伴随着基金中期报告公布，绩优基金经理后市观点再次成为市场焦点。华夏基金顾鑫峰在管的三只基金 华夏北交所创新中小企业精选两年定开混合、华夏成长精选6个月定开、华夏核心制造上半年均取得了 亮眼业绩，基金净值增长率均位居同类型基金前列。更加值得一提的是，华夏北交所创新中小企业精选 两年定开混合近2年净值增长率位居同类1/10，近3年净值增长率排名同类1/3023。展望后市，顾鑫峰在 基金中期报告中明确提出，资本市场正迎来三大历史性拐点，即流动性拐点，产业周期拐点和信心拐 点，这三大拐点共同构筑了市场持续向好的基石。 顾鑫峰表示，流动性方面，当前联邦基金利率区间为4.25%-4.50%；这意味着对于全球很多资金而言， 无风险收益率就超过了4%。这是硬币的一体两面，一面是如此高的无风险收益率，一面便是权益资产 的估值水位。当前，美联储即将进入降息周期，摩根士丹利预计，美联储将在2026年进行七次降息，水 龙头正慢慢拧开，这是全球权益资产的系统性利好，尤其是目前尚处于低水位的中国资本市场。再看国 内利率环境，当前十年期国债收益率仍处于一个很低的绝对水平，这意味着债券的吸引力其实是偏弱 的。一旦美联储正式进入降息周期，全世 ...

Core Viewpoint - The North Exchange 50 Index has reached new historical highs, drawing significant attention from the capital market, with a notable increase in both market performance and investor interest [1][2]. Market Performance - On August 19, the North Exchange 50 Index broke through 1600 points, peaking at 1637.5 points, and closed at 1596.67 points, marking a 1.27% increase [1]. - On August 18, the index surged by 6.79%, closing at 1576.63 points, also a historical high [2]. - Year-to-date, the North Exchange 50 Index has accumulated a rise of 53.85%, with 11 stocks from the exchange increasing over 100% this year, including a notable 226.42% rise for Ge Bi Jia [2]. Fund Performance - All 20 North Exchange thematic funds have reported gains exceeding 39% this year, with an average return of 64.36% [3]. - The top-performing fund, CITIC Securities North Exchange Selected Mixed Fund, achieved returns of 114.59% and 114.06% [3]. - Among the 60 index funds tracking the North Exchange 50 Index, 53 funds have returns exceeding 10%, with 37 funds surpassing 40% [3]. Market Dynamics - The recent performance is attributed to three main factors: the synergy of technology industry trends and policy benefits, the verification of high-growth companies' performance, and improved liquidity and market sentiment [2][4]. - The North Exchange market has seen increased attention and participation since the "9.24" market event, highlighting the innovative capabilities of small and medium-sized enterprises [4]. Investment Strategy - Investors are encouraged to focus on high-growth, high-scarcity, and high-dividend companies within the North Exchange, rather than purely speculative plays [4]. - The North Exchange's market structure and innovative dynamics suggest a promising long-term investment outlook, despite potential short-term volatility [4][5].