多为市场老将，但风格迥异。 | 作者 | | 破浪 | | --- | --- | --- | | 编辑 | | 小白 | 上个周末，公募界发生了不少事——张坤卸任易方达副总，选择专注投资，同时4月份就传出离职的 鲍无可也正式官宣了。 4月初，鲍无可在管的多只基金增聘基金经理，且增聘的多是市场老将，这一风向被市场解读为鲍师 傅要离职了，毕竟"增聘"这一举动几乎是基金经理离任前的"标配"。 因而，鲍无可的离职是意料之中，但走的这么快风云君还是有些稍感意外，业内不少人猜测他的下一 站或为私募。 这两年，不少绩优基金经理纷纷卸任出走，公募基金难道真要变成"私募的黄埔军校"？ 注：如无特殊说明，全文数据截至2025年5月16日。 年化回报超15%的十年老将退场 鲍无可是市场里少数的"双十"基金经理之一，即基金经理从业年限超过10年、年化回报高于10%，他 目前只服务过景顺长城一家公募，而且一干就是15年多。 2009年12月，鲍无可加入景顺长城，先后担任研究部研究员、高级研究员、基金经理职务，2014年6 月开始管理基金，后做到投资部投资副总监。 净值走势上，鲍无可管理的基金整体走势平稳向上，是业内为数不多、确实能让 ...

Core Viewpoint - The article discusses the peculiar case of *ST Hengli, which is facing delisting due to failure to disclose its annual report on time, and highlights the company's attempts to blame its auditing firm for the situation [3][5][14]. Group 1: Company Background and Financial Issues - *ST Hengli received a delisting notice from the Shenzhen Stock Exchange due to not disclosing over half of its board's assurances regarding the accuracy of its 2024 annual report by the legal deadline [5][6]. - The company has been under "ST" and "*ST" designations due to continuous financial losses, with a cumulative loss of 670 million yuan since 2003 [31][34]. - In 2024, *ST Hengli projected a revenue of 300 million to 350 million yuan, a significant increase from 111.47 million yuan in the previous year, but still expected a net loss of 33 million to 43 million yuan [8][30]. Group 2: Auditing and Reporting Issues - The company changed its auditing firm to Xutai CPA shortly before the annual report deadline, which raised concerns about the adequacy of the audit process [10][20]. - There were significant discrepancies between the company's performance forecasts and the audit results, leading to a failure to submit the annual report on time [11][12]. - After receiving the delisting notice, *ST Hengli filed a lawsuit against Xutai CPA, claiming damages of 38.27 million yuan, which corresponds to the market value loss on the day of the notice [14][38]. Group 3: Market Reaction and Implications - Following the delisting notice, *ST Hengli's stock price dropped by 4.81%, leading to three consecutive trading halts [38][42]. - The article suggests that retail investors, who are often the last to bear the financial consequences, are the biggest losers in this situation [38][42].

单个一年两年跑赢并不难，但要持续稳定跑赢绝非易事！ 作者 | 破浪 编辑 | 小白 5月7日一份《推动公募基金高质量发展行动方案》重磅出炉，这份公募改革方案可以说是一次开颅手 术式的深度变革，风云君也在第一时间进行了解读。 （来源：市值风云APP） 文件中，多次强调了业绩比较基准的重要性，比如建立与基金业绩表现挂钩的浮动管理费收取机制、 制定公募基金业绩比较基准监管指引等等。 跑赢业绩基准很难吗？ 业绩比较基准对公募基金而言，类似一个"及格线"，简而言之就是基金在成立时会设立一个标准，基 金经理以此为基准目标，努力跟紧基准然后做超额。 当前多数基金以沪深 300、中证 800、中证 500 为业绩比较基准，其中以沪深300为业绩比较基准的主 动基金规模甚至近半。 一季度这些基金持仓相对沪深 300 低配方向主要集中在非银、银行等金融板块中，因而前几天金融板 块的大爆发被市场认为是主动基金在增持权重较低的股票，目的是为了降低和业绩基准之间的跟踪误 差。 随后多位公募人士表示该说法不准确、不专业，公募近期没有大调仓，即使未来要优化业绩基准，调 整的也是基准本身，目的是使基金产品更加"名副其实"，根本无需大规模调仓 ...

Core Viewpoint - The article discusses the rapid growth of plug-in hybrid electric vehicles (PHEVs) in the automotive market, highlighting the significant increase in their sales proportion within the new energy vehicle segment, which is expected to reach 40% in 2024, up 17 percentage points from 2022 [3][10]. Group 1: Company Overview - Longsheng Technology (300680.SZ) is a company involved in the PHEV sector, experiencing rapid growth over the past seven years, with its stock price reaching new highs in the secondary market [8][9]. - The company was founded in 2004 and is recognized as a national "specialized, refined, distinctive, and innovative" small giant enterprise, with its controlling shareholders being the Ni family, who hold 29.38% of the shares [12][13]. - Longsheng Technology's business has evolved from a focus on commercial diesel engine exhaust gas recirculation (EGR) systems to a diversified manufacturing service provider across multiple sectors, including new energy vehicles [15][18]. Group 2: Financial Performance - The company has achieved a compound annual growth rate (CAGR) of 51.4% in revenue from 2018 to 2023, with revenue of 1.64 billion yuan in the first three quarters of 2024, reflecting a growth of 38.5% [19][20]. - The net profit attributable to the parent company has increased significantly, with projections for 2024 indicating a net profit of 210 to 240 million yuan, representing a year-on-year growth of 43% to 63% [22][24]. - In 2023, the revenue from the new energy business reached 940 million yuan, accounting for 52% of total revenue, with expectations for further growth in 2024 [26]. Group 3: Business Segments - The company operates three main business segments: EGR systems, new energy vehicle drive motor cores, and precision automotive components, with EGR systems contributing the most to profits while new energy vehicle components generate the highest revenue [27][28]. - The EGR product segment is projected to account for 34% of revenue in the first half of 2024, while new energy vehicle components are expected to contribute 43% [28]. - The market for EGR products is relatively small, with projections indicating a potential market size of 3.22 billion yuan by 2027, growing at a CAGR of 15.6% from 2024 to 2027 [32]. Group 4: Market Dynamics - The demand for drive motor cores is expected to grow significantly, driven by the increasing number of electric vehicles and hybrid models, with the market for motor cores projected to reach 11.33 billion yuan by 2027, growing at a CAGR of 26.2% [41][42]. - The company has a concentrated customer base, with the top five customers accounting for 65% of total sales in 2023, indicating a reliance on major clients for revenue [50][51]. - The overall gross margin has declined by 7.7 percentage points from 2021 to 2022, primarily due to the lower margins in the new energy segment, with the gross margin for the EGR segment at 24.5% and for new energy components at 11.9% in the first half of 2024 [53][55].

Core Viewpoint - The article discusses the impact of the renewed tariff war initiated by the Trump administration on global trade, emphasizing that the essence of this conflict is a technological battle. It highlights a significant breakthrough in China's tech industry with the DeepSeek-R1 model, which reduces inference costs to 30% of the industry average while maintaining a parameter scale of 175 billion, shifting the narrative of the global AI competition from a mere technological arms race to a comprehensive contest of engineering capabilities [2][3][4]. Group 1: Fund Performance Overview - The article presents an overview of the top-performing technology-themed funds for the first quarter, noting that the average return for these funds was 4.1%, with the top 10 achieving an average return of 20.1%, significantly outperforming the Shanghai Composite Index and the CSI 300 Index [8][9]. - The top-performing fund, China Europe Intelligent Manufacturing Mixed A (015143.OF), achieved a return of 26.72% in the first quarter, with a one-year performance of 71.15%, ranking 26 out of 4217 in its category [7][9][10]. - Other notable funds include Jianxin Yuli Flexible Allocation Mixed (002281.OF) and Ping An Research Preferred Mixed A (017532.OF), with returns of 20.89% and 19.64% respectively [18]. Group 2: Fund Manager Strategies - Fund manager Shao Jie of China Europe Intelligent Manufacturing Mixed A has increased investments in AI hardware and applications, focusing on companies like Langqi Technology and Tencent Holdings, which contributed significantly to the fund's performance [11][12][13]. - Jianxin Yuli Flexible Allocation Mixed has shifted its top holdings to include companies in AI computing and hard technology, indicating a bullish outlook on manufacturing upgrades and long-term development in these sectors [25][22]. - The article notes that the performance of these funds is under scrutiny, as many stocks are trading at high valuations, and any underperformance in AI applications could lead to volatility in tech stocks [17]. Group 3: Consumer Fund Performance - The article contrasts the performance of consumer funds, which generally faced challenges, with technology funds, highlighting that the main consumer industry index fell by 1.1% in the first quarter [51][52]. - Despite the overall decline, two consumer-themed funds, Yuanxin Yongfeng Consumption Upgrade (004934.OF) and Zhongyin Xin New Consumption Growth (010965.OF), managed to achieve returns of 8.9% and 7.4% respectively by heavily investing in technology stocks [53][57]. - This trend of consumer funds investing in technology stocks raises concerns about potential misalignment with their stated investment objectives, indicating a broader industry issue where fund managers may be compelled to chase performance at the expense of adhering to their mandates [61][63].

Core Viewpoint - The recent surge in the financial sector, particularly in banking, is attributed to the upcoming public fund regulations, which may compel fund managers to adjust their portfolios to align with performance benchmarks [3][14]. Group 1: Public Fund Regulations - A significant aspect of the new public fund regulations is the requirement for fund managers whose products underperform their benchmarks by more than 10% over three years to see a notable decrease in their performance compensation [9][12]. - The regulations challenge fund managers to create stable excess returns while closely tracking performance benchmarks, leading to a potential shift in investment strategies [26][27]. Group 2: Investment Strategies - Fund managers face a dilemma between adjusting their portfolio weights to align with benchmarks or changing their performance benchmarks to better fit their investment styles [16][24]. - Adjusting portfolio weights may protect fund managers' compensation but could dilute their investment uniqueness, increasing the selection power of fund companies [19][20]. - Changing performance benchmarks to align with fund managers' styles could lead to challenges, especially if managers frequently change, raising questions about the stability of benchmarks [24][25]. Group 3: Market Impact - The strong binding of funds to performance benchmarks is expected to reduce market volatility, as fund managers may limit their participation in hot sectors, leading to lower price increases in those areas [21][22][23]. - A potential shift of funds from sectors like electronics to the financial sector could occur if fund managers adjust their holdings based on performance benchmarks [25]. Group 4: Future Trends - The rise of quantitative index-enhanced strategies is anticipated, as these strategies may become more prevalent in response to the new regulations, combining with active management by fund managers [27][28].

Core Viewpoint - The article discusses the ongoing share reduction by the controlling shareholder of Lao Bai Xing (老百姓), indicating a potential lack of confidence in the company's future performance amidst declining revenues and profits in the retail pharmacy industry [2][4][7]. Group 1: Shareholder Actions - In September 2022, Lao Bai Xing's controlling shareholder, the Pharmaceutical Group, reduced its stake by 2%, raising approximately 344 million yuan [3]. - In May 2025, the Pharmaceutical Group announced plans to reduce its stake by up to 3%, potentially generating 451 million yuan based on the closing price of 19.80 yuan per share [4]. - Since its listing, the controlling shareholders have sold shares five times, cashing out over 1.3 billion yuan, with the latest reduction expected to push this figure even higher [5]. Group 2: Company Performance - In 2024, Lao Bai Xing reported revenues of 22.36 billion yuan, a slight decline of 0.4% year-on-year, with a more significant drop of 1.9% in Q1 2025 [7][9]. - Profit figures were even more concerning, with 2024 profits at 520 million yuan and Q1 2025 profits at 250 million yuan, reflecting year-on-year declines of 44.1% and 22%, respectively [9]. - Compared to peers, Lao Bai Xing is one of the few companies in the industry experiencing revenue decline, while most competitors have managed to maintain or grow their revenues [11][12]. Group 3: Industry Challenges - The retail pharmacy industry is facing significant challenges, including tightened healthcare policies, reduced demand, and oversupply, leading to a decline in overall sales [16][18]. - In 2024, the total sales of retail pharmacies in China fell by 2.2%, marking the first negative growth in seven years [16]. - The number of pharmacies closing in 2024 reached 39,000, with a closure rate of 5.7%, indicating a severe contraction in the market [19]. Group 4: Business Model and Financial Health - Lao Bai Xing has expanded through various models, including direct operations, franchising, and alliances, with a notable increase in franchise stores, which now account for 34.67% of total stores [26][28]. - However, the revenue contribution from franchise stores is only 13.89%, and profit contribution is just 5.47%, indicating a mismatch in the business model [29]. - The company has accumulated a significant goodwill of 5.756 billion yuan, which poses a risk of impairment as operational efficiency declines [37][38].

科技和消费双主线。 作者 | Los 编辑 | 小白 过去三年的熊市，有很多基金经理靠着杠铃策略跑赢了市场，左手拿着价值右手拿着成长，仓位调配 得当就能有超额收益。保守派多配高股息类、中庸派走均衡路线、而激进派玩科技梭哈。当然在不同 的市场风格下，结果有着天壤之别。 一招鲜吃遍天在大A并不适用，市场风格时常切换，对每一个参与者都是考验，就像年内很多板块内 部都表现出剧烈分化。 例如：配科技玩机器人的收益好于玩算力，又好过持股通信的； 价值风格里，有色金属的表现大于钢铁大于银行，又远远超过煤炭和石油； 看好消费的美容护理年内领涨，农林牧渔次之，食品饮料相对较差。 而站在当下，再来看杠铃的两端，防守端很多基金经理都提到了消费，而进攻端科技是毋庸置疑的， 那具体的配置又是怎么样的？下面风云君再为大家介绍6位百亿级基金经理的动态，看他们怎么说？ 内需看白酒，外需看汽车零部件，是这两大顶流的共识 在A股投资消费，食品饮料是绕不开的板块，尤其它还是公募基金四大最爱行业之一。但以白酒为代 表的相关个股，从2021年最高点回落至今已跌去近40%，不少基民深套其中。 今年一季度，不少顶流又开始猛加白酒。 （一）杨思亮狂买白酒 ...

Core Viewpoint - The operational difficulties of Chahua Co., Ltd. are becoming increasingly evident, with the controlling Chen family focusing on cashing out, having cumulatively reduced their holdings by 25.82%, amounting to 1.2 billion yuan [1][3][63] Group 1: Company Performance - Chahua Co., Ltd. specializes in household plastic products and has faced significant operational challenges, with revenue projected at only 560 million yuan for 2024 and a terrifyingly low capacity utilization rate of around 30% [3][6][9] - Since its listing in 2017, the company has only earned a total of 200 million yuan over eight years, while distributing 330 million yuan in dividends, resulting in an average payout ratio of 164% [5][12][27] - The company has experienced continuous losses, with the most recent year (2024) also showing a loss [9][12] Group 2: Shareholder Actions - The Chen family has significantly reduced their stake from 68.81% at the time of listing to 38.18% currently, with major family members either fully cashing out or retaining negligible shares [18][27] - The family has engaged in multiple large-scale share transfers, including a notable transfer of 22.11% of shares for 353 million yuan, and a subsequent transfer of 15.06% for 677 million yuan [20][24][21] - The family has utilized the "agreement transfer" method to circumvent restrictions on market sales, allowing for larger reductions in shareholding without significant market impact [41][63] Group 3: Strategic Shifts - The company has announced a strategic shift from plastic manufacturing to semiconductor distribution, which appears to be more of a marketing tactic rather than a genuine business transformation [35][63] - The introduction of Dama Technology as a major shareholder is framed as a move to enhance company value, but the financial health of Dama Technology raises concerns about its capability to contribute meaningfully [39][63] Group 4: Market Dynamics - The stock price of Chahua Co., Ltd. has seen significant fluctuations, with a notable surge in October 2023 coinciding with the announcement of share transfers, raising questions about potential market manipulation [31][50][63] - The number of shareholders has decreased significantly since the company's listing, indicating a concentration of shares among a smaller group, which is characteristic of stocks that may be subject to manipulation [51][53]

各大新茶饮品牌的竞争不再是单纯卷规模、卷价格，下一阶段更趋复杂。 作者 | 白猫 编辑 | 小白 2024年新茶饮扩张速度集体放缓。 根据窄门餐眼数据显示，截至2024年11月12日，全国奶茶饮品行业门店总数41.3万家，近一年新开14. 2万家门店，净增长为-1.7万家，也就是说近一年奶茶饮品门店关闭近16万家，关店数量甚至超过开 店数量。 消费疲软加上日益激烈的竞争，新茶饮行业正经历一场大规模的洗牌，分散的市场格局正在持续整 合。 根据灼识咨询，按GMV计，前五大现制茶饮店品牌的市场份额由2020年的38.5%提升至2023年的46. 8%。 各大新茶饮品牌的竞争不再是单纯卷规模、卷价格，下一阶段，品牌间的竞争是全方位的，更趋复 杂。 产品创新追求健康， IP 打造、跨界联名各显神通 过去五年，新茶饮市场快速增长，以GMV计算的中国现制饮品市场规模由2018年的人民币1878亿元 增加至2023年的人民币5175亿元，CAGR为22.5%。 从2024年各大新茶饮品牌的财报来看，明显感受到2024年营收规模增速的放缓，甚至下滑。 如今奶茶店在大街小巷是随处可见，随之而来的是，消费者对品牌的同质化感到麻木。 ...