博物馆内人流如织、"苏超"火爆出圈、"中国游""中国购"持续升温……上半年，消费"热"势不减。数据 同样亮眼，上半年，我国内需对GDP增长的贡献率为68.8%，其中最终消费支出贡献率为52%，成为经 济增长的主动力。 持续释放的消费活力，不仅有力支撑了上半年经济增长，也提振了发展信心，为实现全年经济发展目标 奠定坚实基础。这是一揽子增量政策持续显效的结果，彰显了超大规模市场的潜力。 消费是经济增长的"主引擎"，也是民生幸福的"晴雨表"。曾经，对很多人而言，消费不过是"吃饱穿 暖"；如今，居民收入稳步增长，中国不能造的越来越少、能造的越来越好，人们的消费需求也从"有没 有"转向"好不好"。 今年《政府工作报告》将"大力提振消费、提高投资效益，全方位扩大国内需求"列为2025年政府工作任 务之首。3月，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，部署了8方面30项重点 任务。7月16日召开的国务院常务会议指出，"深入实施提振消费专项行动，系统清理制约居民消费的不 合理限制"。 提振消费的关键在于充分挖掘消费潜力。从供给端看，需要提升供给质量、优化消费环境，让消费 者"敢花钱"。从需求端看，增强消费能 ...

Core Viewpoint - The report outlines the performance and investment strategy of the Galaxy and Beautiful Life Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on long-term stable growth through investments in high-quality companies aligned with the "Beautiful Life" theme, which includes health, happiness, and safety aspects [1][2][3]. Fund Overview - The fund aims to achieve long-term stable appreciation of assets while controlling investment risks by selecting high-quality, growth-oriented companies that fit the "Beautiful Life" theme [2]. - The investment strategy includes asset allocation, stock investment, bond investment, asset-backed securities, stock index futures, warrants, and depositary receipts [2]. Investment Theme - The "Beautiful Life" theme focuses on three dimensions: - Health: Industries related to health such as food and beverage, textiles, and pharmaceuticals [3]. - Happiness: Industries enhancing life satisfaction, including leisure services, TMT (Technology, Media, and Telecommunications), transportation, and new energy [3]. - Safety: Industries that enhance life security, such as real estate, finance, and national defense [3]. Performance Metrics - The fund's performance benchmark is a combination of the CSI 800 Index return (70%) and the CSI All Bond Index return (30%) [4]. - The fund's risk-return profile is higher than money market and bond funds but lower than equity funds [4]. Financial Indicators - As of the end of the reporting period, the total fund shares amounted to 273,812,775.13 [2]. - The net value growth rates for the Galaxy and Beautiful Life Mixed A and C funds were -5.88% and -6.02%, respectively, against a benchmark return of 1.52% during the same period [11]. Asset Allocation - The fund's asset allocation at the end of the reporting period was primarily in stocks, accounting for 86.65% of total assets, with no investments in bonds or asset-backed securities [12]. - The largest sector allocation was in the information transmission, software, and IT services sector, comprising 52.02% of the fund's net asset value [12]. Fund Management - The fund manager, Galaxy Fund Management Co., Ltd., has committed to managing the fund with integrity and diligence, adhering to legal regulations and aiming for the long-term benefit of fund shareholders [9][10].

Summary of Conference Call Notes Industry or Company Involved - The discussion primarily revolves around the Chinese and American stock markets, with a focus on the economic conditions and investment opportunities in China and the U.S. Core Points and Arguments 1. **Market Sentiment and Asset Performance** - The Chinese market is currently underperforming due to a lack of pricing in the demand recovery and the ongoing search for non-U.S. demand. The U.S. market, however, is showing signs of recovery with positive economic signals and recent job data indicating potential for growth [1][2][3] 2. **Valuation and Support in Chinese Stocks** - There is a stabilizing force in the Chinese stock market, particularly when the ERP (Equity Risk Premium) reaches a certain threshold, indicating that stocks are undervalued and attracting supportive capital [2] 3. **Trade Negotiations and Economic Data** - The U.S. may adopt a tougher stance in trade negotiations due to relatively stable economic data, which could lead to increased volatility in the U.S. market. The Chinese economy is also showing signs of softening, with manufacturing PMI data indicating a significant decline [3][4] 4. **Profit Distribution Trends** - There is a noticeable trend in profit distribution favoring the downstream sectors, with signs of recovery in profitability for previously weaker assets. This trend is expected to continue, particularly in the context of domestic demand [5] 5. **Gold and Currency Dynamics** - The shift in capital flows from gold back to RMB assets is highlighted, suggesting that the previous trend of capital moving towards gold may reverse as the stability of RMB assets improves [6] 6. **Small and Mid-Cap Growth Stocks** - There is a rebound in small and mid-cap growth stocks, driven by factors such as high valuations and significant overseas revenue. However, caution is advised regarding the sustainability of this trend [7][10] 7. **AI and Industry Trends** - The discussion touches on the AI sector as a major industry trend, but there are concerns about the lack of significant breakthroughs in operational efficiency among Chinese companies, indicating potential limitations in growth [8] 8. **Consumer and External Demand** - The potential for consumer demand and external demand construction is emphasized, with a gradual recovery expected in both areas. The focus is on capital goods and intermediate products as key components of this recovery [9] 9. **Market Outlook** - The overall market outlook is characterized as oscillating with a structural shift, favoring heavyweight stocks while maintaining a cautious stance on small and mid-cap growth stocks due to their lower volatility resilience [10] Other Important but Possibly Overlooked Content - The potential mispricing in the market regarding the relationship between Chinese and global demand is noted, suggesting that the market may not fully appreciate the recovery trajectory [2][9] - The implications of U.S. monetary policy and its impact on market dynamics are discussed, particularly in relation to manufacturing and economic recovery strategies [3][4]

Core Viewpoint - The China Securities Hong Kong 300 Leisure Index (H300 Leisure) has shown a decline of 6.48% over the past month, but has increased by 3.86% over the last three months and 1.65% year-to-date [2] Group 1: Index Performance - The H300 Leisure Index is currently reported at 2622.85 points [1] - The index reflects the overall performance of listed companies in various themes such as banking, transportation, resources, infrastructure, logistics, and leisure, selected from the China Securities Hong Kong 300 Index [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] Group 2: Index Holdings - The top ten weighted companies in the H300 Leisure Index are Tencent Holdings (12.0%), NetEase-S (11.48%), Kuaishou-W (10.64%), Baidu Group-SW (10.57%), Yum China (9.36%), Trip.com Group-S (8.2%), Meituan-W (7.81%), Galaxy Entertainment (5.15%), China Resources Beer (3.1%), and Haidilao (2.79%) [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a 100.00% allocation [2] Group 3: Sector Allocation - The sector allocation of the H300 Leisure Index includes Leisure Services (39.89%), Digital Media (38.67%), Cultural Entertainment (12.69%), Alcohol (7.30%), and Marketing & Advertising (1.45%) [2] Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]

截至3月20日，中泰资管风险系统对各大资本市场的系统评分情况如下： 沪深300指数的中泰资管风险系统评分为47.51，较上月41.98继续上升。 值得关注的是，在估值、预期均 与上月基本持平的情况下，3月市场情绪持续回升。风险评分仍处于中等偏低风险区间。 沪深300估值与上月基本持平（本月45.01，上月45.50）。本月行业间估值分化态势依然延续。目前，28个 申万一级行业中钢铁、电子、房地产、综合、国防军工、计算机、汽车和机械的行业估值已高于历史60% 分位数；但农林牧渔、有色金属、食品饮料、纺织服装、公共事业、休闲服务、建筑装饰等行业的估值低 于历史10%分位数。 市场预期也与上月基本持平（本月56.00，上月55.00）。分析师认为1-2月财政收支数据释放出多个积极信 号：收入预算目标下调后，财政增收压力显著减轻，为财政政策的灵活调整提供了更大空间；财政支出的 重点方向已从传统的基建领域转向科技、教育、社会保障等关键领域。这一转变进一步体现了"大力提振 消费"和"科技创新引领"的政策导向，有助于推动经济结构的转型升级和可持续发展。 市场情绪较上月有所上升（本月45.77，上月31.95；分数越低表示市 ...