诉讼不可怕，可怕的是质保金计提不足。 | 作者 | | 木盒 | | --- | --- | --- | | 编辑 | | 小白 | 2025年11月26日，欣旺达（300207.SZ）公告了一件大事： 2025年12月25日，欣旺达旗下做动力电池的子公司欣旺达动力收到浙江省宁波市中级人民法院 送达的民事起诉状及应诉通知书，要求赔偿23.14亿，原告为威睿电动汽车技术（宁波）有限公 司。 根据天眼查，威睿电动汽车技术（宁波）有限公司（简称"威睿电动"）是吉利控股集团旗下的新能源 科技企业，股东分别是极氪汽车和吉利汽车，分别占股51%、49%。 风云君认为可以从两方面去看。 （股东情况，天眼查） 威睿电动起诉理由是欣旺达动力在2021年6月-2023年12月交付的电芯存在质量问题并导致了严重损 失，因而提起诉讼要求欣旺达动力履行支付赔偿金等款项的义务。 因此，这个事件很好理解：吉利系（极氪）采购了欣旺达的动力电池，但是出现了电池质量问题，所 以后者估计需要召回并维修，影响了品牌销量和信誉。 今天早上欣旺达也因为这个事件开盘后大跌10%以上，截止上午收盘跌11.87%。 那么吉利系起诉，赢的概率大不大？而欣旺达面 ...

Group 1 - The core viewpoint of the article emphasizes the importance of joint drive systems in the humanoid robot industry, which are crucial for determining the industry's competitive landscape [1][3] - A notable company in this sector has developed high-performance components such as high-explosive joint modules, servo drives, and frameless torque motors, which are essential for the flexibility, precision, and reliability of humanoid robots [3] - This company has established deep partnerships with leading firms like Yushu Technology and Zhiyuan Robotics, indicating its strong position and influence in the market [3]

没有"最好"，只有"最适合"。 | 作者 | | 破浪 | | --- | --- | --- | | 编辑 | | 小白 | 步:确认基本身份 第- 1、基金名称与代码 2、判断基金类型 (0) O 姓名: (eg. 沪深 300) 代码:(eg. 51xxxx) 维度一:买什么? 维度二:在哪里买? o o 类型 投资方向 一次 人 股票 信号 商品 talib 潜在收益:股票 > 债券 >货币 境内市场 境外市场 第二步:关注核心指标 核心:跟踪得准、交易方便、成本低 2. 跟踪误差 1. 跟踪指数 3. 规模与流动性 4. 折溢价率 5. 费用比率 >2亿元 (安全) O <5000万元 价格 > 净值 管理费 + 托管费 偏离小更好 (清盘风险!) (溢价买贵)(折价买便宜) 取分ю、力年 重点看1年以上 股票型 0.2-0.6% n 常在 日均成交额 先 机 . [ ] [ 长期到 债券型 0.2% 左右 ±0.5% 内 >一门元 第三步:结合自身需求 设定角色 明确目标 匹配风险 HEEE 核心持世 STRELE (稳健基石) (高弹性) 四十三 激讲 模 (货币/债券) (股票/商品) 语:通 ...

Core Viewpoint - The article highlights the performance and management strategy of the Huashang Yuanheng Flexible Allocation Mixed A Fund, managed by Hu Zhongyuan, which has achieved an annualized return of 25.5% since his tenure began in May 2019, with a remarkable 87% return this year [3][5]. Fund Performance - The fund has consistently generated positive returns each year under Hu Zhongyuan's management, outperforming its benchmark and the CSI 300 index, except for a slight underperformance in 2020 [5]. - The annual performance data shows significant returns, with 2025 yielding 86.71%, 2024 at 29.69%, and 2023 at 1.53%, among others [5]. Fund Management and Strategy - Hu Zhongyuan, a new generation fund manager, has been with Huashang Fund since July 2014 and currently manages a total fund size of 317.6 billion [4]. - The fund's stock allocation can range from 0% to 95%, allowing for flexible adjustments based on market conditions, which has contributed to its ability to maintain positive returns during downturns [8]. - The fund's stock position was maintained at around 30% before 2024 but was significantly increased to over 90% during favorable market conditions, with the latest position at 54% [9][10]. Risk and Volatility - The fund experienced a maximum drawdown of 28% in early April 2025, marking the highest level of volatility since Hu Zhongyuan took over [13]. Sector Allocation - The fund's investment strategy focuses on technology and growth sectors, with significant allocations in industries such as electronics, communications, machinery, home appliances, automotive, and power equipment [15]. - The top ten holdings include leading companies in their respective fields, such as Zhongji Xuchuang and Xinyi Sheng, indicating a focus on high-quality growth stocks [17]. Institutional Support - As of mid-2025, nearly 80% of the A-class shares and 90% of the C-class shares of the fund are held by institutional investors, reflecting strong institutional confidence in the fund's management and strategy [20].

Core Insights - More than 52% of ETF investors engage in swing trading, which is the dominant trading strategy among this group [9][12][18] Group 1: ETF Trading Strategies - 36% of investors adopt swing trading, characterized by buying low and selling high [9] - 10.2% of investors practice high-frequency trading, completing trades within a day or a few days [11] - 5.7% utilize grid trading, which involves pre-setting orders for automatic low buy and high sell, essentially still engaging in swing trading [11] - The report indicates that ETF trading often runs counter to market trends, with investors buying during downturns and selling during upswings [12][13] Group 2: Performance of Specific ETFs - The largest ETF tracking the Sci-Tech 50 Index, the Sci-Tech 50 ETF (588000.SH), saw a net value drop of 11.3% from March 7 to July 15, while its shares increased by over 20% [16] - From July 16 to September 25, the net value of the Sci-Tech 50 ETF surged by 47%, but its shares decreased from 84 billion to 47.6 billion, a drop of 43% [16] - From September 25 to the present, the ETF's net value fell by 7.6%, yet its shares grew by 14% [17] Group 3: Investor Strategies - Investor A combines long-term investment with swing trading, focusing on semiconductor ETFs and using moving average cross signals for timing [25] - Investor B employs a macro, meso, and micro strategy, analyzing PPI and CPI to determine market cycles and using technical indicators for automated trading [30] - Investor C uses a policy-driven timing strategy, monitoring national strategic movements and employing technical signals to confirm trends before entering positions [35]

Core Viewpoint - The article discusses the rise of the IP economy in the snack industry, focusing on Jin Tian Animation's potential as the first "IP food play" stock in Hong Kong, while highlighting the challenges and risks associated with reliance on licensed IPs [3][4]. Group 1: Market Potential - The IP snack market in China is projected to grow from 11.5 billion RMB in 2024 to 30.5 billion RMB by 2029, with a compound annual growth rate (CAGR) of approximately 20.9%, significantly outpacing the overall retail market growth of 4.1% [6]. - Jin Tian Animation's gross margin reached 34.7% in the first half of 2025, an increase of over 8 percentage points compared to 2022, while competitors like Three Squirrels and Liangpinpuzi maintained margins around 25% [5]. Group 2: Company Performance - Jin Tian Animation reported revenues of 877 million RMB and a net profit of 122 million RMB in 2024, holding a market share of 7.6% in the IP snack sector, making it the leading company in this niche [13]. - The company has a diverse portfolio with 26 licensed IPs and over 600 active SKUs, covering five major categories of snacks, and has a distribution network that spans over 1,700 counties in China [15]. Group 3: Dependency on IPs - The company's flagship product, "Ultraman Egg," has sold 70 million units since its launch, contributing 12.7 billion RMB in revenue over the past three and a half years, but the IP license is set to expire in less than 12 months [17][19]. - Approximately 63% of the company's revenue in 2022-2023 came from the Ultraman IP, which dropped to 43.9% in the first half of 2025, indicating a heavy reliance on a single IP [19]. Group 4: Licensing Risks - The company faces significant risks as it does not own the IPs it relies on, making it vulnerable to potential increases in licensing fees and the possibility of losing key IPs upon contract expiration [10][28]. - Following the exit of a key shareholder who was also the IP agent for Ultraman, the company lost its close ties to the IP source, raising concerns about future licensing negotiations and costs [25][27]. Group 5: Financial Health - From 2022 to 2024, the company experienced rapid revenue growth from 596 million RMB to 877 million RMB, with a CAGR of 21.3%, and net profit growth of 98% [41]. - However, the company's cash flow has shown signs of deterioration, with a 34.7% decline in net cash flow from operating activities in the first half of 2025 compared to previous years [49][51].

只能成功，不能失败。 作者 | 观韬 编辑 | 小白 万物互联时代，"位置"正从简单的坐标点跃升为连接物理与数字世界的关键基础设施，而随着商业航 天板块的持续火爆，卫星导航板块的关注度也在提升。 12月22日开盘后，北斗星通（002151.SZ）股价迅速走高，很快便封死涨停板，成交显著放量。然 而，12月23日，次个交易日，其股价未能延续强势，短暂冲高回落态势，深度回调，且成交量较前一 交易日进一步放大，资金分歧加剧。 （北斗星通招股书） 2012年前后，北斗星通开始布局汽车电子领域，并通过后续并购持续加码，主要是智能座舱、中控和 集成式座舱等相关产品。 北斗星通(002151.SZ)是国内卫星导航领域的重要参与者之一，但也因为2024年因剥离汽车电子业务 巨亏3.5亿，这也不禁让风云君好奇其目前基本面究竟如何。 剥离汽车电子，经历"至暗时刻" 北斗星通是我国卫星导航产业首家上市公司，听名字就知道和我国"北斗"系列卫星有关，它在我国首 颗北斗卫星发射前夕成立，2007年8月在深交所中小板上市，主要业务也主要围绕北斗卫星展开，主 要是卫星导航定位产品、基于位置的信息系统应用和基于位置的运营服务。 | | 智能座 ...

Core Viewpoint - The article discusses the strategic transformation of Yintan Zhikong from a traditional distributor to a semiconductor IDM enterprise, highlighting its recent acquisitions and developments in the MEMS and OCS sectors as pivotal steps in this transition [1][31]. Group 1: Google TPU and Market Impact - Google's TPU is emerging as a significant competitor to NVIDIA in the AI computing space, with OpenAI leveraging TPU to negotiate a 30% reduction in NVIDIA's total cost of ownership [3]. - The success of Google's TPU has brought attention to MEMS-OCS (Optical Circuit Switch) technology, which is essential for efficient AI infrastructure [4][5]. Group 2: Yintan Zhikong's MEMS Development - Yintan Zhikong is one of the two companies in China capable of mass-producing MEMS micro-mirrors, which are critical for applications in automotive LiDAR, AR-HUD, and optical communication [9][14]. - The company has made significant progress in developing MEMS micro-mirrors, with plans to focus on automotive LiDAR and laser projection applications, having secured contracts with leading clients [10][13]. Group 3: Acquisitions and Strategic Goals - Yintan Zhikong plans to acquire Guanglong Integrated Technology and Aojian Microelectronics to enhance its capabilities in MEMS-OCS and analog chip sectors, aiming to create a complete vertical supply chain [17][26]. - Guanglong Integrated Technology specializes in optical switches and has made advancements in OCS technology, while Aojian Microelectronics focuses on high-performance analog chips, which are in high demand for domestic market replacement [21][26]. Group 4: Financial Performance and Future Outlook - Yintan Zhikong reported a total revenue of 5.346 billion in 2024, with a net profit of 60 million, indicating a need for improved profitability as most revenue comes from low-margin electronic component distribution [30]. - The company’s strategic acquisitions are viewed as essential for its transition to a semiconductor IDM, although challenges in integration and execution remain [30][31].

Core Viewpoint - LinYong Energy is at a critical juncture, with its traditional smart meter business providing stable income while its solar and energy storage segments are underperforming due to industry challenges [3][4]. Group 1: Smart Meter Business - The smart meter segment remains the core profit source for LinYong Energy, contributing 63% of gross profit with a revenue of 1.43 billion yuan and a gross margin of 34.9% in the first half of 2025 [8][12]. - The company secured contracts worth 165 million yuan from the State Grid and 35 million yuan from the Inner Mongolia Power Grid, indicating steady demand amid a replacement cycle for smart meters [9]. - International sales saw a significant increase of nearly 50% year-on-year, with products sold in over 50 countries, including Saudi Arabia, Lithuania, Poland, and Indonesia [9]. Group 2: Solar and Energy Storage Business - The solar and energy storage sectors have become major liabilities, with solar power generation revenue dropping to 400 million yuan and energy storage revenue plummeting by 72% to 210 million yuan in the first half of 2025 [14][18]. - The solar power segment's gross margin has decreased significantly, with the electricity station sales revenue declining by 91% to 80 million yuan [15][20]. - The energy storage business, once a promising growth area, now faces intense price competition, resulting in a gross margin drop to 9% from 17.6% in 2024 [18]. Group 3: Financial Performance - In the first three quarters of 2025, the company reported a revenue decline of 28.9% to 3.67 billion yuan and a net profit drop of 60.6% to 360 million yuan [21][24]. - The third quarter alone saw a staggering 88.8% drop in net profit, indicating worsening profitability [26]. - Cash flow from operating activities turned negative at -310 million yuan, reflecting significant operational challenges [28]. Group 4: New Business Ventures - The company is exploring new areas such as hydrogen energy and low-altitude economy, with initiatives like establishing QingYao New Energy for hydrogen equipment and LinYong Aviation Technology for eVTOL operations [5][30]. - However, these new ventures are still in early stages and have not yet contributed to revenue, raising concerns about the sustainability of the core business while pursuing these new opportunities [34].

Core Viewpoint - The article discusses the recent surge in trading of certain ETFs, particularly the Guotou Silver LOF and Guotou Ruiying LOF, highlighting the phenomenon of speculative trading driven by market dynamics and the implications of a temporary supply lock during the Hong Kong market closure [3][5][9]. Group 1: ETF Trading Dynamics - Guotou Silver LOF (161226.SZ) has seen a remarkable premium rate of 52.9% as of December 23, indicating intense speculative trading [3]. - The similar Guotou Ruiying LOF (161225.SZ) has also experienced two consecutive trading halts, with a premium rate exceeding 20%, showcasing the contagion effect of speculative trading [5]. - The trading activity is characterized by a lack of liquidity, as evidenced by Guotou Ruiying LOF's average daily trading volume being below 100,000 yuan prior to the recent surge [7]. Group 2: Market Mechanisms and Implications - A critical structural change is anticipated due to the Hong Kong market closure from December 24 to December 26, which will temporarily halt the subscription and redemption of Hong Kong stock ETFs in the A-share market, leading to potential price deviations from net asset values [9]. - Historical trends indicate that during such market closures, smaller ETFs often experience significant speculative trading, driven by the imbalance of supply and demand [9]. - The characteristics of ETFs that have previously been subject to speculative trading include smaller fund sizes, historical trading activity, and the underlying asset's long-term performance outlook [10]. Group 3: Historical Examples - Recent examples of micro ETFs that have been subject to speculative trading include the Hong Kong Central Enterprise Dividend ETF (159333.SZ), which rose by 17.3% during the holiday period before facing a sharp decline upon market reopening [11]. - The Hong Kong Dividend ETF (159331.SZ) also saw a 14.6% increase during the same period, followed by a similar drop [12]. - Other ETFs, such as the New Economy ETF (159822.SZ), have shown significant volatility, with increases of 29.3% and 24.5% in early 2024, both exceeding a 20% premium rate [14].