颇有一股"清仓式"卖公司的味道。 | 作者 | | 塔山 | | --- | --- | --- | | 编辑 | | 小白 | 团购为核心渠道，业务依赖军警系统 万里马（300591.SZ，下称公司）成立于2002年，于2017年上市。 公司主营业务为皮具产品和个体防护产品的研产销，同时以ODM模式为国际知名企业生产手袋等产 品。 另外公司还通过控股子公司超琦科技为母婴、户外运动产品等品牌商提供电商平台旗舰店的运 营管理服务； 通过控股子公司宇岛科技在电商平台销售资生堂旗下产品。 公司拥有三个自有品牌和多个代理品牌，渠道包括团购、直营、电商、批发代理商和 ODM 五大类。 | 项 | | | 自有渠道 | | | 代理商渠道 | | --- | --- | --- | --- | --- | --- | --- | | 目 | 直营店 | 团购 | 电子商务 | ODM | 批发商 | | | 主要 | 万里马、Saint | 主要为万里 | 万里马、Saint | 日本PAL集 | 万里马品牌产 | 万里马、Saint | | | | 马品牌皮 | Jack 以 及 | 材 Russet m | | | ...

作者 | 闲彦 编辑 | 小白 全球贸易乱哄哄，特朗普的关税政策搅得投资者不得安宁，而他本人的一大政策就是死守传统能源、 对清洁能源说不。 比如他主张放松对油气开采的监管，个人的标志性口号"Drill, baby, drill!"（钻吧，宝贝，钻吧！）无 疑既想讨好油气领域的老金主们，又寄望这一政策能够压低油价，为通胀降温继而降息创造条件。 整整10年，杀不死你的，让你更强大。 50美元一桶，这是特朗普幕僚彼得·纳瓦罗给的目标价。 但是，能成为金主，智力自然是在线的，尤其是经历过自2014年以来的原油价格大跌甚至负油价，哪 怕是头猪，也该学到风险控制。 人教人，教不会，事教人，一次就够，尤其是记忆还热乎的时候。 美国的页岩油气开发商经过"生死劫"和各种兼并重组，早就转化成为一部部活脱脱的赚钱机器，现金 流成为核心考虑。 也因此，这类资产获得了包括巴菲特在内的诸多长期投资者的热烈追求。无他，便宜，黑乎乎的油就 是白花花的钱。 除了满足必要的资本开支、少见的并购机会，以及调整资本结构（还债），剩下的都分给股东，这就 是old money最喜欢的，不像是典型科技公司，全都拿去做回购，哪怕是持续高估。 在特朗普的号召 ...

Core Viewpoint - The control transfer of Yiming Pharmaceutical has been completed, with the new owner being Yao Jinbo, the founder of 58.com, marking it as his first A-share listed company [2][3]. Group 1: Company Overview - Yiming Pharmaceutical, with a market value of just over 2 billion, has been relatively unnoticed until now [2]. - The company was listed at the end of 2016, focusing on chronic medications for diabetes and cardiovascular diseases, including products like Yiming Aotianping and Yiming Weidongling [3]. Group 2: Financial Performance - Yiming Pharmaceutical's revenue has stagnated, with 2020 revenue at 600 million and projected revenue of 650 million in 2024, showing a decline of 7.4% in Q1 2025 [3][5]. - The net profit has remained stable at around 30-40 million, with R&D expenses projected to be over 15 million in 2024, indicating limited growth potential for a pharmaceutical company [5]. Group 3: Acquisition Insights - Yao Jinbo's acquisition price of 15.10 CNY per share represents a 24% premium over the last closing price and a 30% premium over the 20-day average price prior to suspension, indicating a strong commitment [2]. - The financials reveal that Yiming Pharmaceutical has a clean balance sheet, with 320 million in cash, 170 million in accounts receivable, and total liabilities under 300 million, suggesting it is a clean shell for potential future operations [6][9]. Group 4: Future Expectations - The share transfer agreement includes performance commitments from the previous controlling shareholder, ensuring revenue of no less than 600 million and net profit of no less than 30 million from 2025 to 2027, which may guide Yao's future plans for the company [11].

Core Viewpoint - The rapid development of public funds has led to a diverse range of fund products, making it challenging for investors to select suitable options. FOF funds, acting as "professional buyers," reflect market risk preferences and strategy adjustments, providing valuable insights for investors [2][3]. Group 1: FOF Fund Preferences - The top three actively managed equity funds favored by FOF funds in Q1 include Dachen Gaoxin C managed by Liu Xu (37 FOF funds), Fuguo Stable Growth C managed by Fan Yan (26 FOF funds), and Huaxia Innovation Frontier managed by Tu Huanyu (21 FOF funds) [5][6]. - Liu Xu is characterized as a value investor focusing on safety margins and long-term stock selection, while Fan Yan is known for her diversified holdings and strong drawdown control, earning her the title of "earthquake master" [7]. - Tu Huanyu adopts a technology growth style, focusing on TMT and new energy sectors, resulting in higher volatility compared to Liu Xu and Fan Yan [7]. Group 2: Fund Performance and Characteristics - Fuguo Stable Growth C and Jing Shun Chang Cheng Quality Evergreen C saw significant institutional buying in Q1, with shares increasing by 18.0373 million and 9.6018 million, respectively [10]. - Jing Shun Chang Cheng Quality Evergreen C, managed by Fan Yan, has consistently outperformed benchmarks and peers, achieving a year-to-date return of 8.17% and a total return of 44.39% over three years [13][12]. - The fund's strategy shifted towards technology sectors, significantly increasing allocations to electronics and communications, which contributed to a net value increase of over 40% in 2024 [15][14]. Group 3: Institutional Preferences - The top ten actively managed equity funds by FOF fund holdings, excluding those with high self-company holdings, include Huaxia Innovation Frontier with a market value of 4 billion yuan and 21 FOF funds [28][29]. - The fund manager Tu Huanyu focuses on long-term investment returns in TMT, new energy, and pharmaceuticals, achieving a cumulative return of 48% since he began managing the fund in March 2020 [30][31]. - The maximum drawdown for Huaxia Innovation Frontier during Tu Huanyu's tenure reached -44.5%, indicating a high level of volatility [33].

是时候拿出真本事。 作者 | RAYYYY 编辑 | 小白 （来源：网络公开资料） 5月7日，中国证监会发布《推动公募基金高质量发展行动方案》，其中特别强调要建立与基金业绩表 现挂钩的浮动管理费收取机制，也就是"浮动费率基金"。 该《方案》发布不久，首批26只新型浮动费率基金集中获批并启动发行，该类型产品通过管理费与业 绩、持有期的动态绑定，彻底重构了传统"旱涝保收"的收费模式，标志着中国资管行业正式进入"利 益共担"时代。 既要同甘，也要可共苦的基金时代宣告来临 新型浮动费率基金的推出意味着基金管理人和基民坐到同一条船上，将管理费与基民的持有时间，还 有最终能拿到的业绩结果挂钩，利益风险共担。 具体看来，与传统固定费率（普遍1.5%）相比，新型产品管理费波动幅度达67%（0.6%-1.5%），且 设置"非对称浮动"规则：跑输基准3%时费率降至0.6%，跑赢6%且正收益方可升至1.5%，如果仅符合 基准，正常收取管理费。 （来源：网络公开资料） 这一费率结构要求基金管理人以投资者利益优先。目前，公募主动权益基金管理费年费率普遍为 1.2%，如果浮动费率基金明显跑输业绩比较基准，管理费将直接"减半"，体现出基金 ...

Core Viewpoint - The article discusses the competitive landscape and future prospects of manganese lithium batteries in the electric two-wheeler market, highlighting the challenges posed by the dominance of lithium iron phosphate batteries and the fluctuating prices of lithium carbonate [4][24][29]. Group 1: Industry Overview - The rapid development of the power battery industry has led to increased attention on the cross-application of manganese in lithium batteries, particularly manganese lithium batteries, which have clear application scenarios in electric two-wheelers and low-speed electric vehicles [7][8]. - The electric two-wheeler market is crucial for the sustained growth of manganese lithium materials, with a projected domestic demand of 115,000 tons by 2026 [11][36]. - The market for manganese-based cathode materials is relatively small, leading to a challenging survival environment for small and medium enterprises, while larger companies dominate due to their scale and R&D capabilities [12][13]. Group 2: Company Performance - The company plans to raise 487 million yuan for a project to produce 30,000 tons of spinel manganese lithium battery materials, indicating a strategic shift towards lithium battery materials [8][9]. - In 2024, the company expects revenue of 1.9 billion yuan, with its main business segments being electrolytic manganese dioxide (EMD) and manganese lithium, where EMD contributes 67% of revenue [13][18]. - The company's EMD business has a gross margin of 37%, while manganese lithium has struggled with profitability, showing a gross margin of less than 1% in recent years [13][20]. Group 3: Market Dynamics - The electric two-wheeler market in China has reached a saturation point, with a decline in sales expected in 2024, which may impact the demand for manganese lithium batteries [35][47]. - The global electric two-wheeler market saw a slight increase in sales, but the domestic market is projected to decline by 11.6% in 2024 [34][35]. - The price of lithium carbonate has a significant impact on the profitability of manganese lithium batteries, with fluctuations leading to varying gross margins across the industry [20][29]. Group 4: Competitive Landscape - The article highlights the competitive threat posed by lithium iron phosphate batteries, which are becoming increasingly cost-effective and may overshadow manganese lithium batteries in the market [24][27][28]. - The price of manganese lithium battery materials has been revised downwards from 55,000 yuan to 33,000 yuan per ton, reflecting the competitive pressure from lithium iron phosphate [30][31]. - The company faces challenges in maintaining its market position as the advantages of manganese lithium over lithium iron phosphate diminish, particularly in terms of cost and performance [28][29].

Core Viewpoint - The public FOF (Fund of Funds) market has seen its total scale grow for the first time in three years, reaching 151.08 billion yuan by the end of Q1 2025, with a quarterly growth rate of 13.5% [3][5]. Group 1: Market Performance - As of May 18, 2025, the total scale of public FOF reached 159.85 billion yuan, continuing the growth trend [3]. - In Q1 2025, the average return of 288 personal pension FOF Y-share products was 1%, with some products exceeding 5% [7]. - The average increase for stock FOFs in Q1 was 2.70%, indicating strong performance across various FOF products [7]. Group 2: Factors Driving Growth - The recovery of the equity market has significantly contributed to the performance of FOF products [6]. - The implementation of personal pension systems since 2022 has highlighted the vast market potential and policy support for personal pensions, further attracting investor interest [7]. Group 3: Performance Disparity - Despite a strong start in Q1, performance disparities among FOF funds increased in April, with a difference of 11 percentage points between the best and worst performers [10]. - In April 2025, about one-quarter of FOF funds achieved positive returns, with only one fund, Minsheng Jianyin Kangning Stable Pension One-Year A, showing a return greater than 1% [11]. Group 4: Concentration of Assets - The concentration of underlying assets in FOFs has increased, leading to significant performance disparities, particularly among funds managed by the same manager [18][21]. - Five FOF funds with losses exceeding 4% in April were all managed by the same manager, indicating a risk associated with concentrated holdings in specific sectors like new energy and semiconductors [18][21]. Group 5: Future Outlook - As of mid-May 2025, 51 new FOFs have been established, raising a total of 23.03 billion yuan, reflecting growing investor recognition of FOFs [24]. - The performance differentiation among FOFs is expected to continue, necessitating thorough research and selection by investors to identify funds with high-quality underlying assets [24].

Core Viewpoint - The article highlights the significant advancements and market position of Hai'an Rubber Group in the production of giant all-steel radial tires, emphasizing its role in breaking the monopoly of international giants and achieving import substitution in China. Group 1: Company Achievements - In December 2019, China became the third country capable of producing 59/80R63 all-steel giant tires, filling a domestic gap and reaching international advanced levels [2][3] - Hai'an Rubber is the first and largest manufacturer of 63-inch tires in China, with nearly 100 million yuan in orders on hand [6] - The company has delivered hundreds of 63-inch products, demonstrating successful application and validation [6] Group 2: Market Position - In 2022, Hai'an Rubber produced approximately 14,000 giant all-steel tires, accounting for about 52.4% of China's total production of 27,000 units [12] - Globally, Hai'an Rubber holds a 6.5% market share, ranking fourth after Michelin, Bridgestone, and Goodyear [13] - The company has successfully provided products and services to over a hundred mining companies, indicating strong market penetration [15] Group 3: Financial Performance - Hai'an Rubber's revenue is projected to reach 2.3 billion yuan in 2024, reflecting a 360% increase from 2020 [18] - Sales volume increased from 3,300 units in 2020 to 15,100 units in 2024, nearly a fivefold growth [19] - The company’s net profit for 2024 is expected to be 679 million yuan, nearly double that of 2022 [37] Group 4: Growth Drivers - The demand for giant all-steel tires is driven by the recovery of global mining companies, with domestic and international growth rates around 50% [23] - The exit of major international brands from the Russian market has created opportunities for Hai'an Rubber to expand its customer base [24] - The company has seen significant revenue growth in Europe, reaching 1.218 billion yuan in 2023 [25] Group 5: Competitive Advantages - Hai'an Rubber's operational management services for mining tires enhance customer loyalty and provide valuable feedback for product development [29][30] - The company maintains the highest gross margin in the industry, with a gross margin of 48.71% in 2024 [39] - Hai'an Rubber's production capacity utilization exceeds 90%, significantly higher than the industry average [43] Group 6: Market Outlook - The global market for giant all-steel tires is expected to grow at a compound annual growth rate (CAGR) of 5.18%, while China's market is projected to grow at a CAGR of 12.47% [48] - The exit of international brands from key markets presents a strategic opportunity for domestic companies to secure supply chains and enhance market share [50] - The shift towards giant all-steel tires, which have a longer lifespan than diagonal tires, indicates a structural opportunity for market growth [51]

每一轮小作文引爆的股价上涨，都完美契合了内部人的减持时点。高，实在是高！ 作者 | 贝壳XY 编辑 | 小白 最近，一位老朋友的股价表现看得风云君呼吸急促面色潮红——金龙羽（002882.SZ），自5月20日起 股价如"旱地拔葱"般强势上行，短短6个交易日暴涨51.24%，换手率高达140.75%。 （来源：市值风云APP） 5月28日，虽尾盘有所下行，但全天股价最高达到28.77元/股，创下历史新高，收盘市值站上110亿， 妥妥的"大妖股"！ 正当风云君兴致冲冲地打开金龙羽的公告栏，想要看看到底是什么原因导致股价如此暴涨的时候，却 发现公告栏比风云君的工资卡都干净：5月初至这轮行情启动前，只有常规性的电缆中标公告、聘任 董秘相关的董事会决议公告，以及年度股东大会决议公告。 而行情启动至今，也仅有两则股票异常波动公告...... | 序号 | 公告时间 | 标覧 | 公告主题 | | --- | --- | --- | --- | | | 2025-05-28 | 金龙羽:股票交易异常波动公告 | 股票交易异常波动 | | 2 | 2025-05-22 | 金龙羽:股票交易异常波动公告 | 股票交易异常波动 ...

Group 1 - The core viewpoint emphasizes the importance of focusing on institutional heavy positions as a key investment strategy, indicating that companies with significant institutional investment have undergone thorough research and are typically industry leaders with relatively high earnings certainty [1] - Institutional investors often share information, leading to "herding" behavior that can drive up stock prices, making institutional heavy positions more liquid and attractive to follow-on investments, especially during bear markets [1] - Institutions can capture market trends early through research, allowing them to adjust their portfolios and achieve substantial profits, as evidenced by the strong performance of the TMT sector in the first two months of the year [1] Group 2 - The article provides a summary of the top five heavy positions held by institutions across key industries, with data as of the end of Q1 2025, noting that public funds may not disclose all holdings in Q1, leading to some data distortion [2] - To ensure data accuracy, the article occasionally references data from the end of 2024 for corroboration [2]