嘉实上证科创板工业机械ETF（588850）基金经理为田光远。 截至发稿，田光远累计任职时间4年179天，现任基金资产总规模443.23亿元，任职期间最佳基金回报 125.24%， 任职期间最差基金回报-46.65%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月2日，正帆科技跌5.08%，截至发稿，报35.48元/股，成交4.31亿元，换手率4.03%，总市值103.79亿 元。 资料显示，上海正帆科技股份有限公司位于上海市闵行区春永路55号2幢，成立日期2009年10月10日， 上市日期2020年8月20日，公司主营业务涉及气体化学品供应系统的设计、生产、安装及配套服务;高纯 特种气体的生产、销售;洁净厂房配套系统的设计、施工。主营业务收入构成为：电子工艺设备 63.06%，核心零组件12.82%，气体9.92%，MRO业务8.24%，生物制药设备5.91%，其他业务0.03%，其 他(补充)0.02%。 从基金十大重仓股角度 数据显示，嘉实基金旗下1只基金重 ...

Group 1 - The public fund industry has seen a performance recovery, with major stock indices rising over 8% as of July 25, and over 90% of active equity products showing positive returns year-to-date [1][2] - Despite the positive performance, there has been a significant net redemption of over 1.07 billion units in active equity funds during Q2, a 56% increase from Q1 [1][2] - Investors are increasingly motivated by a "take profit" mentality, particularly in sectors like pharmaceuticals that have rebounded sharply [1][6] Group 2 - The innovative drug index has seen a cumulative increase of 74.21% from the beginning of the year to July 25, yet some high-performing funds are facing scale crises and potential liquidation [2][3] - For instance, Penghua Innovation Medicine A has experienced net redemptions of 1.69 million units and 8.15 million units in the first two quarters of the year, leading to a significant drop in its total assets [2][3] - Other funds, such as the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Industrial Machinery ETF, have also faced substantial redemptions, with a scale reduction of over 90% [3][4] Group 3 - The phenomenon of high-performing funds facing redemptions is attributed to investor sentiment rather than poor performance, with many investors opting to redeem funds that have shown moderate gains [6][7] - The market is currently characterized by rapid sector rotation, and while short-term trends may show strength, the difficulty in chasing high returns is increasing [1][7] - Analysts suggest that the market is transitioning from a capital-driven phase to one focused on fundamentals, indicating a potential shift in investment strategies for the second half of the year [1][8]

本文作者：刘晨明/郑恺/余可骋 报告摘要 科创机械（000693）： 指数从科创板市场中选取50只市值较大的城轨铁路装备、工业自动化、工程机械等领域上市公司证券作为指数样本，以反映科创板市场 代表性工业机械产业上市公司证券的整体表现。 牛市中弹性更大。 （1）在23-24连续两年的强预期弱现实的宏观背景下，科创板的行情表现不佳，影响科创机械的收益率和夏普比例。（2）但在牛市中，科创 机械的弹性更大。924以来科创机械指数上涨57.0%，高于机械设备的50.7%，远高于沪深300和上证指数的19.6%和19.8%。 科创机械指数：强研发投入，高盈利增速，更能够代表中国高端制造业 1.超配新兴行业，指数更能反映资本市场结构变化和产业转型升级。 科创机械全部成分股处于科技、信息技术板块，机械设备占比81.7%，更能够反映中国经济 的结构性变迁。而宽基指数上证指数、沪深300的前三大权重行业中，大部分是金融板块。 2.相比于宽基指数，高波动、高回报，反映中国经济的结构性变迁，长期看科创机械能够跑赢宽基指数。 指数成立至今（2025.3.18），科创机械指数的年化收 益率3.8%，高于沪深300的-0.4%和上证指数的 ...