随着2025年基金一季报的陆续披露，鑫元基金旗下多只产品展现出稳健的业绩表现和清晰的投资脉络。 从权益到固收，多位基金经理在季报中分享了其对市场的深刻洞察与策略调整。 权益投资：聚焦结构性机会 鑫元基金首席权益投资官陈立认为，展望二季度，美国关税政策能否有效推进、中美贸易冲突如何演 绎、国内经济运行状况以及积极政策的实施将是影响市场运行的重要宏观因素。基金将重点把握能顺应 产业趋势，带来效率优化与变革的产业机会。主要有：数字经济、人工智能、机器人、智能驾驶、医 药、新能源等。也将关注并购整合推动结构优化、财政发力带来消费受益的机会。 权益投资部负责人李彪在管的鑫元欣享在一季度加大了军工、科技股投资，特别是在AI硬件端，减少 了油服设备、传媒的投资。增加硬件侧投资的主要原因在于看到了大模型成本的快速下降，应用端有望 快速崛起，特别是AI眼镜等智能终端的需求。"AI 在各个垂直领域、各个产业方向如机器人、智能驾驶 的进展也如火如荼，我们紧密跟踪产业进展。消费板块，我们关注在低基数、消费频次高、价格更低的 消费板块，我们注意到中央经济工作会议强调消费并放在重要位置，所以未来一段时间可能也会关注对 性价比消费的持仓。 ...

2025.04. 24 | 板块名称 | 涨幅 | 王力金额 | 板块名称 | 米喝合 | 一切金额 | | --- | --- | --- | --- | --- | --- | | PEEK材料 | +1.80% | -60377 | 新股与次新股 | -3.54% | -3.68 7. | | 电力 | +1.74% | +8.66 7. | 电子身份证 | -3.33% | -5.42 7 | | 美容护理 | +1.59% | +54187 | 华为盘古 | -3.25% | -7.02 Z | | 宠物经济 | +1.59% | +3.11 7. | 注册制次新股 | -3.17% | -3.68 Z | | NMN概念 | +1.22% | +2.36 7. | 通信服务 | -3.16% | -11.70 Z. | | 银行 | +1.06% | -3.27 7 | 软件开发 | -3.12% | -19.77 7 | | 保险 | +0.91% | +1.83 7. | 数据安全 | -3.10% | -29.95 7 | | 维牛麦 | +0.90% | +2.9617. | 科创次新股 ...

Core Insights - The report highlights the ongoing developments in various sectors, particularly in healthcare and technology, indicating potential investment opportunities in companies involved in these areas [6][10]. Domestic Financial Market - The Shanghai Composite Index closed at 3348.44, with a slight increase of 0.38%, while the Shenzhen Component Index was at 10503.66, showing a minor decrease of 0.01% [4]. Macro News Summary - The National Medical Products Administration is accelerating the establishment of general standards for medical robots, AI medical devices, and high-end medical imaging equipment [6]. - The Ministry of Education plans to establish a national language and character big data center by 2027 [7]. - The China Academy of Information and Communications Technology reported that the domestic smartphone shipment in February reached 19.662 million units, marking a year-on-year increase of 37.9% [8]. Industry Latest Developments - The first pricing for brain-computer interface services has been released, presenting development opportunities for related stocks such as Sanbo Brain Science (301293) and Aipeng Medical (300753) [10]. - Support for the innovation and development of high-end medical devices is being promoted, with related stocks including Mindray Medical (300760) and Hotgen Biotech (688068) [10]. - A mechanism for coordinated advancement of digital China construction is being established to promote high-quality development in the digital industry, with related stocks like Data Port (603881) and Runjian Co., Ltd. (002929) [10]. Focus on Listed Companies - Kuaijishan (601579) has adjusted the sales prices of some key products, with a price increase of 4-5% for its pure series yellow wine and 6-9% for its three-year aged series [12]. - TBEA (600089) is investing in a coal-to-natural gas project with a total investment of 17.04 billion yuan, aiming for an annual capacity of 20 billion Nm3 [12]. - Ruixin Technology (300828) has signed an agreement for the acquisition of shares representing 24.19% of the company's total equity [12]. Market Review and Outlook - On April 1, the total trading volume in the two markets was 1.1323 trillion yuan, with 3,651 stocks rising and 1,346 falling. The trading volume decreased by 89.3 billion yuan compared to the previous day [14]. - The three major indices opened slightly higher but retreated after reaching a peak, indicating a healthy pullback after touching the five-day moving average [15]. - Market hotspots included controlled nuclear fusion and pharmaceuticals, while sectors like humanoid robots and precious metals saw significant outflows [15].