"主观和定量之间 有一条循环的路径，就是从观点，到信号，到模型。主观投研对一个事物产生观点，看到变化 做出决策，每隔一段周期就会有；而信号是指把生成观点的过程抽象出来，可以无限次重复；而模型则是将信号 放入真实的市场环境去检验看效果，看信号在各种各样的环境下的有效性和优缺点，能否真正进入投资流程 中。" "科技领域有两类比较大的机会值得关注：一是国产替代，即在芯片制造、芯片高端仪器仪表、软件领域等有一 些国产替代的空间；二是 AI 人工智能，其中包括（ 1 ）大模型应用（ 2 ）海外算力（ 3 ）像智驾、机器人、 AI 眼镜等在内的 AI 端侧或偏硬件领域。" " AI 的本质是让强大的公司更强大，让有能力的人更有能力，能力产出差距会被拉大。" "对于未来债券市场，从中期来讲低利率环境可能会长期延续，且整个无风险利率或还有下降空间；且目前债券 市场还没有到牛熊转换的时点。" "在宏观结构性变化的场景中，货币政策的两个核心变量——利率和汇率，对应各自的定价主线。汇率的定价主 线是对外出海过程中中国制造业竞争力的持续提升，而利率的定价主线则是对内在新旧动能转换过程中必须要解 决的债务存续问题。" 以上是 中欧基金 ...

6月30日，A股三大指数红盘收官，也为上半年行情划上了圆满句号。回顾上半年，A股市场在外部 市场波动的风云中稳健前行，一季度人形机器人、DeepSeek概念火爆，二季度创新药、稳定币、军工 等板块大涨，各类资产接力展现强大韧性。 受此带领，公募基金市场也逐步回暖，市场整体规模稳定在32万亿上方的历史高位，权益类基金发 行数量和规模阶段性新高。业绩方面，Wind数据显示，今年上半年，在全市场12897只公募基金中，超 过八成净值实现增长。 而作为一家聚焦主动投资的公募基金公司，中欧基金积极践行长期主义理念，再度展现出强大专业 的投研实力，旗下多只产品表现亮眼，各阶段冠军基纷纷涌现。 银河证券数据显示，截至2025年6月底，近一年维度，中欧基金旗下的中欧数字经济混合A同类排 名第一（1/54），中欧智能制造混合A同类排名前1%（13/1819），中欧科创主题混合（LOF）A同类排 名前2%（3/220）。 以中欧数字经济混合A为例，基金经理是冯炉丹，该基金自成立起就始终重点关注人工智能领域的 深耕细作，也让其能够针对市场实现前瞻性布局。 冯炉丹早在2024年基金年报中就曾提到，初始持仓聚焦于智能机器人等三大赛道， ...

Group 1: Industry Overview - The Chinese public fund industry demonstrated resilience in the first half of 2025, maintaining a management scale of 32 trillion yuan, reflecting a high-quality development trend [2] - The recovery in investor confidence and the optimization of the industry ecosystem are key drivers behind this performance [2] - The issuance of equity funds has significantly rebounded, indicating a restoration of market risk appetite [2] Group 2: Equity Fund Performance - Multiple actively managed equity products from China Europe Fund have shown outstanding performance, with the China Europe Digital Economy Mixed A ranking 1/54 in its category [3] - The China Europe Intelligent Manufacturing Mixed A is positioned at 13/1819, placing it in the top 1% of its peers [3] - Long-term performance stability is highlighted, with China Europe Fund ranking second among 13 large fund companies in absolute returns over nearly ten years [3] Group 3: Fixed Income Performance - In fixed income investments, China Europe Fund has demonstrated strong capabilities, ranking among the top three in the industry for active bond investment management over the past decade [4] - The China Europe Convertible Bond A achieved a top ranking of 1/38 in its category over the past year [4] - Long-term rankings for other products, such as China Europe Xingli Bond A, show consistent performance, with a ranking of 29/505 over five years [4] Group 4: Research and Investment System Upgrade - The performance is supported by the continuous refinement of the research and investment system at China Europe Fund, which aims to establish an industrialized research framework [5] - The "China Europe Manufacturing" research upgrade plan focuses on professional division of labor, standardized processes, and intelligent platforms to enhance research depth and decision-making accuracy [5] - Looking ahead, the fund will focus on technology empowerment and industrial upgrades in equity investments while seizing interest rate fluctuations in fixed income [5]