导语 晨星基金研究秉持独立性与投资者利益优先的原则，通过对基金投研团队、投资流程等 的分析来确定对基金的信心。我们的研究方法注重可持续性并以长期投资为导向，助力 投资者在基金选择中做出更加明智的投资决策。本篇文章介绍晨星基金研究团队在权益 资产类别中值得关注的四只基金产品，期望能为投资者在决策中提供参考。 ►► 易方达逆向投资混合 产品速览 该基金是一只沪港深积极配置型基金，除了主要投资于A股外，契约中规定50%以内的股票资产可以投资 于港股,基金经理通过对比A股和港股的性价比从而决定港股在组合里面的配置比重。基金经理采用GARP 策略，旨在以合理的价格买入具有持续稳定增长潜力的股票。 产品潜力 基金经理杨嘉文先生属于投资能力较强的中生代基金经理，他具备13年证券从业经历和7年公 募基金管理经验。虽然他2021年4月才开始管理该基金，但是他采用相同的策略从2017年12月 开始管理纯A股基金—易方达科瑞混合基金至今，目前已经管理超过7年的时间，管理期良好 业绩表现也证明了基金经理较强的投资A股的能力。 基金经理的投资思路偏逆向，倾向于回避市场关注度相对较高的行业和个股，而把研究和投资 资源投放到市场关注度相对 ...

Core Viewpoint - The article emphasizes the importance of independent research and long-term investment strategies in fund selection, highlighting four noteworthy equity funds that may provide valuable insights for investors [1]. Group 1: Fund Overview - E Fund Contrarian Investment Mixed Fund primarily invests in A-shares and has a flexible allocation to Hong Kong stocks, utilizing a GARP strategy to identify stocks with stable growth potential [2]. - Zhongtai Kaiyang Value Select Flexible Allocation Mixed Fund employs a bottom-up stock selection approach, focusing on quality growth while considering valuation [5]. - Invesco Great Wall Growth Star Equity Fund, managed with a growth investment strategy, combines industry research with bottom-up stock analysis to identify growth stock opportunities [8]. - Hongde Honghua Flexible Allocation Mixed Fund emphasizes fundamental research, focusing on long-term growth and quality of stocks while controlling portfolio volatility [13]. Group 2: Fund Manager Insights - E Fund's manager, Yang Jiawen, has 13 years of experience and a strong track record in A-share investment, employing a contrarian approach to identify undervalued stocks [3]. - Zhongtai Kaiyang's manager, Tian Yu, has 13 years of experience and emphasizes deep fundamental research, maintaining a concentrated portfolio of around 20 stocks [6]. - Invesco Great Wall's manager, Zhou Hanying, has extensive overseas investment experience and has shown potential in A-share investments, focusing on stable and high-growth companies [9]. - Hongde Honghua's manager, Qin Yi, has 7 years of experience and emphasizes a growth-oriented strategy, analyzing companies' competitive advantages and market conditions [15]. Group 3: Fund Performance and Characteristics - E Fund Contrarian Investment Mixed Fund has a scale of 958 million and is classified as low risk, showing high cumulative returns since its management began [4][5]. - Zhongtai Kaiyang Value Select Flexible Allocation Mixed Fund has a scale of 1.751 billion and is classified as high risk, with moderate returns since its inception [7]. - Invesco Great Wall Growth Star Equity Fund has a scale of 2.61 billion, classified as low risk, and has demonstrated high returns since management began [12]. - Hongde Honghua Flexible Allocation Mixed Fund has a scale of 427 million, classified as medium risk, and has shown high returns since its management began [16].

Group 1: Spring Strategy and Core Assets - The core viewpoint is that China's core assets are expected to experience a revival in the spring, driven by policy advancements in three key areas: technology innovation, supply-side reform, and institutional optimization [1] - The new core assets with potential billion-dollar valuations are emerging, while about 30% of traditional industry leaders are showing operational turning points [1] - The report emphasizes a shift from "good companies" to "ordinary companies," indicating a significant differentiation in performance as confidence is restored [1] Group 2: Macroeconomic Outlook for 2025 - The share of real estate and its industrial chain in China's economy is projected to decline from 18% in 2020 to 10%-11% by 2024, while strategic emerging industries are expected to rise from 11.7% to 14.1% in the same period [2] - Monetary policy is anticipated to focus on the broad price system, while fiscal policy will maintain reasonable space to address external challenges and weak domestic demand [2] - The economic growth in 2025 is expected to follow a "U" shape, with an annual growth rate around 5% [2] Group 3: A-Share Market Themes for 2025 - 2025 is expected to be a significant year for thematic investments in the A-share market, driven by factors such as funding preferences, technological catalysts, policy implementation, and the evolving US-China relationship [4] - Ten major themes are identified for 2025, including AI+, smart transportation, humanoid robots, and bio-manufacturing, among others [4][6] - The report suggests that these themes will guide investment strategies throughout the year [4] Group 4: New Narratives in Chinese Assets - The attractiveness of Chinese assets is increasing, with a renewed investment logic in technology manufacturing [8] - Key breakthroughs in frontier technologies are expected to reshape the global tech landscape, with a focus on AI and high-value-added industries [8] - The report highlights the importance of long-term investment opportunities in sectors like AI, intelligent driving, and semiconductor advanced processes [8] Group 5: AI Smart Glasses Investment Insights - AI smart glasses are identified as a cost-effective hardware solution with significant potential, akin to the early days of TWS earbuds [10] - Short-term investment is recommended due to low current shipment volumes, while long-term prospects are expected to improve with the release of major products [10] - The report emphasizes the importance of focusing on segments with the highest value share and optimal market structure within the supply chain [10] Group 6: AIDC Market Dynamics - The AIDC (Automated Identification and Data Capture) market is experiencing growth, driven by a significant demand for new technologies [12] - The report suggests a focus on investment opportunities in the "power supply + interconnection" aspect of AIDC [12] Group 7: Gold Market Outlook - The report anticipates a strong performance for gold stocks in 2025, driven by increased production and a favorable liquidity environment [17] - The expected rise in gold prices is supported by the influx of ETFs and the ongoing narrative of "de-dollarization" [17] Group 8: Metal Supply Disruptions - The escalation of conflict in the Democratic Republic of the Congo is expected to disrupt metal supplies, particularly for tin, copper, and cobalt [18] - The report highlights the potential for increased metal prices due to supply chain disturbances caused by regional conflicts [18]

导语 在国内公募基金行业蓬勃发展的进程中，女性基金经理的队伍正不断壮大，她们在权益 和固收投资领域展现出了卓越的专业素养。凭借敏锐的洞察力、严谨的投资策略，她们 为投资者带来持续且稳健的回报。值此"三八"国际妇女节之际，让我们把目光聚焦到几 位优秀的女性基金经理身上，深入探寻她们在竞争激烈的基金行业中，凭借自身实力大 放异彩，不断创造出色业绩的成功秘诀。 ►► 王健 中欧基金 王健女士是一位从行业研究员成长起来的经验丰富的基金经理，也是一位坚定的GARP策略投 资者，专注于以合理的价格买入具有长期优质潜力的成长股。 她早年曾经在红塔证券以及光 大保德信基金公司担任医药行业研究员，这段6年的研究经历培养了她扎实的研究功底和独立 判断能力，并帮助她逐步搭建起了一套完善的研究框架。2009年10月王健转向投资岗位，至 2015年5月期间，由于经历了牛市结束后的市场剧烈震荡，使得她相比其他成长策略的基金经 理更加注重估值，也令她的GARP策略框架基本成型。2015年6月，她加入中欧基金公司并一 直从事投资工作，随着她投资经验的积累，她更加深刻地理解了GARP策略，并坚定了自己的 投资理念。在过去长达21年的投资研究生 ...

在国内公募基金行业蓬勃发展的进程中，女性基金经理的队伍正不断壮大，她们在权益 和固收投资领域展现出了卓越的专业素养。凭借敏锐的洞察力、严谨的投资策略，她们 为投资者带来持续且稳健的回报。值此"三八"国际妇女节之际，让我们把目光聚焦到几 位优秀的女性基金经理身上，深入探寻她们在竞争激烈的基金行业中，凭借自身实力大 放异彩，不断创造出色业绩的成功秘诀。 ►► 王健 中欧基金 王健女士是一位从行业研究员成长起来的经验丰富的基金经理，也是一位坚定的GARP策略投 资者，专注于以合理的价格买入具有长期优质潜力的成长股。 她早年曾经在红塔证券以及光 大保德信基金公司担任医药行业研究员，这段6年的研究经历培养了她扎实的研究功底和独立 判断能力，并帮助她逐步搭建起了一套完善的研究框架。2009年10月王健转向投资岗位，至 2015年5月期间，由于经历了牛市结束后的市场剧烈震荡，使得她相比其他成长策略的基金经 理更加注重估值，也令她的GARP策略框架基本成型。2015年6月，她加入中欧基金公司并一 直从事投资工作，随着她投资经验的积累，她更加深刻地理解了GARP策略，并坚定了自己的 投资理念。在过去长达21年的投资研究生涯中， ...

中信证券 2025 年春季策略：核心资产的春天 摘要 Q&A 您对中国核心资产的看法是什么？为什么认为它们具有投资价值？ 我们非常看好中国的新核心资产接力。前一段时间市场经历了极致高波动的板 块行情，但我们认为最近的市场高切低模式与过去一两年有根本性不同。投资 者开始抛弃杠铃结构，转向持续进攻和持有，体现出更积极的心态。信心修复 目前局限于科技领域，但未来会扩散到经济领域，这是时间问题。我们对两会 在供给侧和促消费方面保持期待。 从风格上看，核心资产是关注重心。A 股市 场若要走出类似港股市场的指数化行情，需要龙头核心资产走出盈利和估值空 间。这包括新赛道萌芽及传统核心资产中的经营拐点公司。目前大约 30%的传 • 市场策略转变：机构投资者逐步放弃杠铃策略，转向持续进攻和持有，显 示出对市场更为积极的态度，信心修复正从科技领域向经济领域扩散。 • 核心资产配置：核心资产是关注重点，A 股市场若要走出指数化行情，需 要龙头核心资产实现盈利和估值双重提升，包括新赛道萌芽及传统核心资 产中的经营拐点公司，目前约 30%的传统核心资产公司已走出经营拐点。 • 港股估值优势：港股市场仍处于早期阶段，互联网龙头、半导体 ...

Group 1 - The core viewpoint is that China's core assets are expected to experience a revival in the spring, driven by policy advancements in technology, supply-side reforms, and consumption potential optimization [1] - The "New Core Asset 30" portfolio is selected from technology, industrial, and consumer sectors, focusing on companies that are expected to outperform ordinary firms as confidence is restored [1] - The market is anticipated to shift towards consumption-related themes with lower valuation levels, especially in light of the upcoming "Two Sessions" and external uncertainties [2] Group 2 - The IPO normalization is seen as a necessary reform direction to balance financing and support the real economy, with expectations of increased IPO supply without burdening the market [4] - The RMB's equilibrium exchange rate is estimated to be between 7.3 and 7.4, with short-term fluctuations expected between 7.20 and 7.35, influenced by trade dynamics and capital flows [5] - The manufacturing sector shows positive signs with PMI data indicating a recovery, supported by consumption stimulus policies and infrastructure investments [6] Group 3 - The solid-state battery industry is projected to see significant developments, with expectations for small-scale production by 2027 and mass production by 2030, highlighting investment opportunities across the supply chain [15] - The high-end titanium material sector is expected to recover due to increased demand from the military and aerospace industries, with a favorable competitive landscape [21] - The liquid cooling market is projected to grow significantly, with a CAGR of 38% from 2025 to 2027, driven by advancements in technology and increasing demand for efficient cooling solutions [23]

文 ｜ 裘翔 刘春彤 杨家骥 高玉森 沈思越 连一席 杨帆 遥远 玛西高娃 于翔 展望春季，随着政策在三大领域的推进和发力，信心修复将从科技领域逐步扩散到经济领域，美国 对华限制的加强或是市场在春季的最大一次挑战，但也是信心全面修复的试金石；中国的新赛道在 萌芽，具备千亿美金市值潜力的新核心资产在扩容，同时传统赛道龙头当中约有3 0%的公司陆续出 现经营拐点；港股的行情还在早期，而前期相对滞涨的A股核心资产正加速出清，未来GARP策略 或接力极致弹性策略，中国的核心资产有望迎来春天。因此，我们沿着科技创新推动产业价值重 构、供给侧改革引导行业供需出清以及制度优化释放消费潜能三个视角，从科技、工业和消费板块 中甄选出"新核心资产3 0 "组合，作为春季的配置重心，我们认为在信心全面修复后，"好公 司"与"普通公司"之间的分化将远远超过"好行业"与"普通行业"之间的分化。 也是信心全面修复的试金石 4月开始美国对华政策不确定性可能会有明显提升。需要留意的风险点主要包括《美国优先贸易 政策备忘录》调查结果在4月初发布，《美国优先投资政策》备忘录的落实以及半导体领域可能 的进一步出口禁令和限制。我们复盘了2 0 1 ...