Core Viewpoint - U.S. Global Investors, Inc. has successfully listed its gold-focused ETF, the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), on the Bolsa de Valores de Colombia, enhancing its accessibility for Colombian investors and expanding its presence in Latin America [1][2][3] Company Overview - U.S. Global Investors, Inc. is a boutique investment firm specializing in precious metals and emerging markets, with over 50 years of history [7] - The company is headquartered in San Antonio, Texas, and provides money management and other services to various funds and ETFs [7] ETF Details - GOAU offers exposure to companies involved in the production of gold and other precious metals through mining or royalty agreements [2][3] - The ETF is already listed in New York, Mexico, and Peru, and its addition to the BVC increases its visibility across Latin America [2] - GOAU is the only non-UCITS ETF listed on the BVC that provides access to gold and precious metals mining companies [3] Investment Strategy - The GoGold ETF employs a smart-factor, rules-based investment strategy that combines passive investing efficiency with active management selectivity [5] - It tracks the U.S. Global GO GOLD and Precious Metal Miners Index, which screens companies based on valuation, profitability, and balance sheet quality [5][13] - Unlike traditional gold mining funds, GOAU focuses on high-quality, well-managed companies with consistent profitability, particularly North American royalty and streaming companies [6] Market Context - The listing of GOAU on the BVC is seen as timely due to the growing sophistication of Colombia's capital markets and increasing demand for diversified investment options amid economic uncertainty and geopolitical instability [3] - As of May 2025, only two gold-related ETFs are listed on the BVC, highlighting the unique position of GOAU in the Colombian market [3]

Core Viewpoint - SKYX Platforms Corp. has announced a collaboration on a $3 billion mixed-use smart city development in Miami's Little River District, which aims to redefine urban living through advanced smart home technologies and sustainable design [1][10]. Group 1: Project Overview - The development will cover 63 acres and include over 5,700 residential units, with a focus on workforce and affordable housing [7][6]. - It will feature 350,000 square feet of retail space, including major retailers and restaurants, alongside 1.5 million square feet of green walkways, parks, and bike paths [7][6]. - A new $35 million Tri-Rail station will be part of the project, enhancing transportation options for residents [7]. Group 2: Technology Integration - SKYX is expected to deploy over 500,000 units of its advanced plug-and-play smart home technologies, which include an AI ecosystem and various smart home products [2][3]. - The smart home platform will provide features such as Wi-Fi, emergency calling, intercom systems, and safety detectors, ensuring a safe and connected living environment [4][9]. - The integration of these technologies is designed to enhance safety, functionality, and the overall experience for residents [9]. Group 3: Financial and Developmental Aspects - The project is led by SG Holdings, a joint venture that includes prominent developers such as Swerdlow Group and SJM Partners, known for their previous successful projects [1][6]. - SKYX's technologies are expected to create long-term recurring revenue opportunities through upgrades, monitoring services, and subscriptions [5]. - The collaboration marks a significant step towards establishing a model for future smart urban living, emphasizing safety and connectivity [9].

- The report focuses on the performance of Smart Beta portfolios, specifically Value, Growth, and Small-cap styles, constructed based on high beta elasticity and long-term stable excess returns objectives[7][8][10] - Value Smart Beta portfolios include "Value 50 Portfolio" and "Value Balanced 50 Portfolio", with weekly returns of 1.13% and 0.32%, respectively, and annual returns of 5.80% and 1.55%[4][8][10] - Growth Smart Beta portfolios include "Growth 50 Portfolio" and "Growth Balanced 50 Portfolio", with weekly returns of 1.27% and 1.59%, respectively, and annual returns of 0.86% and 6.05%[4][8][16] - Small-cap Smart Beta portfolios include "Small-cap 50 Portfolio" and "Small-cap Balanced 50 Portfolio", with weekly returns of 1.39% and 1.49%, respectively, and annual returns of 8.87% and 10.70%[4][8][22] - Performance metrics for Smart Beta portfolios include absolute returns, excess returns relative to benchmarks, and maximum relative drawdowns, with detailed data provided for each portfolio[8][10][22]

Core Insights - XPeng Inc. reported significant growth in vehicle deliveries and revenues for Q1 2025, achieving a record high in deliveries and a substantial year-over-year revenue increase [2][4][12]. Financial Performance - Total deliveries reached 94,008 vehicles in Q1 2025, a 330.8% increase from 21,821 in Q1 2024 [4]. - Quarterly total revenues were RMB 15.81 billion (US$ 2.18 billion), representing a 141.5% increase year-over-year [3][12]. - Revenues from vehicle sales were RMB 14.37 billion (US$ 1.98 billion), a 159.2% increase from RMB 5.54 billion in Q1 2024 [13]. - Gross margin improved to 15.6%, up from 12.9% in Q1 2024, while vehicle margin increased to 10.5% from 5.5% in the same period [3][17]. - The net loss for Q1 2025 was RMB 0.66 billion (US$ 0.09 billion), a reduction from RMB 1.37 billion in Q1 2024 [25][27]. Operational Highlights - As of March 31, 2025, XPeng operated 690 stores across 223 cities and had a charging station network of 2,115 stations [4]. - The company has made significant improvements in cost reduction, with vehicle gross margin increasing for seven consecutive quarters [7]. Management Commentary - Management expressed confidence in the company's long-term growth strategy, emphasizing the importance of a strong product cycle and global expansion [7]. Recent Developments - In April 2025, XPeng launched the 2025 XPENG X9, featuring Turing AI Smart Driving as standard [11]. - Deliveries in April 2025 totaled 35,045 vehicles, bringing year-to-date total deliveries to 129,053 [10]. Business Outlook - For Q2 2025, XPeng expects deliveries between 102,000 and 108,000, representing a year-over-year increase of approximately 237.7% to 257.5% [33]. - Total revenues are projected to be between RMB 17.5 billion and RMB 18.7 billion, indicating a year-over-year increase of approximately 115.7% to 130.5% [33].

May 20, 2025 09:00 PM GMT China Equity Strategy Mid-Year Outlook More Golden Rays Through the Grey We raise index targets given structural improvement (i.e., ROEs, recent earnings, partial moderation in geopolitical tensions). MS forecasts a stronger CNY, and UW investor positioning also helps. Yet, remaining deflationary macro challenges keep us at EW. Prefer ADRs/H- over A-shares. We raise index targets for Chinese equities on the back of sustained structural improvement and the latest positive developmen ...

Group 1 - The one-year deposit interest rate has fallen below 1%, leading to a rebound in high-dividend assets, with the Cash Flow ETF (159399) rising by 1% as of May 20, and its scale reaching nearly 3.6 billion yuan, ranking first among its peers [1] - The Cash Flow ETF utilizes free cash flow as a stock selection factor, closely tracking the FTSE China A-Share Free Cash Flow Focus Index, excluding financial and real estate sectors, and selecting the top 50 stocks with the highest free cash flow rates, thus identifying "cash cow" companies in the A-share market for long-term investment [1] - Historical performance shows that the FTSE China A-Share Free Cash Flow Focus Index has achieved an annualized return of approximately 20% from 2014 to 2024, significantly outperforming the CSI 300 and the CSI Dividend Index during the same period, with positive returns for six consecutive years since 2019 [1] Group 2 - Guosen Securities indicates that in the current low-interest and loose monetary environment, companies with ample free cash flow will see a stronger valuation uplift compared to those with weaker free cash flow, and high free cash flow returns present certain investment value in a low-interest context [2] - In a tightening credit environment, growth companies face challenges in financing for further expansion, while high-quality enterprises with endogenous free cash flow generation capabilities exhibit resilience [2]

2014 年，在 GDG Devfest 中国场的现场，我第一次戴上 Google Glass。 它被认为是世界上首款智能眼镜，当时还只是一个纯粹面向开发者的「原型产品」。它可以录像，支持语音交互，支持将一些应用通过 Mirror API「镜 像」到那个不足一寸、视野并不宽的液晶覆硅 LED 屏幕上。 遗憾的是 Google Glass 极其短命，从问世到停产只有短短 2 年时间。但通过它，我认为我看到了未来。 过去十多年里，Snapchat、Oculus/Meta 和 Rayban 们，在智能眼镜/头部可穿戴产品的市场兴风作浪。然而这条赛道，似乎再也没有 Google 什么事了。 很多后续产品我也玩过，甚至成为重度用户。但时不时，我总会想起 Google Glass。 而在今天的 Google I/O 上，这家公司重新点燃了智能眼镜和头部可穿戴产品的火苗。 Google 正式发布了 Android XR 产品和技术线的最新一代产品：与 Xreal 共同推出的首款轻量级智能眼镜产品 Project Aura。 在看完 I/O 2025 主演讲后，我打开 Google Photos，回看当年佩戴这些产品的我，从 ...

Core Insights - Google is launching a new line of AI eyewear to compete with Meta's Ray-Ban glasses, emphasizing personal style and customization [1][4] - The new glasses will be part of Google's Android XR platform, developed in partnership with Samsung, and will support augmented reality and AI features [2][3] Product Development - The first line of smart glasses featuring multimodal AI is expected to launch after 2025, with additional products planned in collaboration with Warby Parker [3] - Google has committed up to $150 million to this partnership, with $75 million allocated for product development and commercialization [4] Market Context - Warby Parker's stock rose nearly 15% following the announcement of the collaboration with Google [4] - Meta's Ray-Ban smart glasses have seen sales triple over the past year, with prices ranging from $300 to $500, and a new version with a built-in display is expected to launch later this year [6][7] Competitive Landscape - Meta is also developing a more advanced line of AR glasses, codenamed "Artemis," aimed for release by 2027, while Google is working on its own "Project Aura" glasses [8] - Google has been exploring smart glasses for over a decade, with previous attempts like Google Glass being discontinued in 2023 [9] Technology Demonstration - A live demo of the Project Aura glasses showcased features such as messaging, appointment scheduling, and live language translation, although the demo experienced some glitches [10]

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. ...