金融与实体经济发展共荣共生，服务实体经济是金融的天职和宗旨。公募基金管理机构作为专业机构投资者，在服务国家战略、实体经济，助力产业转型 等方面积极发挥作用。 当前，全球范围内新一轮技术革命和科技竞争已进一步深化，新技术从实验室到落地应用，再到产业集群化，均离不开资金的支持。科技金融将更多金融 资源引导到科技领域，助力以科技创新引领现代化产业创新，促进新质生产力发展，努力形成"科技—产业—金融"良性循环。 作为公募行业千亿俱乐部中的一员，中加基金加力赋能新质生产力发展，围绕新质生产力的核心方向，在经济结构转型和科技创新时代背景下，构建了清 晰的产品线，努力打造"专精特新第一基金"，全力支持科技型企业发展。 中加基金的科技产品线中的基金投资方向各有不同。譬如，中加专精特新量化选股（A类份额021990、C类份额021991）专注于工业和信息化部公示的专 精特新"小巨人"上市企业，以"AI+大数据量化模型"为核心驱动，系统性捕捉投资机会；中加科技创新（A类份额020661、C类份额020662）聚焦人工智 能、半导体、云计算等前沿科技，深度布局具备长期成长潜力的龙头企业；中加核心智造（A类份额009242、C类份额 ...

投资中国就是投资未来。9月8日-11日，由中国商务部主办的的第二十五届中国国际投资贸易洽谈会在 厦门圆满举行。作为全球最具影响力的国际投资盛会之一，本届投洽会以"携手中国，投资未来"为年度 主题，聚焦"投资中国""中国投资""国际投资"三大板块，发挥高水平开放平台作用。作为资产管理行业 领军者，博时基金受邀参会，向来自各个国家的与会嘉宾展现中国资管机构的开放实力与创新实践。 国际业务：构建千亿级跨境资管枢纽 随着我国对外开放进程加深，叠加一众企业屹立于世界企业之林，投洽会成为全球共享的国际公共投资 平台。今年以来，外有关税战扰动之下的国际环境之变，内有产业转型升级的高质量发展需求，作为全 球开放合作的"金钥匙"，投洽会在促进国内国际双循环、内外贸一体化发展、扩大高水平对外开放的作 用日益凸显。 面对企业出海的时代潮流，博时基金勇于争当资本市场对外开放的先行者，以稳健与创新书写国际化篇 章。 全球布局，构建四大洲战略纵深立体图谱。作为博时基金国际化战略核心平台，子公司博时国际历经十 五年发展，已形成横跨亚洲、北美、欧洲、非洲四大洲的业务网络，资产管理规模突破1000亿港元，服 务全球数十家主权重磅机构。 创新为 ...

Core Viewpoint - The Dachen ESG Responsible Investment Mixed Initiation Fund A (015780) reported a profit of 3.4883 million yuan for the first half of 2025, with a net value growth rate of 8.75% and a fund size of 36.8174 million yuan as of the end of June 2025 [3][31]. Fund Performance - As of September 3, the fund's unit net value was 1.29 yuan, with a one-year cumulative net value growth rate of 32.42%, the highest among its peers [3]. - The fund's performance over the past three months showed a growth rate of 8.61%, ranking 522 out of 615 comparable funds, while the six-month growth rate was 10.19%, ranking 487 out of 615 [6]. Valuation Metrics - As of June 30, 2025, the fund's weighted price-to-earnings ratio (TTM) was approximately 9.7 times, significantly lower than the peer average of 25.34 times. The weighted price-to-book ratio (LF) was about 0.87 times, compared to the peer average of 2.34 times [11]. - The weighted price-to-sales ratio (TTM) was around 0.88 times, while the peer average was 2.09 times, indicating that the fund's holdings are undervalued relative to peers [11]. Growth Metrics - For the first half of 2025, the weighted revenue growth rate (TTM) of the fund's stock holdings was -0.03%, and the weighted net profit growth rate (TTM) was 0.07% [16]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years was 0.6137, ranking 9 out of 319 comparable funds [24]. - The maximum drawdown over the past three years was 22.05%, with the largest quarterly drawdown occurring in Q1 2024 at 12% [27]. Fund Composition - As of June 30, 2025, the fund had 377 holders, with a total of 31.0192 million shares held. Institutional investors accounted for 32.24% of the holdings, while individual investors made up 67.76% [35]. - The fund's top ten holdings included China Mobile, Angel Yeast, China Unicom, and Alibaba-W, with a concentration exceeding 60% for the top ten stocks over the past two years [41].

Group 1 - The AI fund Huabao ESG Responsibility Investment Mixed A (018118) reported a profit of 1.278 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0189 yuan [2] - The fund's net value growth rate for the reporting period was 1.93%, and as of the end of the first half, the fund size was 59.7432 million yuan [2][30] - The fund manager noted that the potash fertilizer industry exhibits a quasi-monopolistic characteristic globally, with prices significantly above production costs, allowing companies in this sector to achieve returns exceeding the average social return rate [2] Group 2 - As of September 3, 2025, the fund's one-year cumulative net value growth rate was 32.76%, ranking 401 out of 601 comparable funds [5] - The fund's weighted average price-to-earnings ratio (TTM) was approximately 16.95 times, significantly lower than the industry average of 25.34 times [10] - The weighted average revenue growth rate (TTM) for the stocks held by the fund was 0.04%, and the weighted average net profit growth rate (TTM) was 0.03% for the first half of 2025 [16] Group 3 - The fund's top ten holdings included companies such as Fenzhong Media, Yalake Co., and Ningde Times, with a high concentration level exceeding 60% for nearly two years [38] - The fund's stock position averaged 87.81% since inception, with a peak of 92.93% at the end of the first quarter of 2025 [29] - The fund's recent six-month turnover rate was approximately 56.55%, consistently below the industry average [36]

Core Insights - Shandong Guoxin reported a total revenue of 634 million yuan for the first half of 2025, representing a year-on-year growth of 7.8%, with a net profit of 167 million yuan [1] - The company is focused on reforming risk management and business transformation, aiming to enhance its trust services and governance, achieving stable and positive overall development [1] Financial Performance - Total revenue for H1 2025: 634 million yuan, up 7.8% year-on-year [1] - Net profit for H1 2025: 167 million yuan [1] Business Development - Green trust assets reached 4.229 billion yuan by the end of June 2025, an increase of 22.4% [1] - Family trust assets amounted to 61.927 billion yuan, growing by 19.3% since the beginning of the year [1] - The company launched its first special needs service trust in Shandong province and expanded into innovative trust structures such as FGT and FNGT [1] - Cumulative charitable trust payments reached 18.9 million yuan, reflecting a growth of 16.7% [1] Strategic Focus - The company emphasizes localized advantages to enhance service quality for the economic development of Shandong province [2] - It maintains a strong risk management framework and optimizes its management system to ensure sustainable development [2]

Group 1: Policy and Market Environment - The new "National Nine Articles" proposed in April last year aims to promote long-term capital entering the market, develop equity public funds, and optimize investment policies for insurance funds and pension funds [1] - In September last year, the "Guiding Opinions on Promoting Long-term Capital into the Market" was released, establishing a policy framework to encourage long-term funds like insurance and pension funds to enter the capital market [1] - Financial institutions are responding to national policies by actively entering the market, enhancing equity allocation, and promoting a shift towards value investing [1] Group 2: Fund Management and Performance - As of the end of April, there are 163 public fund managers in China, managing a total of 32.5 trillion yuan in public funds [2] - Huatai-PineBridge Fund has established 13 pension target funds with a total scale exceeding 4 billion yuan, and 10 public fund products have been included in the personal pension product catalog [6] - As of the first quarter of 2025, Huatai-PineBridge Fund's public fund assets under management reached 906.268 billion yuan, with non-monetary public fund assets at 496.546 billion yuan [8] Group 3: Strategic Focus and Innovation - Huatai-PineBridge Fund is committed to supporting the construction of a multi-level capital market and has launched nearly 20 industry-themed funds since 2021, focusing on sectors like electronic information, pharmaceuticals, and new energy [4] - The company emphasizes ESG responsibility investment, having developed a systematic ESG investment management framework and launched 15 ESG-related products [5][7] - The firm is advancing digital transformation, having initiated a digital strategy in 2008 and recently launching an integrated platform for index products, which won an award for financial technology development [6]

Market Performance Overview - In the week from May 12 to May 16, 2025, US stocks experienced a significant rise, while domestic equity market indices showed mixed results, with the CSI 300 index increasing by 1.12% [2] - The beauty care, non-bank financial, and automotive sectors led the gains, while the computer, defense, and media sectors saw the largest declines [2] Fund Product Issuance - The domestic new fund market saw a resurgence, with 24 new funds established, totaling 240.04 billion units issued. This included 6 bond funds, 12 equity funds, 5 mixed funds, and 1 fund of funds (FOF) [3] - A total of 34 new funds were issued across the market, comprising 18 equity funds, 7 mixed funds, 6 bond funds, and 3 FOFs [3] Fund Product Performance Tracking - The financial and real estate theme funds continued to show strong performance, with a net value increase of 1.45%. In contrast, the defense and military fund experienced a slight pullback [4] - As of May 16, 2025, the performance of various theme funds was as follows: financial and real estate (1.45%), consumer (0.96%), cyclical (0.61%), new energy (0.55%), industry rotation (0.45%), industry balance (0.26%), pharmaceuticals (-0.16%), defense and military (-0.92%), and TMT (-1.02%) [4] ETF Market Tracking - In the week, all types of ETFs experienced net outflows, with broad-based ETFs being the primary direction of fund outflows. Notably, dividend-themed funds saw significant net outflows, while commodity ETFs, represented by gold ETFs, also shifted to outflows [5] - The median return for equity ETFs was 0.74%, with a net outflow of 253.70 billion yuan. Hong Kong stock ETFs had a median return of 1.27% and a net outflow of 66.96 billion yuan. Cross-border ETFs had a median return of 3.80% with a net outflow of 10.81 billion yuan, while commodity ETFs had a median return of -4.71% and a net outflow of 43.08 billion yuan [5] - Specifically, the science and technology board theme ETFs saw a notable net inflow of 17.98 billion yuan, while large-cap theme ETFs experienced significant net outflows totaling -128.90 billion yuan [5] Fund Positioning High-Frequency Monitoring - The estimated positioning of actively managed equity funds showed a decrease of 0.66 percentage points compared to the previous week. Increased allocations were observed in the pharmaceutical, household appliances, and beauty care sectors, while non-bank financial, transportation, and communication sectors faced reduced allocations [7] ESG Financial Products Tracking - The issuance scale of green bonds remained stable, with 10 new green bonds issued, totaling 73.13 billion yuan. The cumulative issuance of green bonds reached 4.43 trillion yuan, with 3,831 bonds issued [8] - The median net value changes for various ESG funds were as follows: actively managed equity ESG funds (0.26%), passive equity index ESG funds (1.21%), and bond ESG funds (-0.02%). ESG funds focused on responsible investment, regional development, green energy, and low-carbon economy showed notable performance [8] - As of May 16, 2025, there were 267 existing bank ESG wealth management products, with 3 new ESG products launched this week, all being fixed-income products with lower risk levels [8]

Core Viewpoint - The AI Fund Huabao ESG Responsibility Investment Mixed A (018118) reported a profit of 2.373 million yuan for Q1 2025, with a net asset value growth rate of 3.68% and a fund size of 62.8071 million yuan as of the end of Q1 2025 [2][15]. Fund Performance - As of April 24, the fund's unit net value was 0.888 yuan, with a one-year cumulative net value growth rate of 10.79%, ranking 180 out of 532 comparable funds [2][3]. - The fund's three-month net value growth rate was 1.33%, ranking 207 out of 536 comparable funds, while the six-month growth rate was -5.53%, ranking 404 out of 536 [3]. Investment Strategy - The fund manager indicated a reduction in holdings of certain home appliance stocks and adjusted positions in the sweeping robot sector based on risk-reward ratios. The sweeping robot industry has significant long-term potential, with Chinese companies leading globally, but the short to medium-term competitive landscape remains unstable [2]. - The fund also sold off high-yield consumer electronics stocks and slightly reduced holdings in major internet companies, while decreasing exposure to real estate stocks [2]. Fund Characteristics - The fund has maintained a high stock position, with an average stock position of 87.71% since inception, peaking at 92.93% at the end of Q1 2025 [14]. - The fund's top ten holdings have consistently accounted for over 60% of its portfolio over the past two years, with major holdings including companies like Tencent Holdings and Guizhou Moutai [18]. Risk Metrics - The fund's Sharpe ratio since inception is 0.3291, indicating a moderate risk-adjusted return [8]. - The maximum drawdown since inception is 33.08%, with the largest quarterly drawdown occurring in Q3 2023 at 15.25% [11].

Core Viewpoint - The article emphasizes the integration of finance and philanthropy, highlighting how wealth can embody responsibility and hope through initiatives like the "Bai Nian Xiang Shan Alliance" and ESG (Environmental, Social, and Governance) investment strategies [2][3]. Group 1: Event Overview - The "Bai Nian Xiang Shan Alliance" establishment ceremony and ESG responsibility investment forum will take place on March 28 in Guangzhou, gathering over 300 representatives from various sectors [2][3]. - The event will feature discussions on key topics such as global asset allocation, ESG's impact on corporate value, and new models for charitable asset management [2][4]. Group 2: Collaborative Efforts - The event will mark the strategic cooperation signing between CITIC Securities and the Guangzhou Charity Association for the "Bai Nian Xiang Shan" project [3]. - A diverse range of stakeholders, including government departments, charity associations, financial institutions, and media, will participate in the event [3]. Group 3: CITIC Securities Entrepreneur Office - CITIC Securities established its Entrepreneur Office on August 18, 2023, aiming to provide comprehensive financial services through a "1+1+N" service model [6][7]. - The office focuses on collaboration across various financial institutions and internal departments to meet the diverse needs of clients [7]. Group 4: Future Initiatives - By 2025, CITIC Securities plans to launch the "Bai Nian Xiang Shan" brand in collaboration with its asset management department, aiming to leverage financial power to foster goodwill [8]. - The "Investment Think Tank" initiative by Securities Times aims to address high-quality development in the capital market, fostering collaboration among financial institutions and listed companies [9].