文 | 银行螺丝钉 （转载请注明出处） 最近市场太强了，今天大盘开盘后下跌，但到收盘又涨了起来。 大盘股上涨多一些。 红利等价值风格上涨较多。 虽然最近银行比较低迷，但红利类指数中，其他品种最近强势。 像中证红利最近也上涨回到了正常估值。 消费、医药整体上涨。 白酒指数上涨较多。不过因为之前下跌较多，白酒今年以来还下跌7%上下。 成长风格也整体上涨。 港股开盘也下跌，到收盘变成上涨。 月薪宝投顾组合（点击查看） 、 365投顾组合（点击查看） 等也比较强势，今天继续创新高。 还在4.7星。 大中小盘股都上涨。 整体上，因为估值提升+基本面复苏，市场还是逐渐往上的。 不过这个过程，并不是一路涨上去。 中间也会伴随数次10-20%级别的回调。 也要做好面对短期波动的心理准备。 1. 钉系列投顾组合，投顾费限时5折优惠来啦～ 螺丝钉一直致力于持续帮助大家降低成本，这次也为大家争取到了 投顾费限时5折优惠活动 。 点击文 章查看详情： 5折优惠来了：钉系列投顾组合，投顾费5折～ 2. [大吉大利，今天吃基] 第374期的螺丝钉定投实盘来啦。 时间：2025年7月22日 方案：定投买入 品种： 指数增强投顾组合：988 ...

Company Overview - Shanxi Fenjiu Co., Ltd. was established in 1985 and is located in Lüliang City, primarily engaged in the manufacturing of liquor, beverages, and refined tea [1] - The company has a registered capital of 1.22 billion RMB [1] Stock Performance - On July 15, Shanxi Fenjiu's stock closed down by 2.0% [1] - The year-to-date return for the stock is -8.39%, ranking 3422 out of 3426 in its category [1][2] Fund Management - The fund manager for the招商中证白酒指数(LOF)A is Hou Hao, who has extensive experience in risk management and quantitative investment [3][4] - The fund has seen a performance decline of -8.39% year-to-date, with a quarterly performance of -4.66% [2] Fund Details - The招商中证白酒指数(LOF)A is part of a broader category of funds, with its performance lagging behind the average of its peers [2] - The fund's performance metrics indicate a significant underperformance compared to the industry average [2]

Core Insights - Zhihai Club achieved significant returns in the Chinese fund market from 2018 to 2020 through precise investments and advanced technology [1][9] - The club utilized smart risk control, big data analysis, and artificial intelligence to identify market opportunities [1][9] Investment Strategies and Outcomes - In 2018, despite global economic slowdowns and trade tensions, Zhihai Club invested in the "Huaxia Technology Innovation Mixed Fund," focusing on sectors like 5G and AI, which later saw substantial growth [3] - The "E Fund Consumer Industry Stock Fund" was also targeted, capitalizing on the resilience of the Chinese consumer market, leading to steady net value increases during the same period [5] - In 2019, the club invested in the "Southern Sci-Tech Board Selected Mixed Fund," benefiting from the active performance of Sci-Tech board companies, resulting in excellent returns [7] - The "Bosera Credit Bond Fund" was chosen for its stable performance amid economic pressures, providing consistent returns and reducing portfolio volatility [7] - In 2020, the club increased investments in healthcare and online economy-related funds, notably the "Guangfa Healthcare Stock Fund," which saw significant net value growth due to heightened health awareness during the pandemic [8] - The investment in the "China Securities Index White Wine Fund" also proved successful, as the white wine sector rebounded post-pandemic, leading to substantial profits for the club [8] Overall Performance - From 2018 to 2020, Zhihai Club's successful investments across multiple funds, including the Huaxia Technology Innovation Mixed Fund, E Fund Consumer Industry Stock Fund, Southern Sci-Tech Board Selected Mixed Fund, Bosera Credit Bond Fund, Guangfa Healthcare Stock Fund, and China Securities Index White Wine Fund, demonstrated its strong capabilities in financial investment [9]

Core Viewpoint - The article highlights the exceptional performance and investment strategies of Hou Hao, a fund manager at China Merchants Fund, particularly in the consumer sector and index investment, establishing him as a prominent figure in the industry [2][3][4]. Group 1: Fund Manager Profile - Hou Hao joined China Merchants Fund in July 2009, with a background in risk management and quantitative investment, which has shaped his investment methodology [3]. - His investment philosophy emphasizes understanding the intrinsic value of companies and maintaining a long-term perspective rather than engaging in short-term speculation [3][4]. Group 2: Performance of Funds Managed - The China Merchants CSI Wine Index Fund, managed by Hou Hao, has achieved a cumulative net value growth rate exceeding 300% since its inception in May 2015, ranking among the top in its category [4]. - The fund recorded an annualized return of over 40% from 2017 to 2020, with a remarkable 113.34% return in 2020, ranking 3rd among 717 similar funds [4]. - The China Merchants CSI Coal Equal-weight Index Fund, established on May 20, 2015, has a return of 36.19% since inception, with a year-to-date return of -5.75% as of June 27 [5][6]. Group 3: Investment Strategy and Market Insights - Hou Hao's investment strategy involves in-depth industry research to identify high-quality targets with long-term competitive advantages, particularly in the consumer sector [3][4]. - He has effectively navigated the structural changes in the consumer industry, capturing investment opportunities during market adjustments, such as in the liquor sector [4]. - The China Merchants Bank Index Fund, launched on May 20, 2015, has a return of 99.05% since inception, with a year-to-date return of 14.78% as of June 27 [10][11]. Group 4: Market Conditions and Future Outlook - The banking sector has benefited from favorable macroeconomic policies, leading to a recovery in credit demand and improved asset quality, which supports the performance of the funds [12]. - The fund's strategy includes closely tracking the CSI Bank Index and making adjustments based on market dynamics, maintaining a stock position of approximately 94.5% [12][13]. - Hou Hao's approach combines quantitative timing indicators and algorithmic trading to optimize returns while managing risks effectively [13][14].

财报显示，招商基金旗下招商中证白酒指数(LOF)A为五粮液前十大股东，今年一季度减持。今年以来收益率-11.10%，同类排名3412(总3428)。 | 阶段涨幅 | 季度涨幅 | 年度涨幅 | | | | | --- | --- | --- | --- | --- | --- | | | 近1周 | 近1月 | 近3月 | 近6月 | 今年来 | | 阶段涨幅 | 0.85% | -3.76% | -12.17% | -11.10% | -11.10% | | 同类平均0 | 3.28% | 4.25% | 2.66% | 5.17% | 5.17% | | 沪深300 | 2.03% | 2.50% | 1.25% | 0.03% | 0.03% | | 跟踪标的� | 0.20% | -4.84% | -13.47% | -13.26% | -13.26% | | 同类排名 3 | | 3511 3961 3929 3954 3699 3700 3412 3428 | | | 3412 3428 | | | | | | 图片来源:天天基金网 2025/7/1 | | 6月30日，五粮液连续3个交易日下跌 ...

Core Viewpoint - Wuliangye's stock closed down 2.76% on June 13, 2023, reflecting a challenging market environment for the company and the broader liquor industry [1]. Company Overview - Yibin Wuliangye Co., Ltd. was established in 1998 and is located in Yibin City, primarily engaged in the manufacturing of liquor, beverages, and refined tea [1]. - The company has a registered capital of 3.8816 billion RMB, with Zeng Congqin as the legal representative [1]. Investment Performance - The招商中证白酒指数(LOF)A, managed by招商基金, reduced its holdings in Wuliangye during the first quarter of this year [1]. - Year-to-date, the fund has a return of -10.63%, ranking 3373 out of 3428 in its category [1][2]. - The fund's performance over various time frames shows declines: -2.86% over the past week, -9.48% over the past month, -13.38% over the past three months, and -18.65% over the past six months [2]. Fund Management - The fund manager for the招商中证白酒指数(LOF)A is Hou Hao, who has extensive experience in risk management and quantitative investment strategies [3][4]. - Hou Hao has been with招商基金 since 2009 and has held various positions, including senior risk manager and investment manager [3][4].

Group 1 - The core viewpoint of the news is that the China Securities White Wine Index has experienced a decline, with a 7.47% drop over the past month, a 10.45% drop over the past three months, and a year-to-date decline of 10.10% [1] - The China Securities White Wine Index is composed of listed companies involved in the production of white wine, providing investors with a diversified investment option [1] - The index's top ten weighted companies include Kweichow Moutai (17.24%), Shanxi Fenjiu (15.66%), Wuliangye (15.15%), and Luzhou Laojiao (14.84%) [1] Group 2 - The index is adjusted semi-annually, with sample adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which are fixed until the next scheduled adjustment unless a special situation arises [2] - Companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to the calculation and maintenance guidelines [2]

排名行业前十的头部公募招商基金，如今正陷入规模与效益背离、治理与业务双动荡的发 展困局。2025年5月，兼具公募与理财子公司管理经验的钟文岳"临危受命"，出任总经理 一职，这位深耕招商系多年的老将能否凭借跨板块运营经验，为这家老牌基金公司点燃破 局之火？ 招商基金净利润连降，新老总接棒能否破解困局？ 吴楠 近日， 招商基金 的一纸 人事 变更公告，为今年以来愈发密集的基金公司总经理变动潮再添新 例。 2025年5月19日，招商基金正式官宣高层变动：原总经理徐勇因任期届满离任，由招银理财总裁钟 文岳接棒。 这场新旧掌舵者的交接背后，折射出这家头部公募 在行业转型中面临的深层困境。 过去五年间，招商基金已历经了三次总经理更迭，变动频率远超同业平均水平。伴随人事震荡的， 还有非货币基金规模持续缩水、净利润连续两年下滑、投研团队动荡加剧等一系列经营挑战，更关 键的，是公司权益投资业务的日渐式微。 数据显示，截至2025年一季度末，公司非货基规模较三年前减少400多亿元，行业排名从第五滑落 至第九；净利润更是在2023年、2024年分别录得3.3%和5.9%的同比降幅，在头部公募中显得格外 刺眼。 作为招商系资深老将， ...

Core Viewpoint - The article discusses the classification of the consumer industry, its representative indices, and investment opportunities within the sector, highlighting the performance of essential and discretionary consumption categories [1][12][128]. Group 1: Common Indices in A-shares and H-shares - The consumer industry indices are categorized into four main types: broad-based indices, strategy indices, industry indices, and thematic indices [6][8][10]. - The consumer index falls under the industry index category, which specifically covers stocks within the consumer sector [11]. Group 2: Essential Consumption Industry - Essential consumption includes daily necessities such as food and beverages, which are crucial regardless of economic conditions [12][17]. - The representative index for essential consumption in A-shares is the CSI Consumer Index (000932.SH), established on July 3, 2009, with a base point of 1000 [18][21]. - The top ten holdings in the CSI Consumer Index are predominantly from the liquor sector, with over 50% of the weight attributed to liquor companies [22][23]. Group 3: Performance and Valuation of Essential Consumption - The annualized return of the CSI Consumer Index from December 31, 2009, to April 29, 2025, is 6.78%, increasing to 8.52% when considering dividends [23][26]. - The maximum drawdown for the index reached 58.69% during the period from February 10, 2021, to September 18, 2024 [24][26]. - Historical valuation metrics indicate that both the price-to-earnings (P/E) and price-to-book (P/B) ratios are currently at relatively low levels [27][42]. Group 4: Discretionary Consumption Industry - Discretionary consumption refers to non-essential goods that enhance quality of life, such as automobiles and home appliances [55]. - The representative index for discretionary consumption is the CSI Discretionary Consumption Index (000989.SH), which includes stocks from the discretionary consumption sector [56][57]. Group 5: Performance and Valuation of Discretionary Consumption - The annualized return of the CSI Discretionary Consumption Index from August 19, 2011, to April 29, 2025, is 2.23%, rising to 3.98% when including dividends [62]. - The maximum drawdown for this index was 62.65%, occurring between June 12, 2015, and January 3, 2019 [64]. - Valuation metrics for the discretionary consumption index suggest it is not particularly expensive but does not represent a low valuation either [67]. Group 6: Investment Cases and Strategies - Investment strategies in the consumer sector emphasize buying undervalued assets and holding them until they reach overvaluation [50][52]. - A notable case involved investing in the CSI Consumer Index during a low valuation period, resulting in a 64.05% return by the time of selling at a high valuation [115]. Group 7: Portfolios and Index Funds - The article outlines various index funds related to essential and discretionary consumption indices, highlighting the concentration of holdings in certain sectors [29][45][82]. - The CSI White Wine Index, due to its high concentration of holdings, has limited new fund issuance opportunities, making existing funds significant in size [46]. Group 8: Conclusion - The consumer industry is divided into essential and discretionary consumption, with corresponding representative indices available in A-shares and a combined index in H-shares [128]. - Historical returns in the consumer sector have been strong, but investment should focus on undervalued periods and maintain a balanced portfolio [128].

钟文岳在履新声明中强调，招商基金将深入贯彻《推动公募基金高质量发展动方案》，围绕投研能力提升、多元业务布局及客户服务优化三大方向发力，具 体措施包括：加强投研核心能力，促进投研深度融合并强化数字化平台建设；坚持以权益投资为本，持续发力养老金融、被动指数及公募REITs等重点业 务；推进"产品销售"向"投顾服务"模式转型，打造招商特色基金投顾以提升客户体验。 东方财富Choice数据显示，截至2025年一季度末，招商基金公募基金规模达9225亿元，非货币基金规模达5504亿元，行业排名均处第九。从资产配置看，股 票市值1684亿元，占比18.2%；债券市值5999亿元，占比64.88%。 接任者钟文岳为招商系资深高管，拥有超过30年金融从业经验。资料显示，钟文岳职业生涯始于中农信福建集团、申银万国证券等机构，2015年加入招商基 金后历任常务副总经理、财务负责人等职，主导过分公司运营及财务体系建设。2023年调任招银理财总裁期间，推动理财业务规模连续三年位居行业首位。 此次回归招商基金，钟文岳被寄望于在行业转型期强化公司核心竞争力。 | | 首页 | 全部基金 | 养老有招 | ESG | 陪伴基地 企业理财 ...