近10年每年都在稳定赚钱的基金。 作者 | 市值风云基金研究部 编辑 | 小白 过去10年每年都能跑出正收益的基金可谓凤毛麟角，天弘通利混合A（000573.OF）是其中一个。 2014年3月14日成立，目前合并规模为11.8亿，成立以来净值增长167.4%，大幅跑赢业绩基准，并跑 赢同期沪深300指数50个百分点。 天弘通利混合A的业绩比较基准是三年期银行定期存款利率（税后）+0.75%，在大盘走牛的阶段，该 只基金收益率进攻性有限，2019-2020年均大幅跑输沪深300指数，但在熊市中优势凸显，尤其是在20 高比例配置股票资产，在2022-23年市场走熊的时间里，该只基金表现还算不错，两年均维持了正收 益，对基金经理选股是一种考验。 22-23年跑出超额。 该只基金成立以来年化回报达到8.7%。回撤方面，在2022年以前最大回撤控制在5%以内，最近3年最 大回撤在15%左右。 2024年基金收益率有一定的进攻性以及2022年以后动态回撤幅度较此前加大，是由于基金策略从此前 的固收+逐步转向加大权益中枢。 2022年一季度开始天弘通利混合A逐渐降低了债券配置权重，从85%逐步下降，2023年中报以后该比 ...

Core Viewpoint - The article discusses the strategic acquisition of 71% stake in Zhuoerbo by Aikodi (600933.SH) for 1.118 billion yuan, highlighting the company's focus on lightweight materials in the automotive and humanoid robot sectors, which are crucial for performance enhancement [3][4]. Group 1: Acquisition and Strategic Direction - Aikodi plans to acquire 71% of Zhuoerbo for 1.118 billion yuan, reflecting a 118.48% premium [3]. - The company is shifting its focus towards humanoid robots, leveraging its expertise in lightweight materials, which are essential for both electric vehicles and robotics [4][5]. - Aikodi has established a subsidiary for robotics and has begun to recruit relevant technical personnel, indicating its commitment to this emerging field [9]. Group 2: Financial Performance - In the first three quarters of 2025, Aikodi achieved a revenue of 5.31 billion yuan, a year-on-year increase of 6.7%, and a net profit of 900 million yuan, up 20.7% [11]. - The gross profit margin reached 30.4%, marking a high point in recent years, contributing to profit growth outpacing revenue growth [14]. - The growth in performance is driven by increased aluminum usage in electric vehicles and the ramp-up of overseas production capacity, particularly in Mexico and Malaysia [16][17]. Group 3: Market Position and Clientele - Aikodi's products are integrated into the supply chains of major global automotive suppliers such as Bosch, Valeo, and Magna, showcasing its technical strength and quality control [7]. - Zhuoerbo, the target of the acquisition, specializes in precision components for micro motors, with clients including Denso and other notable companies, and is expanding into emerging markets like drones and robotics [7].

既定管理框架的延续。 但根据新浪财经报道，这场风波的源头实则是一场在市场过热情绪下对常规政策的"误读"。 | 作者 | | 观韬 | | --- | --- | --- | | 编辑 | | 小白 | 元旦假期，一则关于"中国将于2026年对白银实施更严格出口管制"的消息在全球大宗商品市场与舆论 场中不胫而走，引发高度关注与讨论。甚至有人搬出世界首富马斯克2025年底的一条评论来佐证相关 观点。 （来源：新浪财经） 究竟怎么回事呢，欢迎走进今天的市值风云刨根问底拦不住。 引发热议的政策文本，是商务部于2025年10月29日发布的《2026年货物出口配额总量》公告，其中明 确自2026年1月1日起，"继续对白银暂停出口配额管理，实行出口许可证管理"。 关键在于"继续"二字。资料显示，中国对白银出口实行许可证管理并非新政，而是自2019年1月1日起 就已实施的既定管理框架，此次公告仅是年度的常规重申。 也因此，如果我们回过头去看的话，当时市场对此公告并未有明显关注。但这则消息最终在2025年底 被市场敏锐捕捉并放大。其背景是在白银刚刚成为2025年全球表现最亮眼的大宗商品之一，市场多头 氛围浓厚。 更巧合的是自商 ...

Core Viewpoint - The article discusses the increasing focus on low-volatility and stable value investments in 2026, particularly in the context of a significant wave of long-term deposits maturing and the prevailing low interest rate environment [1][3][4]. Group 1: Investment Environment - A surge in resident fixed deposits occurred from 2022 to 2023, coinciding with a weakening stock market and declining expectations [3]. - The unprecedented low interest rates faced by maturing funds create a need for reallocation, which is expected to drive demand for various fixed income plus (固收+) products [4][6]. - The investment landscape for fixed income products in 2026 is anticipated to be more challenging than in 2025 due to the current low interest rates and stock market levels around 4000 points [6]. Group 2: Fund Performance - A selection of "fixed income plus" funds was made based on criteria such as positive returns since 2020, fund size over 500 million, and equity exposure below 30% [6]. - The top-performing funds since 2020 include: - 华夏智泰LOF (160323.SZ) with a return of 73.99% and a fund size of 32.59 billion [7]. - 华泰柏瑞新利混合A (001247.OF) with a return of 67.84% [7]. - 招商添利两年债券 (006150.OF) with a maximum drawdown of only 1.09% [36]. - 华夏磐泰LOF has shown a net value growth of 73.9% since 2020, outperforming the沪深300 index by 20 percentage points in 2018 [10][11]. Group 3: Fund Characteristics - 华夏磐泰 LOF has maintained an average equity allocation of 26.7% since 2020, with a significant bond allocation averaging 81.5% over the past 23 quarters [13]. - The fund's defensive strategy focuses on bonds, primarily financial bonds and corporate bonds, while keeping convertible bonds and asset-backed securities at lower levels [15]. - The fund's top equity holdings include industry leaders such as 宁德时代 and 立讯精密, with the largest single stock holding being 工业富联 at only 2.74% of the equity portfolio [19]. Group 4: Other Notable Funds - 安信稳健增值混合A (001316.OF) has achieved a return of 34.2% since 2020, with a maximum drawdown of 7.2% [24]. - 安信新趋势混合A (001710.OF) has a return of 29.1% and a maximum drawdown of only 3.2% [24]. - 招商添利两年债券 has consistently outperformed its benchmark with an annualized return of 6.8% since inception [38].

Core Viewpoint - The article highlights the significant performance of the stock market in 2025, with various indices and stocks experiencing substantial gains, indicating a bullish trend and potential investment opportunities in the coming years [3]. Group 1: Market Performance - In 2025, micro-cap stocks surged by 80%, the ChiNext Index rose by 50%, and the North Exchange 50, China Securities 2000, and Sci-Tech 50 indices all increased by over 35% [3]. - The Shanghai Composite Index gained nearly 20% throughout the year, leading to over 600 A-shares achieving a doubling in price, with four stocks increasing by more than ten times [3]. Group 2: Top Performing Stocks - The top-performing stock in 2025 was Aowei New Materials (688585.SH), which saw an 18-fold increase, driven by market interest following the acquisition by Zhiyuan Robotics [5]. - Tianpu Co., Ltd. (605255.SH) ranked second with a 16-fold increase, attributed to rumors of a partnership in artificial intelligence, although the company later clarified it had no such plans [5]. - Other notable stocks included Star Map Control (920116.BJ) and Haibo Technology (688411.SH), both of which also experienced significant price increases [7]. Group 3: Sector Trends - The second half of 2025 was characterized by a focus on technology, particularly in the hardware sector driven by the demand for computing power, with PCB-related stocks becoming particularly popular [8]. - Companies like Shenghong Technology and Dingtai High-Tech saw their stock prices increase by over 5.5 times, with Shenghong's market capitalization reaching 245.9 billion [8]. Group 4: Institutional Investment - In 2025, the total market turnover reached 41.98 trillion, a 64.1% increase from the previous year, indicating a recovery in market activity [9]. - Key players in the AI wave included companies like Zhongji Xuchuang and Xinyi Technology, which were among the top traded stocks, although their price increases varied significantly [9]. Group 5: Future Outlook - The focus for 2026 will be on deepening the exploration of industrial chains, particularly in the robotics sector, with companies like Sanhua Intelligent Control and Wolong Electric Drive favored by institutions [11][12]. - The securities sector is expected to see a valuation recovery in 2026, with significant interest in brokerage stocks, despite mixed performance in 2025 [13].

Core Viewpoint - Wallen Technology (06082.HK) achieved rapid growth from zero to 337 million in revenue within two years, driven by both technology and commercialization [1][12]. Group 1: IPO and Market Position - Wallen Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, with a 76% increase on its debut, becoming the first GPU company listed in Hong Kong and achieving the largest fundraising scale since the implementation of the new listing policy in March 2023 [3][4]. - The IPO was highly sought after, with a subscription rate of 2347 times, reflecting strong market enthusiasm [3]. - The company raised a net amount of 5.375 billion HKD during its IPO, with significant backing from cornerstone investors such as Qiming Venture Partners and Ping An Life [4]. Group 2: Industry Growth and AI Impact - AI is recognized as a crucial driver of global economic and social development, with the McKinsey Global Institute predicting that AI-related industries will contribute between 29 trillion to 48 trillion USD in incremental revenue over the next 15 years, accounting for one-third of global GDP growth [5]. - The GPU market is projected to exceed 1 trillion CNY in 2024 and reach 3.6 trillion CNY by 2029, with a compound annual growth rate (CAGR) of 24.5% [5][8]. - The Chinese AI-related GPU market is expected to grow from 4.3 billion CNY in 2020 to 99.7 billion CNY in 2024, and reach 1.03 trillion CNY by 2029, with a CAGR of 56.7% [8]. Group 3: Company Growth and Product Development - Wallen Technology was founded in 2019 and launched its first BR106 GPU chip in 2020, achieving significant revenue growth from 0.5 million CNY in 2022 to 620.3 million CNY in 2023, and further to 3.37 billion CNY in 2024 [11][12]. - The company has established a diverse product matrix, including the BR110 and BR166 chips, catering to various application scenarios [11][12]. - Wallen Technology has secured contracts with nine Fortune China 500 companies and five Fortune Global 500 companies, creating a strong industry barrier and competitive advantage [12]. Group 4: Strategic Collaborations and Future Prospects - In 2025, Wallen Technology will collaborate with major telecom operators to establish domestic computing clusters, enhancing its market presence [13]. - The company has a robust order backlog of 1.24 billion CNY as of November 15, 2025, indicating strong future revenue potential [15]. - Wallen Technology's focus on high-performance computing and continuous innovation positions it well for future growth in the AI and GPU sectors [16][23]. Group 5: R&D and Innovation - Wallen Technology maintains a high level of R&D investment, with expenditures of 10.18 billion CNY in 2022, 8.86 billion CNY in 2023, and 8.27 billion CNY in 2024, representing over 70% of total operating expenses [30][31]. - The company has submitted over 1,500 patents globally, leading the industry in patent achievements, with a 100% authorization rate for invention patents [32]. Group 6: Leadership and Shareholder Support - Wallen Technology is led by a team with extensive experience in AI and hardware technology, including founder and CEO Zhang Wen, who has over 10 years of management experience in the field [33]. - The company has a strong shareholder base, including notable investment funds and industry players, providing substantial capital and resources for growth [34].

以小见大，汇兑损益已影响公司前三季度业绩。 作者 | 观韬 编辑 | 小白 近期，人民币对美元汇率在年末展现出强劲的升值势头，接连突破关键点位，最终重返备受关注 的"7"元心理关口。 具体来看，本轮升值行情启动于2025年11月下旬，随后进入加速通道。在岸与离岸人民币汇率从11月 21日7.11附近开始持续攀升，进入12月下旬后，升值步伐进一步加快。 截止12月29日盘后，离岸人民币对美元汇率收复7.0整数关口，为2024年9月以来首次；在岸人民币对 美元汇率则升破7.01关口，距离"破7"一步之遥。 人民币的持续升值以及美联储接下来的降息预期，让风云君想起本轮牛市启动前关于英科医疗 （300677.SZ）的研报。 在美联储加息背景下，英科医疗通过境外美元存款获取高利息和汇兑收益，同时在境内借入人民币满 足经营需求并购买理财产品赚取息差，以至于呈现出大存大贷的财务特征。 那么，随着人民币的持续升值以及美联储的扩表及降息预期，英科医疗的资产负债表现在是什么情况 呢？ 咱们先来说答案："大存大贷"有增无减，还在加速。 截止2025年三季末，英科医疗短期借款增长至167.03亿，相比2024年二季度增长了近60亿。 ...

多重正向逻辑产生共振，驱动化工行业基本面长期向好。 说一个在2025年闷声发大财，2026年仍具看点的板块！ 那就是化工，年内资金在疯狂流入，以被动ETF基金为例，2024年末全市场化工类ETF总规模仅为 25.1亿，2025年12月30日这一数值直接飙升至257亿，扩大十倍！ 化工行业在经历三年多的景气下行周期后，正迎来供需格局的实质性改善。在二级市场上也可以得到 一些印证，同花顺数据细分化工指数在2022年跌26.8%，2023年继续跌23.1%，2024年再下探3.8% 后，年内终于实现逆袭，上涨41.4%。 | 历年年度回报明细 指數名称 | 指数类型 | 2020 ÷ | 2021 ÷ | 2022 * | 2023 * | 2024 ÷ | YTD : | | --- | --- | --- | --- | --- | --- | --- | --- | | 细分化工 | 股票指数 | 51.68% | 15.72% | -26.89% | -23.17% | -3.83% | 41.40% | 作者 | Los 编辑 | 小白 （来源：Choice数据） 那是什么样的底层逻辑来推动化工行业持续上 ...

三问赢时胜：为什么行业景气度高涨业绩反而下滑？为什么财务核算问题频发？为什么实控人在监管函 后急于减持？ 作者 | 观韬 编辑 | 小白 随着金融科技板块在2025年12月初的集体躁动，赢时胜（300377.SZ）的股价在12月5日午后冲高涨 停，当天成交额高达17.15亿，换手率达到13.76%。随后的交易日，赢时胜仍然迈着碎步小阳线，持 续上涨至今。 与股价上涨形成鲜明对比的是，赢时胜的实际控制人唐球在这一期间进行了大手笔减持。 更有意思的是，赢时胜业绩反而从2024年第四季度开始急转直下。2024年第三季度，公司还能实现 4025万净利润，但第四季度就出现巨亏，此后一直未能彻底扭转颓势。 2025年第一季度，赢时胜亏损6899万；第二季度亏损收窄至1019万；第三季度勉强扭亏为盈，实现净 利润3597万，但同比仍下滑10.62%。 从单季度营收表现看，牛市来临之后，赢时胜的单季度业绩表现跟牛市之前并无两样，甚至比2023年 和2024年同期数据更差一些。 （来源：Choice数据，制图：市值风云APP） 究其根本原因，与同花顺和东方财富主要面向C端用户提供金融信息服务，牛市中交易量和用户活跃 度大增，会 ...

Core Viewpoint - The article discusses the impact of the 2026 "National Subsidy" policy for replacing old home appliances on leading home appliance companies' performance in the coming year, particularly focusing on Midea Group's stock buyback and financial performance [3][31]. Group 1: Stock Buyback and Market Performance - Midea Group has spent 10 billion on stock buybacks from June 17, 2025, to December 8, 2025, with 70.36% of the repurchased shares set for cancellation, signaling strong cash flow and valuation discount [3][4]. - Since the buyback began, Midea Group's stock has seen a maximum increase of over 15%, closing at a price that attempted to reach its historical high of 88.74 yuan per share [4]. - The stock's price-to-earnings ratio (PE) reached 13.32 times, with a dividend yield of 5.16%, indicating an attractive valuation [30]. Group 2: Financial Performance - Midea Group's revenue for 2024 is projected to be 409.1 billion, a year-on-year increase of 9.5%, with the first three quarters of 2024 showing a revenue of 364.7 billion, up 13.8% [5][10]. - The net profit for 2024 is expected to be 38.54 billion, reflecting a 14.3% increase year-on-year, with the first three quarters showing a net profit of 37.88 billion, up 19.5% [10]. - Midea Group has consistently outperformed competitors like Gree Electric and Haier Smart Home in terms of revenue and net profit since 2020 [10][12]. Group 3: B2B Business Contribution - Midea Group's B2B business contributed significantly to its revenue, with 2024 B2B revenue at 104.5 billion, accounting for 26% of total revenue [15]. - The B2B segment includes various solutions such as new energy and industrial technology, smart building technology, and robotics, with the new energy and industrial technology segment showing a 20.58% year-on-year growth [16][20]. - The company has strategically elevated its B2B business to be on par with its consumer-oriented smart home business since 2020, marking a significant shift in its operational focus [19]. Group 4: Acquisition Strategy - Midea Group has a history of strategic acquisitions that have bolstered its growth, including the purchase of Toshiba's air conditioning business and KUKA Robotics, enhancing its capabilities in various sectors [22][24]. - The acquisitions have allowed Midea to fill gaps in its product offerings and expand its global influence, with a notable increase in goodwill, reaching 34.37 billion by the end of Q3 2025 [25]. - The company has not experienced significant goodwill impairment in any fiscal year, indicating successful integration of acquired entities [25]. Group 5: Future Outlook with National Subsidy - The new "National Subsidy" policy for 2026 will continue to support the home appliance sector but will be more focused and optimized, which is seen as a positive for leading companies like Midea [31].