导读：在访谈博时基金田俊维之前，我们已经对他做了多年的跟踪。田俊维2024和2025连续两年入围我们的TOP 100基金经理榜单 （注：榜单为点拾投资&零城投资联合发布，每一年的年初发布），即便2024年跑输了市场后，我们依然把他保留在今年的榜单中 （注：从结果上看，今年田俊维已经帮助我们跑赢基准）。 从2017年8月开始独立管理以来，田俊维任期内每一个单独管理的产品都取得了绝对收益，这在公募基金领域是极为罕见的。 在过去三 年主动权益的低迷期中， 田俊维管理的博时创新经济混合取得了15.54%的正收益，排名同类产品前6% （数据来源：基金定期报告；排名来自 银河证券；数据截止：2025年3月31日） 。 田俊维很特别，在早期做投资的时候，他的持仓以医药和消费中的蓝筹白马为主。到了2021年加入博时基金后，田俊维的持仓又以科技 和制造的中小市值公司为主。以至于我们在TOP 100榜单中，把他归类在了中小盘风格。但是， 无论持仓市值呈现什么样的变化，田俊 维始终体现了独立的个股挖掘。 他的组合带有逆向的特点，不追市场热点，有不少原创的投资想法。 田俊维是市场上很早买入CRO和CMO的基金经理，甚至领先了医药主题 ...

Industry Overview - As of June 6, 2025, the National Semiconductor Chip Index (980017) increased by 0.08%, with notable gains from stocks such as Zhaoyi Innovation (603986) up 4.70% and Jingjia Micro (300474) up 4.50% [1] - The Semiconductor ETF (159813) has achieved four consecutive days of gains, indicating strong market interest [1][2] Strategic Developments - On May 26, Haiguang Information and Zhongke Shuguang announced a strategic merger, with Haiguang Information planning to absorb Zhongke Shuguang through a share swap and raise additional funds via A-share issuance [1] - The combined market capitalization of the two companies is expected to exceed 400 billion yuan, creating a unique entity in the A-share market that spans CPU design and computing services [1] Market Dynamics - The Semiconductor ETF (159813) saw active buying, with a net subscription of 268 million units by the end of the trading day [2] - The domestic EDA (Electronic Design Automation) market in China is projected to reach 18.49 billion yuan by 2025, capturing 18.1% of the global market, with an annual growth rate of 15.64% from 2021 to 2025 [4] Industry Challenges and Opportunities - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, prompting a strong performance in the domestic EDA sector [3][4] - The semiconductor industry is expected to experience long-term growth, driven by the need for self-developed SoC chips and advancements in technology such as 3nm processes and AI-driven computing demands [4] ETF Composition - As of May 30, 2025, the top ten weighted stocks in the National Semiconductor Chip Index (980017) accounted for 66.85% of the index, including major players like SMIC (688981) and Cambrian (688256) [5]

Core Viewpoint - The semiconductor industry is experiencing a new wave of mergers and acquisitions, driven by regulatory reforms aimed at enhancing market vitality and promoting high-quality development [3]. Group 1: Market Performance - As of 14:52, the CSI Semiconductor Materials and Equipment Theme Index (931743) rose by 0.12%, with notable increases in component stocks such as Jing Technology (up 4.70%), Fuchuang Precision (up 3.32%), and Huahai Qingshi (up 1.62%) [1]. - The Semiconductor Materials ETF (562590) increased by 0.09%, marking its fourth consecutive rise, with the latest price at 1.07 yuan. Over the past week, the ETF has accumulated a rise of 0.47% [1]. Group 2: Company Developments - On June 6, the chip company Guoke Micro (300672.SZ) announced a major asset restructuring plan to acquire 94.366% of the shares of SMIC Integrated Circuit (Ningbo) Co., Ltd. through a combination of share issuance and cash payment [2]. - Guoke Micro focuses on chip design in ultra-high-definition smart displays and artificial intelligence, while SMIC Ningbo possesses advanced BAW filter manufacturing technology, which is crucial for domestic mobile communication terminal enterprises [2]. - This acquisition will enable Guoke Micro to enhance its production capabilities in high-end filters and MEMS, establishing a dual-driven system of "digital chip design + analog chip manufacturing" [2]. Group 3: Industry Trends - The semiconductor industry, characterized by high "hard technology" content, is witnessing a surge in mergers and acquisitions, spurred by the revised "Management Measures for Major Asset Restructuring of Listed Companies" announced by the CSRC on May 16 [3]. - The reform aims to stimulate the M&A market, encouraging listed companies to engage in resource sharing and complementary advantages to tackle key core technologies and improve their competitive position in the global semiconductor landscape [3]. - The Semiconductor Materials ETF closely tracks the CSI Semiconductor Materials and Equipment Theme Index, which includes 40 listed companies involved in semiconductor materials and equipment, reflecting the overall performance of this sector [3].

Group 1 - The National Semiconductor Chip Index (980017) has shown a slight increase of 0.06% as of June 6, 2025, with notable gains from stocks such as Zhaoyi Innovation (603986) up by 4.75% and Geke Micro (688728) up by 1.45% [1] - The semiconductor ETF (159813) is experiencing mixed trading, with the latest quote at 0.78 yuan, reflecting a 0.26% increase [2] - Over the past nine trading days, there have been net inflows of funds on six days, totaling 108 million yuan, with an average daily net inflow of 12.05 million yuan [2] Group 2 - The "5th China Integrated Circuit Design Innovation Conference and IC Application Ecological Exhibition" (ICDIA) is scheduled for July 11-12, 2025, in Suzhou, focusing on themes such as AI computing, photonic integrated circuits, and 5G/6G semiconductors [3] - Shanghai Securities maintains a bullish outlook on the electronics sector, predicting a comprehensive recovery in the semiconductor industry by 2025, with an optimistic overall development outlook [3] - The semiconductor ETF closely tracks the National Semiconductor Chip Index, reflecting the market performance of listed companies in the semiconductor industry [3] Group 3 - As of May 30, 2025, the top ten weighted stocks in the National Semiconductor Chip Index account for 66.85% of the index, including companies like SMIC (688981) and Cambrian (688256) [4] - The semiconductor ETF has various connection options, including A, C, and I classes [4]

Group 1 - The core viewpoint of the articles indicates that the market is expected to experience an upward trend due to the easing of tensions between the US and China, along with previous monetary easing measures and a focus on technology sectors [1] - The market remains uncertain due to fluctuating Trump policies and weak fundamental recovery, suggesting that investing in broad-based ETFs like the CSI A500 may be a better strategy [1] - The CSI A500 index is recognized for its "industry balance" approach, featuring 500 securities with significant market capitalization and liquidity, representing core assets in the A-share market [2] Group 2 - The CSI A500 index includes approximately 50% traditional value industries (finance, materials, consumption, energy, public utilities) and 50% emerging growth industries (industrial, information technology, communication services, healthcare) [2] - Compared to other broad-based indices, the CSI A500 has shown superior historical performance, with a return of 359.17% since its inception, outperforming the Shanghai Composite Index, CSI 300, and CSI 800 [3]

证券研究报告 | 2025 年 06 月 06 日 晨会集萃 制作：产品中心 重点推荐 《策略|知往鉴今系列——大类资产复盘笔记（202505）》 1、大类资产总览：A 股震荡修复，中债回升，商品回落。1）A 股：5 月 主要宽基指数多数收涨，风格方面金融、消费领涨，环保、医药生物行业 领涨。2）债券：5 月长短端收益率分化，长端利率上行，短端利率下行， 期限利差走阔。3）商品：5 月商品多数收涨，黄金冲高回落，原油走牛。 4）海外权益：全球股指普遍收涨，美股三大指数中纳指领涨，亚太股指 多数大涨。5）美债：5 月美国 20 年期国债"发飞"，10 年期利率一度升 至 4.5%以上，期限利差小幅收窄，中美利差走阔。2、A 股：降准降息落 地，景气回升需继续验证。1）基本面：一季度数据开局良好，但 4 月基 本面表现偏弱。2）宏观流动性：社融继续回暖，5 月 7 日央行行长宣布 下调政策利率 0.1 个百分点，降低存款准备金率 0.5 个百分点，降准降息 落地，DR007 月均值 5 月报 1.60%，较 4 月均值下行 13BP，货币继续边 际转松。3）微观资金：5 月南下资金探底回升，获利了结后再度进场， ...

Group 1 - The Hong Kong innovative drug sector is undergoing an unprecedented wave of value reassessment, with around 12 innovative drug concept stocks rising over 50% year-to-date, including Rongchang Biopharma and Sanofi Biotech, which have surged over 200% [1] - The ASCO annual meeting served as a key catalyst, showcasing over 70 research results from Chinese pharmaceutical companies, with Innovent Biologics' IBI363 clinical data generating significant attention due to its breakthrough efficacy in treating advanced non-small cell lung cancer [2] - License-out transactions have become a core engine for valuation reshaping, with 41 outbound transactions totaling $36.93 billion in Q1 2025, nearing the total for the entire year of 2023 [3] Group 2 - Domestic drug approvals are accelerating, with the National Medical Products Administration approving 11 innovative drugs from 8 companies, including 9 domestically developed drugs, indicating a robust pipeline for commercialization [4] - The policy environment is favorable, with the National Healthcare Security Administration constructing a multi-tiered payment system to support innovative drugs throughout their lifecycle, enhancing the attractiveness of the sector [5] - The pharmaceutical sector is expected to see strong performance in H1 2025, driven by favorable external conditions and the ongoing trend of self-sufficiency in drug development [6]

天风证券（601162）股份有限公司赵博轩,刘奕町,王泽宇近期对光威复材（300699）进行研究并发布了研 究报告《大飞机自主可控持续加速，航空装备无人化拉动需求增长》，下调光威复材目标价至48.6元，给 予买入评级。 光威复材 高性能碳纤维龙头，军民双轮驱动发展 光威复材作为国内碳纤维国产化先驱，自1992年成立以来构建了从原丝到复合材料的全产业链布局，覆盖 军工与民用双领域，掌握湿喷湿纺、干喷湿纺等核心技术，产品广泛应用于航空航天、风电能源等高精尖 场景。公司通过股权架构优化平衡战略定力与资本弹性，依托六大业务板块协同发展，形成技术突破、产 能升级与市场拓展的闭环生态，奠定行业标杆地位。 多维协同筑牢增长基本盘，技术升级驱动抗周期韧性 公司2019-2024年营收规模由17.15亿元增至24.50亿元(CAGR7.38%)，归母净利润从5.22亿元增至7.41亿元 (CAGR7.25%)，在行业产能过剩与产品价格下行压力下业绩有所波动，但公司研发聚焦T1100级碳纤维等 关键技术突破，支撑新一代武器装备、低空经济、民机配套等新兴场景布局，其整体盈利能力保持行业领 先。我们认为，公司依托纵向产业链协同优势、 ...

证券代码：002063 证券简称：远光软件 远光软件股份有限公司 投资者关系活动记录表 编号：202500011 投资者关系活动 类别 特定对象调研 □ 分析师会议 □媒体采访 业绩说明会 □新闻发布会 □ 路演活动 □现场参观 其他 参与单位名称及 人员姓名 华泰证券岳铂雄、中财投资杨旭、惠升基金黄竞 时间 2025 年 6 月 5 日 地点 现场会议 上市公司接待人 员姓名 副总裁、董事会秘书袁绣华，证券事务代表刘多纳 投资者关系活动 主要内容介绍 1. 公司的核心产品远光 DAP 如何助力客户企业数字化 转型，后续推广计划如何？ 1）远光 DAP 是新一代的"企业数字化核心系统"，既涵 盖企业核心资源的数字化管理，又包含企业业务能力的数字 化应用，涉及的业务范围和技术形态已超越传统 ERP 范畴， 是依托 EBC 管理理念研发升级的自主可控的、新一代企业数 字核心系统。 DAP 完全基于企业数字化理念研发，采用全栈国产化的技 术路线和共享协同管理理念，在技术、业务、管理方面进行 了全方位的创新，实现核心业务与"人、财、物"资源管理 无缝衔接，业务处理和数据分析的一体化应用能力，从企业 内部管理延伸至产业 ...

Group 1: ETF Performance - The Double Innovation 50 Enhanced ETF (588320) has increased by over 1% as of June 5, 2025, with a cumulative increase of 15.08% over the past year, ranking first among comparable funds [1] - The Science and Technology Innovation 100 Enhanced ETF (588680) also rose by over 1%, with a cumulative increase of 8.21% over the past six months, ranking first among comparable funds [1] - The Double Innovation 50 Enhanced ETF has outperformed its benchmark with an annualized return of 3.95% over the past six months, ranking first among comparable funds [1] Group 2: Policy and Industry Development - The Ministry of Industry and Information Technology is promoting the development of the artificial intelligence industry, emphasizing systematic planning and collaborative advancement to create a favorable ecosystem for innovation [2] - The focus is on strengthening the industrial foundation, enhancing computing power supply, and promoting the deployment of large models in key manufacturing sectors [2] - The global humanoid robot market is projected to reach approximately 1.1665 trillion yuan in 2024, with China's market expected to reach about 2.76 billion yuan, accounting for approximately 2.36% of the global market [2] Group 3: Corporate Developments - On May 25, 2025, Haiguang Information, a component of the Double Innovation 50 ETF, announced a suspension of trading as it plans to merge with Zhongke Shuguang through a share exchange, optimizing the industrial layout from chips to software and systems [3] - The integration of Zhongke Shuguang and Haiguang Information aims to enhance the information industry chain by consolidating high-quality resources [3] Group 4: AI Industry Trends - The AI industry is experiencing upward trends, with significant improvements in reasoning capabilities and the introduction of advanced models such as Claude4 and DeepSeekR1 [4] - The computing power industry is identified as a high-growth sector benefiting from policy and industrial changes, with domestic leaders like Haiguang and Shuguang expected to enhance competition [4] - The focus on core computing power leaders and their ecosystems is recommended for future investment opportunities [4] Group 5: Investment Opportunities - The Double Innovation 50 ETF and Science and Technology Innovation 100 ETF are positioned as a "Science and Technology Asset Upgrade Package," allowing investors to capture excess returns in the technology sector [5]