扫码进入基本功专栏 持有人首次认证有礼啦！只要在4月30日前持有中泰资管产品并持有至今且的新朋友，长按识别下方 二维码前往认证，即可获得 影音会员月卡 一份 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 ELR+ 可以怎么加? "+"的部分包括多种资产 和策略,常见的有以下几种。 固收+股票,这是较为常见的搭配,根据股票性质的 不同,还可分为 高股息策略. 红利策略、周期股策略 等。也可参与股票 打新,赚取新股上市溢价。 ...

资产配置月报 202506 六月配置视点：今年业绩领先的基金有何特征？ 2025 年 06 月 05 日 ➢ 今年业绩领先的基金有何特征？ 今年以来公募权益基金整体跑赢市场，基于各自基准计算，权益主动基金的信息 比率平均为 2.67%，权益量化和指增基金的信息比率平均值为 9.11%。其中业 绩领先的权益主动基金行业上专注型、轮动型、博弈型兼具，风格上主要为中成 长以及中高估值，收益主要来自其选股能力和交易能力，风格收益和行业收益占 比相对较小；行业则偏重于消费板块。业绩领先的权益量化基金或有向大盘与价 值方向偏离，行业暴露来看对于金融的低配幅度和对于机械、电子的超配幅度均 明显少于其他公募量化基金。 ➢ 大类资产量化观点 1. 大势研判综合观点：推荐关注预期成长风格。实际增速资产优势差继续回升， 预期增速资产优势差继续回升，ROE 优势差边际继续下行但拥挤度较低，高股息 类资产拥挤度保持高位。当下Δg 和Δgf 都有扩张，其中预期增长板块更值得关 注，6 月继续推荐成长风格。 1. 权益：景气度继续回升，六月择机波段。景气度 5 月整体回升，金融景气度 略有下降，工业景气度稳健回升；2025Q1 我们的景气 ...

以下文章来源于时代财经APP ，作者周梦梅 港股市场也变得热闹起来。蜜雪集团、泡泡玛特、老铺黄金"新消费三股"股价暴涨，成 为资本市场现象级盛宴；阿里、腾讯、小米等为代表的"中国科技七姐妹"强势崛起；宁 德时代赴港募资约3 5 3亿港元，成为年内全球最大规模IPO，掀起港股融资热浪。 不少投资者在这轮港股盛宴中吃到"肉"。"打恒瑞医药这只新股，中签400股，单只股票 赚了6 4 1 3元港币。"投资者王淼称。5月2 3日，恒瑞医药在港股挂牌上市，恒瑞医药首日 涨幅达到2 5 . 2 0%。近来，港股新股上市行情火爆，宁德时代和沪上阿姨在上市首日分别 收涨16.43%和4 0 . 0 3% 这背后是，2 0 2 5年二季度以来，全球宏观叙事主线出现变化，"东稳西荡" 成为资本市场 新故事，市场对美国经济增长、资产价格和美元的信心在衰退，对中国资产价格和货币 的信心在走强，围绕着中国的科技创新和产业升级，市场正在重新定价中国核心资产。 而汇集了众多高新企业的港股市场，则成为全球资本配置中国资产的战略要地。 投资有风险，交易需谨慎 。 作者 | 周梦梅 编辑 | 张常旺 来源 | 时代财经APP (ID: tf-a ...

证券研究报告 2025 年 06 月 05 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3376.20 | 0.42 | | 深证成指 | 10144.58 | 0.87 | | 创业板指 | 2024.93 | 1.11 | | 科创 50 | 986.11 | 0.45 | | 北证 50 | 1438.73 | 1.10 | | 沪深 300 | 3868.74 | 0.43 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 650328 | 507744 | 11.95 | 1.24 | | 深证成指 | 215963 | 182906 | 19.92 | 2.10 | | 创业板指 | 57287 | 45189 | 26.71 | 3.71 | | 科创 50 | 33966 | 22168 | 53.36 | 4.09 | | 北证 50 | ...

研究报告 Research Report 4 Jun 2025 中国必需消费 China (A-share) Staples 中国必选消费 6 月投资策略：布局"高股息+基本面改善"的股票 Layout stocks with high dividends and improved fundamentals [Table_yemei1] 观点聚焦 Investment Focus 价格：5 月茅台散瓶飞天批价延续回落态势，五粮液、国窖 1573 等高 端产品价格企稳；次高端市场分化明显，洋河 M3 水晶版、天之蓝价 格小幅回升，而 M6+价格继续回调。中低价位带整体保持平稳，市场 进入传统淡季调整期。5 月仅婴配粉代表产品较 4 月末折扣力度有所减 小，啤酒、液态奶、软饮料、方便食品与调味品的折扣力度均加大。 成本：5月软饮料/调味品/乳制品/速冻食品/啤酒/方便面现货成本指数 分别变动+0.34%/+0.30%/+0.03%/-0.57%/-0.81%/-1.22%，期货成本指数 变动分别为-0.78%/-2.70%/+0.33%/-0.74%/-2.84%/-1.26%。包材现货方 面，和去年同期相比，除 ...

Core Insights - The A-share market is experiencing new characteristics driven by high dividend assets and high-tech assets, leading to a slow bull market as a new normal [1][2] - High dividend strategies are becoming a significant driving force in the A-share market, attracting long-term investors due to stable cash flow and relatively low valuations [1][2] - High-tech companies are opening up vast imaginative spaces in the A-share market with their innovative capabilities and growth potential, becoming new engines for global economic growth [1][2] High Dividend Assets - High dividend companies are appealing to investors seeking stable returns, indicating strong profitability and good cash flow [1][2] - The increasing recognition of value investment is expected to enhance overall market valuations as more funds flow into high dividend sectors [1][2] - The stability provided by high dividend stocks supports market sentiment and lays a solid foundation for long-term market health [1][2] High-Tech Companies - High-tech companies are continuously launching innovative products and services, meeting the demand for high-quality and high-performance offerings [2] - The rise of high-tech companies has shifted investment logic, with investors focusing more on innovation capabilities and long-term growth prospects [2] - This shift in investment philosophy provides high-tech companies with more financing opportunities and development space, further energizing the A-share market [2] Interaction Between High Dividend and High-Tech - High dividend and high-tech sectors are not isolated but exhibit a spiral integration, where stable earnings from high dividend companies enhance market confidence [2] - The stability from high dividend stocks creates a favorable environment for high-risk, high-reward investments in high-tech fields [2] - The rapid development of high-tech companies brings new growth points and investment opportunities, attracting more capital into the A-share market, which in turn boosts high dividend stock valuations [2] Future Outlook - Future market hotspots are likely to emerge from the interplay between high-tech and high dividend sectors [3] - Investors are advised to balance their asset allocation between high-growth high-tech companies and stable high dividend stocks to achieve steady asset appreciation in the slow bull market [3]

Group 1 - The proportion and influence of insurance funds in the asset management industry are increasing, with total asset management net value in China expected to reach approximately 161.1 trillion yuan by the end of 2024, a year-on-year growth of 11.8%, while insurance funds are projected to be around 33.3 trillion yuan, with a growth rate of 18.1%, significantly higher than the industry average [1] - As of May 31, there are 1,388 combination-type insurance asset management products that disclosed nearly one year of annualized returns, with 1,222 products achieving positive returns, the highest annualized return being 62.9398% and the lowest at -45.833%. Over 75% of fixed income, equity, and mixed products have shown positive returns, indicating the strong asset allocation capabilities and stable operational levels of insurance asset management institutions [1] Group 2 - In the fixed income product category, out of 960 products that disclosed data, 900 achieved positive returns, with an average annualized return of 2.76% and a median of 2.34%. In the equity product category, among 240 disclosed products, 180 achieved positive returns, with an average return of 7.42% and a median of 5.57%. The performance of equity products is closely related to market trends, with the A-share market showing active rotation in technology and consumer sectors this year, providing structural opportunities for insurance fund investments [2] - Mixed products demonstrated a balanced advantage, with 143 out of 188 products achieving positive returns, an average return of 5.21% and a median of 3.38% [2] Group 3 - According to a recent survey by the China Insurance Asset Management Association, 50% of insurance asset management institutions and 53.57% of insurance companies hold an optimistic view of the A-share market for 2025, an increase from the second half of last year. Additionally, 52.78% of institutions and 51.19% of companies believe the A-share market will show a fluctuating upward trend this year [3] - The survey indicates that insurance institutions are optimistic about sectors such as electronics, banking, computers, public utilities, home appliances, food and beverages, communications, and national defense, focusing on new technologies, dividend assets, and high-dividend investments. Ongoing favorable policies to facilitate the entry of insurance funds and other long-term capital into the market have strengthened insurance institutions' interest and confidence in stock allocation [3]

Market Overview - The Hong Kong stock market rebounded on June 3, with the Hang Seng Index rising by 1.5% to close at 23,512 and the Hang Seng Tech Index increasing by 1.1% to 5,189, indicating a significant recovery in market sentiment [1] - The trading volume reached HKD 203.7 billion, showing a notable increase compared to previous days, although the net inflow from the Stock Connect was only HKD 3.9 billion [1] - Major financial stocks, including CITIC Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China, hit historical highs, reflecting continued investment in high-dividend defensive assets [1] Industry Dynamics - The automotive sector saw a rebound, with Xiaomi's automotive business losses decreasing and expectations for profitability in Q3 or Q4 of this year, driven by the upcoming launch of the YU7 model [3] - The healthcare sector also performed well, with the Hang Seng Healthcare Index rising by 2.5%. Notable gains were seen in companies reporting positive clinical data at the American Society of Clinical Oncology (ASCO) [3] - The renewable energy and utilities sectors experienced widespread gains, with Goldwind Technology rising by 13.3% due to share buyback plans and the establishment of an AI-related subsidiary [4] Company-Specific Insights - The report on CSPC Pharmaceutical Group indicated a 21.9% year-on-year decline in total revenue for Q1 2025, amounting to RMB 7.01 billion, primarily due to a slowdown in the sales of its core products [5] - The company expects a gradual recovery in product sales starting from Q2 2025, as the impact of centralized procurement has already been reflected in Q1 results [6] - CSPC has secured multiple overseas licensing agreements, with expected upfront payments totaling approximately RMB 1 billion and potential milestone payments exceeding RMB 25.6 billion, indicating strong future revenue prospects [7][8] Real Estate Sector Analysis - The report on the Chinese real estate market highlighted a 12.0% year-on-year decline in new home transaction volume across 30 major cities, with first-tier cities showing resilience [9] - First-tier cities like Shanghai and Shenzhen reported increases in cumulative transaction volumes, with Shanghai up by 9.5% and Shenzhen by 45.8% year-on-year [10] - The land transaction volume in 100 major cities fell by 46.9% year-on-year, indicating ongoing challenges in the real estate sector [12]

6月首个交易日，A股迎来"开门红"，个股普涨，交投活跃。 保险加仓践行"长钱长投" 6月首个交易日，银行板块再度崛起，特别是中小银行指数，上涨超2%。其中，部分城商行上涨超 5%，对指数助力明显。银行股的走强与大型金融机构加仓，特别是保险资金举牌有关。今年以来，保 险公司举牌的银行包括邮储银行、招商银行、农业银行、杭州银行、中信银行等。据统计，截至5月 底，7家保险公司年内累计举牌15次，银行股被举牌次数最多，此外还涉及公用事业、能源、交通运输 等行业，这不仅超过前年全年的举牌量，也超过去年前9个月的举牌量。在利率下行的环境下，保险资 金通过投资高股息股票来获取稳定现金收益，增加长期股权投资则有助于获得稳定投资收益。 综上所述，在消息面稳定的背景下，投资者信心进一步增强，无论是事件驱动带动的热点题材，还 是"长钱长投"下的趋势性板块，都为市场注入了活力，股指有望保持稳中有涨格局。（作者单位：银河 期货） 政策也鼓励保险资金充分发挥耐心资本、长期资本的优势，加大入市稳市力度。2023年10月，保险资金 长期投资改革试点启动，之后连续三批扩大保险资金长期投资试点范围，试点规模累计达2220亿元，为 市场不断注入增 ...

2025 年 06 月 03 日 推荐(维持) 投资要点 ▌ 磷矿石、草甘膦等涨幅居前，丁苯橡胶、苯胺等跌幅较大 磷矿石、草甘膦等涨幅居前，建议关注进口替 代、纯内需、高股息等方向 分析师：张伟保 S1050523110001 zhangwb@cfsc.com.cn 联系人：高铭谦 S1050124080006 gaomq@cfsc.com.cn 行业相对表现 表现 1M 3M 12M 基础化工(申万) 2.7 -0.2 3.8 沪深 300 2.2 -0.9 7.3 市场表现 相关研究 1、《基础化工行业周报：丁二烯、 煤焦油等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-05-26 2、《基础化工行业周报：丁二烯、 苯乙烯等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-05-19 3、《基础化工行业周报：天然气、 二甲苯等涨幅居前，建议关注进口 替代、纯内需、高股息等方向》 2025-05-13 本周涨幅较大的产品：磷矿石（摩洛哥-印度 CFR（70- 72BPL ）合同价， 10.00% ），草甘膦（浙江新安化工， 6.79%），二氯甲烷（华东地区，4.64%），甲苯 ...