风财眼 . 风财眼致力于银行领域的原创报道，旨在履行媒体监督职责，以期共营健康的金融环境。 来源|凤凰网财经 基金公司韭菜割到了自己人头上？ 今日，一份金融圈的内部人爆料在网上广为流传。据网传信息显示，爆料人为申万宏源证券一名基层员工。他自称为了完成集团领导张剑强压的任 务，购买了申万菱信新发的基金，结果"亏成狗"。他还愤怒地表示，"被公司羞辱智商、践踏尊严，投诉无门，不求能解决啥，就是曝光*的。"而申 万宏源证券是申万菱信的控股股东，持股比例达到67%。 以下文章来源于风财眼 ，作者凤凰网财经 网传爆料截图 爆料人表示，自己购买的基金是今年6月3日首发的申万菱信行业精选混合基金，基金经理是5月份，刚刚被挖到申万菱信的明星基金经理贾成东。 申万菱信基金经理贾成东 不过，凤凰网财经《投资观察》查询公开信息发现，贾成东并非今年5月才加入申万菱信，而是2024年12月就入职了，而且担任申万菱信副总经理。 而申万宏源证券的负责人和法定代表人的确名叫张剑，不知是否正是爆料人所说的集团领导。 | 同官及共肥里安人员 | | | | | | | --- | --- | --- | --- | --- | --- | | 姓 ...

Group 1: ETF Market Overview - The three major indices in the A-share market collectively rose, with the Shanghai Composite Index increasing by 0.5%, the Shenzhen Component Index by 0.53%, and the ChiNext Index by 1.24 [1][3] - The electronic sector saw significant gains, particularly in the Sci-Tech chip ETFs, with the Fortune Sci-Tech Chip ETF rising by 4.37%, the Guotai Sci-Tech Chip ETF by 3.71%, and the Sci-Tech Chip 50 ETF by 3.58% [1][10] - Conversely, the defense and military sector ETFs experienced declines, with the Military Industry Leader ETF down by 1.65%, the Aerospace ETF by 1.56%, and the Defense ETF by 1.54% [1] Group 2: Fund Flows and Performance - Since August, the stock ETFs have attracted over 12.3 billion yuan in net inflows, with a notable 4.594 billion yuan on August 11 alone [2] - The average daily trading volume in the A-share market reached a historical high of 1.44 trillion yuan this year, reflecting strong market enthusiasm [2] - In the first seven trading days of August, only one day saw net redemptions, indicating a robust inflow trend [2] Group 3: Sector Performance - In terms of sector performance, telecommunications, electronics, and coal sectors led the gains today, with daily increases of 2.24%, 1.88%, and 1.01% respectively [5] - The defense and military, steel, and construction materials sectors lagged behind, with daily declines of -1.03%, -0.83%, and -0.46% respectively [5] - Over the past five trading days, telecommunications, comprehensive, and electronics sectors showed the highest gains, with increases of 4.08%, 3.97%, and 3.87% respectively [5] Group 4: ETF Performance by Category - Among various ETF categories, the stock-style index ETFs performed the best today, with an average increase of 0.75%, while commodity ETFs had the worst performance with an average decline of -0.25% [7] - The top-performing ETFs today included the Fortune Sci-Tech Chip ETF, Guotai Sci-Tech Chip ETF, and Sci-Tech Chip 50 ETF, with gains of 4.37%, 3.71%, and 3.58% respectively [10][11] - The trading volume for the top three stock ETFs was led by the Sci-Tech 50 ETF with 5.53 billion yuan, followed by the A500 ETF Fund with 4.71 billion yuan and the A500 ETF Huatai with 4.25 billion yuan [13][14]

核心资产基金池 202508：低波动质量投资 2025 年 08 月 12 日 ➢ 从赛道龙头、资源禀赋、优秀的商业模式、技术优势四个角度出发，定义 A 股中的 核心资产。赛道龙头需要行业竞争格局相对稳定、且企业市占率较高。资源禀赋指公司拥 有独特的稀缺资源，主要考虑政府补贴稳定高于同行业水平的政府扶持型、和具备优越地 理位置或自然资源的区位优势型企业。优秀的商业模式直观特点即为高盈利能力，即要求 公司过去 12 个季度均拥有稳定的高 ROE 水平。技术优势可以从研发投入过程和毛利率 提升结果来刻画，即希望研发的投入能够实际为企业创造价值。本报告将优选市场当前的 核心资产基金，以供对其有配置需求的投资者参考。 ➢ 核心资产基金池：低波动。2015 年 2 月 2 日至 2025 年 8 月 7 日，基金池年化收益 率为 10.38%，相对于偏股基金指数超额收益为 2.86%，组合年化波动为 18.52%。核心 资产组合在大多数年份实现超额收益，但在极致风格行情，如单边成长牛、单一板块领涨 的阶段中，易出现落后情况。 ➢ 超额收益主要源自行业和选股，风格更偏大盘质量。核心资产型基金池超额主要来 自于行业配置和选 ...

基金分析报告 深度价值基金池 202508：保持绝对收益 2025 年 08 月 12 日 ➢ 深度价值属于格雷厄姆"捡烟蒂"式投资方式。按内在价值定义的不确定性 程度和估算难度，价值投资理念可大致分为：深度价值、成长价值、景气价值。 深度价值的投资理念源自于格雷厄姆，在 1929-1933 年美国经济大萧条期间， 许多股票价格远远低于其清算价值，投资此类股票即便是立刻清算也可获得不错 的收益。 ➢ 深度价值型基金池：历史收益稳健，高风险收益比。2015 年 2 月 2 日至 2025 年 8 月 7 日，基金池年化收益率为 11.81%，相对于偏股基金指数年化超 额收益为 4.26%，同时组合年化波动仅 20.25%，年化夏普为 0.58，具备较高的 收益稳定性。从 24 年年中开始，组合在市场风格频繁切换中组合出现一定程度 的回撤，25 年以来仍保持较高绝对收益。 ➢ 动态、风格配置和选股均贡献明显超额。组合的超额收益主要来自于动态、 风格和选股的贡献。偏好低动量、低弹性、低波动率风格，价值属性突出，当前 更偏中盘。从板块布局来看，2020 年之前基本都在周期和金融间切换，近期提 高了对于消费赛道的配置比 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report is a futures and options daily report from Pioneer Futures on August 12, 2025. It presents volatility data of various option underlying assets and offers trading suggestions for different types of options on multiple exchanges. 3. Summary by Directory 3.1 Options on the Shanghai Stock Exchange - **1.1 Shanghai 50ETF** - **Basic Information**: Provided the T - type quotation table of Shanghai 50ETF options, including call and put option prices at different strike prices. The trading volume of the main - contract options was 945,946 lots, the open interest was 956,178 lots, the trading volume ratio of call to put options was 1.55, and the weighted - average implied volatility was 13.46% [19][21]. - **Volatility Trading**: Suggested selling options in months with higher implied volatility curves and buying those in months with lower curves. For options in the same month, sell options above the curve and buy those below [25]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 6.30% at the settlement price and 0.74% at the counter - price [28][30]. - **1.2 Huatai - Ba瑞 CSI 300ETF** - **Basic Information**: Provided the T - type quotation table of Huatai - Ba瑞 CSI 300ETF options. The trading volume of the main - contract options was 694,870 lots, the open interest was 734,255 lots, the trading volume ratio of call to put options was 1.46, and the weighted - average implied volatility was 13.77% [31][34]. - **Volatility Trading**: Similar to the Shanghai 50ETF, sell options in months with higher curves and buy those in months with lower curves. For the same month, sell options above the curve and buy those below [37]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 8.46% at the settlement price and 0.66% at the counter - price [41][42]. - **1.3 Southern CSI 500ETF** - **Basic Information**: Provided the T - type quotation table of Southern CSI 500ETF options. The trading volume of the main - contract options was 910,867 lots, the open interest was 793,757 lots, the trading volume ratio of call to put options was 1.37, and the weighted - average implied volatility was 15.05% [43][45]. - **Volatility Trading**: Similar trading suggestions as above [49]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 43.9% at the settlement price and 9.12% at the counter - price [52][54]. - **1.4 Huaxia Shanghai Science and Technology Innovation Board 50ETF** - **Basic Information**: Provided the T - type quotation table of Huaxia Shanghai Science and Technology Innovation Board 50ETF options. The trading volume of the main - contract options was 802,085 lots, the open interest was 893,215 lots, the trading volume ratio of call to put options was 1.78, and the weighted - average implied volatility was 24.87% [55][57]. - **Volatility Trading**: Similar trading suggestions as above [59]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 20.9% at the settlement price and 1.92% at the counter - price [64][66]. - **1.5 E Fund Shanghai Science and Technology Innovation Board 50ETF** - **Basic Information**: Provided the T - type quotation table of E Fund Shanghai Science and Technology Innovation Board 50ETF options. The trading volume of the main - contract options was 167,234 lots, the open interest was 249,762 lots, the trading volume ratio of call to put options was 1.91, and the weighted - average implied volatility was 25.13% [67][68]. - **Volatility Trading**: Similar trading suggestions as above [72]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 7.11% at the settlement price and 0.99% at the counter - price [75][77]. 3.2 Options on the Shenzhen Stock Exchange - **2.1 Harvest CSI 300ETF** - **Basic Information**: Provided the T - type quotation table of Harvest CSI 300ETF options. The trading volume of the main - contract options was 125,214 lots, the open interest was 152,364 lots, the trading volume ratio of call to put options was 1.34, and the weighted - average implied volatility was 15.78% [78][81]. - **Volatility Trading**: Similar trading suggestions as above [87]. - **Risk - free Arbitrage**: The minimum annualized yield of the optimal arbitrage portfolio held to maturity was 16.0% at the settlement price and 0.74% at the counter - price [90][92].

为更好地对母基金在中国资本市场里所发挥的重要作用进行系统研究，发挥政府出资产业投资 基金等的资源和战略优势，加强政府对社会资本的管理和引导，促进社会资本流向创新创业型 企业和实体经济，推动中国投资行业特别是母基金行业的健康发展， "中国国际科技促进会母 基金分会"（简称"科促会母基金分会"）成立。科促会母基金分会领导班子所在机构及参会机 构共8 5 家，科促会母基金分会于每周二更新相关机构的一周资讯。 【内容提要】 1 . 江苏这支绿色低碳母基金招 GP 2 . 泰康资产 -财通-远景新能源持有型不动产资产支持专项计划（碳中和）挂牌仪式圆满举行 3 . 天创资本携费曼动力赴国投集团所属主导产业基金公司开展交流对接 4 . 开发区基金集团赴粤财基金开展交流调研活动 5.国元基金参加合肥高新区投资生态合作伙伴大会暨基金合作签约仪式 6 . 厦门 市委书记崔永辉到金圆集团调研推进产业基金招商工作 01 江苏这支绿色低碳母基金招GP 江苏省战略性新兴产业母基金（以下简称 "省级母基金"）与盐城市共同出资设立江苏盐城绿色 低碳产业专项母基金（有限合伙）（以下简称"产业专项母基金"），规模2 0亿元。 产业专项母基金基本 ...

Core Viewpoint - The A-share market has shown a strong upward trend since July, with the Shanghai Composite Index surpassing 3600 points for the fourth time since 2007, 2015, and 2021, indicating a robust market recovery and investor sentiment [2] Group 1: Market Performance - Since September 2024, A-shares and Hong Kong stocks have experienced a multi-sector rotation upward, with sectors like dividends, artificial intelligence, banking, and innovative pharmaceuticals showing active performance [2] - As of August 6, 2023, 80 actively managed equity funds have increased by over 60% this year, primarily from leading fund managers such as E Fund, Huatai-PineBridge, and GF Fund [4] - The North Exchange Index has surged over 110% in the past year, with several funds outperforming this index, including the CITIC Construction Investment North Exchange Select Fund, which has seen a rise of over 200% [5][6] Group 2: Fund Performance - A total of 90 actively managed equity funds have achieved an annualized return of over 15% over the past three years, with E Fund leading with seven products [8] - The annualized return for the entire market's active equity funds is only -1.99%, highlighting the strong performance of select funds [9] - In the past five years, only 21 products have exceeded a 15% annualized return, indicating the challenges faced in the broader market [9] Group 3: Sector Insights - The innovative pharmaceutical sector has seen a strong rebound, with multiple stocks doubling in value this year, driven by fundamental growth prospects [11] - Fund managers express confidence in the sustainability of the current pharmaceutical market trends, emphasizing the potential for continued growth in innovative drugs and medical services [11] - The technology sector, particularly cloud computing and AI, is viewed as having long-term growth potential, although some managers anticipate short-term volatility due to prior gains [12] Group 4: Investment Outlook - The North Exchange remains at a high valuation, with some signs of bubble formation, but medium to long-term investment potential is still seen as favorable [13]

Market Overview - The Shanghai Composite Index has been on the rise since July, breaking through the 3600-point mark for the fourth time since 2007, 2015, and 2021 [1] - Since September 2024, A-shares and Hong Kong stocks have shown a rotating upward trend across multiple sectors, including dividends, artificial intelligence, banking, and innovative pharmaceuticals, boosting market sentiment [1] Fund Performance - As of August 6, 2023, 80 actively managed equity funds have seen gains exceeding 60% this year, primarily from leading fund managers like E Fund, Huatai-PineBridge, and GF Fund [2] - Over the past year, 43 actively managed equity funds have doubled in value, with E Fund leading with four "doubling funds" [2] - The technology sector, represented by AI, and the pharmaceutical sector, represented by innovative drugs, have shown strong performance, with the CSI Artificial Intelligence Theme Index and CSI Innovative Drug Industry Index rising over 60% and 40% respectively [2] North Exchange Performance - The North Exchange has experienced a significant rally since September 2024, with the North 50 Index rising over 110% in the past year [3] - Several North Exchange-themed funds have outperformed this index, with the CITIC Construction Investment North Exchange Select Fund ranking first among peers with a nearly 200% increase [3] Long-term Fund Returns - As of August 6, 2023, 90 actively managed equity funds have achieved an annualized return of over 15% over the past three years, with E Fund having the highest number of such products [4][5] - The annualized return for the entire market's active equity funds has been negative, with the Wind All A Index at 3.19% and the Wind Mixed Equity Fund Index at -1.99% [6] Future Outlook on Sectors - The innovative pharmaceutical sector has seen a strong rebound, with several stocks doubling or tripling in value this year, indicating a sustainable trend according to top fund managers [8] - The technology sector, particularly cloud computing, is expected to face adjustments after significant gains, with a focus on emerging applications and models [9] - The North Exchange remains at a high valuation, with some caution advised, but long-term investment potential is still recognized [9]

近期，A股科创板块持续上涨，7月份，上证科创板综合指数连续13天上涨，这种行情在过去七年里难得一见。（数据来自 Wind，指数过往表现不预示其未来表现，市场有风险，投资须谨慎） 有分析指出，科创板相关指数的上行行情，是资本市场对"科特估"逻辑的积极投票，显示市场资金正坚定看好这片"硬科 技"的"新蓝海"。当前我国数字经济正在经历一次质变，从之前"互联网+"的大范围连接阶段，逐步迈向人工智能引领创新的 新阶段，科创板有望在这一进程中持续受益。 不过，直接参与科创板投资有50万元的资金门槛，借道公募基金布局或是更便捷的方式。据悉，长城基金近期发行了长城 上证科创板综合指数基金（A类：023934；C类：023935），紧密跟踪科创综指，助力投资者一键捕捉科创板投资机遇。 一键布局科创综指 长城上证科创板综合指数基金跟踪标的为上证科创板综合指数（以下简称"科创综指"），该指数于1月20日正式发布，以 2019年12月31日为基日，以1000点为基点。 截至2024年底，科创板上市公司数量已达581家，总市值规模超6.34万亿元（来源：上交所）。随着上市公司数量稳步提 升，投资者对表征科创板上市公司整体运行情况的指数 ...

基金分析报告 成长价值基金池 202508：超额收益显著提升 2025 年 08 月 12 日 ➢ 买入具有竞争优势的优秀公司，价格合理即可，赚复利增长的钱。成长价值 策略判断内在价值的主要维度：优秀的商业模式和财务健壮性判断。优秀的商业 模式往往意味着持续较高的资产回报率，叠加良好的复利条件就能使得公司的资 产长期稳健增长，即所谓的长坡厚雪。财务健壮性判断则关注财务实力和财务造 假识别，以规避价值毁灭。本报告将优选市场当前的成长价值基金，以供对其有 配置需求的投资者参考。 ➢ 成长价值型基金池：兼具稳定性与进攻性。2015 年 2 月 2 日至 2025 年 8 月 7 日，基金池年化收益率为 16.88%，相对于偏股基金指数超额收益为 9.36%， 同时组合年化波动 20.70%，年化夏普达 0.82，在牛市行情中能够获取较高超额 收益，在市场下跌时也能较好控制回撤。组合在多数年份中均能跑赢偏股基金指 数，近四个月组合超额收益约 4.1%。 | 基金代码 | 基金简称 | 基金经理 | 规模(亿元) | 今年回报 | | --- | --- | --- | --- | --- | | 010350.OF ...