开年以来，资源品再次站上市场舞台的中央。铜、铝等工业金属价格在供给扰动、库存偏低和全球新旧 动能切换的共同作用下频频创新高，黄金和白银的走势也在地缘格局与资产再配置的推力下持续走强。 对于权益投资者而言，这一轮行情不再只是简单的周期反弹，而更像是一场沿着能源革命和人工智能基 础设施推进的结构性重塑，在更长的时间维度上重新定价"稀缺"。 在这样的背景下，以有色金属为主要关注方向的中欧资源精选，成为不少机构投资人重新审视商品与权 益结合方式时的重要样本。从近一年和过去六个月到成立以来，该产品围绕细分有色金属等资源板块持 续主动挖掘机会，在对标细分指数和业绩比较基准的过程中，追求可识别的超额收益曲线。 中欧资源精选在成立以来的运行路径中，更强调从供需两端出发去理解价格，从而在波动中保持相对稳 定的仓位框架。一方面，围绕铜、铝等核心品种，更多从资本开支周期、库存结构和政策约束角度来判 断阶段性风险和机会，通过滚动微调个股和品种权重来应对短周期波动。另一方面，将黄金和部分小金 更重要的是，这背后并非简单的被动跟随价格，而是围绕"稀缺上游资源和中游材料"这一主线，叠加全 球货币环境、资本开支周期和下游应用场景的多维度研究 ...

Core Insights - The rapid growth of initiated funds in the public offering industry is driven by flexible regulatory designs and the management's co-investment mechanism [1][2] - Initiated funds are becoming key vehicles for public institutions to invest in thematic sectors aligned with national strategic directions, particularly in technology innovation and green energy [1][2] - There is a clear competitive landscape among public institutions, with leading firms leveraging comprehensive advantages to build product barriers, while smaller firms adopt niche strategies to thrive [2][3] Summary by Categories Fund Growth and Structure - As of November 23, 338 initiated funds have been established in 2023, with a total issuance scale of 47.31 billion yuan [1] - Over 50% of the newly established initiated funds are passive index and enhanced index funds, indicating a shift towards low-cost and transparent investment tools [1] Thematic Focus - The thematic layout of initiated funds closely aligns with national strategies, focusing on high-end manufacturing, green energy, and digital economy, with a notable increase in AI-themed funds from about 10 to 26 [1] - Among the new initiated funds, 148 are tagged with "Wind ESG concept theme," reflecting the growing influence of ESG principles [1] Competitive Landscape - Leading public institutions, such as Huaxia Fund, have issued 38 initiated funds this year, including various themes like the ChiNext and AI, creating a comprehensive product matrix [2] - Smaller public institutions are adopting a "small but beautiful" strategy, focusing on high-growth technology sectors and innovative drug industries to carve out a niche in a homogenized market [3]

Group 1 - Macro Holdings (002379.SZ) released its semi-annual report for 2025 on August 15, 2025, indicating that as of August 14, 2025, 29 institutional investors disclosed holding shares, totaling 397 million shares, which accounts for 34.95% of the total share capital [1] - The top ten institutional investors include Shandong Hongqiao New Materials Co., Ltd., Hong Kong Central Clearing Limited, Shanghai Jiuku Investment Co., Ltd. - Jiuku Qiji No. 4 Private Securities Investment Fund, and others, with a combined holding ratio of 34.47%, reflecting an increase of 3.16 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two public funds increased their holdings compared to the previous period, including Southern CSI 2000 ETF and Yongying Huixiang Bond A, with a slight increase in holding ratio [2] - Two public funds decreased their holdings compared to the previous quarter, including China Europe Resource Selection Mixed Initiation A and ICBC Silver and Profit Mixed, with a slight decrease in holding ratio [2] - A total of 20 new public funds were disclosed this period, including Silver Hua Xin Jia Two-Year Holding Mixed, Silver Hua Xin Yi Flexible Configuration Mixed A, Wan Jia Selected A, and others [2] - One foreign fund increased its holdings compared to the previous period, namely Hong Kong Central Clearing Limited, with an increase of 2.42% [2] - One new foreign institution disclosed this period, which is the Abu Dhabi Investment Authority, while one foreign institution, Swiss GAIN Capital - Proprietary Funds, was not disclosed in the previous quarter [2]

Group 1 - Macro Holdings (002379.SZ) reported its Q1 2025 results, with 20 institutional investors holding a total of 357 million shares, representing 31.40% of the company's total equity [1] - The top ten institutional investors collectively hold 31.31% of the shares, a decrease of 1.62 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, one fund, Southern CSI 2000 ETF, increased its holdings, while one fund, E Fund CSI 2000 ETF, decreased its holdings [2] - A total of 12 new public funds disclosed their holdings this period, including Ruiyuan Balanced Value Mixed A and CITIC Securities Excellent Growth A [2] - One foreign fund, Swiss Capital Bank, increased its holdings, while Hong Kong Central Clearing Limited reduced its holdings by 0.88% [2]