上周，A股"9·24行情"迎来一周年。在过去的一年里，市场悄然发生着深刻的变化：A股主要指数大幅上涨、市场总市值首破百万亿元、公 募"翻倍基"批量出现…… 指数上扬，市场向好 "9·24行情"启动以来，上证指数累计涨幅达40.19%，深证成指涨幅超65%，北证50、科创50、创业板指等指数涨幅均超100%。其中，北证50指 数大涨163.26%。市场呈现明显的"成长强于价值"态势。 近一年市场各主要指数涨跌幅情况 公募爆发，"翻倍基"涌现 A股市场行业表现方面，近一年，电子行业成为最耀眼的明星。整体看，申万一级31个行业全线飘红，科技股领涨，带动A股估值提升。其 中，电子、通信、综合行业涨幅领先，均涨超100%；计算机、传媒、机械设备行业涨幅均超80%。仅煤炭、石油石化、公用事业行业涨幅不 足10%。 近一年申万一级31个行业涨跌幅情况 展望后市，机构认为，上涨驱动力有望持续。国泰海通证券称，投资者无需过度担忧阶段性调整：其一，两融规模、流通市值处历史均值， 两市整体估值不高，多数权重股股价处于低位，未显过热；其二，中国货币政策宽松仍有空间，增量经济支持举措有望出台。（资料来源： 国泰海通证券《波动与应对》， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company reported a revenue of 8.06 billion yuan in the first half of 2025, a year-on-year decrease of 5.1%, and a net profit attributable to shareholders of 70 million yuan, down 47.7% year-on-year. The net profit after deducting non-recurring items was -20 million yuan, a decrease of 197.7% year-on-year [2][6]. - In Q2 2025, the company achieved a revenue of 4.44 billion yuan, a year-on-year decrease of 1.7% but a quarter-on-quarter increase of 22.4%. The net profit attributable to shareholders was 40 million yuan, up 74.7% year-on-year and 8.5% quarter-on-quarter, with the net profit after deducting non-recurring items remaining close to zero [2][6]. - The company's main business segments include crop protection and silicon-based new materials. The crop protection segment, particularly glyphosate, has seen a U-shaped price trend in 2025, with prices recovering in Q2 due to limited production capacity and inventory digestion, although overall profitability remains poor [11]. - The silicon-based segment has shown significant growth, with the company being one of the most complete players in the domestic silicon industry. The revenue from silicon-based terminal and specialty silane products was 1.12 billion yuan in the first half of 2025, with a gross margin of 23.4%, an increase of 4.6 percentage points year-on-year [11]. - The company expects a recovery in glyphosate and silicon-based product prices due to overseas demand and limited new production capacity, which could lead to significant earnings elasticity. The projected net profits for 2025-2027 are 410 million, 790 million, and 1.14 billion yuan, respectively [11]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 8.06 billion yuan, with a net profit of 70 million yuan and a net profit after deducting non-recurring items of -20 million yuan [2][6]. - Q2 2025 results showed a revenue of 4.44 billion yuan, with a net profit of 40 million yuan and a net profit after deducting non-recurring items close to zero [2][6]. Business Segments - The crop protection segment is under pressure, with glyphosate prices showing a U-shaped trend and overall profitability remaining low [11]. - The silicon-based segment has maintained growth, with significant revenue and improved gross margins, indicating a strong market position [11]. Market Outlook - The company anticipates a recovery in the glyphosate and silicon-based markets, driven by limited new production capacity and increasing demand, which could enhance profitability [11].

Group 1 - The A-share market showed strong performance in the first half of the year, driven by AI trends and sector rotations led by new consumption and innovative pharmaceuticals [1] - The trading sentiment in the A-share market improved significantly compared to last year, indicating a noticeable increase in market activity and profit-making opportunities [1] - Growth assets across various sectors, including technology, new energy vehicles, consumption, and pharmaceuticals, are experiencing valuation increases, attracting active capital seeking growth potential [1] Group 2 - New consumption emerged as a key market focus in the second quarter, with companies adapting to personalized and diversified consumption trends, aligning well with market preferences for growth [2] - Emerging growth opportunities are expected to expand from new consumption and innovative pharmaceuticals to technology and cyclical industries, with a positive outlook on investments in the AI industry chain, domestic semiconductor equipment, and chips [2] - High-end manufacturing is also seen as a growth opportunity, alongside leading companies with cyclical growth attributes, which are expected to show more significant upward valuation elasticity [2]

Core Viewpoint - The article highlights a significant increase in the number and total issuance of new funds in June, indicating a robust inflow of capital into the A-share market, particularly through the introduction of new floating management fee funds [1]. Fund Issuance and Performance - As of June 27, a total of 137 new funds were established in June, with a combined issuance of 112.3 billion units, marking a substantial increase from May's 96 funds and 65.8 billion units [1]. - Among the new funds, 51.06% were bond funds, contributing over 50 billion yuan to the A-share market [1]. - The first batch of floating management fee funds has gained attention, with 19 out of 26 funds already established, raising nearly 19 billion yuan in total [1]. Fund Manager Insights - Fund managers are accelerating their investment pace due to emerging structural opportunities, with a focus on building positions quickly within a three-month window [3]. - The manager of the Ping An Value Enjoyment Mixed Fund indicated a dynamic approach to building positions, adjusting the pace based on market conditions [3]. - Key sectors identified for investment include internet, innovative pharmaceuticals, technology hardware, and new consumption, which are expected to provide long-term growth potential [3]. Sector Focus and Trends - The article emphasizes the potential of AI applications, innovative pharmaceuticals, high-end manufacturing, and new consumption sectors as key investment areas [4]. - The AI sector is highlighted as a significant growth area, with China positioned as a core engine for global AI development [4]. - High-end manufacturing, particularly in new energy and military industries, is also noted for its growth opportunities [4]. - The article suggests that low interest rates may continue, making dividend assets an attractive investment option [4].

Core Viewpoint - Many newly established equity funds have quickly built positions in the market, capitalizing on the rebound and achieving impressive performance, with some funds seeing net asset value growth exceeding 20% since inception [1]. Group 1: Fund Performance - Since April, the A-share market has experienced a rebound, with the Shanghai Composite Index rising by 8.5% and the ChiNext Index increasing by over 11% from April 8 to June 19 [4]. - Among the newly established equity funds this year, 14 funds have reported a net asset value growth rate exceeding 10%, with 4 funds achieving over 20% growth [4]. - Notable performers include the Invesco Great Wall Medical Industry A fund, which has seen a growth rate of 23.79% since its establishment on January 24, and the Huatai-PineBridge Dividend Select A fund, which has increased by 10.42% since March 6 [4]. Group 2: Investment Strategies - Industry insiders suggest that the focus for the second half of the year will be on sectors such as AI, high-end manufacturing, cyclical growth, and dividend assets [2][6]. - Fund managers are generally cautiously optimistic about the market, believing that more opportunities will arise in the second half of the year [6]. - A large fund company's equity investment director indicated that the main allocation will be towards sectors with good growth prospects, including AI, high-end manufacturing, cyclical growth in pharmaceuticals and chemicals, and dividend assets in public utilities [6]. Group 3: Market Outlook - The market is currently experiencing fluctuations, but fund managers see potential for recovery and growth in the A-share market, which is considered to be undervalued compared to global markets [6]. - There are three main opportunities identified: correction in high-risk premium sectors, improvement in supply-demand dynamics in midstream industries, and a potential restructuring of valuation systems for high-dividend and high-repurchase companies [6]. Group 4: Fund Manager Strategies - As the second half approaches, fund managers are adopting varied strategies for building positions, with some focusing on a gradual accumulation approach while maintaining a conservative initial allocation [7]. - A newly launched equity fund manager mentioned that they plan to utilize the six-month investment period effectively, aiming to build a solid position before increasing exposure [7].

Core Viewpoint - The article discusses the investment journey of Wu Guoqing, a fund manager at Qianhai Kaiyuan, highlighting his transition from traditional cyclical investments to a focus on cyclical growth, which has led to significant performance improvements in 2023 [1][4]. Investment Background - Wu Guoqing holds a PhD in Economic Management from Tsinghua University and began his career as a researcher in the pharmaceutical industry before shifting to gold and non-ferrous metals, focusing on cyclical stocks [2]. - His management career started in 2013 at Southern Fund, where he managed enterprise annuities and specialized accounts, later joining Qianhai Kaiyuan Fund in 2015 to focus on public fund management [3]. Performance Highlights - Wu has achieved continuous positive returns for six years, with a notable performance surge in 2023, where his fund, Qianhai Kaiyuan Jiaxin Mixed Fund, recorded a 57% return, placing it among the top active equity funds [4][5]. - His performance over the years shows a mix of traditional cyclical investment returns and a gradual shift towards cyclical growth, with specific annual returns detailed as follows: - 2018: -8.12% - 2019: +23.12% - 2020: +39.21% - 2021: +18.36% - 2022: +0.33% - 2023: +1.99% - 2024: +1.11% - 2025 (YTD): +25.51% [4]. Strategy Evolution - Wu began expanding his traditional cyclical investment framework to include cyclical growth in 2020, which has now proven successful in 2023 [4][5]. - His approach includes a significant overhaul of the Qianhai Kaiyuan Jiaxin Mixed Fund, integrating cyclical growth strategies into its portfolio, focusing on sectors like robotics, automotive, and power equipment [5]. Investment Style - Wu's current investment style is characterized by a dual focus on cyclical growth while maintaining some traditional cyclical strategies in other funds, indicating a cautious and gradual approach to expanding his investment capabilities [8]. - The Qianhai Kaiyuan Jiaxin Mixed Fund is fully invested in cyclical growth, while another fund maintains a balance between gold and cyclical growth, showcasing a blend of defensive and offensive strategies [8].