- The report does not contain any quantitative models or factors for analysis

分析师：王骅 登记编号：S0890522090001 投资要点 基金经理简介： 陈晨先生，硕士研究生。2013年起从事金融相关工作，曾任职于中国工商银行、花旗银行(中 国)有限公司、上投摩根基金，2021年9月加入申万菱信基金，现任申万菱信全球新能源 (QDII)基金经理。 投资能力分析： 投资方法： 求真务实，深度研究。陈晨的投资方法可以总结为以企业真实成长为核心驱动力，在扎实的基本面 研究之上，判断未来可被叙事兑现的务实机会，并据此动态调整组合，而非博弈短期预期差 持股特征 ：寻找业务可靠，有内生增长能力的公司。陈晨擅长从公司创造现金流的能力、公司治理水平出发挖 掘可靠的生意，获取企业竞争优势变现的收益。 适合作为能源投资差异化标的： 相比国内新能源主题基金集中布局于光伏、锂电环节，同类主动QDII基金在AI 产业链中敞口较大，申万菱信全球新能源主要投向电力公用事业和制造业，可作为海外政策、AI基建等趋势下 的差异化选择。 适合长期持有或作为价值型底仓的优质补充： 陈晨呈现出来的是比较典型的价值风格，强调企业内在价值的评 估，注重企业的自由现金流、竞争壁垒、公司治理和长期盈利能力，偏好财务稳健、商业模式清 ...

Group 1 - The "dumbbell strategy" is gaining attention as it balances defensive and offensive investments, with low valuation, high dividend assets like the power ETF (159611) being favored alongside the active tech growth sector driven by AI and policy support [1] - The Hong Kong tech sector is leading the market, with the recently launched Hong Kong Stock Connect Tech ETF (159262) rising over 2%, making it one of the top performers among tech ETFs [1] - The Hong Kong Stock Connect Tech ETF (159262) is the first to track the Hang Seng Hong Kong Stock Connect Technology Theme Index, focusing on pure tech stocks and excluding non-tech sectors, thus enhancing its investment appeal [1] Group 2 - The AI and semiconductor industries are highlighted as having long-term investment value, with the Hang Seng Index showing a 20% increase over the past six months, outperforming major global markets [2] - The largest power ETF (159611) has seen significant trading activity due to record high electricity loads, with its average daily trading volume reaching 164 million yuan and total assets growing from 1.5 billion yuan to 3.229 billion yuan [2] - The power ETF tracks the CSI All Index Power Utility Index, which has a current P/E ratio of 17.45, indicating strong valuation attractiveness, with top holdings including leading companies like China Yangtze Power and China Nuclear Power [2]

The provided content does not contain any quantitative models or factors, nor does it include their construction, evaluation, or backtesting results. The documents primarily focus on market performance, sector analysis, market sentiment, fund flows, ETF premiums/discounts, block trading, and institutional activity. These topics are descriptive and lack the quantitative modeling or factor analysis required for the task.

Market Performance - The CSI 1000 index performed well today, while the CSI 50 index declined by 0.15% and the CSI 300 index fell by 0.08%. The CSI 500 index increased by 0.11%, and the CSI 2000 index rose by 0.27% [6] - Among sector indices, the North Securities 50 index showed strong performance with a rise of 0.52%. The comprehensive finance, textile and apparel, communication, banking, and light industry manufacturing sectors performed well, with returns of 1.69%, 1.42%, 0.97%, 0.89%, and 0.56% respectively. Conversely, the defense, non-ferrous metals, electric utilities, steel, and pharmaceutical sectors underperformed, with returns of -1.53%, -0.83%, -0.71%, -0.59%, and -0.55% respectively [7] - Concept themes such as yellow wine, jewelry, home textiles, PEEK materials, and liquid metals performed well, with returns of 5.06%, 3.19%, 3.01%, 2.71%, and 2.00% respectively. In contrast, concepts like gold selection, aviation engines, photolithography machines, AVIC system, and oil and gas reform showed poor performance, with returns of -2.44%, -1.87%, -1.80%, -1.80%, and -1.73% respectively [8] Market Sentiment - At the market close, there were 48 stocks hitting the daily limit up and 19 stocks hitting the limit down. Stocks that hit the limit up yesterday had a closing return of 0.33%, while those that hit the limit down had a return of -3.54% today. The sealing rate today was 62%, unchanged from the previous day, while the consecutive sealing rate dropped by 14% to 12% [2][12][17] Market Capital Flow - As of April 1, 2025, the margin trading balance was 1.914 trillion yuan, with a financing balance of 1.9028 trillion yuan and a securities lending balance of 11.2 billion yuan. The margin trading balance accounted for 2.4% of the total market capitalization, and margin trading accounted for 8.8% of the market turnover [3][20][23] Premium and Discount - On April 1, 2025, the IoT ETF showed the highest premium at 3.15%, while the Sci-Tech Biomedicine ETF had the highest discount at 0.57%. The average discount rate for block trades over the past six months was 5.41%, with a discount rate of 4.29% on the same day [4][25][29] Institutional Attention and Rankings - In the past week, the stocks with the most institutional research were Sanhua Intelligent Control, Magmi Tech, Huayang Group, and others, with Sanhua Intelligent Control being researched by 409 institutions [5][33] - The stocks with the highest net inflow from institutional special seats on April 2, 2025, included Dongtu Technology, Qin Chuan Machine Tool, and others, while those with the highest net outflow included Hangfa Power, Rundu Shares, and others [37][40]