外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 小幅上涨。 2025年8月26日，万丰奥威(002085.SZ)发布2025年半年度报告。截至2025年8月25日，共有27个机构投 资者披露持有万丰奥威A股股份，合计持股量达9.18亿股，占万丰奥威总股本的43.22%。其中，前十大 机构投资者包括万丰奥特控股集团有限公司、百年人寿保险股份有限公司-传统保险产品、香港中央结 算有限公司、中国农业银行股份有限公司-中证500交易型开放式指数证券投资基金、浙江万丰奥威汽轮 股份有限公司-2023年员工持股计划、浙江万丰奥威汽轮股份有限公司-2023年第二期员工持股计划、百 年人寿保险股份有限公司-分红保险产品、中信银行股份有限公司-永赢低碳环保智选混合型发起式证券 投资基金、通用航空ETF、广发研究精选股票A，前十大机构投资者合计持股比例达43.07%。相较于上 一季度，前十大机构持股比例合计下跌了0.46个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计8个，主要包括南方中证500ETF、通用航空 ETF、中航军民融合精选A、德邦新兴产业混合发起式A、方正富邦 ...

2025年8月26日，华力创通(300045.SZ)发布2025年半年度报告。截至2025年8月25日，共有11个机构投 资者披露持有华力创通A股股份，合计持股量达2237.41万股，占华力创通总股本的3.38%。其中，前十 大机构投资者包括中国建设银行股份有限公司-国泰中证军工交易型开放式指数证券投资基金、招商银 行股份有限公司-南方中证1000交易型开放式指数证券投资基金、香港中央结算有限公司、招商银行股 份有限公司-华夏中证1000交易型开放式指数证券投资基金、成都红杏酒家有限责任公司、通用航空 ETF、卫星ETF、富国国证通用航空产业ETF、华宝国证通用航空产业ETF、海通智选B，前十大机构投 资者合计持股比例达3.38%。相较于上一季度，前十大机构持股比例合计上涨了0.98个百分点。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.21%。 公募基金方面，本期较上一期持股增加的公募基金共计3个，包括国泰中证军工ETF、南方中证 1000ETF、通用航空ETF，持股增加占比达0.36%。本期较上一季度持股减少的公募基金共计1个，即卫 星ETF，持股减少 ...

Core Viewpoint - The article emphasizes the transformative potential of "hardcore technology" across various sectors, including low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology, presenting significant investment opportunities for investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [4][5]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the urgent need for satellite communication infrastructure [5]. - The humanoid robot market in China could reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035, indicating a significant growth trajectory [5]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy, marking it as a key area for investment [6]. Group 2: Investment Products - The "空天地海" (Air, Space, Land, Sea) product matrix includes various investment tools such as the General Aviation ETF and Satellite ETF, which are the first and largest in their categories [3][8]. - Active management products like 永赢低碳环保智选A and 永赢高端装备智选A focus on specific sectors within hardcore technology, allowing for targeted investment strategies [3][8]. - The investment strategy emphasizes a combination of passive index funds and actively managed funds to cater to different investor needs and risk profiles [10][12]. Group 3: Market Trends - The military industry has seen a significant increase, with the military index rising over 20% from June to August, indicating a shift towards technology-driven growth rather than speculative trading [4]. - The article highlights the importance of understanding the intersection of "new combat power" and "new productive forces," where military technology converges with civilian markets, creating new investment avenues [4][5]. Group 4: Strategic Insights - The investment approach is based on a forward-looking perspective, focusing on structural opportunities in emerging industries, rather than chasing short-term trends [11][12]. - The investment team combines industry experts and fund managers to ensure informed decision-making based on deep industry insights and market responsiveness [12]. - The commitment to long-term investment and risk management is emphasized as a core principle guiding the investment strategy in hardcore technology [12][14].

Core Viewpoint - The article emphasizes that the investment opportunities in the new era driven by hard-core technology will belong to investors who can understand trends and utilize the right tools [1][2]. Group 1: Investment Opportunities in Hard-Core Technology - The article highlights the ongoing technological revolution across "air, space, land, and sea," driven by advancements in low-altitude economy, commercial aerospace, artificial intelligence, and deep-sea technology [1]. - Historical trends indicate that investors who align with national policy directions and industrial transformations can reap significant rewards, similar to past investments in the internet and semiconductor sectors [1]. - The low-altitude economy is projected to reach 3.5 trillion yuan by 2035, with eVTOL (electric vertical takeoff and landing aircraft) entering large-scale production [6]. - The satellite internet sector is expected to see a market space of 831.3 billion yuan from 2023 to 2027, driven by the need for satellite communication as a foundation for 6G technology [6]. - The humanoid robot market in China is anticipated to reach 1.6 trillion yuan in industrial manufacturing and 1.9 trillion yuan in service sectors by 2035 [6]. - Deep-sea technology is gaining attention, with government support aimed at high-quality development of the marine economy [7]. Group 2: Investment Tools and Strategies - The article discusses the creation of an "air, space, land, and sea" investment matrix by Yongying Fund, which includes six distinct products designed to facilitate investment in these emerging sectors [8][9]. - The matrix consists of both passive index funds and actively managed funds, allowing investors to efficiently target core value segments within the industry [9]. - The index products, such as the General Aviation ETF and Satellite ETF, are the first of their kind in the market, focusing on low-altitude economy and satellite communication respectively [9]. - Active products like Yongying Low Carbon Environmental Selection A and Yongying Advanced Manufacturing Selection A are tailored to capture growth in specific hard-core technology fields [9]. - The investment strategy emphasizes a forward-looking approach, focusing on structural opportunities in emerging industries rather than merely chasing market trends [14][15]. Group 3: Future Outlook - The article concludes with a vision of a future where advancements in eVTOL, humanoid robots, satellite networks, and deep-sea resources significantly transform daily life and economic structures [16]. - Public funds are positioned as key players in supporting national technological independence and industrial upgrades, connecting ordinary investors with capital markets [16].

Group 1 - Wan Feng Ao Wei (002085) has seen its stock price increase by 6.15% [1] - The General Aviation ETF (159378) holds 7.10% of Wan Feng Ao Wei's stock, with a current increase of 1.05% [1] - The latest stock price has reached a 5-day high, with a trading volume of 10.648 million yuan, representing a 991.36% increase compared to the same time yesterday [1] Group 2 - There has been a net outflow of financing over the past three days, amounting to 1.9495 million yuan [1] - In the past month, the total amount of financing has decreased by 18 million units [1]

Group 1 - The fund aims to closely track the performance of the underlying index, targeting a tracking error of less than 2% annually and an average daily tracking deviation of less than 0.2% [2] - The fund primarily employs a full replication strategy for investment, aiming for a high correlation with the index's performance [8] - The fund's net asset value at the end of the reporting period was 1.1776 RMB, with a net value growth rate of 10.32%, compared to the benchmark return of 10.13% [8][11] Group 2 - The fund's total shares at the end of the reporting period were 827,771,072, an increase from 549,771,072 at the beginning of the period, with total subscriptions of 579,000,000 and redemptions of 301,000,000 [11] - The fund's investment portfolio is heavily weighted in the manufacturing sector, accounting for 80.61% of the total assets, followed by information technology services at 9.45% and scientific research and technical services at 7.71% [9] - The fund management adheres to strict compliance with investment regulations and maintains a disciplined investment research and decision-making process [5][6] Group 3 - The report highlights optimism regarding the long-term prospects of the general aviation and low-altitude economy sectors, driven by increased military procurement and domestic demand [6][7] - The low-altitude economy is projected to reach a market size of 1.5 trillion RMB by 2025 and 3.5 trillion RMB by 2035, indicating significant growth potential [7] - The fund's management emphasizes fair trading practices and has not identified any significant violations of fair trading during the reporting period [6][5]

每经记者｜肖芮冬 每经编辑｜赵云 5 月 30 日，市场全天震荡调整，创业板指领跌。截至收盘，沪指跌 0.47% ，深成指跌 0.85% ，创业板指跌 0.96% 。 板块方面，猪肉、创新药、银行、 CRO 等板块涨幅居前，黄金、草甘膦、可控核聚变、人形机器人、环 保设备、消费电子等板块跌幅居前。 再次，从实际走势来看，主要股指的日内低点都出现在上午10点前后，后续跌幅收窄，转为震荡走势； 截至收盘，市场昨日涨幅并未完全回吐，两个交易日仍累计上涨。 全市场超 4100 只个股下跌。沪深两市全天成交额 1.14 万亿元，较上个交易日缩量 462 亿。 昨天刚走出大阳线，今天，5月最后一个交易日，A股就出现回调。如何理解？ 我们认为，这里仍适合以平常心看待，理由有四： 首先，昨日之前，市场普遍对端午节前后行情持谨慎态度，突如其来的大涨反而有些超预期，也稍稍大 家拔高对后市的期待值； 其次，今天市场的回调，一定程度上受到"美国上诉法院暂时恢复实施特朗普政府关税政策"消息的影 响，毕竟其抵消了昨天上涨的部分动因； 最后，拉长到周线、月线维度，市场横盘震荡的趋势没有改变，以这样的状态结束5月行情，进入6月， 市场或迎来 ...

Core Viewpoint - Yongying Fund has rapidly grown in both scale and performance, achieving significant milestones in a challenging market environment, showcasing its strong internal growth dynamics and strategic positioning in the fund management industry [2][3][35]. Group 1: Company Growth and Performance - Yongying Fund's non-monetary fund scale increased from less than 3.5 billion yuan at the end of 2016 to over 34 billion yuan by the first quarter of 2025, marking a nearly 100-fold growth and placing it among the top 18 in the industry and third among bank-affiliated firms [2]. - The fund has launched several high-performing products, including Yongying Ruixin, Yongying Advanced Manufacturing Select, and Yongying Digital Economy Select, with equity investment performance rising against market trends [1][2]. - The company has achieved this growth during a period of overall industry contraction, indicating its ability to thrive in adverse conditions [2]. Group 2: Talent and Team Structure - Yongying Fund has built a strong research and investment team led by notable figures such as Gao Nan, Wu Wei, Liu Xingyu, and Cai Leping, fostering a collaborative environment that enhances morale and performance [2][8]. - The average age of the management team is over 40, while the average age of employees is over 30, creating a dynamic and motivated workforce focused on client needs [8]. - The company emphasizes internal promotions and talent development, having promoted several fund managers in recent years to strengthen its investment capabilities [33]. Group 3: Product Strategy and Innovation - Yongying Fund has adopted a proactive approach to product development, covering a wide range of mainstream products, including active equity, fixed income, absolute return, and quantitative index products [2]. - The company has successfully launched innovative products such as the first low-altitude economy ETF, demonstrating its ability to identify and capitalize on emerging market opportunities [10]. - The "Product Meeting" is a crucial platform for discussing product positioning and ensuring alignment across departments, which has led to significant adjustments in the fund's equity business strategy [12][13]. Group 4: Organizational Culture and Development - Yongying Fund fosters a culture of open communication and collaboration, encouraging team members to share insights and experiences, which enhances overall team performance [31][33]. - The company has implemented a transparent internal promotion system and rigorous performance evaluation methods to motivate its research team [33]. - Continuous discussions and reflections on the investment process have led to a more adaptable and responsive organizational structure, positioning Yongying Fund for future growth [34][35].

Market Overview - The A-share market has started May with strong momentum, with the Shanghai Composite Index rising nearly 2% for the week and closing above 3300 points [1] ETF Performance - The military industry sector has shown significant growth, with related ETFs such as general aviation, military, high-end equipment, and national defense all ranking high in terms of weekly gains [2][3] - Over 1100 ETFs recorded positive returns this week, with a median market increase of 1.81%, indicating a notable uptick compared to the pre-May Day period [3] Top Performing ETFs - The top-performing ETF this week was the General Aviation ETF (159378), which saw a weekly increase of 6.48%. Notable stocks within this ETF, such as Aerospace Rainbow, experienced gains exceeding 14% [4][5] - Other ETFs related to the military sector, including the Military Leader ETF and High-End Equipment ETF, also reported weekly gains exceeding 5% [5] Communication Sector - The Communication ETF (515880) achieved a weekly increase of 6.14%, primarily driven by a rebound in the optical communication sector, with leading stocks like Zhongji Xuchuang and Tianfu Communication seeing substantial rises [5] Declining Sectors - The Hong Kong innovative drug sector has experienced significant volatility, with several ETFs related to this sector appearing on the weekly decline list [6] - The largest decline was seen in the NASDAQ Biotechnology ETF (513290), which fell by 4.93%, followed closely by the S&P Biotechnology ETF (159502) with a drop of 4.86% [7][8]

Core Viewpoint - The domestic ETF market is experiencing explosive growth, approaching a scale of 4 trillion yuan, but faces increasing homogenization and competition, prompting some public funds to focus on "first-mover" differentiated products to capture market opportunities [1][2][9]. Group 1: Market Dynamics - The ETF market has seen a surge in new issuances, with over ten public funds competing, leading to intense competition where smaller funds struggle to keep up with larger ones [2]. - Major public funds dominate key broad-based and thematic ETF tracks, while some are exploring niche markets and innovative strategies to differentiate themselves [2][6]. Group 2: Innovative Product Launches - Several "first" ETFs have been launched this year, including the first General Aviation ETF and the first Satellite ETF, both by Yongying Fund, indicating a trend towards innovative product offerings [3]. - Other notable launches include the first ETF linked to a high-dividend strategy and the first ETF focused on the new energy sector in the ChiNext market, showcasing the trend of differentiation among leading public funds [3][4]. Group 3: Growth of Existing Products - The first convertible bond ETF launched by Bosera Fund has seen its scale grow from 6.284 billion yuan to 38.622 billion yuan in just one year, highlighting the potential for significant growth in innovative ETFs [4]. - The unique policy financial bond ETF from Fuguo Fund has also experienced substantial growth, increasing from approximately 7.224 billion yuan to over 43.9 billion yuan within a year [5]. Group 4: Competitive Advantages of "First-Mover" ETFs - "First-mover" ETFs can quickly capture market share and build scale, as seen with the first gold industry ETFs that have gained significant traction since their launch [6]. - These products can create brand loyalty and recognition due to their unique strategies, allowing public funds to compete effectively in a crowded market [7]. Group 5: Challenges Ahead - Despite the advantages, public funds face challenges in nurturing these "first-mover" ETFs, including high initial marketing costs and the risk of low liquidity and strategy obsolescence [8]. - The competitive landscape is shifting towards a focus on existing products, with later entrants potentially leveraging cost advantages to challenge smaller funds [9].