| 离任基金经理姓名 | 邹曦 | | --- | --- | | 离任原因 | 内部调整 | | 离任日期 | 2025年9月6日 | | 转任本公司其他工作岗位的说明 | - | | 是否已按规定在中国证券投资基金业协会办理变更 | 是 | | 手续 | | | 是否已按规定在中国证券投资基金业协会办理注销 | - | | 手续 | | 邹曦卸任上述4只基金以后，名下再无其他在管基金。履历资料显示，邹曦自2001年5月加入融通基金，除了担任基金经理以外，还担任融通基金副总经理兼 权益投资总监。 | 近1月: 13.69% | 近3月:26.62% | 近6月:22.72% | | --- | --- | --- | | 近1年:39.14% | 近3年: -24.34% | 成立来:141.76% | 融通中国风1号灵活配置混合基金二季报显示，截至二季度末，该基金A/B份额过去5年跑输业绩比较基准25.92个百分点，过去3年跑输业绩比较基准33.32个 百分点，过去1年跑输业绩比较基准7.81个百分点。 截至二季度末，融通中国风1号灵活配置混合基金资产净值约为14.06亿元，持有股票占比为92.93%，未 ...

Core Viewpoint - Since mid-June, the A-share market has experienced a continuous upward trend, with all three major indices reaching new highs for the year, driven by significant improvements in capital inflow and sustained macro policy efforts [1] Group 1: Market Trends - The A-share market is transitioning to an incremental market due to improved capital inflow and supportive macro policies [1] - The three major indices have all set new highs for the year, indicating strong market performance [1] Group 2: Investment Strategies - Investment strategies should shift from trading-oriented to holding-oriented, reflecting a change in market dynamics [1] - Key sectors such as AI, innovative pharmaceuticals, and resilient fundamentals in overseas markets are expected to become core areas of consensus for capital allocation [1] Group 3: Sector Opportunities - The Hang Seng Technology Index and other sectors with appropriate valuation levels are anticipated to present good allocation opportunities [1]

Core Viewpoint - The A-share market is transitioning from a stock game to an incremental market, driven by significant improvements in capital inflow and supportive macro policies [1][3][2] Capital Inflow and Market Transition - The scale of capital inflow has significantly improved, contributing to the shift towards an incremental market [2][3] - From October 2024, the trend of net outflow from actively managed public funds has gradually narrowed, with a net inflow expected by June 2025 [3] - Various types of funds, including public, quantitative, and insurance funds, are showing synchronized incremental inflows, promoting orderly rotation and structural increases in the A-share market [3] Investment Strategy Shift - Investors are advised to shift from short-term trading strategies to holding strategies as liquidity gradually recovers, enhancing the attractiveness of core assets with high economic resilience [4][2] - The preference for short-term trading has been influenced by market weaknesses and valuation corrections over the past three years [4] Focus on Overseas Markets - The exploration of overseas markets is becoming a key investment theme, with expectations that this direction will provide new breakthroughs post mid-year reporting season [5] - Specific sectors such as computer equipment, general equipment, agricultural chemicals, and home furnishings are projected to see net profit increases of 3.2%, 2.3%, 2.2%, and 1.7% respectively for 2025 [5] - Historical data indicates that overseas expansion significantly enhances companies' ROE and profit margins, although external factors have recently impacted these sectors [5] Sector Rotation Opportunities - Key sectors for investment include Hang Seng Technology, non-ferrous metals, and AI, which are expected to attract capital focus due to their unique investment logic and clear rotation rhythms [7] - The Hang Seng Technology sector, despite short-term performance pressures, is anticipated to benefit from domestic AI applications and improvements in production capacity [7] - The non-ferrous metals sector presents structural opportunities, with precious metals providing price support and industrial metals benefiting from recovering demand [7] Long-term Trends and Resilience - The long-term narrative of overseas expansion is shifting the characteristics of emerging market stocks from being highly correlated with domestic economic cycles to being more aligned with global income [6] - The AI sector is experiencing a positive feedback loop, enhancing user engagement and driving further demand for computational power, while innovative pharmaceuticals are positioned as a resilient growth area [7][8]

Financial Data and Key Metrics Changes - The company's revenue for the first half of 2024 exceeded expectations, driven by strong performance in e-commerce and offline channels, showcasing rare growth potential [28] - The net profit for the company in 2023 reached 1.902 billion HKD, representing a year-on-year increase of 51.66% [26] Business Line Data and Key Metrics Changes - In the first half of 2024, revenue from e-commerce channels grew by 176%, while revenue from peripheral regions increased by 65.6% [28] - The traditional business of the company, covering energy and environmental protection, accounted for 63% of gross profit in 2023, indicating stable growth [25] Market Data and Key Metrics Changes - The CPI in July 2024 rose by 0.5% year-on-year, exceeding expectations, with food prices contributing significantly to this increase [21] - The overall market sentiment remains cautious, with various sectors experiencing mixed performance, particularly in the advertising and media sectors [29] Company Strategy and Development Direction - The company is focusing on expanding its market share in e-commerce and enhancing brand promotion efforts to drive growth [28] - The strategy includes leveraging traditional business strengths while exploring new growth areas such as hydrogen production and flexible power generation [25] Management's Comments on Operating Environment and Future Outlook - Management highlighted the need for successful transformation and the importance of new business initiatives to drive revenue growth amid a competitive landscape [19] - The outlook remains cautious due to potential risks from macroeconomic factors and market competition, particularly in the telecommunications sector [19] Other Important Information - The company plans to maintain a high dividend payout ratio, reflecting confidence in its financial stability and growth prospects [26] - There are ongoing concerns regarding the impact of rising raw material prices on profit margins, which could affect future performance [28] Q&A Session Summary Question: What are the key growth drivers for the company in the upcoming quarters? - The company expects e-commerce and health-related products to continue driving revenue growth, supported by increased market penetration and consumer demand [28] Question: How does the company plan to address the challenges in the telecommunications sector? - Management indicated that focusing on new business models and enhancing service offerings will be crucial to overcoming competitive pressures [19] Question: What are the risks associated with the company's current strategy? - Key risks include fluctuations in raw material prices, potential delays in new business initiatives, and the overall economic environment affecting consumer spending [28][19]