基金业绩衡量体系

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科技主题基金25H1业绩简评:哪些科技主题基金25年上半年业绩出色?
Shenwan Hongyuan Securities· 2025-07-22 09:11
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The technology sector was significantly affected by the tariff shock in early April. The technology index rose rapidly before February 2025, then corrected, and experienced a significant pullback due to the tariff shock in early April, followed by an adjustment phase [3][9]. - In the first half of 2025, technology - themed funds had higher volatility and slightly weaker returns compared to the sample of active equity funds. The average volatility of technology - themed funds reached 31.26%, while that of the active equity sample was only 23.25%. The average return of technology - themed funds was about 6.25% [3][12]. - Several technology - themed funds had excellent performance in the first half of 2025. For example, many products under China Europe Fund led in performance, and Yongying Technology Smart Selection managed by Ren Jie achieved the highest return of 47.43% [3][19]. - In terms of fund companies, China Europe Fund had a leading average performance among those with more technology - themed fund layouts. Yongying Fund had the highest average performance among all fund companies, followed by Caitong Securities Asset Management [3][23][24]. - According to the fund performance measurement method designed by Shenwan Hongyuan's quantitative research team, China Europe Digital Economy had the highest average quantile in the first half of 2025, and Yongying Semiconductor Industry Smart Selection and Caitong Asset Management Digital Economy also had relatively high average quantiles [3][30]. 3. Summary According to the Table of Contents 3.1 Technology - Themed Fund Overall Performance - The technology index was affected by the tariff shock in early April. It rose rapidly before February 2025, then corrected, and pulled back significantly in early April, followed by an adjustment [9]. - The average volatility of technology - themed funds in the first half of 2025 was 31.26%, significantly higher than the 23.25% of the active equity sample. The average return was about 6.25%, slightly weaker than the sample as a whole [12]. 3.2 Which Technology - Themed Funds Had Excellent Performance in the First Half of 2025? - Individual fund performance: Many products under China Europe Fund, such as China Europe Digital Economy, China Europe Intelligent Manufacturing, and China Europe Internet Pioneer, had good returns. Yongying Technology Smart Selection had the highest return of 47.43% in the first half of 2025. Other funds like Noah Steady Return and Huian Growth Selection also had returns above 30% [16][19]. - Fund company - level performance: China Europe Fund had 8 technology - themed funds with a total scale of over 19.3 billion yuan and an average performance of 18.98% in the first half of 2025, leading among companies with similar scale and quantity. Yongying Fund had 3 technology - themed funds with a total scale of about 5.487 billion yuan and an average performance of 29.54%, the highest among all fund companies. Caitong Securities Asset Management's 3 products had an average performance of 21.97%. Most other fund companies with leading average performance had a small number and scale of technology - themed funds [23][24]. - Performance measurement results: According to the measurement method, China Europe Digital Economy had the highest average quantile of 81.1% in the first half of 2025, with good performance in both favorable and unfavorable market environments. Yongying Semiconductor Industry Smart Selection and Caitong Asset Management Digital Economy had average quantiles of 75.8% and 75.5% respectively, and performed better in favorable market environments [27][30].
申万宏源证券晨会报告-20250513
Shenwan Hongyuan Securities· 2025-05-13 01:17
Group 1: Market Overview - The Shanghai Composite Index closed at 3369 points, with a daily increase of 0.82% and a monthly increase of 2.75% [1] - The Shenzhen Composite Index closed at 2004 points, with a daily increase of 1.7% and a monthly increase of 4.62% [1] - The large-cap index showed a 1.15% increase yesterday, while the mid-cap and small-cap indices increased by 1.37% and 1.45% respectively [1] Group 2: Industry Performance - The maritime equipment sector saw a daily increase of 7.08% and a monthly increase of 10.86% [1] - The military electronics sector increased by 5.21% daily and 7.66% monthly [1] - The precious metals sector experienced a decline of 2.03% yesterday and a decrease of 0.87% over the month [1] Group 3: Company Insights - Mixue Group - Mixue Group is the leading fresh beverage company in China, with a market share of 20.2% based on retail sales in 2023, making it the largest in the fresh tea beverage sector [4][16] - The company operates 46,479 stores globally, covering 11 countries, and is the only major player focused on the affordable price segment [16] - The market for fresh beverages in China reached 517.5 billion yuan in 2023, with a projected compound annual growth rate of 22.2% from 2023 to 2028 [16][17] Group 4: Company Insights - SMIC - SMIC reported a revenue of 2.247 billion USD for Q1 2025, a year-on-year increase of 28.4% [19] - The overall utilization rate for Q1 was 89.6%, with a quarter-on-quarter increase of 4.1 percentage points [19] - The company expects a slight decrease in revenue guidance for Q2 due to production fluctuations, maintaining high capital expenditures [19]