Core Viewpoint - The article discusses the recent performance of the ChiNext and Sci-Tech Innovation boards, highlighting their significant gains over the past year despite recent geopolitical tensions, and emphasizes the investment potential in these sectors driven by favorable industry cycles, policy support, and liquidity conditions [1][6]. Group 1: Market Performance - The ChiNext Index and Sci-Tech Innovation Index have seen impressive one-year gains of 52.52% and 49.95%, respectively, as of February 2026 [1]. - Both indices experienced high volatility, with dynamic drawdowns of 19.13% and 19.4% during the same period, making it challenging for ordinary investors to navigate [1]. Group 2: Company Overview - Longqi Technology, established in 2011, is a veteran quantitative fund management company with a research team comprising over 50% of its staff, all holding advanced degrees [3]. - The company focuses on stock quantitative strategies and has received the "Golden Bull Award" for four consecutive years [3]. Group 3: Investment Strategy - Longqi Technology's main strategy involves a high-frequency machine learning stock selection model launched in April 2019, aiming to identify non-linear relationships between factors to predict short-term stock price movements [3]. - The company has increased its allocation to the Sci-Tech Innovation sector, viewing it as a valuable investment avenue aligned with market trends and regulatory guidance [4]. Group 4: Market Dynamics - The article identifies three key factors driving the recent "tech bull" market: technological breakthroughs in hard tech, supportive policies for new productivity, and improved market liquidity due to interest rate cuts [7]. - The ChiNext and Sci-Tech Innovation boards are seen as crucial components of national strategy, benefiting from policy support and attracting significant investor interest due to their high liquidity and valuation elasticity [7][8]. Group 5: Product Focus - Longqi Technology's product "Longqi Technology Innovation Select No. 1" focuses on stocks from the ChiNext and Sci-Tech Innovation boards, with 69.7% and 30.3% allocations, respectively [8]. - The product targets high-growth sectors such as machinery, electronics, pharmaceuticals, and computers, leveraging quantitative models that align well with the characteristics of the ChiNext and Sci-Tech boards [9]. Group 6: Investment Opportunity - The article suggests that "Longqi Technology Innovation Select No. 1" presents a compelling opportunity for investors looking to capitalize on China's technological transformation and high-growth sectors [10].

Core Viewpoint - Investors are expected to face a painful period over the next 18 to 24 months due to increased uncertainty from the impact of AI on U.S. software stocks and the escalation of conflicts in the Middle East [1][4]. Group 1: Market Reactions - The Korean Composite Index and the Nikkei 225 Index experienced significant volatility, with the former dropping 12.06% and the latter 3.61% on March 4, marking the largest single-day decline for the Korean index in over a decade [3][4]. - The escalation of conflict in the Middle East has led to fears of disrupted oil supplies, causing panic selling in the stock markets of Japan and South Korea, which are heavily reliant on Middle Eastern oil [3][4]. - Global capital flows have reversed sharply, with foreign investors withdrawing over $7 billion from the Korean stock market in just two trading days [4]. Group 2: Investment Strategies - Fund managers are increasingly adopting a "cash is king" strategy, shifting their investments into cash and dollar-denominated assets to mitigate risks amid market volatility [10][13]. - Risk hedging measures are being implemented, such as buying short contracts on Korean stock indices to protect against price declines [6][7]. - Despite a brief rebound in the stock market on March 5, many fund managers are still predicting a cumulative decline of over 15% in related stock indices due to ongoing geopolitical tensions [9]. Group 3: Traditional Safe Havens - Traditional safe-haven assets like gold and U.S. Treasuries have lost their appeal, with gold futures dropping below $5,000 per ounce and 10-year Treasury yields rising to 4.10% [11][12]. - The unusual behavior of these assets is attributed to rising oil prices, which have led to concerns about inflation and the Federal Reserve's potential interest rate policies [12][13]. - Many investment firms are liquidating profitable gold positions to cover losses from declining stock portfolios, further contributing to the volatility in these traditional safe-haven assets [13].

Industry News - Huawei's HarmonyOS "Five Realms" and "Hua Series" models will soon feature the new 896-line laser radar, with the first models being the ZunJie S800 and the WenJie M9 flagship [7] - Several brokerage firms are exploring the launch of 24/7 bank-securities transfer services, breaking traditional trading hour limitations and allowing for immediate fund transfers [7] - As of the last closing, PetroChina's stock price was 13.24 CNY per share, up 0.68%, with a market capitalization exceeding 2,143.848 billion CNY, surpassing Agricultural Bank of China [8] - Lenovo has issued a price adjustment notice to its channel partners, indicating a price increase for certain computer products [8] - Seedance 2.0 has announced pricing for video generation, with costs of 28 CNY per million tokens including video input, and 46 CNY per million tokens excluding video input [8] - IDTechEx predicts that the global humanoid robot market will reach approximately 29.5 billion USD by 2036, with initial adoption in automotive manufacturing and logistics [8] - FTSE Russell announced adjustments to the FTSE China Index Series, effective after the market close on March 20, 2026, including the inclusion of China Shipbuilding and WanHua Chemical [8] Company News - Farsens announced that it does not involve "special optical fibers" or "fiber optic sensing" businesses, and may apply for a trading suspension if stock prices continue to rise [11] - Moxi Co. expects a net loss of 90.76 million to 182 million CNY in the first quarter, a reduction compared to previous losses [17] - COSCO Shipping has suspended new booking services for routes related to the Middle East due to escalating regional conflicts [17] - Debang Co. has submitted a voluntary delisting application to the Shanghai Stock Exchange [17] - China National Offshore Oil Corporation's actual controller has increased its stake in the company by 403 million CNY [17] - Strong One Co. reported a 158% year-on-year increase in consolidated revenue for January and February, driven by surging demand for AI computing power [17]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The report focuses on the in - depth analysis of Feng Jianfeng, a fund manager at GF Fund, with 20 years of global investment experience. His investment strategies are diverse, covering global growth, emerging markets, and theme - based investments. His ability to understand the investment logic and risk characteristics of global markets enables him to maintain a relatively stable asset - allocation ability across different macro - cycles and style rotations [72][73]. - Feng Jianfeng's representative products have shown strong performance, with high annual return win - rates compared to the MSCI World Index. His investment framework combines bottom - up stock selection and top - down industry analysis, and also takes portfolio construction into account [5][23][28]. 3. Summary According to the Table of Contents 3.1. GF Fund Feng Jianfeng: A Growth - Style Fund Manager with Two Decades of Global Investment Experience 3.1.1. Basic Information of the Fund Manager - Feng Jianfeng holds a master's degree in finance from Xiamen University, an MBA from the Ivey Business School of the University of Western Ontario, and is a CFA. He has 20 years of global investment experience. He has worked in several well - known asset management companies, including Burgundy, INVESCO, and Anjie International Asset Management. Currently, he is the director of GF International Equity and a fund manager in the international business department of GF Fund, managing the GF Global Technology Three - Month Regular Open - end Fund with a total scale of 1.053 billion yuan [3][10]. - His representative products during his tenure at Invesco include Invesco International Growth Fund, Invesco Global Select Equity Fund, etc. [12]. 3.1.2. Investment Framework: Centered on "GEMS" to Seek Global Growth Investment Opportunities - Investment philosophy: Focus on companies with stable future profit growth, looking for stocks that meet the requirements of "outstanding competitive advantages, large market space, and excellent management capabilities" to share the long - term growth of excellent enterprises [23]. - Investment framework: - Bottom - up stock selection: Combine quantitative and qualitative analysis. Use the "GEMS" framework, where "G" represents growth, "E" represents business model, "M" represents management, and "S" represents market sentiment [23]. - Top - down industry analysis: Pay attention to industries with sustainable and certain growth prospects and consider macro - environmental changes for risk management and trend judgment [28]. - Portfolio construction: Allocate 70% - 80% of the core positions to companies with real moats and growth potential, 10% or less to "super - growth stocks", and 10% - 20% to value stocks with fundamental catalysts [29]. 3.2. Performance and Investment Style Analysis of Representative Products 3.2.1. Invesco's Public Funds: Outperformed the MSCI World Index in 13 Years of Management - Long - term performance: Feng Jianfeng's Invesco International Growth Fund achieved a 202.28% return from 2010 to 2021, outperforming the MSCI World Index [32]. - Annual return win - rate: The annual absolute return win - rate of each product was over 75%, and the relative return win - rate compared to the MSCI World Index was also considerable. For example, Invesco International Growth Fund had a relative win - rate of 67%, and Invesco Developing Markets Class reached 75% [32]. 3.2.2. Invesco Global Select Equity Fund: Comprehensive Global Regional Allocation - 2015: The fund achieved a 17.91% return, significantly outperforming the MSCI World Index (- 4.26%). The allocation in North America, especially in the United States, performed well, and the allocation in China, Ireland, and Belgium also had good results [38][40]. - 2019: The fund achieved a 31.34% return, outperforming the MSCI World Index (24.05%). The stock - selection in the United States was excellent, with Microsoft and Visa achieving significant excess returns [41][45]. - Summary: Feng Jianfeng showed strong investment ability in North America, with excellent stock - selection and a high annual win - rate due to global asset allocation [46]. 3.2.3. Invesco International Growth Fund: Mainly Allocated to Regions Outside North America - 2014: The fund achieved a 13.99% return, significantly outperforming the MSCI World Index (2.10%). The positions in emerging markets such as China, South Korea, and Brazil contributed significant excess returns [49][50]. - 2015: Despite the global market volatility, the fund achieved an 18.93% return, outperforming the MSCI World Index (- 4.26%). The multi - regional allocation smoothed the risk and enhanced the return [53][56]. - 2020: The fund achieved a 25.56% return, outperforming the MSCI World Index (14.33%). By adjusting the regional allocation, it captured opportunities in East Asia [57][61]. - Summary: Feng Jianfeng had a wide investment circle, and the wide - range regional allocation and timely adjustment effectively smoothed the volatility and enhanced the return. The heavy - position stocks were stable and had good investment results [64][65]. 3.2.4. GF Global Technology Three - Month Regular Open - end Fund after Joining GF Fund - Product information: The fund was established in March 2021 and has been managed by Feng Jianfeng since September 2025. It mainly invests in global technology - themed listed companies, aiming to achieve investment returns exceeding the performance benchmark [67]. - Stock allocation: The fund is allocated in China, the United States, Japan, etc., with the highest allocation in the United States, followed by mainland China [67]. - Performance: The performance of heavy - position stocks was significantly differentiated, and the multi - regional allocation achieved a hedging effect. From September 26, 2025, to February 28, 2026, the fund's return was - 2.91%, between the Nasdaq and the Hang Seng Tech Index [70]. 3.3. Summary - Feng Jianfeng has rich experience in managing overseas asset management products. His investment strategies are diverse, and his investment circle is wide. He can understand the investment logic and risk characteristics of global markets and maintain a relatively stable asset - allocation ability [72][73]. - His products show a style of selecting global growth investments, focusing on the quality and value of individual stocks. After joining GF Fund, his in - charge product continues the style of balanced growth allocation [75].

Core Viewpoint - The fund, named "Xingquan Growth Board Composite Index Enhanced Initiated Securities Investment Fund," is set to be publicly offered from March 16 to March 27, 2026, with a focus on investing in stocks, particularly those listed on the Growth Enterprise Market and Hong Kong Stock Connect, aiming for long-term asset appreciation and enhanced performance against the benchmark index [18][23]. Fund Overview - The fund is classified as an equity-type initiated fund, with an indefinite duration and a minimum investment of 1 million RMB for initiators [18][37]. - The fund's investment strategy includes a minimum of 80% of its assets in stocks, with a specific allocation to Hong Kong Stock Connect stocks ranging from 0% to 50% [20]. Investment Strategy - The fund aims to effectively track the Growth Board Composite Index while seeking to enhance returns through active management of the investment portfolio [19]. - The investment scope includes a variety of financial instruments such as stocks, bonds, and derivatives, with a focus on maintaining liquidity and adhering to regulatory requirements [19][20]. Subscription Details - The fund will be available for subscription through direct sales channels and other sales institutions, with specific procedures outlined for both individual and institutional investors [21][53]. - The subscription period is set from March 16 to March 27, 2026, with the possibility of extension based on fundraising conditions [23]. Fees and Charges - Different classes of fund shares (A and C) will have varying fee structures, with A shares having no subscription fee when purchased through direct sales [15][27]. - Subscription fees will be used for marketing and administrative expenses, and the fund will not cover these costs from its assets [28]. Risk Management - The fund will implement a side pocket mechanism in case of significant redemption requests, ensuring that the interests of remaining investors are protected [3]. - Investors are advised to understand the risks associated with the fund, including market volatility and liquidity risks, before making investment decisions [12][14].

Group 1 - The fund being launched is the E Fund National Index Hong Kong Stock Connect Technology ETF, which is an open-ended index fund approved by the China Securities Regulatory Commission [1][19] - The fund will be available for subscription from March 9 to March 13, 2026, with both online and offline cash subscription options [1][22] - The maximum fundraising limit for the fund is set at 2 billion RMB, and any excess subscription requests will be subject to a proportionate confirmation method [3][4] Group 2 - Investors must have a Shenzhen Stock Exchange A-share account or a securities investment fund account to participate in the subscription [2][38] - The subscription fee for the fund will not exceed 0.30% of the subscribed amount, which will cover various fundraising expenses [7][23] - The fund's investment objective is to closely track the performance of the underlying index while minimizing tracking deviation and error [20][21] Group 3 - The fund will invest at least 80% of its non-cash assets in the components of the National Index Hong Kong Stock Connect Technology Index [8][13] - The index will include stocks listed on the Hong Kong Stock Exchange that meet specific criteria, including being technology-related and having a compound annual growth rate of over 10% in revenue over the past two years [9][10] - The index calculation will use a weighted method, ensuring that no single stock exceeds 15% of the index weight [11][12]

Group 1 - The core point of the news is the launch of the "Zhaoshang CSI New Energy Vehicle ETF," which has received regulatory approval and will be available for subscription from March 5 to March 13, 2026 [1][47][51]. - The fund aims to closely track its benchmark index, with a target to minimize tracking deviation and tracking error, aiming for an absolute daily tracking deviation of no more than 0.2% and an annualized tracking error of no more than 2% [49]. - The total fundraising cap for the fund is set at 2 billion RMB, and if the subscription approaches or exceeds this amount, the fundraising will be closed early [2][3]. Group 2 - Investors can subscribe to the fund through online cash subscription or offline cash subscription methods, with specific procedures outlined for each [4][62][64]. - The fund's management and custody are handled by Zhaoshang Fund Management Co., Ltd. and Zhejiang Commercial Bank, respectively [1][47]. - Investors must have a Shenzhen securities account to participate in the subscription, and those without an account must open one prior to subscribing [59][60]. Group 3 - The fund's subscription fees will be borne by investors, with a maximum commission rate of 0.3% applicable for online subscriptions [55]. - Interest generated during the fundraising period will be converted into fund shares for the investors [53][56]. - The fund's shares will be issued at a par value of 1.00 RMB each [47].

Group 1 - The fund is named "Huaxia CSI A500 Enhanced Strategy ETF Linked Fund" and has been approved for registration by the China Securities Regulatory Commission [1] - The fund is an open-ended stock ETF linked fund, managed by Huaxia Fund Management Co., Ltd., with China Construction Bank as the custodian [1][2] - The initial fundraising target for the fund is set at RMB 8 billion, with a subscription period from March 9, 2026, to March 27, 2026 [2][19] Group 2 - The fund offers two classes of shares: Class A shares, which may incur front-end subscription fees, and Class C shares, which do not incur such fees [3][13] - Each share of both Class A and Class C has an initial value of RMB 1.00 [17][24] - Investors can only open one fund account and must ensure that the funds used for subscription are legally sourced [2][20] Group 3 - The fund's subscription process includes a "last day proportion confirmation" method to manage the total fundraising limit [14][16] - If the total subscription exceeds RMB 8 billion, the last day of subscription will be confirmed, and the remaining applications will be partially confirmed based on a calculated ratio [14][16] - The fund's net asset value may fluctuate due to market conditions, and it aims to achieve returns that exceed its benchmark [6][12] Group 4 - The fund's performance may differ from its target ETF due to regulatory investment ratio requirements and the impact of subscription and redemption processes [12] - The fund will invest primarily in the target ETF to achieve its investment objectives, which are aligned with the target index [11][12] - The fund's management will adjust the subscription period based on market conditions and investor demand [19][9] Group 5 - The fund's subscription fees will be used for marketing, sales, and other expenses incurred during the fundraising period [21] - Investors must provide necessary documentation and comply with anti-money laundering requirements during the subscription process [2][20] - The fund's effective subscription funds will earn interest during the fundraising period, which will be converted into fund shares for the investors [23][51]

Group 1 - The core point of the news is that Dongfang Caifu plans to donate 20 million shares of its stock, valued at approximately 450 million yuan, to support the development of education and technology innovation at Shanghai Jiao Tong University [2] - This donation represents 0.13% of the total share capital of Dongfang Caifu, calculated based on the opening price of 22.46 yuan per share [2] - In the past two months, several alumni from Shanghai Jiao Tong University, including Dongfang Caifu's actual controller and Ji Qi from Huazhu, have made significant donations totaling over 800 million yuan in anticipation of the university's 130th anniversary [3] Group 2 - The chairman of Dongfang Caifu, who graduated from Shanghai Jiao Tong University, emphasizes the importance of education and social practice during his university years, which laid a solid foundation for his career [5][9] - In addition to the recent donation, the chairman previously donated 100 million yuan to establish the "Qishi Medical Innovation Development Fund" to support the construction of the new medical campus of Shanghai Jiao Tong University [9] - Other notable alumni, such as Ji Qi and Chen Guangming, have also made substantial donations to the university, with Ji Qi donating 100 million yuan and Chen Guangming donating 130 million yuan for various educational initiatives [11][13]

Group 1 - The core point of the news is that Guoguang Electric experienced a stock price increase of 5.34%, reaching 111.94 CNY per share, with a trading volume of 250 million CNY and a turnover rate of 2.12%, resulting in a total market capitalization of 12.132 billion CNY [1] - Guoguang Electric, established on October 8, 1981, and listed on August 31, 2021, is located in Chengdu Economic and Technological Development Zone, Sichuan Province. The company's main business involves the research, production, and sales of vacuum and microwave application products [1] - The revenue composition of Guoguang Electric includes microwave devices at 60.90%, nuclear industry equipment and components at 29.97%, other civilian products at 8.83%, and others at 0.30% [1] Group 2 - Among the top circulating shareholders of Guoguang Electric, the Guotou Ruijin Fund has a fund that entered the top ten circulating shareholders in the third quarter, holding 1.7311 million shares, which accounts for 1.6% of the circulating shares. The estimated floating profit today is approximately 9.8152 million CNY [2] - The Guotou Ruijin National Security Mixed A Fund (001838) was established on December 2, 2015, with a latest scale of 2.297 billion CNY. Year-to-date returns are 19.47%, ranking 442 out of 8891 in its category; the one-year return is 50.6%, ranking 1308 out of 8137; and the return since inception is 76.25% [2] Group 3 - The fund manager of Guotou Ruijin National Security Mixed A Fund (001838) is Li Xuan, who has a cumulative tenure of 10 years and 91 days. The total asset scale of the fund is 3.052 billion CNY, with the best fund return during the tenure being 69.26% and the worst being -30.21% [3]