Overview - The company is entering into a partnership to establish a private equity investment fund aimed at diversifying its investment channels and obtaining long-term returns [3][47]. Investment Details - The company, as a limited partner, will contribute RMB 50 million, representing a 3.2468% stake in the total committed capital of RMB 1.54 billion from all partners [3][33]. - The target fundraising size for the fund is RMB 2 billion, with the total committed capital currently at RMB 1.54 billion [3][33]. - The fund will focus on equity investments in sectors such as industrial mother machines, laser and additive manufacturing, precision instruments, and rail transportation [43]. Partnership Structure - The fund is managed by Shenzhen High-tech Investment Talent Equity Investment Fund Management Co., Ltd., which will provide daily operations and investment management services [27][37]. - The partnership includes various limited partners, such as Shenzhen Guidance Fund Investment Co., Ltd. and Shenzhen Bao'an District Industrial Investment Guidance Fund Co., Ltd., among others [9][11][13]. Regulatory Compliance - The investment does not constitute a related party transaction or a major asset restructuring, thus does not require board or shareholder approval [2][4]. - The fund has completed the necessary registration and is compliant with relevant regulations [27][28]. Strategic Goals - The investment aims to leverage the management and resource advantages of the fund manager to identify promising projects, thereby enhancing the company's capital operation efficiency and competitive strength [47]. - The investment is expected to support the company's strategic layout without affecting its normal production and operational activities [47][48].

证券代码：002123 证券简称：梦网科技 公告编号：2025-066 梦网云科技集团股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 特别提示： 交易所上市公司自律监管指引第7号——交易与关联交易》《梦网云科技集团 股份有限公司公司章程》（以下简称"《公司章程》"）等相关规定，本次共 同投资无需提交公司董事会、股东会审议，不构成同业竞争和关联交易，亦不 构成《上市公司重大资产重组管理办法》规定的重大资产重组。 续。本次合作各方共同出资发起设立产业投资基金，投资周期较长，在运作过 程中可能受宏观经济、行业周期、投资标的、交易方案等多种因素的影响而致 使产业投资基金总体收益水平存在不确定的风险。敬请广大投资者审慎进行投 资决策，注意投资风险。 一、本次对外投资概述 为了拓展梦网云科技集团股份有限公司（以下简称"公司"）多元化投资渠 道，为公司获取长期投资回报，公司（以下简称"公司"）作为有限合伙人与普 通合伙人深圳市高新投人才股权投资基金管理有限公司，及其他有限合伙人深 圳市引导基金投资有限公司、深圳市宝安区产业投资引导基金有限公司、深圳 市汇通金控 ...

格隆汇7月31日丨梦网科技(002123.SZ)公布，为了拓展梦网云科技集团股份有限公司多元化投资渠道， 为公司获取长期投资回报，公司作为有限合伙人与普通合伙人深圳市高新投人才股权投资基金管理有限 公司，及其他有限合伙人深圳市引导基金投资有限公司、深圳市宝安区产业投资引导基金有限公司、深 圳市汇通金控基金投资有限公司、深圳市龙华区引导基金投资管理有限公司、深圳市光明区引导基金投 资管理有限公司、深圳市高新投创业投资有限公司、江西赣江新区信担金服管理有限公司、深圳顺络电 子股份有限公司、深圳市鸿富瀚科技股份有限公司、天津卓毅企业管理有限公司共同签署《深圳市高新 投高端装备产业私募股权投资基金合伙企业(有限合伙)合伙协议》，拟共同投资设立深圳市高新投高端 装备产业私募股权投资基金合伙企业(有限合伙)，合伙企业目标募资规模为人民币20.00亿元，出资方式 均为货币。全体合伙人本次的认缴出资总额为人民币15.40亿元，公司拟认缴出资人民币5,000.00万元， 出资比例为3.2468%。 合伙企业应将可投资金额100%投资于以下领域：工业母机、激光与增材制造、精密仪器设备、轨道交 通等四个产业领域以及由产业主管单位认 ...

Core Viewpoint - The article emphasizes the importance of asset allocation as a crucial strategy for investors to manage risks and achieve stable returns in fluctuating markets [4][20][46]. Group 1: Understanding Asset Allocation - Asset allocation is described as the art of distributing investment funds across different asset classes, such as stocks, bonds, commodities, and cash, to minimize risk [5][6]. - The concept of "not putting all eggs in one basket" is highlighted, indicating that merely buying multiple funds is insufficient; true diversification requires spreading investments across various asset types [5][6]. - Benjamin Graham's 50-50 investment strategy is introduced, suggesting a balanced approach of allocating 50% to stocks for growth and 50% to bonds for stability, which serves as a safety net during market volatility [6][20]. Group 2: Performance Analysis of Different Strategies - A backtest of three investment strategies shows that the 50-50 allocation outperformed both all-stock and all-bond portfolios over a five-year period, with a cumulative return of +18.38% compared to -4.66% for the stock index [9][18]. - The all-stock portfolio exhibited high volatility, with a maximum drawdown exceeding 35%, while the 50-50 portfolio maintained lower volatility and drawdown levels [13][18]. - The all-bond portfolio, while initially underperforming, eventually surpassed the all-stock strategy due to its lower risk profile and quicker recovery from downturns [15][18]. Group 3: Advanced Asset Allocation Strategies - The article discusses modern asset allocation strategies, such as Ray Dalio's All Weather Portfolio, which aims for consistent performance across various economic conditions by diversifying into low-correlation assets [20][21]. - Harry Browne's Permanent Portfolio is also mentioned, advocating for an equal distribution of assets across stocks, bonds, gold, and cash to ensure stability regardless of economic fluctuations [21][22]. Group 4: Practical Implementation of Asset Allocation - The article outlines a practical approach for constructing a diversified fund portfolio, emphasizing the need to assess risk tolerance and investment goals before allocation [28][29]. - It suggests a three-part allocation strategy, including 15% in bonds, 70% in stocks, and 15% in commodities like gold, to balance growth and stability [25][26]. - Regular rebalancing of the portfolio is recommended to maintain the desired risk-return profile, ensuring that no single asset class dominates the portfolio [29][30]. Group 5: Advantages and Limitations of the Proposed Strategies - The diversified investment approach is praised for its ability to reduce risk and provide resilience during economic downturns, making it suitable for various market conditions [40][41]. - However, limitations such as regulatory constraints on QDII investments and the inherent volatility of A-shares are acknowledged, which may require investors to exercise discipline [41][42]. - The article concludes that while asset allocation may not yield overnight wealth, it serves as a reliable compass in the unpredictable investment landscape, promoting steady growth over time [46][47].

Group 1 - The core viewpoint is that the current optimism in the U.S. stock market may be premature, as there are significant downside risks that investors might be overlooking [1] - Goldman Sachs' chief global equity strategist, Peter Oppenheimer, warns that while tariffs may not lead to a full-blown recession, their impact on the stock market could be more severe than anticipated [1] - Oppenheimer suggests that now is a good time to consider diversifying investments, as stock valuations are high and risk premiums have decreased [1] Group 2 - Oppenheimer emphasizes the importance of patience and maintaining a diversified portfolio, cautioning against mistaking market rebounds for risk-free gains [2] - He notes that the current generation of investors, raised in a near-zero interest rate environment, may be overly focused on short-term fluctuations [2] - Even if the U.S. avoids an economic recession due to tariffs, broader market exposure may still be necessary for investors in a volatile and uncertain market [2]

截至2025年6月底，基金的第一大重仓股为台积电，对台积电的持仓市值为67.21亿美元。第二大重仓股为空客，基金对空客的持仓市值为30.21亿美元。第 三大重仓股为诺和诺德，基金对其持仓市值为29.38亿美元。第四大重仓股为SAP，基金对其持仓市值为28.01亿美元。第五大重仓股为UniCredit，基金对 其持仓市值为20.76亿美元。 【导读】资本集团旗下多只旗舰基金加仓腾讯控股 中国基金报记者吴娟娟 日前，美国万亿美元资产管理巨头资本集团旗下多只旗舰基金披露截至二季度末的持仓信息。数据显示，二季度公司多只巨无霸基金加仓中国股票。其 中，规模近万亿元的EUPAC基金加仓腾讯控股的幅度超过60%。 资本集团为总部位于洛杉矶的资管机构，拥有93年历史，最新管理规模为2.8万亿美元，在全世界15个国家拥有业务，以长线投资、深入的基本面研究和 多基金经理共管模式见长。 万亿级基金加仓腾讯控股62.62% EUPAC基金（之前基金名称为Europacific Growth Fund）为资本集团的旗舰基金，最新规模为1344.77亿美元，约合9650亿元人民币。该基金重点投资美国 以外的公司，由11位基金经理共同管理 ...

Core Viewpoint - Capital Group's flagship funds have significantly increased their holdings in Tencent Holdings, with the EUPAC fund raising its stake by over 60% in the second quarter of 2025, reflecting a strong confidence in the company's future prospects [2][3][6]. Group 1: Fund Details - The EUPAC fund, previously known as Europacific Growth Fund, has a current size of approximately $134.48 billion (about 965 billion RMB) and focuses on investing in companies outside the United States, managed by 11 fund managers [4]. - As of June 2025, the EUPAC fund's largest holdings include TSMC with a market value of $6.72 billion, Airbus at $3.02 billion, and Novo Nordisk at $2.94 billion [4][6]. - The fund's holdings in Tencent increased from 11,335,320 shares to 18,433,551 shares, marking a 62.62% increase [5][6]. Group 2: Other Fund Activities - Another flagship fund, New World Fund, also increased its holdings in Chinese stocks, with a total size of approximately $70.03 billion (about 502.51 billion RMB) [8]. - The New World Fund raised its stake in Tencent by 34.37% and in Midea Group by 54.38% during the same period [10][11]. - The International Growth and Income Fund, with a size of $17.26 billion (about 123.84 billion RMB), primarily invests in mature companies outside the U.S. and has a different investment strategy compared to the other funds [13]. Group 3: Market Insights - Capital Group's CEO, Mike Gitlin, indicated that stocks outside the U.S. present attractive valuations and opportunities for diversification, especially as geopolitical concerns and supply chain disruptions grow [18]. - Gitlin emphasized that the focus should be on companies' business models and customer structures rather than their headquarters' locations, highlighting a shift in investment strategy towards small and mid-cap stocks [18].

Company Overview - Henghe Group, established in 1975 in Hong Kong, is an investment holding company primarily engaged in jewelry design, production, and wholesale [3][4] - The company has diversified its operations into jewelry retail, real estate, and food and beverage distribution, expanding its influence in markets including mainland China, Europe, the UK, and the US [3][4] - Henghe Group is known for its high-quality products and innovative designs, offering a comprehensive service from research and development to production [3][4] Financial Performance - As of December 31, 2024, Henghe Group reported total revenue of 305 million yuan, representing a year-on-year growth of 64.51% [2] - The company recorded a net profit attributable to shareholders of -15.713 million yuan, with a year-on-year increase of 46.43% [2] - The gross profit margin stood at 18.89%, and the debt-to-asset ratio was 38.92% [2] Market Position and Valuation - Currently, there are no institutional investment ratings for Henghe Group [3] - The company's price-to-earnings (P/E) ratio is -0.45, ranking 118th in the textile and apparel industry, which has an average P/E ratio of -16.79 [3] - Comparatively, other companies in the industry have P/E ratios ranging from 0.33 to 3.66 [3] Industry Insights - The textile and apparel industry is characterized by a wide range of P/E ratios, indicating varying levels of market confidence and performance among different companies [3] - Henghe Group's historical success in the jewelry sector is attributed to its innovative production techniques and strong market presence [4] - The company is committed to maintaining high standards of quality and integrity, which has contributed to its reputation and success over the past four decades [4]

Core Viewpoint - The emergence of great companies often coincides with the process of bubbles forming and bursting, particularly in the context of technological revolutions and economic cycles [6][38]. Group 1: Macro Economic Insights - The Chinese real estate market has been in a correction phase since 2021, with expectations that it will stabilize around 2027 [6][64]. - The adjustment in the real estate market has seen a general decline in property prices by 20%-30% since 2021, with predictions of further declines of 20%-30% in the coming years [64][66]. - The rental yield in major Chinese cities is significantly lower than international standards, indicating a potential overvaluation of real estate [65]. Group 2: Behavioral Finance and Market Dynamics - Behavioral biases such as overconfidence, linear extrapolation, and reluctance to cut losses are prevalent among investors, leading to irrational market behaviors [21][22][23]. - The strong local preference among investors can lead to a lack of diversification in investment portfolios, increasing vulnerability to market downturns [19][20]. - The social network effects in East Asian societies amplify these behavioral biases, leading to herd behavior in investment decisions [26][27]. Group 3: Industry-Specific Observations - The technology and innovation sectors, including AI and new energy vehicles, are experiencing significant investment interest, but historical patterns suggest that such enthusiasm often leads to bubbles [54][57]. - The new energy vehicle industry faces challenges of overcapacity, with reports indicating that production capacity in certain sectors exceeds global demand by 150% [58]. - The government’s role in guiding industry development has led to both opportunities and challenges, including the risk of overcapacity due to competitive local government policies [82]. Group 4: Recommendations for Stakeholders - Entrepreneurs should maintain their passion for innovation while being realistic about the challenges of the entrepreneurial journey [42][88]. - Investors, particularly in venture capital and private equity, should focus on understanding the underlying value of projects and avoid speculative investments [49][50]. - The government should shift its focus from traditional infrastructure investments to enhancing social welfare systems to boost consumer confidence and spending [78][81].

Core Viewpoint - The scale of foreign-controlled joint venture wealth management companies has seen a counter-cyclical growth since the second quarter, with notable increases in assets under management for firms like BNP Paribas and BlackRock [1][3]. Group 1: Growth of Foreign Wealth Management Firms - BNP Paribas and BlackRock's joint venture wealth management companies have recently surpassed 600 billion yuan and 500 billion yuan in scale, respectively, marking significant growth in 2023 [1][3]. - The rapid growth of these foreign firms is attributed to support from local bank channels and a focus on diversified investment strategies, including fixed income and multi-asset products [1][3][4]. Group 2: Performance of Domestic Wealth Management Firms - In contrast, many domestic wealth management companies experienced fluctuations in scale, with some reporting declines in June 2023, primarily due to stock market recovery and low bond market yields [1][7]. - As of June 2025, the total scale of domestic wealth management products reached 30.97 trillion yuan, reflecting a slower growth rate compared to previous years [7][9]. Group 3: Market Dynamics and Investment Strategies - The current low interest rate environment has made fixed income assets a key tool for expanding scale, with the 10-year government bond yield dropping from approximately 3% at the beginning of 2023 to around 1.6% [3][9]. - Many wealth management firms are focusing on fixed income products, with equity asset allocations remaining low due to market volatility, despite the strong performance of equity markets [3][4][9]. Group 4: Challenges and Future Outlook - The bond market's low yields pose challenges for the expansion of wealth management scales, with expectations for supportive policies potentially emerging in late September or later [9][10]. - Institutions are adopting a range-bound trading strategy, anticipating limited adjustments in the bond market due to weak financing demand and a gradual recovery in inflation data [10].