消费投资样本。 作者/杨继云 周佳丽 报道/投资界PEdaily 几乎所有消费投资人都惊讶于瑞幸的重生。 我 们 可 以 一 窥 这 家 公 司 的 面 貌 ： 瑞 幸 最 新 发 布 2 0 2 5 年 第 三 季 度 财 报 ， 公 司 总 净 收 入 达 1 5 2 . 9亿元人民币，同比大幅增长5 0 . 2 %。盈利端也实现里程碑式突破——Q3净利润达 1 2 . 8亿元人民币。对比五年前黯然退市的光景，让人感慨。 这 应 该 是 创 投 圈 最 意 外 的 " 起 死 回 生 " 案 例 。 梳 理 故 事 背 后 ， 这 也 是 危 难 之 际 投 资 人 联 手"救活"一家公司的典范。当中角色除了黎辉所掌舵的大钲资本，还有另一家我们熟悉 的身影，IDG资本。 追溯起来，IDG资本团队几乎在瑞幸最不被看好的时候出手。沿着这样的脉络，我们得 以看到这家头部机构的消费投资故事，原来那些家喻户晓、甚至火爆全球的消费品牌背 后，都有IDG资本重仓的身影。 瑞幸背后 鲜少被提起的IDG 如果不是瑞幸重新爆红，这段隐秘的投资往事大概不会被提起。 时间回到2 0 2 0年4月2日，瑞幸咖啡造假风波骤然发酵。后 ...

来源：市场投研资讯 （来源：浦银安盛基金） 近期，美股上市公司陆续开始披露近一个季度的财报数据，包括微软、谷歌、亚马逊等科技巨头皆交出 超过市场预期的业绩答卷；同时，亚马逊更于本周宣布与OpenAI达成价值380亿美刀的算力合作，美股 AI与芯片股票持续表现强势。 02 如果想投资科技趋势，您认为为何要进行全球化的布局？ 我认为科学技术发展到当前的程度，在科创领域无论是技术迭代、产业链分工还是市场机会方面，都具 有显著的全球化特征。因此如果想要充分把握技术发展趋势的话，以全球视野进行投资可能是更有优势 的——既可以把握不同区域的优势，也可以分散风险。 根据同花顺数据，截至2025.10.31，纳斯达克指数已于本年内创新高超过70次，持续向上的行情也使得 美股科技相关资产来到估值的历史高位。 在当前阶段，我们该如何看待美股科技的投资价值？想要把握智能科技产业的全球大趋势，为何我们不 止应着眼国内，更应进行全球化的多元投资？ 本期，我们对话浦银安盛国际业务部副总监，浦银安盛全球智能科技QDII基金经理俞瑾，一起聊透全 球智能投资的前景。 注：本材料涉及到的行业板块、个股与指数仅作为举例，不作为任何投资建议。指数的 ...

Core Viewpoints - The market has shown signs of recovery from previous disturbances, with the Shanghai Composite Index rising above 3950 points, driven by increased confidence in industries and technology following the 20th Central Committee's Fourth Plenary Session [3] - The A-share market is expected to maintain an upward trend despite short-term resistance, with limited pullback space, suggesting a strategy of gradually accumulating positions [4][5] - The overseas market has seen reduced sensitivity to risks, with a positive outlook for U.S. stocks driven by strong technology trends and AI capital expenditures [5] Quantitative Strategy Allocation Views - The preferred strategy ranking is: Stock-based enhancement strategy > Overseas equity strategy > Evergreen low-volatility strategy [4] - The stock-based enhancement strategy has shown better performance compared to the evergreen low-volatility strategy, which serves as a foundational allocation to optimize portfolio volatility [4][5] Fund Strategy Performance - The Evergreen low-volatility fund strategy recorded a weekly return of 2.256%, while the stock-based enhancement strategy achieved 2.441% [9] - The cash-enhanced fund strategy yielded 0.026%, outperforming the benchmark [6] - The overseas equity allocation fund strategy recorded a return of 0.929%, indicating a strong long-term outlook for U.S. stocks amid technological advancements [6][9] Fund Composition Insights - The Evergreen low-volatility fund has maintained low volatility and drawdown characteristics, providing stable returns even during market fluctuations [10] - The stock-based enhancement fund strategy aims to identify funds with strong alpha generation capabilities, showing potential for better performance in improved market conditions [11] - The cash-enhanced fund strategy has consistently outperformed benchmarks, providing effective cash management solutions [13] - The overseas equity allocation fund has accumulated significant excess returns, benefiting from global technology trends and the Fed's monetary policy [16] Fund Construction Philosophy - The company employs quantitative methods to create a fund selection pool that meets diverse investor needs in varying market conditions [18] - The Evergreen low-volatility fund aims to provide stable returns in high-risk environments, appealing to conservative investors [20] - The stock-based enhancement fund focuses on identifying funds with strong stock-picking abilities to deliver excess returns [21] - The cash-enhanced fund strategy emphasizes selecting high-yield funds while minimizing volatility [22] - The overseas equity allocation fund strategy utilizes momentum and reversal factors to select high-performing international indices for investment [23]

Core Insights - The company aims to provide innovative, secure, and transparent cryptocurrency investment opportunities while integrating cross-border e-commerce and fintech to ensure stable returns for its members [1] Group 1: Global Market Expansion - One of the core strategies of the company is global market expansion, focusing on Asia, Europe, and the Americas to create a safe and efficient investment platform for global investors [2] - The company plans to strengthen cooperation and development across major markets to become a leader in the cryptocurrency and cross-border e-commerce sectors [2] Group 2: Innovative Business Model - The company combines cross-border e-commerce with cryptocurrency investment to create a diversified investment platform [2] - The e-commerce platform leverages global supply chain advantages to provide members with high-quality products at low costs, while cryptocurrency investment projects offer stable high-return opportunities [2] Group 3: Member Incentives - The company views each member as a partner and provides education and team reward mechanisms to help members achieve wealth growth [3] - A community reward system incentivizes members to invite new users, fostering team growth and collective benefits [3] Group 4: Security and Compliance - The company prioritizes security and compliance, adhering to global laws and regulations to ensure all transactions are legal and compliant [3] - Industry-leading technology is employed to safeguard user data and funds, ensuring transparent, stable, and sustainable operations [3] Group 5: Future Outlook - In the next three years, the company plans to continue expanding globally and deepen the integration of cryptocurrency and cross-border e-commerce [4] - The goal is to dominate the Chinese market by 2028 and become the largest institution in the global private placement market for cryptocurrencies [4]

Group 1 - The A-share market is increasingly attracting global capital due to China's economic transformation and industrial upgrading, with the RQFII mechanism providing a convenient channel for foreign investors to access Chinese assets [1] - As of the end of August, Dachen International Asset Management's China Flexible Allocation Fund has become the largest "pure A-share fund" in Hong Kong, with a scale of approximately 61.29 billion HKD (about 56.14 billion RMB) [1] - Dachen International's China Flexible Allocation Fund, established on March 3, 2014, is a strategic product aimed at attracting foreign investment through its strong investment capabilities in Chinese assets [1] Group 2 - Dachen International, founded in 2009, has achieved significant recognition in the Hong Kong capital market, focusing on absolute returns and active management, with multiple awards from reputable institutions since 2016 [2] - The company has accumulated 24 offshore Chinese fund awards over nine years and 12 overseas Golden Bull awards since 2018, reflecting its strong performance and industry recognition [2] Group 3 - Dachen International has been actively developing cross-border and global investment businesses, enhancing cooperation with overseas asset management institutions to facilitate foreign investment in Chinese assets [3] - The recent strategic cooperation agreement with Temasek's Fortis Fund Management marks a new phase in their partnership, aiming to provide richer and higher-quality cross-border investment products [3] - The company aims to offer diversified, global investment services from Hong Kong, attracting long-term foreign capital to invest in Chinese assets [3]

Core Insights - The company has officially launched its U.S. stock trading business in collaboration with key American partners, marking a significant milestone in its transition from the Asian market to the international financial hub [1][2] - The new business provides investors with direct access to major U.S. markets such as NASDAQ and NYSE, enhancing transparency and execution efficiency [2][5] Market Expansion - The U.S. stock market access allows users to manage a diversified portfolio across Hong Kong, A-shares, and U.S. stocks on a unified platform, improving global asset management for professional investors and providing equal market access for retail investors [5] - The initial focus of the U.S. business will be on high liquidity assets, including leading companies in core industries and globally recognized tech firms, with plans to expand into a wider range of asset classes [2][5] Strategic Partnerships - Collaborating with U.S. partners signifies the company's trading services have crossed regional boundaries, establishing a long-term international connection that offers sustainable market opportunities for global users [2][6] - The launch of the U.S. business is a key step in the company's globalization strategy, emphasizing transparency, robust technology, and compliance [2][6] Future Outlook - The company plans to deepen international cooperation and accelerate its expansion into European and emerging markets, with a focus on key markets like the London Stock Exchange and ongoing localization efforts in Southeast Asia [5][6] - The long-term vision is to create a cross-market investment ecosystem that is replicable and stable, aiming to build trust and growth opportunities for investors in different regions [5][6]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - A-share and US stock equity markets both showed strong performances after short-term adjustments. All strategy indices gained positive returns this week, with defensive-style sectors that had experienced longer pullbacks performing better, and domestic equity portfolios achieving excess returns. The Evergreen Low-Volatility Strategy and Stock Fund Enhancement Strategy earned 1.826% and 1.620% respectively, while the Overseas Equity Strategy recorded a 0.610% return [2]. - The quantitative strategy configuration preference is: Stock Fund Enhancement Strategy > Evergreen Low-Volatility Strategy > Overseas Equity Strategy. The A-share market is expected to maintain an upward trend, with limited downside potential. The Stock Fund Enhancement Strategy has more room, the Evergreen Low-Volatility Strategy can serve as a base allocation, and defensive sectors like banks still have high long-term allocation value. For the US stock market, it's not advisable to chase high in the short term, but its long-term upward trend is still optimistic, and attention should be paid to potential pullbacks for bottom-fishing opportunities [3][4]. Summary by Relevant Catalogs 1. Toolized Fund Portfolio Performance Tracking - **Evergreen Low-Volatility Fund Portfolio**: Maintained low volatility characteristics, with both portfolio volatility and maximum drawdown significantly better than the CSI Active Equity Fund Index. Since the strategy started on July 31, 2023, it has continued to have low volatility and small drawdowns, achieving significant excess returns and showing both defensive and offensive capabilities [14]. - **Stock Fund Enhancement Fund Portfolio**: The strategy has been running for a relatively short time, and its performance is similar to the CSI Active Equity Fund Index. It is expected to have stronger elasticity when the market environment improves, and can maintain a similar trend to the benchmark in a weak market [16]. - **Cash Enhancement Fund Portfolio**: Through double screening of risk elimination and scoring optimization, it continuously outperformed the benchmark. Since the strategy started at the end of July 2023, the excess return has been continuously accumulated, providing an effective reference for investors in cash management [17]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest rate cut cycle and the boost of artificial intelligence technology to global technology stocks, it has accumulated a high level of excess returns, and global allocation can enhance the returns of equity investment portfolios [20]. 2. Toolized Fund Portfolio Construction Ideas - **Active Equity Funds**: Combine fund holding dimension factors and net value dimension factors to construct a low-volatility fund portfolio strategy to meet the defensive needs of investors in high-risk markets and provide stable returns for medium-risk preference investors. Also, construct a fund portfolio strategy with similar risk and volatility characteristics to the equity fund benchmark index to provide a more aggressive option for high-risk preference investors [21]. - **Money Market Funds**: Build a money market fund screening system based on multi-dimensional characteristic factors to select money market funds with better performance and help investors optimize short-term idle funds' returns [22]. - **QDII Funds**: Screen equity indices of multiple countries or regions based on long- and short-term technical indicators, index momentum, and reversal effects, and select corresponding QDII equity funds to construct an overseas market selection portfolio to meet investors' needs for global allocation [24].

Core Viewpoint - The A-share equity market continues to show strong performance, driven by multiple favorable factors, while the US equity market exhibits a high-level consolidation trend [2][4]. A-share Market Analysis - The A-share market has shown a sustained upward trend, with the Shanghai Composite Index breaking through the 3500-point level after a period of fluctuation around 3400 points [3]. - Dividend and low-volatility style sectors have performed strongly but may face short-term adjustments, leading to a potential decrease in dividend yield and attractiveness [3][4]. - The Evergreen Low Volatility strategy index recorded a return of 0.872%, while the Stock Enhancement strategy index achieved a return of 1.558%, indicating stronger elasticity in the latter [2][5]. Quantitative Strategy Configuration - The preferred strategy ranking is Stock Enhancement Strategy > Evergreen Low Volatility Strategy > Overseas Equity Strategy [3]. - The Stock Enhancement strategy is expected to gain traction as the market environment improves, with potential for higher returns as undervalued companies become more apparent [5][6]. Overseas Market Dynamics - Recent developments indicate a recovery in overseas markets, particularly in the US, following a reduction in tariff risks and better-than-expected economic data [4]. - The Overseas Equity Strategy recorded a slight decline of -0.376%, reflecting ongoing volatility in the market [6]. - Despite short-term uncertainties, the long-term outlook for the US equity market remains positive, supported by a stable economic backdrop and technological advancements [4][6]. Fund Strategy Performance - The Evergreen Low Volatility Fund has demonstrated strong stability and lower volatility compared to the benchmark, achieving significant excess returns since its strategy inception [11][22]. - The Stock Enhancement Fund has shown performance close to the benchmark, with expectations for improved returns as market conditions stabilize [13][23]. - The Cash Enhancement Fund strategy has consistently outperformed the benchmark, accumulating excess returns since its inception [15][24]. - The Overseas Equity Configuration Fund has benefited from global asset allocation, achieving high levels of excess returns since its strategy launch [16][25].

Core Viewpoint - The acquisition of Hangzhou Huacheng Network Technology Co., Ltd. by Zhongwei Capital, in partnership with Chenyi Fund and Tencent, marks a significant move in the global M&A landscape, highlighting the potential for Chinese brands in the global market [2][4]. Group 1: Company Overview - Huacheng Network, incubated by Dahua Technology in 2015, has become a leading global smart home brand, focusing on the consumer IoT market with a product range that includes smart cameras and locks [2]. - The company has developed a comprehensive global sales network, serving over 45 million users and exporting products to over 100 countries, with significant operations in Southeast Asia, Latin America, and Europe [3]. Group 2: Market Position and Growth - According to IDC's report, Huacheng ranks among the top three in global consumer camera shipments, with overseas sales accounting for 77.1% of its total shipments in Q1 2025, indicating strong international growth potential [3]. - The Asia-Pacific region is identified as a strategic focus area for Huacheng, reinforcing its market leadership in that region [3]. Group 3: Investment Strategy - The acquisition represents Zhongwei Capital's first M&A project through its RMB fund, reflecting its commitment to deepening its investment in the consumer technology sector [4]. - Zhongwei Capital has a management scale exceeding RMB 15 billion and has previously engaged in high-profile acquisitions, including the Italian luxury brand Frette and the parent company of Arc'teryx [4]. Group 4: Future Outlook - Zhongwei Capital's partner, Yao Anmin, emphasized Huacheng as a representative of Chinese smart hardware brands, with a focus on enhancing global competitiveness through AI and cloud technology applications [5]. - The company aims to continue supporting Chinese enterprises in their global expansion and is actively seeking high-growth acquisition opportunities [5].

Core Viewpoint - The company emphasizes the importance of long-term adaptability and global investment strategies in the face of significant market changes, leveraging technology and expanding into international markets [1][2]. Group 1: Investment Strategy - The company has restructured its investment system using artificial intelligence technology, named "AI Cybertron," and has expanded its investment scope to include markets in South Korea, India, and Singapore [1]. - The investment portfolio currently includes high-quality companies from A-shares, Hong Kong stocks, U.S. stocks, and other international markets, reflecting a global investment approach [2]. - The core research team consists of seven members, with five being overseas returnees, enhancing the team's global research capabilities [2]. Group 2: Focus Areas - The company is particularly optimistic about the technology sector, especially artificial intelligence, and plans to build a global investment portfolio centered around AI [4]. - Investment in the technology sector is categorized into scientific technology and business innovation, with a focus on areas such as AI computing, autonomous driving, and quantum computing [4]. - In business innovation, the company is looking at investment opportunities in SaaS, fintech, and platform economy sectors driven by AI technology [5]. Group 3: Investment Philosophy - The company adheres to value investing principles but recognizes the need for flexibility in adjusting positions based on market sentiment and using derivative tools to enhance portfolio stability [3]. - The selection criteria for investment targets include strong competitiveness, high growth potential, and significant value creation [3]. - The company aims to create absolute returns for investors by exploring derivative tools to improve position adjustment flexibility and enhance portfolio resilience [3].