编者按： 当前资本市场正经历前所未有的变革与挑战，如何借助专业投研力量优化资产配置，成为投资者迫切关注的核心 命题。与此同时，中国公募基金行业正经历从规模扩张向高质量发展的深刻生态变革，基金经理队伍的迭代更新 与投研体系的深度重塑，为市场注入全新活力。 在行业变革与市场波动交织之际，券商中国推出《基金经理周周看》栏目，以"拨云穿雾"的专业视角锚定产业趋 势研判。栏目将通过深度对话优秀基金经理群体，系统解构其投资框架的底层逻辑与市场前瞻思维，构建连接产 业变革与资产配置的专业桥梁，为投资者提供兼具行业深度与市场时效性的价值参考。 本期《基金经理周周看》栏目中，诺安基金权益事业部副总经理、研究部总经理邓心怡表示，科技股估值抬升后， AI等产业仍有趋势，且AI应用带来的预期差较多，个股布局上将识别和聚焦优质公司。财通基金基金经理沈犁善于 用胜率、赔率、景气度构成的"三好"标准来优选成长股，也时常用消费视角挖掘科技股，他表示看好AI算力和出海 制造。安联基金副总经理、首席投资官郑宇尘以及安联基金研究部总经理、基金经理程彧认为，这一轮行情的根本 动力并非短期资金，而是企业长期竞争力提升、系统性风险缓和与政策托底三大因素 ...

Group 1 - The rare earth sector has emerged as the strongest track in A-shares this year, with an average increase of 150.8% as of the end of August, leading over 300 sub-industries in the Shenwan index [1] - The recent performance of the rare earth industry index has surpassed the peak of the 2015 bull market, driven by the end of a two-year profit decline and a strategic value reassessment of rare earths [2] - The capital market has assigned higher valuation premiums to companies in the rare earth sector, with North Rare Earth's stock price exceeding 56 yuan, while its earnings per share for the first half of the year was 0.26 yuan, with a consensus forecast of 0.76 yuan for the full year [3][4] Group 2 - The rare earth industry is experiencing better conditions this year compared to last year, with significant price increases for praseodymium and neodymium metals, which rose by 11.9% and 12.7% year-on-year, respectively [6] - The recovery in profitability for related listed companies is evident, with North Rare Earth's gross margin increasing by 4.32 percentage points to 12.28%, and Guangsheng Nonferrous's gross margin rising by 5.1 percentage points to 6.4% [7] - North Rare Earth reported significant increases in production and sales volumes for its main products, with sales of rare earth metals increasing by 32.33% and functional materials by 17.93% year-on-year [7] Group 3 - The average profit growth rate for four sample companies in the rare earth sector reached 723%, with North Rare Earth's net profit increasing by 1952% [8] - The demand for rare earths is improving, with a strong rebound in prices for praseodymium and neodymium oxides observed in July, indicating a gradual increase in industry prosperity [8] - Despite the profit recovery, the overall profit scale of these companies is still far from the peak levels of the previous industry cycle, with North Rare Earth's net profit in 2021 and 2022 exceeding 5 billion yuan [11][12] Group 4 - The valuation levels of rare earth companies are significantly higher than those in other non-ferrous metal industries, attributed to the strategic importance of rare earth products [13] - Recent government measures, including export controls on certain rare earth items and stricter regulations on the industry, have contributed to the higher valuation premiums in the market [14][15] - The stock prices of these companies are expected to fluctuate around their enterprise values, with future adjustments relying on either profit growth or stock price corrections [15]

Core Viewpoint - The article discusses the long-term investment outlook for A-shares and Hong Kong stocks, highlighting a shift towards a "slow bull" market driven by improved investor sentiment and fundamental economic changes in China [4][5]. Group 1: Market Outlook - A-shares and Hong Kong stocks have emerged from valuation lows, indicating a positive shift in investor expectations for the Chinese capital market [4]. - The current market rebound is not merely speculative but reflects sustainable changes in the Chinese economy, including stabilization and recovery, structural optimization, and improved corporate profitability [4][6]. - The participation in this valuation reassessment is primarily from international and domestic institutions, which are adopting more rational and long-term investment strategies [4]. Group 2: Economic Conditions - China's economy is showing a "steady progress" trend, supported by internal consumption recovery, industrial upgrades, and resilient external trade [8]. - The macroeconomic policy mix is effectively improving both internal and external demand, providing a solid foundation for achieving annual growth targets [8]. Group 3: Policy Expectations - Key areas of focus for future policies include proactive fiscal measures, continued moderate monetary easing, and breaking down barriers to enhance domestic market potential [9]. - The government is expected to prioritize the implementation of the 2025 fiscal budget and may slightly ease monetary policy to achieve around 5% growth [9]. Group 4: U.S. Monetary Policy - The Federal Reserve is likely to lower interest rates by 50 to 75 basis points this year, with a high probability of a 25 basis point cut in September [11]. - Market expectations for future rate cuts may be overly optimistic, as persistent inflation could limit the extent of subsequent reductions [11]. Group 5: Asset Allocation Strategies - There is a consensus on increasing allocations to non-dollar assets, such as gold, silver, real estate, and cryptocurrencies, as the dominance of the dollar is expected to weaken [10][14]. - Investors are advised to diversify their portfolios and adjust positions based on policy and asset valuation fluctuations [12][13].

Fund Flows - Since June 10, over 151.6 billion yuan has been net subscribed to Hong Kong-themed ETFs, with significant interest in technology, innovative pharmaceuticals, and finance sectors [1][2] - Major ETFs such as the Fuguo Hong Kong Internet ETF and E Fund Hong Kong Securities ETF have seen substantial net subscriptions of 23.46 billion yuan and 17.89 billion yuan respectively [1] - Multiple ETFs have reached record high shares since their inception, indicating strong investor interest [1] Growth of ETF Sizes - The Fuguo Hong Kong Internet ETF's size increased from 22.19 billion yuan at the end of last year to 74.56 billion yuan as of August 28 [2] - Other ETFs like the E Fund Hong Kong Securities ETF and the Guangfa Hong Kong Non-bank ETF also experienced significant growth in size [2] Investment Opportunities - New Hong Kong-themed funds are being launched, focusing on sectors such as technology and pharmaceuticals, with several funds currently in the issuance process [3] - The Hang Seng Technology Index, which includes leading Chinese tech companies, is expected to benefit from the ongoing AI wave, presenting long-term investment value [3][4] Structural Changes in the Market - Three key structural changes are anticipated to lead to a systematic revaluation of Hong Kong assets: improved asset quality, increasing influence of southbound capital on pricing, and enhanced liquidity in the market [5]

Core Insights - The company, Fulejia, is facing significant operational pressure in the first half of 2025, with revenue of 863 million yuan, a year-on-year decline of 8.15% [1] - The decline in both revenue and profit reflects the challenges faced by the company, once known as the "first stock of medical beauty masks," amid industry changes [1] Revenue and Profit Trends - Fulejia's revenue has decreased, with sales expenses accounting for nearly half of its costs, indicating a heavy burden on the company [1] - The traditional distribution system has seen a sharp decline, with offline revenue contribution dropping to less than 20%, while online channels, despite rapid growth, are unable to fully compensate for the revenue gap [1] Marketing and Sales Strategy - The company has shifted its marketing resources significantly towards live e-commerce and influencer marketing, leading to a situation where sales expenses are growing faster than revenue [1] - Heavy investments in collaborations with top influencers and platform promotions have increased online visibility and order growth but have not translated into sustainable sales [1] Product and Brand Challenges - The core product category of "medical beauty masks" is facing a trust crisis due to regulatory tightening and consumer perception changes [1] - The company is struggling with slow innovation cycles, relying heavily on traditional sheet masks, while counterfeit products are undermining brand value and consumer trust [1] Strategic Directions for Growth - The company needs to focus on three key areas for transformation: - Rebalancing channels by enhancing offline professional channels and reducing reliance on single-path traffic purchases [1] - Accelerating the development of high-value products to replace marketing premiums with technological barriers [1] - Rebuilding brand value through transparent supply chains and anti-counterfeiting measures, shifting marketing focus from "medical beauty concepts" to "professional solutions" [1]

Group 1 - The core idea of the articles emphasizes the trend of young individuals opting for "retraining" to enhance their employability by acquiring practical skills in high-demand fields such as industrial robotics and artificial intelligence [1][2] - The term "retraining" reflects a proactive approach to career development, where individuals like Jiang Xinqi transition from theoretical knowledge to practical application, addressing the skills gap in the job market [1] - Lifelong learning is highlighted as a crucial concept, with a shift from merely obtaining a diploma to continuous skill investment throughout one's career, aligning with market demands for specific competencies [1][2] Group 2 - The relationship between diplomas and skills is clarified, indicating that while diplomas signify foundational learning abilities, specific skills are essential for solving real-world problems, showcasing a stronger sense of career control among young people [2] - The trend of "retraining" raises new expectations for higher education, emphasizing the need for deeper integration between higher education and industry to cultivate more systematic talent development [2]

Core Insights - The Chinese innovative drug industry is entering a critical "value reassessment" period in 2025, with a shift in market focus towards companies with sustainable profitability, clinical value, and global commercial strength [1][20] - Jun Zhu, CEO of the company, emphasizes a strategic focus on differentiated innovation rather than high-risk, long-cycle projects, positioning the company as a "value re-constructor" in the industry [3][11] Financial Performance - The company reported a revenue of approximately 2.82 billion yuan and a net profit of about 390 million yuan for the first half of 2025, with global product revenue exceeding 2.5568 billion yuan and overseas product profits surging over 200% [1] - Operating cash flow reached 770.9 million yuan, marking a significant year-on-year increase of 206.8% [1] Market Performance - Since the beginning of 2025, the company's stock has seen a cumulative increase of 254%, outperforming the broader Hong Kong innovative drug sector [2][19] - The market is recognizing the company's "innovation + internationalization" dual-driven strategy, which has transformed its image from a "biosimilar" company to a "global innovative participant" [2][19] Differentiated Innovation Strategy - The company focuses on unmet clinical needs and aims to create differentiated barriers by expanding indications from mature targets and optimizing treatment plans, rather than engaging in homogeneous competition [3][11] - The PD-1 product, Hanshu, has successfully differentiated itself in a crowded market, achieving significant market share in the ES-SCLC indication [4][5] Clinical Development and Pipeline - The company has made significant advancements in clinical research, with the ASTRUM-005 study demonstrating a median overall survival of 15.8 months for its PD-1 product, surpassing traditional chemotherapy by 4.7 months [4] - The HER2-targeted drug HLX22 has shown promising results in clinical trials, with stable efficacy and the potential to become a first-in-class treatment for HER2-positive gastric cancer [7][11] Globalization Strategy - The company has established a comprehensive globalization framework, leveraging its early biosimilar products to build international clinical, registration, and production capabilities [13][14] - The company has secured partnerships with various international pharmaceutical companies, expanding its global reach and commercial network [15][19] Future Outlook - The company anticipates multiple innovative drugs to be approved in major global markets between 2025 and 2029, with significant growth potential for its products in international markets [18][20] - The upcoming 2025 World Lung Cancer Conference (WCLC) is expected to showcase the company's innovative capabilities, particularly for its HLX43 product [18]

市场全天震荡走高，沪指逼近3900点，创业板指领涨。 盘面上，算力股维持强势，中际旭创（300308）等多股续创历史新高。稀土、有色等周期股震荡走强，北方铜业（000737）等涨停。消费股午后 反弹，舍得酒业（600702）涨停。美容护理等少数板块下跌。 截至收盘，沪指涨1.51%，深成指涨2.26%，创业板指涨3%。市场热点快速轮动，个股涨多跌少，全市场超3300只个股上涨。沪深两市全天成交额 3.14万亿，较上个交易日放量5944亿，为历史第二高成交额。 尾盘反转！市场再现"天量"成交额 今日，A股市场盘中一度冲高回落，但尾盘持续发力，最终三大指数悉数大涨，沪指涨逾1.5%触及3883.56点的阶段新高。市场成交额继去年10月 8日以来再度突破3万亿元，也是历史上第二次突破3万亿元。 从热点方向看，稀土永磁、有色金属方向涨幅居前。 消息面上，工业和信息化部、国家发展改革委、自然资源部三部门日前发布《稀土开采和稀土冶炼分离总量调控管理暂行办法》，对稀土开采与 冶炼分离加强管控，同时将进口矿纳入总量调控管理。 随着人形机器人量产时刻来临，稀土磁材的需求有望迎来几何级增长。此外，临近新能源汽车旺季，国内外企业补 ...

Group 1 - Zhang Teng, the fund manager of Yinhua Ruihe, adopts a unique energy perspective and macro framework for cyclical investment, distinguishing himself from traditional value and growth investors [1][2] - His investment philosophy emphasizes capturing structural opportunities through a deep understanding of energy dynamics and macroeconomic slow variables, particularly in the context of carbon neutrality and anti-involution [1][6] - Zhang's approach to cyclical stocks focuses on underlying variables rather than merely following commodity prices, aiming to identify undervalued elastic factors at the intersection of industry logic and macro changes [1][3] Group 2 - Zhang Teng's investment framework is influenced by Taleb's "anti-fragile" theory, which emphasizes the importance of macro awareness and diversified investments to achieve long-term stability [4][5] - His strategy includes maintaining a diversified portfolio across five main sectors to mitigate risks while focusing on core driving factors of different assets [5][6] - The "anti-fragile" framework has evolved to enable the identification of opportunities during extreme market fluctuations, allowing for dynamic optimization of investment portfolios [6][8] Group 3 - In the context of the "anti-involution" policy, Zhang Teng identifies significant investment opportunities in the changing supply-demand dynamics of the non-ferrous and chemical sectors, rather than in highly discussed areas like photovoltaics [7][8] - He emphasizes the importance of focusing on industries with steep supply curves and high cost differentials, particularly in strategic resources like rare earths, which are expected to experience value reassessment [7][8] - Zhang's macro perspective includes viewing the Federal Reserve's interest rate cut cycle as a key slow variable that will benefit the non-ferrous sector, with different metals responding at varying paces [8]

8月22日晚间，东风汽车集团股份有限公司发布公告称，子公司岚图汽车将以介绍上市方式登陆港股， 东风集团股份将同步完成私有化退市。根据公告，本次交易采用"股权分派+吸收合并"的组合模式，总 体收购价格为10.85港元/股。其中现金对价6.68港元/股，岚图股权对价4.17港元/股。 如果岚图汽车港股成功上市，将成为继蔚来、小鹏、理想、零跑、赛力斯、小米之后，又一家登陆港股 的新能源汽车企业。 更为关键的是，东风集团这场"腾笼换鸟"的资本运作，不仅关系到一家央企的转型命运，更将成为传统 汽车制造商在新能源时代如何通过资本创新实现价值重估的重要案例。 图 片来源：岚图汽车官网 介绍上市的资本考量 介绍上市是已发行证券申请上市的一种方式，核心特点是不在上市时发行新股或涉及融资，仅将现有股 东持有的证券在交易所挂牌交易。这种上市方式适合已经有一定规模、不需要立即融资但希望提升流动 性和品牌形象的企业。 资本市场的突围选择 东风集团的港股低估值困境已持续多年。截至2025年7月31日，东风集团总市值为391.2亿港币，收盘价 为4.74港元/股，PB仅为0.24倍，市值长期远低于净资产。 受制于估值情况，东风集团股份上市 ...