证券代码：000910 证券简称：大亚圣象 公告编号：2025—023 大亚圣象家居股份有限公司 关于参与认购投资基金份额的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 （有限合伙） 见公司于 2025 年 7 月 17 日在《证券时报》、《中国证券报》和巨潮资讯网 （www.cninfo.com.cn）上披露的《关于参与认购投资基金份额的公告》（公告编 号：2025-021）。 二、对外投资进展情况 近日，公司收到基金管理人国龙私募基金管理（上海）有限公司的通知，投 资基金已募集完毕，其中公司实缴出资人民币 1,500 万元。投资基金的各合伙人 实缴出资情况如下： | 出资额 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合伙人名称 | 合伙人类型 | | | | 出资比例 | | | （万元） | | | | | | | | 国龙私募基金管理（上海） | | | | | | | | 普通合伙人 | | 50 | | | 0.94340% | | | 有限公司 | | | ...

Group 1 - The article highlights significant fund performance in sectors such as gold and aerospace, with several gold-related ETFs showing gains exceeding 4% [1][2] - Specific funds mentioned include the Gold Stock ETF (517400) with a gain of 5.04%, and other gold ETFs like 159562 and 159315 with gains of 4.49% and 4.34% respectively [2] - Aerospace ETFs also performed well, with the Aerospace ETF (159227) and Satellite Industry ETF (159218) showing gains of 3.93% and 3.88% respectively [1][2] Group 2 - The article emphasizes the importance of selecting quality investment tools, with platforms like Sina Finance APP being highlighted for their comprehensive features and services [3][4] - Sina Finance APP covers 98% of market fund products and provides real-time monitoring of over 3000 funds, including ESG data for informed decision-making [3] - The app's "Target Fund Search" tool allows users to input expected annual returns and risk tolerance to find suitable funds, enhancing user experience [3] Group 3 - The trading experience on the Sina Finance APP is noted for its smoothness and convenience, with partnerships with 60 major fund companies to improve liquidity [4] - The app features a "three-tier content funnel" providing timely and rich professional information, including live broadcasts from fund managers sharing investment insights [4] - Community interaction is encouraged through real-time features and a clean environment for discussions, enhancing the overall investment experience [4][5]

Market Overview - CITIC Securities predicts that the A-share market will experience a phase of consolidation following recent adjustments due to profit-taking pressures and changes in expectations [1] - The market sentiment has cooled from an exuberant state, but the overall environment of global monetary easing and ample liquidity in the A-share market remains unchanged, supporting a bullish outlook [1] A500 Index Performance - As of August 4, 2025, the CSI A500 Index (000510) decreased by 0.03%, with mixed performance among constituent stocks [4] - The top gainers included Giant Network (002558) and Aerospace Electronics (600879), both rising by 9.99%, while the largest decliner was Feilihua (300395), down by 6.42% [4] A500 ETF Fund Metrics - The CSI A500 ETF Index Fund (159215) showed a significant increase in scale, with a growth of 30.42 million yuan over the past week, ranking 2nd among comparable funds [4] - The fund's recent net inflow was 35.09 million yuan, with a total of 61.39 million yuan net inflow over the last five trading days [5] Fund Performance and Risk Metrics - Since its inception, the CSI A500 ETF Index Fund has achieved a maximum monthly return of 4.45% and a longest winning streak of 3 months with a total gain of 9.98% [5] - The fund's maximum drawdown since inception was 8.01%, with a recovery time of 35 days, the fastest among comparable funds [5] Fund Fee Structure and Tracking Accuracy - The management fee for the CSI A500 ETF Index Fund is 0.15%, and the custody fee is 0.05%, both of which are the lowest among comparable funds [5] - The fund has a tracking error of 0.030% over the past three months, indicating the highest tracking accuracy among its peers [5] Index Composition - The CSI A500 Index comprises 500 securities selected from various industries, reflecting the overall performance of representative listed companies [6] - As of July 31, 2025, the top ten weighted stocks in the index accounted for 19.83% of the total index weight, with Kweichow Moutai (600519) being the largest at 3.85% [6][8]

Core Insights - The recent market recovery has led to increased discussions on social media about investors finally breaking even on their investments, with some public funds doubling in value this year [1] - Different investors are responding to their "break-even" moments in various ways, reflecting a range of strategies and risk appetites [2][3] Group 1: Market Recovery and Investor Sentiment - As of August 1, six public funds have doubled in value this year, with notable fund managers seeing rebounds of over 50% [1] - Investors who entered the market at high points are experiencing a sense of relief as their accounts return to profitability, prompting varied responses such as cashing out or increasing investments [1][2] Group 2: Investor Strategies Post-Recovery - Some investors, like Gao Le, choose to redeem their funds immediately upon breaking even, prioritizing liquidity and peace of mind [2] - Others, such as Wang Qian, adopt a more gradual approach, setting plans to redeem portions of their investments as net values increase, balancing the desire to secure profits while avoiding potential losses [2] - Investors like Lin Yang focus on accumulating more shares at lower prices, believing in the long-term potential of specific sectors, such as cultural industries [3] - Experienced investors, like Zhao Meng, are using the rebound to adjust their portfolios, shifting from high-volatility funds to more stable investments that benefit from recent policy changes [3]

Core Insights - The article reflects on a decade of investment experiences, highlighting the transition from stock trading to mutual fund investments, emphasizing the importance of strategy and persistence in achieving positive returns [3][4][10]. Investment Strategy - The initial investment strategy involved systematic investment in mutual funds, particularly in index funds, despite experiencing significant drawdowns during market downturns [4][7]. - The author emphasizes the importance of dollar-cost averaging, which helped mitigate losses during market declines, ultimately leading to profitable outcomes when the market recovered [4][10]. Market Observations - The article notes the market's high valuation during the 2021 bull run, prompting the author to take profits and caution against overexposure to popular funds [6]. - It discusses the performance of various sectors, indicating that many have underperformed compared to broader indices, with some sectors experiencing significant declines [10][11]. Fund Performance - The performance of specific funds, such as the Hang Seng Internet ETF, is highlighted, showcasing the potential for recovery after substantial losses through strategic buying during downturns [7][8]. - The article contrasts the performance of actively managed funds with index funds, suggesting a shift towards index funds due to their better performance and lower fees in recent years [10][11]. Risk Management - The importance of risk management is underscored, particularly through the allocation to bond funds, which have outperformed many equity funds in recent years [11]. - The article advocates for a cautious approach to investing in sector-specific funds, recommending a focus on broad market indices to reduce volatility and improve the likelihood of sustained returns [11].

Group 1 - The article emphasizes the importance of understanding what one is investing in, distinguishing between stocks and funds, and the associated risks of each [5][10] - It advises new investors to open three types of accounts: a securities account for stocks, a fund account for mutual funds, and to complete a risk assessment to determine suitable investment options [7][10] - The article outlines three key rules for avoiding losses: do not invest in what is not understood, only use spare money for investment, and practice with simulated trading before investing real money [10][14] Group 2 - It introduces three commonly used financial metrics: Price-to-Earnings (PE) ratio, maximum drawdown, and fund size, which can help new investors make informed decisions [13][14] - A simple three-step method for building an investment portfolio is provided, which includes testing the waters with a third of the planned investment, choosing broad index funds, and setting up automatic monthly contributions [14][19] - The article addresses common misconceptions in investing, such as the belief that one can perfectly time the market or that averaging down on losing investments will yield profits [15][19] Group 3 - It offers practical tips to prevent impulsive trading, such as delaying purchases, documenting reasons for buying, and limiting market monitoring to once a week [19] - The overall message encourages a cautious and educated approach to investing, highlighting the importance of patience and discipline in achieving long-term success [19]

Core Viewpoint - The Hong Kong stock market is experiencing adjustments, with a focus on the performance of the Hong Kong Dividend Low Volatility ETF (520550), which has seen increased trading activity and a recommendation for investors to adopt a systematic investment approach during the valuation recovery period [1] Group 1: Market Performance - As of July 31, the Hong Kong stock market is adjusting, with the Hong Kong Dividend Low Volatility ETF (520550) down by 1.86% [1] - The ETF's trading volume has increased, with a turnover rate of 10.07% and a transaction value of approximately 1.2 billion, representing a 19.10% increase compared to the previous day [1] Group 2: Investment Strategy - Industry experts suggest that during the valuation recovery window, investors should consider systematic investment or phased accumulation strategies, focusing on the realization of earnings from constituent stocks and the trend of improving liquidity in the Hong Kong market [1] - The ETF offers the lowest market fee rate (comprehensive fee rate of 0.2%), which helps reduce holding costs, and its monthly dividend mechanism and T+0 trading characteristics enhance capital efficiency [1] Group 3: Portfolio Composition - The ETF's holding structure includes mature industries such as finance and energy, providing a safety net, while a 5% weight limit on individual stocks helps achieve risk diversification and avoids "dividend yield traps" by excluding stocks with significant declines [1] - Investors can utilize feeder funds (Class A: 024029/Class C: 024030) for their investment strategies [1]

Core Viewpoint - The article discusses the characteristics of the investment "second half," emphasizing that while it may offer quicker profits, it also carries the risk of faster losses, making it more challenging than the "first half" of investments [1][2][3]. Investment Characteristics - The "first half" of investments is characterized by a difficult environment where short-term profits are unlikely, but long-term gains are probable. In contrast, the "second half" is marked by a heated market where short-term profits may be achievable, but long-term outcomes are uncertain [1][2]. - The investment "second half" resembles a competitive sports match, where not only skill but also endurance and mindset play crucial roles, making it more difficult [3]. Investment Behavior - Successful investment is not solely dependent on market conditions but rather on individual investment behavior. Correct investment strategies can yield profits even in stagnant markets, while incorrect strategies can lead to losses even in bull markets [4][5]. Recommended Investment Strategies - Investors should either enter the market early or refrain from entering altogether. The best time to invest is now if one has not yet done so, emphasizing the importance of discipline in market participation [7][8]. - When entering the market, investors should avoid starting with a low base position, as this can lead to structural weaknesses in their investment strategy [10][11]. - Investors should refrain from adding to their positions too easily as the market rises, which can lead to emotional decision-making and potential losses [12]. - Once invested, it is advisable to embrace market fluctuations and avoid exiting prematurely unless necessary for liquidity or strategic reallocation [13][14].

- The report does not contain any specific quantitative models or factors for analysis. It primarily focuses on market reviews, fund performance, and fund issuance dynamics[1][2][3]. - The report highlights the performance of quantitative public funds, including index-enhanced funds and quantitative hedging funds. For the past week, the median excess return of index-enhanced funds was 0.06%, while the median return of quantitative hedging funds was 0.17%. Year-to-date, the median excess return of index-enhanced funds was 3.42%, and the median return of quantitative hedging funds was 0.58%[37][39][56]. - The report provides a ranking of the top-performing index-enhanced funds and quantitative hedging funds. For index-enhanced funds, the highest weekly excess return was 1.41%, and the highest year-to-date excess return was 18.15%. For quantitative hedging funds, the highest weekly return was 0.86%, and the highest year-to-date return was 6.50%[56][57][60].

Group 1 - The core idea of the article emphasizes that many investors understand the basic logic of fund investment but often overlook critical details that can significantly impact investment outcomes [1][5] - Choosing the right timing for fund redemption is a commonly neglected aspect, with investors often rushing to redeem during market highs and hesitating during lows, indicating a lack of "profit-taking and loss-cutting" awareness [3][13] - A rational redemption strategy should align with investment goals, such as partially redeeming to lock in profits when nearing a financial target for children's education, while maintaining investments for long-term retirement goals [3][13] Group 2 - Fund fee calculations are crucial, as hidden fees like management and custody fees can accumulate over time, affecting overall returns; for instance, a fund with a 1.5% management fee and a 0.25% custody fee results in a total cost of 1.75% [7] - Investors are advised to prioritize funds with lower fees, such as index funds, which typically have lower management fees compared to actively managed equity funds, thus saving costs over the long term [7] - The choice of fund dividend methods should align with individual needs; cash dividends are suitable for those requiring regular cash flow, while reinvesting dividends is beneficial for long-term investors, especially during market lows [10][13] Group 3 - The article reiterates that the essence of fund investment lies in executing simple logic effectively, with a focus on redemption timing, fee awareness, and dividend selection based on personal financial needs and risk tolerance [13] - Investors should avoid being swayed by market emotions and should not strive for "perfect operations," but rather maintain rationality in key details for long-term success [13]