本报讯(记者王宁)近日，各大基金评级机构陆续发布最新基金评级报告，从国泰海通证券、招商证券、 银河证券、天相投顾和济安金信等五家基金评级机构新一期的基金评级名单看，嘉实基金旗下有59只 (仅统计主份额)产品获评五星/五A评级。整体来看，59只五星产品涵盖了主动权益、被动投资、固收、 QDII多个类型，从侧面印证了嘉实基金助力投资者穿越周期、全面把握投资机遇的多元化服务能力。 此外，在固收基金方面，嘉实致信一年定开债券和嘉实多利收益债券，均集齐五大评级机构的五星评 级。嘉实"稳系列"的嘉实稳荣、嘉实稳裕A、嘉实稳祥A均获五星评级。 在被动投资领域，嘉实"超级ETF"产品货架有15只获招商证券、天相投顾和济安金信三家机构5星/5A评 级，既有场内的ETF利器，也有方便尚未开通股票账户的场外投资者参与的场外指数基金。 在宽基ETF方面，"千亿元级ETF俱乐部"成员嘉实沪深300ETF、嘉实中证500ETF等获得多家评级机构认 可。行业主题赛道，居同标的产品规模之首的稀土ETF嘉实、软件ETF均获评招商证券三年期五星、天 相投顾三年期五A评级。 据悉，在主动权益基金方面，嘉实基金"平台型、团队制、一体化、多策略"的投 ...

Group 1: Industry Overview - Public funds are becoming increasingly important institutional investors in the capital market, playing a significant role in deepening reforms and promoting high-quality economic development [2][3] - The public fund industry has surpassed 35 trillion yuan in scale and is at a critical juncture for reform and high-quality development [6][8] Group 2: Huaxia Fund - Huaxia Fund actively guides social capital towards technology industries, enhancing its investment research capabilities in the tech sector [3][4] - The fund has developed a diverse range of thematic funds and ETFs focused on new productive forces, including the "Innovation Frontier" series and "Industry Leader" series [3][4] - As of now, Huaxia Fund manages over 200 billion yuan in investments directed towards technology companies in the secondary market [4] Group 3: Industrial and Technological Focus - Huaxia Fund emphasizes the importance of directing social capital towards new productive forces and technology industries, creating a high-level circulation ecosystem between technology, capital, and the real economy [4][5] - The fund has established a dedicated research team to enhance its ability to identify high-tech companies with strong innovation capabilities and good market prospects [4][5] Group 4: ICBC Credit Suisse Fund - ICBC Credit Suisse Fund has become a leading institution in the industry, with its first product achieving a cumulative return of 855.07% since inception [6][7] - The fund has demonstrated strong performance in both equity and fixed income sectors, with its active equity products ranking first in excess returns over various time frames [6][7] Group 5: Investment Strategy and Performance - The fund has developed a comprehensive investment strategy that includes a wide range of products, from fixed income to equity and pension finance, with a focus on long-term, value-driven investments [6][8] - ICBC Credit Suisse Fund has a robust talent development system, with over 70% of its fund managers being internally trained [9][10] Group 6: Jiashi Fund - Jiashi Fund has focused on guiding social capital towards high-value sectors during the "14th Five-Year Plan" period, managing assets totaling 1.61 trillion yuan [11][12] - The fund has invested over 220 billion yuan in sectors such as technology, manufacturing, and new energy, emphasizing deep research-driven fundamental investment [12][13] Group 7: Product Development and Investor Education - Jiashi Fund has built a comprehensive product system that includes both active and passive investment options, catering to various risk preferences [13][14] - The fund is committed to investor education, helping investors understand the value of technology investments and manage their risk preferences [14] Group 8: Jianxin Fund - Jianxin Fund has established a diverse product system covering various asset types, focusing on empowering the development of new productive forces [15][16] - The fund has launched multiple technology-focused products and has invested in over 1,400 technology-related enterprises [15][16] Group 9: Social Responsibility and Sustainable Development - Jianxin Fund actively participates in social responsibility initiatives, including investments in rural revitalization and green projects [17][18] - The fund has developed a robust risk management system to safeguard client assets and ensure compliance [17][18] Group 10: Future Outlook - Jianxin Fund aims to continue enhancing its research capabilities and product offerings to meet the wealth management needs of residents and support the transformation of the real economy [19]

Market Review - The equity market saw most major indices rise, with the STAR 50 index showing the largest increase of 5.48% [4][5] - The bond market experienced an upward trend in both short and long-term interest rates, with the 10-year government bond yield rising by 4.10 basis points to 1.867% [8][12] - The TMT sector rebounded collectively, while the majority of the 31 industries tracked by Shenwan saw gains [4][5] Equity Product Allocation Strategy - Event-driven strategies include monitoring the anti-dumping investigation initiated by the Ministry of Commerce against imported chips from the US, which may benefit funds like Bosera Semiconductor Theme A (012650) and ICBC Emerging Manufacturing A (009707) [18] - The automotive industry is highlighted due to the "Automotive Industry Stabilization Growth Work Plan (2025-2026)" released by multiple departments, with funds such as Huaxia Automotive Industry A (017721) being of interest [19] - The upcoming World Energy Storage Conference from September 16 to 18 in Ningde, Fujian, is expected to spotlight funds like Jiashi Intelligent Automotive (002168) [20] Asset Allocation Strategy - A balanced core plus barbell strategy is recommended, focusing on dividend and technology/high-end manufacturing sectors [22] - The attractiveness of dividend assets is emphasized due to the low interest rate environment and government support for regular dividend distributions [22][23] - The technology growth direction is supported by national policies and the urgency for domestic alternatives due to overseas technology export restrictions [23][24] Stable Product Allocation Strategy - The central bank's recent net injection of 196.1 billion yuan indicates a shift from a tight to a loose monetary environment [28] - August inflation data shows a year-on-year decrease of 0.4%, suggesting early signs of anti-involution effects [28] - The total social financing data for August indicates a broad money (M2) balance of 331.98 trillion yuan, growing by 8.8% year-on-year [28] Key Focus Products - Recommended funds include Nord Short Bond A (005350) and Guotai Li'an Medium and Short Bond A (016947) for stable returns [2][33] - For those looking to enhance overall returns, it is suggested to consider fixed income plus funds while being mindful of associated risks [32][33]

Group 1 - The article highlights the emergence of mid-generation fund managers in the public fund industry, who are becoming key players between established veterans and new rising stars [2] - Notable mid-generation fund managers include Yuan Weide from China Europe Fund, Liu Xu and Han Chuang from Great Wall Fund, and Zhang Jintao from Harvest Fund, among others [2] - These managers face the challenge of balancing scale growth with performance stability, aiming to convert short-term success into long-term sustainable returns [2] Group 2 - Yuan Weide has 8.46 years of investment experience and manages four products with a total scale of 10.267 billion yuan [3] - Initially focused on TMT and electronics, Yuan has expanded his expertise to banking, new energy, and consumer sectors, categorizing assets into three types based on risk-return characteristics [4] - As of Q1 2025, Yuan's portfolio includes high-end manufacturing, consumer goods, and gold stocks, adhering to a value investment philosophy that prioritizes safety and growth [4][5] Group 3 - Liu Xu, with 9.88 years of experience, manages seven products totaling 25.734 billion yuan, focusing on deep value investment through a five-dimensional stock selection model [8] - His investment strategy emphasizes long-term value and competitive advantages, particularly in the manufacturing sector [9] - Liu's flagship product, Great Wall Gaoxin, has achieved a total return of 382.52% since his appointment in July 2015, outperforming the benchmark [13] Group 4 - Han Chuang, with 6.42 years of experience, manages seven products totaling 14.642 billion yuan, known for a cyclical growth strategy focusing on industry trends [10] - His performance has been closely tied to macroeconomic conditions, and he aims to diversify beyond cyclical sectors to enhance returns [17] - Han's flagship product, Great Wall New Industry, has delivered a total return of 299.27% since his appointment in January 2019, although recent performance has lagged [16] Group 5 - Zhang Jintao from Harvest Fund has 9.05 years of experience and manages seven products with a total scale of 15.428 billion yuan, focusing on value investment principles [20] - His representative product, Harvest Hong Kong and Shanghai Select, has achieved a total return of 152.37% since May 2016, with a year-to-date return of 10.68% [22][23] - Wang Guizhong, another notable manager from Harvest Fund, has 6.10 years of experience and focuses on technology investments, achieving a total return of 170.06% since May 2019 [25][27]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented a new action plan to promote the high-quality development of public funds, linking fund manager compensation to long-term performance, which shifts the industry focus from "scale expansion" to "performance-oriented" strategies [1]. Group 1: Policy Impact - The new policy emphasizes the importance of fund managers' long-term performance, potentially leading to a transformation in the industry dynamics [1]. - Wang Guizhong, a prominent fund manager at Harvest Fund, has gained attention for his investment framework that focuses on "information, energy, and life," targeting key technology sectors such as semiconductors, digitalization, and new energy [1]. Group 2: Performance Metrics - As of Q1 2025, Wang Guizhong manages seven funds with a total scale of 11.076 billion yuan, with his flagship product, Harvest Technology Innovation, achieving a remarkable three-year return of 41.76%, significantly outperforming its benchmark by over 54% [1]. - The Harvest Technology Innovation fund has consistently ranked among the top in its category, with a five-year return of 92.56%, and has outperformed its benchmark by 99% over the same period [3]. Group 3: Investment Strategy - The top ten holdings of the Harvest Technology Innovation fund include major companies in semiconductors (SMIC, Jiangfeng Electronics), new energy vehicles (Li Auto, Leap Motor), and high-end manufacturing (Luxshare Precision), indicating a concentrated investment strategy in high-growth sectors [3][4]. - Wang Guizhong highlights the rapid advancements in China's technology sector and the potential for new investment opportunities, despite external pressures such as tariffs [5]. Group 4: Future Outlook - The new compensation structure linked to performance is expected to enhance Wang Guizhong's competitive edge, as his in-depth industry research and forward-looking investment approach align with the policy direction [5]. - The high volatility characteristic of the technology sector poses challenges for fund managers in balancing the pursuit of excess returns with growth in fund size, which will be a critical issue moving forward [5].

Core Viewpoint - The article discusses the recent trend of several high-performing hard technology-themed funds implementing purchase limits due to the surge in AI investments and the resulting revaluation of technology stocks driven by breakthroughs in domestic AI models like DeepSeek [1][5]. Group 1: Fund Performance and Purchase Limits - Multiple high-performing funds focused on the AI industry have announced purchase limits to protect the interests of existing investors and optimize their holding experience [2][3]. - The China Europe Fund's smart manufacturing mixed fund achieved a remarkable return of 75.66% over the past year, with an excess return of 47.97% [2]. - The Jiashi Technology Innovation fund reported a return of 59.90% over the past year, while the Ping An New Xin Pioneer fund achieved a return of 23.69%, significantly outperforming their benchmarks [3]. Group 2: Investment Trends in AI - The AI sector has become a hot spot for market funds, with the Wind data indicating a 38.9% increase in the humanoid robot index and a 27.4% increase in the artificial intelligence index year-to-date [5]. - Fund managers have been focusing on hard technology investment opportunities, with significant increases in allocations to AI hardware, semiconductor advancements, and intelligent driving technologies [5][6]. Group 3: Future Investment Strategies - Fund managers are looking to explore AI hardware industries with clear performance trends and are focusing on the commercial models where AI applications are first implemented [6][7]. - The AI market is projected to exceed $200 billion in 2023, with a compound annual growth rate of 39% expected in the AI smart terminal sector over the next five years [7]. - The potential for significant market growth in AR or AI glasses is highlighted, with the possibility of reaching a market size in the hundreds of billions if production scales up [7].

Core Viewpoint - The article highlights the surge of investment opportunities in the "AI+" sector, emphasizing the strong rise of technology growth-related industries in the Chinese capital market [1]. Group 1: Performance of Investment Funds - Several actively and passively managed equity funds under Harvest Fund have shown impressive performance in the technology sector, reflecting the company's continuous enhancement of its technology investment capabilities [2]. - Harvest Fund has been focusing on technology investments since 2003, successfully capturing opportunities in various sectors such as mobile internet, telecommunications, and media [2]. Group 2: Fund Performance Metrics - Notable fund performances include: - Harvest Technology Innovation Fund: 68.71% net value growth in the last six months, benchmark 32.37% - Harvest Cultural and Entertainment A: 69.46% net value growth, benchmark 42.99% - Harvest Frontier Technology: 60.73% net value growth, benchmark 18.72% - Harvest Information Industry: 75.55% net value growth, benchmark 57.91% - Harvest Manufacturing Upgrade: 84.88% net value growth, benchmark 58.72% - Harvest Frontier Innovation: 62.85% net value growth, benchmark 20.89% [3]. Group 3: Investment Methodology - Harvest Fund's technology investment methodology is based on a deep understanding of three key areas: energy, information, and life sciences, utilizing a structured approach to stock selection [4]. - The investment process includes focusing on artificial intelligence, semiconductors, new energy, internet, and innovative pharmaceuticals, while assessing companies based on various dimensions such as competition and growth potential [4]. Group 4: Product Offerings and Risk Management - Harvest Fund has developed a comprehensive range of active and passive products targeting sectors like technology + manufacturing, AI, new energy, and information security, catering to diverse investor needs [5]. - The company has established a robust risk management system to address the high volatility and risks associated with technology investments, ensuring thorough research and dynamic risk assessment throughout the investment process [5]. Group 5: Investor Education and Support - Harvest Fund emphasizes providing a comprehensive investment experience, including educational resources to help investors understand technology trends and manage their investment expectations [6]. - The company has implemented strategies like "Harvest Smile Investment" to mitigate short-term market fluctuations and guide investors in making informed decisions [6].