This class includes: Production of worked pearls Production of precious and semi-precious stones in the worked state, including the working of industrial quality stones and synthetic or reconstructed precious or semi-precious stones Working of diamonds Manufacture of jewellery of precious metal or of base metals clad with precious metals, or precious or semi-precious stones, or of combinations of precious metal and precious or semi-precious stones or of other materials Manufacture of goldsmiths' articles of precious metals or of base metals clad with precious metals: Dinnerware, flatware, hollowware, toilet articles, office or desk articles, articles for religious use etc. Manufacture of technical or laboratory articles of precious metal (except instruments and parts thereof): crucibles, spatulas, electroplating anodes etc. Manufacture of precious metal watch bands, wristbands, watch straps and cigarette cases Manufacture of coins, including coins for use as legal tender, whether or not of precious metal Engraving of personal precious and non-precious metal products

This class includes: Manufacture of dolls and doll garments, parts and accessories Manufacture of action figures Manufacture of toy animals Manufacture of toy musical instruments Manufacture of playing cards Manufacture of board games and similar games Manufacture of electronic games: chess etc. Manufacture of reduced-size ("scale") models and similar recreational models, electrical trains, construction sets etc. Manufacture of coin-operated games, billiards, special tables for casino games, etc. Manufacture of articles for funfair, table or parlour games Manufacture of wheeled toys designed to be ridden, including plastic bicycles and tricycles Manufacture of puzzles and similar articles

我们构建了基于以下四方面的中观行业景气比较体系：一是与超额回报具有领先关系的产业类高频指标，经 过筛选，各行业具有2-6个不等的高频跟踪指标；二是基于行业自身逻辑选取的产业指标，包含总需求、海 外需求、产成品存货、行业前景等；三是基于行业的信用环境和盈利能力对超额回报的指示效果；基于草根 调研与另类指标的行业景气度初级评估。对以上四个方面进行打分，对各项打分加权得到对行业景气的综合 评价。

9 月近月（领先约3 个月）领先指数回落、远月（领先约9个月）领先指数小幅回 升，短期经济修复压力较大，剥离了一定基数效应后的实际经济动能仍将在四季度 有所承压，而中长期维度上，经济尚存在修复动力。迷你领先指数（领先约1个 月）显示9 月工业增加值仍将有所回落。细分上下游、融资环境来看，中上游景气 缓慢修复，房地产疲软和出口需求低迷，年底前流动性环境将保持合理宽松。

面对市场风格的不断改变，基金经理的应对能力对其业 绩有着举足轻重的影响，不同的基金经理有着自己擅长的市 场环境与能力圈。那么，能否根据市场风格与基金在不同风 格市场中的表现，判断出基金的配置时机？

货币政策的中介目标：保持M2 和社融增速与名义GDP 增速基本匹配。社融增速 和名义GDP 增速的差值应保持在年度2.80%至3.0%的区间浮动，达到4.0%即为 “略高”；M2 和名义GDP 增速的差值应保持在2.0%以内，超过2.0%即为“略 高”，并且如果为了凸显货币政策的“逆周期调节”，社融和M2 允许阶段性的超过 名义GDP 增速4.0 和2.0 个百分点。截止二季度末，社融增速、M2 增速与名义 GDP 增速之差分别达到4.5 个百分点和5.1 个百分点，均超过了归纳而来的“基 本匹配”的阈值水平。

港股主要指数营收和净利润出现分化。1）2022H1港股主要指数营业总收入与往年同期相比 处于相对历史高位，但同比增速较2021H1有所回调，其中恒生指数营收增速显著高于其他指 数。2）净利润端，除恒生指数净利润同比增长3.36%外，恒生中国企业指数和恒生综指、恒 生科技指数均同比下滑。