【导读】 百余只 主动权益基金净值创历史新高 中国基金报记者 张燕北 孙晓辉 随 着 A股市场震荡上行，一批主动权益基金净值创出历史新高。 日前， 全市场 超百只 主动 权益基金最新净值创出历史新高，其中，93只基金过去一年涨幅超过50%。 在业内 人士 看来，虽然不确定性仍存，但经过此前 较为 充分的调整，A股市场 值得乐观看 待， 科技成长的布局时点或已临近 。 上百只主动权益基金净值创历史新高 Wind数据显示，截至6月23日，共有106只主动权益基金 （ 仅统计主代码，下同 ） 净值创 出 成立以来 新高 。 从业绩表现来看，这批主动权益基金中，有91只基金年内涨幅超过30%，其中，24只年内涨 幅超过50%，更有10只年内涨幅超过60%，展现出较好的超额收益获取能力。 科技成长布局时点或已临近 展望后市，信达澳亚基金 表示 ，短期来看，市场对于关税担忧减弱，叠加中东局势缓和，市 场进入阶段性风险偏好回升阶段 。 中长期来看，尽管外部环境不确定性仍存，但随着政策红 利逐步释放，以及流动性保持宽裕，有望进一步为A股长期叙事的演绎奠定基础。 "经过此前充分调整，科技成长的布局时点或已临近，科技行业尤其是A ...

Core Viewpoint - The recent launch of the "1+6" new policy for the Sci-Tech Innovation Board (STAR Market) by the China Securities Regulatory Commission (CSRC) has garnered significant market attention, particularly the reintroduction and expansion of the fifth listing standard, which opens up opportunities for high-quality unprofitable companies to go public [1][3][4] Group 1: Policy Changes and Implications - The fifth listing standard has been expanded to cover cutting-edge fields such as artificial intelligence, commercial aerospace, and low-altitude economy, enhancing the inclusivity and adaptability of the capital market for hard-tech companies [3][4] - The introduction of a new "U" label for unprofitable companies in the newly established Sci-Tech Growth Layer aims to improve transparency and help investors better identify and assess risks associated with these companies [9][10] - The new policy encourages collaboration between companies and experienced institutional investors, which is expected to enhance the identification and support of high-quality unprofitable enterprises [5][6] Group 2: Market Dynamics and Investor Considerations - The involvement of seasoned institutional investors is designed to provide a more accurate assessment of companies' innovation potential beyond just financial metrics, thereby guiding capital towards promising unprofitable firms [5][6] - The policy may lead to a situation where companies seek to partner with institutional investors primarily to meet listing requirements, potentially resulting in superficial collaborations rather than genuine partnerships [7][8] - The establishment of differentiated exit standards for companies in the Sci-Tech Growth Layer aims to ensure that only those with sustainable growth and profitability can transition out, thereby enhancing market quality [11][12] Group 3: IPO Pre-Review Mechanism - The newly introduced IPO pre-review mechanism allows companies to identify and address potential issues before formal submission, which could shorten the review cycle and increase the likelihood of successful listings [14][15] - This mechanism is particularly suited for strategic emerging industries with clear core technology projects that have significant implications for national and industry development [15] - However, the pre-review process may not fully uncover all issues, and there are concerns about the lack of transparency and potential information asymmetry in the market [16][17][18]

Core Viewpoint - The banking sector and small-cap stocks are experiencing a resurgence, with specific ETFs showing significant year-to-date gains and attracting substantial net inflows, indicating a favorable investment environment [1][2][3]. Group 1: ETF Performance - The Bank AH Preferred ETF (517900) and the CSI 2000 Enhanced ETF (159552) have increased by 22.02% and 20.11% year-to-date, respectively, with recent net inflows of nearly 200 million over the past 10 days [1][2]. - The Bank AH Preferred ETF has a year-to-date decline of 21.94% and a 10-day increase of 0.63%, while the CSI 2000 Enhanced ETF has a year-to-date decline of 20.11% and a 10-day increase of 0.32% [2]. Group 2: Market Strategy - The Huachuang Strategy Team suggests that the current financial re-inflation phase in the bull market's first half allows for the release of small-cap growth potential, with a focus on dividend assets due to their stable cash flow and dividend capabilities [2]. - The latest report from Chuang Securities recommends a "barbell strategy" for asset allocation, combining high-dividend bank stocks with high-growth small-cap stocks, suitable for the current market's volatility and rapid style rotation [2][3]. Group 3: Investment Opportunities - The Bank AH Preferred ETF offers defensive characteristics through its undervaluation and high dividend yield, achieving a year-to-date increase of 20%, while the CSI 2000 Enhanced ETF captures small-cap growth opportunities through quantitative strategies, with cumulative returns exceeding 60% since inception [3]. - This investment strategy allows investors to benefit from the recovery of bank stocks driven by policy incentives while also participating in the growth potential of small-cap stocks, making it appropriate for the current uncertain market conditions [3].

Core Points - The China Securities Index for Hong Kong Stock Connect Growth Strategy Index reported a value of 1265.42 points, with a decline of 0.81% over the past month and 1.84% over the past three months, while showing a year-to-date increase of 22.00% [1][2] Group 1: Index Overview - The index considers liquidity and growth characteristics of securities within the China Securities Index for Hong Kong Stock Connect, selecting those with prominent growth styles and using a weighted approach based on growth probability and free float market capitalization [1] - The index was established on December 31, 2014, with a base value of 1000.0 points [1] Group 2: Top Holdings - The top ten holdings of the index include Xiaomi Group-W (10.31%), Tencent Holdings (10.06%), Alibaba-W (9.77%), Meituan-W (8.31%), AIA Group (7.53%), Hong Kong Exchanges and Clearing (5.24%), BYD Company (4.81%), Pop Mart International (2.04%), Kuaishou-W (1.79%), and Li Auto-W (1.67%) [1] Group 3: Sector Allocation - The sector allocation of the index holdings includes Consumer Discretionary (38.96%), Information Technology (14.11%), Financials (13.61%), Communication Services (12.92%), Healthcare (7.60%), Consumer Staples (3.09%), Materials (2.69%), Industrials (2.64%), Real Estate (1.82%), Utilities (1.68%), and Energy (0.89%) [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted quarterly, with adjustments occurring in the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

分析师：程秉哲 登记编号：S0890522110001 分析师：黄浩 登记编号：S0890524110001 投资要点 本周A股延续前期震荡态势，在国际地缘政治风险事件影响下，小幅回落，上证指数周内最低点接近3350，但 是回调幅度有限，整体依旧呈现一定的支撑力度。海外美股市场也有相近特征，在权益指数接近前期高位和地 缘政治影响等多重阻力作用下，呈现震荡小幅收跌态势。在全球环境不确定性增加的时间内，资金避险偏好增 加，叠加中长期资金对于优质红利风格板块的偏好，低波策略表现相对较强。但随着风险事件的释放与计价， 海内外权益市场短期调整后带来的是更高的性价比，结合当前伊以冲突局势缓和后权益市场的表现，前期持续 提示的境内权益市场逢低布局机会初获成效 。 量化策略配置观点： 股基增强策略 > 常青低波策略 > 海外权益策略 A股方面，近期，上证指数在3400点位置有所震荡，在遇到阻力的同时，部分优质红利板块提供较强支撑力。 五月份至六月中，不少科技成长板块均处于调整状态，市场对于过快消除关税冲击的担忧得到一定程度计价， 快速反弹而带来的风险有所消化，科技板块在经历调整后，有企稳回升迹象，因此我们对于A股的观点持相对 ...

Core Insights - The China Securities Regulatory Commission (CSRC) has included Sci-Tech Innovation Board (STAR Market) ETFs in the fund advisory configuration scope, enhancing the flexibility of advisory strategies and reducing investment costs [1][5] - This policy change is seen as a significant breakthrough, allowing advisory institutions to construct more flexible and diverse strategy combinations based on ETFs, leading to improved tracking accuracy and trading efficiency [1][5] Group 1: Policy Impact - The inclusion of STAR Market ETFs is expected to attract more medium to long-term capital towards developing new productive forces [1] - The management fee for STAR Market ETFs is as low as 0.15%, and transactions are exempt from stamp duty and transfer fees, significantly improving cost efficiency [5] - The move is anticipated to enhance the liquidity of the STAR Market, as advisory funds typically have longer investment horizons and rational decision-making characteristics [6] Group 2: Implementation Challenges - Advisory institutions need to address compatibility, trading mechanisms, and risk control issues to effectively implement this policy [5] - There are significant differences between the management of onshore public funds and ETFs, necessitating adaptations in trading systems and account management [5][6] - The introduction of STAR Market ETFs into advisory strategies presents new challenges in cash management and portfolio adjustment due to the real-time price fluctuations of ETFs [5][6] Group 3: Future Opportunities - The inclusion of STAR Market ETFs is expected to enrich the product matrix available for investment and refine investment granularity [6] - If the pilot for STAR Market ETFs is successful, thematic ETFs related to artificial intelligence and biomedicine may also be included in the advisory configuration scope [7] - The anticipated influx of advisory funds could improve the liquidity structure of the STAR Market and reduce market volatility, providing more stable funding support for innovative enterprises [6]

近日，胖东来创始人于东来开启直播，在直播中他再次明确将关闭多家胖东来门店，包括生活广场店、 人民路店、五一路店等，这一动作引发广泛关注。 提及闭店原因， 于东来解释称："这些店的经营都很好，但因这些老店、小店的品质已经跟不上了，所 以选择逐步关掉。" 据查询，早在2023年和2024年的多次公开演讲中，于东来就曾透露过2025年底的关店计划，包括生活广 场店的重新选址。 "我们不是要把企业做得多么大，而是希望我们更多的员工懂得好的理念，有健全的人格，过得更加健 康，更加轻松，更加美好。"于东来称。 胖东来生活广场店承载着许昌人的记忆。这家于2002年元旦开业的老店，总营业面积达2万多平方米， 其中超市面积约7000平方米，曾是许昌市首个大型综合超市，填补了当地商业空白。 数据截至6月2 2日 从一家糖烟酒店到河南零售巨头，胖东来目前已打造13家门店，其中许昌11家、新乡2家。在今年3月的 一次零售活动上，于东来曾表示，2025年会尽量把销售额控制在200亿元以内。 截至6月22日，胖东来商贸集团2025年合计销售额达112.9亿元。2023年和2024年，胖东来的销售额分别 为107亿元和169.6亿元。 由 ...

继去年宣布推出"科创板八条"后，证监会主席吴清又一次在陆家嘴论坛为科创板发声。 他分享的数据显示，2024年，科创板全年研发投入总额1681亿元，超过净利润2.5倍，同比增长6.4%， 全年新增发明专利两万项，6年累计形成发明专利超过12万项。同时持续推动科创债提质扩量，科创债 增至1.1万亿元，占公司债比例由5.2%提升到9.2%。 从活跃并购重组市场，支持新旧动能转换上看，2024年，沪市披露各类资产重组方案700余单，其中重 大资产重组60单，同比增长50%，7成并购标的属于半导体、新能源等新兴产业领域，今年以来披露的 资产重组方案341单，同比增长25%，其中重大资产重组49单，同比增加206%。 聚焦提升制度的包容性和适应性，在科创板设置科创成长层也被认为是深化科创板改革的抓手。上海证 券交易所有关负责人在6月18日答记者问时介绍，科创成长层重点服务技术有较大突破、商业前景广 阔、持续研发投入大，目前仍处于未盈利阶段的科技型企业。前期已上市的存量未盈利企业和新上市的 未盈利企业，共同纳入科创成长层。 该负责人尤其强调，科创成长层建设过程中，上海证券交易所将牢牢把握科创板"硬科技"定位和科创成 长层定 ...

【策略】中观数据与盈利预测指向哪些行业景气？——20250623 【固定收益】高频工业品价格底部反弹——基本面高频数据跟踪—— 20250623 ◼ 研究视点 【环保】监测门槛抬高，科创板专层赋能——20250623 证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 24 年 月 日 朝闻国盛 中观数据与盈利预测指向哪些行业景气？ 今日概览 ◼ 重磅研报 作者 | 分析师 杨义韬 | | | | | --- | --- | --- | --- | | 执业证书编号：S0680522080002 | | | | | 邮箱：yangyitao@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 7.9% | 0.3% | 28.0% | | 银行 | 6.0% | 11.2% | 33.4% | | 石油石化 | 4.9% | 2.6% | -2.0% | | 传媒 | 4.6% | 0.2% | 42.6% | | 国防军工 | 3.5% | 0.8% | 25.9% | | 行业表现后五名 | | | | | ...

Group 1 - The ability to say "no" is essential for establishing healthy workplace boundaries and self-protection, and is seen as a hallmark of mature professionals [4] - Excessive refusal can lead to missed opportunities for promotions, learning, and participation in important projects, potentially stalling career development [5] - Distinguishing between boundaries and barriers is crucial; not every "no" is a boundary, and habitual refusals can signal to supervisors and teams that one is not open to growth opportunities [6] Group 2 - Saying "no" out of fear rather than necessity can result in missed chances to develop skills, explore new networks, and test resilience, as growth occurs at the edge of one's capabilities [8] - Frequent refusals can weaken valuable interpersonal relationships, hindering teamwork and emotional connections, which are essential for high-performance teams [9] - Accepting tasks that are initially unwelcome can enhance credibility and influence across teams, as long-term refusal may be perceived as disengagement [10] Group 3 - There are appropriate times to say "no," especially when it conflicts with personal values, ethics, or when the cost is too high [11] - Knowing when and how to say "no" is a skill that should be exercised with kindness, potentially offering alternatives to ensure progress continues [11]