绝对收益产品及策略周报（251208-251212） [Table_Authors] 郑雅斌(分析师) 上周 20 只固收+基金创新高 本报告导读： 股票端采用小盘成长组合+不择时的股债 10/90 和 20/80 月度再平衡策略，2025 年累 计收益分别为 6.21%和 11.30%。 投资要点： 金 融 工 程 周 报 固收+产品业绩跟踪。截至 2025 年 12 月 12 日，全市场固收+基金 规模 21722.64 亿元，产品数量 1148 只，其中 20 只上周净值创历史 新高。上周（20251208-20251212，下同）共新发 8 只产品，各类型 基金业绩中位数表现分化：混合债券型一级（0.06%）、二级（0.03%）、 偏债混合型（-0.02%）、灵活配置型（0.06%）、债券型 FOF（0.05%） 及混合型 FOF（0.01%，保守型）。按风险等级划分，保守型、稳健 型、激进型基金中位数收益分别为 0.06%、0.04%、0.00%。 大类资产配置和行业 ETF 轮动策略跟踪。1）大类资产择时观点。 2025Q4 逆周期配置模型给出的宏观环境预测结果为 Inflation，12 月 以 ...

Core Insights - Huadian Technology Co., Ltd. experienced a stock price increase of 5.12%, reaching 7.59 CNY per share, with a trading volume of 165 million CNY and a turnover rate of 1.90%, resulting in a total market capitalization of 8.848 billion CNY [1] Company Overview - Huadian Technology Co., Ltd. is located at No. 1 Building B, East Road, Automobile Museum, Fengtai District, Beijing, established on December 26, 2008, and listed on December 11, 2014 [1] - The company's main business includes engineering system design, general contracting, and the research, design, and manufacturing of core high-end equipment [1] - Revenue composition: high-end steel structure engineering (33.89%), material conveying system engineering (24.76%), thermal energy engineering (23.15%), marine engineering (17.87%), and hydrogen energy business (0.34%) [1] Shareholder Insights - Among the top ten circulating shareholders of Huadian Technology, one fund from GF Fund ranks as a significant stakeholder [2] - The GF CSI Infrastructure Engineering ETF (516970) increased its holdings by 131,400 shares in the third quarter, totaling 1.9861 million shares, which represents 0.17% of the circulating shares [2] - The estimated floating profit from this investment is approximately 734,900 CNY [2] Fund Manager Information - The fund manager of GF CSI Infrastructure Engineering ETF (516970) is Huo Huaming, who has been in the position for 8 years and 225 days [3] - The total asset size of the fund is 65.92 billion CNY, with the best fund return during the tenure being 81.17% and the worst being -32.06% [3]

Core Viewpoint - Huadian Technology fell by 5.03% on November 18, with a stock price of 7.37 CNY per share, a trading volume of 185 million CNY, a turnover rate of 2.12%, and a total market capitalization of 8.591 billion CNY [1] Company Overview - Huadian Technology Co., Ltd. is located at No. 1 Building B, East Road, Automobile Museum, Fengtai District, Beijing, established on December 26, 2008, and listed on December 11, 2014 [1] - The company's main business includes engineering system design, general contracting, and R&D, design, and manufacturing of core high-end equipment [1] - Revenue composition: high-end steel structure engineering 33.89%, material conveying system engineering 24.76%, thermal energy engineering 23.15%, marine engineering 17.87%, hydrogen energy business 0.34% [1] Shareholder Information - Among the top ten circulating shareholders of Huadian Technology, one fund under GF Fund ranks first. The GF CSI Infrastructure Engineering ETF (516970) increased its holdings by 131,400 shares in the third quarter, holding a total of 1.9861 million shares, accounting for 0.17% of circulating shares [2] - The estimated floating loss for today is approximately 774,600 CNY [2] - The GF CSI Infrastructure Engineering ETF (516970) was established on June 23, 2021, with a latest scale of 2.612 billion CNY. Year-to-date return is 7.16%, ranking 3834 out of 4212 in its category; the one-year return is 3.09%, ranking 3713 out of 3956; and the return since inception is 19.6% [2]

Core Insights - The report indicates that as of October 28, 2025, institutional investors hold a total of 281 million shares of Baicheng Co., accounting for 53.29% of the total share capital [1] - There has been a slight decrease of 0.76 percentage points in the institutional holding ratio compared to the previous quarter [1] Institutional Holdings - Five institutional investors have disclosed their holdings in Baicheng Co., including Baicheng Investment Holdings (Wuxi) Co., Wuxi Rongji Enterprise Management Partnership, Wuxi Jinyuan Rongxin Industrial Investment Partnership, Hong Kong Central Clearing Limited, and Bank of Communications Co., Ltd. - GF CSI Infrastructure Engineering ETF [1] - The total institutional holding ratio stands at 53.29%, reflecting a minor decline from the previous quarter [1] Public Fund Holdings - One public fund, GF CSI Infrastructure Engineering ETF, has increased its holdings compared to the previous period, showing a slight rise in holding percentage [1] - A total of 47 public funds have not disclosed their holdings this period, including notable funds such as CITIC Prudential CSI Infrastructure Engineering Index (LOF) A, Fortune CSI Dividend Index Enhanced A/B, and others [1]

Core Insights - China Energy Engineering Corporation (中国能建) reported a total revenue of 212.09 billion yuan for the first half of 2025, representing a year-on-year increase of 9.18% [1] - The net profit attributable to shareholders was 2.80 billion yuan, a slight increase of 0.72% year-on-year [1] - The company experienced a significant increase in accounts receivable, which accounted for 1180.11% of the net profit for the latest annual report [1] Financial Performance - Total revenue for Q2 2025 reached 111.72 billion yuan, up 15.35% year-on-year [1] - Q2 net profit attributable to shareholders was 1.19 billion yuan, down 8.52% year-on-year [1] - Gross margin decreased to 11.29%, down 7.45% year-on-year, while net margin fell to 2.26%, down 3.23% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 10.84 billion yuan, representing 5.11% of revenue, a decrease of 11.0% year-on-year [1] Key Ratios and Metrics - Return on Invested Capital (ROIC) for the previous year was 3.75%, indicating weak capital returns [1] - The company's historical median ROIC since listing is 4.87%, suggesting average investment returns [1] - Cash flow per share was -0.32 yuan, an increase of 7.68% year-on-year [1] Debt and Cash Flow Analysis - Cash and cash equivalents increased by 21.14% to 88.56 billion yuan [1] - Interest-bearing liabilities rose by 12.40% to 313.35 billion yuan [1] - The ratio of cash to total assets is 9.45%, and cash to current liabilities is 31.24% [2] Market Position and Fund Holdings - The largest fund holding China Energy Engineering Corporation is the GF Zhongzheng Infrastructure ETF, with a scale of 2.22 billion yuan [3] - The fund's net value decreased by 0.26% recently, but it has increased by 23.08% over the past year [3]

Core Viewpoint - Guangdong Construction Group has experienced a decline in stock price over the past five trading days, with a cumulative drop of -9.22% [1] Group 1: Company Overview - Guangdong Construction Group Co., Ltd. was established in 2001 and is the only publicly listed construction company controlled by the Guangdong Provincial Government [1] - The company is primarily controlled by Guangdong Provincial Construction Engineering Group Co., Ltd. [1] Group 2: Financial Performance - The financial report indicates that GF Fund's Guangfa CSI Infrastructure Engineering ETF is among the top ten shareholders of Guangdong Construction, which reduced its holdings in the first quarter of this year [1] - The year-to-date return for the ETF is 4.69%, ranking 2916 out of 3381 in its category [1][2] Group 3: Market Comparison - The ETF's performance over various periods shows a near-term decline of -2.54% over the past week, but a positive return of 9.87% over the past month and 12.87% over the past three months [2] - In comparison, the average return for similar funds is 11.94% year-to-date, indicating that Guangdong Construction's performance is lagging behind its peers [2]