Core Viewpoint - The company, Xiamen Jihong Technology Co., Ltd. (吉宏股份), has successfully leveraged a social e-commerce model to expand its cross-border business, becoming a significant growth driver for the company [1][4]. Group 1: Company Overview - Xiamen Jihong Technology Co., Ltd. was officially listed on the Hong Kong Stock Exchange on May 27, with an opening price of HKD 11 per share, representing a 43.23% increase from the issue price, and a market capitalization exceeding HKD 5 billion [3][4]. - Established in 2003, the company initially focused on fast-moving consumer goods (FMCG) packaging, collaborating closely with well-known brands such as Yili and Luckin Coffee [4]. - The company has developed a one-stop packaging solution capability, providing comprehensive production processes in the paper-based FMCG packaging sector [4]. Group 2: Business Model and Growth Strategy - In 2017, the company identified the rapid increase in e-commerce penetration in Southeast Asia and innovatively adopted a social e-commerce model to expand its cross-border business [4]. - The company operates with a "data-driven, technology-enabled" approach, focusing on independent site models to offer diverse products and services, significantly reducing customer sourcing time and enhancing shopping experiences [4]. - The company has developed the Giikin system, powered by AI algorithms, to optimize the entire supply chain from product selection to logistics, successfully innovating its "goods find people" business model [4]. Group 3: Market Position and Industry Growth - As of now, the company has six brands, including SENADA BIKES, Veimia, Konciwa, and PETTENA, with products sold on e-commerce platforms and brand websites covering electric bicycles, underwear, sunshades, and pet supplies [5]. - The company ranks second among B2C export e-commerce companies in China with a market share of 1.3%, and first in the paper-based FMCG sales packaging sector with a market share of 1.2% [6]. - The paper-based FMCG sales packaging market in China is experiencing rapid growth, with the market size projected to increase from RMB 145.6 billion in 2020 to RMB 170.3 billion by 2024 [6]. - The Southeast Asian e-commerce market is recognized as the fastest-growing and most promising segment globally, positioning the company to benefit from ongoing market growth [6].

Core Viewpoint - The termination of the share transfer agreement between the controlling shareholder and Yunnan International Trust is seen as a positive signal, indicating the controlling shareholder's confidence in the company's future development [2][10]. Group 1: Share Transfer Agreement - On May 9, Feirongda (300602.SZ) announced that the controlling shareholder, Ma Fei, reached an agreement with Yunnan International Trust to terminate the share transfer agreement, which involved the transfer of 29 million shares, accounting for 5% of the total share capital, at a price of 15.72 yuan per share, totaling nearly 460 million yuan [2]. - The purpose of the transfer was to introduce strategic investors who recognize the company's intrinsic value and future development potential, optimize the equity structure, and improve the financial structure of the actual controller [2]. - The agreement was originally proposed on November 25, 2024, but was terminated without any breach of contract responsibilities [2]. Group 2: Company Performance and Market Position - Feirongda has been a long-term supplier to Huawei since 1997, with sales to Huawei accounting for approximately 17% of the company's revenue in 2024 [15]. - The company's revenue has shown significant growth, with a compound annual growth rate (CAGR) of 13.9% from 2019 to 2024, and a 14.7% growth in Q1 2025, reaching 1.18 billion yuan [18][26]. - The main revenue contributors are thermal management materials, electromagnetic shielding materials, and lightweight materials, which accounted for 37%, 26%, and 14% of revenue in 2024, respectively [22]. Group 3: Financial Performance and Challenges - Despite revenue growth, the company's profit margins have not kept pace, with a significant drop in gross margins from 29.8% in 2019 to around 17% in recent years [34][41]. - The company has faced challenges such as rising raw material costs and increased competition, leading to a decline in profitability [37][68]. - Feirongda has been reliant on capital markets for funding, raising a total of 2.07 billion yuan through equity financing since its listing, indicating a struggle to generate sufficient cash flow from operations [86][90]. Group 4: Market Dynamics and Competition - The market for electromagnetic shielding and thermal management materials is growing, driven by increased demand in consumer electronics, telecommunications, and new energy sectors [17][68]. - However, the industry is characterized by low concentration and intense competition, with Feirongda holding less than 10% market share in the thermal management materials sector [69]. - The company faces pressure from larger international competitors and must navigate a landscape where pricing pressures are increasing due to the proliferation of manufacturers [72][74].

Core Viewpoint - The article highlights the performance and investment strategy of Penghua Optimal Value Stock A, managed by Wu Xuan, emphasizing its ability to control risks while achieving excess returns and long-term capital appreciation [2][3]. Performance Summary - The fund has shown strong performance, with a five-year annualized return of 11.4%, consistently ranking among the top in its category [3][4]. - Year-to-date (YTD) return is 8.77%, with a one-year return of 15.21%, outperforming its benchmark and the CSI 300 index [4][8]. - The fund's maximum drawdown during Wu Xuan's management is only -19.3%, indicating effective risk management [10]. Fund Management - Wu Xuan has been managing the fund since its inception in late 2019, with a focus on deep value investing and risk control [7][13]. - The fund's total net asset size is 30.13 billion, with a low turnover rate, reflecting a long-term holding strategy [2][20]. Holdings and Sector Allocation - The fund maintains a balanced sector allocation, with significant investments in traditional sectors such as non-bank financials, banking, food and beverage, and textiles [15]. - Major holdings include China Telecom and China Mobile, which together account for over 18% of the portfolio [17][18]. Investor Composition - The fund has seen an increase in institutional ownership, reaching nearly 93% by the end of last year, indicating a preference for its stable investment style [21]. - The largest institutional holding accounts for approximately 14% of the fund, which is within regulatory limits to mitigate risks associated with large redemptions [24].

年初蹭上"人形机器人"概念，股价大涨。 作者 | 塔山 编辑 | 小白 风云君关注到珠城科技，是因为它最近发生的一起"天价离婚案"。 无独有偶，就在半个多月前（5月8日），珠城科技公告称：控股股东、实控人张建春和施乐芬经双方 协商一致，已解除婚姻关系，并就离婚财产分割事宜作出相关安排。经协商，张建春先生拟将其直接 持有的公司6.41%的股份分割过户给施乐芬。 （来源：公司公告） 参考5月8日的收盘价43.49元/股， 这部分股票的市值高达3 .81 亿 。 蹭上 热门概念 股价大涨， 实控人离婚 了 这边的珠城科技，今年以来因涉及机器人概念，股价从27元/股左右一度上涨至最高的55.29元/股。截 至5月22日收盘虽有所回调，但较年初仍有明显涨幅。 在2024年度业绩说明会上，公司还披露了机器人项目的进展情况，潜台词很明显： 已设立佛山珠城智联科技有限公司，业务涉及人形机器人主机厂优必选（9880.HK）的送餐机 器人，相关产品尚处于研发送样阶段，尚未形成实际销售。 （来源：公司公告） 公司控股股东、实际控制人仍为张建春、张建道、施士乐、施乐芬四人。其中，张建春与张建道为兄 弟关系，施士乐与施乐芬为兄妹关系， ...

截止一季度末，市面上的百亿规模主动权益基金有25只，今年来平均回报6.6%。 表现最好的两只产品分别是鹏华碳中和主题混合A（016530.OF）、永赢先进制造智选混合发起A（01 8124.OF），今年回报均超50%。 由于重仓机器人，这两只基金净值大幅增长，也因此一度成为市场热门基，并双双在一季度实现百亿 规模的增长。 百亿基金今年平均回报6.6%。 | 作者 破浪 | | --- | | | | 编辑 小白 | 股市这个地方，总是有人欢喜有人愁，基民扎堆的百亿基金群里也是如此。 在百亿规模基金这个"特殊"群体里，今年来最惆怅的，无疑是兴全趋势LOF（163402.OF，以下简 称"兴全趋势"）。 | 证券代码 | 证券名称 | 规模合并值 | 今年以来回报 | 基金经理 | | --- | --- | --- | --- | --- | | | | (亿元) | (%) | | | 016530.OF | 鹏华碳中和主题混合A | 109.0 | 58.0 | 闫思倩 | | 018124.OF | 永赢先进制造智选混合发起A | 115.2 | 51.4 | 张璐 | | 001717.OF | 工银前 ...

两个先行指标值得关注。 作者 | 木鱼 编辑 | 小白 2025年5月21日盘后，东鹏饮料（605499.SH）披露一则减持结果公告，显示第三大股东鲲鹏投资在 今年3月14日-5月21日期间，合计减持了716.78万股， 减持金额高达19.08亿。 | 股东名称 | 鲲鹏投资 | | --- | --- | | 減持数量 | 7,167,800股 | | 减持期间 | 2025年3月14日~2025年5月21日 | | 减持方式及对应减持数量 | 集中竞价减持,1,968,000 股 大宗交易减持,5,199,800 股 | | 减持价格区间 | 254.28~293元/股 | | 减持总金额 | 1,907,883,386.20元 | | 减持完成情况 | 未完成:1144 股 | | 减持比例 | 1. 3784% | （来源：上市公司公告20250522） 这前后不过才两个月时间，就能轻松到手19个小目标，果然上市才是最大的造富机器。没错，风云君 这次是真的酸了！ 废话不多说，赶紧看看怎么回事。 大股东减持潮：两年套现74亿 从减持细节来看，根据公告，鲲鹏投资此次的减持方式主要是大宗交易，共减持了519 ...

流动性作为资本市场运行的核心要素，始终主导着市场的周期性波动规律。在极端风险事件冲击下， 维稳资金通过系统性介入给予市场流动性支持，往往能有效阻断市场负反馈循环，成为稳定估值体系 的关键力量。 作者 | 紫枫 编辑 | 小白 就像上个月，为了应对海外政策环境波动，各路维稳资金纷纷入场，迅速稳定了市场情绪，打赢了一 场漂亮的股市保卫战。 经过风云君深入研究，维稳资金的操作对我们普通投资者的投资同样有重要的借鉴意义。甚至说，在 未来，投资者仅需要复制其操作就可能获得相当不错的收益。这是一条A股投资的"康庄大道"。 普通人也能复制的顶级投资策略！ 建议大家把这篇文章收藏起来，时常阅读，定有新的感悟。 为什么风云君敢这么笃定地得出这个结论？对我们的投资有哪些启示？今天我们用一篇文章来讲清 楚。 ...

国际化，大客户。 | 作者 | | 塔山 | | --- | --- | --- | | 编辑 | | 小白 | 主打换热压力容器，高端产品替代进口 早在2005年，公司就与华东理工大学开展产学研合作，并成功研制了首台烧结型高通量换热管。 华东理工大学是我国化学、材料科学和化工机械等领域的重点科研院校，其下属化工机械学院相关研 究团队在高效传热节能领域及装备制备上具有较强的技术实力。 （来源：2024年报） （来源：公司公告） 锡装股份（001332.SZ，下称公司）前身为成立于1984年的华东化工学院无锡红旗联合化工机械厂， 是无锡县红旗低压设备厂和华东化工学院（现华东理工大学）机械工程系联合组建的村办集体企业。 后续经过几轮改制，2014年整体变更设立为股份有限公司，2022年完成上市。 （来源：招股书） 公司控股股东及实控人为曹洪海，截至2024年末，曹洪海持股比例为57.99%。公司第二大股东邵雪 枫、第三大股东惠兵均为曹洪海的姐夫，但三人不属于一致行动人。 公司自成立至今一直从事金属压力容器相关业务，已在业内深耕30余年，产品包括换热压力容器、反 应压力容器等非标压力容器，主要应用于炼油及石油化工、 ...

跟着社保基金学"低波高息"配置，构建抗跌组合。 A股"国家队"（包括中央汇金、中国证金、中国证金资管、社保基金等）是指代表国家意志、由政府 直接或间接管理的资金力量，其主要职责是通过大规模资金运作维护市场稳定或引导投资方向，发挥 着类"平准基金"的作用。 在这其中社保基金一直被视为市场中最具备战略投资和长期投资意义的资金之一，虽然跟正宗的国家 队有所区别，但由于资金量大，投资周期足够长，一直也被市场投资者当作市场长期走向的中坚力 量。 此外，由于社保基金过往在择时和选股方面的一直有着突出表现，被市场奉为"聪明资金"。 据社保基金2023年年度报告数据显示，截至2023年末，全国社会保障基金资产总额为30145.6亿元。 自2000年8月成立以来的年均投资收益率为7.4%。 需要注意的是，社保基金的平均股票仓位只有约30%，也就是说如果只看股票部分，那将是长达22年 年化收益率20%+的亮眼业绩。 作者 | RAYYYY 编辑 | 小白 A股公司2025年一季报基本已经披露完毕，A股公司的十大流通股东名单因此公之于众。在多家公司 的十大流通股东名单出现了A股"国家队"的身影。 社保基金跑赢通胀，更远超普通散户的 ...

Core Viewpoint - CATL has transformed from a single battery supplier to a zero-carbon ecosystem builder, connecting three trillion-level markets: transportation, energy, and industry [1][36]. Group 1: IPO and Market Performance - CATL's IPO on the Hong Kong Stock Exchange raised significant attention, with a total market capitalization reaching HKD 1.53 trillion and a stock price increase of 28.3% within two days [3]. - The international placement was oversubscribed by over 30 times, and the public offering in Hong Kong saw a 151 times oversubscription, marking a record high for large IPOs in the past three years [4]. Group 2: Zero-Carbon Technology Investment - The global shift towards zero-carbon technology is driven by various factors, including geopolitical events and the decline of the dollar's dominance [6]. - The global sales of new energy vehicles have increased fivefold from 2020 to 2024, with a penetration rate expected to reach 55.7% by 2030 [8]. Group 3: Battery Market and Innovations - CATL's revenue from power batteries is projected to grow at a compound annual growth rate (CAGR) of nearly 60% from 2020 to 2024, with a market share of 37.9% in 2023 [15]. - The company has launched innovative products such as sodium-ion batteries and dual-core batteries to address industry challenges and meet diverse consumer needs [17][18]. Group 4: Energy Storage Development - CATL's energy storage battery market share reached 36.5% in 2024, with a revenue of CNY 57.3 billion, marking a CAGR of 133% over the past five years [24]. - The global energy transition investment scale is expected to double from USD 1 trillion in 2020 to USD 2 trillion by 2025 [12]. Group 5: Research and Development - Over the past decade, CATL has invested CNY 71.8 billion in R&D, holding over 43,000 patents, making it one of the top companies in patent applications in the lithium battery sector [28]. - The company has achieved significant technological breakthroughs, supporting its leading market position in both power batteries and energy storage [29]. Group 6: Global Strategy and ESG Performance - CATL's global strategy includes establishing production bases in Europe and collaborating with various industries to promote zero-carbon solutions [34][35]. - The company has maintained a cash dividend of nearly CNY 60 billion since its IPO, with a dividend payout ratio exceeding 50% for two consecutive years [33].