□本报记者 张舒琳 "我每天收盘前都会刷一刷实盘榜单，看看大V加仓了哪只基金，再决定自己的操作。"90后基民李祺对 中国证券报记者表示，她习惯了在交易日打开支付宝的理财页面，切换到"看高手战绩"板块，基金实盘 排行榜上的投资者实盘动态、收益率曲线一目了然。 像李祺这样的投资者不在少数，今年以来，大V基金实盘彻底火了。在小红书等社交媒体上，投资者每 日追更实盘博主的最新动态，"围观千万大佬和榜一大哥今天买了啥""时隔78天，这位基金大佬又回来 了，加仓20万高端装备"等内容极为火爆。不少投资者每天观察实盘博主的操作，整理当天的买入卖出 行为以及收益率，作为买基金的参考。 千万级组合被"围观" 今年以来，基金实盘在蚂蚁财富、天天基金、京东金融等代销平台持续火爆出圈，成为重要流量入口。 从普通投资者到基金大V，再到专业的基金经理，纷纷开通实盘分享投资组合，基民关注及"跟买"热情 高涨。 以支付宝上的蚂蚁财富理财专区实盘榜为例，平台通过算法筛选出表现活跃、收益较高的实盘用户，按 照收益金额、收益率等维度排行，公开展示其基金持仓金额、持仓收益及每一笔具体的交易记录。基民 可以一键追踪实盘"大佬"每日的买卖操作，并能够追 ...

Group 1 - The ETF market has seen a surge in new products, with 11 ETFs launched between November 10 and November 16, including two that invest in the Brazilian market and four focused on Hong Kong technology sectors [1][2] - The popularity of cross-border ETFs is increasing due to their high transparency, flexibility, and lower costs, making them important vehicles for investors to diversify risks and capture opportunities in overseas markets [2][3] - Several thematic ETFs targeting specific sectors such as chemicals, technology, and aviation have also been successfully launched, indicating a trend towards specialized investment products [2][3] Group 2 - Multiple ETFs are currently in the subscription phase, with notable products including those focused on the automotive and internet sectors, indicating ongoing interest and demand in the market [3][4] - The A-share market is expected to see a return to positive earnings growth by 2025-2026, supported by policy measures, which may provide a favorable environment for ETF investments [4] - Fund managers express optimism about the equity market, highlighting that despite previous gains, there remains potential for further valuation increases, particularly in technology and cyclical sectors [4]

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low-valuation value investment approach, which has shown resilience and adaptability, leading to a year-to-date return exceeding 50% as of November 7, 2023 [1][3] Investment Strategy - The investment framework is rooted in a "low-valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [1] - Stock selection alpha is deemed essential for the portfolio's survival, focusing on fundamentally sound companies with low valuations and high implied returns [1] - The strategy is not static; it evolves through practice, incorporating risk management and liquidity considerations, especially when expanding into Hong Kong stocks [1] Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and advocating for a return to fundamental business logic [2] - The current equity market is viewed positively, with expectations of a cyclical recovery in active equity funds as economic conditions improve [3] - Structural opportunities are identified in domestic demand, resources, midstream manufacturing, and technology sectors, despite existing macroeconomic pressures [3] Market Valuation Insights - The dynamic assessment of market conditions indicates that the risk premium for the CSI 800 index remains above historical medians, suggesting overall valuations are still reasonable [4] - In contrast, the Hong Kong market shows a low risk premium due to high benchmark yields, presenting unique investment opportunities, particularly in H-shares that are undervalued compared to A-shares [4]

Core Viewpoint - The popularity of real-time fund tracking by influential investors (referred to as "DVs") has surged in 2023, with many retail investors actively following and mimicking their investment strategies on platforms like Ant Wealth and JD Finance [1][2][3] Group 1: Investor Behavior - Retail investors are increasingly using social media to track the investment activities of top fund managers and influencers, often making decisions based on their trades [1][2] - The trend of "copying real-time operations" has become fashionable, with many investors sharing their own investment results and strategies [2][3] Group 2: Platform Features - Platforms like Ant Wealth utilize algorithms to rank active users based on their returns, allowing investors to easily track the performance and trading history of top investors [2] - The introduction of various leaderboards categorizes users based on different investment strategies, enhancing engagement and learning opportunities for novice investors [2] Group 3: Fund Manager Influence - Fund managers have started sharing their real-time investment activities, which has become a valuable tool for educating investors and building trust [4][5] - The visibility of fund managers' personal investments is believed to enhance investor confidence, as it aligns their interests with those of retail investors [4][5] Group 4: Marketing and Commercialization - The rise of real-time fund tracking has led to some influencers using their platforms as marketing tools, blurring the lines between genuine investment advice and promotional content [6][7] - Some influencers are reportedly backed by commercial entities that manage multiple accounts, raising concerns about the authenticity of their investment claims [6][7] Group 5: Compliance and Risks - The commercialization of real-time fund tracking raises compliance risks, as some practices may violate regulations regarding investment advice and fund sales [8] - The trend of simplifying investment decisions into a "copycat" approach undermines the educational goals of the fund industry, potentially leading to a less informed investor base [8]

□本报记者 王鹤静 为适应复杂的市场环境，银河基金量化团队近年来在深度量化选股研究领域持续深耕，突破传统线性分 析对历史回测分析的局限，通过非线性分析方式，更加精准地分析市场，挖掘其中的投资机遇。 日前，银河基金量化与FOF投资部总监助理、基金经理罗博在接受中国证券报记者采访时介绍了量化研 究的新思路。在指数样本增强方面，罗博主要采取线性和非线性相结合的方式，由多因子模型与非线性 的机器学习模型互相协作，力争获得相对稳健的超额收益；同时，由于模型间相关性较低，力争有效降 低整体组合的跟踪误差。 开发深度神经网络学习 罗博具有21年证券从业经验、15年公募基金管理经验，长期扎根于指数与量化投资领域。随着市场环境 持续发生变化，罗博意识到，量化投资仅仅依靠线性分析把握市场长期规律愈发难以支撑，在行业趋势 从线性向非线性过渡的过程中，需要不断学习非线性分析技术，紧跟市场变化。 在简单的神经网络学习基础上，罗博做了进一步的开发和挖掘，看好复杂神经网络学习。"简单的神经 网络学习主要是根据原始数据来提取个股的特征，用未来一段时间的预期收益率作为标签，进行有监督 的学习。但原始数据可能存在较大的'噪音'，很难训练出一个收 ...

□本报记者王辉 上周A股与港股市场高位震荡，呈现结构性行情。尽管部分热门科技赛道出现回调，资金却逆势涌入科 创板、人工智能等ETF，释放出对科技成长板块的信心。与此同时，港股创新药与黄金板块领涨市场， 恒生红利等高股息资产也持续吸引资金关注。在"成长"与"价值"双双获青睐的背景下，兼顾"科技进 攻"与"红利防御"的"哑铃策略"再度进入投资者视野，成为当下不少机构把握机遇、控制风险的关键布 局思路。 创新药、黄金等板块领涨 上周，A股、港股市场高位震荡，市场分化与结构性行情特征突出。在ETF市场上，恒生创新药 ETF(159316)等多只跟踪港股医药板块的ETF，单周涨幅均有7%左右。在A股方面，黄金、中药等板块 ETF当周涨幅居前。 招商证券认为，当前公募基金对TMT板块的持仓占比已达历史高位，超配比例达17.45%，交易热度与 股价已处于阶段性顶峰，科技成长风格面临阶段性回摆，但中长期抱团未瓦解，核心仍依赖AI产业趋 势与业绩兑现。同时，市场资金结构转向再平衡，融资资金净流入的趋势或阶段性放缓，但私募量化资 金可能重新主导市场部分领域的结构性机会，相关资金可能仍偏好小盘风格。 此外，华泰证券策略团队认为，近 ...

Core Insights - The article highlights the investment strategy of Chen Yunzong, a fund manager at GF Fund, focusing on the dual-track approach of "traditional growth" and "emerging growth" in identifying investment opportunities in growth stocks [1][2]. Investment Strategy - Chen Yunzong emphasizes a systematic approach to understanding industry attributes, identifying industry cycle stages, and selecting quality growth stocks [1][2]. - The investment framework includes a focus on both traditional growth sectors (like new energy, semiconductors, and military industry) and emerging growth sectors (such as robotics, embodied intelligence, and quantum computing) [2][5]. - The strategy involves dynamic adjustment of the allocation between traditional and emerging growth based on market liquidity and risk appetite [3][4]. Performance Metrics - As of October 31, the GF Growth Initiation A fund managed by Chen Yunzong achieved a one-year return of 88.81%, ranking in the top 3 out of 1,876 similar funds [1]. Sector Focus - Key sectors of interest include computing power, storage, edge innovation, brand globalization, robotics, satellite internet, and solid-state batteries [6][7]. - The computing power sector is particularly highlighted, with a focus on both overseas and domestic opportunities, as domestic cloud service providers are expected to significantly increase capital expenditures [6]. Emerging Trends - The article discusses the importance of understanding the lifecycle of growth assets, which typically transition from thematic phases to technological implementation and then to scale expansion [5]. - Solid-state batteries are identified as a critical component for the development of robotics and drones, with expectations for early breakthroughs in this area [7].

Core Viewpoint - Liu Zheng's investment strategy emphasizes a low-valuation value investment approach, which has shown resilience and adaptability, achieving over 50% annual returns as of November 7 this year [1][5]. Investment Strategy - Liu Zheng's investment framework is rooted in a "low-valuation value investment strategy," which has been validated through multiple market cycles and is considered scientifically sound and sustainable [2]. - Stock selection alpha is deemed the lifeline of the portfolio, focusing on fundamental clues and valuation safety margins to identify undervalued stocks with high implied returns and clear risk-reward characteristics [2]. - The strategy is not static; it evolves through practice, incorporating risk management indicators, especially after expanding into Hong Kong stocks [2]. Market Perspective - Liu Zheng maintains a cautious stance towards high-growth sectors like AI, questioning the sustainability of high ROE in such environments and emphasizing a return to fundamental business logic [3]. - The core of the strategy is not about "left-side" or "right-side" buying but ensuring a "low valuation throughout the entire lifecycle" with a favorable risk-reward ratio [3]. Current Market Outlook - Liu Zheng is optimistic about the equity market, believing that active equity funds are experiencing a cyclical return as the economy begins to recover [5]. - He identifies structural opportunities in domestic demand, resources, midstream manufacturing, and technology sectors, despite ongoing macroeconomic pressures [5]. - The investment team uses a dynamic assessment model based on equity risk premium, indicating that the current valuation remains within a reasonable range despite recent market increases [5]. Hong Kong Market Analysis - The Hong Kong market is characterized by a low equity risk premium, with the Hang Seng Index's risk-free rate benchmark remaining high compared to U.S. Treasury yields [6]. - Liu Zheng highlights three considerations for investing in Hong Kong stocks: significant discounts of 30%-50% for H-shares compared to A-shares, unique high-quality assets in the Hong Kong market, and the relative undervaluation of certain stocks due to structural market factors [6].

Core Insights - The domestic ETF market in China has experienced significant growth in 2025, with the number of newly established ETFs and their issuance scale reaching historical records, marking the most active year since 2004 [1] - A total of 320 new ETFs were established in 2025, with an issuance scale of 249.68 billion yuan, surpassing previous years in both quantity and scale [1] - The stock-type ETFs dominated the market with 282 new funds and an issuance scale of 154.68 billion yuan, while bond-type ETFs also saw substantial growth with 32 new funds and an issuance scale of 91.48 billion yuan, accounting for 36.75% of the total [1][2] ETF Product Types - The stock-type ETFs included various themes such as the Sci-Tech Innovation Board, artificial intelligence, robotics, and new energy, indicating a strong market interest in growth sectors [2] - Notable bond ETFs, such as Tianhong's and Bosera's credit bond ETFs, achieved issuance scales of 3 billion yuan, reflecting a robust demand for stable income products [2] - The historical development of the ETF market shows a significant increase in new fund establishments since 2019, maintaining over 90 new funds annually and consistently exceeding 100 billion yuan in issuance scale [2] Market Competition - Major fund management companies, including E Fund, Huaxia Fund, and Southern Fund, continue to dominate the ETF market, launching multiple products and intensifying market competition [3] - Smaller fund companies are also actively participating in the ETF issuance wave, focusing on niche markets and innovative product designs to differentiate themselves [3][4] - Examples of new ETFs from smaller firms include various thematic and sector-focused funds, showcasing their strategic agility and market insight [3][4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 摩根基金管理（中国）有限公司已与国泰海通证券股份有限公司（以下简称"国泰海通"）签订了基金销 售代理协议，现决定自本公告之日起，新增国泰海通为摩根慧启成长混合型证券投资基金（A类份额代 码：025082；C类份额代码：025083）的代销机构。 有关摩根慧启成长混合型证券投资基金（A类份额代码：025082；C类份额代码：025083）销售的具体 事宜请仔细阅读本基金的招募说明书、基金产品资料概要及基金合同等相关法律文件。 投资者可通过以下途径咨询有关详情： 1、国泰海通证券股份有限公司 客服电话：95521或400-8888-666 公司网址：www.gtht.com 2、摩根基金管理（中国）有限公司 摩根基金管理（中国）有限公司（以下简称"本公司"）已与浙商期货有限公司（以下简称"浙商期货"） 签订了基金销售代理协议，现决定自本公告之日起，新增浙商期货为本公司以下基金的代销机构。投资 人可通过浙商期货开展以下基金的申购、赎回、定期定额等相关业务。具体的业务流程、办理时间和办 理方式以浙商期货的规定为准。 ■ 有关上述基金销售的具体事 ...