基金管理人：鹏华基金管理有限公司 基金托管人：上海浦东发展银行股份有限公司 报告送出日期：2025 年 7 月 18 日 鹏华前海万科 REITs2025 年第 2 季度报告 §1 重要提示 鹏华前海万科 REITs 封闭式混合型发起式 证券投资基金 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。 基金托管人上海浦东发展银行股份有限公司根据本基金合同规定，于 2025 年 07 月 17 日复核 了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导 性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 | §2 | | 基金产品概况 | | | --- | --- | --- | --- | | 基金简称 鹏华 ...

Core Insights - The collaboration between Kweichow Moutai and JD.com represents a strategic shift in the liquor industry towards new consumption patterns, emphasizing the importance of integrating products into consumers' lifestyles rather than merely selling them as standalone items [5][11][22] - The partnership aims to enhance consumer experiences through customized offerings and digital transformation, reflecting a broader trend in the industry towards personalization and emotional resonance with consumers [10][20][22] Group 1: Industry Trends - The liquor industry is witnessing a transformation from traditional product-focused sales to a focus on lifestyle and consumption scenarios, driven by changing consumer behaviors and preferences [13][15] - New consumption patterns are emerging, particularly among younger generations, who prioritize value for money and quality, leading to a shift towards personalized and experiential consumption [11][13] - The rise of e-commerce and digital platforms is reshaping the sales landscape, providing new opportunities for liquor brands to engage with consumers and innovate their sales strategies [6][20] Group 2: Company Collaboration - JD.com and Kweichow Moutai have established a deep partnership over 13 years, focusing on mutual empowerment through understanding user needs and enhancing consumer experiences [3][8] - The collaboration has evolved from basic cooperation to a strategic alliance, with plans for customized products and deeper engagement in the digital space [8][10] - The partnership is set to explore new consumption scenarios, leveraging JD.com's digital capabilities to enhance the reach and appeal of Moutai's products [20][22]

Group 1 - The core viewpoint of the news is the significant changes in the top holdings of various funds managed by Ruiyuan Fund, particularly the entry of Xinyi Technology into the top holdings of Ruiyuan Growth Value and the exit of Guanghui Energy [1][2] - Ruiyuan Growth Value experienced some net redemptions in Q2, but still maintained over 14.4 billion shares by the end of the quarter [2] - The fund reduced its holdings in China Mobile, Ningde Times, Tencent Holdings, and Maiwei Shares, with notable reductions in China Mobile and Maiwei Shares [2] Group 2 - Ruiyuan Balanced Value Three-Year Holding Fund saw significant changes in its top holdings, with new entries including Luxshare Precision, Hangzhou Bank, China Taiping, and Shenneng Power, while China Mobile and Shanxi Fenjiu exited the top ten [3] - The fund increased its allocation in banking, insurance, and electric power sectors while reducing exposure to consumer services, liquor, and pharmaceutical sectors [3] Group 3 - The Ruiyuan Hong Kong Stock Connect Core Value Mixed Fund experienced a significant increase in shares, with a growth of approximately 100% compared to the end of Q1 [6] - The top holdings included Pop Mart, Xiaomi Group, Zijin Mining, and others, while Alibaba, Shenzhou International, Shanxi Fenjiu, and others exited the top ten [6] - The fund manager emphasized the need for a nuanced understanding of the new consumption sector, highlighting the varying development stages and internal ROE models of sub-industries [6] Group 4 - The innovation drug sector emerged as a hotspot, with successful clinical progress in PD1/VGFR targets in China, raising concerns for multinational corporations (MNCs) about potential revenue declines due to patent expirations [7] - Uncertainties regarding tariffs have eased slightly, but concerns about the financial decoupling between China and the U.S. continue to suppress valuations in the technology sector [7] - The technology sector is currently at a relatively low valuation, and if advancements in AI research can close the gap with the U.S. industry, significant investment opportunities may arise in the second half of the year [7]

Group 1 - The overall performance of public funds in the first half of the year shows a focus on innovative drugs, new consumption, and artificial intelligence as key investment themes [1][4] - Notable funds include the Great Wall Pharmaceutical Industry Fund, which achieved a 102.52% annual return, primarily investing in innovative drug stocks [1] - Other high-performing funds in the pharmaceutical sector include Bank of China Hong Kong Stock Connect Pharmaceutical and Yongying Pharmaceutical Innovation Selection, which also ranked high in returns [1] Group 2 - Some funds have shifted their strategies significantly to recover from large redemptions, such as the Zhongtai Industrial Upgrade Mixed Fund, which increased its stock position from 30% to 90% and focused entirely on the robotics sector [2] - The Zhongtai Huili Mixed Fund has invested in short dramas and gaming concepts, viewing them as potential growth areas at the intersection of domestic mental consumption and AI technology [2] Group 3 - The rise of niche thematic funds indicates an active search for excess returns by fund companies in a structured market [4] - Yongying Fund's thematic funds have shown strong performance, with a focus on the controllable nuclear fusion industry, which is seen as a significant opportunity despite its commercialization being distant [4] - Yongying Qiyuan is concentrating on deep-sea technology, particularly in military, materials, and communications sectors, recognizing the long-term trends in this early-stage industry [4]

永赢港股通优质成长一年持有期混合型证券投资基金 2025 年第 2 季度报告 永赢港股通优质成长一年持有期混合型证券投资基金 基金管理人：永 赢 基 金管理有限公司 基金托管人：中国银行股份有限公司 报告送出日期：2025 年 07 月 17 日 永赢港股通优质成长一年持有期混合型证券投资基金 2025 年第 2 季 度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏，并对其内 容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 07 月 15 日复核了本报告中的 财 务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本基金的招 募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 §2 基金产品概况 基金简称 永赢港股通 ...

Group 1 - Recent southbound capital flows have shifted away from new consumption, biomedicine, and banking sectors, which were previously favored [1][3] - Despite a slight net outflow from foreign capital in Hong Kong and A-shares, there remains an overall optimistic outlook for the Chinese stock market among foreign investors [1][12] - The investment strategy is leaning towards a "barbell" approach, focusing on dividend-yielding assets and resource sectors while also targeting growth themes like innovative pharmaceuticals and technology [1][10] Group 2 - The banking sector has seen a notable shift to net outflows, contrasting with its previous strong performance, particularly within the CSI 300 index [3][4] - New consumption stocks, such as Pop Mart, have experienced significant valuation increases, but recent trends indicate a correction phase [4][9] - The outlook for the second half of the year suggests potential opportunities in the Hang Seng Technology sector and high-quality traditional enterprises, which are currently undervalued [10][11] Group 3 - Foreign capital remains under-allocated in the Chinese market, with ample room for increased investment, particularly in the context of a low-interest-rate environment [12][13] - The Hong Kong IPO market is witnessing a revival, with 51 companies having raised a total of HKD 124 billion so far this year, indicating strong market sentiment [12][13] - Active IPO activities are generally associated with improved market sentiment, which could positively impact related A-share and Hong Kong-listed companies [13]

Core Viewpoint - The article emphasizes the resurgence of actively managed funds in the current market environment, highlighting their ability to outperform benchmarks and capture investment opportunities in emerging sectors and structural market conditions [7][8][10]. Fund Performance - The top-performing funds in the author's portfolio include several actively managed funds, with the highest return being from Yongying Ruixin Mixed A, achieving a cumulative return of 56.11% since inception and an annualized return of 32.75%, surpassing the benchmark by over 25% [4][5]. Investment Strategy - The investment strategy focuses on sector rotation, with the fund manager, Gao Nan, leveraging his diverse industry research background to identify sectors poised for explosive growth over the next 3-5 years, such as TMT, consumer, pharmaceuticals, and manufacturing [4][10]. Active vs. Passive Funds - The article discusses the cyclical nature of active and passive funds, noting that while index funds may perform better in early bull markets, actively managed funds can excel in later stages when specific sectors become more pronounced [16][20]. Market Characteristics - The A-share market is characterized by a high proportion of retail investors, leading to significant pricing inefficiencies that can be exploited by quality active fund managers [12][14]. Emerging Sectors - Active fund managers are positioned to capitalize on new and rapidly evolving sectors like AI, high-end manufacturing, and biotechnology, where market recognition and information asymmetry create opportunities for excess returns [14][15]. Structural Market Trends - The article highlights the importance of active fund managers in navigating structural market trends, where different industries and styles experience significant rotation, allowing skilled managers to mitigate drawdowns and generate excess returns [15][20]. Asset Allocation - The author advocates for a diversified asset allocation strategy that includes both active and passive funds, emphasizing the need to balance growth and value investments to capture opportunities across different market conditions [18][19][20].

Core Viewpoint - The A-share market showed positive performance in the first half of the year, with the Shanghai Composite Index rising by 2.76%, and the North China 50 Index soaring by 39.45%, reaching a historical high. Various sectors such as AI models, humanoid robots, new consumption, innovative drugs, and solid-state batteries attracted significant investment [3][4]. Group 1: Market Performance - The average return of 4,200 products with performance data was approximately 10.07%, with 3,539 products showing positive returns, accounting for 84.26% [4]. - The quantitative long strategy and subjective long strategy led the performance in April, with average returns of 17.54% and 11.57%, respectively [4]. Group 2: Private Equity Insights - As of June 2025, the top 100 private equity firms had 593 products with a total scale of approximately 71.23 billion, achieving an average return of 24.08% in the last six months [5][6]. - The top five private equity firms included Nengjing Investment Holdings, Tongben Investment, Luyuan Private Equity, Chenyao Private Equity, and Youbo Capital [6]. Group 3: Strategy Performance - The performance of various strategies showed significant differences, with the subjective long strategy achieving an average return of ***% and a high positive return ratio [4][11]. - The top private equity firms maintained a focus on new consumption, which contributed to their strong performance in the first half of the year [11][20]. Group 4: Notable Private Equity Firms - Nengjing Investment Holdings led the performance with an average return of ***% from five products, while Tongben Investment and Fusheng Asset also performed well, focusing on new consumption [11][20]. - The private equity landscape included a mix of quantitative and subjective strategies, with a notable presence of firms that combined both approaches [5][12].

李晶昀 AI图 A股三大股指7月16日开盘涨跌互现。沪指早盘受银行股拖累，险守3500点。午后探底后反抽，沪指一度转涨。 在板块方面，大金融继续走低，银行股领跌，厦门银行（601187）、齐鲁银行（601665）、贵阳银行（601997）、青农商行（002958）、浙商银 行（601916）等跌超1%。 非银金融震荡走低，江苏金租（600901）、新华保险（601336）、四川双马（000935）、广发证券（000776）等跌超1%。 钢铁股表现不佳，柳钢股份（601003）跌超8%，盛德鑫泰（300881）、安阳钢铁（600569）、新钢股份（600782）、华菱钢铁（000932）、中南 股份（000717）等跌超3%。 通信板块一度领涨两市，鼎通科技（688668）、东信和平（002017）等涨停或涨超10%，长芯博创（300548）、新易盛（300502）等涨超7%，有 方科技（688159）、恒宝股份（002104）等涨超3%。 从盘面上看，券商、钢铁、地产跌幅靠前，电路板、锂矿、黄金、CPO概念股走弱；仿制药、机器人、新消费、AI应用题材走强。 | | | | 上证指数 | | | | | 创业板 ...

Summary of Conference Call Notes Industry Overview - The report focuses on the food and beverage industry, analyzing new consumer demands, products, and channels [1][2][3]. Key Points and Arguments New Consumer Demands - The emerging consumer base primarily consists of Generation Z (post-1995), characterized by a heightened self-awareness and faster development compared to previous generations [1]. - Government policies aimed at boosting consumption have been introduced, including the "Special Action Plan to Boost Consumption" and "Consumer Service System Benefit Action 2025" [2]. - Consumer behavior is diversifying, with Generation Z and affluent groups showing more optimistic consumption attitudes, while middle-class and rural older consumers exhibit weaker consumption willingness [3]. Changes in Consumption Patterns - There is a notable shift towards value-for-money products, with consumers increasingly prioritizing cost-effectiveness [4]. - The market has identified four potential growth categories: education, food and beverages, health products, and travel, while three risk categories include home appliances, tobacco, and certain consumables [3]. - The health consciousness among consumers is rising, leading to increased demand for health-related products, with the health food market projected to reach 836.2 billion by 2027, reflecting a 42% growth from 2022 [5]. Innovations in Products and Channels - Companies are innovating to meet health demands, introducing products like konjac, seaweed, and quail eggs [6]. - The focus on cost-effectiveness has led to supply chain optimization, reducing intermediaries to lower prices for consumers [7]. - The beverage market is witnessing significant growth in sugar-free teas and plant-based drinks, with growth rates of 19% and 32% respectively [8]. New Sales Channels - The rise of temporary retail channels has transformed the market, with the temporary retail industry expected to grow from 211 billion in 2019 to 1.5 trillion by 2027 [12]. - Membership warehouse stores are gaining traction, with the market size increasing from 20 billion in 2012 to 36.4 billion in 2023 [14]. - Online sales are rapidly growing, with a 56% year-on-year increase in online sales across nine categories, surpassing 120 billion in 2023 [18]. Recommendations and Risks - The report suggests focusing on new products, channels, and consumer demands as key investment themes, maintaining a strong rating for the food and beverage industry [20]. - Specific recommendations include companies like Three Squirrels, Yili, and Qingdao Beer, while highlighting the potential for profitability recovery in dairy and seasoning sectors [21][22]. - Risks include raw material price fluctuations and intensified industry competition [23]. Additional Important Insights - The emotional value of consumption is increasing, with service-related spending rising from 43% in 2020 to 46% in 2024 [5]. - The shift in consumer purchasing habits is leading to a more significant online presence for traditional products, including liquor, which is becoming a focus for major brands [17].