招商局中国基金2025年中期报告

**2025620##********Michael Charles VITERI*****2025620 131604-09 108 • #*** 20256202025620 183171712-1716 131609 00133.HKwww.cmcdi.com.hk 20256306 10%50% 20256306 1. 34D2 20241231 662(3)6320241231 406(2)407(2)(3) 2. 2025630620241231 3. 20241231 3. 3. 1 210%(+)(-) 316 202511 2025630 202411 2024630 3. 133,770,4972024630629,113,986 202511 2025630 202411 2024630 3. 4. 20256306 5. 6. (a)(b)(c) 2024 6. 6. 20246306 6. 7. 8. 200811 9. 11. 12. 2025630642024630644202463068202463064202511720259252025630612,186,641202463066,093,321 202412316,093,321202312,186,6414202371820255282025725 13. 13. 2,997202412312,6742372024123123720283220241231322029 20241231 14. 20241231202511630 15. 16. 20256303202563020241231 17. 20256306 (a)637,680202463065,090,487202412172025620 (b)20256306,292,722202412316,993,848 17. (c)5,56520246306 (d)2025630328,58320241231222,235202562066,1072024123137,14115,4752024123116,757202562078,7522024123145,29825,7569,8642024123125,51610,492 14A 18. 221202563063434 2410 202563034 108 2025828 2025630614,0455,9508,095136.05%202563020257202460978,3722024123164,7385.145202412314.250 18,8757,515151.16%15,1123,763 12.44%16920246306193 2025 2025331JBDJBD3,0000.449%20255263,000418JBD(MicroLED)MicroLED(AR)MicroLED 20252481A4,46666914.33% 20252212H3,398437101.69% 2025520%2793913.91% 20256303,09514.02%2,6612.68%JBD 202563020241231 202563020241231 20250.30% 202563096,49854,96455.38%4,760(4.80%)35,632(35.90%)1,142(1.15%)20256302,6612.68% 200220062025630A5,5200.219%15,4611,9792025720241.10 2025430202513732.08% 20255150 20256 2025620251,0008 2025A 199520256306.94%5,049202572024150 20254.7717.76% 31 20255202420242024 19892015102.463,87820256304.98% 2025202420252.1711.12% 6,00020104462687.70% 7IMAX China Holding, Inc.52 2010620104210%2010615,8662,476279.33%202562.39151% 2025652202212 NBA China, L.P.NBA2007NBA20082,300NBA1%2017NBA2,300NBA2025630NBA1%20251NBA301 2025324NBANBANBA 202545NBANBANBA ATELIERK11 MUSEANBAATELIERNBAKyle KUZMA 20085A322017895,0007501.52,29323,043 201959202022021122220226302 2025 2001201112,00030320256302894.825% 20252025386577 2015126.0220251295(AI)(IoT)9,00014.95%2016129,0001,328202567,147 2025627112 199920085(AI)2016111219.09454A1.301,88320256302018227681A0.295%20257202465 202582220252.394.01420X1(70B)DeepSeek-R1 671BAI152 201692.62572(IoT)201813,000474202563011.45%202561,134 20256192.334320251 Pony AI Inc.20161120187201948610.889%20211202232023100.889%0.649%20249(IPO)0.649%0.609%2024112,274,6050.560%18020255 202581220259,6095,132 2025Robotruck1,7304.1%190L2+L4Robotaxi326178.8%2702,0003,9202025Gen 7Gen 6Gen 7L46070% 2015720199112,0002831,0001443,0004271.625%202565,849,9891.459%12 202010232021916202212820252262025611 202220232024202533134.078.309.951.76 202520251Flow 2 Pro202548KX51/1.285nm AI2 2016(AI)202026,0008602021115,0007801.11,64020241282.802,800361338,150H1.362,0014,238,150H3.506%4,238,150H3,900,00012338,150620256 202582020257,4091.30 20256V2.5 20023202062.23,1120.17%2023110.12%2.753,8702024120256300.05%6,600933 202562025ICPay461,760 202026045810(AI)(IoT)5,0001.11%202095,000750202561,804 202566942.7631 Flexiv Ltd.20166202012500202561.58%1.42% 202535%RizonGravMoonlight 20254(Noematrix)Pre-A++ 20256(Mirka)2025(HDC 2025) 20253202552025TOP502024 20182021472,400367600933,000460202246501023,65056220256304.295% 20256•(2025) 20173(SoC)(5G)SoC202193,50054220256301.28% 2025NB-IoTSoCXY1200S/XY2100SCAT-1XY4100XY4100L(NTN)XY7100 20168(FTTH)(5G)2021123,0004722.50% 202510G-EPONBOSADML XGSCW-DFB 20196(UWB)202375,0007026.42%202526.42%8.85% 2025UWBMK8080(IoT)UWB(IoT) Moonshot AI Ltd.202352023121,0001.29%2024236202531.29%0.66% 202520251k1.520252MoBA20254Kimi-VLKimina-Prover20256Kimi-ResearcherKimi-ResearcherAgent JBD201510(MicroLED)MicroLED20255JBD3,000418JBD 0.449%JBD20258JBD0.449%0.443% 2025JBD(AR)AR2025JBDARJBD20252MicroLED 19982012111,9991,9007.10% 20251,092690 2001(BIPV)20162200971,5002202025630201951654953.90% 202582520252,1651,637 20255202025516 202091.13572,40021.24%202011202172,400366 202582620255,8837,840 202551268,010,29935.08%HH Immvira Bioscience Inc.201852022108001.65% 2025110Merz Aesthetics 202562520232024202533134.825.242.04 20252025(GDP)665.3%33.7%245.3%395.5%1GDP5.4%25.2%(CPI)0.1% 2025620252.3%712.05(LPR)0.1(PPI)420255.0%20252025 2009 200990 2%201182613,0005%23,00011502%312% 202511 2025630640.31220246306440.3122024630680.624202463064202511720259252025630612,186,641202463066,093,32120251024 202412316,093,321202312,186,6414202371820255282025725 202592220259252025919430183171712-1716 6306 2025630352 20256303521820256306 2025630336 3Argyle Street Management Holdings LimitedArgyle Street Management Limited2024619Argyle Street Management Holdings LimitedASM Connaught House (Master) Fund VLPASM Connaught House (Master) Fund III LPArgyle Street Management LimitedASM Co-InvestmentTerm Trust IASM Connaught House (Master) Fund V LPAS