Core Insights - The 2025 Analyst Conference highlighted the expectation of a bull market in A-shares driven by global capital inflows, as articulated by Chen Xiaosheng, Chairman of Shenwan Hongyuan Fund [1][4]. Group 1: Strategic Focus - The company emphasizes embedding its business development within national strategic frameworks, particularly focusing on new productive forces and creating a distinctive product matrix [1][4]. - Key areas of focus include four strategic emerging industry clusters, six future industries, six critical core technologies, and three new types of infrastructure [1][4]. - The company aims to enhance its thematic fund layout around these industries, enriching the product spectrum in areas such as intelligence, low carbon, and quality [1][4]. Group 2: Research and Investment Strategy - The company is building a systematic research and investment model characterized by a "platform-based, integrated, multi-strategy" approach [2][5]. - It leverages advanced model capabilities for rapid tracking of industry trends and establishes a comprehensive research system covering macro environments, listed companies, bond issuers, and fund products [2][5]. - There is a focus on differentiated development, enhancing active equity multi-strategy offerings, and expanding into multi-asset FOFs [2][5]. Group 3: Digital Transformation - The company has invested in digital platform development over the past four years, creating proprietary research platforms and enhancing data governance across various functions [3][6]. - Future efforts will integrate AI technology to improve research tracking, compliance checks, and report writing [3][6]. - Marketing strategies will focus on enhancing client service transparency and advisory capabilities [3][6].

Core Insights - The article emphasizes the shift in institutional investors' strategies from "short-term speculation" to "long-term value discovery" in response to the "14th Five-Year Plan" which aims to enhance the inclusiveness of capital markets [2][4] - It highlights the importance of a robust institutional framework that facilitates long-term investments, particularly in areas like pension finance, which is seen as both a source of monthly income for residents and a long-term capital for the state [5][6] Group 1: Institutional Investor Behavior - The primary shift in decision-making perspective is from "short-term speculation" to "long-term value discovery," focusing on sectors with policy certainty and long-term trends like technological and green transformations [2][3] - Institutional investors are expected to transition from "holding assets" to "risk allocation," managing volatility through a more flexible and diverse set of financial tools [2][4] - Investment strategies will increasingly lean towards "passive factor" approaches, utilizing quantitative methods and Smart Beta tools to capture long-term style premiums [3] Group 2: Enhancing Capital Market Functionality - The article suggests that improving transparency of information is crucial for attracting institutional investments, allowing companies to clearly disclose their innovation and performance metrics [4] - It advocates for the development of third-party professional ratings to provide institutions with reliable benchmarks for investment decisions [4] - The introduction of diverse investment products such as technology innovation bonds and themed funds is essential to create viable investment opportunities [4] Group 3: Pension Finance Challenges and Innovations - Key shortcomings in pension finance include insufficient reserves, an imbalanced structure, and a lack of long-term friendly products that provide stable cash flows [5] - Future innovations should focus on developing products that ensure monthly payouts, increasing the proportion of long-term assets, and optimizing tax incentives to encourage participation [5][6] - The dual nature of pension finance is highlighted, serving both as a source of monthly income for residents and as a long-term capital source for the state [6] Group 4: Shenzhen's Financial Innovations - Shenzhen's innovation lies in creating an ecosystem that capitalizes on uncertainty, with government-led angel funds and a robust venture capital environment to support early-stage technology projects [6][7] - The establishment of a closed-loop system for fundraising, investment, management, and exit through the Shenzhen Stock Exchange enhances capital circulation [6][8] - The city aims to become a center for "patient capital," attracting long-term investments in technology and foundational research [8][10] Group 5: Regional Financial Collaboration - The article discusses the need for a clear financial division of labor between Hong Kong and Shenzhen, with Hong Kong focusing on international capital and Shenzhen on local innovation [9][10] - Shenzhen is positioned to be a pricing center for innovative capital, a processing hub for cross-border capital, and a connector of financial capabilities between the two cities [10]

Core Insights - The article draws a parallel between shopping for products during the Double Eleven sales and selecting investment funds, emphasizing the importance of a strategic approach in both scenarios Part 01: Fund Selection Guide - Step 1: Define the investment goal, similar to having a shopping objective, which helps in selecting suitable funds based on investment planning, risk tolerance, and time horizon [3] - Step 2: Evaluate historical performance and fund manager credibility, as past performance can indicate the manager's capability, even though it does not guarantee future results [3] - Step 3: Assess the cost-benefit ratio using the Sharpe ratio, which measures excess return per unit of risk, with a ratio above 1 indicating good performance and above 2 indicating excellent performance [3] - Step 4: Review the fund's holdings, focusing on industry distribution and top holdings to ensure alignment with investment intentions and avoid redundancy in the portfolio [4] Part 02: Rational Fund Management - Avoid impulsive purchases driven by market trends, akin to emotional shopping, to prevent poor investment decisions [6] - Refrain from frequent redemptions, as high transaction costs can disrupt long-term strategies and lead to a cycle of chasing market trends [7] Part 03: Optimizing the Investment Portfolio - Regular maintenance of the investment portfolio is essential, similar to periodically cleaning a shopping cart [9] - Implement a "core-satellite" strategy, allocating 60%-80% to core assets for stability and 20%-40% to satellite assets for higher returns [10][11] - Conduct periodic reviews of the fund portfolio to rebalance and maintain the intended asset allocation, ensuring alignment with market conditions [13]

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reforms and enhancing quality and efficiency, aiming for high-quality development to meet national strategies and public expectations [1] Group 1: Industry Developments - The Beijing Securities Regulatory Bureau, in collaboration with the Beijing Securities Association and over 40 public fund management firms, launched a series of activities focused on high-quality development in the public fund sector, themed "New Era, New Fund, New Value" [1] - The initiative aims to enhance investor education and protection, promote the transformation and upgrading of the public fund industry, and improve its ability to serve the real economy [1] Group 2: Company Innovations and Strategies - Pengyang Fund has established itself as a rising force in the domestic public fund market, achieving a total management scale exceeding 200 billion yuan by the end of September 2025, driven by innovation embedded in its business development [1][2] - The company has launched the first short-term bond fund in the market in 2017 and has expanded into "fixed income plus" products to cater to shifting investor risk preferences [2] - In the equity business, Pengyang Fund has aligned its product offerings with national strategies and market demands, introducing investment tools focused on digital economy, advanced manufacturing, pharmaceuticals, and consumption [3] - The company has developed various index products, including the first quality factor smart index fund and the first digital economy theme index ETF, responding to the passive investment trend [3] - The "Action Plan for Promoting High-Quality Development of Public Funds" released in May 2025 serves as a guiding document for future product innovation and strategic direction [4] - Pengyang Fund plans to enhance its active investment management capabilities and develop more actively managed equity funds with clear investment styles and stable long-term returns [4]

Investment Rating - The report does not provide a specific investment rating for the Beijing Stock Exchange, indicating it as "No Rating" due to the inability to obtain necessary information or the presence of significant uncertainties [1]. Core Insights - The Beijing Stock Exchange has completed four years since its establishment, with a steady expansion in market size, reaching 274 listed companies and a total market capitalization exceeding 922 billion yuan. The proportion of "specialized, refined, distinctive, and innovative" small giant enterprises exceeds 50%, while high-tech enterprises account for 82%. Five major industrial clusters have formed: high-end equipment, information technology, consumer services, new chemical materials, and biomedicine [3]. - High-quality supply has become the core driving force of the market, transitioning from "quantity expansion" to "structural optimization." Specialized and high-tech enterprises have become the main force among listed companies, with initial signs of industrial cluster effects [3]. - Continuous institutional innovation has enhanced market vitality, with the introduction of mechanisms such as "small and fast" review processes and simplified restructuring review procedures, significantly improving market efficiency and boosting the quantity and quality of mergers and acquisitions [3]. - The capital market functions are gradually improving, with the number of qualified investors surpassing 9 million. The entry of institutional investors like public funds and insurance companies has optimized the investor structure, leading to a transformation from a "trading market" to a "allocation market" [4]. Summary by Sections Market Overview - The Beijing Stock Exchange has seen a significant increase in market activity, with an average daily trading volume approaching 30 billion yuan in 2025, marking a substantial year-on-year growth [3]. Investment Strategy - The report suggests a mid-to-long-term investment strategy focusing on "specialized, refined, distinctive, and innovative" sectors and high-end manufacturing, emphasizing the importance of industry prosperity and clear profit realization paths [4].

为此，嘉实基金持续系统的打造体系化的"投研基建"，构建"系统化研究+团队协同+动态迭代"的投研体 系，不断提高对新质生产力创新和产业发展趋势的判断力，聚集投研团队，集中精力研究具有真正"硬 科技"属性的产业和战略新兴产业。 新基金产品精心布局，为投资者做好服务。嘉实基金不断加大产品创新力度，积极开发和布局与新质生 产力相关的主题基金、ETF等产品，目前已形成品类齐全、规模较大的特色科技产品布局。主动权益方 面，嘉实基金构筑了"科创新质生产力"产品矩阵；被动投资方面，公司成立了芯片、人工智能、机器人 等一系列覆盖前沿科技领域的ETF。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近期，在北京证监局指导下，北京证券业协会携手北京公募基金管理人、基金销售机构、基金评价机构 及多家主流媒体，共同启动"北京公募基金高质量发展系列活动"。活动以"新时代·新基金·新价值——北 京公募基金高质量发展在行动"为主题，旨在贯彻落实《推动公募基金高质量发展行动方案》，进一步 提升北京作为国家金融管理中心的引领作用。 "新时代、新基金、新价值"引领，打造高质量发展新范式 北京公募基金高质量发展系列活动践行高质量发展 ...

Group 1 - The core viewpoint of the article highlights the rapid growth of China's public fund industry, with the scale increasing from 8.4 trillion yuan at the end of 2015 to 32.83 trillion yuan by the end of 2024, driven by policy support and industry innovation [1] - The article emphasizes the importance of evaluating new funds based on their competitive advantages, investment strategies, fund manager experience, portfolio construction logic, and cost structure [2][4][10] Group 2 - Investors should assess whether new funds offer unique advantages compared to existing funds, especially in categories with many existing products, and look for innovations in strategy or risk control [4][8] - The article warns against blindly chasing hot investment themes and encourages investors to focus on long-term goals rather than short-term trends [10][11] - It is noted that many thematic funds have underperformed broad market indices, with over 60% of them being liquidated in the past 15 years [11][12] Group 3 - Evaluating the experience of fund managers is crucial, as investors should focus on relevant experience rather than just the length of their careers [18][19] - Investors can gain insights into fund managers' investment styles by reviewing their past management records and performance [20] Group 4 - Understanding the portfolio construction logic is essential, as it helps investors determine whether a fund's strategy aligns with their risk tolerance and investment goals [22][23] - The article emphasizes that a fund's fee structure significantly impacts investor returns, with lower fees generally correlating with better performance [25][26] Group 5 - The article concludes that while new funds may seem attractive, investors should conduct thorough due diligence using publicly available information to make informed decisions [30]

Investment Opportunities - Theme investment presents various opportunities due to rapid societal changes and emerging trends, particularly in technology sectors like artificial intelligence, which is expected to play a significant role in areas such as smart customer service, autonomous driving, and medical imaging diagnostics [1] - The renewable energy sector is gaining traction as traditional energy sources are gradually being replaced, with solar, wind, and hydro energy showing vast development potential. Investing in companies related to photovoltaic and wind power equipment manufacturing could yield substantial returns [3] - Consumer upgrades are a hot topic, driven by rising living standards and increasing demand for quality products in sectors like premium liquor, cosmetics, and smart home devices [3] - The healthcare theme is also critical, with an aging population leading to heightened health awareness. Areas such as innovative drug development, medical device manufacturing, and healthcare services have significant growth potential [3] Investment Strategies - Staying informed about news and policy changes is essential, as government support for specific industries can signal emerging investment themes. Regularly monitoring news related to investment policies and industry dynamics is recommended [4] - Analyzing the sustainability of themes is crucial, as not all hot topics will maintain their momentum. Evaluating the long-term growth potential of the underlying industry and the stability of market demand is necessary [4] - Selecting appropriate investment tools is important. Direct stock purchases may suit those with a good understanding of the market and risk tolerance, while theme funds managed by professionals can offer a lower-risk alternative [7] - Diversification is key; spreading investments across different themes can mitigate risks associated with any single investment underperforming [7] - Maintaining a balanced mindset is vital in investment. It is important to avoid impulsive decisions based on market fluctuations and to adhere to a well-defined investment strategy [7]