Core Viewpoint - Jiashi Fund announced a change in subscription rules for its Jiashi Information Industry Fund, effective May 27, 2025, limiting the maximum subscription amount to 10,000 RMB per fund account per open day to mitigate the impact of short-term capital flows on its holding strategy [1][2][11]. Fund Details - Fund Name: Jiashi Information Industry Stock Initiated Securities Investment Fund [2] - Fund Manager: Jiashi Fund Management Co., Ltd. [2] - Fund Code: 017488 [2] - Effective Date for Subscription Limit: May 27, 2025 [2] - Maximum Subscription Amount: 10,000 RMB [2] Fund Performance - Jiashi Information Industry A has reported a year-to-date loss of 7.02%, with a three-month decline of 18.43% [5]. - In contrast, Jiashi Active Allocation One-Year Holding A has achieved a year-to-date return of 14.02%, outperforming its benchmark despite recent core holding pressures [5]. Holdings Comparison - Jiashi Active Allocation One-Year Holding A has a higher concentration in key stocks, with 10.14% in Zhongke Shuguang and 9.6% in Haiguang Information, totaling 19.74% [6]. - Jiashi Information Industry A holds Zhongke Shuguang at 9.76% and Haiguang Information at 9.45%, totaling 19.21% [6]. Market Sentiment - The differing performances of the two funds highlight a market sentiment of "short-term caution, long-term optimism" regarding the technology sector [11]. - Jiashi Information Industry A's subscription limit is seen as a strategy to prevent short-term capital influx from diluting returns, reflecting a complex view on the technology sector's short-term pressures versus long-term potential [11].

业绩简评 4 月28 日，四川双马发布2024 年报和2025 年一季报。公司2024年营业收入为10.75 亿元，同 比-11.87%；归母净利润为3.09 亿元，同比-68.61%。单季度来看，Q4 单季实现营业总收入/归母净利润 分别为3.30/0.65 亿元，同比分别-20.16%/-79.56%，环比分别+26.23%/-50.59%。主要原因在于受资本市 场波动影响，公司参投基金所投资项目公允价值下跌，以及建材业务销售量及价格较上年同期出现明显 下滑。 25Q1 公司实现营业收入3.25 亿元，yoy+52.53%，qoq-1.63%，同比大幅提升主要是深圳健元并表，以 及水泥销售的量价有所恢复所致，环比略有下降预计主要受到项目逐渐退出导致管理费收入下降影响； 实现归母净利润1.17 亿元，yoy+1236.09%，qoq+79.81%，主要是公司所投资的基金项目取得良好的收 益以及去年低基数效应所致。 分业务来看， 1）2024 年私募股权业务收入为4.52 亿元，yoy-2.93%，预计随着项目退出进程加快，公 司管理费收入将逐渐下降、超额业绩报酬加速确认，假设公司两只基金的投资组合全部按照2 ...