基金管理人在二季报中表示，报告期间，本基金保持红利投资的特征。从仓位上看，继续保持相对较高位置，行业分布上较为均衡，持仓个股较为分散，银 行、公用事业、非银等行业配置比例较高；从对组合贡献来看，公用事业、银行、非银正贡献较大，家电、轻工对组合有所拖累。从组合整体表现来看，相 对基准有所跑赢并取得正收益。随着无风险收益率的下行，红利类股票整体的股息率水平依然处于相对有吸引力阶段，后续仍有绝对收益空间。 AI基金海富通红利优选混合A（020695）披露2025年二季报，第二季度基金利润46.07万元，加权平均基金份额本期利润0.0764元。报告期内，基金净值增长 率为6.48%，截至二季度末，基金规模为1158.72万元。 该基金属于偏股混合型基金。截至7月21日，单位净值为1.293元。基金经理是江勇，目前管理7只基金近一年均为正收益。其中，截至7月21日，海富通红利 优选混合A近一年复权单位净值增长率最高，达29.93%；海富通悦享一年持有期混合A最低，为5.65%。 截至6月27日，基金成立以来夏普比率为1.392。 截至7月21日，基金成立以来最大回撤为8.29%。单季度最大回撤出现在2025年二季度，为 ...

Group 1: Market Performance and Drivers - In the first half of 2025, the Hong Kong stock market experienced a strong structural bull market, driven by technology revaluation and AI breakthroughs[2] - The rebound was supported by four main factors: reduced geopolitical risks, a weak dollar environment boosting the RMB, significant liquidity injections by the HKMA, and accelerated inflows from southbound funds[2] - Southbound funds saw a dramatic increase, with a cumulative net purchase of HKD 14.5 trillion, 2.9 times last year's figure, indicating a shift towards diversified allocations beyond financial stocks[26] Group 2: Future Outlook and Risks - The structural bull market is expected to remain resilient, supported by the undervaluation of the RMB and the ongoing inflow of southbound funds, particularly into stable high-dividend bank stocks[2] - Potential short-term volatility may arise from a rebound in the dollar and uncertainties in US-China relations, but the pressure on the RMB is expected to be manageable[3] - Risks include the possibility of the Federal Reserve's interest rate cuts falling short of expectations, domestic fundamentals declining unexpectedly, and renewed tariff pressures from the US[4]

Group 1 - The report indicates that public active equity funds are experiencing steady issuance with increasing positions, reaching an average position level of 86% [9][21][18] - The report highlights a significant increase in the allocation towards the communication, biopharmaceutical, banking, non-bank financial, and defense industries, with a continuous increase in the biopharmaceutical sector over two consecutive quarters [10][23] - The electronic industry remains the top sector in terms of weight, while there has been a notable reduction in the food and beverage, automotive, and electric equipment sectors [10][23] Group 2 - Active bond funds have shown a significant recovery in scale, with a 6.2% increase compared to the previous period, and an overall increase in duration, with the average duration of medium to long-term pure bond funds at 4.19 [11][2] - The report notes a preference for government bonds and corporate short-term financing bonds, while the proportion of financial bonds and medium-term notes has decreased [11][2] Group 3 - FOF products have maintained a high issuance pace, with 15 new products launched in the second quarter, resulting in a total scale increase of approximately 9% compared to the first quarter of 2025 [12][13] - The report emphasizes a continued increase in passive bond funds, while the proportion of active equity and QDII funds has decreased [12][14] Group 4 - The report identifies a shift in market style from "valuation repair" to "performance-driven" as more mid-to-high frequency economic data emerges, with a focus on the performance verification of basic fundamentals [47] - The report suggests that dividend assets still offer attractive yields compared to government bond returns, with a positive outlook on the banking sector and public utilities [47]

FICC日报 | 2025-07-22 业绩亮眼板块表现占优 市场分析 关注中欧关系。国内方面，商务部回应欧盟对俄制裁列单中国企业和金融机构表示，中方敦促欧方立即停止列单 中国企业和金融机构的错误做法。中方将采取必要措施，坚决维护中国企业和金融机构的正当合法权益。海外方 面，美国财政部长贝森特批评美联储对关税的\"恐慌宣传\"，指出关税迄今几乎没有产生通胀效应，强调需要审查 美联储是否成功履行职责，同时明确表示特朗普政府更注重贸易协议质量而非时间节点。 沪指上行。现货市场，A股三大指数延续震荡上行态势，上证指数涨0.72%收于3559.79点，创业板指涨0.87%。行 业方面，板块指数涨多跌少，建筑材料、建筑装饰、钢铁、有色金属行业领涨，仅银行、计算机、家用电器行业 收跌。当日沪深两市成交金额增加至1.7万亿元。海外市场，随着特朗普设定的8月1日关税最后期限临近，美国三 大股指涨跌不一，道指跌0.04%，标普500指数、纳指均创历史新高。 IM增仓。期货市场，基差方面，股指期货均贴水，IM贴水程度较深。成交持仓方面，期指成交量下降，IC、IM持 仓量增加。 策略 政策持续落地为市场带来"转机"，资金面呈现量价 ...

Market Overview - The Shanghai Composite Index increased by 0.25% as of the morning close, with a trading volume of 899.49 million shares and a transaction amount of 1,158.93 billion yuan, representing a 5.34% increase compared to the previous trading day [1] Industry Performance - The top-performing sectors included: - Building Materials: Up by 2.96% with a transaction amount of 239.23 billion yuan, an increase of 34.74% from the previous day, led by Hanjian Heshan, which rose by 10.08% [1] - Building Decoration: Up by 2.55% with a transaction amount of 298.91 billion yuan, an increase of 12.71%, led by Zhongshe Consulting, which surged by 21.16% [1] - Steel: Up by 2.00% with a transaction amount of 123.36 billion yuan, a decrease of 16.70%, led by Xining Special Steel, which increased by 10.04% [1] - The sectors with the largest declines included: - Banks: Down by 1.28% with a transaction amount of 243.57 billion yuan, an increase of 37.11%, led by Xiamen Bank, which fell by 3.93% [2] - Non-bank Financials: Down by 0.49% with a transaction amount of 425.28 billion yuan, a decrease of 17.82%, led by Hualin Securities, which dropped by 4.22% [2] - Computers: Down by 0.45% with a transaction amount of 863.50 billion yuan, a decrease of 8.84%, led by Hehe Information, which fell by 5.52% [2]

Group 1 - The core viewpoint of the news highlights the mixed performance of A-shares and Hong Kong stocks, with a notable rise in the Hong Kong construction materials sector, which saw gains exceeding 10% [1] - The Hong Kong Dividend ETF (513820) has experienced a net inflow of over 29 million yuan in the past three days, indicating strong investor interest in dividend-paying stocks [1][11] - The top ten constituent stocks of the Hong Kong Dividend ETF showed varied performance, with only HSBC Holdings rising over 1%, while major oil companies and banks faced collective declines [3] Group 2 - The Yarlung Tsangpo River downstream hydropower project has commenced construction with a total investment of approximately 1.2 trillion yuan, expected to generate nearly 300 billion kilowatt-hours of zero-carbon electricity annually [4][5] - The project is anticipated to significantly benefit sectors such as infrastructure, cement, and explosives, with a projected cement demand of 20 to 30 million tons [5] - Southbound funds have shown a preference for high-dividend sectors, with the Construction Bank being the most actively net bought stock [6][7] Group 3 - The Hong Kong Dividend ETF has seen its scale grow from 77.6 billion yuan to 136.7 billion yuan in less than a year, marking a 76% increase [9] - The ETF has consistently provided monthly cash dividends for 12 consecutive months, making it the most frequent dividend-paying ETF in the Hong Kong market [16] - The low interest rate environment has made high-dividend assets increasingly attractive, with the dividend yield of the Hong Kong Stock Connect High Dividend Investment Index reaching 7.96% [14]

Core Viewpoint - The AI Fund Zhongyin New Opportunities Mixed A (002057) reported a profit of 10.82 thousand yuan for Q2 2025, with a weighted average profit per fund share of 0.0086 yuan, and a net asset value growth rate of 0.72% during the period [3][4]. Fund Performance - As of the end of Q2 2025, the fund's scale was 1,446.05 thousand yuan [15]. - The fund's unit net value as of July 21 was 1.201 yuan [3]. - The fund's performance over different time frames includes: - 3-month net value growth rate: 0.80%, ranking 130 out of 142 comparable funds [4]. - 6-month net value growth rate: 0.48%, ranking 130 out of 142 comparable funds [4]. - 1-year net value growth rate: 1.59%, ranking 139 out of 142 comparable funds [4]. - 3-year net value growth rate: 3.36%, ranking 96 out of 142 comparable funds [4]. Investment Strategy - The fund maintained a low equity position during Q2, focusing on sectors such as banking, public utilities, energy, and non-bank financials [4]. - The strategy included increasing exposure to the banking sector, particularly high-dividend and low-valuation banks, while slightly reducing holdings in the energy sector and lowering allocations in the operator and automotive sectors [4]. - Fixed income investments primarily included financial bonds and convertible bonds, with an increased duration to capitalize on bond market opportunities [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was -0.3497, ranking 118 out of 142 comparable funds [9]. - The maximum drawdown over the past three years was 3.17%, with the largest single-quarter drawdown occurring in Q1 2020 at 4.64% [11]. Holdings - As of June 30, 2025, the fund's top ten holdings included: - Nanjing Bank - Industrial and Commercial Bank of China - Yangtze Power - Ping An Insurance - Shanghai Bank - China Construction Bank - Sinopec - Pudong Development Bank - China International Capital Corporation - Jiangsu Bank [19].

Market Overview - The Shanghai Composite Index decreased by 0.32% as of 10:28 AM, with a trading volume of 657.44 million shares and a transaction value of 851.29 billion yuan, an increase of 1.41% compared to the previous trading day [1]. Industry Performance - The top-performing sectors included: - Building Materials: Increased by 2.00% with a transaction value of 197.98 billion yuan, led by Hanjian Heshan, which rose by 10.08% [1]. - Beauty Care: Increased by 0.85% with a transaction value of 39.64 billion yuan, led by Yiyi Co., which rose by 9.99% [1]. - Building Decoration: Increased by 0.64% with a transaction value of 222.97 billion yuan, led by Zhubo Design, which rose by 20.02% [1]. - The sectors with the largest declines included: - Banks: Decreased by 1.38% with a transaction value of 180.32 billion yuan, led by Xiamen Bank, which fell by 3.53% [2]. - Non-Bank Financials: Decreased by 1.20% with a transaction value of 324.12 billion yuan, led by Hualin Securities, which fell by 5.42% [2]. - Computers: Decreased by 1.05% with a transaction value of 642.92 billion yuan, led by Zhongyuan Haike, which fell by 5.29% [2]. Summary of Trading Data - A total of 1,488 stocks rose, with 71 hitting the daily limit up, while 3,779 stocks fell, with 6 hitting the daily limit down [1]. - The overall market sentiment showed a mixed performance across various sectors, with significant activity in building materials and beauty care, while banking and non-bank financial sectors faced declines [1][2].

AI基金富国新机遇灵活配置混合A（004674）披露2025年二季报，第二季度基金利润5067.72万元，加权平均基金份额本期利润0.1751元。报告期内，基金净 值增长率为10.03%，截至二季度末，基金规模为6.46亿元。 该基金属于灵活配置型基金。截至7月21日，单位净值为2.071元。基金经理是张弘，目前管理3只基金。其中，截至7月21日，富国新机遇灵活配置混合A近 一年复权单位净值增长率最高，达43.63%；富国阿尔法两年持有期混合最低，为27.45%。 基金管理人在二季报中表示，本基金报告期内提升了仓位，主要增持方向集中在创新药、AI 相关以及非银金融。中期而言，我们认为AI可能是个长趋势， 需要积极寻找机会，而中国创新药逐步进入收获期，相应公司市值提升或许刚开始。2025 年是十四五最后一年，即将编制十五五规划，从规划中力争寻找 到一些投资机会。 截至7月21日，富国新机遇灵活配置混合A近三个月复权单位净值增长率为18.74%，位于同类可比基金81/880；近半年复权单位净值增长率为25.98%，位于 同类可比基金36/880；近一年复权单位净值增长率为43.63%，位于同类可比基金65/880 ...

AI基金东方红红利量化选股混合发起A（021650）披露2025年二季报，第二季度基金利润348.4万元，加权平均基金份额本期利润0.0196元。报告期内，基金 净值增长率为2.14%，截至二季度末，基金规模为1.54亿元。 该基金属于偏股混合型基金。截至7月21日，单位净值为1.05元。基金经理是徐习佳，目前管理7只基金。其中，截至7月21日，东方红中证优势成长指数发 起A近一年复权单位净值增长率最高，达26.8%；东方红中证东方红红利低波动指数A最低，为18.13%。 基金管理人在二季报中表示，东方红红利量化选股发起式基金投资于一篮子高分红低波动而且相对估值较低的公司。2025年二季度，东方红红利量化选股发 起式基金A类净值上涨约2.14%，同期中证红利指数上涨0.04%。由于银行业的大市值和行业属性，其相对估值并不总是更有吸引力，所以组合行业分布与东 证红利低波指数阶段性存在显著区别。目前看组合中非银占比约20%，银行占比约7.25%，医药、有色、汽车、家电等占比在4~8%区间。 据定期报告数据统计，成立以来平均股票仓位为73.12%，同类平均为85.36%。2025年上半年末基金达到80.1%的最高仓 ...