□本报记者 万宇 2023年，广东润达私募基金管理有限公司（简称"润达基金"）正式成立。两年多以来，润达基金形成了 主观与量化相结合的投研特色。近期，润达基金总经理王维等高管接受中国证券报记者采访时介绍，润 达基金已经形成自上而下与自下而上相结合的投研框架，擅长通过大类资产配置以及科学方法优化风险 调整后的收益，力争为投资者创造稳健的收益。 双向结合的选股方法 润达基金的多位核心成员都拥有头部基金公司或证券公司从业经历。例如，持有润达基金51%股权的苏 波是鹏华基金原副总裁，拥有超过25年的金融从业经验，他先后任职于南方基金、易方达基金、鹏华基 金等公司；润达基金总经理王维的从业轨迹围绕着量化投资与财富管理展开，曾任职于广发证券衍生品 业务部和财富管理部，还负责和运作过光大证券财富管理部"光大智慧金"资管项目；润达基金投资总监 赵维卿曾任万和证券权益投资部投资经理，负责过两只自营产品的投资运作。 多轮市场周期锤炼和多元策略组合交易等经历，铸就了润达基金自上而下与自下而上相结合的投研框 架，以及主观与量化相结合的投资特色。 在主观投资方面，润达基金构建了政策宏观面、产业中观层、微观基本面自上而下的研究框架。通过 ...

Core Insights - The index investment has experienced explosive growth this year, with ETF product issuance entering a fast track, achieving record highs in both the number of new ETFs and issuance scale [1][2][3] Group 1: ETF Market Growth - As of November 23, 2023, 328 new ETFs have been established in China this year, with a total issuance scale exceeding 250 billion yuan, marking a historical high and doubling the scale compared to 2024 [1][2] - The issuance scale of bond ETFs, particularly the Sci-Tech Bond ETF and the Benchmark Market Credit Bond ETF, has reached 69.77 billion yuan and 21.71 billion yuan respectively, with 24 and 8 public fund institutions participating [1][2] Group 2: Popular ETF Themes - Equity ETFs focusing on themes such as "Double Innovation" and Hong Kong technology have gained significant traction among public fund institutions, with over 10 institutions actively investing in ETFs tracking indices like the CSI A500 and Sci-Tech Composite Index [2][3] - New ETFs tracking themes like Sci-Tech AI, Free Cash Flow, and Hong Kong Innovation Drugs have seen additional scales exceeding 5 billion yuan, while those tracking indices like the Entrepreneurial Board AI and Hong Kong Technology have added over 3 billion yuan [2] Group 3: New Entrants and Differentiation - Major fund houses like E Fund, Fuguo Fund, and Huaxia Fund have launched over 20 new ETFs each this year, with issuance scales surpassing 18.83 billion yuan, 15.99 billion yuan, and 15.58 billion yuan respectively [3][4] - Smaller public fund institutions are also entering the ETF market, with firms like Yongying Fund and Changcheng Fund launching their first ETFs, covering various themes including home appliances and low-volatility dividends [4] Group 4: Regulatory Changes and Approval Process - The approval process for ETF registration has been expedited, with the China Securities Regulatory Commission optimizing the registration and listing review process, removing the requirement for a no-objection letter from the stock exchange [5] - A recent batch of "hard technology" themed ETFs has been quickly approved, indicating regulatory support for the hard technology sector and facilitating capital flow into innovative fields like artificial intelligence [5]

02基金新闻 ...

AI 助 智绘新型工业化新图景 在不久前发布的"十五五"规划建议中，"新型工业化取得重大进展"被置于"十五五"时期经济社会主要目 标中的显著位置。新型工业化"新"在哪儿？人工智能无疑是重要抓手。"十五五"规划建议强调，全面实 施"人工智能+"行动，抢占人工智能产业应用制高点。 2017年，湖南籍科学家李泽湘返乡创业，依托家乡工程机械产业基础切入商用车自动驾驶赛道，创立希 迪智驾。如今，这家长沙智能驾驶龙头企业已递表港交所，冲刺"矿山自动驾驶第一股"。 "矿山场景无人化是刚需，能从根本上解决人员安全问题，又能大幅提升作业效率。"希迪智驾联合创始 人、副董事长马潍介绍，2024年公司交付全球最大规模无人驾驶矿卡与有人驾驶车辆协同作业车队，无 人驾驶矿卡运输效率最高达有人驾驶的104%。政策层面，2024年国家矿山安全监察局等部门印发的 《关于深入推进矿山智能化建设促进矿山安全发展的指导意见》明确，到2026年全国煤矿智能化产能占 比不低于60%，危险繁重岗位机器人替代率不低于30%，为行业发展划定清晰路径。 工业和信息化部党组书记、部长李乐成近日撰文指出，将牢牢把握智能化与工业化交汇融合的历史机 遇，锚定实现新型 ...

● 新华社约翰内斯堡11月23日电 （记者刘万利 王雷） 峰会期间，李强同法国总统马克龙、韩国总统李在明、安哥拉总统洛伦索、西班牙首相桑切斯、世界贸 易组织总干事伊维拉等进行了友好交流。 李强指出，新一轮科技革命和产业变革加速推进，为世界带来前所未有的发展机遇，但也可能形成新的 不平等和发展鸿沟。二十国集团要推动各方坚持开放共赢、机遇共享，努力提升世界各国人民福祉。一 是推进人工智能的普及应用与有效治理。积极推进研发合作与成果共享，弥合智能鸿沟，完善治理规 则。中方欢迎更多国家加入世界人工智能合作组织、《开放科学国际合作行动计划》，推动人工智能朝 着有益、安全、公平方向健康有序发展。二是促进关键矿产的互惠合作与和平利用。支持"联合国秘书 长能源转型关键矿产小组"发挥积极作用，落实《二十国集团关键矿产框架》，推动优化产供链各环节 利益分配，更好维护发展中国家利益，同时审慎对待军事等用途，防范安全风险。欢迎各方积极参与 《绿色矿产国际经贸合作倡议》。三是强化对全球南方的发展赋能与民生支持。加大对非洲等发展中国 家的能力建设帮助，创造更多就业岗位，促进妇女、青年群体发展。中方愿同各方一道落实曼德拉湾目 标，让更多青 ...

Core Insights - The annual list of top 100 enterprises in Zhejiang serves as an important indicator of the development of local companies, with total revenue exceeding 10 trillion yuan for three consecutive years, and 33 companies reporting revenues over 100 billion yuan, an increase of 2 from the previous year [1] - The growth of Zhejiang enterprises is driven by continuous investment in technological innovation, with 89 companies holding a total of 178,180 patents, marking an increase of 17,811 patents (11.11%) from the previous year [1] Group 1: Revenue and Rankings - Alibaba Group leads the list with a revenue of 996.35 billion yuan, followed by Rongsheng Holding Group at 658.60 billion yuan and Geely Holding Group at 574.83 billion yuan [12] - The top 10 companies by revenue include notable names such as Hikvision, NetEase, and Ant Group, with revenues ranging from approximately 924.96 million yuan to 996.35 billion yuan [12][13] Group 2: R&D Investment - Geely Holding Group ranks first in R&D investment with 266.65 billion yuan, a 16.3% increase from the previous year, and has committed over 100 billion yuan for R&D from 2021 to 2025 [9][10] - Ant Group follows with an R&D investment of 234.59 billion yuan, a 10.7% increase, and leads in patent holdings with 23,550 patents [7][10] - NetEase ranks third with an R&D investment of 175.25 billion yuan, reflecting a 6.3% year-on-year growth, and has focused on AI technology to enhance user experience in various sectors [5][10] - Hikvision, the largest security company globally, invested 118.64 billion yuan in R&D, maintaining a research expense ratio exceeding 10% for five consecutive years [3][10] Group 3: Technological Innovation - The manufacturing sector dominates patent holdings, with 65 companies owning 137,551 patents, while the service sector holds 37,859 patents [1] - Companies like Ant Group and NetEase are heavily investing in AI technologies, with Ant Group launching three AI assistants that have served over 130 million users [7] - Geely has been recognized for its innovation in hybrid power control technology, leading the industry in several patent metrics [9]

一是在"资产荒"背景下，市场对高弹性稀缺资产的强烈渴求。在当前利率下行、房地产投资属性减弱的 宏观背景下，能够带来可观回报的优质权益资产变得尤为珍贵，而永赢基金的"智选"系列产品高度清 晰、纯粹的产品定位，恰好满足了投资者对精准捕捉低空经济、人工智能等前沿趋势的工具性需求。 不可否认，永赢的崛起离不开对时代机遇的精准捕捉，它敏锐地抓住了两大风口： 而高度工具化的产品，则更像是一个个性能优异但功能单一的精密零件。基金公司将零件的性能参数 (投资方向、风险收益特征)标注清晰，这无疑降低了投资者的决策成本，是行业的进步，但硬币的另一 面是，零件的选择便利实则将组装整车的复杂性与选择权，更多地交给了投资者一端。 对于少数专业投资者，这是一个更高效、更自由的工具箱，但对于占据绝大多数的普通投资者而言，一 场"能力的错配"正在悄然发生。他们或许能够清晰地判断自己是否看好人工智能，却未必具备将这 一"零件"与其他不同属性的资产进行科学配置、动态再平衡，并构建一个稳健投资组合的专业能力。 在一年多时间内将权益规模从不足百亿元推升至超千亿元，永赢基金的爆发在整个中国公募基金史上都 堪称现象级，但这不仅是一家公司的成功突围，更像 ...

欧洲智能电网： 可再生能源波动成机遇 【energytechreviewapac网 11月21日报道】 注：图片源于网络 欧洲要实现气候目标并保障能源独立，电网基础设施的现代化改革势在必行。智能电网凭借其核心数字 智能和双向流动能力，成为化解间歇性可再生能源复杂性的关键驱动力，将波动性这一挑战转化为打造 更灵活、更具韧性、更可持续能源未来的机遇。 智能电网利用先进数字技术、传感器和智能软件组成的集成网络，对电力的生产、传输、配送和消费进 行实时管理。其核心特征是实现电力与数据的双向流动，这与传统单向电网模式有本质区别。智能电表 和嵌入式传感器可持续监测电力流向和用户使用模式，生成海量高分辨率数据，为动态运营决策提供依 据。 这种实时可视性让运营商能够以更精准地平衡供需关系。先进的监测平台汇总海量数据，实时提供电网 运行状态的全貌。电力企业可即时调整输出，更好地应对可再生能源间歇性引发的波动，并缓解电网局 部拥堵或潜在的系统故障。此外，智能电网经专门设计，能够无缝接入屋顶太阳能装置、社区风能项目 等分布式能源资源（DER）。运用精密软件，电网可接纳来自产消者社区的波动性能源输入，即便分布 式发电规模不断扩大，仍 ...

今天，非常荣幸能与各位关心摩尔线程的投资者朋友进行交流，并围绕公司的核心技术、经营管理、战 略规划与未来发展等话题展开深入沟通。我们深切感受到各位的信任与期待，也更加意识到作为一家拟 上市企业所肩负的责任。 人工智能作为引领新一轮科技革命和产业变革的战略性力量，正深刻改变人类生产生活方式。未来，摩 尔线程将继续响应国家人工智能战略，持续加大创新项目研发投入，助力我国在全球智能计算领域构建 技术领先优势，为数字中国建设注入强劲动能。 我们坚信，唯有专注创新、踏实经营，才能真正回报投资者的每一份信任。全体摩尔线程人将全力以 赴，不断提升公司的核心竞争力，以扎实的业绩和发展成果，回应大家的厚爱与支持。 今天的路演虽已临近尾声，但我们与广大投资者的同心共赢之路才刚刚启程。真诚欢迎广大投资者继续 关注与支持摩尔线程，并通过各种方式与我们保持交流。 尊敬的各位嘉宾、各位网友： 大家好！ 摩尔线程首次公开发行股票并在科创板上市的网上投资者交流会马上就要结束了。非常感谢大家的热情 参与和踊跃提问。感谢中信证券股份有限公司等所有中介机构的专业服务和辛勤付出，也衷心感谢上证 路演中心、上海证券报及中国证券网为我们提供了这个良好的 ...

Core Viewpoint - The company aims to become a globally competitive leader in full-function GPU technology, focusing on providing computing acceleration platforms for AI, digital twins, and high-performance computing since its establishment in 2020 [2][12]. Business Operations - The company primarily engages in the research, design, and sales of GPUs and related products, with a focus on high-performance computing applications [2][3]. - The company has successfully launched four generations of GPU architectures, covering various application areas including AI computing, high-performance computing, and graphics rendering [3]. - The company has a diverse product matrix that meets the differentiated needs of government, enterprises, and individual consumers [3]. Technology and Innovation - The company has applied for over 1,000 patents, with 514 patents granted as of June 30, 2025, leading among domestic GPU companies [4][6]. - The company emphasizes continuous R&D investment, with over 75% of its workforce dedicated to R&D, resulting in products that meet or exceed international standards [4]. - The company actively participates in industry standards development, enhancing its technological leadership [5]. Financial Performance - The company's main business revenue for the reporting period (2022 to 2025) shows significant growth: 45.84 million, 121.47 million, 432.32 million, and 701.58 million yuan [7]. - The main business gross margin has improved from -70.45% to 69.17% over the same period, reflecting a shift towards higher-margin products [9]. - R&D expenses have been substantial, with figures of 1,116.49 million, 1,334.43 million, 1,358.69 million, and 556.73 million yuan, indicating a strong commitment to innovation [11]. Development Strategy - The company aims to provide global computing acceleration infrastructure and solutions, focusing on AI computing support for various industries [12]. - The company has identified its core competitive advantages in the domestic GPU sector, including a robust ecosystem, a professional R&D team, and effective commercialization strategies [12][13]. Industry Trends - The Chinese GPU market is experiencing rapid growth driven by increasing demand for computing power, with a notable shift towards domestic production [16][17]. - The application of GPUs is expanding into diverse fields, particularly in AI, where their capabilities are becoming essential [17]. - The industry is witnessing a trend towards technological upgrades and increased localization, providing significant opportunities for growth [16][18]. Competitive Position - The company is positioned in a market dominated by international players like NVIDIA and AMD, but it has gained market share through close customer service and rapid response to needs [18]. - The company’s products have achieved performance metrics that are competitive with international standards, such as the MTT S80 graphics card's performance nearing that of NVIDIA's RTX 3060 [18][19]. Public Offering - The company plans to issue 70 million shares, increasing its total shares to 470.03 million, with the new shares representing 14.89% of the total [20]. - The raised funds, totaling 800 million yuan, will be allocated to the development of new AI and graphics chips, enhancing the company's core competencies and market share [21].