5月26日，市场全天震荡调整，创业板指领跌，创新药板块跌幅居前。热门ETF中，创新药ETF天弘 （517380）一度跌超2.6%后尾盘拉升，截至收盘跌1.64%。值得注意的是，该ETF上周五在所有上市 ETF产品中涨幅排名第一。 创新药ETF天弘（517380.SH）为天弘基金在2021年发行的ETF，基准指数为"恒生沪深港创新药精选 50"，代码HSSSHID。该指数可以看作是"创新药行业SmartBeta"指数，以单个指数实现了A股+港股全 面覆盖、创新药+CXO全面覆盖。 天弘的场内外基金为布局该指数的全市场唯一产品。其中，ETF在上交所上市，代码为517380.SH，简 称为"创新药ETF天弘"，截至5月23日，其规模为3.93亿元（为市场上5只AH创新药ETF中规模最大）。 而在场外，联接基金成立也已超3年（A类014564，C类014565）。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 申万宏源证券指出，A股中期重回结构牛，仍依赖于科技产业趋势突破。短期科技尚未摆脱调整波段。 狭义的新消费是景气延续，但行情向外扩散短期也有阻力。短期继续看好 ...

□本报记者 王鹤静 在5月23日举办的第十二届富国论坛上，来自富国基金的主动权益、固定收益、量化三大投研团队，围 绕震荡市国内投资新模式、ETF智能化升级、低利率环境兼顾收益与回撤等众多市场关注的热门议题进 行了深入探讨。 富国基金资深投研人士表示，在全行业库存低位触发补库存周期以及二手房回暖带动地产链修复等因素 驱动下，国内市场的盈利回升周期已经启动。港股市场尽管面临外资流出压力，但南向资金持续流入与 上市公司回购加码为市场提供了韧性支撑。 盈利回升周期已经启动 富国基金权益研究部总经理陈杰表示，在全行业库存低位触发补库存周期以及二手房回暖带动地产链修 复等因素驱动下，国内市场的盈利回升周期已经启动。自2024年四季度风险偏好见顶回落以来，叠加中 国产业转型"突围"的大背景，如AI研发与高端制造双突破、产业集群优势强化，市场情绪有望转向乐 观。 李金柳表示，随着期限利差、信用利差压缩到历史偏窄的位置，组合策略也需要在安全边际和择时博弈 之间做好平衡，力求将收益率曲线管理得更符合投资者的需求。 随着消费政策加码，叠加盈利基数效应，富国消费精选30基金经理周文波预计，今年下半年消费板块或 迎来修复窗口。一方面， ...

导语："投资大家谈"是点拾投资的公益内容栏目，希望通过每周日不定期的推送，让更多人看到 基金经理对投资和市场的思考。"投资大家谈"栏目内容以公益类的分享为主，不带有基金产品的 代码和信息，也必须来自基金经理的内容创作。 以下文章来源于市值女魔头V老板 ，作者市值女魔头 市值女魔头V老板 . V总港股全球策略，左手pbroe，右手AI科技。驾驭从传统到新锐，古典底蕴到时代肩膀上做投资。资 本界脑洞创意，被称为市值女魔头，罕见的跨一二级资本市场买方市值洞察。杀伐果断，观点超前，战 斗值满分，关注就知道… 同样是在《证券分析》一书中，他表示，面对市场巨大的诱惑，(投资者)如果对很多问题一知半 解，是一件很危险的事情，A little knowledge is a dangerous thing。费雪先生，则更加直言不 讳。 在《如何选择成长股》一书开篇不久，他就直言，股市具有一种欺骗人的气质。巴菲特先生多年 来一直在尖锐批评华尔街一些不正确的理念，就是对格雷厄姆和费雪两位先生所说过的话最好的 印证。 他认为，面临巨大的利益诱惑，华尔街时不时地创造出一些理论话术，误导市场。 在他的各种批评之言论中，其中以对EMH（有 ...

2025 年 5 月 24 日 总量研究 小市值风格占优，私募调研跟踪策略超额明显 ——量化组合跟踪周报 20250524 要点 量化市场跟踪 大类因子表现：本周（2025.05.19-2025.05.23，下同）动量因子和成长性因子 获得正收益（0.12%和 0.04%）；流动性因子、beta 因子和规模因子取得明显 负收益（-0.56%、-0.52%和-0.40%），市场动量效应占优，小市值风格仍较为 显著。 单因子表现：沪深 300 股票池中，本周表现较好的因子有净利润断层(1.30%)、 成交量的 5 日指数移动平均(1.15%)、总资产毛利率 TTM(1.02%)。表现较差的 因子有对数市值因子(-1.02%)、动量弹簧因子(-1.12%)、早盘后收益因子 (-1.29%)。 中证 500 股票池中，本周表现较好的因子有毛利率 TTM(1.65%)、单季度 ROA(1.40%)、单季度总资产毛利率(1.26%)，表现较差的因子有单季度净利润同 比增长率(-0.42%)、5 日反转(-0.49%)、早盘后收益因子(-0.64%)。 流动性 1500 股票池中，本周表现较好的因子有 5 日平均换手率(0 ...

田希蒙：港股投资迎机遇，五大赛道孕育结构性机会 关于港股市场的投资机会，富国港股通互联网ETF基金经理田希蒙给出了最新观点。田希蒙表示，富国 基金的港股ETF产品线聚焦互联网、创新药、智能汽车、港股消费、红利等五大核心赛道，凸显港 股"稀缺资产"特性。 田希蒙表示，港股市场当前呈现显著结构性机遇，五大核心赛道——互联网、创新药、智能车、新消费 及红利资产——成长动能强劲。AI商业化加速驱动互联网龙头估值重塑，创新药出海开辟医疗板块新 增量，而"智能汽车+机器人"跨界融合正推动汽车产业格局迭代。他特别指出，恒指ETF兼具红利与科 技属性：高股息提供防御性收益，科技权重赋予进攻弹性，是长期资产配置的理想选择。随着南向资金 持续流入及稀缺产业布局深化，港股相关的ETF产品有望成为捕捉市场红利的战略性工具。 金泽宇：主动与被动共舞，探寻Smart Beta投资之道 近年来，A股Smart Beta发展迅速，截至2025年一季报，A股Smart Beta产品规模共有1507.15亿人民币。 在本场量化投资分论坛上，富国800现金流ETF基金经理金泽宇以《Smart Beta：主动与被动融合，开启 指数新纪元》为主题作了 ...

Summary of Corbus Pharmaceuticals Holdings (CRBP) 2025 Conference Call Company Overview - **Company**: Corbus Pharmaceuticals Holdings (CRBP) - **Date of Conference**: May 21, 2025 - **Key Speaker**: Yuval Cohen, CEO Key Points Discussed ADC CRB-701 Development - **Data Presentation**: Recent data from the first Western dataset for CRB-701 shows safety and efficacy comparable to existing treatments like PADCEV, particularly in bladder and cervical cancers [5][6] - **Ocular Prophylaxis Impact**: The use of ocular prophylaxis in Western trials resulted in significantly fewer ocular events compared to trials in China [5] - **Head and Neck Cancer**: Initial data from head and neck cancer patients is promising, with a small cohort showing encouraging results [6][8] - **Safety Profile**: CRB-701 demonstrates a markedly safer profile than PADCEV, with fewer adverse events and lower dropout rates [8] - **Market Strategy**: The company aims to target "empty swim lanes" in oncology, focusing on tumor types where PADCEV is not currently used [9][10] Future Data Expectations - **Project OPTIMIZ**: The company is conducting Project OPTIMIZ, which includes trials for bladder, head and neck, and cervical cancers, with significant patient enrollment expected [13][14] - **Data Release Timeline**: More mature data is anticipated to be presented at a major oncology conference later in the year, with a marked increase in patient numbers [14][36] Head and Neck Cancer Focus - **Market Size**: Head and neck cancer represents a significant market opportunity, with approximately 80,000 patients in the US, half of whom may become metastatic [35] - **Regulatory Path**: The regulatory path for head and neck cancer may be more complex compared to cervical cancer, which has a smaller patient population but potentially faster approval timelines [36][37] Combination Therapy Insights - **Checkpoint Inhibitor Combinations**: The company is exploring combinations of CRB-701 with checkpoint inhibitors, with a focus on patient selection based on immune-related biomarkers [23][24] - **Data-Driven Decisions**: Future strategies will be guided by data outcomes, particularly in relation to competing therapies in the market [25][27] Other Drug Developments - **CB1 Inverse Agonist (CRB-913)**: The company is developing CRB-913, which aims to have a safer profile with significantly lower brain penetration compared to competitors, potentially reducing neuropsych adverse events [41][42] - **Phase Ib Studies**: The design of Phase Ib studies will focus on safety and tolerability, with results expected in the second half of the year [49][50] Upcoming Milestones - **Phase One Data**: The company plans to present data for multiple assets in the second half of the year, indicating a busy and potentially impactful period ahead [61] Additional Insights - **Market Competition**: The competitive landscape includes other modalities targeting similar indications, with a focus on differentiating CRB-701 based on its unique safety and efficacy profile [20][21] - **Regulatory Considerations**: The company is aware of the challenges in navigating regulatory pathways, especially for larger indications like head and neck cancer [36][37] This summary encapsulates the key discussions and strategic directions of Corbus Pharmaceuticals as presented in the conference call, highlighting their focus on innovative cancer therapies and the importance of data in guiding their development strategies.

Core Viewpoint - U.S. Global Investors, Inc. has successfully listed its gold-focused ETF, the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), on the Bolsa de Valores de Colombia, enhancing its accessibility for Colombian investors and expanding its presence in Latin America [1][2][3] Company Overview - U.S. Global Investors, Inc. is a boutique investment firm specializing in precious metals and emerging markets, with over 50 years of history [7] - The company is headquartered in San Antonio, Texas, and provides money management and other services to various funds and ETFs [7] ETF Details - GOAU offers exposure to companies involved in the production of gold and other precious metals through mining or royalty agreements [2][3] - The ETF is already listed in New York, Mexico, and Peru, and its addition to the BVC increases its visibility across Latin America [2] - GOAU is the only non-UCITS ETF listed on the BVC that provides access to gold and precious metals mining companies [3] Investment Strategy - The GoGold ETF employs a smart-factor, rules-based investment strategy that combines passive investing efficiency with active management selectivity [5] - It tracks the U.S. Global GO GOLD and Precious Metal Miners Index, which screens companies based on valuation, profitability, and balance sheet quality [5][13] - Unlike traditional gold mining funds, GOAU focuses on high-quality, well-managed companies with consistent profitability, particularly North American royalty and streaming companies [6] Market Context - The listing of GOAU on the BVC is seen as timely due to the growing sophistication of Colombia's capital markets and increasing demand for diversified investment options amid economic uncertainty and geopolitical instability [3] - As of May 2025, only two gold-related ETFs are listed on the BVC, highlighting the unique position of GOAU in the Colombian market [3]

Market Overview - Wall Street experienced a strong bull run in 2023 and 2024, but 2025 has shown mixed results due to concerns over persistent inflation and the Federal Reserve's uncertain stance on interest rates after a 1% cut in the benchmark lending rate last year [1] - Severe volatility has affected Wall Street since early April, primarily due to the implementation of reciprocal tariff policies by the Trump administration, with baseline tariffs at 10% but actual rates exceeding 70% for several major trading partners [2] - Retaliatory tariffs from other countries have raised fears of a global trade war, although some trade negotiations have been settled and others are ongoing [3] Company Highlights Philip Morris International Inc. (PM) - Philip Morris has shown strong pricing power and is expanding its smoke-free product portfolio, aiming to become substantially smoke-free by 2030 [7] - The company anticipates robust growth in 2025, with a projected 2% increase in volume and smoke-free products expected to grow by 12-14% [8] - Expected revenue and earnings growth rates for the current year are 8.1% and 13.7%, respectively, with a stock price increase of 44.7% year to date [9] Sprouts Farmers Market Inc. (SFM) - Sprouts Farmers is focusing on product innovation, e-commerce, and private label offerings, which have contributed to better-than-expected fourth-quarter 2024 results [10] - The company expects net sales to rise between 10.5% and 12.5% in 2025, with comparable sales anticipated to increase by 4.5-6.5% [11] - Expected revenue and earnings growth rates for the current year are 13.7% and 35.5%, respectively, with a stock price surge of 32.2% year to date [12] Newmont Corp. (NEM) - Newmont is progressing with growth projects, including the Tanami expansion and the acquisition of Newcrest, which enhances its portfolio and synergies [13] - The Ahafo North project has received full funding approval, with commercial production expected to start in the second half of 2025, involving an investment of $950 million to $1,050 million [14] - Expected revenue and earnings growth rates for the current year are 2% and 12.6%, respectively, with a stock price increase of 40.5% year to date [15]

- The report focuses on the performance of Smart Beta portfolios, specifically Value, Growth, and Small-cap styles, constructed based on high beta elasticity and long-term stable excess returns objectives[7][8][10] - Value Smart Beta portfolios include "Value 50 Portfolio" and "Value Balanced 50 Portfolio", with weekly returns of 1.13% and 0.32%, respectively, and annual returns of 5.80% and 1.55%[4][8][10] - Growth Smart Beta portfolios include "Growth 50 Portfolio" and "Growth Balanced 50 Portfolio", with weekly returns of 1.27% and 1.59%, respectively, and annual returns of 0.86% and 6.05%[4][8][16] - Small-cap Smart Beta portfolios include "Small-cap 50 Portfolio" and "Small-cap Balanced 50 Portfolio", with weekly returns of 1.39% and 1.49%, respectively, and annual returns of 8.87% and 10.70%[4][8][22] - Performance metrics for Smart Beta portfolios include absolute returns, excess returns relative to benchmarks, and maximum relative drawdowns, with detailed data provided for each portfolio[8][10][22]

国信证券表示，在当前低利率宽货币的环境下，对于自由现金流充足的公司，根据自由现金流贴现模 型，其估值的抬升将强于自由现金流较弱的公司。高的自由现金流回报率也在低利率环境下存在一定的 投资性价比。而在信用收紧的环境中，成长性公司难以融资进一步扩张，所受冲击最大，而具备内生性 自由现金流创造能力的优质企业则具备一定韧性。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 现金流ETF是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由现金流聚焦指 数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批A股市场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 指数历史走势来看，富时中国A股自由现金流聚焦指数在2014-2024年十余年的时间年化受益约20%，远 超沪深300和中证红利指数同期表现，并且从20 ...