《推动公募基金高质量发展行动方案》提出，要强化核心投研能力建设，引导基金公司持续强化人力、 系统等资源投入，加快"平台式、一体化、多策略"投研体系建设。 近年来，兴证全球基金投研体系全面迭代升级，通过专业研究小组搭建、跨组协作、"老带新"人才梯队 建设等系列机制，为公司投资决策提供平台化、专业化、体系化的研究支持，为公司上千亿的权益基金 管理运作提供了有力支撑。 这一迭代效果也初步体现在收益率曲线之上。根据国泰海通基金研究中心数据，截至9月末，兴证全球 基金近一年、近两年、近三年权益类基金绝对收益均位居13家权益类大型公司之首。此外，兴全商业模 式、兴全社会价值三年持有混合、兴全多维价值等多只主动权益基金获7家基金评价机构全五星评级 （国泰海通证券评级结果截至10月末，其余机构评级结果截至9月末）。 面对周期轮转、结构分化的市场行情，精细分工的研究团队如何发挥效能？置身于科技浪潮之中，主动 权益基金如何捕捉机会？近日，中国证券报记者深入兴证全球基金投研团队采访调研，探寻大象起舞背 后的足迹。 专业研究支撑平台化升级 人才建设是资产管理行业的核心，如何让团队有机衔接，对投资决策形成有效助力，兴证全球基金正在 不 ...

Core Insights - The article discusses the comprehensive upgrade of the investment research system at Xingzheng Global Fund, emphasizing the importance of a platform-based, integrated, and multi-strategy research framework to enhance investment decision-making [1][2][3] Group 1: Research System Development - Xingzheng Global Fund has established specialized research teams focusing on manufacturing, cycles, consumption, technology, and pharmaceuticals, enhancing research efficiency and investment decision support [2][3] - The fund's research teams have shown significant performance, with their equity funds ranking first among 13 large equity fund companies in absolute returns over the past year, two years, and three years [1][2] Group 2: Talent Development and Collaboration - The company emphasizes the importance of talent development, with a focus on creating a seamless connection between research and investment to effectively support decision-making [2][3] - Cross-group collaboration is highlighted as a mechanism to quickly mobilize research resources when significant market opportunities arise, allowing for a more comprehensive analysis of emerging trends [4][5] Group 3: Long-term Investment Philosophy - The company promotes a long-term investment philosophy, encouraging fund managers to develop their investment methodologies over extended periods, which allows for a deeper understanding of market dynamics [7][8] - Fund managers are given the freedom to explore different investment strategies, fostering an environment conducive to personal growth and the development of unique investment approaches [7][8] Group 4: Cultural Transmission and Mentorship - The company values the "old brings new" mentorship approach, where experienced fund managers share their insights and experiences with junior team members, enhancing the overall talent pool [9][10] - The emphasis on learning from past successes and failures is integral to the company's culture, encouraging continuous improvement and adaptation in investment strategies [9][10]

Core Viewpoint - The current investment landscape is characterized by a new economic cycle, with significant shifts in macroeconomic analysis, particularly the need to focus on country-specific dynamics rather than solely on the US economy [2][25]. Group 1: Major Challenges in Asset Allocation - The first challenge is the misalignment of global economic cycles, where non-US developed countries' monetary policies diverge significantly from the US, influenced by de-globalization and supply chain restructuring [23][24]. - The second challenge is the decline in long-duration risk returns, driven by prolonged monetary easing in the US and increased demand for long-term bonds in China due to economic transformation and aging demographics [26][27]. - The third challenge is the simultaneous volatility of stocks and bonds in overseas markets, necessitating a greater allocation to counter-cyclical assets like gold for risk hedging [29]. Group 2: Insights on Major Asset Classes - For US dollar assets, there is potential for short-term rebounds due to economic soft landing expectations, but long-term attractiveness may diminish due to debt monetization and rising credit risks [30]. - Chinese yuan assets are expected to appreciate in the short term due to improved economic momentum and foreign capital inflows, with long-term growth potential linked to the rising importance of physical assets [30]. - The outlook for bonds remains uncertain, with US Treasury yields expected to steepen while the long-term trajectory for Chinese bonds is influenced by demographic pressures and economic structural changes [30]. Group 3: Investment Strategies and Trends - The investment strategy for cyclical stocks involves a speculative approach based on commodity price movements, which carries high risks due to the assumption of uniformity among companies within the sector [21]. - A more strategic approach involves selecting stocks with high price and income elasticity based on demand expansion trends, particularly in sectors like new energy and lightweight materials [21]. - Value-based strategies focus on identifying buying opportunities in cyclical stocks by analyzing asset elasticity, valuation levels, and demand signals [22]. Group 4: Performance of Managed Funds - The managed funds by the manager have shown significant performance, with the flagship fund achieving a return of 32.9% year-to-date and a cumulative return of 705.37% since inception [2][3]. - The investment philosophy emphasizes a balanced strategy, focusing on high-quality companies and growth stocks, with a high concentration in top holdings [4][6]. - Recent adjustments in the portfolio include increased allocations to semiconductor and biopharmaceutical sectors, reflecting a proactive approach to market trends [7][14].

据证券之星公开数据整理，近期欧林生物（688319）发布2025年中报。根据财报显示，欧林生物营收净 利润同比双双增长。截至本报告期末，公司营业总收入3.06亿元，同比上升35.17%，归母净利润 1319.69万元，同比上升147.22%。按单季度数据看，第二季度营业总收入2.18亿元，同比上升40.44%， 第二季度归母净利润2027.08万元，同比上升1139.49%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率93.17%，同比减1.47%，净利率4.33%，同比增 131.86%，销售费用、管理费用、财务费用总计1.85亿元，三费占营收比60.59%，同比减11.73%，每股 净资产2.28元，同比增5.07%，每股经营性现金流-0.05元，同比增65.85%，每股收益0.03元，同比增 147.31% 证券之星价投圈财报分析工具显示： 商业模式：公司业绩主要依靠研发及营销驱动。需要仔细研究这类驱动力背后的实际情况。 财报体检工具显示： 建议关注公司现金流状况（货币资金/流动负债仅为42.39%、近3年经营性现金流均值/流动负债仅为 0.68%） 建议关注公司债务状况（有息资产负债率已达21. ...