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以时间力量赋能价值投资,“未来20”中国A股上市公司成长力评选完成初评
第一财经· 2025-07-03 07:37
当前全球格局面临深度调整,处于新一 轮科技革命和产业变革加速演进的关键时期,科技创新活动 愈发密 集活跃。 在此环境下, 中小市值企业不仅是经济韧性的重要支撑,也是国家科技创新活力 的具体承载。 由于相比大型企业更具灵活性,中小市值企业在 向专业化、精细化、特色化持续发展 的过程中,有望逐渐在产业链中构筑起不可替代的竞争力。 中小市值上市公司作为经济韧性的重要支撑,其健康发展既是完善产业结构和释放创新活力的关键一 环,也是提高多层次资本市场服务覆盖面和精准度的重要实践。在初评会上,主办方代表第一财经总 经理汪钧、安永大中华区业务主管合伙人毕舜杰、矽亚资产管理首席执行官陈加凤,先后发言致辞, 并表示对中小市值企业的发展予以高度关注。 汪钧表示,无论是推动经济发展潜力军的价值发现,还是推动深化改革中的资本市场的资源配置引 导,研究中国中小市值上市公司成长性意义深远。 "我们看到,当前内外部环境仍存在不确定性,技 术迭代对企业的影响也仍在持续,中小企业仍然需要各方携手护航,这是我们和'未来20'共同的使 命。 以持续跟踪和系统研究资本市场中小市值企业的成长发展潜力为目标, 2 024 年第一财经携手安永 (中国)、 ...
创业板指数反弹涨超1%,创业板ETF建信(159956)配置机遇备受市场关注,成长风格有望逐步走强
Xin Lang Cai Jing· 2025-07-03 04:42
截至2025年7月3日午间收盘,创业板指数(399006)强势上涨1.36%,成分股蓝思科技(300433)上涨 8.41%,华利集团(300979)上涨5.81%,天孚通信(300394)上涨5.45%,宁德时代(300750),胜宏科技 (300476)等个股跟涨。创业板ETF建信(159956)红盘震荡,表现活跃,成交额走阔。 Wind数据显示,创业板ETF建信(159956)跟踪的创业板指数近2周上涨3.36%,创业板ETF建信(159956) 近3月份额实现显著增长。 万联证券认为,证监会宣布创业板将正式启用第三套标准,支持优质未盈利创新企业上市,这对港股中 优质未盈利的创新企业在深交所上市增强了制度的包容性和适应性,有望加速粤港澳大湾区优质科技型 企业的成长孵化。 浙商证券表示,展望后市,7月份市场将迎来一些更为清晰的交易抓手,但同时不确定因素也将有所增 多,定价主线可能会围绕"内部政策酝酿+中报业绩披露+外部变化升温"做文章,市场波动率也可能随 之放大。届时,小盘股抱团或有松动,市值风格可能向中盘有所倾斜,日历效应也显示7月份中盘成长 风格相对占优。 创业板ETF建信紧密跟踪创业板指数,创业板指 ...
摩根汇智优选混合型基金7月7日起正式发行
Zheng Quan Ri Bao Wang· 2025-07-03 04:15
资料显示,摩根汇智优选混合型基金的股票资产占基金资产的60%-95%,并以成长性较好的中证A500 指数作为基金业绩比较基准的股票部分。该基金股票投资策略将分为三步,第一步是通过因子模型构建 动态股票池;第二步是借助量化模型精选质地优良、具备长期增长属性的股票来构建投资组合;第三步 是对投资组合进行跟踪与动态优化,力争获得长期超越中证A500指数的投资回报。 作为一只成长风格的主动量化产品,摩根汇智优选混合型基金将借助摩根资产管理量化团队从历史增 长、未来增长、增长潜力三大维度刻画打造的科学评价体系,多维度、多指标量化企业成长性,力争挖 掘出高成长性或高成长潜力企业,助力投资者捕捉成长风格投资机会。与此同时,该基金还将充分利用 量化多因子模型,综合更多超额收益来源,精选个股和优化组合权重,进一步争取超额收益。 摩根汇智优选混合型基金拟任基金经理由摩根资产管理指数及量化投资部总监胡迪与新锐基金经理韩秀 一共同担任,胡迪具备17年国内外证券从业经验,其中投资管理经验超8年。胡迪表示,2025年初,国 产AI大模型技术取得重大突破,有望为各行业带来新的增长机会。同时,在国家政策的鼓励下,新质 生产力相关产业有望全面 ...
毕马威:2025年上半年香港位居全球IPO集资排行榜之首 总集资额较去年同期增长7倍
智通财经网· 2025-07-03 03:26
Group 1 - The Hong Kong IPO market recorded its strongest performance in the first half of 2025 since 2021, with total fundraising increasing sevenfold compared to the same period in 2024, making it the top global IPO fundraising market [1] - The total number of IPO applications on the Hong Kong main board has reached over 200, a historical high, indicating a sustained strong momentum expected to continue into the second half of 2025 [1] - In the first half of 2025, the global IPO market raised $60.9 billion with 544 listings, a 5% increase in fundraising compared to the previous year, although the number of listings decreased by 6% [1] Group 2 - A-share market activities remained stable in the first half of 2025, with 61 listings and a total fundraising amount of 53.7 billion RMB, despite a 5% decrease in fundraising compared to 2024 [1] - The introduction of a new reform by Chinese regulatory authorities allows companies listed in Hong Kong to also list on the Shenzhen Stock Exchange, promoting the H+A listing model [2] - The Shanghai Stock Exchange announced the establishment of a growth tier on the Sci-Tech Innovation Board to support high-growth potential but unprofitable tech companies, marking an important milestone for the A-share IPO market [2]
【私募调研记录】聚鸣投资调研博众精工
Zheng Quan Zhi Xing· 2025-07-03 00:15
Group 1 - The core viewpoint of the news is that 聚鸣投资 has conducted research on 博众精工, highlighting the company's optimistic order expectations for the next year, driven by growth in the consumer electronics and new energy sectors [1] - 博众精工 has started consolidating 上海沃典's financials since the end of June this year, focusing on the transmission electron microscope business to fill domestic gaps and accelerate localization [1] - The company has achieved mass production of 200kV transmission electron microscopes and has mastered the independent production of core components such as thermal field electron guns and ultra-high stability power supplies [1] Group 2 - 博众精工's customer base includes domestic universities, third-party testing platforms, research institutes, and enterprises in materials science, life sciences, and semiconductors, with active expansion into overseas markets [1] - The company faces competition from international players such as Thermo Fisher and Hitachi in the transmission electron microscope market, which is widely used in materials science, life sciences, and semiconductors [1]
组合收益高达54.97%!“银行AH+小微盘”如何领先市场?
Ge Long Hui· 2025-07-02 18:56
Group 1 - The "Bank AH + Small Micro Plate" portfolio has achieved a historical high, increasing by 54.97% from last year, with a maximum drawdown of 13.89% [1] - The portfolio's performance has outpaced major indices, with only the CSI 2000 showing a higher growth rate, but with a larger maximum drawdown of 19.65% [1] - The portfolio consists of 40% Bank AH Preferred ETF (517900), 30% 1000 ETF Enhanced (159680), and 30% CSI 2000 Enhanced ETF (159552), employing a "high dividend base + enhanced growth assets" strategy [2][4] Group 2 - The Bank AH Preferred ETF (517900) has shown significant growth, increasing by 24% since the beginning of 2025, with a 411% surge in fund shares [4][6] - The low interest rate environment and the decline in 10-year government bonds have created a demand for bank stocks due to their high dividend and strong risk-averse attributes [6] - The dynamic adjustment mechanism of the Bank AH index allows for the identification of undervalued bank stocks, enhancing returns while providing stability [6] Group 3 - The portfolio's structure is designed to provide a safety net with high dividends while pursuing growth through small-cap stocks, which combine index beta and excess alpha [7] - The CSI 2000 Enhanced ETF (159552) has achieved a net value growth rate of 29.18% in the first half of the year, ranking first among similar broad-based ETFs [9] - Since its inception, the CSI 2000 Enhanced ETF has accumulated a net value growth of 68.21%, significantly outperforming the CSI 2000 index [10] Group 4 - Two signals support the continuation of the small-cap stock trend: ongoing liquidity support and the release of policy dividends from mergers and acquisitions regulations [11] - The CSI 2000 Enhanced ETF (159552) demonstrates the effectiveness of quantitative discipline in achieving sustained excess returns [12]
中金公司 风格偏向小盘成长
中金· 2025-07-02 15:49
中金公司 风格偏向小盘成长 20250702 摘要 宏观预期差维度显示,PPI 不及预期和 CPI 超预期对股票市场构成负面 影响,债券市场影响中性,而工业增加值、汇率及 PMI 超预期利好商品 市场,表明不同资产类别受宏观数据影响差异显著。 左侧择时指标显示,股市多个指标触发看多信号,预示震荡上行;债券 市场过热风险显现;商品市场情绪、库存和开工率健康,走势乐观,为 资产配置提供参考。 股市阻力支撑模型显示市场底部存在支撑,预示未来可能上行,为投资 者提供信心。 行业轮动策略在当前较快轮动速度下,推荐综合、轻工制造、房地产、 建材、消费者服务和纺织服装等行业,这些行业可能在短期内表现突出。 风格层面,小盘成长风格在 7 月份预计更占优,成长风格优势明显,大 小盘优势略有下降,这与宏观环境(期限利差扩大、PPI 下降)和市场 状态(风格动量偏向成长)有关。 主动量化策略中,小盘类型策略表现最佳,显著优于中证 2000 和国证 2000 等小盘指数,景气成长型策略也表现良好,为投资者提供了超额 收益。 7 月份,景气成长型和小盘掘金类策略仍存在机会,尽管景气成长型策 略估值性价比有所降低,但资金拥挤度和风格组合 ...
商业本身就是幸存者的游戏
吴晓波频道· 2025-07-02 15:45
Group 1 - The survival rate of entrepreneurs is low, with only 3% to 5% likely to survive after three to five years, and about 1% after ten years [2] - Business is fundamentally a game of survival, where even the most successful companies can fail unexpectedly [3] - Common mistakes and setbacks faced by companies have a high degree of universality [4] Group 2 - Entrepreneurs face significant challenges akin to climbing a building, where progress is difficult and the tolerance for failure in Chinese society is low [5] - Continuous failure is expected in the business world, and companies that have not experienced two economic cycles cannot be considered mature [6] - The number of entrepreneurs who self-terminate due to business challenges is significantly lower than those who do so in personal relationships, indicating that optimism is essential for entrepreneurship [6]
九兴控股(01836):点评报告:产能稀缺订单充沛,加快产能拓展蓄力长期成长
ZHESHANG SECURITIES· 2025-07-02 14:58
证券研究报告 | 公司点评 | 服装家纺 产能稀缺订单充沛,加快产能拓展蓄力长期成长 ——九兴控股点评报告 投资要点 ❑ 卓越高端鞋履制造商,开发设计能力领先,东南亚产能具备稀缺性。公司作为 全球领先的高端优质鞋履开发制造商,凭借强大的开发设计能力,深度绑定 Nike、Balenciaga、Prada、UGG 等国际知名品牌,布局运动、奢侈、时尚、休 闲全品类品牌客户,24 年 ASP 达 28.4 美元,显著领先行业,多元化产能布局具 备稀缺性,24 年公司中国、越南、其他亚洲地区(菲律宾、印尼和孟加拉)出 货量占比分别为 27%、51%、22%。 ❑ 预计品牌下单积极,关税等外部扰动下订单仍饱满 4 月 2 日美国决定征收"对等关税",对品牌下单意愿和美国终端需求均产生不 利影响,但受益于公司高端鞋履制造产能稀缺性,Q1-3 订单已锁定不受关税等 外部因素影响,5 月 12 日中美日内瓦经贸会谈上美国修改 4/2 对等关税安排中针 对中国商品的 34%税率,在未来 90 天内暂停 24%关税的征收,仅保留 10%加 征,中美贸易谈判取得突破进展,我们预计品牌方下单积极性有所改善,Q4 订 单可见度提升,预 ...
国泰海通|固收:成长为矛,业绩为锚——2025年7月转债策略展望
报告导读: 2025 年 7 月十大转债组合聚焦政策支持和产业创新共同推动的高成长方向, 包括科技成长、新消费成长、周期成长和金融创新。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称:成长为矛,业绩为锚——2025年7月转债策略展望 报告日期:2025.07.01 报告作者: 顾一格 (分析师),登记编号: S 0880522120006 2025 年 7 月十大转债组合聚焦政策支持和产业创新共同推动的高成长方向, 包括:( 1 )以业绩确定 性较强的算力硬件、受益于国产替代加速的半导体产业链和国内外需求共振的军工为代表的科技成长板 块;( 2 )提振消费的新引擎、新消费的典型代表——情绪消费;( 3 )兼具周期性与成长性,短期有 涨价催化的方向;( 4 )无风险利率下降叠加稳定币创新推动的金融板块。 跟踪评级披露完毕,转债评级下调对低价转债的制约解除,银行转债加速退出,高 YTM 和双低转债有望 成为底仓替代。 6 月评级下调影响可控,反映出市场对弱资质转债的评级下调已有心理准备,且在权益市 场相对强势环境下,对信用风险并不担忧。随着评级披露完毕,低价转债有望迎来反弹。银行转债加速退 ...