Core Insights - The article highlights the investment philosophy of a fund manager with a strong engineering background, emphasizing the importance of objective truth and scientific spirit in investment research [1][4]. Group 1: Investment Philosophy - The fund manager believes that investment and research are similar processes that rely on objective facts and the pursuit of truth, requiring time and cognitive commitment [1][4]. - The manager advocates for value investing and emphasizes the need for diligence and grounded efforts over flashy techniques [4]. Group 2: Research and Analysis - The manager shares memorable research experiences, including a month-long investigation into the solar industry in late 2012, which helped identify industry turning points [3]. - In 2013, a significant improvement signal was detected in a company's annual report, leading to a prediction of tenfold growth over two years [3]. Group 3: Market Challenges and Resilience - The manager maintains a calm and determined approach to investment challenges, highlighting the importance of thorough research and analysis in decision-making during market fluctuations [3]. - During the pharmaceutical sector's downturn in 2018, the manager demonstrated exceptional investment resolve by choosing to invest counter-cyclically, preserving investor interests and achieving new heights in net asset value [3].

核 心 观 点 行业比较：电子和机械设备对美敞口更大。 我国对美国电子商品出口最多，而 交运设备关税税率最高 ，加 征后高达 168% 。从中观行业来看，具体到我国对美出口一级行业，电子、轻工、机械与纺织出口依赖度及 份额均较高。从美国进口来看，电子与轻工对我国进口依赖度与进口份额均较高。综合来看， 电子和机械设 备对美敞口更大 。 上游原材料、制造业受冲击严重，后续去产能对冲。 ① 电 子行业的营收对美敞口较大， 若对美出口全部 消失，对行业总营收的影响约为 3.2% 左右，成本传导为主要机制，后续国内产业政策或将推动国产替代，政 策补贴提振消费电子。 ②机械设备行业的营收对美敞口也较大， 如果对美出口全部消失，对行业总营收的影 响为 4.2% 左右，或将加速行业重组。当前国内设备更新政策已经前置推出，同时城市更新等稳增长政策也有 利于扩大机械设备总需求。往后看，产业升级或将加速。 ③交运设备行业的营收对美敞口较小， 即便对美出 口全部消失，对行业总营收的影响也仅为 1.9% 左右，不过行业利润空间或将被挤压。当前国内促进汽车消费 的相关政策也已经前置落地，后续促内需仍有空间，扩外需方面，"一带一路"共建国 ...

Group 1 - The Hang Seng Medical Index ETF experienced a turnover of 8.47% during the trading session, with a transaction volume of 21.38 million yuan [3] - The ETF's scale increased by 18.48 million yuan over the past week, indicating significant growth [3] - The ETF's shares grew by 10 million shares this month, reflecting substantial growth [3] Group 2 - The current price-to-earnings ratio (PE-TTM) of the Hang Seng Medical Index ETF is 24.86, which is at a historical low, being in the 6.5% percentile over the past year [3] - A joint implementation plan for the digital transformation of the pharmaceutical industry has been issued by seven government departments, aiming for significant progress by 2027 [3] Group 3 - Short-term AI medical themes are expected to continue being a focus, with market attention shifting towards Q1 performance and potential improvements in the pharmaceutical industry by Q2 2025 [4] - The top ten weighted stocks in the Hang Seng Medical Index account for 57.69% of the index, including companies like BeiGene, WuXi Biologics, and JD Health [4] - Investors without stock accounts can access the Hang Seng Medical Index ETF through a linked fund for investment opportunities in the Hong Kong medical sector [4]

其次，随着美国关税政策的影响边际递减，投资者风险偏好逐渐回升，加之中国政府实施更加积极有为 的宏观政策，包括更加积极的财政政策和适度宽松的货币政策，这些都有助于提升市场的整体情绪，进 而可能促进科技板块的表现。 此外，科技板块作为自主可控程度较高的行业，受益于国家政策的支持，特别是在科技创新、扩大消费 等方面，这为科技企业提供了良好的发展环境。 今日，港股科技盘中走低，新能源、医药、通信集体回调，港股科技ETF（513020）跌1.6%，网罗港股 互联网+硬科技龙头，资金持续布局中，连续4日净流入额超1.3亿元，今年来份额增长超130%。 银河证券表示，从估值角度来看，截至4月17日，资讯科技业的PE估值处于2019年以来40%分位数以 下，表明该行业估值处于历史中低水平，这意味着相对于历史估值，当前科技板块具有一定的估值吸引 力。 港股科技ETF（513020）跟踪中证港股通科技指数，包括互联网、新能源车、芯片、生物医药和创新药 等核心科技板块，代表了中国科技资产的整体投资价值。相比于恒生科技指数，港股通科技指数在科技 领域布局更均衡，能更好把握成长板块的投资机会。 没有股票账户的投资者可以通过港股科技ET ...

据环球时报报道，中国商务部新闻发言人指出，中方坚决反对任何一方以牺牲中方利益为代价达成交易。如果出现这种 情况，中方绝不接受，将坚决对等地采取反制措施。中方有决心有能力维护自身权益。中方认为，各方在"对等关税"问 题上应站在公平正义的一边，应站在历史正确的一边，应捍卫国际经贸规则和多边贸易体制。面对单边主义和保护主义 冲击，谁都无法独善其身。国际贸易一旦回归弱肉强食的"丛林法则"，所有国家都会沦为受害者。 美国总统特朗普宣布对所有贸易伙伴征收10%的"基准关税"，该关税于美国东部时间4月5日凌晨0时01分生效。此外，特 朗普对与美国贸易逆差最大的国家和地区征收不同的、更高的"对等关税"，该关税于美国东部时间4月9日凌晨0时01分生 效。根据美国白宫在社交媒体上发布的税率表，新关税政策覆盖185个国家和地区。在主要贸易逆差国家和地区中，美国 对印度加征26%的关税。 苏杰生（资料图） "对等关税"将影响印度多个行业，特别是工程机械和电子产品等关键出口领域，包括珍珠、矿物燃料、机械、锅炉和电 气设备、汽车等在内的多个出口类别将会面临关税上调的冲击，这些产品占印度对美国出口额的近50%。有印度研究机 构估计，美实施 ...

北京在做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"方面开展了积极探索与 实践，会上披露了北京地区做好金融"五篇大文章"方面的一系列成果。 科技金融是金融"五篇大文章"之首。2024年以来，人民银行北京市分行开展科技金融领军机构培育工 作，首批确定14家机构为科技金融领军机构。 近几年，资本市场对医药行业的投资趋于谨慎，融资难度增大，不过赛赋医药公司获得了民生银行北京 中关村分行千万元级别的授信支持，年化利率在2.6%以内。该银行正是北京市首批科技金融领军机构 之一，覆盖科创类客群900余户。在北京，更多金融机构完成从"看财报"到"懂技术"转变，不仅关注科 创企业财务报表，而且看重企业技术的"护城河"，带动科技型企业贷款较快增长。截至3月末，全市科 技型企业贷款余额1.27万亿元，较年初增长14.1%。 绿色金融方面，截至一季度末，全市绿色贷款余额2.3万亿元，比年初增加1400.3亿元；普惠金融方面， 截至3月末，全市普惠小微贷款余额1.05万亿元，同比增长12.4%。 此外，养老金融方面，北京地区银行网点适老化改造完成率近99%；数字金融方面，人民银行北京市分 行推动北京中关村银行、北 ...

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].

Group 1 - Midea Group's humanoid robot will officially enter its washing machine factory in Jingzhou, Hubei in May, for machine operation, equipment inspection, and transportation [1][10] - The humanoid robot is part of Midea's "Dual Intelligence" strategy, which integrates smart home and smart manufacturing, aiming to transform manufacturing capabilities into strategic advantages [2] - Midea's approach represents a shift from scale advantages to intelligent advantages in manufacturing, addressing challenges through digitalization, human-machine collaboration, and product premiumization [2][3] Group 2 - Shanghai Pharmaceuticals' subsidiary received FDA approval for its abbreviated new drug application for Valganciclovir tablets, which treat CMV retinitis in AIDS patients and prevent CMV infection in organ transplant patients [4] - This approval signifies a major step in Shanghai Pharmaceuticals' international strategy, enhancing its competitiveness in the global market [4] Group 3 - Meituan's self-developed fourth-generation drone received the first nationwide low-altitude logistics operation certificate, allowing for regular commercial operations across China [5] - This certification marks a new phase in the commercialization of low-altitude logistics in China, expected to significantly improve last-mile delivery efficiency [5] Group 4 - JD.com announced that its food delivery service surpassed 10 million orders on April 22, demonstrating strong supply chain and logistics efficiency [6] - The rapid increase in order volume reflects consumer recognition of the JD brand and its competitive advantage in delivery speed and service quality [6] Group 5 - Baidu launched several AI products, including the Wenxin 4.5 Turbo and X1 Turbo models, which offer enhanced performance at reduced costs, aiming to capture the enterprise AI market [8] - The new models feature an 80% price reduction for Wenxin 4.5 Turbo and a 50% price reduction for X1 Turbo, positioning Baidu against competitors like Alibaba Cloud and Huawei [8] Group 6 - CATL introduced the "Xiao Yao Dual-Core Battery," featuring a dual-core architecture and self-generating negative electrode technology, enhancing safety and energy density [9] - This innovation aligns with industry trends towards lightweight and high-voltage solutions, potentially becoming a new growth driver for CATL [9] Group 7 - Gree Electric's board re-elected Dong Mingzhu as chairperson with a 124% approval rate, while Zhang Wei was appointed as president, indicating strong leadership continuity [11] - The leadership combination aims to navigate challenges in the white goods market and drive diversification and internationalization efforts [11] Group 8 - Sany Heavy Industry elected Xiang Wenbo as the new chairman of its board, which is expected to enhance strategic decision-making and operational synergy amid competitive pressures in the construction machinery sector [12] Group 9 - CATL and GAC Group signed a comprehensive strategic cooperation agreement to introduce battery-swapping models across several vehicle lines, promoting the battery-swapping model in the new energy vehicle sector [13] - This partnership aims to accelerate the adoption of battery-swapping technology and expand business scenarios for both companies, with CATL's network already established in 16 cities [13]

市场资金观点分歧， 建议配置上偏向均衡 —— 量化市场追踪周报（2025W17） 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 [Table_ReportTime] 2025 年 4 月 27 日 证券研究报告 金工研究 [Table_ReportType] 金工定期报告 [Table_Author] 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com 周君睿 金融工程与金融产品 分析师 执业编号：S1500523110005 联系电话：+86 19821223545 邮 箱：zhoujunrui@cindasc.com [Table_Title] 量化市场追踪周报(2025W17)：市场资金观点分 歧，建议配置上偏向均衡 [Table_ReportDate] 2025 年 4 月 2 ...

Group 1 - Foreign-funded public funds have maintained a high position in equity products, with some increasing their allocation to Hong Kong stocks in Q1 2025 [3][4] - Notable funds with over 90% equity positions include BlackRock, Fidelity, Morgan Stanley, and Schroders, among others [3] - Schroders significantly increased its Hong Kong stock allocation from 15.08% in Q4 2024 to 32.31% in Q1 2025 [3] Group 2 - Funds are diversifying their investments across technology, energy, and consumer sectors, with a focus on TMT (Technology, Media, and Telecommunications) and high-dividend stocks [6][7] - BlackRock's Hong Kong Stock Connect fund increased its holdings in Alibaba and reduced its stake in Tencent by nearly 50% [6] - Fidelity's fund adjusted its bank stock allocations, increasing its position in Industrial and Commercial Bank of China while reducing its holdings in China Merchants Bank and China Construction Bank [7] Group 3 - Fund managers are optimistic about quality technology assets and sectors that are expected to benefit from domestic demand policies [8] - Key sectors of interest include TMT, machinery, automotive, and chemical industries, as well as new consumption and defense industries [8] - Morgan Stanley is focusing on investment opportunities in intelligent computing infrastructure and AI applications [8]