Core Viewpoint - The A-share market has shown resilience and recovery following the "black swan" event triggered by the US's imposition of high tariffs, with many actively managed equity funds capitalizing on this opportunity to achieve new highs in net value [1][2]. Fund Performance - As of April 25, 250 actively managed equity funds have rebounded from the "golden pit" created by the tariff event, reaching new highs in net value for the year [1][2]. - Notably, the Huatai-PineBridge Hong Kong Advantage Select A fund has achieved a remarkable 64.44% increase year-to-date, primarily investing in innovative pharmaceutical companies listed in Hong Kong [2][3]. - Several funds focused on the pharmaceutical sector, such as Changcheng Pharmaceutical Industry Select A and Yongying Pharmaceutical Innovation Select A, have also reported year-to-date returns exceeding 40%, with a strong emphasis on innovative drug stocks [3]. Investment Focus - The majority of the funds that have performed well are heavily invested in the pharmaceutical sector, particularly in innovative drugs and companies listed on the Beijing Stock Exchange [2][3]. - The Jin Yuan Shun An Yuan Qi fund has seen a staggering 396.6% increase since its inception, with a diversified investment strategy that limits exposure to any single stock [4]. - The Guotai Consumer Select fund has also performed well, focusing on high-quality companies in the consumer sector, including mid-to-high-end liquor and home appliances [4][5]. Market Outlook - Fund companies suggest a focus on domestic demand in the short term, while long-term investments should consider technology sectors, particularly those related to AI [6][7]. - The BoShi Fund emphasizes three main investment themes: defensive strategies during market volatility, opportunities in emerging industries driven by technological advancements, and sectors benefiting from domestic demand policies [6]. - Huabao Fund highlights the importance of sectors supported by domestic demand and policy expectations, including financials, real estate, and new consumer trends [7].

50等大盘股微跌，小盘股上涨。 文 | 银行螺丝钉 （转载请注明出处） 今天大盘微涨微跌，波动不大，还在5.1星。 昨天比较坚挺的价值风格，今天微跌，成长风格微涨。 最近市场风格轮动比较明显。 遇到下跌的时候，大盘、价值股相对抗跌； 遇到上涨的时候，小盘股、成长股弹性更大。 盈亏同源。 两者搭配会让组合更稳定一些。 1. 昨天有朋友问，像红利等指数基金，有一些成立以来，年化达到10%以上甚至更高。 看起来红利指数的波动也不大，那投资者岂不是很容易就拿到这个收益？ 那投指数基金还有啥难的？ 确实，是有一些红利指数基金，成立多年，年化达到10%以上（加上分红）。 例如最基础的中证红利。这个多年甚至达到10年以上。 投资者在低估的时候买入红利基金，并长期坚持下来，也会获得这个收益。 当时有价值风格的基金，被投资者赎回超过90%。 2022年-2024年，红利等指数，在熊市中比较有优势，跑赢了大盘。 这两年红利又受欢迎。 从全市场角度， 但难就难在坚持上。 基金投资者，平均持有股票基金的时间长度是几个月。 但是A股是存在风格轮动的。 红利属于价值风格，遇到成长风格牛市的时候，就会跑输市场。 例如在2019-2020年 ...

Core Viewpoint - The "Investment Blue Book: China Investment Development Report (2025)" predicts a continued rise in international gold prices and a potential increase of over 10% in the CSI 300 index, with the Shanghai Composite Index possibly reaching 4000 points by 2025 [1] Group 1: A-Share Market - The report assigns a five-star rating to A-shares, recommending an overweight position due to improving economic conditions and capital market reforms [1] - A-shares are expected to gradually recover from a period of stagnation, driven by enhanced investor confidence [2] - Current A-share valuations are considered low, with expectations for stability around the central level and potential for further increases as market confidence grows [2] Group 2: Investment Ratings - The report provides ratings for various asset classes: A-shares (five stars, overweight), Chinese bonds (three stars, maintain), private equity (four stars, overweight), international gold (four stars, overweight), international oil (three stars, maintain), and the US dollar index (three stars, maintain) [1] - The report emphasizes the importance of focusing on sectors such as new productivity (including semiconductors, smart manufacturing, and AI), consumption, and biomedicine, along with high-dividend sectors [2] Group 3: Gold Prices - The report indicates that central banks' continued purchases of gold are a significant factor driving international gold prices higher [2] - It anticipates that international gold prices will continue to rise in 2025, while also noting potential pressures from high-level fluctuations and adjustments [2] - The report highlights that current gold prices may not be particularly high compared to rising global inflation expectations and increasing demand for safe-haven assets [3]

随着 2025 年伯克希尔 · 哈撒韦公司年度股东大会的临近，全球财经界的目光再次投向这场投资界盛 会。 届时，94岁的沃伦·巴菲特将携接班人团队直面股东提问。而今年尤为特殊，是继2023年11月查理·芒 格离世后的第二届大会，伯克希尔的"后芒格时代"战略调方向整成为市场关注的焦点。 2025年5月3日，伯克希尔·哈撒韦股东大会将在奥马哈如期举行。九方智投控股（9636.HK）旗下品 牌九方智投，将作为第一财经2025巴菲特股东大会直播的独家冠名商，带领国内投资者第一时间全 程直击现场。 与此同时，九方智投还将推出《巴菲特与七顿午餐》专题栏目，邀请多位九方智投首席投资顾问连续 7天解析巴菲特价值投资、全球化布局等核心思想。 AI、人形机器人的驱动与投资 第四轮工业革命浪潮下，生成式AI正重塑投资逻辑。Deepseek等企业的技术突破推动科技股估值飙 升。在美股市场，科技股估值持续攀升，英伟达、微软等行业巨头市值更是一路高歌猛进，纷纷突破 万亿美元大关。 但巴菲特在2024年致股东信中仍强调："AI不会改变我们对企业本质价值的判断"。 那么AI是颠覆者还是赋能者？今年巴菲特对AI技术持审慎态度是否会有改变？ 尽 ...

Core Viewpoint - The ultimate significance of investment is to overcome the growth of global money supply, which increases at a rate of 8% to 10% annually, and only the most scarce quality assets can transcend cycles [3][51][52]. Group 1: Investment Opportunities - The emergence of three new consumer demands: IP consumption, self-indulgent consumption, and domestic alternatives, indicates a shift in consumer behavior [82][75]. - IP consumption is identified as a global opportunity, driven by a societal rejection of reality and the rise of innovative supply methods, such as the influence of streaming platforms like Netflix [84][90]. - The manufacturing sector is undergoing a comprehensive upgrade, with companies transitioning from traditional products to advanced technologies, such as aerospace components [96][102]. Group 2: Market Dynamics - The phenomenon of "East Rising, West Falling" is observed, with significant changes in the US and Chinese markets, influenced by political and economic cycles [10][13][16]. - The Chinese market is expected to normalize in 2024, with a focus on structural opportunities rather than macroeconomic factors [53][75]. - The valuation gap between Chinese and US stocks is narrowing, with potential for further adjustments in the coming quarters [35][36]. Group 3: Consumer Trends - The rise of self-indulgent consumption reflects a shift in consumer priorities, with companies achieving significant growth despite overall market challenges [95][117]. - The performance of domestic brands in high-end markets is improving, as evidenced by the success of products like Xiaomi's SU7 Ultra and the box office success of films like "Nezha 2" [93][94]. - The traditional consumer staples are being challenged by new entrants that focus on quality and innovation, indicating a transformation in the competitive landscape [96][95]. Group 4: AI and Technology - The application of AI is expected to explode as technology becomes more accessible, with Chinese companies likely to replicate and accelerate the advancements made in the US [109][110]. - The hardware sector in the US faces challenges as capital expenditures rise, leading to potential market corrections [121][125]. - The aviation industry presents strategic opportunities, particularly in the production of aircraft engines, which are expected to see increased demand and profitability [128][130].

文 | 银行螺丝钉 （转载请注明出处） 一、【直播回放】 港股指数基金的品种也越来越丰富。 常见的港股宽基指数，有恒生、H股、港股中小；策略指数，例如港股红利；行业主题指数，例如港股消费、恒生医疗、港股科技、恒生科技等。 这些指数分别有啥特点？影响港股涨跌走势的原因有哪些？ 如何快速查询港股各个指数的估值数据？ 在昨晚的直播课里，螺丝钉详细介绍了这些问题。 长按识别下面二维码，添加 @课程小助手 微信，回复「 0422 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 策略指数丰富了我们投资的选项，满足了很多投资者个性化的需求。 第三类是行业指数。 也就是仅覆盖了某个行业的股票，例如消费、医药、金融等。 最常见的行业指数，是11个一级行业。 每个一级行业，其实都是社会不可或缺的一部分，长期也是跟着社会发展的。 第四类是主题指数。 二、【部分直播课内容如下】 1. 港股常见的四类指数 跟A股类似，港股常见的指数，主要也分为四类。 第一类是 宽基 指数。 通常是按照上市公司的市值规模来选股的，会包含各个行业的股票，覆盖范围很"宽"。 第二类是 策略指数 。 通常是在宽基指数的基础上，用了某一种投资策略， ...

Core Insights - The first quarter of 2025 saw a net redemption trend in active equity funds, with significant outflows from various fund types, although some funds managed to attract substantial inflows [1][2][8] Fund Performance Summary - Ordinary stock funds experienced a net redemption of 34.13 billion units, while mixed equity funds saw a net redemption of 492.44 billion units, and flexible allocation funds had a net redemption of 161.44 billion units [2] - Despite the overall trend, several funds recorded net subscriptions exceeding 10 billion units, including 富国消费精选30C, 鹏华碳中和主题C, and 天弘价值精选C, which led their respective categories [2][4][5] Top Performing Funds - The top net subscription in ordinary stock funds was 富国消费精选30C with 14.45 billion units, followed by 景顺长城研究精选C with 12.71 billion units, and 富国新兴产业C with 10.01 billion units [3][9] - In the mixed equity fund category, 鹏华碳中和主题C topped the list with 44.27 billion units, followed by 富国稳健增长A with 36.45 billion units, and 永赢先进制造智选C with 32.01 billion units [4][6] Investment Themes - The funds that attracted significant capital were primarily focused on technology and consumer sectors, indicating a strong market interest in these themes [8][10] - Fund managers expressed confidence in traditional consumer leaders, suggesting an increase in allocation to these sectors due to improved risk-reward ratios and stable fundamentals [11]

以下文章来源于望京博格投基 ，作者望京博格 望京博格投基 . 记录望京博格投资基金的故事 长按即可参与 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 望京博格 来源：雪球 一、港股是港币计价的人民币资产 在港股类似腾讯这样中资企业比比皆是~ 二、A股的估值不便宜 沪深300指数目前市盈率为12.26倍，处于最近10年43.33%的位置，只能说是不贵，但是绝对算不算便宜。 在2018年、2022年、2024年沪深300最低估值都触及10-11倍市盈率。 很多人把港股当做海外资金，其实港股是实实在在的港币计价的人民币资产。 例如，腾讯控股在港股上市，股价是以港币计算的。 但是腾讯的营收、资产、支出、发工资等等都是人民币，所以腾讯控股是人民币资产，专业点就是港币计价 的人民币资产。 近期国家队兜底市场，累计申购1300亿沪深300ETF，给予沪深300指数极大的支撑。 三、纳指与标普未来情况不明 A股有国家队兜底，跌幅是有限，但是未来涨幅也有限。例如最近一年港股涨的不错，主要因为之前港股回 调的足够充分了；反观A股涨幅有限，是因为之前没有跌透。 纳指100指数（NDX ...

Group 1: Impact of US-China Competition on Markets - The types of US-China competition can be categorized into four main areas: trade, technology, finance, and geopolitical issues, with tariffs being the most impactful [4] - The technology competition began with significant events such as the ZTE incident in 2018 and the Huawei entity list in 2019, causing short-term market shocks of around 5%, while themes of self-sufficiency and countermeasures performed well structurally [4] - Financial competition included the designation of China as a currency manipulator in 2019 and the Foreign Companies Accountability Act from 2020 to 2022, which had a notable impact on Hong Kong stocks, leading to market shocks of 5-10% [4] - Geopolitical events, such as the closure of consulates and the Xinjiang cotton incident, typically resulted in short-lived market impacts, with recovery occurring within a week, while sectors like defense and self-sufficiency themes performed well [4] Group 2: Trade Dynamics - The trade conflict initiated on March 23, 2018, with the US imposing tariffs on $60 billion worth of Chinese imports, leading to a significant market downturn followed by a three-month period of volatility [11] - Following the escalation of tariffs in June 2018, the market experienced a deeper adjustment, with sectors like defense and technology showing relative resilience [14] - The recent imposition of a 34% "reciprocal tariff" on April 2, 2025, led to a rapid decline in the Shanghai Composite Index, with export-oriented sectors suffering while domestic demand sectors like agriculture and food performed well [25] Group 3: Technology Sector Developments - The US's ban on ZTE in April 2018 marked the beginning of a technology confrontation, leading to a quick release of risk aversion in the A-share market [30] - The arrest of Huawei's CFO in December 2018 escalated concerns about the globalization of Chinese tech firms, causing significant market declines, particularly in the TMT sector [33] - The implementation of the US Chip and Science Act in August 2022 and subsequent export controls have pressured the technology sector, but the narrative of self-sufficiency has gained traction, leading to potential recovery opportunities [42][44] Group 4: Geopolitical Events - The closure of consulates in 2020 led to a brief change in risk appetite, but the market quickly recovered as tensions did not escalate further [50] - The "Xinjiang cotton" incident in 2021 had minimal impact on the overall market, instead boosting domestic brands like Anta and Li Ning [51] - The visit of Nancy Pelosi to Taiwan in August 2022 initially caused market declines, but subsequent recovery was driven by rising expectations for domestic semiconductor production [52] Group 5: Financial Sector Insights - The designation of China as a "currency manipulator" in August 2019 led to a market downturn, but a subsequent liquidity easing allowed for a rapid recovery [60] - The Foreign Companies Accountability Act from 2020 to 2022 primarily impacted US-listed Chinese companies and Hong Kong stocks, but the long-term effects were manageable as many companies opted for secondary listings in Hong Kong [61]

4月15日南向资金成交活跃股 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 从连续性进行统计， 有3只股获南向资金连续3天以上净买入，连续净买入天数较多的有美团-W、中国 海洋石油、泡泡玛特，连续净买入天数分别为8天、8天、3天。以其间净买入金额统计，净买入金额最 多的是美团-W，合计净买入为52.06亿港元，其次是中国海洋石油合计净买入为37.98亿港元，泡泡玛特 合计净买入为7.12亿港元。（数据宝） | 代码 | 简称 | 成交金额 | 成交净买入 | 今日涨跌幅 (%) | | | --- | --- | --- | --- | --- | --- | | | | (万港元) | (万港元) | | | | 02800 | 盈富基金 | 85491.47 | 79187.25 | | 0.18 | | 00700 | 腾讯控股 | 462628.13 | 74791.35 | | 0.44 | | 03690 | 美团-W | 154323.45 | 52397.12 | | 0.62 | | 00941 | 中国移动 | 130224.82 | 40332.23 | | 1.47 | ...