Group 1 - The year 2025 marks a critical moment for global investors to reassess Chinese assets, with high-quality Chinese companies gaining international attention [1] - The success of these companies highlights the resilience and innovative potential of the Chinese economy, sparking renewed interest from international capital [1][6] - Chinese assets are becoming an indispensable part of international investment portfolios due to their unique appeal amid changing global economic dynamics [1] Group 2 - Recent market movements indicate a shift from small-cap stocks to core assets, as analysts predict a significant change in market style [2][4] - Core assets have played a crucial role in stabilizing the A-share market, with major banks' stocks acting as a stabilizing force for the overall index [2][4] - The potential for a significant index bull market is low, with a more likely scenario being a slow and steady market growth driven by core assets [4] Group 3 - Chinese assets have shown strong anti-drawdown capabilities, particularly in the first half of the year, attracting risk-averse funds during a downturn in Western markets [6] - The emergence of companies like the "Hangzhou Six Little Dragons" and "New Consumption Four Sisters" reflects the optimism of global investors towards Chinese technology and consumption sectors [6][7] - Compared to U.S. core assets, Chinese core assets are significantly undervalued, with the average valuation of the CSI 300 at 13 times and the Hang Seng Index at around 11 times, compared to over 30 times for U.S. indices [7] Group 4 - The current phase for Chinese assets is characterized by low valuations and the release of policy dividends, enhancing investment safety and potential profitability [7] - Korean investors are increasingly buying Chinese stocks, particularly in technology and emerging industries, indicating a shift in global investment attitudes towards China [7] - The ongoing IPO process of Yushu Technology is drawing attention, with its capital structure becoming clearer as it progresses through multiple funding rounds [10][12][14] Group 5 - Yushu Technology's revenue primarily comes from B2B orders from research institutions and AI companies, with its consumer market yet to fully open [16] - Notable investment strategies include focusing on high-quality companies with clear competitive advantages, as demonstrated by significant increases in holdings of leading consumer and technology stocks [19] - The investment landscape is advised to follow major trends and policies, with recommendations to focus on stable sectors while exploring emerging opportunities [20]

Core Viewpoint - Foreign capital is re-evaluating Chinese assets, with a significant shift towards increased investment in China's innovative sectors, particularly technology [1][3]. Group 1: Foreign Capital Trends - Approximately 60% of Middle Eastern sovereign wealth funds plan to increase their allocation to Chinese assets over the next five years, focusing on technology-driven industries [2][3]. - The survey covered 83 sovereign wealth funds and 58 central banks, managing a total of $27 trillion (approximately 194 trillion yuan) in assets [4]. - In addition to the Middle East, 88% of sovereign funds in the Asia-Pacific and 80% in Africa indicated plans to invest more in China, with about 73% of North American funds also showing a positive attitude towards Chinese investments [5]. Group 2: Investment Drivers - Key factors driving sovereign funds to increase their allocation to Chinese assets include good returns from the Chinese market (71%), diversification of investment portfolios (63%), and improved access for foreign capital (45%) [6]. - Respondents generally recognize the supportive policies introduced by China, which are seen as beneficial for the development of innovative technologies [7]. Group 3: Attractive Investment Areas - The most attractive investment sectors in China include digital technology and software, advanced manufacturing and automation, clean energy and green technology, as well as healthcare and biotechnology [9]. - A Middle Eastern sovereign fund representative noted that China has no real competitors in the clean energy and green technology sectors, predicting that China will dominate the solar, wind, electric vehicle, and battery markets in the coming decades [10]. Group 4: Market Performance - On July 21, the A-share market saw significant gains, with the Shanghai Composite Index and the ChiNext Index both reaching new highs for the year, closing with increases of 0.72% and 0.87%, respectively [11]. - The Hong Kong market also performed well, with the Hang Seng Index reaching 25,000 points, the highest since February 2022, and a year-to-date increase of 24.6% [13]. Group 5: Future Market Outlook - Analysts suggest that the current market phase is characterized by "asymmetrical risk and reward," with potential upward movement if certain triggers, such as policy announcements, occur [12]. - The technology sector in the Hong Kong market is seen as undervalued and poised for recovery, with the Hang Seng Technology Index's dynamic PE at 15.7 times, below the historical average of 23.8 times [14][15].

Core Viewpoint - The Hong Kong IPO market has been thriving in 2023, with cornerstone investors, particularly foreign ones, playing a significant role in the investment landscape [1][2]. Group 1: Cornerstone Investors' Role - In the first half of 2023, cornerstone investors accounted for 45.2% of the total investment in Hong Kong IPOs, with foreign cornerstone investors making up 59.3% of this group, a notable increase from 40.4% in 2024 [1]. - Cornerstone investors are institutional investors who agree to purchase a certain number of shares at a predetermined price before a company goes public, typically with a lock-up period [1]. Group 2: Reasons for Foreign Investment - The influx of foreign cornerstone investors is driven by three main factors: 1. A number of companies listed in Hong Kong this year possess global competitiveness, allowing foreign investors to participate in China's industrial upgrade. Notable companies include Heng Rui Medicine, Haitian Flavoring, Mixue Group, CATL, and Sanhua Intelligent Controls, which have stable performance and promising growth prospects [3]. 2. The active Hong Kong market has shifted cornerstone investors' focus from "protecting issuance" to "securing assets," with the total market capitalization reaching HKD 42.7 trillion, a 33% increase year-on-year, and average daily trading volume up 118% [4]. 3. Global capital reallocation and the revaluation of Chinese assets have encouraged foreign investors to increase their exposure to Hong Kong stocks, especially in light of the Federal Reserve's interest rate cuts and the attractiveness of undervalued Chinese assets [5]. Group 3: Market Dynamics - The participation of foreign cornerstone investors reflects a deeper trust in the core assets of China's industrial upgrade and the resilience of the Chinese market system, indicating a strong potential for attracting more international capital as China's economic transformation gains momentum [5].

Core Viewpoint - QDII funds are adjusting their portfolios in the second quarter of 2025, with a notable increase in allocation to Hong Kong stocks and a reduction in U.S. stocks, reflecting a strategic shift towards balanced asset allocation and recognition of investment opportunities in the Hong Kong market [1][2][5]. Group 1: Portfolio Adjustments - QDII funds have shown two main directions in their portfolio adjustments: some pharmaceutical-themed QDII funds are increasing their holdings in Hong Kong stocks while reducing their U.S. stock positions [1][4]. - Specific funds, such as the E Fund Global Pharmaceutical Industry Mixed Fund, reported a significant increase in their Hong Kong stock holdings from 748 million RMB to 1.1 billion RMB, while reducing U.S. stock holdings from 182 million RMB to zero [4]. - The Morgan China Biopharmaceutical Mixed Fund also increased its Hong Kong stock allocation from 29.40% to 45.56%, while decreasing A-share holdings [4]. Group 2: Market Performance and Fund Returns - The performance of QDII funds heavily invested in Hong Kong stocks has been strong, with the top ten performing QDII funds in 2025 being stock or mixed funds, achieving returns ranging from 71.12% to 133.72% [9][10]. - In contrast, QDII funds with significant exposure to overseas markets have underperformed, with some reporting negative returns due to various market challenges [10]. Group 3: Future Outlook - Fund managers remain optimistic about long-term investment opportunities in Hong Kong's innovative pharmaceutical sector, emphasizing the potential for growth in companies with global competitiveness [11]. - The technology sector in Hong Kong is also viewed favorably, with expectations for continued investment in high-quality internet companies that are undervalued compared to their overseas counterparts [12]. - The emerging "outbound 3.0" model is anticipated to enhance the prospects for Chinese high-end manufacturing and innovative products entering overseas markets, which could yield substantial profits [13].

Core Viewpoint - The revaluation of Chinese assets has become a focal point for both domestic and international investors, with a belief that undervalued Chinese assets, particularly in high-tech sectors, will attract foreign investment as they shift from underweight to benchmark positions [1][2]. Investment Opportunities - Chinese assets are generally undervalued compared to other emerging markets, making them attractive for systematic foreign investment [2]. - Key sectors identified for potential investment include: - New energy vehicle (NEV) supply chain, which is complete and mature, showing strong capabilities across all stages from raw material supply to vehicle manufacturing and sales [2]. - Artificial intelligence (AI) sector, particularly in areas like chip computing power, large models, and core applications [2][3]. - High-end manufacturing, including humanoid robots and intelligent equipment, where Chinese companies hold global competitive advantages [2]. - Consumer sector, which benefits from a large market and stable growth due to economic development and consumer upgrades [2]. - Cyclical industries that have been undervalued due to real estate and debt cycles, expected to see value recovery with economic stabilization and policy adjustments [2]. AI Sector Insights - The emergence of DeepSeek has significantly boosted the A-share AI sector, indicating strong growth potential [3]. - The AI industry is evolving, with different stages focusing on various development priorities, and while significant breakthroughs have been made, there is still a distance to achieving true "intelligent" machines [3]. - The rapid iteration of foundational large models in both domestic and international markets continues to drive the AI sector, with infrastructure companies expected to perform well [3]. Application of AI - Numerous "unicorn" companies are emerging across various AI applications, including IT, education, entertainment, and national defense, with many expected to see high revenue growth starting in 2024 [4]. - Leading companies in the AI space are approaching valuations in the hundreds of billions, indicating strong market interest and potential [4]. - Despite current financial metrics being average, the early-stage development of these companies warrants close monitoring for future growth [4].

Core Viewpoint - The AI Fund, Rongtong Xinxin Growth Mixed A, reported a profit of 35.4486 million yuan for Q2 2025, with a net value growth rate of 12.82% and a fund size of 400 million yuan as of the end of Q2 2025 [2][15]. Fund Performance - As of July 17, 2025, the fund's one-year cumulative net value growth rate was 48.74%, ranking 50 out of 133 comparable funds [3]. - The fund's three-month net value growth rate was 21.94%, ranking 84 out of 138 comparable funds, while the six-month growth rate was 29.74%, ranking 86 out of 138 [3]. - The fund's three-year Sharpe ratio was 0.4914, ranking 12 out of 105 comparable funds [8]. Investment Strategy - The fund adheres to a contrarian investment style, focusing on sectors and stocks with good growth potential and relatively low valuations, while adjusting the portfolio structure as needed [2]. - The investment direction emphasizes domestic demand and technology, with a focus on opportunities arising from China's economic transformation and recovery [2]. - The fund is optimistic about investment opportunities in the pharmaceutical sector, particularly in the context of aging demographics, as well as in innovative drugs and high-end manufacturing with global competitive advantages [2]. Portfolio Composition - As of June 30, 2025, the fund's average stock position over the past three years was 92.67%, with a peak of 94.34% at the end of H1 2025 [13]. - The top ten holdings of the fund include companies such as Aibo Medical, Gushengtang, and Sanyou Medical, indicating a strong focus on the healthcare sector [18]. Risk Metrics - The fund's maximum drawdown over the past three years was 38.36%, ranking 59 out of 105 comparable funds, with the largest single-quarter drawdown occurring in Q1 2024 at 27.81% [10].

Long-term Logic - The global restructuring and economic transformation in China are highlighted as key drivers for investment strategies, with a shift from a US-dominated global division of labor to a more balanced approach favoring China [2][11]. - China's economy is transitioning from high-speed growth to high-quality development, with a notable decline in real estate and infrastructure investment, leading to improved cash flow and asset quality [12][16]. Mid-term Logic - The current economic cycle is at a low point, with weak demand and low inflation suppressing corporate investment, prompting companies to reduce capital expenditures [17][21]. - As companies focus on asset quality and cash flow, the market is expected to shift its valuation anchor from earnings to net assets, making price-to-book (PB) ratios more relevant [17][21]. Short-term Catalysts - External factors, such as the US's reverse globalization policies, are creating favorable conditions for Chinese assets, with a passive appreciation of the RMB and increased capital inflow [22][28]. - Domestic policies emphasizing "de-involution" are leading to expectations of capacity reduction in traditional industries, further supporting asset revaluation [28]. Industry Selection - The report identifies Hong Kong's financial, real estate, construction, and energy sectors as having better value propositions, with many industries exhibiting low PB ratios [6][37]. - Specific stocks with PB ratios below 2 and market capitalizations above 500 billion yuan are highlighted, indicating potential investment opportunities in these sectors [40][41].

每经记者：肖芮冬 每经编辑：叶峰 天赐良基日报第686期 一、今日基金新闻速览 1、泓德基金李娇履新督察长 近日，泓德基金发布公告，原督察长李晓春退休离任，李娇履新督察长。履历显示，李娇2015年3月加入泓德基金，曾任公司副总经理。 2、债券ETF突破4000亿元关口 根据Wind统计，截至7月11日，全市场存续的29只债券ETF估值规模3987.89亿元，加上10只新成立的科创债ETF，债券ETF总规模已达到4278亿元。 3、中证协公示首份网下专业机构"白名单" 近日，中国证券业协会正式发布2024年网下专业机构投资者"白名单"拟定名单并启动公示。富国基金、广发基金、国泰基金、汇添富基金、南方基金、招商 基金等21家机构入选网下专业机构投资者"白名单"拟定名单。 二、知名基金经理最新动态 2、ETF主题机会 在国家相关政策的引导下，各地纷纷出台支持人形机器人发展的政策文件，制定了发展路径及相应保障措施，以推动人形机器人产业创新发展，实现产业聚 集，抢占人形机器人产业化机遇。国内机器人市场规模有望在2045年后达10万亿元级，不断上升的市场空间也将触发相关材料的需求增长。可关注机器人 ETF等产品。 近日， ...

Group 1 - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index reaching a new high for the year, indicating a potential "trend market" as judged by many private equity institutions [1][2] - The number of private equity products registered in June reached 1,100, marking a monthly record for the year, and the total number of registered products in the first half of the year increased by over 100% compared to the second half of last year [1][2] - The average position of large-cap stock private equity funds is at 79.96%, with 66.06% of institutions holding over 80% of their positions, reflecting a strong bullish sentiment among major institutions [2] Group 2 - The current environment of high resident savings and declining interest rates is expected to attract more incremental funds into the A-share market, as historical trends suggest that capital tends to flow into the stock market when the real estate market underperforms [2][3] - The long-term potential for the A-share market is supported by the continuous increase in household savings, which has averaged over 15 trillion yuan annually since 2022, and the shift in asset allocation due to lower interest rates [2][3] - Factors such as the strengthening of China's soft and hard power, the global recognition of Chinese products, and the gradual stabilization of the real estate market are contributing to a positive long-term outlook for the A-share market [3] Group 3 - Investment strategies among private equity firms are focusing on a balanced approach, combining high-growth technology sectors with high-dividend assets to provide safety and stable returns [5][6] - The market is expected to see a rotation in sectors and styles, with a focus on technology growth areas supported by policy and fundamental improvements, as well as high-dividend assets in both A-share and Hong Kong markets [6] - The overall valuation of Chinese assets remains attractive compared to Western markets, suggesting that quality equity assets are likely to attract more capital inflows in the coming months [6]

Core Viewpoint - The article highlights the successful IPO of Huatuo Financial on NASDAQ, marking a significant milestone for the company and its young founder, Zhou Kai, who is noted as the youngest founder to ring the bell this year [1][7]. Company Overview - Huatuo Financial, headquartered in Hong Kong, made its debut on NASDAQ with a remarkable first-day surge of nearly 400%, trading under the unique ticker symbol WTF.US [2][9]. - The company operates through two subsidiaries: Huatuo Securities International Limited (WSI) and Huatuo Technology International Limited (WTI), providing brokerage and fintech services [9]. Financial Performance - For the fiscal years ending March 31, 2023, and 2024, Huatuo Securities reported revenues of approximately $574,000 (about 4.1 million RMB) and $1,005,580 (about 7.2 million RMB), respectively, reflecting a year-on-year growth of 75.2% [9][10]. - The total revenues for the fiscal year 2024 reached $10,055,809, a significant increase from $5,738,774 in 2023 [10][11]. - The primary revenue source shifted dramatically, with brokerage and commission income rising from approximately $210,000 in 2023 to about $820,000 in 2024, marking an increase of approximately 295.6% and accounting for over 60% of total revenues [10][11]. Business Model and Strategy - Huatuo Financial has transitioned from a traditional brokerage to a "brokerage-as-a-service" model, focusing on providing customized fintech solutions, including a trading platform app that has attracted over 2,900 brokerage clients [12][14]. - The company is positioning itself as a "brokerage serving AI," integrating AI technologies into its operations, including risk management and customer service [14][15]. - Zhou Kai envisions a future where AI can autonomously manage trading accounts, enhancing trading efficiency and decision-making [15][16]. Market Context - The article discusses the broader context of Huatuo's IPO, noting the resurgence of the Hong Kong stock market, which has attracted significant overseas investment and led to a surge in the number of overseas brokerage clients [18][21]. - The Hong Kong market has seen a dramatic increase in IPO activities, with a notable rise in trading volumes and new listings, indicating a renewed interest in Chinese assets from international investors [20][21].