Group 1: Global Asset Performance - The KOSPI index in South Korea saw a significant increase of 27.36% in the first half of 2025, leading the global asset performance rankings [1][2] - COMEX gold and silver also performed well, with gold rising by 24.43% and silver by 23.67% [1][2] - The Hang Seng Index increased by 21.06%, while the German DAX rose by 20.71% [1][2] - The Shanghai Composite Index had a modest gain of 2.16% [1][2] Group 2: Investment Master Returns - Among global investment masters managing over $1 billion, 80% reported positive returns in the last six months, and 93% had positive returns over the past year [4] - Leucadia National achieved the highest return of 20.91% among these investment masters [5][6] - Other notable performers include Jinglin Investment with a return of 20.46% and Oaktree Capital Management with 17.62% [6] Group 3: Public Fund Performance - In the first half of 2025, actively managed equity funds in China experienced a strong recovery after four years of underperformance [7] - The top-performing public fund was managed by Zhang Wei, with a net value growth rate of 89.15% [8][10] - Other high-performing funds included those managed by Leng Wenpeng and Gu Xinfeng, with growth rates of 81.59% and 71.92%, respectively [8][10] Group 4: ETF Performance - The total scale of ETFs in China approached 4.3 trillion yuan, with stock ETFs surpassing 3 trillion yuan, indicating a growing demand for core asset allocation [13] - The top-performing ETFs in the first half of 2025 were focused on innovative pharmaceuticals, with the Hong Kong Stock Connect Innovative Drug ETF leading with a 59.31% increase [14][16] - Conversely, thematic ETFs in the photovoltaic and energy sectors faced declines, with several dropping over 10% [20][22] Group 5: ETF Fund Flows - The top 10 ETFs by net inflow included the CSI 300 ETF and gold ETFs, with inflows of 306.30 billion yuan and 232.32 billion yuan, respectively [25][26] - The CSI 300 ETF managed by Huaxia was the highest net inflow ETF, reflecting strong investor interest [28]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The A - share market showed an upward trend last week, with the Shanghai Composite Index hitting a new high this year. The market is expected to have mainly structural opportunities during the upcoming interim report season. Investment directions to focus on include sectors with good interim report performance and high certainty, assets with high safety margins, the large - consumption sector boosted by policies, and core assets of innovative drugs [8]. - The performance of various commodity sectors is diverse. For example, some chemical products like PTA and PX had price increases, while some agricultural products like palm oil and corn had price decreases. Different commodities have different supply - demand situations and price trends [3]. - In the stock and option markets, there are opportunities and risks. For A - shares, the recent performance of the market is strong, but attention should be paid to factors such as the impact of US Treasury over - issuance on liquidity in July. In the option market, different index options have different characteristics and trading strategies [22][23][25]. 3. Summary According to Related Catalogs 3.1 Macro News - From June 28th - 29th, 2025, the 2025 Listed Companies Forum was held in Wenzhou. Representatives from the Shanghai, Shenzhen, Beijing, and Hong Kong stock exchanges released multi - dimensional reform signals. More than 30 A - share companies have submitted applications for H - share listings, and over 20 A - share companies have announced H - share listing plans [6]. - China decided to conditionally resume imports of some aquatic products from Japan under certain conditions [6]. - Hikvision strongly opposed the Canadian government's decision to shut down its Canadian subsidiary. The Chinese embassy in Canada also expressed strong dissatisfaction and opposition [7]. - Hong Kong Chief Executive Li Jiachao said that Hong Kong should play a role in "connecting internally and communicating externally" and seize opportunities [7]. - In the first half of this year, theme funds related to innovative drugs, humanoid robots, the Beijing Stock Exchange, and new consumption had good investment returns, while AI theme funds had relatively poor performance [7]. - Last week, the A - share market rose. The Shanghai Composite Index hit a new high this year, and the Shenzhen Component Index and the ChiNext Index rose by 3.73% and 5.69% respectively. The market is expected to have mainly structural opportunities in the future [8]. - The new round of refined oil price adjustment window will open at 24:00 on July 1st. It is predicted that gasoline and diesel prices will increase by 600 yuan/ton [8]. - From January to May this year, domestic passenger ship passenger volume increased by 7.37% year - on - year, international - voyaging ship arrivals and departures increased by 2.45% year - on - year, and international - voyaging ship cargo volume increased by 1.66% year - on - year, indicating an improving economic situation [8] 3.2 Main Variety Morning Meeting Views 3.2.1 Agricultural Products - Peanut market: The price is basically stable, with a pattern of weak supply and demand. It is recommended to take a short - selling approach [12]. - Oil market: The trading volume decreased, and the market is expected to be weak and volatile [12]. - Sugar market: The sugar price may continue to be strong in the short term, but attention should be paid to the risk of price corrections [12]. - Corn market: It is recommended to operate with a light position in the short term, and pay attention to the support and pressure levels [12]. - Pig market: The spot price is slightly stronger, and the futures market needs to see if the spot price can provide further support [14]. - Egg market: The supply exceeds demand, and the short - term market is expected to be volatile [14]. 3.2.2 Energy and Chemicals - Urea market: The supply is relatively sufficient, and the short - term market may fluctuate and consolidate. Attention should be paid to export quotas [13][14]. - Caustic soda market: The fundamentals lack strong support, and although the price rebounded on Thursday, the upward space is not optimistic [14]. - Coking coal market: Affected by safety inspections, the start - up rate decreased, and the short - term trend is firm, but continuous rebound depends on terminal demand and supply reduction [15][16]. 3.2.3 Industrial Metals - Copper and aluminum market: Driven by positive trade negotiation information, the prices are strong [16]. - Alumina market: The supply is relatively loose, and the price is expected to be low in the medium term. Attention should be paid to macro - market sentiment [16]. - Steel market: The prices of rebar and hot - rolled coils rose at night on Friday, but the upward space is limited, and attention should be paid to the pressure of inventory accumulation in the off - season [16]. - Ferrosilicon and ferromanganese market: The supply and demand situation is complex, and the trading strategy is short - term long and long - term short [16][17]. - Lithium carbonate market: The price has broken through the upper limit of the shock range, but the high inventory suppresses the price. It is recommended to wait for the inventory inflection point signal [18]. 3.2.4 Options and Finance - Stock index market: The market is strong in the short term, but attention should be paid to the support at 3410 and trading volume. For theme stocks, pay attention to low - buying opportunities for IM and IC [22][23]. - Option market: The trading volume of options increased last week, and different index options have different characteristics. Trend investors can consider long - 1000 and short - 50 arbitrage, and volatility investors can hold long - straddle positions [25].

Group 1 - The core viewpoint of the articles highlights the strong performance of innovation drug-themed funds, with the Huatai-PineBridge Hong Kong Advantage Select Fund leading the pack with a return of 89.15% as of June 29, 2023 [2][3] - A total of 40 funds have achieved a return exceeding 50% this year, with 16 out of the top 20 funds being innovation drug-themed [2][3] - The AI-themed funds have underperformed significantly, with losses exceeding 20% for the bottom-performing funds [1][3] Group 2 - The active equity funds have generally shown a recovery in performance, with nearly 80% of active equity funds achieving positive returns this year, and over 1,000 funds seeing net value increases of over 10% [4][5] - The market has experienced structural volatility, with different themes impacting fund performance directly, necessitating precise market timing from fund managers [3][4] - The long-term performance of the Huatai-PineBridge North Exchange Innovation Small and Medium Enterprises Select Fund has yielded a cumulative return of 177.04% over the past three years, significantly outperforming its peers [3] Group 3 - The innovation drug sector is currently experiencing a surge, with funds in this category dominating the performance rankings, while the humanoid robot sector has seen a decline from its previous highs [2][7] - The market outlook for the second half of the year suggests a mix of opportunities and risks, with low overall valuation levels and supportive macroeconomic policies being key factors [8][9] - Key investment areas identified include dividend assets, technology sectors with strong policy support, and high-potential domestic demand sectors [9]

Group 1 - The core viewpoint of the article highlights the performance of various sectors such as innovative drugs, humanoid robots, the Beijing Stock Exchange, and new consumption trends, which have driven market momentum and generated significant investment returns [1] - Notably, many actively managed equity funds have demonstrated a remarkable turnaround in performance, with nearly a hundred funds reaching their highest net value since inception in June [1]

Market Performance - In May, the A-share market experienced a volatile upward trend, with the Shanghai Composite Index rising by 2.09% and the Shenzhen Component Index increasing by 1.42%, while the Sci-Tech Innovation 50 Index fell by 3.50% [1] - The performance disparity among indices indicates significant divergence in public fund performance, with several long-standing top-performing funds experiencing notable declines [1] Mixed Fund Performance - The mixed fund performance saw substantial changes, with previously top-ranked funds heavily invested in the robotics sector, such as Penghua Carbon Neutral and Qianhai Kaiyuan Jiaxin, dropping significantly in rankings [2][4] - The top two funds currently are CITIC Construction Investment North Exchange Selected Two-Year Open and Huaxia North Exchange Innovative Small and Medium Enterprises Selected Two-Year Open, with year-to-date returns of 69.30% and 67.38%, respectively [2][4] Stock Fund Performance - The stock fund performance also showed significant changes, with the top-performing fund, Zhongyin Dajiankang A, achieving a monthly increase of 10.22% and a year-to-date increase of 56.21% [12] - Notably, two stock funds, Anxin Medical Health and Hongtu Innovation Medical Health, recorded monthly gains exceeding 15% [12][14] Sector Insights - The North Exchange 50 Index reached a historical high in May, with a monthly increase of 5.83%, outperforming the Shanghai and Shenzhen stock markets [4] - The performance of innovative pharmaceutical companies is highlighted, with domestic firms expected to enter a profitable phase, supported by recent overseas licensing deals and favorable policy developments [6] Fund Manager Insights - Fund managers managing top-performing funds have indicated that the focus on innovative drugs and healthcare sectors is yielding positive results, with several funds achieving over 50% returns year-to-date [5][6] - The performance of funds heavily invested in the robotics sector has been adversely affected, with significant declines noted in May [4][7] Declining Funds - The mixed fund decline list includes products with year-to-date declines exceeding 30%, with the top six funds managed by Jinzicai from Caitong Fund showing the largest losses [7][8] - The worst-performing fund, Jianxin China Manufacturing 2025 A, has seen a year-to-date decline of 21.49%, primarily due to poor performance in sectors outside of its top holding, BYD [16][17]

Core Viewpoint - Multiple North Exchange 50 index funds have recently announced the suspension of large subscriptions to control capital inflow and maintain market stability, reflecting the growing interest in core assets of the North Exchange [1][2][3] Group 1: Fund Actions - ICBC Credit Suisse Fund announced the suspension of large subscriptions for its North Exchange 50 index fund, limiting daily purchases to 50,000 yuan, with a fund size of 517 million yuan and a year-to-date return of 31.3% as of May 27 [1] - Dongfang Caijing North Exchange 50 index fund also suspended large subscriptions, with a limit of 200,000 yuan, having a fund size of 782 million yuan and a year-to-date return of 31.84% [1] - Other funds, such as the China Europe North Exchange 50 index fund, have also implemented subscription limits, with a year-to-date return of 29.96% and a fund size of 750 million yuan [1] Group 2: Market Performance - The North Exchange 50 index has shown a strong upward trend since 2025, with a year-to-date increase of 34.67% as of May 28, outperforming the entire market [2] - In May, the North Exchange 50 index continued to rise, with an overall increase of 3.54% [2] - The North Exchange focuses on supporting "specialized, refined, distinctive, and innovative" enterprises, which, despite being smaller in scale, have high technological barriers and significant growth potential [2][3] Group 3: Investment Value - The North Exchange's liquidity and attention have significantly increased due to policy support and ongoing registration system reforms, providing a direct financing platform for early-stage high-growth companies [3] - The "specialized, refined, distinctive, and innovative" stocks in the North Exchange are expected to benefit from policy support, industry demand, and technological breakthroughs, offering high long-term investment value [3] - The North Exchange 50 index is becoming a focal point for capital inflow, with trading activity in its constituent stocks increasing [3]

每经记者｜任飞 每经编辑｜叶峰 近期，A股市场缩量震荡，题材板块继续快速轮动，而北证50指数则持续走强，创出历史新高。 记者注意到，今年以来，生物医药、人工智能以及北交所等行业及主题基金的表现依然不俗，在年内的净值排行当中，居于前列的产品普遍有此类基金的身 影。 值得注意的是，基金公司也在调整部分产品的申赎政策，近期又有一些基金公告限购方案，如易方达北证50成分指数、东财北证50指数发起等多只基金近期 公告了相关内容。有分析指出，在关注热门行业投资机会的同时，仍需关注外部不确定性带来的风险，并控制加仓节奏。 北证50指数再创新高，基金公司调整限购措施 近期，A股市场板块轮动依然较快，尽管单日上涨家数高于下跌家数的情况多次出现，但个股的赚钱效应却不佳，各宽基指数呈现出震荡走势。然而，北证 50指数却在近期表现活跃。 5月21日，北证50指数低开高走，再次创出历史新高，截至收盘，报收1479.81点。从《每日经济新闻》记者同业内人士交流的情况来看，基于目前北交所个 股量化交易的程度较低，资金仍有继续博弈的可能，不过，这也使得北交所相关主题基金的净值又一次提升。 Wind统计显示，截至5月20日，年内基金的净值收益 ...

-20% 0% 20% 40% 60% 80% 100% 北证50 沪深300 -40% ⚫⚫⚫⚫⚫⚫ 国银河证券|CGS 北交所日报 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.05.14) ■北交所算数平均涨跌幅 ■Ａ股算数平均涨跌幅 35 30 25 20 15 10 5 ■ 0 -5 资料来源：iFinD，中国银河证券研究院 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 2 图1:北证成交额与换手率情况(截至2025.05.14) ■成交金额（合计/亿元) =换手率（算数平均/%） 600 16.0 14.0 500 12.0 400 10.0 300 8.0 6.0 200 4.0 100 2.0 0 0.0 03-19 04-15 05-14 02-13 0518 02-26 03-03 03-06 03-11 03-14 03-24 03-27 04-01 04-07 04-10 04-18 04-28 05-06 05-09 01-23 02-05 02-10 04-23 01- 01 资料来源：iFinD，中国银河证券研究院 可证券|CGS 北交所日报 今日涨跌 ...

Group 1 - Public funds are preparing for the second half of the year, with a significant increase in attention towards dividend assets, which are viewed as stable components in investment portfolios [1][2] - The average returns of active equity funds have shown recovery, with ordinary stock funds and mixed equity funds returning 2.13% and 2.28% respectively year-to-date as of April 30, and a one-year return of 6.95% [1] - The price-performance ratio of dividend assets, such as the CSI Dividend Index, is at the 99th percentile of the past decade, indicating that these assets are currently among the most cost-effective options [2] Group 2 - Certain low-volatility sectors with high dividend yields, such as banking, ports, hydropower, and logistics, are expected to perform steadily due to stable earnings and favorable dividend sustainability [3] - The Hong Kong stock market shows a valuation advantage for high-dividend stocks, supported by a conducive market environment for their performance [3] - Regulatory policies enhancing dividend oversight, combined with a low-interest-rate environment, are likely to accelerate the entry of long-term capital into the market, maintaining the investment value of Hong Kong dividend stocks [3]

Core Viewpoint - The overall valuation level of the Beijing Stock Exchange is considered high, with a median P/E ratio of 50.34 and an average of 68.9, but some companies still show investment value based on their performance and valuation [1] Group 1: Continuous High-Performance Stocks - This group consists of companies that have maintained positive growth in non-recurring net profit for three consecutive years, with Q1 growth not based on a low base from the previous year [2] - Among these, Tongli Co. has the lowest valuation at 11.2 times, with a Q1 non-recurring net profit growth rate of 60.66%, driven by increased sales of high-value products in the new energy and unmanned sectors, as well as overseas market expansion [2] - Other companies in this group, such as Kaifa Technology and Deyuan Pharmaceutical, also show double-digit growth in revenue and net profit, with Kaifa's growth primarily due to increased overseas demand [2][3] Group 2: Companies with High Exposure to the U.S. Market - This group includes companies with a high proportion of sales to the U.S., facing uncertainty in Q2 performance due to tariff impacts, with Q1 growth possibly influenced by preemptive stocking by U.S. clients [4] - Litong Technology has the lowest valuation in this group at 18.98 times, benefiting from recovery in downstream demand in the traditional engineering machinery sector [5] - Other companies like Jianbang Technology and Bond Co. also have significant sales exposure to the U.S. automotive parts market, with varying degrees of performance influenced by last year's low base [4][5] Group 3: Companies with Low Last Year’s Performance Base & Others - This group features companies with low performance bases from the previous year, leading to impressive Q1 growth, as well as those with relatively low valuations but promising full-year outlooks [6] - Qingju Technology, with the lowest valuation, is focused on debt restructuring but has shown a decline in Q1 performance, despite having a substantial order backlog [6][7] - Kangnong Seed Industry, despite a decline in Q1 revenue and net profit, remains a strong contender in the seed industry with expectations for future growth [7]