分析师：王骅 登记编号：S0890522090001 投资要点 汤慧，曾在海通证券研究所担任高级策略分析师，2015年6月加入华宝基金，先后担任高级分析师、基金经 理助等职务。目前在管3只产品（A、C份额合并统计），2020年5月起任华宝成长策略基金经理，2021年1月起 任华宝宝康灵活基金经理，2021年12月起任华宝宝康消费品基金经理。 汤慧自2020年5月9日起开始管理华宝成长策略（009189.OF），截至2025年9月30日，合计规模1.46亿元。 自汤慧任职以来，华宝成长策略跑出了较为优异的收益表现，超越了97%的同类基金。与此同时，其回撤控制 在同类基金中位于中上游水平，相对出色。进一步划分时间区间，华宝成长策略仅在权益市场震荡下行2023 年，收益表现稍显弱势，在同类基金中位于中游水平，其余年份收益表现均较为亮眼，尤其是当2025年权益市 场回暖时，进攻性凸显。 以华宝成长策略为代表产品，对汤慧的投资能力展开分析，认为其有以下几点特征： （1）以"产业趋势+个股赔率"为核心的动态投资体系： 她立足宏观策略视角，坚持自上而下优选高景气与 长逻辑赛道，敏锐捕捉行业景气度"二阶导"的拐点；在此基础上 ...

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Since taking charge of Huabao Growth Strategy in May 2020, Tang Hui has achieved excellent returns, outperforming 97% of similar funds, with relatively good drawdown control [4][14][40]. - Tang Hui has an investment system centered on "industry trends + stock odds", a portfolio management concept of "beta (60%-70%) + alpha (30%-40%)", and an operation style of dynamic adjustment and disciplined execution [3][18][41]. 3. Summary by Relevant Catalogs 3.1 Fund Manager Information 3.1.1 Fund Manager Introduction - Tang Hui was a senior strategy analyst at Haitong Securities Research Institute and joined Huabao Fund in June 2015. She currently manages 3 products and is the fund manager of Huabao Growth Strategy since May 2020, Huabao Baokang Flexible since January 2021, and Huabao Baokang Consumer Goods since December 2021 [4][9][37]. 3.1.2 Management Product Introduction 3.1.2.1 Representative Product - Tang Hui manages three public - offering funds. Huabao Growth Strategy is used as the representative product for analysis. As of September 30, 2025, its scale is 146 million yuan [10]. 3.1.2.2 Representative Product Net Value Performance - As of November 25, 2025, after excluding the 3 - month establishment period, Huabao Growth Strategy significantly outperformed the benchmark, with a cumulative positive excess return of 83.04%. It outperformed 97% of similar funds, and its drawdown control is in the upper - middle level. It had a weak performance in 2023 but was excellent in other years, especially in 2025 [11][14][40]. 3.2 Fund Manager Investment Ability Analysis 3.2.1 Investment Framework - Guided by Industry Trends and Focused on Odds Space - Tang Hui's investment system combines understanding of industry trends and control of stock odds. She selects high - growth and long - logic tracks from a top - down perspective, captures inflection points of industry prosperity "second - order derivatives", and then conducts bottom - up stock selection based on odds [18][19][20]. - For industry trend judgment, she has a macro view of the whole market. For example, she focuses on the AI industry, believing that its technological evolution is ongoing and capital expenditure is not in a bubble [19]. - She constructs a dynamic screening system that combines top - down and bottom - up approaches, and uses odds as the core criterion for secondary screening. This includes comparing industry prosperity, evaluating stock odds, and building differentiated portfolios based on product contracts [20]. - Her investment scope is wide, with a growth preference, and she is relatively cautious about sectors like semiconductors [21]. 3.2.2 Shareholding Characteristics - Carrying Prosperity and Mining Alpha under Portfolio Thinking - Tang Hui's shareholding is based on the concept of "beta + alpha". The beta position (60% - 70%) is concentrated in no more than three prosperous industries, such as the AI computing power industry chain from 2023 to 2025. The alpha position (30% - 40%) is used to invest in stocks with independent growth logic [22][23]. - In stock selection, she makes a three - dimensional layout in the industrial chain, considering both position and odds. Her holding period is flexible, depending on industry prosperity and market value targets [26]. 3.2.3 Operation Characteristics - Dynamic Adjustment and Disciplined Execution under Agile Tracking - Tang Hui rarely conducts position timing and usually keeps the stock position at a relatively high level. Her excess returns mainly come from industry allocation and stock selection [18][31][41]. - The fund has a relatively high turnover rate, which reflects her tracking of prosperity and dynamic evaluation of stock odds. She adjusts positions according to industry data, company reports, and odds changes [33]. 3.3 Summary - Tang Hui's resume and management of funds are the same as mentioned above. Huabao Growth Strategy has excellent performance, and her investment ability has the characteristics of an investment system centered on industry trends and stock odds, portfolio management, and dynamic adjustment [37][40][41]. 3.4 Appendix - Information about Huabao Growth Strategy, such as its fund name, abbreviation, establishment date, comparison benchmark, investment objective, investment scope, management fee rate, and custody fee rate, is provided [44].

2025年的十五运会刚刚落幕，赛场内外一群不知疲倦的特殊志愿者圈粉无数——它们是趣丸科技研发的 数字人志愿者，24小时在线提供赛事咨询，用音乐大模型助力主题歌曲创作，还以灵动的形象传递"激 情全运会，活力大湾区"的广州城市温度。 这些数字人志愿者的背后，是广州趣丸科技创始人宋克带领团队深耕AI技术的多年积淀，也是这家广 州本土企业与城市同频共振的生动写照。 从2013年带着移动互联网梦想南下广州，到2025年以唯一广州企业身份入选福布斯中国人工智能科技企 业TOP50，宋克用12年时间，让趣丸从小众语音工具公司，成长为覆盖AI、社交、电竞的创新型科技企 业。而贯穿始终的，是这位曾经的海军军人勇于担当的本色——以科技为翼，既攀登技术高峰，更践行 公益初心，走出了一条"科技赋能发展、公益温暖社会"的特色之路。 科技赋能赛事：让全运服务更有温度 "十五运会不仅是体育盛会，更是展示城市科技实力与志愿精神的窗口。"宋克的话语中满是自豪。为了 让赛事服务突破时空限制，趣丸团队将自研的数字人技术、"天谱乐"多模态配乐大模型深度融合，打造 出能"听、说、动"的智能志愿者军团。这些数字人不仅能精准回应赛程查询、场馆指引等需求， ...

Core Insights - Soul APP has been awarded the "Annual Outstanding Unicorn Enterprise" by the Golden Award of Gelonghui, highlighting its growth potential and commercial explosiveness [1][2] Group 1: Market Position and User Engagement - Soul APP effectively addresses the deep social needs of Generation Z, creating a high-engagement digital community that is difficult to replicate [3] - As of August 2025, Soul's daily active users reached 11 million, with Generation Z comprising 78.7% of this user base. Users spend an average of over 50 minutes daily on the app, sending approximately 75 private messages each day, and achieving an 80% retention rate over three months [3][4] Group 2: AI Integration and Business Model - Soul has strategically integrated AI technology into its platform, positioning itself as an "AI + immersive social platform" in its 2025 IPO prospectus, marking a significant transition from concept to practice [5] - The company's revenue has grown from 498 million yuan in 2020 to 2.211 billion yuan in 2024, with adjusted net profits of 360 million yuan and 340 million yuan in 2023 and 2024, respectively. The average revenue per paying user (ARPPU) increased from 43.5 yuan to 104.4 yuan, demonstrating strong monetization potential [6][7] Group 3: Future Market Potential - The recognition from the Golden Award reflects not only Soul's growth but also the potential of the immersive emotional economy market in China, which is expected to grow from approximately 7 billion yuan in 2024 to 90 billion yuan by 2030 [8]

在我漫长的职业生涯中，身边的朋友客户，人来人往。有些当年认识的小伙伴，已经不知去向。也有些 人因为底层价值观的不同，逐渐淡去。但是刚登峰依然是我少数保持交流的好朋友。芒格曾经说过，我 们不需要和绝大多数人交往，只需要少数诚信的朋友。刚登峰，就是我眼中靠谱的好伙伴。 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！ 来源：点拾投资 导读：在投资中最重要的函数是时间。爱因斯坦说过，复利是第八大奇迹。时间越长，复利的威力越 大。对于基金经理的研究来说，时间也是考察基金经理几乎最重要的因素。时间越长，能看到一个越真 实的基金经理，也更容易建立对他的信任。 我早在2009年刚入行的时候，就认识了彼时在东方证券资产管理业务总部做研究员的刚登峰。我们几乎 是同一个时间入行，见证了彼此在不同赛道的成长。我还记得第一次交换名片时，他笑着对我说"我叫 刚登峰，刚刚登上山峰"。 2019年刚开始做"基金经理英雄榜"栏目时，他是我们第11期访谈的基金经理。至今，点拾投资的"基金 经理英雄榜"已经做到了超过580期，访谈了超过600位基金经理。而悄然间，刚登峰也从2009年我们初 识时那个羞涩的大男孩，成长为一 ...

导读：在投资中最重要的函数是时间。爱因斯坦说过，复利是第八大奇迹。时间越长，复利的威力越大。对于基金经理 的研究来说，时间也是考察基金经理几乎最重要的因素。时间越长，能看到一个越真实的基金经理，也更容易建立对他 的信任。 我早在2009年刚入行的时候，就认识了彼时在东方证券资产管理业务总部做研究员的刚登峰。我们几乎是同一个时间 入行，见证了彼此在不同赛道的成长。我还记得第一次交换名片时，他笑着对我说"我叫刚登峰，刚刚登上山峰"。 入门就学价值投资 我们在访谈基金的时候，通常第一个问题是关于他的成长经历。在访谈了超过几百位基金经理后，我们发现一个人最初 接触的领域和方法论，对塑造他之后的投资框架会产生极大的影响。这就类似于大部分人都深受原生家庭的影响。比如 说，入行看科技股的人，投资方法会更容易偏向极致的成长。入行看金融地产的人，投资方法更容易偏向低估值。入行 看消费的人，投资方法更容易偏向质量。比方法论更重要的是，一个基金经理投资价值观的形成。 刚登峰是幸运的，他刚毕业就加入了东方证券资产管理业务总部，进入了一个非常好的"原生家庭"。当年的东方证券资 产管理业务总部尚在"低调发展"中，但大腕级投资管理人已然不 ...

趣丸科技创立于2014年，是以兴趣社交、人工智能及电竞为核心的科技平台。旗下TT语音注册用户已超2亿，在移动语音社交及游戏社交市场占有率领先。 公司AI领域表现突出，在2024年入选"中国独角兽企业"，2025年入选福布斯中国AI企业TOP 50，是广州唯一上榜企业。 伴随着业务的快速拓展，趣丸科技投资约26亿，在广州打造其全球总部基地。 广州又一科技巨头总部大厦拔地而起！ 这座位于海珠区琶洲核心区的超高层建筑，与阿里巴巴、腾讯等科技巨头为邻，总建筑面积达10万平方米，建筑高度为175米。目前，项目已完成正负零施 工，并提前6天转入地上主体结构建设阶段。 建筑由GP事务所设计，以"波长"为灵感来源，呼应趣丸科技所倡导的"数字链接"理念。流动交织的立面线条与起伏的阳台造型，仿佛将无形的数据连接转 化为视觉语言，展现出科技与美学的交融。 整座大厦被设计为一个多功能综合体，不仅承载总部办公职能，还融入了电子竞技馆与人工智能创新中心等空间。 尤其引人注目的是，裙楼部分规划了一座可容纳约600人的B级标准电竞场馆，未来既可举办国际赛事与职业联赛，也能作为电竞俱乐部的主场，集赛事运 营、战队训练、内容制作等功能于一体，构 ...

Group 1: Macroeconomic Insights - The unemployment rate in the US rose unexpectedly to 4.6% in November, attributed to a "technical" disturbance from the government shutdown, which forced many federal employees into unpaid leave, temporarily inflating the unemployment figures [5] - Despite the rise in unemployment, the private sector showed resilience, with the goods-producing sector adding 19,000 jobs, the highest since May 2025 [5] - The Federal Reserve is expected to maintain a cautious approach to interest rate cuts in the short term, despite the increase in unemployment [5] Group 2: Automotive Industry Developments - The first batch of L3 autonomous driving vehicles in China has received regulatory approval, marking a potential turning point for the commercialization of advanced driving technologies [6] - The approval includes restrictions on the usage functions, regions, and entities for the L3 vehicles, highlighting significant differences between L3 and L2 level driving assistance [6] - There is optimism regarding the growth opportunities for high-level intelligent driving components, with a focus on strong performance in the Alpha+ intelligent driving and robotics sectors [6] Group 3: Company Performance - Chi Zi Cheng Technology (9911.HK) focuses on social networking services, primarily targeting users from diverse cultural backgrounds in the Middle East and North Africa [7] - The company has made significant progress in the social sector since 2022 through mergers and internal incubation, while also expanding into gaming and other innovative businesses [7] - In the first half of 2025, the company reported revenue of 3.181 billion yuan, a year-on-year increase of 40%, with SUGO and TopTop revenues growing over 100% [7] - The company's net profit for the same period was 489 million yuan, corresponding to a net profit margin of 15.4% [7]

一些具备普遍性、共通性且在AI解题范围内的简单咨询，可以交给AI。同时，也要确保一些非常规、 可能难倒AI的需求能及时转人工，避免让用户陷入AI不灵又无人求助的困境。 在AI客服的使用上耍小聪明，企业可能因小失大。消费者维权无门，客服视而不见，过度追求降本很 容易陷入品牌与消费者信任损耗、口碑影响力下滑的恶性循环。 想转人工客服，难上加难？近日，据央视报道，通过对主流电商、社交、金融、物流等10多家平台客服 系统实测发现，无论是在线客服还是电话客服，AI客服都存在较明显的理解能力不足，而人工客服接 入障碍重重，严重影响用户体验。 在调查中，一边AI"听不懂"诉求，一边用户要转人工如"闯关"，这样的两难在现实中并不陌生。 而造成转人工难的原因之一竟是企业"人为"设置的。企业手握用户寻找人工客服难易程度的自主决定 权，有的企业主动利用AI设置拦截障碍。 "听不懂"有技术受限的客观原因，也可能存在企业有意压缩成本选用低版本应付的情况。 低价AI客户服务多是基础版本，面对复杂需求难免力不从心，而要升级相关服务却需要更新语料库优 化系统，这就不可避免要持续的资金投入，让有的企业动了歪脑筋。 人为设障则反映了一些企业不愿 ...

智通财经APP获悉，中金发布研报称，维持赤子城科技(09911)25和26年收入和盈利预测。维持跑赢行业 评级，维持港股目标价14.5港元，对应14倍的26年Non-IFRS市盈率，较当前有38%的上行空间(当前交 易于11.5倍/9.9倍25/26年Non-IFRS市盈率)。 中金主要观点如下： MICO企稳，SUGO和TopTop获客、流水延续高增势头 公司预计4Q至今，MICO组织架构调整后运营效率提升，收入端环比企稳，YoHo收入保持同比增长， 成熟梯队产品持续贡献稳定利润;新产品SUGO、TopTop目前策略仍以用户规模优先，据Sensor Tower， 4Q至今两者全球MAU同比中高双位数增长，在德国、法国、巴西等市场快速复制，基于此，该行维持 2H社交收入同增30%的判断。展望未来，该行预计地域扩张下，SUGO和TopTop仍为增长核心，此外， 公司有较多新产品储备，公司预计其中有一款月流水达到旗舰水平，或有望对明后年收入形成支撑。 短剧与游戏作为战略探索，稳步推进 1)短剧：基于自研和收购，公司正在试水翻译剧与自制剧的全球发行，目前仍处于投入期，存在可控亏 损，公司看好其未来有望与公司社交生态 ...