Group 1 - The number of new A-share accounts reached 1.9636 million in July 2025, a year-on-year increase of 70.5% compared to 1.1514 million in July 2024, and a month-on-month increase of 19.27% from 1.6464 million in June 2025, indicating strong investor confidence in the capital market [1] - The A-share market has shown characteristics of stability and activity, with major indices steadily rising since mid-April, and the daily trading volume consistently exceeding 1 trillion yuan, reflecting a positive market environment [1] - Economic factors such as high-quality development, macro policy expectations, and asset valuation recovery provide a solid foundation for maintaining a stable and healthy market, boosting investor confidence [1] Group 2 - The emergence of innovative sectors such as pharmaceuticals, semiconductors, artificial intelligence, and low-altitude economy is contributing to the optimization of economic structure during the transformation and upgrading process, enhancing the appeal of Chinese tech assets [2] - The implementation of new policies, including the "National Nine Articles" and the capital market "1+N" policy documents, has effectively promoted long-term capital inflow, public fund reforms, and significant breakthroughs in capital market reforms [2] - The dual enhancement of listed company quality and investment value has increased the attractiveness of A-shares to new investors, with stricter regulations ensuring higher quality listings and encouraging companies to increase dividend payouts [3] Group 3 - The low interest rates on bank deposits have made high-dividend and stable profit assets in the capital market more appealing, leading to a potential shift of funds from savings to stock investments [3] - The surge in new account openings reflects the actual actions of investors, indicating their confidence in the investment value of the A-share market [3]

Group 1 - Private equity firms are increasing their investments in technology assets, with 104 private equity products appearing in the top ten holders of 97 newly listed ETFs, holding a total of 1.783 billion shares as of May 29 [1] - Over 30 science and technology innovation board ETFs have received subscriptions from private equity, with total subscriptions nearing 600 million shares [1] - The technology sector, particularly the internet and semiconductor industries, is expected to present significant investment opportunities due to important breakthroughs in China's technology field [1][6] Group 2 - Science and technology-related ETFs are particularly favored, with private equity products appearing in 33 newly listed science and technology ETFs, holding a total of 571 million shares, accounting for 32.02% of the total [2] - Four specific science and technology ETFs have private equity holdings exceeding 40 million shares, indicating strong interest in these funds [2] Group 3 - Several large private equity firms are leveraging ETFs to increase their exposure to the technology sector, with notable examples including Sihua Investment appearing in the top ten holders of nine newly listed ETFs, four of which are science and technology ETFs [3] - A significant private equity firm has reported that its largest allocation is in the information technology sector, particularly in Hong Kong's internet sector, due to strong performance and shareholder returns [4] Group 4 - The majority of large private equity firms are increasing their allocations to Hong Kong stocks, particularly in the internet and innovative pharmaceutical sectors, with over 50% of large subjective long strategy private equity firms holding internet companies as major positions [5] - The consensus among top private equity firms is that there is vast potential in China's technology sector, with expectations of a significant investment opportunity as the AI application explosion approaches [6]

Core Insights - The report highlights the increasing recognition of Invesco Great Wall's funds among public fund of funds (FOF) managers, with multiple funds ranking in the top 10 for both number of holdings and market value [1][3] - The performance of Invesco Great Wall's funds, particularly in the technology sector, has been outstanding, with significant excess returns compared to benchmarks [2] Group 1: Fund Performance - Invesco Great Wall's "Quality Evergreen" fund achieved a return of 59.45% over the past year, significantly outperforming its benchmark return of 14.53% [2] - The "Research Select" fund managed by Zhang Xuewei returned 38.26% in the same period, compared to its benchmark of 9.66% [2] - The "Invesco Great Wall CSI Hong Kong Stock Connect Technology ETF" was held by 11 FOFs, with a total market value of 274 million, marking the largest increase in holdings among FOFs [2] Group 2: Fund Holdings and Strategies - The "Invesco Great Wall Jingyi Shuangli" fund was held by 20 FOFs with a total market value of 216 million, while "Invesco Great Wall Jingying Shuangli" was held by 6 FOFs, increasing its holdings by 4 FOFs and market value by 29 million [2] - The "Invesco Great Wall Jingtai Yuli" pure bond fund had a total market value of 119 million, with a scale of 15.2 billion, consistently ranking in the top tier of its category over the past three years [2] Group 3: Strategic Positioning - Invesco Great Wall has diversified its fund offerings across various asset classes, including active equity, passive index, "fixed income plus," and pure bond funds, reflecting its strategy to become a "multi-asset management expert" [3]

点击 关注我们 报告发布日期：2025年4月7日 报告名称: 《 电子行业周报--中国科技资产长期价值重估的大幕正徐徐拉开 》 分析师：胡剑 S098052 1080001/胡慧 S0980521080002/ 叶子 S0980522100003 / 詹 浏洋 S0980524060001 / 张大为 S0980524100002/李书颖S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 国信研究 电子行业周报-中国科技资产长期价值重估 的大幕正徐徐拉开 2025-04-14 | 胡剑 胡慧 叶子 詹浏洋 张大为 李书颖 连欣然 中国科技资产价值重估大幕徐徐拉开。过去一周上证 下跌3.11%，电子下跌3.89%、恒生科技、台湾资讯科技 下跌7.77%、7.13%、费城半导体上涨10.93%。过去一 周,由美国发起的关税博弈局势反复,中国政府在秉持着一 贯的"不惹事但也不怕事"的外交立场、对美国发起多项反制 措施的同时,也就稳定资本市场、开拓内需市场采取了诸多 政策组合,基于应对特朗普上届任期内所发起的贸易摩擦的 经验，我国此次的政策应对更加系统和前瞻；而周末美国C BP所发布的《特定产品对 ...