兴业基金多元业务部、指数与量化业务部总经理助理徐成城认为，2026年权益市场的投资主线依然将围 绕科技展开，后续科技风格的演绎更多体现在产业成长趋势与业绩实际兑现的相互印证，业绩的确定性 有望成为2026年科技主题投资的核心线索。 本报讯(记者昌校宇)2月27日，兴业基金旗下兴业中证科技优势成长50策略ETF正式在上海证券交易所上 市交易。 从产品设计来看，兴业中证科技优势成长50策略ETF可以助力投资者跳出传统的特定行业选择逻辑，在 A股中直接配置计算机、半导体、电子、通信设备、数字媒体、生物科技、航空航天与国防等"硬科 技"含量较高的行业；还能在上述行业中通过复杂精细的指数量化手段，为投资者遴选出兼具成长性和 一定安全边际的优质资产。 兴业中证科技优势成长50策略ETF较为契合当下科技投资主线，其跟踪的中证科技优势成长50策略指数 在A股科技板块中采用成长、创新、质量等因子进行量化选股和加权，并创新性地引入了分析师一致预 期因子，来增强对上市公司未来营收、业绩变化的预测能力，为投资者提供了多因子策略的投资工具。 ...

一是深挖"非共识"的增长潜力。"若待上林花似锦，出门俱是看花人。"伟大的公司，往往在没人看 得懂、巨头看不上的时候拼命生长。无论是生物医药的爆发增长，还是AI在垂直领域的快速渗透， 裂缝中生长的机会，才有可能创造真正的Alpha。我们坚持寻找在大趋势之下，具备"第一"潜能或 者"唯一"稀缺性的企业。 CAN PART ? 骏 马 启 新 · 创 赢２０２６ 证券时报。全国创投协会联盟 National Alliance of Venture Capilal Associations 業 服 T l 江远投资创始 在周期换挡与科技跃迁交织的当下，新兴VC机构需要思考如何在范式转变的过程中，持续识别价 值、创造增量。 2025年，是江远投资深度聚焦、笃行不怠的一年。我们围绕医疗健康和科技两大方向，在生物医 药、AI应用、先进制造等细分领域，以精准追投+前瞻布局的方式出手近40次，近六成新增项目投 在A轮或更早期。 作为一家创业型VC，江远投资希望与优秀创业者同频共振，成为他们最早或者最重要的合作伙伴。 VC的本质，是在平均数之外寻找异质性，在混沌中发掘可能性，在泥泞里创造确定性。 责编：万健祎 校对： 廖胜超 版 ...

Group 1 - The core focus of the article is on the enthusiasm of small and medium-sized enterprises in the Jiangsu and Zhejiang regions to invest in technology, particularly AI applications in various industries such as textiles and e-commerce [1][2][3] - A notable example is a private enterprise owner, referred to as "Old Zhao," who is investing in an "AI + textile" project, indicating a shift towards technology-driven production methods [1] - There is a growing trend among local entrepreneurs to seek investment opportunities in technology innovation, with many expressing a strong desire to transition their businesses towards tech-driven models [2][3] Group 2 - Investment activities in the Suzhou, Wuxi, and Changzhou areas are vibrant, with many private capital sources actively participating in funding projects related to AI, humanoid robots, and smart industrial equipment [3] - Entrepreneurs are not only focusing on primary market investments but are also strategically targeting technology stocks and funds in the secondary market, showcasing their investment acumen [3][4] - The article highlights a collective sentiment among business owners to embrace the technological wave, with many expressing confidence in the potential returns from investing in AI-related sectors [5][6]

Group 1 - The core focus of the article is on the integration of AI technology into traditional industries, particularly in agriculture and textiles, highlighting the enthusiasm of entrepreneurs in Jiangsu and Zhejiang regions for investing in AI-driven projects [1][2] - A new project in the textile and apparel sector utilizes AI large models for design and production, aiming to enhance both standardized mass production and personalized design capabilities [1] - There is a notable trend of industrial capital investing in technology innovation, with many entrepreneurs seeking to transform their existing businesses by investing in tech startups and venture capital [2] Group 2 - Investment in technology stocks has yielded significant returns for many investors, with some attributing their success to timely investments in leading tech companies [3] - Entrepreneurs are capitalizing on the demand for industrial metals influenced by AI advancements, indicating a growing need for materials as AI technology develops [4]

Group 1 - Over 150 funds have announced a suspension of related business during the Spring Festival, with most products pausing from February 12 and resuming on February 24 [1] - Many public fund institutions are optimistic about holding stocks during the holiday, citing historical data, policy environment, and capital flow as supporting factors for a higher success rate [2] - Increasing interest in inquiry transfer among fund companies, with 12 listed companies having conducted inquiry transfers since 2026, involving several prominent public fund institutions [3] Group 2 - Fund manager Chen Junjie from Harvest Fund emphasizes that the core logic of technology investment remains unchanged, focusing on three dimensions: cost reduction in models, integration of edge AI with existing hardware, and breakthroughs in domestic computing power supply chains [4] - The three major indices collectively rose, with the ChiNext Index and the Sci-Tech Innovation 50 Index both increasing by over 1%, driven by a surge in the computing power industry chain [5] - ETFs related to Brazil and French markets saw significant gains, with Brazil ETF rising over 6% and French and Sci-Tech chip design ETFs increasing by over 4% [6] Group 3 - The "14th Five-Year Plan" includes plans for the State Grid to establish a new type of grid platform, which is expected to support the development of virtual power plants and microgrids, enhancing the potential for energy trading and comprehensive energy services [9]

Group 1 - The company, Aibo Medical, has invested in Super Eye Technology (Beijing) Co., Ltd. through an associated fund, although its shareholding is relatively small [2] - Aibo Medical will continue to monitor investment opportunities in the ophthalmology and related technology sectors [2]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Viewpoints - The company is expected to regain growth in 2026, with a significant increase in the stocking period leading up to the Spring Festival, which falls on February 16, 2026, 19 days later than in 2025. This extended peak season is anticipated to positively impact Q1 performance [2][14] - The company holds a leading position in the walnut milk segment of the plant-based protein beverage market, which is projected to stabilize between 35 billion to 40 billion RMB from 2021 to 2024. The "Six Walnuts" product is expected to drive revenue growth in this category [2][25] - The collaboration with Red Bull is expected to enhance the company's energy drink segment, which has shown robust growth potential, with the energy drink market projected to grow from 28.79 billion RMB in 2015 to 62.06 billion RMB in 2024, reflecting a CAGR of nearly 9% [2][19] - The company's external investments in technology sectors, including semiconductors and artificial intelligence, are expected to yield significant returns, particularly with the anticipated IPO of Longjiang Storage [2][33] Summary by Sections Revenue and Profit Forecast - The company’s revenue is projected to be 5.281 billion RMB in 2025, 5.678 billion RMB in 2026, and 6.080 billion RMB in 2027, with year-on-year changes of -12.8%, +7.5%, and +7.1% respectively. The net profit attributable to the parent company is expected to be 1.322 billion RMB in 2025, 1.471 billion RMB in 2026, and 1.590 billion RMB in 2027, with year-on-year changes of -23.3%, +11.3%, and +8.1% respectively [1][49] - The earnings per share (EPS) are forecasted to be 1.05 RMB in 2025, 1.17 RMB in 2026, and 1.26 RMB in 2027, with corresponding P/E ratios of 28.81, 25.88, and 23.94 [1][49] Business Segmentation - The walnut milk segment is expected to generate 4.492 billion RMB in revenue in 2025, with a year-on-year decline of 16.4%. The functional beverage segment is projected to grow by 16.2% in 2025, reaching 754 million RMB [49] - The company’s revenue distribution across regions shows a balanced approach, with East China contributing 32.4%, Central China 23.4%, and North China 20.8% in 2024 [19] Investment Strategy - The company has invested in various technology sectors through its 99.90% stake in Wuhu Wenming Qianhong Investment Management Partnership, focusing on diversified technology industries [2][33] - The company holds stakes in several technology firms, including 0.98% in Longjiang Storage and 11.90% in Jixin Communications, which are expected to contribute to future growth [35][36] Dividend Policy - The company maintains a high dividend payout ratio, with a 100% dividend rate in 2024, supported by stable cash flow from its core walnut milk business [43][46]

导读：1月29日，我们举办了"主动权益的回归"线下论坛。本次论坛上，我们邀请到了多位业内主动权益的大咖来到现场分享，一起探讨主动 权益如何创造超额收益。 在本次论坛的圆桌对话环节，我们做了一场有趣的外资专场对话，邀请到了来自摩根资产管理、安联基金、施罗德基金的三位基金经理一起探 讨投"老登还是小登"、"成长还是价值"、"科技还是质量"等问题。 谢恒是此次论坛嘉宾中管理产品年限最短的，但他从业年限却很长，而且长期深耕在科技领域。对于当前火热的AI产业趋势，谢恒秉持辩证 视角。一方面，对于对标中证800宽基的全市场基金，谢恒并没有押注一两个细分赛道。另一方面，谢恒较早洞察到国产算力和海外算力的投 资机会，为产品带来了不错的回报。展望未来，谢恒比较看好AI领域的科技巨头产业链和供需受限的上游金属板块。 在此次论坛中，谢恒还分享了施罗德基金严谨的内部投研文化。对于每一个产品的推出，都会在内部讨论很多次，包括如何设置符合产品特征 的业绩比较基准都会有多轮深度的交流，最终由公司管理层决策确定。通过此次交流，我们得以更深入地理解施罗德基金的投研文化。 朱昂：在TMT行业的研究上，你有超过10年的经验，如何看待AI的产业机会 ...

Core Viewpoint - The forum titled "Return of Active Equity" focused on how active equity can generate excess returns, featuring discussions among prominent fund managers from foreign asset management firms [1] Group 1: AI Industry Insights - The AI industry is currently in a phase of continuous expansion, with significant structural changes occurring within the sector [3] - The early days of AI were dominated by OpenAI, but by the end of 2025, Google’s Gemini is expected to make significant advancements, posing a strong challenge to OpenAI [4] - The company has identified investment opportunities in both domestic and overseas computing power, contributing positively to product returns [1][7] Group 2: Investment Strategy - The active equity products managed by the company are benchmarked against a composite of the CSI 800 Index (80%), the Hang Seng Index (10% adjusted for RMB), and a one-year fixed deposit rate (10% after tax) [5][8] - A strict risk control mechanism is in place to prevent fund managers from concentrating investments in a few sectors, maintaining a consistent investment style [5] - The investment approach varies depending on the lifecycle stage of technology; early-stage investments require a broad strategy, while later-stage investments focus on companies with competitive advantages [6] Group 3: Future Outlook - The company is optimistic about two main directions for 2026: the AI sector, particularly focusing on Google's related industry chain, and upstream resources, where supply constraints are expected to drive prices higher [9][10] - Concerns about an AI bubble are addressed, with the distinction made that AI differs fundamentally from the internet business model, lacking the same network effects [10]

Core Viewpoint - The Hong Kong stock market is experiencing increased activity, particularly in the technology sector, with significant inflows of capital and positive market sentiment leading to expectations of a rebound in stock prices [1] Group 1: Market Performance - The Hang Seng Technology Index opened 1.9% higher, while the CSI Hong Kong Stock Connect Internet Index rose by 2.0%, driven by large technology stocks [1] - Southbound capital saw a net inflow exceeding 56 billion yuan last week, marking the highest weekly inflow since late September of the previous year [1] - The Hang Seng Technology ETF (513010) recorded a net inflow of over 3 billion yuan on each trading day last week, totaling more than 1.8 billion yuan [1] Group 2: Investment Outlook - China Galaxy Securities reports that the technology sector remains a long-term investment focus, with reduced valuation pressure following recent corrections, suggesting potential for a rebound [1] - The Hang Seng Technology Index consists of the 30 largest stocks related to technology themes listed in Hong Kong, while the CSI Hong Kong Stock Connect Internet Index focuses on internet platform companies, including key AI enterprises [1] - Both indices have rolling price-to-earnings ratios below 25, positioned at the 24.3% and 20.8% percentiles since their inception [1] Group 3: Investment Products - The Hang Seng Technology ETF (513010) and the Hong Kong Stock Connect Internet ETF (513040) track the aforementioned indices, providing investors with a convenient way to invest in leading technology stocks in Hong Kong [1]