曾经在香港担任高级分析师、研究海外及港股互联网、科技、可选消费等行业的经历，也使郭琳具备不 俗的港股投资实力。而新基金在投资上，可以用不超过50%的股票仓位投资港股通标的股票。目前，港 股市场的波动虽大，但长期逻辑扎实，一方面，美联储于9月再度开启降息周期，有望给港股提供流动 性"活水"；另一方面，恒生指数当前的市盈率为11.94倍，低于日经225（22.53倍）、标普500（29.57 倍）等海外市场指数，补涨潜力充足。（数据来源：Wind，截至2025/10/21） 从实战表现来看，以郭琳管理的景顺长城科技创新三年定开为例，产品今年以来累计取得40.57%的净 值增长率，相较于同期业绩比较基准（26.49%）和偏股混合型基金指数（30.97%），超额收益创造能 力突出。回顾该产品近一年的持仓，持有电子、传媒、医药和军工等成长行业的同时，还会适度参与有 色金属和新消费的投资机会，并且近四个报告期均超过基金净值30%的港股持仓，也意味着郭琳具有较 丰富的港股投资经验。（数据来源：行业及港股的配置数据来自定期报告，截至2025/6/30；业绩数据 来自Wind，截至2025/10/21） 专题：聚焦2025基金 ...

Market Overview - On July 17, the A-share market opened lower but rose slightly, with the Shanghai Composite Index facing resistance around 3507 points[2] - The Shanghai Composite Index closed at 3516.83 points, up 0.37%, while the Shenzhen Component Index rose 1.43% to 10,873.62 points[6] - Total trading volume for both markets reached 15,605 billion yuan, above the median of the past three years[3] Sector Performance - Strong sectors included electronic components, software development, communication equipment, and aerospace, while banking, insurance, precious metals, and real estate underperformed[3] - Over 70% of stocks in the two markets rose, with notable gains in aerospace, biopharmaceuticals, and electronic components[6] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 14.44 times and 39.44 times, respectively, aligning with the median levels of the past three years[3] - The report suggests that current valuations are suitable for medium to long-term investments[3] Economic Indicators - China's economy continues to show moderate recovery, driven by consumption and investment[3] - June's Consumer Price Index (CPI) rose by 0.1% year-on-year, while the Producer Price Index (PPI) fell by 3.6%[3] Investment Strategy - The report recommends a balanced strategy to optimize portfolio structure amid market fluctuations, focusing on growth stocks with reasonable valuations and strong mid-year performance expectations[3] - Short-term investment opportunities are highlighted in software development, communication equipment, electronic components, and aerospace sectors[3]