长城港股通价值精选多策略混合型证券投 本基金托管人北 京 银 行股份有限公司根据本基金合同规定，于 2025 年 07 月 11 日复核了本 报 告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述 或者重大遗漏。 本基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈 利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 资基金 基金管理人：长城基金管理有限公司 基金托管人：北 京 银 行股份有限公司 报告送出日期：2025 年 7 月 12 日 长城港股通价值精选混合 2025 年第 2 季度报告 §1 重要提示 本基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 本报告期自 2025 年 04 月 01 日起至 2025 年 06 月 30 日止。 §2 基金产品概况 基金简称 长城港股通价值精选混合 基金主代码 007132 基金运作方式 契约型开放式 基金合同生效日 2019 ...

中国资产仍具备较强吸引力 中国基金报：对2025年下半年的A股市场怎么看？市场拐点有望在何时出现？ 李崟： 目前市场的估值水平仍处在历史偏低位置，同时宏观处于货币政策与财政政策"双宽 松"阶段，为A股市场向好提供重要支撑。 【导读】 绩优基金经理展望下半年：市场有望震荡向上，掘金大健康、新消费、科技创新 中国基金报记者 方丽 曹雯璟 张燕北 陆慧婧 2025年上半年即将收官。展望下半年市场，基金经理对整体投资机会有何预期？哪些领域更 值得布局？影响股市行情的核心因素有哪些？ 中国基金报采访了七位绩优公募基金经理，分别为 招商基金投资管理一部总监李崟，兴业基 金权益投资部总经理邹慧，永赢基金权益研究部总经理、永赢惠添益基金经理王乾，诺安基 金研究部总经理邓心怡，长城基金国际业务部副总经理、长城港股通价值精选基金经理曲少 杰，平安医药精选股票基金经理周思聪和信澳领先增长基金经理齐兴方 。 整体看，他们对后市较为乐观，认为A股市场整体估值水平仍处在历史偏低位置，货币政策和 财政政策处于"双宽松"阶段，为A股市场向好提供重要支撑；预计下半年市场有望震荡向上， 看好大健康、新消费、科技创新等领域。 王乾： 预计下半年市 ...

Group 1: Report's Investment Rating for the Industry - No information provided on the industry investment rating Group 2: Core Viewpoints of the Report - Amid the China-US trade game, technology has become the decisive factor, and China will continue to increase investment in technology, creating a good environment for tech companies [4][8] - Due to early listing rules, many Chinese tech companies are listed in Hong Kong. With interest rate cuts, southbound capital inflows, and low valuations, Hong Kong tech stocks have investment value, and investing in Hong Kong Stock Connect actively managed funds is a good choice [4] - Great Wall Hong Kong Stock Connect Value Selection Multi-Strategy A (007132.OF), which focuses on Hong Kong tech stocks and new consumption, has excellent performance and is worthy of attention [4] Group 3: Summary of Each Section in the Report I. Scarce Tech Stocks Gather in HKEX, and Hong Kong Stock Connect Funds Show Allocation Value 1. **Tech Manufacturing as the Decisive Factor in China-US Game** - China's R&D expenditure in 2024 reached 3.41 trillion yuan, accounting for 2.68% of GDP, and is expected to increase. The proportion of high-tech manufacturing in industrial added - value has risen from 9.4% in 2012 to 15.5% in 2022 [8] - The Chinese government attaches great importance to new - quality productivity, with leaders making multiple statements on its development directions [11][12] 2. **Flourishing High - tech Industries** - In 2024, China's new energy vehicle production was 11.712 million, a year - on - year increase of 43.69%, and exports were 1.2992 million, a year - on - year increase of 25.20%. Mobile internet monthly traffic per user has been increasing, and the semiconductor industry is growing well [13][16] 3. **HKEX Gathers Scarce Tech Stocks with Valuation Advantages** - Many Chinese tech companies are listed in Hong Kong. With global interest rate cuts, Hong Kong stocks, especially tech stocks, have investment value due to low valuations and continuous southbound capital inflows [18][20][21] 4. **Attention to Hong Kong Stock Connect Tech - themed Funds** - Among various investment channels for Hong Kong stocks, Hong Kong Stock Connect actively managed funds are a good choice for investors seeking excess returns. Great Wall Hong Kong Stock Connect Value Selection Multi - Strategy A is worthy of attention [24][25] II. Investment Value Analysis of Great Wall Hong Kong Stock Connect Value Selection Multi - Strategy (007132.OF) 1. **Experienced Fund Manager** - The fund manager, Qu Shaojie, has rich experience in Hong Kong stock market investment management. The fund is managed by Great Wall Fund, which has a good track record and a large management scale [26][27] 2. **Forward - looking Industry Layout in Technology** - In 2024, the fund adjusted its industry weights, increasing new consumption, auto, and semiconductor weights while maintaining internet technology weights. It is more focused on the tech sector, and the manager is optimistic about the future of Hong Kong's tech and internet industries and emerging consumption [28][29] 3. **High - position and Value - oriented Portfolio** - The fund maintains a high equity position (above 85% since 2024, with the latest at 88.15%), and shows a value - oriented style with good valuation performance [35] 4. **Top Holdings Covering Leaders in Hard Tech and New Consumption** - The fund's top holdings include internet tech, high - end manufacturing, and emerging consumption companies. It has early and continuous investments in internet tech stocks, and timely increased positions in new energy vehicle stocks and emerging consumption stocks like Pop Mart [37] 5. **Outstanding Recent Performance** - The fund has excellent recent performance, with a 51.16% return in the past year, a Sharpe ratio of 1.57, and an excess return of 33.02% compared to the benchmark. In the past 6 months, the return was 38.27%, ranking first among similar products, and 32.89% this year, ranking third. It is a five - star rated fund [39][42]

登录新浪财经APP 搜索【信披】查看更多考评等级 今年以来，随着南下资金持续流入，港股市场表现颇受瞩目。Wind数据显示，截至4月24日，今年以来 恒生指数涨幅达9.22%，恒生科技指数涨幅达11.36%，同期沪深300指数则下跌3.83%。（指数过往表现 不代表其未来表现，投资须谨慎） 伴随港股行情向好，不少重点投资港股的基金产品也交出亮丽的成绩单，比如由长城基金国际业务部副 总经理曲少杰管理的长城港股通价值精选（A类：007132、C类：017627）。基金一季报显示，截至 2025年3月31日，长城港股通价值精选A近6个月、近1年收益率为33.63%、57.88%，显著跑赢同期业绩 比较基准7.45%、27.83%的收益率表现。（基金过往业绩不预示其未来表现，基金有风险，投资须谨 慎。） 消费作为拉动经济增长的重要引擎，也成为市场关注的焦点。近年来，泛二次元人群快速增长，情绪消 费和国产IP的崛起共同推动了"谷子经济"等新兴消费领域的快速发展。曲少杰表示，中国年轻人消费潜 力巨大，他们更加注重IP和心仪的品牌，对IP的粘性和忠诚度远超一般人的认知，因此新兴消费有望成 为一个长期具有较高增长前景的赛道。而 ...