张大伟 制图 编者按 公募基金高质量发展迈入新阶段，北京公募业如何锚定方向、主动作为？ 带着上述问题，上海证券报记者调研走访了多家在京基金公司，并推出"首都基金业发展巡礼"栏目。从 赋能科技创新到守护居民财富，作为资本市场的重要力量，这些基金公司践行长期主义，以专业投研筑 基，以产品创新为翼，以金融力量连接资本与实体，为经济高质量发展注入动能。 华夏基金 积极引导社会资本流向科技产业 ◎记者 常佩琦 公募基金是资本市场重要的机构投资者，在资本市场深化改革、推动经济高质量发展中发挥着日益重要 的作用。作为国内首批成立的基金公司之一，华夏基金多年来持续提升科技领域投研能力，通过优质产 品和服务，引导更多社会资本流入科技创新领域。近日，上海证券报记者走进华夏基金，了解这家头部 公募基金在助力新质生产力发展方面的做法。 一方面，华夏基金通过对新质生产力相关领域的直接投资促进技术创新，确保金融活水源源不断流向符 合国家战略导向的产业。华夏基金不断加大产品创新力度，在产品设置上不断提升对新质生产力的包容 性、适应性，积极开发和布局更多和新质生产力相关的主题基金、ETF等基金产品，目前已形成品类较 齐、规模较大的特色科技产 ...

Market Overview - The market experienced significant volatility with mixed index performances. The STAR 50 and ChiNext 50 indices rose by 6.47% and 2.50% respectively, while the Northbound 50 index fell by 3.11% [4][8] - In the H-share market, the Hang Seng Index and Hang Seng Tech Index decreased by 1.57% and 1.58% respectively. In overseas equity markets, the S&P 500 and Nasdaq 100 indices declined by 0.31% and 0.50% respectively, while the DAX, CAC 40, and Nikkei 225 indices saw increases of 0.42%, 0.22%, and 0.69% respectively [4][8] Bond Market - The long-term rates in the domestic bond market increased, while the short- to medium-term rates decreased. The yields for the 30-year, 10-year, and 1-year government bonds were reported at 2.2170%, 1.8768%, and 1.3825% respectively, with the 30-year yield rising by 1.74 basis points [5][9] Commodity Prices - COMEX gold futures closed at $3,779.5 per ounce, up 2.54% for the week. The Shanghai Gold Exchange's spot price was reported at ¥852.9 per gram, increasing by 3.26% [6][10] - LME copper prices also saw an increase, with the spot price at $10,125.5 per ton, up 2.24%, and the 3-month copper futures at $10,193.0 per ton, up 2.10% [12] Fund Market Activity - The trading activity in the market was high, with an average daily trading volume of approximately ¥476.15 billion for ETFs. Notably, the A500 index saw significant net inflows, while the STAR 50 and CSI 300 indices also experienced net inflows [6][12] - As of September 28, there were 13,295 public funds in the market with a total net asset value of approximately ¥35.06 trillion. In the upcoming week, 10 new funds are set to be launched, including 1 enhanced index fund and 5 passive index funds [7][13]

Market Overview - The bull market has lasted for a year, with major indices showing significant gains: the North Exchange 50 Index increased by 158%, the Sci-Tech 50 Index rose by 118%, and the ChiNext Index gained 103.49% [1] - Over 1,400 stocks in the A-share market have doubled in price, representing more than 26% of the 5,324 stocks listed, with notable sectors including electronics, machinery, power equipment, computers, and automobiles [1] Fund Performance - A total of 1,276 fund products have doubled in value, with the top 10 performing funds all being actively managed, indicating the strength of fund managers [2] - The best-performing fund, Debon Xinxing Value, achieved a return of 279.93%, with themes including CPO (4 funds), North Exchange (3 funds), and robotics (3 funds) [2][3] Underperforming Funds - Among over 20,000 funds, only 216 reported negative returns, with the worst performer being Dongcai Value Qihang C, which declined by 10.78% [4] - Notably, seven of the worst-performing funds belong to GF Fund, all managed by the same manager, Wang Mingxu [5] Investment Insights - The analysis suggests that during a bull market, holding onto key investments without frequent trading is a wise strategy, as significant profits are made through holding rather than trading [8] - Investors are encouraged to focus on market conditions rather than personal returns when making decisions [8] - Common investment pitfalls include selling too early or buying into losing positions, emphasizing the need for a well-defined strategy [8] - Maintaining a consistent presence in the market allows investors to better navigate fluctuations and refine their trading systems [8]

Group 1 - The core theme of the event is to promote high-quality development of public funds in Beijing, aligning with national financial management goals and enhancing the city's role as a financial center [1][2] - The initiative emphasizes the importance of developing new productive forces through innovation, as highlighted by Xi Jinping, and aims to integrate long-term capital with the development of new productive forces [1][2] Group 2 - Public funds are seen as crucial institutional investors in the capital market, playing a significant role in economic reform and high-quality development [3][4] - The action plan encourages public funds to invest in emerging technologies such as artificial intelligence and big data, facilitating a positive cycle between technology, industry, and finance [2][4] Group 3 - Public funds should enhance their adaptability to support the development of new productive forces, acting as stabilizers in the capital market [4][5] - The focus is on direct investments in sectors aligned with national strategies, ensuring that financial resources flow to key industries and innovative companies [4][6] Group 4 - The action plan stresses the need for long-term capital to support strategic emerging industries, which often require substantial investment and have longer return cycles [6][7] - Historical context shows that every technological revolution has relied on capital participation to transform innovations into productive forces [6][11] Group 5 - The importance of an investor-centric approach is highlighted, aiming to balance the previous focus on financing with tangible benefits for investors [7][8] - Public funds are encouraged to issue technology-themed products to channel social funds into strategic emerging industries effectively [7][10] Group 6 - 华夏基金 (Huaxia Fund) is actively enhancing its talent base to support the development of new productive forces, focusing on identifying high-potential technology companies [8][9] - The fund is committed to long-term and value investment principles, adjusting performance metrics to prioritize long-term results over short-term gains [9][10] Group 7 - Huaxia Fund is expanding its product offerings related to new productive forces, including thematic funds and ETFs, to attract investment in key technology sectors [10][11] - The fund has already allocated over 200 billion yuan to investments in technology companies, emphasizing the need for long-term capital in high-risk, high-reward sectors [11]

Core Insights - The recent adjustment of the Sci-Tech Innovation 50 Index by the China Securities Index Company has significant implications for the stock of Cambrian Biologics, which has exceeded the weight limit set by the index rules [1][2] - Cambrian's stock price has experienced a decline of 20% over five consecutive trading days due to the pressure from index fund rebalancing [1] Group 1: Index Adjustment and Weight Limit - The Sci-Tech Innovation 50 Index has a rule that limits the weight of a single sample to a maximum of 10%, and Cambrian's weight reached 14.88%, exceeding the limit by 5 percentage points [1] - The top five samples' combined weight must not exceed 40%, but the current combined weight stands at 45.70% [1] Group 2: Fund Rebalancing Impact - Funds tracking the Sci-Tech Innovation 50 Index, with a total scale of approximately 180 billion yuan, may need to sell nearly 10 billion yuan worth of Cambrian stock to comply with the weight limit [2] - The presence of multiple ETFs among Cambrian's top shareholders exacerbates the impact of the rebalancing on its stock price [2]

Core Viewpoint - The article emphasizes the importance of constructing a balanced investment portfolio that combines equity and bond assets to manage risk and achieve expected returns. It discusses strategies to reduce portfolio volatility without significantly reducing equity exposure [4][8]. Group 1: Portfolio Construction - The framework for building a portfolio involves a mix of equity and bond assets, where bonds act as a shield and equities as a spear to balance volatility [8]. - The article suggests using a "risk parity" strategy to lower equity weight, thus reducing overall drawdown risk, but notes that this may compromise expected returns [4]. - To mitigate volatility without drastically cutting equity allocation, diversifying across different markets and styles is recommended [5]. Group 2: Index Styles and Characteristics - A detailed document categorizes common indices by style, aiding investors in constructing their portfolios based on style preferences [6]. - The article outlines various index styles, including broad-based indices like the CSI 300 and sector-specific indices that focus on growth, such as the ChiNext and STAR Market indices [16][18]. - It highlights the importance of understanding the characteristics of different indices, such as market capitalization and style orientation, to achieve a balanced portfolio [8][24]. Group 3: Examples of Balanced Portfolios - The article provides examples of balanced portfolios, such as combining the CSI 300 with growth-oriented indices like the ChiNext, illustrating the "barbell strategy" [18]. - It emphasizes the use of core broad-based indices as starting points for portfolio construction due to their diversified nature and balanced style [15]. - The article also discusses the role of strategy indices, which can enhance portfolio diversity and richness by incorporating various investment styles [19][23].

文 | 银行螺丝钉 （转载请注明出处） 长按识别下面二维码，添加 @课程小助手 微信，回复「 0304 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 有朋友问，创业板指、创业板50、科创50、科创100···这些指数有何区别？当前估值如何？ 有哪些对应的指数基金可以选择？在投资时如何搭配更稳妥呢？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 科创板、创业板相关的三类指数 我们先来看下，A股市场都有哪几大板块，方便大家了解科创板、创业板的主要特征和定位。 A股上市公司，主要分布在以下几个板块当中： ▼主板 通常来说，一些比较成熟、盈利稳定的龙头公司大多都会在主板上市。 像沪深300、中证500等大多数指数的成分股，也都是以主板股票为主。 ▼创业板 如下，是科创板、创业板当前一些主流的相关指数。 创业板的公司，以暂时无法在主板上市的创业企业、中小企业、高科技企业等为主。 代表指数是创业板指。 ▼科创板 在这个板块上市的，主要是信息技术、高端装备、新材料、新能源、节能环保、生物医药等高新技术和新兴产业相关的公司。 代表指数是科创50指数。 ▼北交所 2021年9月，北交所设立，主要的定位是服 ...