Core Insights - Epicore Biosystems and DuPont Personal Protection have formed a collaboration to enhance worker safety and well-being through advanced sweat-sensing wearables and protective garments [1][5] - The partnership aims to leverage DuPont's expertise in protective clothing and Epicore's hydration management technology to provide data analytics and insights for worker safety [1][2] Company Overview - Epicore Biosystems specializes in digital health solutions, particularly in developing advanced sweat-sensing wearables that offer real-time personalized health insights [7] - DuPont is a global leader in innovation, providing technology-based materials and solutions across various industries, including worker safety [9] Industry Context - Rising temperatures and extreme climate conditions are leading to cognitive and physical decline in physically demanding industries, highlighting the need for personalized hydration and safety measures [2] - The 2024 OSHA Notice of Proposed Rulemaking emphasizes the regulatory focus on heat injury and illness prevention, making the integration of biometric data and personal protective equipment increasingly critical [2] Product and Technology - Epicore's Connected Hydration platform is the first smart wearable solution designed to help workers manage hydration and recovery using sweat-sensing technology [3] - The collaboration aims to combine Epicore's data-driven health monitoring with DuPont's protective clothing to create individualized strategies for worker safety in high-risk environments [3][5]

2025 年 05 月 20 日 主动权益基金应该如何选业绩比较 基准？ ——后明星时代公募基金研究系列之六 相关研究 证券分析师 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 研究支持 白皓天 A0230123070002 baiht@swsresearch.com 联系人 蒋辛 (8621)23297818× jiangxin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 证 券 研 究 报 告 量化策略 目录 | 1. 市场高估了主动权益基金跑输基准的比例 5 | | | --- | --- | | 1.1 | 直接选择宽基指数作为基准，会面临什么问题？ 5 | | 1.2 | 海外主动权益基金用的什么指数作为基准？ 8 | | 2. 市场短期可能会有哪些交易预期？ | 10 | | 2.1 10 | 行业与个股维度：低配金融与传统消费，超配科技成长 | | 2.2 15 | 港股配置：相对恒生指数有哪些超低配？ | | 3. ...

2024年，中国资本市场迎来指数基金的"黄金年代"——Wind数据显示，截至2024年末，指数型产品规模较前一年激增69.57%，其中全市场 ETF总规模在这一年突破3万亿元后，又在2025年4月站上4万亿关口。这场无声的"被动投资革命"正以每年超万亿的增速重塑财富管理版图。 2025年5月7日，当证监会《推动公募基金高质量发展行动方案》正式落地，明确"对ETF实施5日极速注册"的政策导向，强调"大力发展各类 场内外指数基金"时，这场变革又再次迎来制度层面的强力助推。 天弘基金8只ETF集体"改名" 在指数化投资浪潮中，头部机构的战略动作尤为值得关注。 5月12日，天弘基金宣布旗下8只ETF变更场内简称，天弘基金表示，更名后的ETF简称将更加突出核心指数特征、完善资产类别和品牌标 识，有助于提升投资者的筛选和决策效率。这次细微的调整，预示着ETF赛道正从"跑马圈地"转向"精耕细作"的新竞争维度。 这种用户思维在国泰海通证券的评级中得到验证：截至2025年一季度，天弘基金参评的35只成立满3年的指数基金，全部获得三年期四星及 以上评级，其中27只产品荣膺五星评级，综合排名位居行业第六。 回溯其ETF发展历程，天 ...

ETF Industry News - The three major indices collectively rose, with the Shanghai Composite Index increasing by 0.38%, the Shenzhen Component Index by 0.77%, and the ChiNext Index by 0.77. Multiple innovative drug ETFs saw gains exceeding 2%, including the Innovative Drug Shanghai-Hong Kong ETF (517110.SH) which rose by 3.11% [1][3] - The market is transitioning from performance focus to industry and company fundamentals as it enters a performance vacuum period starting in May. The innovative drug sector is expected to be a key investment theme through 2025, driven by significant R&D progress [1][2] Fund Issuance and Market Trends - The issuance of equity funds is accelerating, with 14 new index products expected to launch this week. Approximately 70% of the new products are equity-related, with an average subscription period of 12.56 days [2] - This week, 16 equity products include stock, mixed, and fund of funds (FOF) products, with a focus on index or enhanced index funds [2] Market Performance Overview - The overall performance of ETFs shows that cross-border ETFs had the best average return at 1.61%, while commodity ETFs had the worst at -0.22% [8] - The top-performing ETFs in the stock category included the Innovative Drug Shanghai-Hong Kong ETF (517110.SH) with a return of 3.11%, followed by the Innovative Drug Hong Kong-Shanghai ETF (517380.SH) at 2.60% and the Huatai-PB Innovative Drug ETF (517120.SH) at 2.55% [10][11] Sector Performance - In the sector performance analysis, beauty care, comprehensive, and media sectors ranked highest with daily increases of 2.5%, 2.12%, and 1.98%, respectively. Conversely, defense, coal, and steel sectors lagged behind with declines [5] - Over the past five trading days, the comprehensive, beauty care, and retail sectors showed strong performance, while defense, computer, and electronics sectors experienced declines [5] ETF Trading Activity - The top three ETFs by trading volume included the A500 ETF (512050.SH) with a trading volume of 3.114 billion, the A500 Index ETF (159351.SH) at 2.393 billion, and the CSI 300 ETF (510300.SH) at 2.199 billion [13][14]

金十数据5月20日讯，Canalys数据显示，2025年第一季度，中东地区智能手机出货量同比下降4%，至 1170万部。尽管2024年市场曾出现强劲复苏，但2025年初因零售需求放缓和消费者趋于谨慎的影响，整 体市场出现回落。 Canalys：2025年Q1中东智能手机市场出货量下降4% ...

现金流ETF（159399）：聚焦大中市值，月月评估分红 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由现金 流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批A股市 场中的"现金牛"企业，为长期投资收益奠定了坚实基础。 从指数历史走势来看，富时中国A股自由现金流聚焦指数在2014-2024年十余年的时间年化收益约20%， 远超沪深300和中证红利指数同期表现，并且从2019年开始连续6年实现正收益。 消息面上，5月20日，工商银行、中国银行、建设银行、农业银行、邮储银行、交通银行下调人民币存 款利率，一年期定期存款利率下破1%。 除国有六大行外，股份制银行招商银行也在今日下调了人民币存款利率，其中活期利率下调5个基点至 0.05%；定期整存整取三个月期、半年期、一年期、二年期均下调15个基点，分别为0.65%、0.85%、 0.95%、1.05%；定期整存整取三年期和五年期均下调25个基点，分别至1.25%和1.3%。 从宏观环境来看，国内降息降准落地，无风险收益率下行背景下，红利资产高股息率受市场青睐，或存 ...

Financial Performance - First quarter revenues reached RMB 682.0 million, marking a 35.1% increase year-over-year, driven by a 57.4% increase in sales volume, despite a 14.2% decrease in revenues per e-scooter [1][4][5] - The net loss for the first quarter was RMB 38.8 million, an improvement from a net loss of RMB 54.8 million in the same period last year [1][14] - Adjusted net loss (non-GAAP) was RMB 31.4 million, compared to an adjusted net loss of RMB 48.5 million in the first quarter of 2024 [5][14] Sales and Market Performance - The number of e-scooters sold was 203,313, representing a 57.4% increase year-over-year, with 183,065 sold in China (up 66.2%) and 20,248 in international markets (up 6.4%) [5][11] - E-scooter sales revenues from the China market were RMB 546.4 million, a 39.1% increase year-over-year, while international market sales revenues were RMB 60.0 million, up 22.4% [11][14] Cost and Margin Analysis - Gross margin for the first quarter was 17.3%, down from 18.9% in the same period of 2024, primarily due to international market challenges [5][8] - Cost of revenues was RMB 563.9 million, a 37.8% increase year-over-year, with the cost per e-scooter decreasing by 12.5% to RMB 2,774 [7][8] Operating Expenses - Total operating expenses were RMB 165.1 million, a slight increase of 0.1% year-over-year, with operating expenses as a percentage of revenues decreasing to 24.2% from 32.7% [9][10] - Selling and marketing expenses increased by 8.8% to RMB 114.6 million, while research and development expenses rose by 3.0% to RMB 29.8 million [12][13] Business Outlook - The company expects second quarter 2025 revenues to be in the range of RMB 1,317 million to RMB 1,411 million, representing a year-over-year increase of 40% to 50% [17]

Core Viewpoint - The company is focusing on developing its index investment business in response to the increasing demand for equity investments, particularly index investments, as bond yields continue to decline [1] Group 1: Index Product Development - The company plans to enhance its index product matrix in 2024, having already launched several ETFs including the Xingye Shanghai Stock Exchange 180 ETF and the Xingye CSI A500 ETF [2] - The strategy for filling the index product line is to move from broad-based indices to strategy and industry themes, targeting products with high explanatory power and lower volatility [2][3] - The company acknowledges the challenge of product homogenization in the index business but aims to leverage the market influence of existing indices to expand promotion [2] Group 2: Strategic Support and Resource Utilization - As a subsidiary of Xingye Bank, the company plays a crucial role in the group's strategic planning for index investment and aims to build an ETF ecosystem [4] - The company intends to utilize its ETF products as a hub connecting Xingye Bank with partner institutions, enhancing the product offerings for different investor needs [4] - The company recognizes the importance of channel resources for the development of its index business and plans to collaborate closely with its parent bank for market promotion and channel building [4][5] Group 3: Focus on Investor Experience - The company emphasizes the responsibility towards investors and aims to improve the investor holding experience in its product selection process [6] - The introduction of Smart Beta index products is seen as a key direction for future development, with the goal of outperforming similar market products [6] - The company aims to educate investors effectively to ensure they benefit from the long-term positive investment experience offered by index products [6]

2025 年 05 月 18 日 策略研究团队 八问公募新规对行业影响几何 ——投资策略周报 韦冀星（分析师） weijixing@kysec.cn 证书编号：S0790524030002 3、中小基金公司如何在改革中实现差异化突围？中小机构需锚定"精品策略+细分 赛道"，以高效投研与机制激励构筑差异化竞争护城河。 4、指数产品是否将成为新的发展方向？ETF 提速注册叠加政策倾斜，指数化投资有 望迎来 Smart Beta 与增强策略双轮驱动的新一轮扩容潮。 5、分类评价机制将如何改变代销机构的业务模型？考核维度由"卖得快"转向"持 得久"，驱动代销机构重塑投顾体系，券商系凭研究与陪伴优势加速突围。 6、主动权益基金面临哪些风险调整压力？监管施压下，绩效偏离与风格漂移遭双重 约束，低效权益产品加速出清，资金与风格正向"基准收敛+长期绩效"集中。 7、新规是否影响行业配置结构？哪些板块可能受益？基准约束机制强化下，银行、 公用事业等低配行业有望迎来被动增配，边际资金或成结构性行情催化剂。 周内影响市场最大两个要素—中美贸易谈判以及公募新规 对于中美贸易谈判，我们于 5 月 12 日发布的策略点评《谈判在时点上超 ...

Core Viewpoint - Damon Inc. has decided to forego its right to appeal Nasdaq's delisting determination, allowing its common shares to trade on an alternative market starting May 20, 2025 [1] Company Overview - Damon Inc. designs and develops electric motorcycles and personal mobility products, focusing on innovation, data intelligence, and strategic collaborations [1] - The company operates across four revenue verticals: Data Intelligence & Services, Engineering Services, Personal Mobility Products, and Special Projects [3] - Damon aims to capture a significant share of the $40 billion global electric two-wheeler market by 2030 [3] Market Transition - Damon’s common shares will resume trading on Nasdaq for one day on May 19, 2025, before being suspended [1] - The company expects to begin trading on the OTC Pink Current Market on May 20, 2025, and will pursue an application to trade on the OTCQB [2] Compliance and Standards - As a SEC reporting company, Damon exceeds the minimal current information standard required for the OTCID Basic Market [2] - The OTCID Basic Market will be effective as of July 1, 2025, and is designed for companies that meet minimal current information standards without the qualitative standards of higher OTC markets [2]