截至2025年7月3日，信达证券旗下信达价值精选B（970021）期末净资产0.14亿元，比上期减少7.97%， 该基金经理为程媛媛。 天眼查商业履历信息显示，信达证券股份有限公司成立于2007年9月，位于北京市，是一家以从事资本 市场服务为主的企业。注册资本324300万人民币，法定代表人为祝瑞敏。 本文源自：金融界 作者：基金君 简历显示，程媛媛女士:中国,CFA,北京大学经济学、管理学双学士,清华大学管理学硕士。2017年5月加 入信达证券,历任研究员、投资经理。担任研究员期间,深度覆盖消费和周期行业,擅长抓"落难王子"的业 绩拐点。坚持价值投资理念,深度研究公司基本面,并对企业股权价值进行评估,选择股价安全边际较大的 时机买入。着眼于股票长期价值的实现,并持续比较各种标的的机会成本,力争做出较优的决策。已取得 基金从业资格,且最近三年未被监管机构采取重大行政监管措施、行政处罚。现任信达价值精选一年持 有期灵活配置混合型集合资产管理计划投资经理(自2022年11月24日起任职)、信达睿益鑫享混合型集合 资产管理计划投资经理(自2022年11月24日起任职)。2022年11月24日任信达睿益鑫享混合型集合 ...

陪伴机器人的护城河，或许深筑于一个更微妙却也更关键的维度"懂"。它需要懂得用户表层需求之下，那些幽微奇诡的情感暗涌；更懂得用户 手中紧握的那根隐形的价格准绳，以极具亲和力的定价策略"撬开"消费者的心扉与钱包。 具身智能领域"杀手级产品"的王冠，似乎正悄然向"陪伴机器人"的头顶倾斜。 底层逻辑清晰而硬核，"有很多人愿意买单"。需求侧信号鲜明，强用户心智驱动下渗透率稳步攀升。究其内核，具身智能或为"形"，而真正的灵魂在 于"情绪价值"。这正是当下最汹涌的商业风口，泡泡玛特的狂热现象便是一面鲜明的镜子。珞博智能旗下颇具"潮玩"基因的Fuzozo，以AI养成系新宠的定 位，在京东618预售中创下"10分钟破千单"的战绩，再次印证了这股情绪浪潮的澎湃动力。 供给侧亦非等闲，各路英豪齐聚赛道：前追觅高管郭人杰、师承李泽湘并前后任职于大疆、擎天柱的杨硕等产业老兵躬身入局；更有米哈游、泡泡玛特等 跨界巨头驶入这片蓝海，志在争夺"领航者"的舵轮。 资本早已闻风而动，曾公开表态"批量退出人形机器人"的金沙江创投朱啸虎，在与珞博智能创始人孙兆治短短十分钟的交谈后，旋即拍板押注陪伴机器人 领域。朱啸虎直言：「用AI创造'情绪价值'， ...

除了长期业绩榜单外，基金评级也成为投资者筛选基金的重要依据之一。在国泰海通证券公布的五星评 级榜单中，截至2025年4月，鹏华权益旗下有41只产品荣获三年期、五年期、十年期五星评级(份额分开 统计)，其中11只荣获双五星评级。 具体来看，鹏华盛世创新A(LOF)(160613)、鹏华弘利(A：001122，C：001123)在不同年限均荣获五星评 级。鹏华医药科技A、鹏华弘益(A：001336，C：001337)、鹏华优选价值A(008134)、鹏华量化先锋 (005632)、鹏华弘尚(A：003495，C：003496)、鹏华弘嘉(A：003165，C：003166)均获得三年期、五年 期双五星评级；鹏华先进制造(000778)、鹏华普天收益(160603)获得三年期、十年期双五星评级。 据国泰海通证券基金长期业绩排行榜单，截至2025年6月30日，鹏华基金旗下5只权益基金在不同期限跻 身同类TOP10(份额分开统计)。其中鹏华医药科技A(001230)近两年、近十年两次荣登同类前十。 具体来看，鹏华碳中和A(016530)、鹏华碳中和C(016531)分别凭借105.51%、104.33%的净值增长率，在 ...

Group 1 - The article contrasts the American Dream as represented by Forrest Gump and Warren Buffett, highlighting the different paths to success for blue-collar and white-collar workers [1][3] - Buffett's retirement marks the end of an era for American capitalism, which has thrived for 70 years, paralleling the nation's economic journey [4][5] - The article discusses the dual nature of American capitalism, dividing it into the "Cathedral" (representing prosperity) and the "Casino" (representing risk and speculation) [7][10] Group 2 - The "Cathedral" symbolizes the dollar's global purchasing power, while the "Casino" encompasses various markets where investors gamble with their capital [8][9] - The interdependence of the Cathedral and Casino is crucial, with the former being the foundation for the latter's existence [10] - Buffett advocates for continued trade and prosperity, emphasizing that global prosperity benefits the U.S. economy [11] Group 3 - Dalio predicts a historic transformation in the global order, likening it to the changes of the 1930s, with significant implications for monetary, domestic, and international systems [12] - The U.S. national debt has reached alarming levels, exceeding 122% of the economy, raising concerns about sustainability [13][22] - Dalio warns that the U.S. must reduce its deficit to below 3% to avoid a potential economic crisis, while current policies may push it to 7.5% [20] Group 4 - The article highlights the growing political and social divisions in the U.S., which Dalio describes as akin to a civil war, threatening the stability that has historically attracted talent and investment [25][30] - The decline of the middle class due to manufacturing job losses and automation exacerbates wealth and opportunity gaps, leading to political fragmentation [31][30] Group 5 - The article discusses the challenges of globalization for U.S. capitalism, as other nations seek to prioritize their national interests, potentially disrupting supply chains [32][33] - The trade war with China is framed as a strategy to bring manufacturing back to the U.S., but the complexities of global supply chains make this difficult [34][39] - Japan and Europe are exploring ways to assert their financial independence from the U.S., indicating a shift in the global economic landscape [40][41][42] Group 6 - Buffett's recent actions, including significant stock sell-offs and increased cash reserves, suggest a cautious outlook on the future of American capitalism [46] - Dalio emphasizes the need for investors to consider inflation-resistant assets and maintain liquidity in light of geopolitical risks [47]

Core Insights - The Chinese pharmaceutical industry has transitioned from a focus on "generic drugs" to "original innovation and global licensing" [1] - Goldman Sachs reports that the surge in the innovative drug sector is driven by the globalization of Chinese innovative drugs, particularly through licensing agreements [1][3] - As of mid-2025, the Chinese biotech sector has seen a 78% increase, outperforming major indices [1] Group 1: Market Dynamics - The Chinese biotech industry is undergoing a structural revaluation, with current market capitalization at only 14%-15% of U.S. counterparts, despite contributing nearly 33% to global innovation [3][4] - China contributed 50% of new drug molecules entering human clinical trials globally and holds about one-third of the global innovative drug pipeline [4] - The active participation of Chinese companies in global business development (BD) transactions has increased significantly, accounting for 27% of global transaction numbers and 32% of transaction value in the first half of 2025 [4] Group 2: Innovation and Technology - Chinese companies are leading in the development of ADCs (Antibody-Drug Conjugates) and BsAbs (Bispecific Antibodies), with ADCs representing 70% of global clinical entries since 2023 [5][6] - Oncology remains the primary focus for Chinese innovative drug licensing, contributing over 60% of transactions in the past three years [6] Group 3: Investment Opportunities - The summer market is seen as a potential window for long-term investors to accumulate quality innovative drug stocks, as fewer clinical data releases may keep stock prices stable [7] - Goldman Sachs introduces the "PoLS" framework to assess the investment value of licensing agreements based on product competitiveness, clinical data maturity, and potential transaction interest [7][8] - Future valuation increases are expected from successful licensing transactions, clinical data releases, and new projects entering the global market [8]

证券研究报告 月酝知风之银行业 ——股息仍具吸引力，关注长期资金入市 银行行业 强于大市（维持） 证券分析师 袁喆奇 投资咨询资格编号：S1060520080003 许淼 投资咨询资格编号：S1060525020001 研究助理 李灵琇 一般从业资格编号：S1060124070021 2025年7月9日 请务必阅读正文后免责条款 核心摘要 2 行业核心观点：资金结构深刻变化，顺势而为重配置轻交易。资金流向的变化是推动板块估值修复中不可忽视的力量，一方面被动指数的持续扩容带来了稳定的资金流入，板块 高权重的特征仍将持续推动资金的流入，一方面银行板块低波高红利的特征更易获得险资等中长期资金的青睐，目前板块平均股息率达到3.86%，结合监管一系列引导中长期资金 入市的措施，预计板块的股息配置价值吸引力仍将持续。个股维度，我们结合股息和潜在增量中长期资金流入空间看好A股股份行板块以及部分优质区域行（成都、北京、江苏、 上海、苏州、长沙），同时关注更具股息优势的港股大行配置机会。 行业热点跟踪：中长期资金趋势性流入，高股息价值投资持续。险资持续增配银行板块。24年以来险资增配速度略有提升，新会计准则运用之后保险资金为了 ...

Core Viewpoint - The article discusses the cultural war initiated by Trump, aiming to eliminate liberal influences in the arts and promote a patriotic, conservative American culture [1][7][16]. Group 1: Events and Performances - The "International Pride Symphony Orchestra" held a performance in Washington, featuring a drag queen host and a transgender pianist, under the flags of the U.S. and LGBTQ+ rights [3]. - The performance was initially scheduled at the Kennedy Center but was canceled after Trump assumed control and replaced the board with his allies [4][6]. Group 2: Reactions and Resistance - Various arts organizations, including "Washington Performing Arts," announced they would no longer use the Kennedy Center for upcoming seasons, indicating a silent resistance to Trump's influence [8]. - Some popular shows, like the Broadway musical "Hamilton," publicly opposed Trump, leading to cancellations at the Kennedy Center, while many individuals chose to avoid direct political actions [9]. Group 3: Trump's Actions and Policies - Trump signed an executive order targeting the Smithsonian Institution, demanding changes to exhibitions he deemed divisive, particularly those addressing racial issues in American history [10][12]. - Despite Trump's orders, the Smithsonian American Art Museum's exhibition remained unchanged, and LGBTQ+ pride events continued as scheduled [12]. Group 4: Cultural Division and Future Implications - Public opinion is divided, with most Democrats opposing Trump's interference in the arts, while over half of Republican supporters approve of it [16]. - The ongoing cultural war reflects a broader struggle between conservative and liberal values, with experts suggesting that Trump's actions may lead to a regression in cultural values and threaten the core of artistic expression [16].

Group 1 - The core issue revolves around the geopolitical struggle for rare earth resources, with the US, Japan, India, and Australia forming an alliance to counter China's dominance through the "Critical Minerals Initiative" [1][2] - The alliance's strategy involves Japan providing rare earth patent technology, Australia supplying high-quality rare earth minerals, India managing hazardous waste, and the US benefiting from this division of labor to break China's monopoly [2][4] - China's response includes the implementation of a new Mineral Resources Law that categorizes rare earths as strategic minerals and introduces export controls on certain rare earth elements, leveraging its significant global market share [4][5] Group 2 - The alliance faces critical weaknesses, including reliance on outdated technology, an imbalance in raw material availability, and China's control over essential equipment for rare earth processing, which could cripple the alliance if export controls are enacted [5][7] - The strategic implications extend beyond economics, as the US defense industry heavily relies on Chinese rare earths for military applications, highlighting the risks associated with supply chain vulnerabilities [7][9] - Experts predict that the alliance will struggle to achieve significant progress in the short term due to technological barriers and China's ongoing advancements in the rare earth industry, indicating a prolonged and escalating resource conflict [9]

Core Viewpoint - The article discusses significant events impacting the capital market in the first half of 2025, highlighting the performance of various securities and the emergence of new private equity firms in China [2][5]. Market Performance - Major indices in China's A-share market showed volatility, with the Shanghai Composite Index increasing by 2.76%, the Shenzhen Component Index by approximately 0.48%, and the ChiNext Index by about 0.53% in the first half of 2025 [2][3]. - The maximum gains for these indices were 11.61% for the Shanghai Composite, 12.44% for the Shenzhen Component, and 19.13% for the ChiNext, while the maximum drawdowns were -9.71%, -14.98%, and -20.79% respectively [3]. Private Equity Landscape - The number of billion-yuan private equity firms in China has increased to 88, with the addition of one new firm, Micro博易 [5]. - Among these firms, 67 focus on stock strategies, 13 on multi-asset strategies, 5 on bond strategies, and 2 on futures and derivatives [5]. - Shanghai has the highest concentration of these firms, with 35 located there, followed by Beijing with 24 and Shenzhen with 7 [5]. Performance Rankings of Private Equity Firms - In the first half of 2025, the top-performing private equity firm was 稳博投资, with an average return of approximately ***% across its products [8][12]. - 进化论资产 ranked second, also achieving an average return of ***% [13]. - The rankings for the past year showed 天演资本 at the top, followed by 龙旗科技 [14][18]. - Over the past three years, 君之健投资 led the rankings, with 阿巴马投资 and 天演资本 following [20][22]. - For the past five years, 日斗投资 was the top performer, with 君之健投资 and 龙旗科技 also ranking highly [25][27]. Notable Insights - The article emphasizes the increasing importance of quantitative strategies in private equity, with many top firms employing such methods to achieve significant returns [8][12][20]. - The performance of private equity firms is closely tied to market conditions, with many managers expressing optimism about future growth in sectors like entertainment and finance [29].

Group 1 - The article highlights that the U.S. is currently experiencing internal chaos, with the "Big and Beautiful" bill passing narrowly at 51:50, and ongoing conflicts involving Trump’s team causing market disturbances globally [1] - In the domestic market, the technology sector is facing headwinds, leading investors to prefer safer options as the mid-year earnings reporting period approaches, resulting in a resurgence of the dividend-tech seesaw [1] - Short-term performance favors dividend stocks, which provide better risk mitigation ahead of the earnings season, while long-term market growth still relies on technology [1] Group 2 - The Dividend State-Owned Enterprise ETF tracks the Shanghai Securities Exchange's high dividend index, focusing on companies with stable dividends and significant liquidity, reflecting the overall performance of high-dividend state-owned securities [1] - The Dividend State-Owned Enterprise ETF (510720) has consistently paid dividends monthly for 14 months, making it a unique option for investors looking for regular income [2] - Investors without stock accounts can consider the linked funds, Guotai Shanghai Stock Exchange State-Owned Enterprise Dividend ETF Initiation Link A (021701) and C (021702) [2]