出品 | 妙投APP 作者 | 刘国辉 图片来源| AI制图 泉果基金最近宣布，旗下泉果泰岩3个月定开债基金清盘。该基金去年6月成立，为机构定制基金，刚成 立时规模16.30亿元，此后持有人不断减持，到今年一季度时，只剩下1.9亿元。此次清盘后，管理该基 金的基金经理戴骏已经没有在管产品。 更为棘手的是，明星基金经理赵诣管理的泉果旭源三年持有期混合，2022年刚成立时规模约99亿元，到 今年10月18日首批投资者将过了三年锁定期，截至目前亏损20%左右。如果接下来几个月里不能有很好 的上涨趋势，可能会面临部分投资者的赎回压力。这个产品目前规模为130亿元，占到公司整体规模的 八成。 无论是董事长任莉、总经理王国斌，还是基金经理赵诣，现在可能都感受到一丝压力。 成立于2022年的泉果基金，因为拥有明星阵容而备受关注，如今的势能相比当初成立时的高调，已经不 可同日而语。为什么会如此？ 从发行火爆到门庭冷落 2016年，王国斌从东方红资管董事长的位置上离任，投身一级市场，6年之后，他又重回二级市场，与 老搭档、东方红资管原总经理任莉联合创立了个人系公募泉果基金，二人各持有35%的股权。当年在东 方红资管，王国斌负责 ...

Group 1 - The Hong Kong stock market indices, particularly the Hang Seng Tech Index, experienced a significant rise, with the index increasing by over 2.5% in the afternoon session on July 23 [1] - The Hang Seng Tech Index ETF (513180) followed the index's upward trend, with notable gains in stocks such as NIO, Kingdee International, Baidu, Kuaishou, Tencent, and Meituan, with NIO rising over 10% [1] - The Chinese government has taken regulatory actions against food delivery platforms like Ele.me, Meituan, and JD.com, focusing on curbing aggressive promotional activities and ensuring compliance with regulations [1] Group 2 - According to Galaxy Securities, the absolute valuation of Hong Kong stocks is currently at a relatively low level, with the Hang Seng Tech Index ETF (513180) having a latest valuation (PETTM) of 21.14 times, which is below 82% of the time since its inception [2] - The report suggests that investors should focus on high-dividend stocks for stable returns amid global uncertainties, as well as sectors benefiting from favorable policies, such as stablecoin concepts, innovative pharmaceuticals, AI industry chain, and "anti-involution" industries [2] - Sectors that exceed expectations in mid-year performance are likely to see a rebound, indicating potential investment opportunities in the Hong Kong market [2]

Group 1 - The Hong Kong stock market has gained significant attention in 2023, with the Hang Seng Index rising 25%, second only to the Korean Composite Index, MSCI Vietnam, and Russia's RTS [1] - The Hang Seng Technology Index has also increased over 25% this year, with the Hang Seng Technology ETF (513130) showing strong liquidity, averaging daily trading volume of 4.9 billion yuan [1] - The Hang Seng Technology ETF has reached a record high in size of 27.823 billion yuan since its inception on May 21, 2024 [1] Group 2 - The Hang Seng Technology Index includes 30 Hong Kong-listed companies related to technology themes, with top five constituents being NetEase, Xiaomi, Tencent, Alibaba, and BYD, all of which are leading firms in the internet and technology manufacturing sectors [1] - The current PE (TTM) of the Hang Seng Technology Index is 21.14 times, which is lower compared to the NASDAQ 100 at 36.06 times, indicating potential for valuation uplift [1] - Huatai-PineBridge Fund, the manager of the Hang Seng Technology ETF, has over 18 years of ETF operation experience and manages ETFs with a total size exceeding 510 billion yuan [1] Group 3 - Huatai Securities reports that global funds are overweight in US tech stocks while under-allocating to Chinese assets, highlighting the unique growth potential of technology [2] - The Hong Kong technology sector is expected to receive fundamental support due to economic resilience, AI benefits, and industry optimization, making it a core asset for both domestic and foreign investors [2] - Investors are encouraged to consider the Hang Seng Technology ETF (513130) and its associated off-exchange funds for T+0 trading opportunities [2]

Group 1: Market Overview - The three major stock indices experienced fluctuations and rose, with the Shenzhen Component Index and ChiNext Index increasing nearly 1%, and the North 50 Index rising over 2% [1] - The Shanghai Composite Index closed up 0.72% at 3559.79 points, the Shenzhen Component Index up 0.86% at 11007.49 points, the ChiNext Index up 0.87% at 2296.88 points, and the North 50 Index up 2.38% [1] - The total trading volume in the Shanghai, Shenzhen, and North markets reached 172.74 billion yuan [1] Group 2: Industry Insights - The water conservancy and hydropower sector saw significant growth, with engineering machinery, building materials, steel, coal, agriculture, chemicals, non-ferrous metals, and oil sectors also rising [1] - Dongguan Securities noted that recent positive signals from policies such as "domestic circulation" and "anti-involution" are boosting confidence in related sectors, supported by increasing trading volumes [1] Group 3: Investment Opportunities - The establishment of the new central enterprise, Yajiang Group, and the commencement of the Yajiang downstream hydropower project are expected to accelerate hydropower development in Tibet, with a planned installed capacity of approximately 60 million kilowatts and an annual power generation of 300 billion kilowatt-hours [2] - The total investment for the Yajiang downstream hydropower project is over 1 trillion yuan, which is six times the annual total investment in Tibet, significantly impacting infrastructure development and clean energy construction in the western region [2] - The AI industry chain is anticipated to accelerate further due to ongoing policy support, with various provinces offering subsidies for computing power, which is expected to enhance the development of AI applications [3] - The composite copper foil industry is entering a phase of mass production, with leading manufacturers beginning to supply battery manufacturers, indicating a potential growth phase for companies involved in this sector [4] Group 4: Corporate Developments - JD.com has invested in three leading companies in the field of intelligent robotics, including a 600 million yuan investment in Qianxun Intelligent and strategic investments in other robotics firms [7] - The establishment of a high-automation flexible production line for semiconductor KrF photoresist resin by Bayi Shikong is expected to generate over 100 million yuan in revenue once fully operational, with plans for future capacity expansion [7]

A股市场：慢牛行情下的结构性转变与潜在风险 A股市场近期在3500点附近震荡巩固，创业板指更是一举突破年内新高，深成指也距离年内高点仅一步之遥，即将突破11045.96点。然而，在指数突破的表 面平静下，多家上市公司股东减持公告密集发布，市场资金的流入与流出正进行着微妙的博弈。 这种看似矛盾的现象，实际上反映了A股市场正在经历一场 深刻的结构性转变。 减持潮：计划内、比例可控、合规先行 7月17日晚间，竞业达股东张爱军减持142.38万股，占总股本的0.62%，减持后持股比例降至7.76%。几乎同时，宝兰德软件股东易东兴及一致行动人赵艳兴 合计减持比例达0.64%，持股比例从12.56%降至11.92%。斯菱股份高管徐元英与监事李留勇的减持计划也顺利完成。 这些减持行为呈现三大显著特征：首先，均为计划内操作，例如竞业达股东的减持严格遵循了6月21日预披露计划，减持价格区间锁定在21-21.35元/股，仅 有极少量股票未交易；其次，减持比例均被严格控制在较低水平，最大不超过总股本的0.64%；最后，所有公司均强调减持行为严格遵守了《证券法》《上 市公司股东减持股份管理暂行办法》等相关法规，并重申减持不会影响公司 ...

Core Viewpoint - Hong Kong stocks are expected to experience a rebound as sectors with better-than-expected interim results are likely to catch up in performance [1] Group 1: Market Valuation - The absolute valuation of Hong Kong stocks is at a relatively low level, while the valuation percentile is at a historically mid-to-high level [1] Group 2: Investment Recommendations - High dividend stocks can provide relatively stable returns for investors amid uncertainties both domestically and internationally [1] - Sectors benefiting from favorable policies or ongoing policy support, such as stablecoin concept stocks, innovative pharmaceuticals, AI industry chain, and "anti-involution" industries, are recommended for attention [1] - Sectors that have reported better-than-expected interim results are expected to see a rebound in performance [1]

Core Viewpoint - The adjustment of QDII fund's regional allocation strategy, particularly the increased allocation to Hong Kong stocks, has drawn market attention as the second quarter reports are released [1][2]. Group 1: QDII Fund Allocation Changes - As of July 20, 37 QDII funds have allocated assets to Hong Kong stocks, with many increasing their holdings [1]. - The Nasdaq index's volatility in the first quarter prompted QDII funds to reduce their U.S. stock positions and shift towards the more favorably valued Hong Kong market [2]. - For instance, the allocation of the Chuangjin Hexin Global Pharmaceutical Biotechnology Stock Fund to U.S. stocks decreased from 39.04% at the end of last year to 29.33% by the end of the first quarter, while its Hong Kong stock allocation rose from 13.97% to 24.07% [2]. Group 2: Sector Focus - The technology sector remains a core focus for QDII funds, with 38 funds investing a total of 33.147 billion yuan in this sector [4]. - The information technology industry, which includes sub-sectors like artificial intelligence, semiconductors, and software services, is the largest allocation area for QDII funds [4]. - Sixteen QDII funds maintain over 30% allocation to the information technology sector, with some, like the Chuangjin Hexin Global Chip Industry Stock Fund, increasing their allocation from 74.65% to 75.47% [4]. Group 3: Future Investment Trends - Many QDII funds are focusing on the AI industry chain as a key investment theme for the second half of the year, emphasizing the importance of AI's development from foundational infrastructure to application scenarios [5]. - The trend of increasing allocation to Hong Kong stocks and focusing on technology reflects a rational response to global market valuation differences and an active grasp of industrial transformation opportunities [5]. - Investors are advised to pay attention to the technological barriers, global competitiveness, and policy adaptability of leading technology stocks in Hong Kong [5].

Group 1 - The Hong Kong stock market continues to gain momentum with accelerated rotation of market hotspots, as evidenced by the performance of major indices [1][2] - For the week of July 14 to July 18, the Hang Seng Index rose by 2.84%, the Hang Seng Tech Index increased by 5.53%, and the Hang Seng China Enterprises Index climbed by 3.44% [2][4] - Among the ten sectors in the Hong Kong stock market, all but the real estate sector saw gains, with healthcare, information technology, and consumer staples leading the way with increases of 9.52%, 4.16%, and 3.92% respectively [2][7] Group 2 - The average daily trading volume on the Hong Kong Stock Exchange for the week was HKD 246.725 billion, an increase of HKD 4.213 billion from the previous week [2][13] - Southbound capital recorded a net inflow of HKD 21.456 billion, which is a decrease of HKD 4.899 billion compared to the previous week [2][13] - The price-to-earnings (PE) and price-to-book (PB) ratios for the Hang Seng Index as of July 18 were 11.04 and 1.16, respectively, both of which are at the 81% and 82% percentile levels since 2019 [2][18] Group 3 - The report highlights that the overall valuation of the Hong Kong stock market is relatively low compared to global equity markets, with the Hang Seng Index's risk premium at 4.62%, which is at the 8% percentile since 2010 [2][20] - The report suggests that sectors benefiting from favorable policies, such as stablecoin concept stocks, innovative pharmaceuticals, AI industry chains, and "anti-involution" industries, should be closely monitored [2][37] - The performance of companies exceeding expectations in their mid-year reports is expected to rebound, indicating potential investment opportunities [2][38]

Group 1 - The Hong Kong stock market continues to gain momentum with accelerated rotation of market hotspots, as evidenced by the performance of major indices [1][2] - For the week of July 14 to July 18, the Hang Seng Index rose by 2.84%, the Hang Seng Tech Index increased by 5.53%, and the Hang Seng China Enterprises Index climbed by 3.44% [2][4] - Among the ten sectors in the Hong Kong stock market, all but the real estate sector saw gains, with healthcare, information technology, and consumer staples leading the way with increases of 9.52%, 4.16%, and 3.92% respectively [2][7] Group 2 - The average daily trading volume on the Hong Kong Stock Exchange for the week was HKD 246.725 billion, an increase of HKD 4.213 billion from the previous week [2][13] - Southbound capital recorded a net inflow of HKD 21.456 billion, which is a decrease of HKD 4.899 billion compared to the previous week [2][13] - The price-to-earnings (PE) and price-to-book (PB) ratios for the Hang Seng Index as of July 18 were 11.04 and 1.16, respectively, both reflecting increases of 2.69% from the previous week [2][18] Group 3 - The report highlights that the overall valuation of the Hong Kong stock market is relatively low compared to global equity markets, with the Hang Seng Index's risk premium at 4.62%, indicating a favorable investment environment [2][20] - The report suggests focusing on sectors that may benefit from favorable policies, such as stablecoin concept stocks, innovative pharmaceuticals, AI industry chains, and sectors showing better-than-expected interim performance [2][37][38] - The report notes that the performance of the Chinese economy remains resilient, with GDP growth of 5.3% year-on-year in the first half of 2025, and a strong industrial output growth of 6.8% in June [2][36]

新易盛（300502）成为近一周调研机构数量最多的股票。新易盛近一周合计有183家机构调研，其中包 括64家基金公司、13家证券公司、17家阳光私募、14家保险机构等。新易盛业绩及股价双双大涨离不开 英伟达的"催化"。近期，黄仁勋宣布"H20"芯片销售"解禁"在即，引发资本市场对一众AI产业链投以高 度关注；同时，公司依托英伟达等大厂的光模块业务表现突出，并带动股价频创历史新高。以最新价相 比发行价，新易盛累计涨超100倍(后复权)。近期A股持续上涨，上证指数周五收盘再创年内新高。机构 调研股大涨，近一周平均涨幅超2%，新易盛、博汇股份（300839）、之江生物、中际旭创 （300308）、鹏鼎控股（002938）等均涨超20%。(人民财讯) ...