Core Viewpoint - The article introduces the China Europe Dividend Advantage Flexible Allocation Mixed Fund, managed by Lan Xiaokang, highlighting its strong performance in risk control and excess returns, with a focus on achieving returns that exceed the benchmark while maintaining a balanced investment approach [2][3]. Performance Summary - The fund has shown impressive performance metrics, with a five-year annualized return of 15.7%, significantly outperforming its benchmark and the CSI 300 index [3][4]. - Year-to-date (YTD) return stands at 8.24%, with a total return of 106.31% over 7.1 years, indicating a stable upward trend in net value [4][5]. - The fund's maximum drawdown since inception is -25%, and under Lan Xiaokang's management, it has maintained a maximum drawdown of only -22%, showcasing effective risk management [8]. Management Background - The fund was established in April 2018, initially managed by renowned fund manager Cao Mingchang, with Lan Xiaokang as a co-manager. Since 2021, Lan has taken sole management, adopting a deep value investment style [6][12]. - Lan Xiaokang's investment strategy combines macroeconomic analysis with a bottom-up stock selection approach, focusing on long-term cash flow generation and valuation [17][18]. Investment Strategy - The fund maintains a balanced industry allocation, with a preference for sectors such as energy and non-ferrous metals, while adhering to a low valuation strategy [14][20]. - Lan Xiaokang emphasizes the importance of valuation over industry growth rates, seeking assets with stable growth and mispriced cyclical assets [18]. Holder Structure - The fund has attracted significant institutional investment, with an institutional holding ratio of 84% as of the end of last year, indicating strong confidence from institutional investors [20].

吾股基金排名26。 | | YTD | 近六月 | 近一年 | 近两年年化 | 近三年年化 | 近五年年化 | 近十年年化 | 总回报年化 | 年化回报 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | (8.2年) | | | ● 前海开源户港深裕鑫A | 7.29% | 10.34% | 14.71% | 11.89% | 11.38% | 10.21% | | 10.75% | 10.74% | | ● 前海开源沪港深裕鑫 .. | 2.55% | 5.53% | 11.12% | 4.74% | 2.60% | 1.92% | - | 2.78% | 2.78% | | ● 沪深300 | -1.90% | 0.52% | 7.18% | 0.12% | -1.12% | -0.07% | - | 1.38% | 1.38% | | ● 灵活配置型基金 | 1.61% | 3.14% | 6.94% | -1.57% | -1.32% | 3.35% | | 5.38% | 5.38% | ...

Core Viewpoint - The article discusses the impact of technological advancements in the oil and gas industry, particularly focusing on the shale gas revolution in the United States and its implications for Chinese companies in the sector [3]. Group 1: Industry Overview - The oil and petrochemical industry has traditionally been seen as reliant on natural resource endowments, particularly oil fields [3]. - The 21st century has witnessed significant technological progress, notably in horizontal drilling and hydraulic fracturing, which have enabled the extraction of previously inaccessible shale gas and oil [3]. - Since 2011, the U.S. has seen a dramatic increase in crude oil and natural gas production, achieving the status of the world's leading producer and gaining energy independence [3]. Group 2: Opportunities for Chinese Companies - The article raises the question of whether Chinese companies have benefited from the U.S. shale gas revolution, indicating that there are indeed opportunities for them to share in the gains [3].

Core Viewpoint - The article emphasizes the increasing military expenditure and geopolitical tensions globally, particularly highlighting the growth in China's military trade and the potential investment opportunities in the aerospace and defense sectors due to these dynamics [2][3][4]. Group 1: Military Expenditure and Geopolitical Tensions - The U.S. has raised its defense spending to over $1 trillion, a year-on-year increase of approximately 13% [2]. - The global arms race is expected to escalate as countries respond to geopolitical conflicts, with China showcasing its military capabilities during recent conflicts [3][4]. Group 2: Growth in Military Trade - China's military trade exports from 2015 to 2024 reached $17.254 billion TIV, a 56.48% increase compared to the previous decade [4]. - Over 60% of China's military exports are directed towards South Asia and Southeast Asia, particularly Pakistan [5]. Group 3: Domestic Military Demand - The upcoming years are expected to see a surge in domestic military equipment orders, driven by the "14th Five-Year Plan" and the centenary of the military [11]. - Major military groups in China are prioritizing military trade as a core business, indicating a strategic shift towards international market competition [8]. Group 4: Aerospace Industry Growth - The C919 aircraft symbolizes China's advancements in the aerospace sector, with nearly 1,500 orders received as of February 2025 [12]. - The market for large aircraft is projected to be valued at approximately $1.4 trillion over the next 20 years, with significant growth expected in satellite internet and low-altitude economy sectors [12]. Group 5: Market Dynamics and Valuation - The aerospace and defense sector is characterized by a focus on mergers and acquisitions, with notable recent transactions aimed at resource integration [14][15]. - The National Aerospace and Aviation Index has shown a strong performance, with a 19.74% annualized return since its inception, indicating robust long-term growth potential [26]. Group 6: Investment Strategies - The aerospace and defense sector is currently at a relatively low valuation, with the latest price-to-book ratio around 3.2, suggesting potential for investment [28]. - Investors are encouraged to consider strategies such as dollar-cost averaging to navigate market volatility while aiming for satisfactory returns [31].

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 ...