该基金属于灵活配置型基金，长期投资于医药医疗股票。截至7月17日，单位净值为2.661元。基金经理是万民远，目前管理5只基金近一年均为正收益。其 中，截至7月17日，融通价值成长混合A近一年复权单位净值增长率最高，达51.66%；融通医疗保健行业混合A/B最低，为12.27%。 基金管理人在二季报中表示，本基金按照基金合同规定要求，精选赛道及成长性较好且估值相对较低的板块及个股进行重点配置，并适时调整组合结构。我 们依然坚持顺着中国医药产业结构升级和医疗需求修复的方向寻找投资机会。重点从创新引领的产业升级及进口替代、院内医疗复苏及足够悲观定价等几个 角度精选个股。目前本基金重点配置创新（创新药及产业链、创新器械）+复苏（消费医疗、零售及中药等）及低 PB 类资产。 AI基金融通健康产业灵活配置混合A/B（000727）披露2025年二季报，第二季度基金利润1.79亿元，加权平均基金份额本期利润0.2151元。报告期内，基金 净值增长率为8.97%，截至二季度末，基金规模为20.74亿元。 截至6月30日，基金近三年夏普比率为0.1159，位于同类可比基金48/105。 截至7月17日，基金近三年最大回撤为45 ...

每日经济新闻 （责任编辑：张晓波 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 相关机构表示表示，宏观基本面存在利好，对应A股的哪些资产可能有更好的表现呢？微观主体流 动性压力缓解，或为股市提供更多的剩余流动性，但哑铃策略相关标的或许已经抢跑太多。国金证券统 计，当前全A所有个股中PB历史分位数在20%以下的占比已经大幅下降至2017年Q1以来的最低水平，比 2021年年底市场顶点对应的水平还要低；同样地PB历史分位数在80%以上的占比也已经接近2017年以 来的最高水平。分行业来看，这一轮"消灭低PB个股"的行业集中于TMT+高端制造+银行，而这些行业 目前PB历史分位数在20%以下的个股数占比大多已经低于20%。相反，以钢铁为代表的传统行业，它们 内部的低PB分位数个股占比仍有40%及以上，相对具有更高性价比。综上所述，建议投资者持续关注 钢铁ETF（515210）。 市场上唯一跟踪钢铁行业的钢 ...

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].

以下文章来源于范范爱养基 ，作者范范 范范爱养基 . 他这么一说 ， 我才反应过来~好像还真是这样的 ！ 专注基金投资分享，说人话，不拽词！不保证说的都对，但都是当下我最最真实的想法。（雪球号同名） 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 范范爱养基 来源：雪球 最近不是在看 " 指数增强 " 基金嘛，招商中证2000增强策略ETF现任基金经理 邓童 的一段讲话 。 邓童说 ： 红利指数的增强比宽基指数更难 。 在测试时发现 ， 中证2000指数的超额收益可以高达30%以 上 ， 但是红利指数的超额收益能有大几个点就很不错了 。 红利指数基金火了这么多年了 ， 确实没有看到 " 红利增强策略基金 " 脱颖而出 ， 更没有火出圈的 ！ 邓童给到的解释是 ： " 红利 " 本身就是一个历史表现很好的 " 因子 " ， 这时再去叠加常用的 " ROE或者 低PB " 等因子 ， 基本不起作用 。 （ 除非 ， 找到独特的因子 ） 想想也是~ " 红利低波 " 指数 ， 自带估值筛选规则 ； " 红利质量 " 指数 ， 又自带盈利能力的筛选 ； 这些红利指数本身就 ...

Market Overview - The market experienced a slight decline with reduced trading volume, averaging approximately 10,939 billion yuan in daily transactions, as it awaits new breakthrough opportunities [1] - Growth stocks outperformed value stocks, with small-cap stocks leading the overall market performance [1] Macro Outlook - Domestic fundamentals may have passed the fastest decline phase, but PPI remains under pressure; attention is on credit data for the second half of the year [2] - New home transactions have seen a rebound, while automotive consumption has weakened; manufacturing activity remains low, and commodity price pressures persist [2] - CPI showed a month-on-month decrease in May, with a year-on-year decline for four consecutive months; core CPI's year-on-year growth has expanded, primarily due to energy and food prices [2] Market Sentiment - The overall negative impact of fundamentals on the market is still present, but the influence is being priced in; there is a need for early policy intervention to support domestic demand and alleviate supply pressures [3] - Internationally, U.S. soft data has improved, with consumer and business confidence rising, while hard data showed May CPI below expectations [3] Market Outlook - Current risk appetite is adjusting, with fundamental pressures and strong policy expectations; the market is expected to remain in a volatile state [4] - The market's pricing logic is gradually shifting from fundamentals to policy and liquidity expectations, with potential for recovery if favorable policies are introduced [4] Investment Strategy - Short-term market volatility is anticipated, with a focus on avoiding risks from event shocks; a barbell strategy is recommended [5] - Key sectors to watch include precious metals, military industry, and high-dividend assets, which are expected to perform well under current conditions [5]

Core Insights - The article emphasizes the shift in investor mindset from "seeking quick gains" to "seeking stability," highlighting the importance of long-term investment and the power of compounding returns [1] - Zhang Ming, a fund manager at Anxin Fund, has consistently achieved superior investment performance over the past seven years, focusing on a "slow and steady" investment approach [1][5] Performance Summary - Anxin Enterprise Value Selection has outperformed the CSI 300 Index and the CSI A500 Index for seven consecutive years from 2018 to 2024, even during market downturns [1][17] - As of March 31, 2025, the fund has delivered a cumulative return of 125.97% and an annualized return of nearly 11% since Zhang Ming took over management [5][4] Investment Philosophy - Zhang Ming is a strong proponent of value investing, adhering to the principle of buying good companies at favorable prices and holding them for the long term [6][8] - His investment strategy involves a low turnover rate, emphasizing that true returns come from the growth of a company's intrinsic value over time [6] Stock Selection Criteria - Zhang Ming employs a PB-ROE model to identify high-quality companies with low price-to-book ratios and high return on equity, focusing on sectors that provide strong ROE [8][9] - His portfolio demonstrates a clear advantage of "low PB + high ROE," indicating a focus on undervalued stocks with solid profitability [9] Risk Management and Resilience - The fund has shown strong drawdown control, with a maximum drawdown of 22.12% compared to the 45.42% drawdown of the broader market index during the same period [15] - In challenging market conditions in 2022 and 2023, the fund only experienced declines of 5% and 1%, respectively, showcasing its resilience [15] Future Outlook - Zhang Ming's active equity management currently stands at approximately 3.5 billion, indicating potential for growth in fund size [16] - A new fund, Anxin Preferred Value Mixed Fund, is set to launch, which may attract attention given Zhang Ming's track record and investment philosophy [16]

转债攻守道：5 月转债投资策略 20250429 摘要 转债市场当前状况及未来趋势如何？ 当前转债市场趋稳，但估值快速修复到前期高位的判断并不成立。目前热门标 的券价格虚高，但整体转债估值已有一定修复。最近两周股性和平衡转债价格 有所回升，资金面趋稳。从年初至今，小盘股及弹性行业转债溢价率上升较快， 但整体风格较为平衡，以汽车、交运、公共事业等行业走强为主。机构持有规 模下降但仓位增配明显，与路演情况类似。今年（2025 年）2 月至今国家收益 率处于底部过程中，转债估值同步上升。目前利率重新下行，对转债估值形成 托底，但对股票市场预期相对较弱。 近期多策略表现如何？未来策略建议是什么？ 近期中证转债出现微修复，上证指数连续多天阳线，小票反弹是主力，包括机 构低配和低研究覆盖度的小票，中性转债走势也较强。而防御型配置股息率策 略偏弱。预计反弹最高时间段已接近尾声，下行空间有限，有政策性资金托底。 目前成交量在万亿左右波动，因此我们认为 5 月仍将呈现震荡走势。行业走势 分化明显，如银行、电力机械等轮动快。在此背景下，我们建议重点关注三个 当前来看，我们判断市场已经走出了关税扰动最强的时间段，业绩披露期也接 近 ...