近期该只基金公布了四季报，下面来看最新操作与后市展望。 冠军基建议投资者"分散配置、低位定投、适时止盈"。 作者 | 市值风云基金研究部 编辑 | 小白 2026年仅过去14个交易日，已有基金收益率超30%，更有百只基金收益率超20%，全市场基金年内收 益率平均数也达到了4.1%（仅统计A份额）。 永赢科技智选混合（A：022364.OF；C：022365.OF）凭借233.2%的年度回报，在2025年问鼎公募基 金冠军，并打破尘封18年的收益纪录。那这只作为市场的焦点基金，年内却小亏1.14%，它还能继续 为投资者赚钱吗？ 仓位显著降低，前十重仓迎来"新面孔" 四季度，永赢科技智选在业绩与规模上实现双丰收，且整体呈现出"规模扩张"与"策略收缩"并存的特 征。 截至2025年末，该只基金合并规模已激增至154.6亿，环比三季度末增长了近40亿。基金份额也从三 季度末的34.6亿份增长至41.1亿份，仍有大量基民涌入。 单从四季度的成绩来看，这只基金表现不错，期间净值增长率为13.1%，大幅跑赢同期沪深300指 数-0.23%、上证指数2.21%的涨幅。 | 阶段 | 净值增长率(1) | 净值增长率标准 | ...

餐饮行业正经历一场不见硝烟的战争，其中港股上市的锅圈看起来全部押对了方向。 "铁打的营盘、流水的兵"，餐饮行业正经历着不见硝烟的洗牌战，数据很能说明这一现状： 2025年全年预计超300万家门店黯然退场，仅上半年就有161万家门店关停，相当于日均近9000家门店 关门、每分钟约6家门店停止运营；超六成快餐店存活周期不足一年，全行业门店平均存续周期更是 缩短至15个月左右，即便是连锁品牌也难逃洗牌命运。 洗牌加速，餐饮赛道正迎来关键转型期——盲目追求门店数量的"规模扩张"时代落幕，构建长期壁 垒、夯实差异化竞争力的"价值深耕"成为共识。 消费健康化、场景复合化、运营数智化、供应链规范化、连锁化下沉，这五大趋势正成为驱动行业高 质量发展的核心引擎，推动品牌跳出同质化竞争的泥潭，迈向更具韧性的发展新阶段。 消费端：健康 + 体验，理性 ＋ 个性 作者 | 木盒 编辑 | 小白 01 健康化成为基础门槛 健康餐饮市场规模预计2026年突破1.8万亿元，年增速超30%。低糖低脂、高蛋白、零添加、功能性 食材（益生菌、植物基）成标配，67%高收入群体愿为健康属性支付10%-20%溢价。 蜜雪冰城通过"源头直采+原料自研自 ...

技术验证迈向规模化商业落地的关键之年。 最近智能驾驶行业的新闻逐渐增多，甚至有机构喊出2026年是智能驾驶从技术验证迈向规模化商业落 地的关键元年。 元年这个词我们听得多了，各家新能源车企也早就把智能驾驶作为汽车的重要卖点，为什么预测今年 才是规模化商业落地呢？ | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | ...

免责声明： 本报告（文章）是基于上市公司的公众公司属性、以上市公司根据其法定义务公开披露的信息（包括但 不限于临时公告、定期报告和官方互动平台等）为核心依据的独立第三方研究；市值风云力求报告（文章）所载内 容及观点客观公正，但不保证其准确性、完整性、及时性等；本报告（文章）中的信息或所表述的意见不构成任何 投资建议，市值风云不对因使用本报告所采取的任何行动承担任何责任。 以上内容为 市值风云APP 原创 未获授权 转载必究 相关行业或迎来催化。 作者 | 小鑫 编辑 | 小白 当地时间1月22日，特斯拉CEO埃隆·马斯克在瑞士达沃斯世界经济论坛年会期间，在与贝莱德CEO拉 里·芬克的对谈中明确力挺太空光伏，并披露关键产能规划。 他表示，SpaceX与特斯拉正同步推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳能 制造能力。 U MAMMIST 制图:市值风云APP 【资讯】 当地时间1月22日，马斯克在达沃斯力挺太空光伏， SpaceX与特斯拉目标三年内实现年产100GW太阳能产能。 核心电池制造 乾照光电 东方日升 钧达股份 天合光能 拓日新能 三安光电 二、上游设备与材料 晶盛机电 聚和材料 ...

Core Viewpoint - The company, Putailai, is expected to achieve a net profit of 2.3-2.4 billion yuan in 2025, marking a year-on-year growth of 93%-102%, indicating a recovery from previous performance lows in the industry [4]. Group 1: Business Overview - Putailai provides integrated solutions for lithium battery manufacturing, covering key materials and automation equipment [5]. - The business segments include: 1. New energy battery materials and services, expected to account for 77.3% of revenue in the first half of 2025, including anode materials, coated separators, and key auxiliary materials [6]. 2. New energy automation equipment and services, projected to represent 26.1% of revenue in the first half of 2025, offering complete production line design from materials to equipment [7]. - The company's unique business model integrates material research with equipment design, creating a closed-loop system that enhances customer responsiveness [9]. Group 2: Market Position and Product Development - Putailai has entered the supply chains of major battery manufacturers such as CATL, LG Energy, and BYD, with anode material capacity exceeding 300,000 tons and coated separator capacity surpassing 10 billion square meters [11]. - The company has secured over 200 million yuan in orders for solid-state battery equipment, indicating market recognition of its technological solutions [13]. - Key technological advancements include the mass production of solid-state electrolytes and innovative materials for solid-state batteries, which are currently in the customer evaluation phase [14]. Group 3: Industry Context and Growth Drivers - The new energy battery industry is emerging from a two-year destocking cycle, with lithium carbonate prices dropping from 600,000 yuan/ton to below 100,000 yuan/ton, leading to a recovery in demand expected by the end of 2024 [17]. - The global penetration rate of electric vehicles is projected to increase by over 25% in 2025, while energy storage installations are expected to double [17]. - Putailai's product upgrades, such as the mass production of silicon-carbon anodes, are aligned with the growing demand for high-energy-density batteries [18]. Group 4: Financial Performance - Putailai's revenue trajectory aligns with industry cycles, with revenue increasing from 9 billion yuan in 2021 to 15.5 billion yuan in 2022, followed by a decline to 13.5 billion yuan in 2024, and a recovery to 10.8 billion yuan in the first three quarters of 2025 [22]. - The company's net profit is expected to increase by 62%-102% in 2025, demonstrating significant recovery potential [25]. Group 5: Future Outlook and Challenges - The company is currently in a capital expansion phase, with cash flow from operations increasing but free cash flow remaining negative due to high capital expenditures [30]. - As of September 2025, Putailai has 7.8 billion yuan in cash and 3 billion yuan in financial assets, with short-term and long-term borrowings totaling 8.6 billion yuan, indicating a manageable debt situation [33]. - The company plans to issue H-shares and list on the Hong Kong Stock Exchange, which will serve as a new financing channel and support its global strategic layout [33].

Core Viewpoint - The future observation of the company will focus on whether more "function-structure" integrated products can achieve mass production and contribute to performance [1][31]. Company Overview - Kema Technology (301611.SZ) specializes in advanced ceramic materials and is a domestic pioneer breaking foreign monopolies in the semiconductor equipment sector [3][4]. - Established in 2009 and headquartered in Suzhou, Jiangsu, the company focuses on the R&D, manufacturing, sales, and service of advanced ceramic components and surface treatment services for semiconductor equipment [4][6]. Material Systems and Product Development - Kema Technology has developed a foundational material system consisting of six types of advanced ceramics: alumina, zirconia, aluminum nitride, silicon carbide, yttrium oxide, and titanium oxide, with over 10,000 customized components designed [6][7]. - The company's products are primarily used in the upstream of semiconductor equipment manufacturing, covering critical processes such as etching, thin film deposition, ion implantation, photolithography, and oxidation diffusion [6][8]. Market Position and Competitive Advantage - Kema Technology holds a leading position in the advanced structural ceramics sector, accounting for 14% of the domestic semiconductor equipment advanced structural ceramics procurement in 2021, and 72% among domestic suppliers [7][8]. - The company has mastered the entire process technology from material formulation to component manufacturing, making it one of the few domestic advanced structural ceramic enterprises certified by international leading semiconductor equipment manufacturers [8][9]. Core Profit Logic - The core profit logic of Kema Technology lies in transitioning from traditional "structural components" to high-difficulty "function-structure" integrated modular products, which drives domestic substitution [10][11]. - The company has shifted focus to critical products such as ceramic heaters, electrostatic chucks, and ultra-pure silicon carbide kits, which are essential in semiconductor manufacturing equipment [11][13]. Key Product Lines - **Ceramic Heaters**: The flagship product, with over 1,000 units produced and delivered by mid-2025, successfully integrated into domestic semiconductor wafer factories and mainstream equipment manufacturers [15][16]. - **Electrostatic Chucks**: The 8-inch electrostatic chuck has completed validation and is in small-scale production, while the 12-inch version has passed validation and is being promoted to end customers [17]. - **Ultra-Pure Silicon Carbide Kits**: Collaborating with Northern Huachuang, the 6-inch non-porous silicon kits have been mass-produced since 2024, with 8-inch products validated and 12-inch components undergoing validation [18][19]. Financial Performance - In the first three quarters of 2025, Kema Technology achieved revenue of 790 million yuan, a year-on-year increase of 28.9%, and a net profit of 240 million yuan, up 8.3% [22][24]. - The third quarter revenue was 270 million yuan, an 18.1% increase year-on-year, but net profit decreased by 16.2% due to increased operating costs and R&D expenses [24][25]. Future Developments - The company has sufficient orders covering approximately three months of sales revenue and plans to raise up to 750 million yuan through convertible bonds to expand production capacity for modular ceramic components and silicon carbide materials [28][29]. - Kema Technology is also actively expanding into non-semiconductor fields, such as lithium battery materials, with a new production line for silicon carbide ceramic rollers launched in 2025 [30].

Core Insights - SpaceX plans to launch the second generation of its Starlink satellite internet system by 2027, following the successful deployment of the first generation which currently covers over 400 million people and has more than 6 million active users monthly [3][4]. Group 1: Starlink Service Overview - The first generation of Starlink service has achieved coverage for over 400 million people [3][4]. - Monthly active users of the Starlink service exceed 6 million [3][4]. Group 2: Future Developments - SpaceX has invested in spectrum resources to enhance the capabilities of the second generation of direct connection devices, set to launch in 2027 [3]. - The FCC has approved SpaceX's application to redeploy 7,500 second-generation Starlink satellites, which will significantly improve global internet service capabilities [3][4]. Group 3: Related Companies in Commercial Space - The article lists various companies involved in satellite communication, system components, satellite manufacturing, and remote sensing, indicating a broader commercial space industry context [4].

Core Viewpoint - The article discusses the remarkable growth of a company in the electronic ceramics industry, which has transformed from an unknown entity to the ninth largest in the global market within five years, highlighting its recent move to apply for a listing on the Hong Kong Stock Exchange despite already being listed on the A-share market [1][3]. Group 1 - The company has been dedicated to refining a type of "ceramic" for over fifty years, leading to a market capitalization nearing 90 billion yuan, establishing itself as a prominent player in the electronic ceramics sector [3]. - The recent application for a listing on the Hong Kong Stock Exchange has surprised the market, raising questions about the motivations behind this decision beyond mere financing [3].

Group 1 - The article emphasizes the importance of understanding basic information, including historical performance and comparative analysis of investment options based on size, liquidity, and fees [4] - It highlights the need to assess industry background, focusing on short-term policy impacts and long-term industry lifecycle and prospects [4] - The article discusses the significance of understanding index composition, particularly the top ten holdings and their weights, to analyze trends and indicators [4] Group 2 - It outlines different investment strategies, including long-term holding of potential assets to maximize returns and avoid missing out on upward trends [5] - The article presents a dollar-cost averaging approach, which involves regular investments regardless of market conditions to reduce costs [5] - It also describes a trading strategy that focuses on buying low and selling high within a range, allowing for profit from price differences while managing risks [5]

Core Viewpoint - The article highlights the significant decline in the assets under management of交银施罗德基金管理有限公司, reflecting the challenges faced by the company in adapting to changing market dynamics and investment strategies [3]. Group 1: Performance Decline - As of September 30, 2025,交银施罗德's assets under management were approximately 503.4 billion yuan, a decrease of 84.7 billion yuan or 14.45% from the historical peak of 588.1 billion yuan on June 30, 2022 [3]. - The company's actively managed equity products have been in a continuous decline since 2022, with the mixed fund management scale dropping to 90.4 billion yuan, a reduction of about 110 billion yuan or over 50% from its peak in 2021 [4]. - The performance of the "Three Musketeers" (王崇, 何帅, 杨浩) has deteriorated significantly, with王崇's交银新成长混合 fund yielding only 0.97% and 2.79% in 2024 and 2025, respectively, ranking near the bottom among similar funds [4][5]. Group 2: Investment Strategy and Holdings - In 2025, the fund's heavy investment in banks and late entry into technology and materials stocks raised concerns about the risk of high valuations [7]. - The top ten holdings of the funds show a lack of exposure to high-growth sectors like AI and computing, focusing instead on niche segments in electronics and logistics [9]. - The "Three Musketeers" share a similar investment style, favoring undervalued sectors, which has led to systemic risk in a structured market where missing out on opportunities affects all [10]. Group 3: ETF Launch and Market Position - In response to the underperformance of actively managed funds,交银施罗德 launched the中证智选沪深港科技50ETF in December 2025, marking a strategic shift for the company [11][12]. - The ETF tracks a technology index with a strong performance of 53% over the past year, but concerns exist regarding the timing of its launch given the high valuations of its underlying assets [12][14]. - The company faces challenges in the competitive ETF market, where it holds a weak position with only about 300 million yuan in total assets across its ETF products [15].