分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 权益市场回顾： 上周（2025.08.04-2025.08.08）市场在银行板块的支撑下，市场再度回升，沪深300指数周涨 幅1.23%，中证500指数周涨幅1.78%。部分指数创出反弹新高，但市场结构不稳定性加剧。 权益市场观察： 机器人：根据世界机器人大会上各企业的展示，机器人行业正在从"炫技"转向"实用"，技术进步和成本下降两 大趋势共同推动行业发展。 军工：随着军工板块业绩修复的预期不断被印证，叠加接近阅兵、阶段地缘冲突事件等多重因素的催化，军工 板块后市仍将是全市场关注的重点。 AI链：短期来看，算力及垂直应用公司的表现与国内外模型发布节奏以及模型之间的横向对比高度相关，长期 来看，受实际商业化进展和落地情况影响。 公募基金市场动态： 在主动基金超额收益显著回暖的背景下，众多绩优基金纷纷涌现。为了保障基金的平稳运 作，维护基金持有人的利益，许多主动权益基金密集宣布限购。 主动权益基金指数表现跟踪： 主动股基优选指数：上周收涨1.55%，成立以来累计录得12.73%的超额收益。 价值 ...

一、上周市场回顾 上周 A 股市场主要宽基指数全线上涨，中证 1000 、上证综指、中证 500 指数收益靠前，收益分别为 2.51% 、 2.11% 、 1.78% ，创业板指、科 创 50 、沪深 300 指 数 收 益 靠 后 ， 收 益 分 别 为 0.49% 、 0.65% 、 1.23% 。 从成交额来看，上周主要宽基指数成交额均有所下降。行业方面，上周有色 金 属 、 机 械 、 国 防 军 工 收 益 靠 前 ， 收 益 分 别 为 5.83% 、 5.75% 、 5.24% ，医药、消费者服务、计算机收益靠后，收益分别为 -0.79% 、 -0.01% 、 0.03% 。 截至上周五，央行逆回购净投放资金 5365 亿元，逆回购到期 16632 亿 元，净公开市场投放 11267 亿元。除 10 年期外，不同期限的国债利率均 有所下行，利差扩大 0.60BP 。 上周共上报 32 只基金，较上上周申报数量有所减少。申报的产品包括 5 只 FOF ，天弘中证农业主题 ETF 、富国创业板软件 ETF 、永赢中证红利 低波动 ETF 、广发上证科创板 200 ETF 等。 8 月 7 日，摩根盈 ...

Group 1 - Central European Fund announced that its two funds, the Central European Science and Technology Innovation Fund and the Central European Medical Innovation Fund, will be subject to subscription limits starting August 11 [1] - The Central European Science and Technology Innovation Fund, managed by Shao Jie, has achieved a return rate of 132.55% since inception, with an annualized return of 14.79% for Class A shares and 39.66% with an annualized return of 13.11% for Class C shares [1] - The Central European Medical Innovation Fund, managed by renowned fund manager Ge Lan, has a return rate of 68.74% for Class A shares and 60.24% for Class C shares since inception, with annualized returns of 8.45% and 7.59% respectively [1] Group 2 - The Central European Science and Technology Innovation Fund focuses on the technology innovation industry, with significant investments in sectors such as smart vehicles, advanced manufacturing processes, self-developed chip IP, and next-generation smart terminals [2] - The top ten holdings of the Central European Science and Technology Innovation Fund include companies like Hengxuan Technology, Lanke Technology, and Ideal Automotive, with the largest holding being Hengxuan Technology valued at approximately 350.59 million yuan [2] - The Central European Medical Innovation Fund primarily invests in stocks related to medical innovation, with a focus on innovative pharmaceuticals and medical devices [2] Group 3 - The top ten holdings of the Central European Medical Innovation Fund include companies such as Sanofi Pharmaceutical, Kelun Pharmaceutical, and WuXi AppTec, with the largest holding being Sanofi Pharmaceutical valued at approximately 729.52 million yuan [4] - Other funds managed by notable managers have also reported strong performance, with year-to-date returns of 84.56% for ICBC Credit Suisse's QDII fund and 82.59% for Great Wall Fund's health-related funds [5][6]

近期，公募市场的限购现象持续蔓延。 以知名基金经理葛兰管理的中欧医疗创新为例，截至8月6日，该基金近一年收益率达85.03%，在同类 产品中位居前2%。这并非基金经理葛兰首次采取限购措施。早在2021年医药板块行情走高之际，她管 理的中欧医疗健康就将代销渠道的单日申购上限定为10万元。 中欧科创主题则由邵洁管理，该基金专注于科技创新产业。今年以来，国产人工智能大模型的加速落地 推动科技板块行情走强，科技主题基金持续获得资金追捧。另一只产品中欧智能制造早在3月初就将单 日单账户申购上限定为10万元。 在最新的二季报中，葛兰表示，基于长期价值投资框架，综合考虑企业盈利周期、历史估值水平及经营 趋势，她将保持对创新药械产业链、OTC、消费医疗等领域的重点配置。邵洁则在季报中表示，中国企 业在智能汽车、先进制程、自研芯片IP、下一代智能终端等高技术附加值领域都实现了技术突破和赶 超，除了台前的中国品牌，幕后的产业链也在各个细分领域积极突围，认真踏实地打好科技基石。 8月9日，中欧基金公告，旗下中欧科创主题和中欧医疗创新两只基金将于8月11日起进行限购。今年7月 以来，已有几十只主动权益基金发布限购公告，其中不乏业绩排 ...

Group 1 - The meeting between Russian President Putin and US President Trump is scheduled for August 15 in Alaska, focusing on achieving long-term peace in Ukraine [10][11] - The Chinese National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.4% month-on-month in July, while the Producer Price Index (PPI) decreased by 3.6% year-on-year [3] - The Henan Provincial Development and Reform Commission announced the establishment of a 3 billion yuan artificial intelligence industry fund to support the development of the AI ecosystem [4] Group 2 - Sichuan Province has launched a new "immediate refund" service for outbound tax refunds, allowing international travelers to shop and receive refunds at various airports [5] - The total box office for the summer film season in 2025 has exceeded 8.2 billion yuan, with the film "Nanjing Photo Studio" leading with over 2 billion yuan [6] - The Gansu Province experienced severe flooding, resulting in 15 fatalities and 28 individuals missing, prompting a response from the Ministry of Natural Resources [6][7] Group 3 - The company *ST Tianmao, controlled by capital mogul Liu Yiqian, announced plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange [16][17] - The private equity firm Jinglin Asset's recent holdings reveal a shift in investment strategy, including new positions in Nvidia and a complete exit from Apple [18][19] - Harvard's endowment fund invested approximately $116 million in BlackRock's Bitcoin ETF, becoming the fifth-largest investor in the fund [21]

Group 1 - The public fund market is experiencing a trend of subscription limits, with several funds announcing restrictions to manage inflows and protect existing investors' interests [1][3] - On August 9, China Europe Fund announced subscription limits for two of its prominent funds, with a cap of 1 million yuan for the China Europe Sci-Tech Innovation Fund and 100,000 yuan for the China Europe Medical Innovation Fund, effective from August 11 [2] - Since July, approximately 50 actively managed equity funds have issued subscription limit announcements, indicating a broader trend in the industry to control fund sizes during periods of high market enthusiasm [3] Group 2 - Fund managers are implementing subscription limits as a strategy to maintain investment discipline and focus on long-term returns, while also mitigating liquidity risks [1][4] - The China Europe Medical Innovation Fund, managed by renowned fund manager Ge Lan, achieved a one-year return of 85.03%, ranking in the top 2% among similar products, prompting the need for subscription limits [2] - Other funds, such as the China Europe Digital Economy Mixed Fund and Yongying Fund, have also announced subscription limits, reflecting a common practice among high-performing funds during market peaks [4]

近期，公募市场的限购现象持续蔓延。 8月9日，中欧基金公告，旗下中欧科创主题和中欧医疗创新两只基金将于8月11日起进行限购。今年7月以来， 已有几十只主动权益基金发布限购公告，其中不乏业绩排名靠前的明星产品。 业内人士表示，在市场情绪高涨、资金持续流入的阶段，主动限购有助于控制规模、稳定策略执行，并降低流 动性风险。这不仅是对既有持有人利益的保护，也是基金公司坚持投资纪律、聚焦长期回报的体现。 近期公募基金"限购潮"升温 在市场情绪较为活跃时，部分基金公司选择通过限购来主动调节规模，以期更好地保护持有人利益。Wind数 据统计显示，7月以来，已有约50只主动权益基金相继发布限购公告，涵盖多只近一年业绩表现突出的产品。 8月6日，中欧基金的基金经理冯炉丹管理的中欧数字经济混合宣布暂停100万元以上的大额申购。 8月2日，永赢基金公告，对旗下由知名基金经理高楠管理的产品永赢睿信进行限购。自8月4日起，该基金单日 单账户申购上限为人民币100万元。 7月，由马芳管理的国金量化多因子公告将单日申购限额从1000万元降至1万元。无独有偶，由王平管理的招商 成长量化选股将限额从1000万元调降至20万元。 业内人士指出， ...

Core Viewpoint - The first half of 2025 has seen significant performance in equity funds, particularly in technology sectors like humanoid robots and innovative pharmaceuticals, with rapid market rotation creating both opportunities and risks for investors [1] Group 1: Fund Performance - Several funds have achieved top rankings in performance, with notable examples including China Europe Fund's technology-themed funds that have outperformed indices during market fluctuations [2][3] - As of June 30, 2025, China Europe Digital Economy A Fund reported a return of 34.48%, significantly exceeding its benchmark of 2.96% [3] - Other funds such as China Europe High-end Equipment A and China Europe Intelligent Manufacturing A also showed strong returns of 27.96% and 27.36%, respectively, against their benchmarks of -0.82% and 3.09% [3] Group 2: Long-term Performance - Over the past year, China Europe Digital Economy A Fund achieved a return of 93.07%, ranking first in its category, while China Europe Intelligent Manufacturing A Fund returned 69.11%, placing in the top 1% [4] - China Europe Innovation Theme A Fund also performed well with a return of 68.01%, ranking in the top 2% [4] - The long-term performance of these funds indicates a strong ability to generate excess returns, with China Europe Intelligent Manufacturing A Fund showing a three-year return of 37.05%, far exceeding its benchmark of 6.35% [9] Group 3: Investment Strategies - The investment strategy of China Europe Digital Economy A Fund focuses on a phased approach, balancing short-term opportunities with long-term growth potential [7] - Fund manager Feng Ludan emphasizes early positioning before industry consensus and valuation bubbles occur [7] - China Europe Intelligent Manufacturing A Fund, managed by Shao Jie, targets hard technology sectors and emphasizes deep value investment, focusing on companies with strong technological barriers and global competitiveness [7] Group 4: Research and Development Strength - China Europe Fund has established a robust investment system and research capabilities, particularly through its "China Europe Manufacturing" initiative, which aims to enhance product quality and collaboration efficiency [10] - The investment platform integrates specialized roles and standardized processes to improve efficiency and output clearer, more stable investment products [10] - The platform's ability to leverage a global non-standardized data repository supports the identification of competitive companies, enhancing the overall investment strategy [10][11]