十二年精耕细作，上银基金递交了一份亮眼的经营答卷。截至2025年6月末，公司总资产管理规模攀升 至2727亿元，公募资产管理规模达2506亿元，同比增长13%，非货管理规模亦稳健增长至1763亿元，同 比增长10%。成立以来，公司累计服务投资者超645万人，旗下公募基金产品累计为投资者创造利润420 亿元。 当时光年轮刻下第十二圈印记，上银基金已成长为资产管理版图中一个稳健而充满活力的坐标。从2013 到2025，公司历经市场周期的淬炼与行业变革的洗礼，不负投资者的殷切托付与信任，镌刻下了锐意进 取、行稳致远的坚实足迹。站在十二周年的新起点，上银基金正以更昂扬的姿态，标注新征程的闪亮刻 度。 业绩筑基，规模向上 | 砥砺深耕结硕果 规模的跃升源于旗下权益类、固收类产品的业绩绽放。 权益投资多点开花：根据国泰海通证券排名，上银基金股票投资能力荣获五年期、三年期双五星评级， 权益类基金近两年绝对收益分类评分排名高居行业TOP6（6/160），近五年区间位列前 14%（18/137）。 截至今年6月末，成长先锋——关注科创与传媒行业的上银未来生活灵活配置混合A（基金代码： 007393）近一年净值增长率为34.65 ...

2025 年 08 月 29 日 转债凸性策略的优势场景与择券特 征分析 ——转债凸性与定价系列报告之二 ⚫ 1. 转债弹性和凸性的一般性质和分布 ⚫ 转债弹性有两个实际用法：一是基于向上弹性和向下弹性得到平均弹性，用来跟踪控制个 券或者组合的波动情况以及权益敞口暴露情况。如果转债弹性越大，即说明转债个券或者 组合跟随正股的波动能力越强，对应组合的权益敞口越大，反之则说明组合的权益敞口较 小。分平价和溢价率区间的转债弹性具有较强的普适性，且没有进行二次变换，因此在跟 踪和控制组合弹性方面误差较小。二是基于弹性数据差分得到凸性数据，与直接使用弹性 数据相比，这里会存在一定误差和精细度不够的问题。一方面对于转债凸性的划分维度依 赖于弹性划分维度，如果弹性计算只划分到平价和溢价率维度，那么凸性也只能同步跟随， 但是简单的二维区间划分对于凸性计算确实过于粗糙，只能大致反映该平价和溢价率区间 的历史凸性数据，如果两只转债平价和溢价率相同，那么对应的凸性值也会完全相同，导 致区分度不够；另一方面不同平价和溢价率的弹性数据通过取中位数的方式获取，实际弹 性并不能完全等同于一阶导数据，通过差分得到二阶导则进一步放大了误差。 ...

砥砺深耕结硕果 十二年精耕细作，上银基金递交了一份亮眼的经营答卷。截至2025年6月末，公司总资产管理规模攀升 至2727亿元，公募资产管理规模达2506亿元，同比增长13%，非货管理规模亦稳健增长至1763亿元，同 比增长10%。成立以来，公司累计服务投资者超645万人，旗下公募基金产品累计为投资者创造利润420 亿元。 规模的跃升源于旗下权益类、固收类产品的业绩绽放。 权益投资多点开花：根据国泰海通证券排名，上银基金股票投资能力荣获五年期、三年期双五星评级， 权益类基金近两年绝对收益分类评分排名高居行业TOP6（6/160），近五年区间位列前 14%（18/137）。 当时光年轮刻下第十二圈印记，上银基金已成长为中国资产管理版图中一个稳健而充满活力的坐标。从 2013到2025，公司历经市场周期的淬炼与行业变革的洗礼，不负投资者的殷切托付与信任，镌刻下了锐 意进取、行稳致远的坚实足迹。站在十二周年的新起点，上银基金正以更昂扬的姿态，标注新征程的闪 亮刻度。 业绩筑基，规模向上 截至今年6月末，成长先锋——关注科创与传媒行业的上银未来生活灵活配置混合A（基金代码： 007393）近一年净值增长率为34.65 ...

Group 1 - The market is experiencing increased volatility due to intensified funding battles as it rises [1] - "Smart money" has begun to act, with the cash flow ETF (159399) attracting over 200 million yuan in just five days [2] - The cash flow ETF focuses on companies with high free cash flow, excluding financial and real estate sectors, and selects the top 50 stocks for investors [2] Group 2 - The cash flow index emphasizes large and mid-cap stocks with strong defensive attributes and high dividend yields, potentially mitigating market fluctuations [2] - The cash flow ETF has distributed dividends for six consecutive months as of the end of August, making it a favorable asset allocation option for investors [2]

上周的市场行情可以说跌宕起伏，但最抢眼的毫无疑问是 A 股，走势完全可以用 " 涨疯了 " 来形容。与此同时，美股、日本市场却出现了不同程度的回 调，全球资产呈现出明显分化。正是在这样的环境下，我们的三个核心组合 —— 省心债、睿定投全球版和懒人均衡 —— 依旧保持稳健增长，整体表现值 得一说。今天就带大家一起复盘，看看市场和组合的最新情况。 一周行情复盘 | | | 涨跌幅 | | 涨跌幅 | | --- | --- | --- | --- | --- | | A服 | 沪深300 | 5.4% | 中债新综合全价 | 0.0% | | 红利 | 中证红利 | 1.8% | 美国20年+国债 | 0.8% | | 港股 | 恒生指数 | 2.6% | 上海金 | 0.2% | | 美国 | 纳指100 | -1.2% | | | | 德国 | 德国DAX | -0.2% | | | | 日本 | 日经225 | -2.1% | 省心债组合 | 0.26% | | 印度 | 印度sensex30 | 0.4% | 懒人一均衡组合 | 0.52% | | 越南 | 胡志明指数 | -1.4% | 容定投全球版组 ...

Market Overview - The market experienced a rebound in early trading, with the ChiNext Index leading the gains, and the CSI A500 Index rising by 0.72% [1] - Solid-state battery concept stocks saw a collective surge, while consumer stocks like liquor experienced a rebound, and financial stocks initially rose [1] - In contrast, semiconductor stocks underwent adjustments [1] ETF Performance - Several ETFs tracking the CSI A500 Index saw slight increases, with 14 ETFs exceeding a trading volume of 100 million yuan, and 3 surpassing 2.7 billion yuan [1] - Specific trading volumes for A500 ETFs included 4.553 billion yuan for A500ETF Fund, 2.848 billion yuan for A500ETF Huatai, and 2.706 billion yuan for A500ETF Southern [1] Market Sentiment and Future Outlook - Analysts noted a clear market structure differentiation, with technology stocks, particularly in computing hardware and semiconductor sectors, leading the market, while other sectors rotated quickly [1] - Mid-term factors influencing the A-share market include anti-involution policies and demand-side policies, with increased household savings entering the market expected to support index strength [1] - The market is anticipated to maintain a strong oscillating trend, with an increased tolerance for investment risks and a recommendation for active participation in the A-share market [1]

Group 1 - The ETF market opened with mixed performance on August 29, with notable gains and losses among various ETFs [1] - The Science and Technology Innovation Board Index ETF (兴银, 589580) saw a significant increase of 19.71% [1] - The Bank of China Securities 500 ETF (中银证券, 515190) rose by 5.52%, while the A100 ETF from E Fund (易方达, 159686) increased by 4.46% [1] Group 2 - Conversely, the Science and Technology Innovation 50 Index ETF (科创50指数ETF, 588870) experienced a decline of 2.97% [1] - The Science and Technology Innovation 50 Enhanced ETF from Southern (南方, 588370) fell by 2.95% [1] - The Science and Technology Innovation 50 ETF from Invesco (景顺, 588950) decreased by 2.89% [1]

Core Insights - The sustainability of fund managers' performance is a crucial measure of their investment capability, risk management, and effectiveness of their investment systems [3] - In the past seven years, the A-share market has undergone significant changes, with a notable shift towards small-cap stocks and a focus on technology and dividend sectors [3] - As of 2023, 34.93% of fund managers have achieved positive returns for consecutive years from 2023 to 2025, with a threshold of 76.6% for the top 20 fund managers [3][5] Group 1: Fund Manager Performance - Liu Yuanhai from Dongwu Fund ranks first with a cumulative return of 164.97% from 2023 to 2025, maintaining a stable performance above 30% in 2023 [8] - The top five fund managers by cumulative returns from 2023 to 2025 include Liu Yuanhai, Gong Zheng from Zhongyou Fund, Di Xinghua from Guohai Franklin Fund, Wang Haichang from Nuoan Fund, and Lei Tao from Debang Fund [4][5] - The performance of fund managers is evaluated based on their ability to generate absolute returns, especially during bear or volatile markets [3] Group 2: Fund Manager Rankings - The top 20 fund managers from 2021 to 2025 show that 22.18% of the 2123 fund managers have achieved consecutive positive returns, with a threshold of 29.6% for the top performers [9][10] - The top five fund managers from 2021 to 2025 are Miao Weibin from Jinyuan Shun'an Fund, Gu Fanding from CITIC Prudential Fund, Zhou Jing from Huabao Fund, Song Qing from Nuoan Fund, and Zhang Qisi from Southern Fund [9][10] - Miao Weibin achieved a cumulative return of 461.69% from 2019 to 2025, leading the rankings with a management scale of approximately 1.35 billion [20] Group 3: Investment Strategies - Liu Yuanhai specializes in technology investments, particularly in AI, semiconductors, and computer sectors, maintaining over 90% stock positions in his managed funds [8] - Miao Weibin employs a "macro-driven + asset rotation" strategy, focusing on undervalued stocks with improving fundamentals [20] - Zhou Jing, with a management scale of approximately 19 billion, has a diverse portfolio including major tech companies like Xiaomi, Tencent, and Alibaba [13]

Market Overview - The Shanghai Composite Index rose by 1.14% to close at 3843.6 points, with a daily high of 3845.09 points [1] - The Shenzhen Component Index increased by 2.25% to close at 12571.37 points, reaching a high of 12571.37 points [1] - The ChiNext Index saw a significant rise of 3.82%, closing at 2827.17 points, with a peak of 2827.17 points [1] ETF Market Performance - The median return for stock ETFs was 1.55%, with the highest return from the Invesco CSI 50 ETF at 9.39% [2] - The top-performing industry ETF was the Southern CSI Communication Services ETF, yielding 8.89% [2] - The best-performing thematic ETF was the Bosera CSI Chip ETF, which achieved a return of 15.83% [2] ETF Gains and Losses - The top three ETFs by gain were: Bosera CSI Chip ETF (15.83%), Huaan CSI Chip ETF (9.9%), and Fortune CSI Chip ETF (9.58%) [5] - The three ETFs with the largest declines were: CMB CSI Hong Kong-Shenzhen Consumer Leaders ETF (-1.47%), Harvest CSI Major Consumer ETF (-1.35%), and E Fund CSI Modern Agriculture Theme ETF (-1.21%) [6] ETF Fund Flows - The ETFs with the highest inflows were: Guotai CSI All-Index Communication Equipment ETF (¥788 million), Bosera CSI AI ETF (¥758 million), and Harvest CSI Rare Earth Industry ETF (¥486 million) [8] - The ETFs with the largest outflows were: E Fund ChiNext ETF (¥1.141 billion), Huaxia CSI 50 ETF (¥926 million), and Southern CSI 1000 ETF (¥785 million) [9] ETF Margin Trading Overview - The top three ETFs by margin buying were: Huaxia CSI 50 ETF (¥1.196 billion), E Fund ChiNext ETF (¥987 million), and Harvest CSI Chip ETF (¥695 million) [11] - The ETFs with the highest margin selling were: Southern CSI 1000 ETF (¥75.58 million), Southern CSI 500 ETF (¥57.52 million), and Huaxia CSI 1000 ETF (¥40.27 million) [12] Institutional Insights - First Capital Securities highlighted the release of DeepSeek-V3.1, which is expected to enhance the compatibility of domestic AI computing chips, promoting the domestic AI computing chip industry [13] - Guotai Junan Securities emphasized the importance of the "three cycles" resonance for semiconductor valuation expansion, noting the optimistic outlook for the semiconductor industry driven by AI demand and supply chain adjustments [14]

Core Viewpoint - Convertible bond funds have gained significant attention in the capital markets this year, with the A-share market experiencing a surge in trading sentiment, leading to the Shanghai Composite Index surpassing 3,800 points, marking a nearly ten-year high with an annual increase of over 15% [1] Group 1: Performance of Convertible Bond Funds - The China Convertible Bond Index has seen an annual increase of over 18%, also reaching a nearly ten-year high [1] - As of August 25, the average return of convertible bond funds this year is 21.5%, significantly outperforming other bond funds and even some mixed funds [1] - All 76 convertible bond funds (excluding newly established funds this year) have achieved positive returns [1] Group 2: Top Performing Convertible Bond Funds - In the category of funds with a scale exceeding 1 billion, "Southern Changyuan Convertible Bond A" managed by Liu Wenliang leads with a return of 40.69% [2] - "Bosera Convertible Bond Enhanced A" ranks second with a return of 30.67%, managed by Gao Hui and Guo Jun [2] - "Penghua Convertible Bond D" ranks third with a return of 30.27%, having been established for less than a year and already exceeding 60 billion in scale [3] Group 3: Performance of Smaller Scale Funds - In the category of funds with a scale between 100 million and 1 billion, "Yinhua Convertible Bond A" tops the list with a return of 28.22%, managed by Sun Hui [3] - "Oriental Convertible Bond A" also performs well among smaller funds, achieving a return of 28.92% [5]