本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 【红利+中小盘哑铃配置思路在期权策略上的实现路径受关注】报告先对半年来期权市场流动性、波动 率及各类策略环境做了简单梳理。今年市场流动性略低于去年全年均值，较一季度成交金额也小幅下 滑，品种间"挤压效应"明显。各品种波动率下方仍有空间，预计会重现去年三季度的磨底状态。 25年 下半年策略配置上，哑铃配置仍是主旋律，偏向防御的红利资产适合作底仓，同时配置小微盘。报告还 讨论了期权侧哑铃配置方案的实现路径。 实现路径一为红利ETF的备兑模拟，作为红利资产底仓。通 过模拟持有红利ETF期权备兑策略，对红利ETF现券基于组合Delta值高抛低吸。自2020年以来，该复制 方式带来年化2.27%的超额收益，同时降低回撤约5%和波动约4%。 实现路径二是中证1000股指期权多 头替代策略。在期货深贴水环境下，市场对冲力量或部分转移至期权市场，期权侧易出现认沽价格相对 更高、认购价格相对更低、合成期货多头也对应贴水的状态。期权侧多头替代策略有卖出认沽、买入认 购、合成多头、合成类多头。 不择时情况下，期权侧多头替代策略较难贡献超期货多头策略的超额收 益。单腿卖出次 ...

联合电话会议：如何看待大金融板块走势的分化？ 20260629 摘要 银行板块作为核心红利资产，2022 年至 2024 年已形成强共识，受长 线资金青睐，呈现向上趋势，而央行货币政策调整预期及季末调仓需求 导致近期银行股小幅回调。 中长期来看，银行板块因其股息率相对优势（国有大行加权平均股息率 4.07%）和业绩分红确定性，对配置资金（尤其是险资）具有吸引力， 负债成本下降也为银行股上涨打开空间。 银行业绩稳定性源于丰厚的资产基础和较小的业绩波动，2024 年上市 银行整体利润增速为 2.35%，预计 2025 年保持稳定增长，自营债券浮 盈、投资收益和拨备是主要支撑因素。 边际变化显示息差降幅有望收窄，利好银行业绩增速。2025 年一季度 净息差环比下降 9 个 BP，优于 2024 年一季度下降 13 个 BP，受益于 存款利率下调等政策。 资金流向显示，2025 年以来南向资金持续增配港股银行股，公募基金 对内地市场金融板块配置比例提升至 3.75%，银行板块低配比例接近 11 个百分点，未来仍有增配空间。 Q&A 今年以来大金融板块内部走势分化的现象是什么原因导致的？ 今年以来，大金融板块内部走势分 ...

Summary of Key Points from Conference Call Records Industry Overview - **Consumer Sector**: The consumer sector in China is currently facing challenges due to a lack of growth engines, but there are signs of recovery driven by export growth and improvements in domestic economic activities. [1][4] - **Retail Sector**: The retail sector is experiencing supply surplus and insufficient demand, necessitating a focus on new demand opportunities, including traditional channel transformations and the rise of instant retail. [1][7] Core Insights and Arguments - **Economic Recovery**: The recovery of exports is expected to positively impact domestic economic activities and consumption, with a notable rebound in personal income tax indicating a gradual recovery in residents' income. [1][4] - **Investment Strategy**: In July, the investment strategy should avoid liquidity-driven assets and focus on service consumption and high-turnover goods that are less affected by liquidity pressures. [1][4] - **New Consumption Trends**: New consumption is identified as a key growth driver for the next two to three years, emphasizing the creation of new consumption scenarios and business models, particularly in high-turnover and low-leverage service consumption. [1][5][6] Specific Areas of Focus - **Service Consumption**: Investment opportunities in the consumer sector are concentrated in emotional value consumption (e.g., trendy toys, pets) and functional value consumption (e.g., AI-related products). [6] - **Cross-Border Trade**: Companies engaged in cross-border trade should focus on supply chain management, brand premium capabilities, and channel premium capabilities due to tightening trade policies. [8] - **E-commerce Performance**: The 2025 618 e-commerce promotion met expectations, with Douyin's growth exceeding forecasts, highlighting a trend of collaboration across platforms. Instant retail channels performed exceptionally well during this event. [9][10] Additional Important Insights - **Tobacco Industry**: The tobacco industry is showing a stable upward trend, with new products like Glohilo from British American Tobacco expected to perform well in Japan. [3][11][12] - **Home Appliances**: The home appliance sector is expected to see double-digit growth driven by national policy support, with leading companies using pricing strategies to enhance market share. [3][22] - **Household Goods**: The household goods sector is stabilizing at the bottom, with a focus on companies that can demonstrate alpha capabilities. [3][13] - **Competition in Cleaning Appliances**: The competition in the cleaning appliance sector is easing, benefiting companies like Roborock and Ecovacs, with expectations of rising industry profit margins. [3][20] Conclusion The conference call highlighted the complexities and opportunities within various sectors of the Chinese economy, particularly in consumer and retail markets. The focus on new consumption trends, service-oriented products, and strategic adjustments in response to economic conditions will be crucial for navigating the current landscape.

Group 1 - The core investment strategy focuses on a balanced approach, utilizing low-valuation growth assets as offensive tools and dividend-paying assets as defensive shields to achieve moderate returns with low drawdowns [1][2] - The investment portfolio is characterized by a preference for stable business models with low PE ratios, which provide defensive capabilities during market downturns, while also allowing for offensive strategies during bullish phases [2][3] - Since the manager's tenure, the fund has achieved a cumulative return of 14.92%, significantly outperforming the benchmark and the CSI 300 index, while maintaining effective drawdown control during market corrections [3] Group 2 - The fund manager employs a diversified holding strategy, with 61 major stocks and the top ten holdings accounting for less than 30% of the total portfolio, allowing for greater flexibility in trading and risk management [4][5] - The investment approach emphasizes a "high sell, low buy" strategy based on reasonable valuation assumptions, aiming to minimize losses and maximize returns through disciplined trading [4][5] - The manager's focus is primarily on sectors such as chemicals, non-ferrous metals, light industry, textiles, consumer goods, and tourism, while maintaining a selective approach to technology stocks, only investing in those with strong performance backing [5][6]

转眼已步入2025年上半年的最后一个交易日，6月30日，公募基金半年度业绩即将揭晓。Wind数据显 示，截至6月29日，超八成公募基金今年以来实现正收益。其中，汇添富香港优势精选暂居首位，今年 以来涨幅达89.15%。中信建投北交所精选两年定开、长城医药产业精选紧随其后，暂位居第二和第三 位。 从截至6月29日的情况来看，公募基金竞争较为激烈。前两名收益率差距达8个点，但第三至第五名之间 相邻收益率差距仅在2个点左右，其间的争夺仍存悬念。站在近三年和近五年的维度来看，截至2025年 年中的冠军已基本敲定。金元顺安元启近五年涨幅接近300%，较第二名收益率超出90多个百分点；华 夏北交所创新中小企业精选两年定开近三年涨幅约177%，较第二名超过约60个百分点。 医药基金领跑 今年上半年，人工智能、人形机器人、黄金、红利、创新药等多个板块轮番上涨，带动相关基金业绩大 涨。2025年上半年收官之际，最终还是重仓医药的公募基金闯进了业绩第一梯队。 □本报记者 张韵 除了医药基金外，多只重仓北交所的公募基金表现亮眼。截至6月29日，今年以来涨幅前五的基金中， 有2只为重仓北交所的产品，分别为中信建投北交所精选两年定开、 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of innovation drug-themed funds, with the Huatai-PineBridge Hong Kong Advantage Select Fund leading the pack with a return of 89.15% as of June 29, 2023 [2][3] - A total of 40 funds have achieved a return exceeding 50% this year, with 16 out of the top 20 funds being innovation drug-themed [2][3] - The AI-themed funds have underperformed significantly, with losses exceeding 20% for the bottom-performing funds [1][3] Group 2 - The active equity funds have generally shown a recovery in performance, with nearly 80% of active equity funds achieving positive returns this year, and over 1,000 funds seeing net value increases of over 10% [4][5] - The market has experienced structural volatility, with different themes impacting fund performance directly, necessitating precise market timing from fund managers [3][4] - The long-term performance of the Huatai-PineBridge North Exchange Innovation Small and Medium Enterprises Select Fund has yielded a cumulative return of 177.04% over the past three years, significantly outperforming its peers [3] Group 3 - The innovation drug sector is currently experiencing a surge, with funds in this category dominating the performance rankings, while the humanoid robot sector has seen a decline from its previous highs [2][7] - The market outlook for the second half of the year suggests a mix of opportunities and risks, with low overall valuation levels and supportive macroeconomic policies being key factors [8][9] - Key investment areas identified include dividend assets, technology sectors with strong policy support, and high-potential domestic demand sectors [9]

证券研究报告 2025 年 06 月 29 日 湘财证券研究所 策略研究 大类资产研究 股市中性看多，债市关注长久期 ——2025 年三季度大类资产配置展望 | 1. | 《双维度视角下的资产配置 | | --- | --- | | 策略研究》 | 2024.03.31 | | 2. | 《权益中性偏多，看好大宗商 | | 品》 | 2024.07.26 | | 3. | 《权益和商品积极看多》 | | | 2024.09.30 | | 4. | 《股市仍强略转弱，债市仍弱 | | 略转强》 | | 2025.03.24 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 分析师：何超 证书编号：S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 分析师：李正威 证书编号：S0500522090001 Tel：021- 50295307 Email：lizw@xcsc.com 中国人寿金融中心 10 楼 相关研究： 核心要点： 宏观环境展望 大类资产展望 投资建议 我们认为 202 ...

2025年上半年即将收官，合格境内机构投资者（QDII）基金表现抢眼，权益类产品净值增长率最高接 近90%。 业内人士表示，今年以来，港股市场强势反弹，创新药、新消费、科技等板块涨幅突出，带动相关 QDII基金收获亮丽业绩。下半年持续关注港股投资机会，尤其是互联网、创新药、新消费等行业的龙 头品种。此外，美股科技股、黄金的投资机会也值得关注。 权益类QDII基金 年内最高涨近90% Wind数据显示，截至6月26日，可统计的312只权益类QDII基金（只统计初始基金）今年以来平均净值 增长率为12.5%。业绩居前的QDII基金大多为创新药、生物医药等主题产品。 其中，由张韡管理的汇添富香港优势精选A年内净值增长率达89.15%，领跑全市场QDII基金。紧随其后 的是华泰柏瑞恒生创新药ETF、广发中证香港创新药ETF、易方达全球医药行业人民币A，年内涨幅均 超54%。此外，工银新经济人民币、广发中证香港创新药联接A、华夏恒生生物科技ETF、汇添富恒生 生物科技ETF等产品年内净值增长率均超50%。 业内人士表示，上半年QDII基金业绩抢眼主要得益于中国市场的强劲表现，港股互联网科技企业股价 大幅上涨，带动相关Q ...

中欧可转债基金经理李波表示，受益于市场整体的贝塔行情，今年以来可转债基金表现亮 眼。从市场驱动逻辑来看，今年股市风格对可转债较为有利，叠加纯债资产收益率走低，使 原来投资"固收+"策略的资金加速向可转债市场迁移。 【导读】 可转债基金业绩亮眼！平均净值增长率为5.6% 中国基金报记者 李树超 受益于股市回暖、结构性行情突出，可转债基金表现不俗，年内平均净值增长率达5.6%，最 高业绩增长超11%。 多位绩优可转债基金经理表示，下半年将继续关注股市结构性变化，围绕科技、红利、周期 类品种等灵活开展可转债投资。 平均净值增长率为5.6% 股市回暖，可转债基金表现抢眼。Wind数据显示，截至6月27日，全市场62只（只统计主代 码）可转债基金今年以来平均净值增长率为5.6%，明显优于去年3.36%的业绩水平。 其中，中欧可转债、华宝可转债、博时转债增强今年以来净值增长率均超过11%，宝盈融源 可转债、东方可转债等多只产品收益率超10%，斩获不错的投资回报。 高晖表示，当前，在中美贸易战趋缓、全球流动性有望再度放松、宏观经济触底的大背景 下，建议保持对转债市场的参与度，以"科技+红利+内需"的思路进行哑铃型配置。 具 ...

策略报告 | 投资策略 A 股策略周思考 证券研究报告 上证攻坚新高后，怎么看？ 市场思考：如何看待指数后续节奏？ 1）由于整体市场的显著放量，上周小盘拥挤度出现明显下行。指标从 65% 下行至 62.4%，目前的幅度已经与 25 年 4 月比较接近，1 月幅度则更大。 2）前两次后续市场出现调整的背景是市场处于成交额减量+小盘拥挤度上 行，表现在市场出现调整之前先出现了缩圈至小盘的现象，而上周以前，市 场存量稳定。这一轮从 4 月初挖坑以后开始上行，但期间成交额（MA20） 均处于 1.2 万亿左右的相对低位，在修复过程中并没有出现过热的情况。另 外，本轮从 4 月初至今的行情并没有过热，融资余额增幅较小。 3）复盘 2014 年，14 年上半年小盘持续跑赢大盘，像沪深 300 这类的大盘 指数的收盘价在 14 年的 3-6 月份创 2013 年以来的新低，小盘表现更强的 这个特征和现在相似。到了 14 年下半年，在 14 年 7 月-8 月上旬和 14 年 11 月-12 月也出现了【小盘拥挤度下行】+【成交额上行】这个组合，全 A 指数上行新高。另外，期间在 14 年 8 月下旬-10 月又回到了小盘风 ...