调研纪要：环旭电子在SiP模组、AI眼镜、服务器、光模块等领域有新进展。SiP模组在手机和AI眼镜上 有新应用，L10服务器JDM项目已交付，1.6T光模块为研发产品，800V直流供电预计2028年量产。公司 五大业务中，智能眼镜收入将放量，工业类产品去库存慢，车电竞争激烈。公司目标是I加速卡成长 30%份额，未来争取主板业务。 机构简介： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及7月29日披露的机构调研信息，知名私募仁桥资产近期对1家上市公司进行了调研， 相关名单如下： 1）环旭电子 （仁桥资产参与公司特定对象调研） 仁桥（北京）资产管理有限公司成立于2017年5月，中国证券投资基金业协会登记备案的仁桥（北京） 资产管理有限公司成立于2017年5月，由原诺安基金事业部投资总监夏俊杰先生创立。"仁桥"即通往仁 心的桥梁。"仁"是我们的长期愿景，是需要不断为之奋斗的目标；"桥"是人与水的完美融合，代表对财 富的态度，本质上是一种取之于社会用之于社会的态度。仁桥资产的核心团队均来自国内大型商业银 行、公募和私募基 ...

Core Viewpoint - The article discusses the shift in investment strategies as money market fund yields approach 1%, leading to a growing concern among the public regarding "yield anxiety" and the need for diversified investment approaches in a low-interest-rate environment [1][2]. Group 1: Investment Strategy Insights - Investors are encouraged to transition from "single asset" approaches to "allocation thinking" to meet their yield goals due to declining yields in the domestic bond market and the entry of money market and deposit rates into the "1% era" [1][2]. - Five key tasks for effective diversification and dynamic allocation are outlined: 1. Core asset allocation should address market uncertainties through diversification 2. Acknowledge the low yield in the bond market due to economic factors and liquidity 3. Maintain a medium to long-term perspective with tactical allocation cycles suggested to roll over every six months to a year 4. Avoid judging tactical allocation correctness based on short-term market movements 5. Embrace contrarian investing as an effective long-term strategy in a low-interest-rate environment [2]. Group 2: Target Investor Profiles - Dividend assets are highlighted for their "quasi-bond" characteristics in a low-interest environment, suitable for three types of investors: 1. Conservative investors dissatisfied with bond yields seeking equity investments 2. Long-term asset allocators 3. Investors aiming to reduce portfolio volatility through a barbell strategy - Investors are advised to focus on dividend yield and valuation matching, with a recommended investment horizon of no less than three years [2]. Group 3: Company Overview - As an independent third-party fund distribution platform under the Ping An Group, the company aims to provide customized services based on the "target allocation method" to meet client investment needs [3]. - The company has developed a comprehensive member rights system covering various aspects such as funds, lifestyle services, travel, health insurance, and member care, while continuously exploring new wealth management models [3].

Core Viewpoint - The article discusses the recent online communication meeting held by the well-known private equity fund, Dongshuiquan, highlighting its investment strategies and market outlook for the second half of the year [2][4][11]. Group 1: Investment Strategies - Dongshuiquan emphasizes a top-down macro allocation framework that complements its bottom-up stock selection strategy, enhancing adaptability to market changes [2][10]. - The firm is focusing on three main investment directions for the second half of the year: 1. Revaluation of quality Chinese assets due to market changes and increased global capital allocation [4][11]. 2. Globalization of China's advantageous industries, with leading companies showing strong individual alpha [5][11]. 3. Opportunities in technology with a focus on domestic substitution in critical areas and investment opportunities arising from breakthroughs in AI technology [6][12]. Group 2: Market Conditions and Outlook - Since September 2022, the A/H stock market has seen an increase in risk appetite, with structural opportunities emerging despite overall index stability [8]. - The first half of the year exhibited a "barbell" market structure, with strong performance in value dividend assets, particularly bank stocks, and rapid rotation in emerging growth assets like AI and new consumption [8][10]. - Economic conditions show that while government efforts to stabilize growth continue, confidence among businesses and consumers remains fragile [8]. Group 3: Sector-Specific Opportunities - In the new consumption sector, there is a notable shift towards female consumer participation, which is influencing various industries, including gaming and beauty [13][18]. - The technology sector remains a key focus, particularly in AI, where Chinese companies are deeply involved in the global AI supply chain, presenting significant profit opportunities [19]. - The automotive industry is witnessing a trend towards high-end and intelligent vehicles, with domestic brands experiencing a surge in demand and profitability [21].

Core Viewpoint - The article discusses the second quarter report of the 2025 Fund, highlighting the investment strategies of renowned fund manager Zhang Kun, who focuses on structural optimization in the consumer and technology sectors while maintaining a stable overall stock position [1][2]. Economic Environment - The A-share and Hong Kong markets showed a mild upward trend in Q2 2025, but significant industry divergence was noted, with military, banking, and communication sectors leading, while food and beverage and home appliance sectors lagged [1]. - Economic pressures persist, with real estate development investment down 10.7% from January to May, and both sales area and value of commercial housing declining, leading to the lowest second-hand housing prices in major cities in five years [1]. - CPI has experienced four consecutive months of negative growth, indicating deflationary pressures [1]. Investment Strategy - Zhang Kun expresses confidence in China's long-term economic prospects, citing significant room for improvement in per capita GDP and the potential for sustained economic growth through market forces and technological advancements [2]. - The investment strategy for Q2 focuses on two main lines: prioritizing leading consumer brands and strengthening the technology sector by eliminating weaker companies [3]. - In the consumer sector, there is a focus on core liquor brands, with increased holdings in top liquor stocks like Wuliangye, Luzhou Laojiao, and Kweichow Moutai, while Yanghe Distillery was removed from the top ten holdings [3]. - In the technology sector, there was a structural adjustment with a notable reduction in holdings of Tencent, while increasing positions in JD Health and SF Express [3]. Fund Performance and Holdings - As of the end of Q2, Zhang Kun managed four funds with a total scale of 55.047 billion yuan, a decrease of 5.775 billion yuan from the previous quarter [8]. - The flagship fund, E Fund Blue Chip Selection, saw a reduction of 2.555 billion yuan, while performance varied across funds, with E Fund Blue Chip Selection returning 84.55%, E Fund Asian Selection at 52.57%, and E Fund Quality Selection at -30.41% [8]. - Key holdings across the funds include Tencent, Wuliangye, Luzhou Laojiao, Kweichow Moutai, and Alibaba, with adjustments reflecting a focus on companies with strong business models and clear industry positioning [4][5][6][7].

Group 1: Housing Rental Regulation - The State Council of China has announced the implementation of the "Housing Rental Regulations," effective from September 15, 2025, emphasizing the development of the housing rental market in line with national policies and encouraging a combination of market-driven and government-guided approaches [1] Group 2: Cross-Border Investment in Hainan - The People's Bank of China and other departments have issued guidelines allowing foreign investors to use funds from both domestic and international sources to purchase pilot asset management products in Hainan Free Trade Port [2] Group 3: Fund Holdings and Market Trends - Active equity funds have revealed their top holdings for the second quarter, with Tencent Holdings remaining the top stock, followed by CATL and Kweichow Moutai, while sectors like optical modules, innovative pharmaceuticals, and previously underweighted banking stocks saw significant increases in holdings [3] - Central Huijin Investment increased its holdings in 10 broad-based ETFs by 200 billion yuan in the second quarter, showcasing a diverse portfolio across various ETFs [4] Group 4: Gold Price Surge - Gold prices surged to $3,412 per ounce, with a 1.6% increase, while silver also saw a rise, indicating strong performance in the precious metals sector [5]

Core Insights - The article emphasizes the importance of a systematic research and investment platform in capital markets, highlighting how it enables the identification of structural opportunities and enhances dynamic adjustment efficiency [1] - ICBC Credit Suisse Asset Management has achieved significant performance in its equity funds, ranking first among 13 large equity fund companies in absolute returns over the past five years as of mid-2025 [1][2] - The investment philosophy of the fund manager, Sheng Zhenshan, focuses on value investing and systematic research, allowing for unique investment strategies that capitalize on market inefficiencies [4][5] Group 1: Investment Strategy and Performance - ICBC Credit Suisse has established a robust investment research ecosystem that integrates macro strategies, industry research, and team collaboration, providing precise navigation for fund managers [1][2] - The "1+4+7" decision-making framework includes one equity investment committee, four research sectors, and seven investment capability centers, facilitating efficient collaboration and decision-making [2] - As of mid-2025, 17 equity products managed by ICBC Credit Suisse received five-star ratings from Galaxy Securities, showcasing the effectiveness of their investment strategies [2] Group 2: Value Exploration and Risk Management - Sheng Zhenshan employs a unique investment philosophy that combines contrarian thinking with rigorous risk control, focusing on identifying undervalued assets amidst market noise [4][5] - The investment approach emphasizes a dynamic balance between fundamentals and valuations, prioritizing high-quality earnings and reasonable valuations while avoiding crowded trades [5] - Risk management is integral to the investment process, with a focus on maintaining a safety margin and diversifying the portfolio to mitigate risks [5] Group 3: Fund Performance Metrics - The ICBC Selected Return Mixed Fund, managed by Sheng Zhenshan, achieved a cumulative return of 29.43% since its inception on September 26, 2023, significantly outperforming its benchmark growth rate of 8.99% [6][8] - The fund maintained a low volatility profile, with a maximum drawdown of 8.10%, well below the industry average of 24.87% [6] - The investment strategy has shown adaptability, shifting focus from upstream resource sectors to downstream consumer sectors, reflecting a balanced approach to market conditions [7]

Core Viewpoint - Central Huijin Asset Management has significantly increased its investment in ETFs during the second quarter, purchasing over 170 billion yuan worth of various ETFs, which has provided stability to the A-share market amid volatility [2][4]. Group 1: Central Huijin's ETF Purchases - In the second quarter, Central Huijin purchased a total of 6 ETFs, with the total investment exceeding 1718.85 billion yuan, contributing to a year-to-date total of 1763.56 billion yuan [7]. - The specific ETFs purchased include: - Huatai-PB CSI 300 ETF: 108.74 billion shares, 422.12 billion yuan [3][6]. - Huaxia CSI 300 ETF: 92.88 billion shares, 357.54 billion yuan [6]. - E Fund CSI 300 ETF: 84.29 billion shares, 312.04 billion yuan [6]. - Huaxia SSE 50 ETF: 81.83 billion shares, 222.23 billion yuan [7]. - Jiashi CSI 300 ETF: 55.4 billion shares, 215.83 billion yuan [6]. - Southern CSI 500 ETF: 33.66 billion shares, 189.09 billion yuan [7]. Group 2: Market Impact and Trends - The total market size of stock ETFs reached 3.1 trillion yuan, marking a historical high and an increase of over 7% year-to-date [10]. - Central Huijin's actions are seen as a stabilizing force in the capital market, reflecting confidence in the long-term prospects of the Chinese economy and the capital market [9][10]. - The significant inflow of funds into ETFs indicates a preference for value investments, particularly in broad-based ETFs, as investors recognize the value of quality assets at low valuations [10].

Group 1 - The market is deeply concerned about the UK's fiscal situation, with government bond yields reaching a 26-year high, creating potential investment opportunities for contrarian investors [1] - The UK's borrowing costs are currently the highest among G7 countries, highlighting investor anxiety regarding debt sustainability, with the 10-year government bond yield hitting 4.96% and the 30-year yield surpassing 5.5% for the first time since 1998 [1] Group 2 - Market expectations suggest that weak economic growth and inflation pressures may force the Bank of England to cut interest rates faster than anticipated, with BCA Research predicting a likely dovish surprise that could drive bond prices up [3] - If interest rates drop to 3.5%, the 10-year UK government bond could yield a 20% tax-free capital gain, with even higher returns on long-term bonds [3] Group 3 - The UK faces severe fiscal challenges, with debt-to-GDP ratio around 100%, projected to soar to 270% in 50 years, and spending on sickness benefits exceeding defense expenditures [4] - Debt interest payments surpass the education budget, and the current government struggles to control spending, with public sector borrowing data in May reaching the second-highest level since records began in 1993 [4] Group 4 - The UK economy has contracted for two consecutive months, providing room for the central bank to implement rate cuts, with worsening labor market conditions and reduced job vacancies [5] - The structure of UK government bond holders is changing, with foreign investors now holding about one-third of the market share, which may increase pressure on fiscal policy due to their lower tolerance for unlimited welfare spending [5] Group 5 - Despite volatility in inflation data, a deflationary trend remains intact, and aggressive rate cuts by the central bank could benefit bond prices [6] - Some traders are betting in the options market that if the Bank of England ignores inflation at an 18-month high and cuts rates more than currently priced in, they could see returns exceeding 1000% [6] - A recent bet involved an initial investment of around £1.5 million, with potential returns of nearly £20 million if the benchmark rate drops to 3.5% within the year [6]

Core Viewpoint - The AI Fund, Rongtong Xinxin Growth Mixed A, reported a profit of 35.4486 million yuan for Q2 2025, with a net value growth rate of 12.82% and a fund size of 400 million yuan as of the end of Q2 2025 [2][15]. Fund Performance - As of July 17, 2025, the fund's one-year cumulative net value growth rate was 48.74%, ranking 50 out of 133 comparable funds [3]. - The fund's three-month net value growth rate was 21.94%, ranking 84 out of 138 comparable funds, while the six-month growth rate was 29.74%, ranking 86 out of 138 [3]. - The fund's three-year Sharpe ratio was 0.4914, ranking 12 out of 105 comparable funds [8]. Investment Strategy - The fund adheres to a contrarian investment style, focusing on sectors and stocks with good growth potential and relatively low valuations, while adjusting the portfolio structure as needed [2]. - The investment direction emphasizes domestic demand and technology, with a focus on opportunities arising from China's economic transformation and recovery [2]. - The fund is optimistic about investment opportunities in the pharmaceutical sector, particularly in the context of aging demographics, as well as in innovative drugs and high-end manufacturing with global competitive advantages [2]. Portfolio Composition - As of June 30, 2025, the fund's average stock position over the past three years was 92.67%, with a peak of 94.34% at the end of H1 2025 [13]. - The top ten holdings of the fund include companies such as Aibo Medical, Gushengtang, and Sanyou Medical, indicating a strong focus on the healthcare sector [18]. Risk Metrics - The fund's maximum drawdown over the past three years was 38.36%, ranking 59 out of 105 comparable funds, with the largest single-quarter drawdown occurring in Q1 2024 at 27.81% [10].

Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. Report's Core View - Western Lide Fund's Chen Baoguo, with 15 years of securities experience and 5 years of fund management experience, manages 4 funds with a total scale of 1.258 billion yuan. He adheres to reverse investment in the high - prosperity general manufacturing sector, aiming for long - term growth while emphasizing safety margins [2][6]. - Western Lide Jingrui, a representative product, has outstanding short - and long - term performance, maintains growth elasticity, and has good long - term holding profitability. It focuses on the general manufacturing sector, with investment styles shifting and high turnover [2][20]. - The fund manager has strong capabilities in various aspects, including excellent performance in prosperous market conditions, long - term outstanding invisible trading capabilities, and recent prominent industry rotation and stock - selection abilities [2][56]. - The excess returns of Western Lide Jingrui mainly come from stock - selection and industry allocation, and the fund manager's ability circle covers a wide range of general manufacturing fields [2][61]. Summary According to the Directory 1. Western Lide Fund Chen Baoguo: Persisting in Reverse Investment in High - Prosperity General Manufacturing 1.1 Fund Manager's Basic Information: A Veteran with Over 5 Years of Product Management - Chen Baoguo is a master of finance from Shanghai University of Finance and Economics, holding multiple positions at Western Lide Fund. He has 15 years of securities experience, 5 years of fund management experience, and currently manages 4 funds with a total scale of 1.258 billion yuan. His in - charge products include Western Lide Huixin 6 - month Holding, Western Lide Green Energy Mix, Western Lide Carbon Neutralization, and Western Lide Jingrui [6]. - The representative product, Western Lide Jingrui, has achieved a total return of 98.69% and an annualized return of 13.57% since Chen Baoguo took over on February 15, 2020 [7]. 1.2 Fund Manager's Investment Framework: Left - hand Reverse Investment in Long - term Prosperous Industries, Emphasizing Safety Margins - Investment philosophy: Seeking long - term logic and growing with the capital market, similar to being an "orchard farmer." The investment strategy involves finding companies with short - term callbacks but good long - term prospects in favored sectors for reverse investment or left - hand layout, while emphasizing safety margins [2][17]. - Stock - selection strategy: Qualitative screening focuses on company governance, platform level, and industry; quantitative analysis selects undervalued stocks with certain long - term prospects from good industries [17]. 2. Return - Risk Characteristics: Balancing Short - and Long - term Returns, Maintaining Growth Elasticity 2.1 Outstanding Performance Since Taking Over, Continuously Maintaining Elastic Returns Recently - Since taking over on February 15, 2020, Western Lide Jingrui has a cumulative return of 98.69%, ranking 9th among similar active equity funds. Its maximum drawdown is within the top 30% of similar products. After the market rebound on September 24, 2024, it still maintained prominent elasticity, with a cumulative return of 43.97% and a maximum drawdown within the top 50% of similar products [21]. - Compared with other high - performing products, Western Lide Jingrui is one of the few funds that focus on the advanced manufacturing field and maintain high elasticity recently [27]. - Western Lide Jingrui ranks 5th in the information ratio compared to the advanced manufacturing index among similar products, with a relatively low tracking error [29]. 2.2 Good Long - term Holding Profitability - As the holding time of Western Lide Jingrui increases, the historical probability of making money and the return rate gradually rise. The probability of making money after holding for five years is as high as 100%, with an average return of 91.4%. In different holding periods, its average return and winning rate exceed those of the Shenwan Advanced Manufacturing Index and the CSI 300 Total Return Index [31]. 3. Fund Holding Characteristics: Growth Investment with High Turnover, Outstanding Stock - selection Ability 3.1 Industry Allocation: Focusing on General Manufacturing, with Recent Industry Allocation Adjustments - Since taking over, Western Lide Jingrui has long focused on the general manufacturing sector, mainly including advanced manufacturing and technology industries. There have been two major industry allocation changes within the general manufacturing sector, with the focus shifting from power equipment to technology recently [34]. - In terms of secondary - industry allocation, it was previously concentrated in power equipment with a new - energy theme and has recently shown prominent characteristics in software development, semiconductors, and computer equipment [36]. 3.2 Investment Style: Growth - style Investment with High Turnover, Recently Tending towards Small - cap Growth - Since 2023, the fund's turnover rate has gradually increased, with the latest annualized turnover rate exceeding 12 times, and the investment style has changed from mid - and large - cap growth to small - cap growth [2][39]. - In the early stage, the fund's allocation was relatively balanced, but since the second half of 2022, it has mainly held small - and medium - cap stocks. The stability of heavy - position stocks has declined, but some stocks have been held continuously for more than three quarters [46][50]. - The heavy - position stock - selection ability is outstanding, and the heavy - position stocks can achieve relatively stable excess returns compared to the industry index [52]. 4. Fund Manager's Ability Circle: Excellent Performance in Prosperous Market Conditions, Long - term Outstanding Invisible Trading Capabilities, and Recent Prominent Industry Rotation, Allocation, and Stock - selection Abilities - The fund manager's investment strategy is suitable for prosperous market conditions, with high elasticity in high - prosperity industries. The product has shown continuous and prominent performance in prosperous market conditions since taking over [56]. - The long - term high turnover rate of Western Lide Jingrui is consistent with the investment strategy of selecting undervalued stocks and selling them in time after value regression. The long - term strong invisible trading ability indicates that the reverse investment strategy can provide stable returns [57]. - In late 2024, the fund manager adjusted the industry and stock allocation structure. The ability to rotate industries and select stocks is the basis for the product's long - term high elasticity and adaptability to prosperous market conditions [57]. 5. Fund Return Contribution Breakdown: Stock - selection and Industry Allocation Contribute Mainly to Excess Returns, with a Wide Stock - selection Ability Circle - The excess returns of Western Lide Jingrui since taking over can be explained by stock - selection and industry allocation, resulting from the investment strategy of selecting high - prosperity industries and undervalued stocks for left - hand layout. During the market decline from the second half of 2022 to the first half of 2024, trading also contributed significantly [61]. - The absolute and relative contributions of the automotive and power equipment industries are prominent. Technology industries such as communication, media, and computer also contribute excess returns in most periods, indicating that the fund manager's ability circle covers a wide general manufacturing field [65].