Group 1 - The A-share market has entered a phase of high volatility after reaching a new high, with active trading despite mixed performance [1] - The hard technology sector, including artificial intelligence, chips, and large model computing power, is a key driver of the current market trend [1] - Bosera Fund has established a strong investment research platform and quantitative team to navigate market fluctuations and identify asset value [2] Group 2 - Bosera Fund was one of the first five fund management companies approved by the China Securities Regulatory Commission and has been a pioneer in the industry since its establishment in 1998 [2] - The company initiated its technology investment strategy in 2016, three years before the launch of the Sci-Tech Innovation Board, and established a dedicated research team focusing on TMT, new energy, biomedicine, and high-end equipment [2] - Bosera Fund has developed a dynamic valuation model to address the valuation challenges of Sci-Tech enterprises, enhancing the efficiency of research outcomes into investment [2] Group 3 - As of the end of 2024, Bosera Fund's holdings in technology companies have increased by nearly 50% since 2019, with the number of equity public products in the technology sector rising by 218% [7] - The Sci-Tech 100 Index ETF has shown strong performance, with a one-year net asset value growth of 39.42%, outperforming its benchmark [7] - The Sci-Tech AI ETF, managed by Li Qingyang, has grown from 235 million yuan to over 6.3 billion yuan since its inception, with a net value increase of 17.02% [7] Group 4 - The Sci-Tech Chip ETF has also performed well, with a net value increase of 62.19% since its inception, and its benchmark return at 66.22% [8] - Bosera Fund's product matrix covers the entire Sci-Tech industry chain, offering both actively managed thematic funds and passive products tracking the Sci-Tech 50 Index [8] - The company has launched an AI + Semiconductor ETF, which has successfully captured opportunities in both artificial intelligence and domestic substitution, with an initial scale exceeding 8 billion yuan [8]

Core Viewpoint - The article highlights the significant rise of the Shanghai Composite Index, surpassing 3800 points, marking a historical high since August 2015, which injects strong confidence into the market [1] Group 1: Technology Sector Dynamics - The hard technology sector, including artificial intelligence, chips, and large model computing power, has become the core engine of the current market rally, with notable companies like Cambricon Technologies reaching a market value of over 580 billion yuan [2] - The current phase is characterized by a shift from "early layout" to "explosive realization," indicating a significant improvement in industry maturity and a transition from a "catch-up" phase to a "leading" phase in China's technology industry [2] - The core drivers for the technology sector's growth by 2025 are identified as "policy precision, technological independence, and visible profitability," suggesting a stronger and more differentiated market compared to previous cycles [2] Group 2: Fund Management Strategies - Fund managers are focusing on solid internal capabilities to navigate the complex investment opportunities in the booming technology sector, with BoShi Fund leveraging its strong research platform and quantitative team to capture market trends [3] - BoShi Fund has proactively launched a series of flagship products, including AI ETFs and technology indices, to create a comprehensive investment product matrix covering the entire technology industry chain [3][4] Group 3: Investment Performance and Growth - Since the establishment of the Science and Technology Innovation Board in 2019, it has nurtured 586 hard technology companies, raising 925.7 billion yuan, with a total market value of 74,217.35 billion yuan [4] - BoShi Fund's technology-related equity products have seen a significant increase, with the number of products growing by 218% since 2019, now accounting for over 50% of the company's total equity products [7] - The performance of BoShi's technology-focused funds has been strong, with the Science and Technology Chip ETF showing a net value growth of 62.19% since its inception, outperforming its benchmark [11] Group 4: AI Integration in Investment Research - BoShi Fund has initiated an "AI + Investment Research" strategy to enhance research efficiency and decision-making accuracy, establishing an AI laboratory to integrate AI technology into various aspects of investment management [12][13] - The investment research team has adopted a tiered research mechanism to track rapid changes in the technology sector, ensuring comprehensive coverage of key technology stocks [12] - The introduction of AI in investment decision-making has improved information aggregation and risk management, enhancing the overall operational compliance of the fund [13][14]

Market Overview - The A-share market is experiencing a confirmed bull market, driven by economic cycles, with historical patterns suggesting a bull market approximately every ten years [3][4] - The current bull market is characterized by significant capital inflow and a strong upward trend, with the Shanghai Composite Index expected to challenge the 4000-point mark [1][3] Stock Performance - Stocks in a bull market do not require logical reasoning for their price increases; historical examples show that valuations can become irrational during such periods [4][5] - The stock price of Cambrian has surged, reflecting the market's preference for AI concepts over traditional sectors like liquor, indicating a shift in investor sentiment [4][5] Investment Strategy - Investors are advised to recognize the cyclical nature of the market and to differentiate between investment and speculation, focusing on sectors like new technology, new pharmaceuticals, and new consumption as primary growth areas [6] - Caution is advised for ordinary value investors regarding participation in speculative sectors like chips, as the bull market can lead to irrational behavior and potential losses [5][6] Sector Focus - The AI and semiconductor sectors are expected to be the main drivers of the current bull market, with Cambrian's market capitalization approaching that of major global players like Intel [4][5] - The investment in new pharmaceuticals is highlighted as having a more substantial technological moat compared to the semiconductor sector, suggesting a more stable investment opportunity [5][6]

Group 1 - China Ping An has increased its stake in China Pacific Insurance (601601) H-shares, acquiring approximately 1.74 million shares at HKD 32.07 per share, totaling around HKD 55.84 million, which brings its ownership to about 5.04% of China Pacific's H-share capital [2] - The move by China Ping An has led to a significant rise in the stock prices of China Pacific, with H-shares increasing nearly 7% and A-shares rising close to 6%, reflecting renewed market enthusiasm for insurance stocks [2][4] - The overall insurance sector has seen a boost, with the A-share insurance index rising over 4% and the Hong Kong insurance sector up more than 3% [1][2] Group 2 - The artificial intelligence sector has experienced a surge, with stocks like Cambricon Technologies rising by 12% and surpassing a market capitalization of 400 billion yuan, driven by reports of U.S. tracking technology in AI-related chips [2] - The Chinese government has emphasized the importance of digital infrastructure, with plans to have 4.55 million 5G base stations and 226 million gigabit broadband users by mid-2025, positioning the country as a leader in computing power [3] - The market sentiment remains bullish, with the Shanghai Composite Index breaking the 3683-point mark, indicating increased market activity and a positive outlook for small-cap and growth stocks [4][5]

Group 1 - The core driver of *ST Yazhen's stock price surge is a significant change in control, with Shanghai Yazhen Investment Co., Ltd. transferring 30% of shares to Wu Tao at a price of 5.68 yuan per share, totaling 448 million yuan [3] - Following the transfer, Wu Tao became the controlling shareholder, holding 24.54% of shares, while his associate Fan Weihao held 5.46% [3] - Wu Tao's recognition of the company's value led to a partial tender offer for 21% of shares at the same price, resulting in a total holding of 45% for Wu Tao and 50.47% when combined with Fan Weihao [3] Group 2 - Despite the stock price increase, *ST Yazhen's fundamentals are poor, with a projected net profit of negative value for 2024 and operating revenue below 300 million yuan, triggering delisting risk warnings [4] - The stock was placed under delisting risk warning on May 6, changing its name from "Yazhen Home" to "*ST Yazhen," yet the stock price continued to rise, leading to multiple trading suspensions for abnormal fluctuations [4] Group 3 - The abnormal trading phenomenon of the Kexin Composite Index ETF is noteworthy, with a market size of approximately 89 million units as of July 24 [5] - On July 25, the ETF experienced a dramatic price increase, closing with a 20.04% gain due to a minimal transaction amount of 134.2 yuan, highlighting its low liquidity [5] - Concurrently, AI-related ETFs showed strong performance, with significant increases ahead of the upcoming World Artificial Intelligence Conference, indicating heightened investor interest in AI sectors [5]

而这个美丽优先政策， 你把它视作德州政策的放大版就行了 ，反正这位德州州长也是共和党保守派，一丘之貉，政策也是一脉相承的。 而彼时是什么惨状呢？消息传来后，A股5000多家上市公司，当天跌幅3%以上的占70%，跌幅5%以上的有1400家，然后再看看今天，你就说硬 不硬吧？ 所以，可以看到，此时的心气，和彼时的心气，确实已经完全不同了。 今天表面看有点像股债双杀，但实际上，仅仅是债券吃了一碗大面而已，债券的事下半部分再说。 先说A股，今天成交额继续破2万亿，上涨的股票超过50%，wind全A跌幅不到0.1%， 而之所以说今天A股非常硬 ，主要是因为咱们这边开盘 前，有个实质上比较huge的外围利空。 那就是太平洋对岸，周五出台的 America First Investment Policy，为了文章的安全，我就把它翻译为" 美丽优先 政策 " 吧。 我带大家回忆一下， 去年11月21日，德州州长 ，发布了多项行政命令，限制对咱的投资，并要求州政府所属机构审查在华投资，大家应该多少 有点印象吧？忘了也没事，咱每天写公众号，一搜就能搜到当天的文章，《 找了一下今天大跌的原因 》，里面有提到，可以进去回顾一下。 不 ...

昨天说港股今天会回一个大血，但也确实没想到血包这么厚，恒生指数涨4个点，恒生科技涨超6.5%，年内涨幅超过30%，成为全球主要指数里，唯一涨 幅超30%的，且属于是断档领先了。 暴涨，当然还是得归根于 阿里昨晚的财报 ，不过这里补充一点，今天有人看到阿里披露的是三季报，觉得阿里如此牛逼，在三季度，国产AI还比较混沌 （彼时最现象级的豆包，是8月才正式推出的），股市也处在最低迷的时候，就这么大手笔的大撒币，实在是很勇，很有预见性，但这里有个小偏差—— 阿里在美股上市，美股的上市公司，可以采用自然年度，也就是1月1日-12月31日作为会计年度，也可以用别的，比如阿里的会计年度是4月1日开始，到 来年的3月31日，所以阿里披露的三季报，实际发生的时间周期，就是10月1日到12月31日。 也就是说， 依然是9月底的政策转向和A股暴涨后，阿里才加速扩张资本开支的 ，从这点来看，阿里的各项嗅觉都是敏锐的。 说回阿里的财报，其不仅自身的各项经营数据超预期，关键是在云业务上的资本开支大幅扩张，不仅单季度超过300亿，环比增长80%，且明确表示未来 三年对云和AI基础设施的投入，将超过过去十年的总和，随后的财报电话会上， 投行 ...