| 基金名称 | 中泰ESG主题6个月持有期混合型发起式证券投 | | --- | --- | | | 资基金 | | 基金简称 | 中泰ESG主题6个月持有混合发起 | | 基金主代码 | 016945 | | 基金管理人名称 | 中泰证券(上海)资产管理有限公司 | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 | | 基金经理变更类型 | 解聘基金经理 | | 共同管理本基金的其他基 | 王路邊 | | 金经理姓名 | | | 离任基金经理姓名 | 李玉刚 | （责任编辑：康博） 李玉刚曾任国泰君安证券股份有限公司研究所、新产品部和衍生产品部研究员、资产管理总部研究 员。2010年10月至2014年8月期间担任上海国泰君安证券资产管理有限公司量化投资部总经理。2014年 11月加入中泰证券(上海)资产管理有限公司，历任对冲基金部总经理、研究部总经理，现任研究部总经 理兼量化公募投资部总经理。 中泰ESG主题6个月持有混合发起成立于2024年1月23日，截至2025年5月12日，其今年来收益率为 4.24%，累计收益率为23.68%，累计净值为1.2368元。 中国经济网北京5月13日讯 今 ...

Core Viewpoint - The overall market in Q2 2025 experienced a turbulent yet limited increase, influenced by ongoing tariff impacts and structural differentiation across sectors [5][6][30]. Group 1: Market Performance and Economic Outlook - The market showed structural differentiation, with banks and dividend assets performing well, while some cyclical industries struggled [5][6]. - The macroeconomic outlook remains optimistic, but caution is advised at the micro level regarding individual stocks [5][6]. - The impact of tariffs on the long-term fundamentals needs to be validated with new financial data [5][6]. Group 2: Investment Strategy and Portfolio Management - The investment strategy focuses on maintaining a robust portfolio, with a preference for high alpha and low valuation stocks, continuing to buy undervalued assets [5][9]. - The portfolio has seen minor adjustments, with a stable overall position and a focus on quality assets with long-term growth potential [9][20]. - The strategy emphasizes diversification to mitigate risks associated with macroeconomic sensitivity, particularly in cyclical sectors [20][34]. Group 3: Sector-Specific Insights - The white liquor industry faced significant concerns due to government policies against waste, but high-end liquor demand remains stable due to its limited government use [8][9]. - The technology and innovation sectors are expected to benefit from supportive policies and domestic growth, particularly in AI and semiconductor industries [20][21]. - The healthcare sector, particularly innovative pharmaceuticals, is showing signs of recovery and potential for long-term growth, driven by overseas collaborations [20][21]. Group 4: Market Trends and Future Expectations - The market is expected to remain cautious in the short term due to external trade pressures, but domestic policies are anticipated to provide support [30][33]. - The focus will be on sectors with inherent growth potential, such as technology and consumer upgrades, while monitoring macroeconomic policies and liquidity changes [21][22][33]. - The overall investment sentiment is improving, with a notable recovery in excess returns for public funds, indicating a potential for better performance in the coming quarters [30][33].

好投资是信任与认知的双重胜利， 期 待我们始终走在双向奔赴的路上。 姜 诚 一季度市场似乎缺乏清晰的基本面主线，在技术进步的背景下，人工智能和机器人相关领域有不错表现。 因为我们组合中的标的整体价格变化不大，所以整体仓位和结构也变化不大，仅在个别标的价格有显著波 动时进行了"被动"应对。 四月是传统的财报季，叠加贸易战的影响，市场或许会更聚焦于政策对基本面的长中短期影响。但 我们 更专注于为资产进行称重，而非过度关注阶段性波动。我们不会对企业的利润曲线求解一阶导数（利润增 长率）或者二阶导数（增长率的变化率），而是试图对长期分红的现值求解"积分"，所以不太关心增速， 更关心竞争格局和竞争优势的结构性变化。 在结构性变化的维度内，我们的组合有喜有忧，忧的是一些 行业的差竞争格局持续的时间较长，这对长期价值有杀伤；喜的是重点品种的竞争优势在潮水退却后变得 更加明显。简而言之，弱β叠加强α，让我们暂无修订长期结论的必要。对贸易战的前景，很难做出准确 判断，但我们仍有底气，原因有两方面：一是我国完备的产业链和巨大的内需给经济提供了韧性；二是可 运用的政策空间还有很大余量。所以不必急于做判断，后续的操作仍是以多看少动为 ...