招商局中国基金2025年年报

24846486379107112113114115116160 131604-09 **##********Michael Charles VITERI**** 108 #*** 183171712-1716 131609 00133.HKwww.cmcdi.com.hk 2025123183,465202464,73828.92%5.47920244.25028.92%202518,99412,03557.82% 202552082025338312.50% 202520252.7%20242.1%1.4%1.3%20252025(GDP)140.25.0%9.33.9%50.04.5%80.95.4%1GDP5.4%25.2%34.8%44.5%2025(CPI) 2025A4,00020253,969202418.41%202527,000202525,630202427.77%2017 () 2025101,38996.96%202477,56523,8243,0192.89% 20252025418212630 20251231202512226202611(i)800(ii)(iii)100 20262026120262.6%1.6%4.0%202560.22026GDP20256.2%5.5% 20252026AI2026 2026327 2025123118,99412,0356,95957.82%2025123183,4652024123164,7385.479202412314.250 23,01113,75067.35%17,7535,258 7.48%1,91220241,779 2025 2025331JBDJBD3,0000.449%20255263,000418JBD(MicroLED)MicroLED(AR)MicroLED 202510281,50020251171,500212201111 () 20252481A4,46666914.33% 20252212H3,398437101.69% 2025520%2793913.91% 202512313,0952.46%3,0192.89%JBD 2025123120241231 2025123120241231 20252.22% 20251231101,38954,64352.27%4,115(3.94%)40,936(39.14%)1,695(1.61%)202512313,0192.89% () 2002200620251231A5,5200.219%15,4611,979202572026120241.1020255,591 20251233,06130,1779.56%20252,16475.70% 202632720251,511.261.05% 202511 202512(The Asian Banker)2025 2025A () 1995202512316.94%5,049202572024150 20251218,81014,43630.30%20253,981181 20254.6946.27% 31 202591 202511 19892015102.463,878202512314.98%202511202612.71853,868 2025122,6622,29915.79%202530566.99% 202520253.375.11% () 6,00020104462687.70% 2025121101090.92% 7IMAX China Holding, Inc.52 2010620104210%2010615,8662,476279.33%2025122.39151% 20251222740944.50% 20251252202212 NBAChina,L.P.NBA2007NBA20082,300NBA1%2017NBA2,300NBA20251231NBA1%2025120261NBA301334 202512NBA3,8884,0524.05%2025NBA1641,262 202510NBA2025NBA 20085A322017895,0007501.52,29323,04320195920202 () 2025120 2001201112,000303202512312894.825% 202512443622.22% 20252025536900 2015126.0220251295(AI)(IoT)9,00014.95%2016129,0001,3282025127,147 2025121,8971,9160.99% 20251222.1023.907.53% 20251227112 199920085(AI)2016111219.09454A1.301,883202512312018227681A0.295%20257202465 2025124,8664,5736.41%20251870.21% 20251021202536,6673.44202532025312269 2025116X1.5MoEX1100% () 201692.6257220251231(IoT)201813,0004742025123111.45%2025121,397 20251253878531.46% 202512192.335220251 PonyAI Inc.20161120187201948610.889%20211202232023100.889%0.649%20249(IPO)0.649%0.609%2024112,274,6050.560%202589682,3821,021202512311,592,223202611,083,9431,831 2025122,3072,81117.93%202533970.93% 2025116(NASDAQ)+ 202632620257,675.82.752025Robotruck4,060.10.6%L2+L4Robotaxi1,660.7128.6%1,4002,0002025Gen7Gen 6Gen 7L46070%Gen 7 2015720199112,0002831,0001443,0004271.625%202565,849,9891.459%12 () 20251218,6993,502433.95%202514,876758.40% 2025611 20252026214202598.5876.85%9.643.08% 202520251Flow 2 Pro202548KX51/1.285nm AI220259AIWave2025108KX4 Air202512Antigravity A1360 202520256(Google)(KANTAR BRANDZ)BrandZ503202524202510(Time Magazine)2025Antigravity A1 2016(AI)202026,0008602021115,0007801.11,64020241282.802,800361338,150H1.362,0014,238,150H3.506%2025124,238,150H 2025124,2534,2610.19%20259413.10% 202632720256,576.71.37 20251135V1.0 202512AI 20023202062.23,1120.17%2023110.12%2.753,87020241202512310.05%6,600933202512202497 2025122,5432,3279.28%202516178.27% () 202511Worldpay 202512Nihao ChinaAPPAPP 202026045810(AI)(IoT)5,0001.11%202095,0007502025122,029 2025129589352.46% 2025126942.7633 FlexivLtd.201662020125002025101.58%1.41% 2025121,438510181.96% 2025180%RizonGravMoonlight9 2025890% 202511FMR 300CNC 2025(Noematrix)410 () 20182021472,400367600933,000460202246501023,650562202512314.295% 20251217759200.00% 202512FOFA 5.010 20173(SoC)(5G)SoC202511202193,500542202512311.28% 20251246479487.34% 202575%NB-IoTSoCXY1200/XY2100CAT-1XY4100 202510 20168(FTTH)(5G)2021123,0004722.50% 2025121497598.67% 202510G-EPONBOSADML XGSCW-DFB 20196(UWB)202375,0007026.42%202526.42%8.85% 2025125085314.33% () 2025UWBMK8080(IoT)UWB(IoT) MoonshotAI Ltd.202352023121,0001.29%2024236202531.29%0.66%2026120.66%0.58% 2025121,6761,5359.19% 202520251K1.520252MoBA20254Kimi-VLKimina-Prover20256Kimi-Researcher Kimi-ResearcherAgent20257KimiK21128KLMArena11202510202511KimiK2-Thinking(Humanity's Last Exam)(BrowseComp)(SEAL-0)State-of-the-Art(SOTA)AgenticAgentic AI(aicpb.com)202512Kimi3,883KimiAPP(MAU)23.59 20261K2.5AgentSOTAK2.5AgentOpenRouter202622K2.5 JBD201510(MicroLED)MicroLED202512JBD20255JBD3,000418JBD 0.449%JBD202589JBD0.449%0.388% 202512JBD419 2025JBD(AR)AR2025JBDAR20259JBDJBD0.1MicroLEDX-cube0.20.550%202512JBDMicroLED42.510160 PPIJBD20252MicroLED () 19982012111,9991,9007.10% 20251229224817.74% 202520254,389316 2001(BIPV)20162200971,50022020251231201951654953.90% 991044.81% 20259152025911 2025101320251010 20251121 202634 202091.13572,40021.24%202011202172,40036620259 2025122232313.46% 202632720258,473.29,759.9 202510(EpCAM)3(CD3)(BsAb)M701(NSCLC)II2025(ESMO)202512 () 202512