郭晨凯 制图 | 请问您在2025年二季度的平均投资业绩是 | | | --- | --- | | 1). 持平 | 32% | | 2). 盈利10%以内 | 34% | | 3). 盈利10%-30% | 6% | | 4). 盈利30%及以上 | 8% | | 5). 亏损10%以内 | 15% | | 6). 亏损10%-30% | 3% | | 7). 亏损30%及以上 | 2% | （感谢申万宏源证券、东北证券相关营业部对本调查的支持。上图为部分调查结果） □ A 股三大指数在二季度探底回升呈"V"形走势，在行情回暖的背景下，48%的受访投资者表示在二季 度实现盈利 □ 伴随指数连续反弹，投资者持有的权益资产估值逐渐修复，其对未来证券账户的配置意愿也出现回升 □ 二季度，个人投资者延续对科技成长股的投资热情，对该板块的平均持仓水平高于其他板块。同时， 上游原材料的涨价潮推动投资者开始关注周期股 □ 七成投资者看涨三季度A股行情，较前一季度大幅增加12个百分点。同时，认为三季度港股市场将收 红的投资者占比也达到了57% ◎记者 汪友若 二季度大盘"V"形反弹 近五成投资者盈利 二季度，A股市场在4月 ...

Core Insights - In the first half of the year, 11 funds under Caitong Fund experienced a decline of over 15% [1] - The top three funds with the largest declines were Caitong Craft Selection One-Year Holding Period Mixed C, Caitong Fuxin Open Mixed, and Caitong Craft Selection One-Year Holding Period Mixed A, with declines of 17.79%, 17.69%, and 17.46% respectively [1] - The fund with the smallest decline, Caitong Growth Selection Mixed A, had a decline of 15.99%, while the remaining funds all had declines exceeding 16% [1] Fund Holdings - The major holdings of these funds primarily consisted of technology growth stocks, particularly in big data and chips, with significant cross-holdings [1] - The top ten holdings of Caitong Craft Selection One-Year Holding Period included Haiguang Information, Tencent Holdings, Cambricon, and others [1] - Caitong Fuxin Open Mixed's top ten holdings included Aofei Data, Haiguang Information, and others [1] - Caitong Growth Selection Mixed A's top ten holdings also featured Aofei Data, Haiguang Information, and others [1] Fund Management - The fund manager for these funds is Jin Zicai, who has over 10 years of experience in public fund management and currently manages a total fund size of 4.6 billion yuan [2] - Despite the poor performance in the first half of 2025, most of the funds, except for those established in 2022 and 2024, have achieved positive cumulative returns [2] - Notably, the Caitong Prosperity Selection One-Year Holding Period Mixed A/C, established in a declining market year, reported cumulative returns of 19.68% and 17.84% respectively as of July 3 [2]

Group 1 - The A-share market showed a collective rise on June 5, with the Shanghai Composite Index up 0.23% to 3,384.10 points, the Shenzhen Component Index up 0.50% to 10,203.50 points, and the ChiNext Index up 1.17% to 2,048.62 points, indicating a structural market where capital is actively competing [1] - The technology sector, particularly the computing power hardware, emerged as a core driver of the market, with stocks like Qingyun Technology hitting the daily limit and others like Shengyi Electronics and Dekeli seeing gains over 15% [2] - The military and industrial sectors experienced a surge, driven by the restructuring concept of the "Zhongbing System," with multiple stocks hitting the daily limit, highlighting these sectors as key areas for short-term capital allocation [2] Group 2 - Policy incentives are a primary catalyst for market momentum, with the Ministry of Industry and Information Technology releasing the "Computing Power Interconnection Action Plan" on May 30, aiming to accelerate the integration of public computing resources [4] - Continuous breakthroughs in the industry are boosting market confidence, exemplified by Nvidia's Q1 earnings report, which reaffirmed the high demand for computing power, and significant advancements in domestic technology, such as Huawei's training of a large-scale model [4] - The focus of capital allocation is shifting towards technology, with margin financing exceeding 1.8 trillion yuan, indicating strong investor interest in tech stocks, while new funds are being launched to inject additional capital into the market [5]

Group 1: Macroeconomic and Industry Background - The return of the technology growth market in May is supported by a combination of loose liquidity and a recovery in risk appetite, with global liquidity remaining abundant and the offshore RMB surpassing 7.20 [2] - The US Federal Reserve's dovish signals and a shift in US fiscal policy towards balance have contributed to a weaker dollar, which further strengthens the rationale for allocating to growth stocks [2] - The end of the April earnings season has cleared risks for the technology sector, with the TMT sector's trading congestion dropping to an 11% historical low for 2023, providing space for capital rotation [3] Group 2: AI Revolution Deepening - Major overseas tech companies have significantly increased capital expenditures related to AI, with a year-on-year growth rate exceeding 30%, focusing on computing chips and cloud infrastructure [7] - The market anticipates that global AI computing investment will exceed $200 billion by 2025, indicating a robust demand for AI infrastructure [7] - Domestic companies are accelerating the deployment of multimodal AI agents, with new AI hardware products being launched, driving the transformation of consumer electronics towards "AI + terminals" [9][10] Group 3: Intelligent Robotics - The mass production of humanoid robots is accelerating, with predictions indicating that by 2050, there will be 100 million humanoid robots globally, generating annual revenues of $5 trillion [11] - The market for exoskeleton robots is expanding, with applications in medical and industrial fields, and the expected market space exceeding hundreds of billions [15] - The US's tariff exemptions on auto parts are reducing costs in the supply chain, benefiting the automotive and robotics sectors [17] Group 4: Autonomous Driving - Policies in both China and the US are accelerating the commercialization of autonomous driving, with new regulations and operational licenses being issued [18] - Key segments of the industry chain benefiting from this trend include high-precision sensors, computing chips, and high-precision mapping [19] Group 5: Investment Strategy for May - Focus on core sectors such as AI, robotics, and autonomous driving, with specific attention to AI applications and hardware, including AI PCs and AI glasses [20][21] - Identify key components in robotics, such as dexterous hands and lightweight materials, as well as critical elements in autonomous driving like lidar and vehicle communication [21] - Emphasize the importance of selecting companies with high R&D investment and strong order visibility while avoiding stocks with uncertain earnings [23]