何理表示，尽管公司在2016年就已成立，但团队对新事物始终保持着热情与接纳度。方法论上，投研团 队系统性覆盖前沿领域，并建立稳定的产业与专家网络。"AI赛博坦"与强制性的回溯复盘机制相结合， 确保了每一个观点和交易都可追溯、可分析，推动认知在快速迭代中及时纠偏与深化。 对美股某AI硬件公司的成功投资，堪称这一理念与投资体系结合的范例。何理回顾说，在2022年开始 建仓，初始逻辑是将其视为周期下行阶段的优质硬件公司。"随着对AI认知的深化，我们系统性地提升 了对其长期价值的评估，并在上涨初期进行了加仓。"此后，该股持续大涨，公司通过持续评估"质价 比"，动态调整了部分仓位至其他更具性价比的标的。 在充满不确定性的资本市场中，私募机构如何构建可持续的竞争优势？止于至善投资创始人、总经理何 理的答案是将主观洞察、量化工具与人工智能技术深度融合，锻造一个不断进化、追求"理性共识"的科 学投资体系。近日，在接受中国证券报记者专访时，何理详细介绍了其"只以合理价格投资卓越公司"的 理念，并分享了如何借助体系化力量，在全球市场波动中捕捉机遇、管理风险的经验。 合理定义价值与风险 "价值投资可以简单理解为好资产加好价格，缺一 ...

就在热门板块纷纷回调，全球市场相继陷入调整之际，如何平衡风险和收益，再次成为市场热议的话 题。 很多投资者，也在寻找可以兼顾进攻和防守的工具，以期望能够在波动行情中行稳致远。 回顾2025年的行情表现，发现有一个指数，大幅跑赢同类。 它就是中证A500，今年以来涨幅达到18.5%，超越同期沪深300(15.5%)和上证50(10.8%)。 能够取得这样的表现，中证A500凭什么？未来又有没有继续这样的表现？ 01 新核心资产崛起 众所周知，今年是中国经济增长引擎，全面向高技术制造、绿色能源、数字化服务等领域切换的关键一 年。 具体看，高端装备、新能源、新材料、生物医药、信息技术等，不仅与国家"新质生产力"发展方向高度 契合，同时也代表了全球科技发展的大方向。国家的发展战略，正不断向科技创新和产业升级倾斜，相 关财政、产业及金融政策，更是直接为这些新兴行业提供了明确的支持。 都说资本的嗅觉最敏感，它们正用实际行动验证着这一大趋势。 随着今年中国资产的重估，北向资金也积极买入，扭转了前两年的波动格局。然而，资金并非均匀流向 所有行业，而是高度集中于其认可的、符合中国经济长期转型方向的"新核心资产"领域。 显著净流 ...

（原标题：大幅跑赢！新核心资产崛起） 就在热门板块纷纷回调，全球市场相继陷入调整之际，如何平衡风险和收益，再次成为市场热议的话 题。 很多投资者，也在寻找可以兼顾进攻和防守的工具，以期望能够在波动行情中行稳致远。 回顾2025年的行情表现，发现有一个指数，大幅跑赢同类。 它就是中证A500，今年以来涨幅达到18.5%，超越同期沪深300(15.5%)和上证50(10.8%)。 能够取得这样的表现，中证A500凭什么？未来又有没有继续这样的表现？ 01 新核心资产崛起 众所周知，今年是中国经济增长引擎，全面向高技术制造、绿色能源、数字化服务等领域切换的关键一 年。 具体看，高端装备、新能源、新材料、生物医药、信息技术等，不仅与国家"新质生产力"发展方向高度 契合，同时也代表了全球科技发展的大方向。国家的发展战略，正不断向科技创新和产业升级倾斜，相 关财政、产业及金融政策，更是直接为这些新兴行业提供了明确的支持。 都说资本的嗅觉最敏感，它们正用实际行动验证着这一大趋势。 随着今年中国资产的重估，北向资金也积极买入，扭转了前两年的波动格局。然而，资金并非均匀流向 所有行业，而是高度集中于其认可的、符合中国经济长期转 ...

Group 1 - The market is experiencing a high volatility phase driven by three main factors: profit-taking by funds, weakening economic data, and declining remaining liquidity. The trend is shifting towards large-cap stocks [1][10][12] - The current market environment reflects a "time for space" approach, lacking event catalysts for immediate pricing adjustments. The degree of industry differentiation reached a 10-year high of 69% on October 9, but has since narrowed to 53% [2][21][27] - Market transaction volume has significantly decreased since September, with the average daily trading volume dropping from approximately 3 trillion yuan to 2 trillion yuan, indicating a divergence between price increases and trading activity [3][19][30] Group 2 - The "anti-involution bull market" is characterized by a shift in valuation models, with a focus on sectors with low earnings bases. Industries such as steel, new energy, and light industry are highlighted for their cost-effectiveness [4][27][40] - Investment direction should focus on supply-tight cyclical industries, including non-ferrous metals, steel, coal, and aquaculture, as well as identifying new core assets among high-quality large-cap growth companies [5][28][29]

Core Viewpoint - Despite ongoing high-risk factors such as geopolitical conflicts and tariff policies, the global stock market showed an overall upward trend in the first half of 2025, with the Hong Kong stock market leading with a 20% increase [1]. Market Performance - The Hang Seng Index closed at 24072.28 points, marking a 20% increase since the beginning of the year, with the Hang Seng Tech Index and the China Enterprises Index also rising approximately 19% [3]. - The index experienced two phases of upward movement, with the first phase seeing a rise from a low of 18671.49 points on January 13 to a high of 24874.39 points on March 19, driven by positive impacts from domestic AI developments [3]. - The second phase began in late March, with the index dropping to a low of 19260.21 points on April 9 before climbing to a high of 24533.39 points by June 25, supported by international capital inflows and new listings in the hard tech and new consumption sectors [3]. Sector Performance - Most sectors experienced gains in the first half of the year, with notable increases in jewelry and watches (282%), toys and leisure products (182%), and poultry and meat (112%) [4]. - Among stocks with a market capitalization exceeding 10 billion HKD, the top gainers included Lao Pu Gold (321%), Sanofi (289%), and Yaocai Securities (278%), while the largest declines were seen in Maifushi (-52%), Sunac China (-38%), and Black Sesame Intelligence (-36%) [4]. - The market structure has shifted, with technology, consumption, and healthcare sectors gaining prominence over traditional sectors like finance, internet, and real estate [4]. Capital Flows and IPO Activity - The first half of 2025 saw net purchases of Hong Kong stocks by southbound funds exceeding 730 billion HKD, a 90% year-on-year increase, with southbound trading accounting for 19.3% of daily turnover [5]. - Hong Kong led the world in IPO fundraising, with 42 companies raising over 105 billion HKD, primarily in the technology and consumption sectors, which accounted for over 70% of the total [6]. - The new stock market saw a significant increase in the first-day performance, with 62% of new stocks rising on their debut, and an average first-day gain of over 13% [8]. Future Outlook - Institutions generally expect the liquidity benefits to continue into the second half of the year, although there are concerns about performance pressures in high-valuation sectors [2][9]. - Analysts believe that the strong performance of the Hong Kong market reflects a revaluation of "new core assets" by international capital, supported by a positive cycle of IPO expansion and liquidity activation [9]. - There are potential structural opportunities in the market, although geopolitical conflicts and global recession risks may still impact market performance [10].

Group 1 - The Hong Kong IPO market has shown remarkable performance in the first half of 2025, with fundraising exceeding 105 billion HKD, ranking first globally [1][2] - A total of 42 new stocks were listed in Hong Kong in the first half of 2025, a 40% increase compared to the same period last year, marking the highest fundraising total since 2021 [1][2] - The influx of international capital into Hong Kong has significantly increased, with funds rising from 366 billion USD in early 2024 to 506 billion USD by April 2025, the highest since 2000 [2] Group 2 - The surge in the IPO market is attributed to Hong Kong's role as a core hub for global capital allocation in Chinese assets, facilitating efficient connections between domestic and international resources [1][2] - Leading companies in hard technology and new consumption sectors are becoming the "new core assets" of the Hong Kong stock market, reflecting strong investor interest [2][3] - The listing of companies like CATL has set multiple records, with its IPO being over-subscribed by more than 150 times and raising over 40 billion HKD [3] Group 3 - There is a growing trend of A-share leading companies opting for "A+H" dual listing in Hong Kong, with nearly 70 A-share companies planning to list, contributing significantly to the total fundraising in the IPO market [4] - The Hong Kong IPO market is expected to maintain its momentum in the second half of 2025, with over 170 listing applications currently in process and an estimated 80 new companies expected to list, raising around 200 billion HKD [5]

从港股个股表现来看，今年1月1日至4月17日，按前复权价计算，港股市场991只个股上涨，其中179只 个股涨幅超过50%，57只个股涨幅超过100%，15只个股涨幅超过300%，7只个股涨幅超过700%，5只个 股涨幅超过1000%，涨幅前三名个股分别为HSSP INTL、Mindtell Tech、连城科技集团、Mindtell Tech， 涨幅分别达44497%、1525%、1452%。同时，港股市场1530只个股下跌，其中73只个股跌幅超过50%， 7只个股跌幅超过80%，跌幅前三名分别为建鹏控股、多想云、益美国际控股，跌幅分别为93.40%、 87.21%、87.12%。 港股市场龙头公司领涨大市 今年以来，港股市场领涨全球主要股市，南下资金源源不断流入港股，成为今年港股上行的主要推动 力。今年1月1日至4月17日，恒生指数涨幅为6.7%，最高触及24874.39点，收报21395.14点；恒生科技 指数涨幅达9.40%，收报4887.37点；国企指数一季度涨幅为8.33%，收报7897.44点。 今年以来港股市场991只个股上涨 从全球主要股市表现来看，今年以来港股市场一枝独秀。以美国股市和日本股市 ...

Market Overview - The A-share market is approaching a critical battle at the 3400-point level, with significant implications for investors [1] - Recent market movements indicate a shift in capital flows, with notable net purchases in the technology sector [3] Capital Movements - Margin trading has seen continuous net inflows for seven weeks, with technology sectors like electronics, machinery, and computers attracting 2 billion [3] - Major funds are reallocating investments, with 21.6 billion invested in the machinery sector and 10.5 billion in the automotive sector, while significant sell-offs occurred in electronics and brokerage stocks [3] Institutional Insights - Citic Securities has identified AI, smart vehicles, and innovative pharmaceuticals as "new core assets" for long-term investment [3] - Xiangcai Securities is focusing on the aging population trend, viewing companies like Yunnan Baiyao as safe havens [3] - Guotai Junan emphasizes the importance of the upcoming April earnings season as a critical indicator for small-cap stocks [3] Upcoming Events - Key events next week include the Sugar and Wine Fair introducing an AI exhibition, which may boost the food and beverage sector [3] - The Boao Forum will discuss the "Belt and Road" initiative, potentially stimulating cross-border payment and overseas infrastructure themes [3] - The Zhongguancun Forum is set to announce the top ten technological breakthroughs, with quantum computing and brain-machine interfaces expected to gain attention [3] Investment Strategy - Aggressive investors should focus on technology sectors, particularly AI and semiconductors, while employing a phased investment approach [3] - Conservative investors are advised to consider consumer defensive stocks, especially those participating in the Sugar and Wine Fair [3] - Short-term traders can capitalize on event-driven opportunities, with a recommendation to maintain a total position of 50% and wait for trading volumes to return to 1.5 trillion [3]

Core Insights - Central Huijin and the Securities Finance Corporation have maintained a stable holding position since the fourth quarter of last year, with no significant changes observed in their portfolios [1] - Analysts suggest that there are substantial opportunities for valuation reconstruction in the A-share market, recommending the selection of "new core assets" [2] Holdings Overview - As of the end of last year, the Securities Finance Corporation's holdings in companies such as Sinopec, Bank of Communications, Zijin Mining, China Shenhua, and Ping An remained unchanged both quarter-on-quarter and year-on-year [1] - Central Huijin's holdings in companies like Ping An, Sinopec, Dongfang Securities, China Shenhua, and China Coal Energy also showed no changes in the same time frame [1] Market Outlook - The transfer of shares from the Ministry of Finance to Central Huijin, which includes significant stakes in China Cinda, China Orient, and China Great Wall, is seen as a precursor to potential mergers and acquisitions in the brokerage industry [2] - Analysts predict that the "national team" funds will act as a stabilizing force in the market, potentially leading to a slow bull market driven by Central Huijin [2] Investment Strategy - Analysts recommend focusing on three perspectives for selecting "new core assets": technological innovation driving industrial value reconstruction, supply-side reforms guiding industry supply and demand clearing, and institutional optimization releasing consumption potential [3] - Investment themes include technology innovation based on self-control logic, and the "two new" and "two重" themes under the guidance of expanding domestic demand [3]

Core Viewpoints - The A-share and Hong Kong stock markets are seen as having strategic allocation value, particularly in high-end manufacturing, AI, innovative pharmaceuticals, and smart vehicles, referred to as "new core assets" [1][2] - The domestic economy is expected to experience marginal slowdown in the second quarter, with a focus on the allocation value of ultra-long bonds [1][16] Equity Market - CITIC Securities believes that A-share "new core assets" are gearing up for an upward trend, suggesting a focus on high-end manufacturing, AI, innovative pharmaceuticals, and smart vehicles [2] - CITIC Jiantou emphasizes that "AI+" remains a core theme in the medium term, with the A-share market showing independent performance despite declines in the US market [3] - UBS predicts that the US stock market will underperform compared to European and emerging markets in the next 1-3 months, with risks of further declines in the S&P 500 index [4] Industry Research - Huashan Fund suggests a cautious approach to gold investments, emphasizing the need for rational investment strategies amid uncertain future market conditions [8][9] - Yinhua Fund highlights the promising prospects of the AI healthcare market, projecting a growth rate exceeding 25%, with the market size approaching 30 billion yuan by 2028 [10] - Zhonggeng Fund notes that the home appliance sector has seen significant gains, driven by government support for consumption and the integration of AI technologies [11] Macro and Fixed Income - Huaxia Fund indicates that the bond market's fluctuations are tied to the re-evaluation of economic recovery and policy rhythms, advocating for a diversified approach to bond investments [14] - Huashang Fund points out improvements in the supply-demand dynamics for convertible bonds, suggesting a defensive strategy while capturing structural opportunities [15] - Boshi Fund anticipates a marginal slowdown in the domestic economy in the second quarter, recommending a focus on the allocation value of ultra-long bonds [16] Asset Allocation - Fuguo Fund observes a shift from a "technology bull" market to a "consumption bull" market, driven by policy stimuli that encourage investment in consumer sectors [18]