刚刚闭幕的中央经济工作会议，以及前不久党的二十届四中全会，都对"十五五"时期加快构建新发展格 局，着力推动高质量发展作出战略部署，为金融强国、资本市场高质量发展赋予新使命、明确新方向。 作为资本市场的重要机构投资者，公募基金是连接实体经济与居民财富的关键纽带，其发展成效直接关 系到金融强国建设的成色和中国式现代化的推进质效。 金融赋能新质生产力发展 中央经济工作会议指出，"因地制宜发展新质生产力""坚持创新驱动，加紧培育壮大新动能""创新科技 金融服务"。新质生产力的核心是科技创新，而科技创新具有投入大、周期长、风险高的特征，迫切需 要长期资本的精准赋能。作为专业机构投资者，公募基金须当好"耐心资本"，做时间的朋友，做创新的 伙伴，助力 "长钱长投"市场生态建设。 华夏基金秉承"研究创造价值"的投资理念，坚持价值投资、长期投资，构建适应新质生产力的投研体 系，未来将更多地关注技术壁垒、研发投入、产业链地位等长期成长要素，鼓励投研人员深入产业链一 线，发掘具备核心技术、代表中国未来竞争力的优质企业，力争发挥桥梁纽带作用，形成对新质生产力 的长期稳定支持。华夏基金前期还成立了第一家公募基金股权子公司，后续将持续挖 ...

Group 1 - The National Robot Industry Index fell by 1.7%, the China Securities Equipment Industry Index decreased by 1.5%, the China Securities Military Industry Index dropped by 1.2%, and the China Securities Chip Industry Index declined by 1.0% [1] - The E Fund Robot ETF (159530) saw a net subscription of 42 million shares throughout the day [1] - As of late July, there are 834 existing companies related to humanoid robots in China, with 123 registered this year, including 105 in the first half, representing a year-on-year growth of 183.78% [1] Group 2 - The China Securities Equipment Industry Index, which tracks equipment industry stocks, experienced a decline of 1.5% and has a rolling price-to-earnings ratio of 35.5 times [3] - The index is composed mainly of stocks from the power equipment, machinery, and defense military industries [3] Group 3 - The National Robot Industry Index focuses on the robot industry, with humanoid robots making up 53% of the index, while service robots and industrial robots account for 17% and 30%, respectively [4] - The index recorded a decline of 1.7% and has a rolling price-to-sales ratio of 4.8 times [4] Group 4 - The China Securities Military Industry Index, which includes companies related to the military industry, fell by 1.2% and has a rolling price-to-earnings ratio of 114.6 times [5] - The index comprises over 70% of stocks from the aerospace equipment, military electronics, and naval equipment sectors [5]

- The "Style Rotation Fund Selection Strategy" is based on constructing an absolute active rotation indicator using stock holdings from two reporting periods to identify style rotation or stable style funds. The strategy employs semi-annual rebalancing at the end of March and August, focusing on equity-biased mixed funds and ordinary stock funds, excluding transaction costs[26][31][31] - The "Comprehensive Fund Selection Strategy Based on Fund Characteristics and Capabilities" integrates multiple selection factors such as fund size, holder structure, performance momentum, stock-picking ability, hidden trading ability, and gold content. These factors are equally weighted and combined. The strategy uses quarterly rebalancing at the end of January, April, July, and October, excluding transaction costs[35][40][40] - The "Fund Selection Strategy Based on Trading Motivation Factor and Stock Spread Income Factor" combines trading motivation factors and stock spread income factors derived from fund profit statements. It aims to select funds with high stock spread income, active trading motivation, and low likelihood of performance manipulation. The strategy employs semi-annual rebalancing at the end of March and August, focusing on active equity funds, excluding transaction costs[41][42][47] - The "Fund Manager Trading Uniqueness Strategy" constructs a network based on fund manager holdings and trading details to create a trading uniqueness indicator. The strategy uses semi-annual rebalancing at the beginning of April and September, focusing on equity-biased mixed funds, ordinary stock funds, and flexible allocation funds, excluding transaction costs[48][54][54] - The "Style Rotation Fund Selection Strategy" achieved a June return of 4.45%, annualized return of 9.05%, annualized volatility of 19.67%, Sharpe ratio of 0.46, maximum drawdown of 37.30%, annualized excess return of 3.43%, excess maximum drawdown of 11.25%, and IR of 0.46[31] - The "Comprehensive Fund Selection Strategy Based on Fund Characteristics and Capabilities" achieved a June return of 4.26%, annualized return of 13.09%, annualized volatility of 22.51%, Sharpe ratio of 0.58, maximum drawdown of 44.27%, annualized excess return of 4.92%, excess maximum drawdown of 17.38%, and IR of 0.61[40] - The "Fund Selection Strategy Based on Trading Motivation Factor and Stock Spread Income Factor" achieved a June return of 6.47%, annualized return of 9.03%, annualized volatility of 21.66%, Sharpe ratio of 0.42, maximum drawdown of 48.39%, annualized excess return of 3.09%, excess maximum drawdown of 19.13%, and IR of 0.53[47] - The "Fund Manager Trading Uniqueness Strategy" achieved a June return of 5.38%, annualized return of 9.86%, annualized volatility of 19.51%, Sharpe ratio of 0.51, maximum drawdown of 37.26%, annualized excess return of 4.30%, excess maximum drawdown of 10.84%, and IR of 0.85[54]

Core Viewpoint - The establishment of the "Chinese version of the stabilization fund" signifies a strategic response to external tariff pressures, showcasing China's commitment to maintaining market stability and investor confidence [1][11][20]. Group 1: Strategic Significance of the "Chinese Version of the Stabilization Fund" - The mechanism serves to isolate internal and external risks, effectively countering the impact of external tariffs on the capital market through coordinated actions by central financial institutions [4][11]. - It aims to reshape market pricing logic and investment ecology by guiding funds towards long-term value investments through the continuous purchase of strategic ETFs [11][12]. - The initiative promotes alignment between capital markets and national strategies, accelerating the valuation reconstruction of core assets in emerging industries [12][13]. Group 2: Policy Coordination and Market Response - Multi-departmental collaboration in response to tariff challenges reflects a strong policy determination and confidence, with potential future actions including support for export enterprises and increased consumer spending [19][20]. - The coordinated response sends multiple positive signals, including a commitment to safeguarding national interests and stabilizing market expectations [19][20]. - The combination of monetary, fiscal, and industrial policy tools demonstrates a comprehensive approach to managing market sentiment and reducing irrational decision-making risks [20]. Group 3: Long-term Investment Value in Capital Markets - The current economic resilience and low valuation levels provide a solid foundation for long-term investment in Chinese assets, with expectations of GDP growth exceeding 5% in the first quarter [22][24]. - The shift towards institutional investors and the emphasis on value investment principles are expected to enhance market stability and attract more patient capital [17][22]. - The ongoing structural transformation of the economy, moving from real estate-driven growth to innovation-led development, is anticipated to further enhance the investment value of the capital market [24][33]. Group 4: Global Economic Positioning - China's competitive advantages in the global economy include a vast domestic market, comprehensive industrial capabilities, and a strong emphasis on innovation in key sectors [27][28][30]. - The government's proactive policies and the robust performance of emerging industries are expected to sustain economic growth and attract foreign investment [29][30]. - The focus on high-quality development and the transition to new productive forces will play a crucial role in shaping the future landscape of the capital market [24][33].