近期，伴随权益市场回暖，一批历经市场周期洗礼的基金老将，正逐渐摆脱前期的业绩低迷，部分基金老 将甚至亮出凌厉锋芒，不仅净值曲线重拾升势，更以持续稳健的表现重新跻身"双十基金经理"（管理同一 基金满十年且年化收益超10%）之列。 部分基金老将亮出凌厉锋芒 今年主动权益基金业绩逐渐回暖。Wind数据显示，偏股混合型基金指数年内收益超过15%，超千只主动权益 基金年内业绩超过20%。 尽管不少主动权益基金仍处于修复前期回撤的过程中，但是短期业绩的显著回升，正持续助推着基金长期业绩 的稳健增长。 尤其是一些历经多轮牛熊行情的基金老将也逐渐走出业绩低迷期，凭借修复净值回撤的能力，对近年来遭受的 质疑作出最有力的回击。 国联安基金魏东是公募基金行业为数不多担任基金经理年限超过20年的老将，他担任国联安精选基金基金经理 至今接近16年时间。在2021年至2023年之间的波动行情中，他也未能从中脱身，期间最大回撤一度超过40%， 也曾遭受过持有人与市场对其投资能力的质疑。好在随着近期市场回暖，国联安精选基金年内回报超过20%， 一举扭转短期、中期亏损，近一年、三年、五年回报均实现正收益。该基金最新净值距离2021年的历史最高 ...

↑点击上面图片 加雪球核心交流群 ↑ 8月首个交易日美股三大指数集体跳水，纳指单日跌幅超2%，科技股领跌。 01 科技股遭血洗，亚马逊暴跌8% 昨夜美股三大指数全线收跌，道指跌1.23%，标普500跌1.6%，创5月以来最大单日跌幅，纳指重挫2.24%，科技七巨头指数暴跌2.99%。 消息面上，美国7月非农就业数据意外爆冷，叠加特朗普政府新一轮关税攻势，市场避险情绪急剧升温。欧洲股市同步大跌，法国CAC40指数跌近 3%，创四个月最差表现。 | 美 BILI | | 21.84 | -0.23% 盘后 | | --- | --- | --- | --- | | 理想汽车 | | 25.24 | -3.30% | | 美 LI | | 25.30 | +0.24% 盘后 | | 拼多多 | | 110.06 | -2.99% | | 美 PDD 财报 | | 110.00 | -0.05% 盘后 | | 阿里巴巴 | | 117.07 | -2.95% | | 美 BABA | | 117.00 | -0.06% 盘后 | | 苹果 | | 202.38 | -2.50% | | 美 AAPL | | 202. ...

□ 本报记者徐冠英 8月1日，省政府新闻办组织的"坚决扛好经济大省挑大梁责任"系列新闻发布活动启幕。首场发布会的主 题为"在推动科技创新和产业创新融合上打头阵"，省科技厅厅长徐光辉发布相关情况并与省工信厅、省 人社厅、无锡市、盐城市有关负责同志回答记者提问。 "打头阵"是江苏的使命担当。"打"得怎样？有何"打法"？今后咋"打"？发布会回答了公众关心的问题。 成绩亮眼 去年，全省研发投入强度达3.33%左右，提前完成省"十四五"规划目标，处于创新型国家和地区中等水 平；今年上半年，全省高新技术产业产值占规上工业总产值比重增至51.8%，在去年首破50%、达50.7% 的基础上实现持续攀升；连续4年，制造业高质量发展指数保持全国第一……在双向奔赴、共振共舞 中，江苏的创新链与产业链均呈现较高的"含新量""含金量"。 发布会上，有记者提到，最近"未来"号深远海绿色智能技术试验船交付，这艘历经6年科研攻关和设计 制造的船"让我们感到很提气"，希望了解江苏打造重大创新平台的进展。徐光辉表示："我们加快培育 战略科技力量，集中资源建设重大平台载体，初步构建起前沿引领、产业赋能、开放协同、特色鲜明的 创新平台矩阵。" 答案 ...

Core Viewpoint - The article highlights the increasing foreign investment in China, particularly in high-tech sectors such as telecommunications and healthcare, indicating a shift in global capital towards China as a key investment destination [1][10]. Summary by Sections Foreign Investment Trends - In the first half of the year, China saw the establishment of 30,014 new foreign-invested enterprises, a year-on-year increase of 11.7%, with actual foreign investment amounting to 423.23 billion yuan [1]. - Shenzhen led major cities in new foreign investment enterprises, with 5,581 new establishments, a growth of 51.5%, and actual foreign investment reaching 20.9 billion yuan, up 11.3% [2][8]. Sector Preferences - The article notes a preference for investment in the service sector, particularly in telecommunications and healthcare, as these areas are becoming new hotspots for foreign capital [1][15]. - In Shenzhen, the number of new foreign-invested medical enterprises reached 113, a significant increase of 85.2%, while telecommunications enterprises saw a total of 635 new establishments, growing by 60.0% [1][18]. City-Specific Insights - Different first-tier cities exhibit varied preferences for foreign investment. For instance, Beijing focuses on research and development centers, while Shanghai serves as a hub for multinational corporate headquarters [12][13][14]. - In Shanghai, 3,019 new foreign-invested enterprises were established in the first half of the year, with actual foreign investment amounting to approximately 612.85 billion yuan, a decrease of 16.4% [2][12]. High-Tech Industry Growth - High-tech industries in Shenzhen accounted for 35.2% of actual foreign investment, with high-tech manufacturing seeing a remarkable increase of 122.2% [8]. - Major multinational companies like Siemens and Valeo are making significant investments in Shenzhen, indicating strong confidence in the region's industrial capabilities [4][6]. Policy and Market Dynamics - The Chinese government is accelerating the opening of the service sector, with 155 pilot tasks aimed at expanding foreign investment in key industries such as telecommunications and healthcare [16][17]. - The entry of foreign-owned hospitals is expected to alleviate pressure on public healthcare systems and enhance the quality of medical services available to citizens [17].

城市竞争，不进则退。 一个主导产业的兴衰，一场地缘局势的波动，一次国家战略的调整，都足以产生深远影响。 面对关税战、产业革命、内循环等大变局，哪些城市稳中有进，哪些城市掉队了？ 一、TOP50城市GDP，谁进谁退？ 这是2025年上半年主要城市GDP数据： | | 地区 | 2025H1 | | 2024H1 增量（含五普）名义增速 | | 实际增速 | 2024GDP | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 上海 | 26222 | 22346 | 3876 | 17.3% | 5.1% | 53927 | | 2 | 北京 | 25029 | 21791 | 3238 | 14.9% | 5.5% | 49843 | | ਤੇ | 深圳 | 18322 | 17302 | 1020 | 5.9% | 5.1% | 36802 | | 4 | 国天 | 15930 | 15138 | 791 | 5.2% | 5.0% | 32193 | | 5 | 广州 | 15081 | 14298 | 783 | 5.5% | 3.8% | ...

Group 1 - The core viewpoint of the news is the establishment of the Sci-Tech Growth Layer on the STAR Market, which enhances the inclusivity for unprofitable tech companies to go public, prompting brokerages to adjust their project selection and valuation strategies [1][6][7] - As of now, 32 unprofitable companies have been officially included in the Sci-Tech Growth Layer, leading to comprehensive adjustments in project screening standards, valuation systems, and sponsorship strategies by various brokerages [1][2] Group 2 - Brokerages are shifting their project selection criteria to focus on "hard technology" and growth potential, prioritizing sectors like artificial intelligence, commercial aerospace, and biomedicine [2][3] - The evaluation criteria for unprofitable companies are evolving from profit-oriented to cash flow and technology valuation, emphasizing long-term profitability potential [2][3] - The new screening standards include a stronger emphasis on R&D investment, innovation capability, and the ability to convert scientific achievements into commercial success [3][4] Group 3 - Brokerages are innovating their valuation systems to balance regulatory requirements and market expectations, focusing on non-financial factors such as technological barriers and market potential [4][5] - The policy is expected to enhance overall liquidity and valuation structure on the STAR Market, with a significant increase in daily turnover rates for companies in the Sci-Tech Growth Layer compared to non-growth layer companies [6][7] - The establishment of the Sci-Tech Growth Layer is anticipated to attract long-term capital and institutional investors, thereby optimizing the investor structure and reducing short-term volatility [6][7] Group 4 - The policy encourages investment in hard technology sectors, which is expected to lead to more companies in fields like artificial intelligence and commercial aerospace going public [6][7] - Brokerages are restructuring their business logic in response to the new policies, enhancing their project selection and valuation processes to better support tech innovation [7]

Group 1 - The latest public fund holdings report indicates that many "fixed income +" products increased their equity positions in the second quarter, with sectors like computing power, semiconductors, and biomedicine becoming popular among fund managers [1][2] - Market expectations suggest a further strengthening, with opportunities for rotation across various sectors, as core A-share assets have become more attractive after prolonged adjustments [1][3] - The increase in equity positions is evident, with specific funds like Yongying Stable Growth One Year Fund raising their equity allocation from 13.59% to 16.53% [1][2] Group 2 - Many "fixed income +" funds have diversified their equity asset selection, moving from traditional sectors to more dynamic ones like computing power and semiconductors [2][3] - The investment strategies of "fixed income +" funds have become more varied, with a shift towards themes such as artificial intelligence, semiconductors, and real estate [3] - Fund managers express confidence in the performance of risk assets in the second half of the year, anticipating a recovery in asset prices due to reduced market uncertainties [3]

据了解，在2025世界人工智能大会期间，位于全域链接馆展区C位的上海国投公司每天都举办多场路演 生态活动，旗下基金管理人携手头部大模型、芯片、语料、应用等企业和生态合作伙伴亮相。 自去年9月底具备投资条件以来，上海国投先导在不到十个月时间里，快速决策36个项目，投决总金额 达259.55亿元，带动超1000亿元社会资本注入上海三大先导产业。目前，上海国投先导已初步形成领投 定价的品牌效应，累计完成26只市场化子基金遴选，实现5.3倍放大效应，领投一批链主企业，吸引一 批头部管理人首次落沪。 绩效考核方面，上海国投先导已建立完整的投后评价体系，从返投、聚焦率、业绩、合规等多方面考核 子基金，围绕对上海市相关产业生态贡献、投资策略匹配、投资节奏把控项目招引与产业赋能、活动影 响力、产业链上下游资源嫁接等维度对子基金开展全方位考核评价工作。 7月28日，在2025世界人工智能大会期间，上海国投公司主办"智链科创·赋能AI创新生态"专场论坛。论 坛现场，上海国投先导第三批市场化子基金遴选正式启动。 根据遴选公告，该第三批子基金应为设立或迁址上海市内的股权直投基金。子基金须由专业管理机构进 行市场化、专业化管理，通过股 ...

2025.07. 26 本文字数：2263，阅读时长大约4分钟 作者 | 第一财经 陈君君 7月25日，上海市统计局公布最新数据，2025年上半年，上海金融业延续强劲增长势头，增加值达 4500.81亿元，同比增长8.8%，增速领跑第三产业。同期，上海主要金融市场成交额同比增长 6.6%，其中证券交易、期货、黄金三大交易所表现尤为亮眼，成为推动经济高质量发展的"金融引 擎"。 回顾上半年，面对外部环境不确定性上升，上海经济保持5.1%的稳定增长，信息传输、软件和信息 技术服务业增加值增长14.6%，金融业增长8.8%，两大行业对全市GDP增长贡献率超过六成。 展望下半年，业内人士认为，仅靠总量扩张难以有效激发需求，需进一步强化货币与财政协同，用好 结构性工具，精准滴灌重点领域和薄弱环节。 金融业增加值领跑第三产业 上海统计局发布数据称，根据地区生产总值统一核算结果，上半年全市实现地区生产总值26222.15 亿元，按不变价格计算，同比增长5.1%。其中，第三产业增加值20739.70亿元，增长5.4%。数据 显示，金融业领跑第三产业，上半年金融业增加值4500.81亿元，增长8.8%。 金融"蓄水池"扩容，存 ...

Core Insights - Shanghai's financial industry continues to show strong growth, with a value added of 4500.81 billion yuan in the first half of 2025, representing an 8.8% year-on-year increase, leading the tertiary industry [1][2] - The stock, gold, and futures markets in Shanghai have all experienced double-digit growth in trading volume, with gold trading volume increasing by 54.4% year-on-year [1][5] - The overall GDP of Shanghai grew by 5.1% year-on-year, with significant contributions from the information transmission, software, and IT services sectors, which grew by 14.6% [2][3] Financial Industry Performance - The financial sector's value added reached 4500.81 billion yuan, growing by 8.8%, making it a key driver of the city's economic growth [2][3] - By the end of June, the total deposits and loans of financial institutions in Shanghai reached 22.90 trillion yuan and 12.85 trillion yuan, respectively, with year-on-year growth of 7.5% and 8.4% [2][3] - Structural tools have been emphasized to support the economy, with significant growth in loans for information technology services and small micro-enterprises [2][3] Capital Market Dynamics - The Shanghai Stock Exchange reported a 28.6% increase in trading volume for securities in the first half of the year, driven by reforms and increased activity in the STAR Market [6] - The international gold market saw prices exceed 3500 USD per ounce for the first time, with a cumulative increase of over 30%, reflecting heightened demand for gold as a safe-haven asset [6][7] - The futures market also showed strong performance, with trading volume increasing by 23% [5][6] Economic Outlook - Analysts predict that infrastructure investment will receive a boost, particularly through special bonds directed at new infrastructure and urban renewal projects [4][7] - Financial resources are expected to be directed towards high-tech enterprises and advanced manufacturing, with the STAR Market playing a crucial role in supporting business growth [4][7] - The overall outlook for the financial market remains positive, although caution is advised regarding potential risks in the stock and gold markets due to high valuations [7]