Core Viewpoint - The article discusses the recent trend of profit-taking in the innovative drug sector and the shift towards increasing allocations in the power equipment sector, highlighting the changing dynamics in investment strategies within the healthcare and technology industries [1][3]. Summary by Sections Innovative Drug Sector - The innovative drug sector has seen a significant rise of over 60% in the first half of the year, but has been in a high-level consolidation phase recently [3]. - Despite the average loss of nearly 8% among 28 ETFs tracking the innovative drug index since its peak on August 19, 2025, many funds have seen their shares increase, with some growing by over 100%-300% as investors rush to buy the dip [5]. - Fund manager Jin Xiaofei has significantly reduced his holdings in innovative drugs, indicating a shift in strategy as the sector's overall gains have been substantial, leading to a crowded trade [10][14]. Fund Performance and Adjustments - Jin Xiaofei's fund, Penghua Medical Technology Stock A, has shown a year-to-date return of 22.03% in Q3, outperforming its benchmark and the CSI 300 index [8]. - The fund's exposure to the pharmaceutical and biotechnology sector has decreased to 49.5%, a reduction of over 25 percentage points, reflecting a strategic pivot [10][14]. - The top ten holdings of the fund now include a mix of innovative drugs and medical device companies, indicating a broader industry coverage [12]. Future Outlook - Jin Xiaofei remains optimistic about the long-term prospects of innovative drugs but acknowledges that the ease of making profits in this sector may be over, shifting focus to identifying stocks with real competitive advantages [15]. - Other fund managers, such as Zhao Bei from ICBC Credit Suisse, have also expressed caution regarding overvalued innovative drug companies, favoring investments in the CXO sector and companies with significant overseas revenue [16][17]. - Investors holding innovative drug stocks should temper their short-term expectations and prepare for a longer investment horizon [18]. Shift to Power Equipment Sector - The fund has made substantial reallocations, reducing its pharmaceutical holdings to 23.3% and increasing its stake in the power equipment sector to 17.2% [19][23]. - New investments include companies like Pylon Technologies and Ganfeng Lithium, indicating a strategic shift towards sectors with perceived growth potential [24].

比如通心络胶囊、参松养心胶囊、芪苈强心胶囊多年稳居心脑血管前十的地位。 业务根基稳，管道潜力大，研发投入高，股东回报实。 作者 | 木盒 编辑 | 小白 2025年10月27日晚，以岭药业（002603.SZ）交出一份优异亮眼的业绩答卷：第三季度营业收入为 18.27亿元，同比增长3.78%，扣非净利润为3.25亿元，同比大幅度增长！前三季度累计扣非净利润 9.66亿元，同比增长90.53%。 今年以来，公司在上半年扣非净利润同比增长27%的基础上，三季度持续保持强劲增长，盈利能力显 著改善，已经摆脱去年呼吸产品存货减值和原材料价格上涨的影响，核心是公司拥有扎实牢固的业务 基础，"中药—化生—健康"三大业务板块齐头并进。 中药地基稳固、化生和大健康开辟新赛道 中药板块定位是专利创新药创新药，以岭药业现有17个专利品种，其中11个列入国家医保目录，5个 列入国家基本药物目录，作为核心支柱业务为公司未来发展奠定了稳定增长的基本盘。 以岭药业主导产品均为独家产品，布局的又是心脑血管、呼吸系统、肿瘤糖尿病等重大领域，占有独 特的学术地位和市场地位，从而具备较高的利润空间。 今年，通心络胶囊、芪苈强心胶囊获《经⽪冠状动 ...

轴承国产替代排头兵。 作者 | 白猫 编辑 | 小白 10月21日晚间，风电设备商新强联（300850.SZ）公布三季报：前三季度营收36.2亿，同比增长 84.1%；前三季度扣非净利润5.8亿，同比增长846.6%。 这与2022-24年公司萎靡不振的业绩判若云泥。 0 | 新强联 - 净利润 ● 归母净利润（元） ● 扣非归母净利润（元） ● 归母净利润YOY ● 扣非归母净利润YOY 7亿 2000% 6亿 1500% 5亿 1000% 4亿 3亿 500% 2亿 0% 1亿 0 -500% 20 21 22 23 24 25Q3 19 2019 2020 2021 2022 2023 2024 2025Q3 3.7亿 6537.8万 6.6亿 ● 9983.0万 4.2亿 5.1亿 3.2亿 ● 9312.3万 3.8亿 4.8亿 3.2亿 3.0亿 1.5亿 5.8亿 ● 75.2% 325.4% 21.1% -38.5% 18.6% -82.6% 1939.5% 73.3% 305.1% 28.3% -33.1% -7.4% -50.2% 846.6% ...

如果信，那低成本的解决方案就是推动端侧AI应用加速落地的必然。AI终端不仅需要连接功能，也 需要边缘计算能力，端侧AI芯片的需求因此产生。 乐鑫科技（688018.SH）正是这个领域的参与者之一。 业绩增速下跌引发股价下跌 前三季度，公司营收19亿，同比增31%。 （制图：市值风云App） 财务状况与市场地位匹配。 作者 | 火花 编辑 | 小白 你相信算力平权时代正在到来吗？ 受此影响，公司10月28日股价开盘跳空下跌，截止收盘跌幅近7%。 （来源：市值风云App） 扣非归母净利润3.5亿，同比增51%。 （制图：市值风云App） 而第三季度单独看则要逊色一些，营收增速23.5%，扣非归母净利润增速降至27.8%。 ...

产品研发加快发力。 | | | | | 早V: 九 | | --- | --- | --- | --- | --- | | | | 本报告期比 | | 年初至报告 | | | 本报告期 | 上年同期增 | | 期末比上年 | | 项目 | | 减变动幅度 | 年初至报告期末 | 同期增减变 | | | | (%) | | 动幅度(%) | | 营业收入 | 2.843.014.990.57 | 75. 41 | 8, 858, 916, 392. 73 | 27. 39 | | 利润总额 | 105, 580, 595. 53 | 不适用 | 1, 178, 552, 726. 27 | 65. 56 | | 归属于上市公司股东 | 122, 216, 265. 88 | 不适用 | 1, 120, 234, 330. 00 | 66. 91 | | 的净利润 | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 87,614,052.62 | 不适用 | 1.053.226.533.66 | 126. 94 | | 的净利润 | | | | | | 经营活动产生的现金 | 不适用 | 不适用 ...

工业富联的股价上涨，并不是凭空炒作，而是市场对它在AI算力基础设施中"卖铲人"角色的价值重估。 | | | 最近三个月，AI总龙头英伟达（NVDA.US）的股价上涨了14.5%，这已经是个不错的成绩。但同一时 期，A股有一家公司，涨幅高达141%，几乎是英伟达的10倍。 这家公司，就是工业富联（601138.SH）。 很多人对它的印象，可能还停留在"富士康"，以为它只是个做手机代工的。但市场给出的这个涨幅，显 然在说：事情并不简单。 那么，工业富联到底是一家怎样的公司？它为什么能在AI时代，表现得比英伟达还要抢眼？今天，我们 就结合它的2025年半年度报告，来深入了解一下。 这是一个巨大的增量市场。而工业富联，正是这个领域的核心玩家。 根据公司的半年报，2025年上半年，工业富联的营收同比增长了35.6%，归母净利润增长了38.6%。 拉动增长的核心动力，就是云计算业务，特别是AI服务器。 来看这组数据：第二季度，它的AI服务器营收同比增长超过60%。更具体地看，面向北美云服务商的服 务器营收，同比猛增超过150%。 核心引擎——AI服务器 简单来说，如果英伟达是卖"AI大脑"（GPU芯片）的，那么工业富联就 ...

Core Viewpoint - The article discusses the performance and strategic adjustments of fund manager Mo Haibo, particularly focusing on his investments in the technology sector and the recent shifts in his portfolio amidst market volatility [3][5][21]. Group 1: Fund Performance - Many fund managers have benefited from heavy investments in innovative pharmaceutical stocks and AI hardware, achieving significant net value increases this year, with some funds doubling their value and rising over 50% [3]. - Mo Haibo's fund has seen a net value increase of over 60% this year, positioning him as a leading fund manager with a scale of 131 billion [5][8]. - Despite the strong performance, there has been a notable increase in market volatility in October, leading to questions about the sustainability of high valuations in the CPO sector [5][16]. Group 2: Portfolio Adjustments - In the third quarter, Mo Haibo maintained a strong focus on technology, with significant allocations to the communication and electronics sectors, holding 38.1% and 35.5% respectively, both up nearly 8 percentage points from the previous quarter [9][21]. - There was a substantial reduction in holdings of key stocks such as New Yisheng and Zhongji Xuchuang, with reductions of 61% and 52% respectively, indicating a strategic shift within the technology sector [11][20]. - The article notes that many public funds have taken profits by significantly reducing their holdings in high-performing stocks during the third quarter [16]. Group 3: Market Outlook - Mo Haibo expressed optimism about the domestic computing opportunities, particularly in light of the ongoing U.S.-China trade tensions, emphasizing the urgent need for self-sufficiency in computing technology [20][21]. - The coal sector has been highlighted as a new area of focus, with Mo Haibo reducing exposure to agricultural stocks and reallocating to coal, anticipating a reversal in supply-demand dynamics and potential price increases due to low inventory levels [21][22]. - Overall, the article suggests that the technology sector remains a primary focus for Mo Haibo, with ongoing adjustments reflecting market conditions and investment opportunities [22].

根据最新披露的业绩预告，2025年前三季度的归母净利润预计为6.56-7.36亿元，同比增长140%-16 9%，远超2024年全年3.93亿的利润规模。 | 作者 | | 木鱼 | | --- | --- | --- | | 编辑 | | 小白 | 继2023年扭亏，2024年回归历史高点后，净利润在2025年继续保持高增长。 精准卡位两大风口。 ...

Core Viewpoint - The article discusses the performance and strategy of fund manager Huang Hai, emphasizing his continued focus on the coal industry despite recent underperformance compared to the market index [3][6][18]. Fund Performance - In 2025, Huang Hai's flagship fund, Wan Jia Xin Li Flexible Allocation Mixed Fund, reported a year-to-date return of 9.14%, lagging behind the CSI 300 index by 9 percentage points [3][7]. - Huang Hai's management scale has decreased to just over 3 billion yuan, reflecting investor dissatisfaction due to underperformance [3][6]. Industry Analysis - The coal industry faced significant challenges in early 2025 due to high inventory levels and declining prices, but began to recover in the summer with increased demand during peak electricity usage [6][7]. - By the third quarter of 2025, coal companies showed signs of recovery, with major firms like China Shenhua and New Energy showing improved net profits [7][8]. Investment Strategy - Huang Hai maintains a high concentration in coal stocks, with 73% of his fund's net value invested in this sector as of the third quarter [7][8]. - Despite criticism, Huang Hai's investment style remains consistent, focusing heavily on coal and showing little diversification [8][12]. Portfolio Adjustments - In the third quarter, Huang Hai made minor adjustments to his portfolio, reducing holdings in certain coal stocks while increasing positions in gold mining companies, which performed well [14][15]. - The top ten holdings in his flagship fund include several coal companies, with notable increases in gold stocks like Zhongjin Gold and Chifeng Gold [15][14]. Future Outlook - Huang Hai believes that traditional dividend-paying cyclical sectors, such as coal, steel, and non-ferrous metals, will not be absent in future bull markets and will provide substantial absolute returns [16][17]. - The article suggests that long-term capital will likely increase allocations to dividend-generating cyclical assets as manufacturing capacity cycles clear [17][18].

Core Viewpoint - Companies often pursue cross-industry strategies as a shortcut for market value management, especially when their main business growth peaks. However, many of these attempts result in minimal impact and eventual withdrawal from the market, while a few succeed due to strategic foresight and strong execution capabilities [3][4]. Group 1 - The capital market sees cross-industry layouts as a means to boost market value when core business growth stagnates [3]. - Many companies that attempt cross-industry ventures fail to deliver substantial results, leading to their exit from the market [3]. - Successful cross-industry companies are rare and are characterized by their strategic vision and execution strength, making them worthy of attention [3][4]. Group 2 - A traditional consumable manufacturer has recently transformed into a significant player in the domestic semiconductor materials market, focusing on import substitution [4].