-40% -20% 0% 20% 40% 60% 80% 100% 北证50 沪深300 ⚫⚫⚫⚫⚫⚫ 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 10 图1:北证成交额与换手率情况(截至2025.05.08) ■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 03-11 03-14 04-15 02-10 8T 70 ET 70 02-26 03-03 03-06 03-19 03-24 03-27 04-07 04-10 04-18 04-23 04-28 05-06 01-02 01-15 02-05 02-21 04-01 01-23 01- 01 可证券|CGS 中国银河证券|CGS 北交所日报 资料来源：iFinD，中国银河证券研究院 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.05.08) ■北交所算数平均涨跌幅 ■Ａ股算数平均涨跌幅 12 10 8 6 4 2 0 -2 -4 北交所日 ...

⚫⚫⚫⚫⚫⚫ 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。 -40% -20% 0% 20% 40% 60% 80% 100% 北证50 沪深300 ■北交所算数平均涨跌幅 ■Ａ股算数平均涨跌幅 7 6 5 4 3 2 l 0 -1 -2 -3 资料来源：iFinD，中国银河证券研究院 ■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 2 2017 23 20 32 - 322 03-23 Ox.O> Ox 02-05- 0:51 03:57:3 Ox 10 Ox 1,0 01-05 03-2-2 ","s 01:10 01:20 ing St 01-02 01-15 01:23 ar 2 o 25 O3, Ja fift 图1：北证成交额与换手率情况（截至 2025.04.30) 北交所日报 2 □国银河证券|CGS 图2：北证与 A 股各行业当日涨跌幅（算数平均/%/ 2025.04.30) 资料来源：iFinD，中国银河证券研究院 河证券|CGS 北交所日报 表 ...

The provided content does not include any quantitative models or factors, nor their construction, evaluation, or backtesting results. The documents primarily consist of market data, stock performance tables, and general disclaimers. There is no relevant information to summarize regarding quantitative models or factors.

小宋我去某个四线城市尽调项目，做了一天访谈，晚上急需"回回血"。打开大众点评，搜索"按摩"，找到一间会所，看评论还算正规，我就去了。 安排给我的是一位看起来 40 多岁的姐姐，简称"吴姐"。 我刚躺下，吴姐就开腔：先生你是做金融的吧？ 我惊讶：你怎么看出来的？ 因为你操着普通话，说明是来出差的。然后，你看着年龄不大，但是有些秃顶，还有黑眼圈。 我们当地有很多挺大的企业，叫什么 ...ipo 阶段企业。像你这行业的人，我经常接待，都差不多长你这个样子。 我心想，这个姐有内容，有意思。"你干这行多久啦？" 吴姐说： 18 岁我就入行喽，也算是见过这行业的大风大浪的。 嗷？啥风浪？ 我入行的时候，按摩业务已经不能随便上了，要去 X 局审批，简称"审核制"。 然后呢，那个时候，很乱的，你只要 X 局里有人，就能上。要是没人呢，就找个对缝的，帮你对接 X 局的人。 然后，你得给帮你忙的人，一些好处。 我：还可以这么搞？不怕被查到嘛？ 吴姐：我们都很守规矩的，大家嘴都很严。上面要是问，就咬死说，是我们会所软硬件达标，是凭实力上的。 我：有意思。后来呢？ 后来肯定逐渐正规啦，这种灰色操作没得搞啦。再后来，说要提高市场效率， ...

Core Viewpoint - The public fund industry achieved impressive performance in Q1 2025, driven by a structural market led by AI and robotics themes [1][2]. Group 1: Fund Performance - The fund performance leaderboard for Q1 2025 was dominated by robotics-themed funds, Beijing Stock Exchange funds, and Hong Kong stock funds [2]. - The top-performing fund, Penghua Carbon Neutral Theme A, managed by Yan Siqian, achieved a return of 60.26%, heavily investing in several robotics stocks [3][5]. - Other notable funds include Ping An Advanced Manufacturing Theme A and Yongying Advanced Manufacturing Smart Selection A, both exceeding 50% returns, also focusing on robotics [6]. Group 2: Robotics Theme Funds - Penghua Carbon Neutral Theme A's significant holdings included stocks like Beite Technology and Hechuan Technology, with Double Forest Co. seeing a year-to-date increase of 118.16% [3][6]. - Fund managers expressed optimism about the rapid production of humanoid robots and the investment opportunities in new materials and technologies [7]. - The focus on core components and AI perception in humanoid robots indicates a growing market potential, with significant room for technological advancement [7][8]. Group 3: Beijing Stock Exchange Funds - Beijing Stock Exchange funds also performed well, with notable returns from funds like CITIC Construction Investment and Huaxia, achieving returns of 38.98% and 37.45% respectively [9]. - These funds have successfully identified high-performing stocks within the Beijing Stock Exchange, such as Kelaite, which saw a remarkable increase of 136.01% [9]. Group 4: Hong Kong Stock Funds - Hong Kong stock funds regained attention, with funds like Huatai Hong Kong Advantage Selection and Zhongyin Hong Kong Medical achieving returns of 38.9% and 32.25% respectively [12]. - The performance of these funds was bolstered by significant gains in pharmaceutical stocks, with companies like Kelun Pharmaceutical and Rongchang Biological seeing increases of 78.08% and 64.58% [12]. - The manager of Huatai Hong Kong Advantage Selection highlighted the growing competitiveness of Chinese innovative drugs in the global market, projecting a significant increase in overseas licensing deals [12][13].