2025 年 11 月 02 日 中银基金李思佳:在均衡稳健中追 求可持续可复制的成长性收益 基金经理研究系列报告之八十六 申万宏源研究微信服务号 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 落子 (8621)23297818× jiangxin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 相关研究 中银基金李思佳: 剑桥大学金融硕士。具备 8年证券从业经验, 2 年投资管理年限。2017 ○ 年加入中银基金，曾任研究员、价值与周期组组长、基金经理助理。2023 年 10 月至今 任中银战略新兴产业的基金经理, 2025年 年 4 月至今任中银增长的基金经理,共计 2 只在 管基金，总管理规模达 20.58 亿元。 基金经理的投资策略：李思佳女士的投资风格相对均衡目稳健，在充分 ...

Core Insights - The first phase of the Jiangsu Social Security Science and Technology Innovation Fund has been officially signed and established in Suzhou, with a total scale of 50 billion yuan [1] - The fund is a collaboration between the National Social Security Fund Council, Jiangsu Provincial Government, Suzhou Municipal Government, and ICBC Investment, managed by Suzhou Innovation Investment Group [1] - The fund aims to integrate resources and professional operations, focusing on high-growth potential projects in strategic emerging industries such as artificial intelligence, integrated circuits, biomanufacturing, new energy, high-end equipment, and new materials [1] Investment Strategy - The fund employs a "mother fund + direct investment" dual-structure and joint management model to support quality science and technology innovation projects throughout their lifecycle [1] - It is designed to enhance the resilience and security of regional industrial chains while leveraging Suzhou's strong industrial foundation and innovation ecosystem [1] Economic Impact - Suzhou is recognized as a significant manufacturing base in China, with a complete industrial system and strong innovation momentum, providing a favorable investment environment for the fund [1] - From January to August this year, Suzhou's industrial output above designated size grew by 4% year-on-year, with high-tech industries accounting for 56.7% of the total industrial output, indicating robust development resilience and innovation vitality [1] - The establishment of the fund is expected to inject long-term capital into Suzhou's technological innovation and economic transformation, aligning with national strategic deployments and enhancing the province's and city's technological innovation capabilities and industrial competitiveness [2]

国投瑞银基金管理有限公司 关于国投瑞银兴润 6个月定期开放混合型基金中 11月1日，国投瑞银基金管理有限公司（以下简称"国投瑞银基金"）发布基金经理变更公告，宣布增聘 张潇涓为旗下国投瑞银兴润6个月定期开放混合型基金中基金(FOF)的基金经理，与杨晗、周珞晏共同管 理该基金。此次人事调整自2025年11月1日起正式生效。 据公告，张潇涓，德国法兰克福金融与管理学院理学硕士。5年证券从业经历。2020年1月至2021年4月 任国金证券股份有限公司研究员。2021年5月加入国投瑞银基金管理有限公司资产配置部任研究员。 公告送出日期:2025年11月1日 1 公告基本信息 | 基金名称 | 国投瑞银兴润6个月定期开放混合型基金中 | | --- | --- | | | 基金(FOF) | | 基金简称 | 国投瑞银兴润6个月定期开放混合(FOF) | | 基金主代码 | 024006 | | 基金管理人名称 | 国投瑞银基金管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办 法》等 | | 基金经理变更类型 | 增聘基金经理 | | 新任基金经理姓名 | 张满消 | | 共同管理本基金的其他基 ...

Core Viewpoint - The Chengdu Pidu District has launched the Chengdu Pidu District Jiazi Manyuan Industrial Development Fund, with an initial scale of 1 billion yuan and a long-term target of 5 billion yuan, aimed at promoting financial support for the modern industrial system in Chengdu [1][2]. Group 1 - The fund is established through a strategic cooperation between Chengdu Jiazi Financial Holdings Group and Pidu District, focusing on deep integration of finance and industry [2]. - The fund adopts a "dual GP" model, managed by Jiazi Industrial Fund Company and Pidu District Jinghui Venture Capital Co., Ltd. [3]. - Investment focus areas include electronic information industry (such as integrated circuits, new displays, information networks, smart terminals), equipment manufacturing, green food industry, strategic emerging industries (including information technology, aerospace, artificial intelligence), green low-carbon industries, biomedicine and health, and film and cultural industries, with a priority on supporting Pidu District's industrial development [3].

Meeting Overview - The meeting for the Galaxy Economic Industry Mixed Securities Investment Fund will be held via communication method, with voting from November 4, 2025, to December 9, 2025, at 17:00 [1][10]. Voting and Participation - The record date for fund holders to participate in the meeting is November 3, 2025, with specific voting rights outlined for purchases and redemptions on that date [5][10]. - Voting will be conducted through written paper ballots, which can be obtained from the fund management company's website or other specified sources [6][19]. Voting Procedures - Detailed instructions for filling out and submitting ballots are provided, including requirements for individual and institutional investors [7][8][9]. - Ballots must be submitted to the fund management company by the specified deadline, with clear guidelines on how to ensure valid submissions [10][24]. Meeting Agenda - The main agenda item is the proposal regarding the continuous operation of the Galaxy Economic Industry Mixed Securities Investment Fund [4][20]. Decision Validity - The meeting requires that at least half of the total fund shares held by participants be represented for the meeting to be valid, and decisions must be approved by a majority of the voting rights present [15][16]. Fund Management and Oversight - The fund management company, Galaxy Fund Management Co., Ltd., is responsible for organizing the meeting, with oversight from the fund custodian, Beijing Bank Co., Ltd., and a public notary [18][19].

Core Viewpoint - The company announced the dissolution and liquidation of its subsidiary, Duoxi Investment, due to continuous losses over the past five years and the absence of managed funds, which allows the company to focus on its core business [1][4]. Summary by Sections Overview of the Situation - The company’s wholly-owned subsidiary, Jiruis Testing Technology Service (Zhuhai) Co., Ltd., attempted to transfer 26% of its stake in Duoxi Investment through public listing but failed to attract interested buyers, leading to the decision to dissolve and liquidate Duoxi Investment [1][2]. Basic Information of the Dissolution - The dissolution and liquidation of Duoxi Investment have been approved by the shareholders and reviewed by the company’s chairman, thus not requiring further board or shareholder approval [2]. Reasons for Dissolution and Impact on the Company - Duoxi Investment has incurred continuous losses and has no managed funds, prompting the decision for dissolution to protect shareholder interests. The dissolution will not significantly impact the company or its subsidiary's daily operations, nor will it harm the interests of shareholders, especially minority shareholders [4].

Group 1 - The fund manager has the right to adjust management fees based on the fund's operational conditions, as the estimated net income and annualized yield may fluctuate due to market volatility [1] - The fund has received a payment of 27.4883 million yuan for national subsidies receivable, with an average repayment cycle of 2.15 years [8][10] - The fund will include the received national subsidy receivable in the fourth quarter's distributable amount for investor returns [9] Group 2 - The fund employs a factoring method with recourse to smooth cash flow and mitigate the risk of fluctuations in the repayment cycle of national subsidies receivable [7] - The total assets of the acquired project companies amount to 558.64 million yuan, with liabilities of 428.32 million yuan and equity of 130.33 million yuan as of the audit date [13]

香港联交所最新资料显示，10月27日，易方达基金管理有限公司减持国泰海通（601211）(02611)369.96 万股，每股作价15.5424港元，总金额约为5750.07万港元。减持后最新持股数目约为2.45亿股，最新持 股比例为6.98%。 ...

Core Viewpoint - The Hong Kong pharmaceutical ETF (159718) experienced a decline of 2.65% on October 30, with a trading volume of 47.8497 million yuan [1] Group 1: Fund Performance - The ETF's total shares increased by 1 million, bringing the total to 239 million shares [1] - The latest net asset value is calculated at 229 million yuan [1] - Since its inception on December 16, 2021, the fund has returned -4.18%, with a one-month return of -12.27% [1] Group 2: Management and Benchmark - The ETF is managed by Ping An Fund Management Co., Ltd., with the fund manager being Weng Xin [1] - The performance benchmark for the ETF is the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index (adjusted for exchange rates) [1]

Group 1 - Core viewpoint: Keri International's stock rose by 5.31% to 29.54 CNY per share, with a trading volume of 233 million CNY and a turnover rate of 4.11%, resulting in a total market capitalization of 5.814 billion CNY [1] - Company overview: Keri International, established on December 5, 2005, and listed on June 8, 2017, is based in Beijing and specializes in technology-driven human resource solutions [1] - Revenue composition: The company's main business revenue is derived from flexible employment (95.22%), mid-to-high-end talent search (2.77%), other services (0.84%), recruitment process outsourcing (0.64%), and technical services (0.54%) [1] Group 2 - Fund holdings: Citic Prudential Fund has a significant position in Keri International, with its fund increasing holdings by 90,000 shares to a total of 350,000 shares, representing 3.86% of the fund's net value [2] - Fund performance: The fund has achieved a floating profit of approximately 521,500 CNY from its investment in Keri International [2] - Fund details: Citic Prudential Zhi Rui Mixed A Fund (003432) was established on October 21, 2016, with a current size of 142 million CNY and year-to-date returns of 5.35% [2]