部分基金寻找确定性投资 在医药基金重仓股剧烈波动之际，公募赛道高低切换预期大幅提升。 证券时报记者注意到，近期创新药基金面临重仓股调整的压力，由于持仓风格过度集中，使基金在市场 波动中寻找确定性成为关键需求。前期资金分流导致股价承压的红利股、消费股等，在风格切换中成为 基金控制回撤、保业绩的重要品种。 创新药基金回撤压力增大 随着医药基金年内净值达到一个小高峰，公募抱团持仓的创新药开始有点"恐高"。 9月17日，港股恒生指数收盘大幅上涨1.78%，而当日恒生创新药指数却以1.08%的跌幅收盘，QDII基金 重仓的各类医药股普遍走跌。数据显示，创新药主题基金业绩目前仍遥遥领先，业绩表现最强的医药基 金在全市场排名中也高居第二，港股创新药成为基金业绩排名的关键指标。 但随着市场波动不断加大，创新药基金也在面临净值回撤压力。例如，截至9月17日收盘，汇添富香港 优势精选基金年内收益已超1.7倍，排名QDII基金业绩第一名，该基金股票仓位几乎全是医药股。当 日，该基金前十大重仓股中有六只股票收盘走跌，其中，第一大重仓股映恩生物下跌5.90%，考虑到仅 映恩生物一只股票的持仓占比即达17.27%，因此，单一个股大幅走跌 ...

Summary of the Conference Call on the Health Supplement CDMO Industry Industry Overview - The health supplement market in China is the second largest globally, with significant growth potential due to low penetration rates, approximately 1/4 to 1/5 of that in Europe and the US [1][4] - The largest segment is vitamin dietary supplements (EDS), accounting for about 60% of the market, with a noticeable trend towards functional foods [1][4] - The dual-track regulatory policy (registration + filing) has lowered entry barriers and accelerated product launches while enhancing regulatory oversight [1][5] Key Trends and Insights - Online channels have significantly impacted the health supplement market, achieving a penetration rate of around 60%, the highest globally, which has disrupted traditional offline channels [1][9] - Emerging brands are leveraging online platforms to target specific demographics, leading to a decline in traditional dietary supplement market share [1][9] - The concentration of brands and contract manufacturing in the health supplement industry is low, below 20%, with new online brands further dispersing market concentration [1][8] Regulatory Impact - The introduction of the dual-track system in 2016 has streamlined the approval process for new products, allowing for quicker market entry while increasing regulatory scrutiny to eliminate non-compliant products [5][7] - The 2019 Tianjin Qianjin incident led to stricter internal control mechanisms and a comprehensive industry cleanup, enhancing the overall transparency and standardization of the market [5][6] Consumer Demand and Behavior - Increasing income and health awareness among Chinese consumers are driving demand for health supplements, with a shift from serious health products to functional foods [6][12] - The traditional dietary supplement consumption patterns are evolving, with younger demographics becoming the primary consumers, influenced by the rise of online shopping [6][9] Company-Specific Insights Xianle Health - Xianle Health, a leading player in the health supplement CDMO sector, has achieved continuous revenue growth through international expansion and product innovation, despite profit fluctuations due to industry and global factors [3][13] - The acquisition of the US-based BF company has temporarily impacted profits but is expected to become a long-term growth driver [3][18] - Collaborations with new consumer brands have improved domestic revenue, with a notable partnership with brands like Dongfang Zhenxuan and Yang Men Dian [3][17] Baihe Co. - Baihe Co. has recently acquired New Zealand's Auri Company, which is expected to contribute to revenue growth [21] - The company has shown strong performance in the functional beverage sector, adapting well to new consumer demands despite being less focused on large client customization compared to Xianle [21] Future Outlook - The health supplement CDMO industry in China has substantial growth potential, with a current penetration rate of about 10%, lower than that of Europe and Japan (15%-20%) [12] - The high online penetration rate suggests a promising future for contract manufacturing, with expectations of increased demand driven by the rise of online sales channels [12][20] - Xianle plans to enhance cooperation with new consumer clients and expand into Southeast Asia through cross-border e-commerce and new factory setups [20]

Group 1 - The importance of color design in new consumer products is increasing, with consumers willing to pay extra for their preferred colors [1][3] - The small home appliance company Beiding has achieved impressive sales by focusing on a "macaron color scheme," appealing to young consumers amidst a saturated market [1][5] - Beiding's products are priced higher than traditional appliances, with items like enamel pots exceeding 1,000 yuan and electric kettles priced above 600 yuan, indicating a strategy of high aesthetics and quality [5][6] Group 2 - Beiding's revenue for the first half of 2025 reached 432 million yuan, a year-on-year increase of 34.05%, with operating profit at 65 million yuan, up 89.6%, positioning it among the top performers in the small appliance industry [5][6] - Many brands emphasize "youthfulness," but those truly favored by young consumers often do not overtly market themselves as such, suggesting that product attributes should align with young consumers' aesthetics and needs [7][6] Group 3 - Color significantly influences consumer perception, with studies indicating that 16% of consumers first notice a brand's color scheme, and half choose brands based solely on color [8][9] - Different colors carry psychological implications in various consumer sectors, with blue often associated with trust and black with high-end quality [9][10] Group 4 - The shift in consumer preferences from traditional color schemes to lighter, softer colors reflects a broader change in consumer values towards health and environmental consciousness [14][13] - The transition from offline retail to online platforms has altered competitive dynamics, with brands now focusing on aesthetic appeal rather than just visual impact [16][15] Group 5 - Maintaining a consistent color scheme is crucial for brand loyalty, as changing established colors can alienate consumers, with studies showing that one-third prefer brands with unchanged color schemes [17][16]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report indicates that the retail sales growth rate in August 2025 has slowed down, primarily due to the diminishing effects of the "old-for-new" policy and a gradual recovery in consumer demand. However, with economic stimulus policies being implemented, the macroeconomic environment is expected to improve in the medium to long term, leading to an increase in household income and consumer willingness, which will benefit the food and beverage sector [4] - The liquor industry is approaching the peak demand season around the Mid-Autumn Festival and National Day, showing signs of improvement in demand. The fundamentals of the liquor market are expected to stabilize and trend upwards as consumption scenarios recover. The current bottoming out presents long-term investment value [4] - The report recommends focusing on new channels, new products, and new markets to identify new consumption targets that align with industry development trends. Specific recommended stocks include Weilian Meishi, Yanjinpuzi, Ximai Food, Dongpeng Beverage, Youfu Food, Wancheng Group, and Bairun Co., Ltd. [4] Summary by Sections Industry Trends - The food and beverage sector is experiencing a retail sales growth rate of 3.4% year-on-year in August 2025, with a month-on-month decline of 0.3 percentage points [5] - The growth rates for food, beverages, and tobacco and alcohol categories in August 2025 are 5.8%, 2.8%, and -2.3% respectively, indicating a month-on-month decline in the tobacco and alcohol category due to high base effects and lack of consumption scenarios [5][6] Subsector Observations - The liquor industry is currently in a bottom recovery phase, with sales under pressure but showing signs of improvement due to the upcoming festive season. The fundamentals are gradually stabilizing [7] - Ximai Food is accelerating its health business by launching new products in the health food segment, focusing on traditional Chinese medicine ingredients and weight loss products, which are expected to become significant growth drivers for the company [7]

Core Viewpoint - The article emphasizes the importance of macroeconomic policies and industry trends in investment strategies, highlighting the ability to identify investment opportunities through careful analysis of policy changes and market dynamics [1][3][17]. Group 1: Investment Philosophy - The investment philosophy of the company is characterized by a balance between aggressive and defensive strategies, adapting to market conditions through a dynamic asset allocation approach [6][11]. - The company focuses on capturing economic cycles and industry rotations, selecting 3 to 5 high-prospect industries for investment each year [6][7]. - The investment strategy includes a mix of long-term holdings and opportunistic trades, with a keen eye on emerging trends and sectors [15][17]. Group 2: Historical Context and Experience - The company’s investment manager, Yin Tao, has a rich background in macroeconomic research and media, which has shaped his investment acumen over 27 years [3][4]. - Yin Tao transitioned from journalism to investment management in 2008, where he developed skills in asset allocation and risk management during the global financial crisis [4][5]. - The company has successfully navigated multiple market cycles, demonstrating resilience and adaptability in its investment approach [5][12]. Group 3: Performance Metrics - The company’s managed funds have shown significant performance, with a net value growth rate of 19.18% over the past six months and 18.70% over the past year [5]. - According to data from Galaxy Securities, the company’s products ranked in the top 5% of their category over the past two years, indicating strong competitive performance [5]. Group 4: Sector Focus - The company identifies key sectors for investment, including AI, innovative pharmaceuticals, and new consumption, which are seen as the main drivers of future growth [17]. - Yin Tao has successfully invested in leading stocks within these sectors, capitalizing on trends such as the rise of electric vehicles and innovative consumer products [14][15]. Group 5: Research and Analysis - The company employs a rigorous research methodology, including in-depth analysis of financial statements and market conditions, to identify high-quality growth stocks [10][9]. - Yin Tao emphasizes the importance of patience and thorough investigation in investment decisions, often revisiting companies to validate investment theses [9][10]. Group 6: Market Adaptation - The company adapts its strategies based on market conditions, employing a flexible approach to portfolio management that allows for quick adjustments in response to market volatility [12][13]. - Yin Tao’s strategy includes a focus on maintaining a balanced portfolio, with adjustments made to stock allocations based on performance and market signals [12][13].

Group 1 - A total of 395 foreign institutions have participated in A-share listed company research since the beginning of the second half of the year, with a cumulative research count of 1,782 times as of September 16 [1] - Point72 has conducted the most research, with 59 instances, while Goldman Sachs, Bank of America Securities, and Citigroup have each exceeded 40 research instances [1] Group 2 - Key sectors attracting foreign institutional attention include industrial machinery, electrical equipment, electronic instruments, and medical care equipment [3] - Companies such as Estun, Huaming Equipment, Opto, Tianfu Communication, Lens Technology, United Imaging, Mindray, and BeiGene have received research from over 50 foreign institutions [3] - Estun's recent investor relations activity indicates that foreign institutions like Merrill Lynch, Citigroup, Morgan Stanley, BNP Paribas, Deutsche Bank, and Point72 are focused on the demand situation in downstream industries, with Estun expecting continued growth in automotive, electronics, and lithium battery sectors [3] - United Imaging has reported that its AI-driven smart operation system has significantly improved efficiency and reduced costs, supporting its long-term development in the global medical imaging industry [3] - Many foreign institutions believe that the A-share market currently offers rich investment opportunities, particularly in the technology and pharmaceutical sectors [3] - Morgan Stanley recently highlighted areas to watch in the A-share market, including AI computing and applications, innovative drugs, new energy (benefiting from policy adjustments), semiconductors, new consumption, resource products, and high-end manufacturing [3]

Group 1: Service Consumption Policies - The Ministry of Commerce and nine other departments released measures to expand service consumption, proposing 19 initiatives across five areas, including the launch of "Service Consumption Season" activities [3] - The initiatives aim to enhance the supply of quality services to meet diverse consumer demands, reflecting new consumption trends such as rational quality consumption and emotional value consumption [3] Group 2: Meta's AI Glasses - Meta announced the Meta Connect 2025 event scheduled for September 17-18, where CEO Mark Zuckerberg will share updates on AI glasses and the company's vision for AI and the metaverse [4] - Two new smart glasses are expected to be unveiled, one featuring a display and priced around $800, targeting a more premium market compared to existing products priced at $300 [4][5] Group 3: Robotics Industry Growth - The humanoid robot industry is anticipated to see significant growth, with Tesla starting factory audits and suppliers receiving notifications for new orders [6] - Research indicates that Tesla's Gen3 model is expected to produce 30,000 to 50,000 units, with plans for a Gen4 model, while domestic companies like Yushu Technology are accelerating their IPO processes [6] Group 4: Investment Trends - Foreign investment institutions have been actively researching high-end manufacturing and technology innovation companies, with nearly 400 foreign institutions conducting around 1,800 research sessions since July [11] - The focus of these institutions includes sectors such as industrial machinery, electrical equipment, electronic instruments, and healthcare [11]

Core Viewpoint - The beauty industry in China is experiencing a surge in IPO activity, driven by supportive policies, strong market demand, and the success of existing public companies [1][6]. Industry Overview - The beauty industry is valued in the hundreds of billions, with significant support from regions like Shanghai and Jiangsu [1]. - Over 30 beauty-related companies are preparing for IPOs this year, with three already listed and others in various stages of the IPO process [1]. - The types of companies preparing for IPOs include brand manufacturers, raw material suppliers, e-commerce service providers, and medical beauty enterprises, with brand manufacturers being the primary focus [1][2]. Company Highlights - Notable brands such as Plant Doctor, Gu Yu, and Lin Qingxuan are among those preparing for IPOs, with Plant Doctor aiming to raise 998 million yuan [2]. - Gu Yu Bio has initiated its A-share IPO process, targeting approximately 4 billion yuan in revenue for 2024 [2]. - Companies like He Yuan Bio, which focuses on biopharmaceuticals and beauty product raw materials, are also entering the IPO market, seeking to raise 2.4 billion yuan [3]. Market Trends - The Hong Kong Stock Exchange has become a preferred destination for beauty companies, with several firms transitioning from A-share listings to pursue opportunities in Hong Kong [4][5]. - The successful IPOs of companies like Mao Ge Ping and Ying Tong Holdings have inspired more beauty companies to consider listing in Hong Kong [4]. Driving Factors for IPO Surge - Three main factors are driving the IPO enthusiasm in the beauty industry: 1. **Industry Dynamics**: The domestic market is seeing a shift towards local brands, with increased consumer confidence and demand for high-quality, cost-effective products [6]. 2. **Company Performance**: Publicly listed beauty companies are demonstrating strong growth, with a reported revenue growth rate of 7.3% for key players in the first half of the year [6]. 3. **Policy Support**: Recent reforms by the Hong Kong Stock Exchange and favorable regulatory policies are creating a more conducive environment for new listings [6].

此外，在当前A股市场波动加大的情况下，"固收+"基金管理人会如何调整资产配置以争取收益？倪伟 表示，从组合管理的维度来说，目前债券利率比较低，意味着"固收+"产品基础的安全垫是不高的，所 以在权益资产暴露的时候要确定好风险预算和仓位。其次，要对大势有一个判断，即股市大概率是震荡 向上，还是有比较大的下行风险。如果判断是前者，就还是要保留一定的权益仓位，可以做一些股票持 仓结构的调整；如果判断是后者，就要系统性的降低权益仓位。"我们一般是通过仓位和子策略间的负 相关性和分散度来控制回撤的。"倪伟表示。 谈到可转债资产时，倪伟认为，今年以来，随着可转债持续上涨和估值提升，其"进可攻、退可守"的属 性有所下降。目前，可转债和股票的相关性会更强，可转债更多的是交易价值而不是配置价值。"我们 比较看好未来股票市场行情持续性，所以可转债也是有机会的，但更多的是偏股型转债的交易机 会。"倪伟表示。 中证报中证网讯(记者王雪青)9月16日晚间，汇百川基金公募投资部联席总经理倪伟在"中证点金汇"直 播间表示，展望后市行情，比较看好股票市场的表现。在板块方面，更加关注有产业周期驱动的成长性 行业，比如AI、机器人、创新药、新消费 ...

Core Insights - The Chinese consumer market is undergoing significant transformation, shifting from "material scarcity" to "quality upgrade" and from "functional consumption" to "emotional resonance" [1] - Bosideng, a leading down jacket brand, leverages innovation as its core engine, achieving record performance for eight consecutive years and serving as a model for Chinese brands in the new consumption era [1] Group 1: Innovation and Product Development - Bosideng integrates technology and emotional value in its products, moving beyond mere functionality to meet dual consumer demands [2] - The company has established high-end R&D platforms, holding over 1,600 patents and participating in the formulation of more than 70 international and national standards [3] - The brand has introduced advanced materials and technologies, such as aerospace nano insulation, and has expanded its product categories to include multifunctional outerwear [6] Group 2: Brand Strategy and Market Positioning - Bosideng employs a strategy of "main brand upgrade + multi-brand layout" to cater to diverse consumer needs across different market segments [7] - The main brand focuses on the mid-to-high-end market while also covering the mass market through differentiated brand positioning, thus avoiding homogenized price competition [9] Group 3: Digital Transformation and Operational Efficiency - The company emphasizes digital transformation as a core capability, integrating big data and AI into its traditional business model to enhance efficiency and consumer experience [10] - Innovations in R&D and supply chain management have significantly reduced product development time and costs, while also improving production efficiency [12] Group 4: Cultural and Social Responsibility - Bosideng builds its brand value on cultural recognition and social responsibility, implementing an ESG strategy that includes ambitious sustainability goals [13][17] - The brand actively engages in cultural storytelling and modern fashion, enhancing emotional resonance with consumers through various international showcases [15] Group 5: Overall Impact and Future Outlook - Bosideng's comprehensive approach to innovation, digitalization, and cultural engagement exemplifies the potential for Chinese brands to achieve high-quality development and occupy a prominent position in the global value chain [17]