GPU，是要干嘛？ 一个方向是做量化指数增强产品。 指数增强基金在国内被作为场外指数基金的一种，在以某种指数为业绩基准的同时，加入主动量化的策略，以图 在获取指数β收益的基础上，形成一部分超额收益。 "我们在持牌机构里面还是比较早做高频量价的，2018年，我提出来要买GPU，公司第一时间给我派了这个额度， 买了当时市场当中最好的硬件。"在4月22日举办的蚂蚁财富"指数时代的投资洞察和服务探索"发布会上，国泰君 安资管量化投资部总经理胡崇海这样表示。 今年以来，公募指数增强产品的成立和上报数量都有大幅增长。 同时，在代销渠道上，指数增强基金作为公募行业里的一个小赛道，也终于迎来重量级选手的发力。 4月22日，蚂蚁财富发布一站式指数投资服务平台"指数+"，由多家机构提供更稳的宽基指数增强产品，此外，平 台还提供了丰富的工具和数据信息，呈现全球市场行情数据，并提供配置、定投等指数投 ...

Core Viewpoint - The China Securities Hong Kong 300 Upstream Index (H300 Upstream) has shown a recent increase of 12.00% over the past month, despite a decline of 2.47% over the last three months and a year-to-date decrease of 2.19% [2]. Group 1: Index Performance - The H300 Upstream Index reported a value of 2304.31 points [1]. - The index is based on the China Securities Hong Kong 300 Index, which selects securities according to industry classification to reflect the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [2]. Group 2: Index Holdings - The top ten weighted stocks in the H300 Upstream Index are: - China National Offshore Oil Corporation (29.2%) - PetroChina Company Limited (12.49%) - Zijin Mining Group (10.46%) - China Shenhua Energy Company (9.9%) - China Petroleum & Chemical Corporation (9.54%) - China Hongqiao Group (3.74%) - China Coal Energy Company (3.28%) - Zhaojin Mining Industry Company (3.26%) - Yanzhou Coal Mining Company (2.64%) - Luoyang Molybdenum Co., Ltd. (2.41%) [2]. Group 3: Sector Composition - The H300 Upstream Index is fully composed of stocks listed on the Hong Kong Stock Exchange [3]. - The sector composition of the index includes: - Oil and Gas: 51.64% - Coal: 17.92% - Precious Metals: 15.77% - Industrial Metals: 10.00% - Rare Metals: 3.17% - Oil and Gas Extraction and Oilfield Services: 1.07% - Other Non-ferrous Metals and Alloys: 0.43% [3]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year. Temporary adjustments may occur under special circumstances [3].

Group 1 - The total scale of ETF products in China has surpassed 4 trillion yuan, demonstrating the strong vitality of ETFs in the capital market [1] - The growth of the ETF market has accelerated significantly, with the time taken to reach each milestone decreasing: from 1 trillion to 2 trillion yuan took 3 years, from 2 trillion to 3 trillion yuan took only 9 months, and from 3 trillion to 4 trillion yuan took just 7 months [1] - By the end of Q3 2024, the scale of passive funds represented by ETFs has historically surpassed that of active funds, indicating a shift in preference among domestic investors towards index investment [2] Group 2 - Index investment involves purchasing a market index's components, allowing investors to earn average market returns without needing to research individual stocks [3] - The core logic of index investment is to share in the economic growth through long-term holding of a diversified portfolio of quality companies [3] - High-net-worth families in China are expected to transfer significant wealth to the next generation, with estimates of 18 trillion yuan over the next decade, highlighting the importance of stable investment tools like ETFs for long-term wealth preservation [5] Group 3 - ETFs offer several advantages over individual stocks, including no stamp duty, diversified risk through basket investments, and transparent holdings [7] - ETFs are characterized by low costs, risk diversification, operational transparency, and rapid trading capabilities, making them an attractive option for investors [8] - The A500 ETF (159339) covers 63% of total revenue and 70% of total net profit in the A-share market, making it a strong tool for long-term investment in high-quality development trends [8]

Core Insights - The CSI Hong Kong 300 Biopharmaceutical Index (H300 Biopharmaceuticals) reported a value of 958.77 points, showing a significant upward trend [1] - The index has increased by 2.89% over the past month, 34.24% over the past three months, and 47.43% year-to-date [1] - The index is designed to reflect the overall performance of different industries in the Hong Kong market, based on the CSI industry classification standards [1] Index Composition - The CSI Hong Kong 300 Biopharmaceutical Index consists entirely of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The index is composed solely of the biopharmaceutical sector, indicating a focused investment strategy [1] Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [2] - Events such as delisting, mergers, or changes in industry classification will prompt corresponding adjustments to the index samples [2]

Core Insights - The domestic index investment scale has been rapidly increasing, with intensified competition in index product innovation and fee structures, leading to a deep competitive landscape in the market [1] - Tianhong Fund has gained a significant competitive advantage through its strong foundation in index investment and continuous innovation, particularly in diversified high-quality index layouts [1] Fund Ratings and Performance - Tianhong Fund ranked 6th among 88 participating fund companies, with 27 out of 35 index funds receiving a five-star rating in the latest tool attribute rating by Guotai Haitong Securities as of the end of Q1 2025 [2] - The number of five-star rated products has increased from 15 to 27 since Q1 2024, indicating a consistent improvement in Tianhong Fund's index investment performance [2][3] Product Diversity and Strategy - Tianhong Fund offers a wide range of five-star rated index funds, including mainstream broad-based ETFs like the Tianhong CSI 300 ETF and industry-specific funds such as the Tianhong CSI Robotics ETF and Tianhong CSI New Energy ETF [3] - The fund has established 91 index and index-enhanced funds by April 30, 2025, covering various types and styles, including broad-based, industry, thematic, and strategy-focused products [4] Market Trends and Future Directions - The index fund market is evolving from a single product to a strategy solution platform, with Tianhong Fund focusing on Smart Beta product lines and integrating quantitative factors into passive products [5] - The company aims to provide scientific investment strategy solutions through a three-dimensional research support system, addressing the growing demand for wealth management in China's financial market [5]

Core Points - The Hong Kong 300 Value Index (HK300V) reported at 2722.69 points, showing a decline of 3.40% over the past month, an increase of 3.92% over the past three months, and a year-to-date increase of 2.89% [1] - The index consists of four sub-indices: Hong Kong 300 Growth Index, Hong Kong 300 Value Index, Hong Kong 300 Relative Growth Index, and Hong Kong 300 Relative Value Index, reflecting the performance of different style securities based on the Hong Kong 300 Index sample [1] - The index is based on a base date of December 31, 2004, with a base point of 1000.0 [1] Holdings Overview - The top ten holdings of the Hong Kong 300 Value Index include HSBC Holdings (11.28%), China Construction Bank (9.82%), China Mobile (7.91%), Industrial and Commercial Bank of China (7.3%), Bank of China (5.74%), Ping An Insurance (5.49%), CNOOC (4.72%), China Merchants Bank (3.08%), Agricultural Bank of China (2.3%), and Bank of China Hong Kong (2.15%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Sector Allocation - The sector allocation of the index shows that Financials account for 58.82%, Communication Services for 11.80%, Energy for 10.52%, Real Estate for 8.18%, Industrials for 3.72%, Utilities for 2.52%, Materials for 1.58%, Consumer Staples for 1.33%, Health Care for 0.66%, Consumer Discretionary for 0.44%, and Information Technology for 0.44% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - The sample adjustment allows for a maximum of 20% change in the sample ratio between the Hong Kong 300 Value Index and the Hong Kong 300 Growth Index [2]