相关ETF今年以来的收益已经超过7成。 作者 | RAYYYY 编辑 | 小白 近期，我国在"反内卷"领域动作频频，而相关反内卷政策密集落地，推动相关产业链的价格筑底与高 质量转型，同时也旨在治理价格无序和恶性竞争的乱象。 | | | 近三月反内卷政策一览 | | --- | --- | --- | | 日期 | 会议/文件 | 重点内容 | | 7月1日 | 中央财经委第六次会议 | 依法依规治理企业低价无序竞争,引导企业提升产品品质,推动 | | | | 书欧性服益化坦燃 | | 7月1日 | 求是发表《深刻认识和综合 | 在实践中不断探索有效整治"内卷式"竞争的举措,努力创造公 | | | 整治"内卷式" 竞争 » | 平竞争的市场环境 | | 7月18日 | 工信部宣布十大重点行业稳 | 实施新一轮钢铁、有色金属等十大重点行业稳增长工作方案,推 | | | 增长工作方案 | 动車点行业看力调结构、优供给、淘汰落后产能 | | 7月23日 | 发改委主持召开企业座谈会 | 推动整治"内卷式"亮争、拓展产业链供应链合作、促进科技创 | | | | 新、完善公司治理和国际化经营服务 | | 7月24日 | ...

在广袤的全球市场攻城略地。 | 作者 | | 紫枫 | | --- | --- | --- | | 编辑 | | 小白 | 最近，工程机械行业在9月份交出的数据让风云君为之侧目。 根据中国工程机械工业协会的数据，9月挖机实现销售19858台，同比增长25.4%，其中内外销分别同 比增长21.5%和29%，相比8月的同比增速15%和11%的水平进一步加速。 受相关消息刺激，10月15日，工程机械ETF（560280.SH）上涨2.69%，核心成分股恒立液压（60110 0.SH）、山推股份（000680.SZ）涨超6%，三一重工（600031.SH）、中联重科（000157.SZ）、徐工 机械（000425.SZ）等涨超2%。 一轮牛市不可能只涨"科技"，百花齐放才是常态。当前A股科技相对顺周期板块的超额已经来到历史 高位附近，此时股价还在低位的顺周期板块可能是更有性价比的选择。 行业整体表现稳健，出口与内销共同驱动增长 先看整体数据，今年1-8月，挖掘机累计销量达15.41万台，同比增长17.2%。 其中，国内市场销量8.06万台，同比增长21.5%，8月单月挖掘机销量7685万台，同比增长14.8%，主 要 ...

Core Insights - The article highlights the significant performance of public funds in 2023, with an average return of 26.6% for 5,289 equity funds, indicating a strong year for the industry [4][6]. - A notable trend is the increasing presence of younger fund managers, with over 30% of managers having less than three years of experience, and a total of 1,344 new faces in the industry [6][7]. - The article emphasizes the shift away from traditional "star" fund managers, as younger managers are achieving impressive returns, demonstrating that experience is no longer the sole determinant of success [6][8]. Fund Performance - The top-performing equity funds this year have shown remarkable returns, with the leading fund, 永赢科技智选混合发起A, achieving a return of 240.17% [12][11]. - Other notable funds include 同泰产业升级混合A with a return of 190.57% and 永赢医药创新智选混合发起A with a return of 116.44% [17][27]. - The article lists the top twenty funds by net value growth, showcasing the diversity in performance among different fund managers [5]. Manager Trends - The article discusses the trend of younger fund managers taking over, with only 12.5% of managers having over ten years of experience, and a significant portion of assets being managed by those with less than five years of experience [6][30]. - New generation managers like 任桀, 王秀, and 单林 have emerged as strong performers, with returns exceeding 200% in some cases [8][25]. - The article notes that the traditional view of "star" managers is fading, as younger managers are proving their capabilities through strong performance [6][7]. Investment Strategies - The article highlights the investment strategies of successful fund managers, such as 任桀's focus on technology stocks, which contributed to his fund's high returns [12][15]. - 王秀's strategy involved rapid adjustments to his portfolio, focusing on sectors like robotics and machinery, which led to significant gains [20][23]. - 单林's approach emphasizes high-growth pharmaceutical stocks, showcasing a trend towards specialized investment strategies among newer managers [27][49]. Market Context - The article places the performance of these funds within the context of a bullish market, indicating that the current environment has favored aggressive investment strategies [7][10]. - The shift in fund management dynamics reflects broader changes in the investment landscape, where adaptability and sector focus are becoming increasingly important [6][8]. - The article concludes that while younger managers are currently thriving, their long-term success will depend on their ability to navigate different market conditions [30][49].

Core Viewpoint - The worst period for the company is likely over, with signs of recovery in profitability and stability in revenue growth [1][13]. Business Performance - Since 2019, the company's performance has been volatile, with ROE showing a "V" shape [4][5]. - The company's major business segments include traditional energy and new energy services, divided into four main areas: power transmission and transformation, new energy, energy, and new materials [7]. Revenue Breakdown - The company's revenue sources are diverse, with significant contributions from: - Electrical equipment products: 13.366 billion (27.62%) - Coal: 8.832 billion (18.25%) - Wires and cables: 7.843 billion (16.20%) - New energy industry and supporting projects: 6.315 billion (13.05%) - Power generation: 3.463 billion (7.16%) [9]. Market Conditions - In 2021-2022, the market experienced a surge in polysilicon and coal prices, leading to a significant increase in the company's profits [10]. - However, in 2023-2024, the decline in polysilicon prices and the drop in coal prices resulted in a substantial decrease in profits, with consecutive double-digit declines [10]. Recent Developments - In the first half of this year, the company's non-recurring net profit decreased by 5.3%, while the net profit attributable to the parent company increased by 5%, with revenue remaining stable, showing a year-on-year growth of 1.1% [12]. - Notably, in Q2 2025, the company saw a significant turnaround in profit growth, with net profit attributable to the parent company and non-recurring net profit increasing by 52% and 29% year-on-year, respectively [12].

区域风险下的经营困局，不良率四年连升。 作者 | beyond 编辑 | 小白 在中国区域银行转型发展的浪潮中，珠三角地区的农村金融机构始终扮演着独特的角色。作为连接制造 业集群与金融服务的重要桥梁，东莞农商银行（9889.HK，该行）自港股上市以来就承载着市场对其转型 成效的期待。 然而，当我们将目光聚焦于该行最新的财务表现时便会发现，这家扎根于制造业重镇的银行正面临着前 所未有的挑战，2024年年报与2025年中期数据描绘出一幅复杂的图景。 换帅后盈利连降两年，降速愈演愈烈 2023年4月，东莞农商银行发布公告称，王耀球辞去董事长、执行董事等职务。同年5月，董事会决议推 选卢国锋为董事长，12月27日该任职资格获批。 （来源：该行公告） 卢国锋接任董事长，颇有临危受命的意味。要知道，2019-2022年，东莞农商银行的营收增速从26.3%大 幅降至2.1%。 然而，事与愿违。卢国锋继任后，该行的营收增速不仅转向负增长，而且呈现愈演愈烈的趋势。2023、 2024两年，该行营收增速分别同比下滑了12.5%、13.6%。 进入2025年，东莞农商银行的营收增速下滑在进一步加快。2025H1，该行营收55亿元， ...

Core Viewpoint - The article highlights the significant growth potential of Yuegui Co., Ltd. (粤桂股份) driven by its unique sulfur resources and the increasing demand for solid-state battery technology, particularly in the context of the evolving sulfur chemical industry [1][12]. Financial Performance - Yuegui Co., Ltd. expects a net profit of 420 million to 470 million yuan for Q3, representing a year-on-year growth of 86.87% to 109.11%, attributed to cost reduction and rising prices of ore products [4]. - The company achieved a revenue of 1.359 billion yuan in the first half of 2025, a slight increase of 1.29% year-on-year, with mining and chemical industries being the main growth drivers [14][16]. - The gross margin for sulfur concentrate reached 63.75% in the first half of 2025, up 11.26 percentage points year-on-year, significantly outperforming other segments like sugar and paper [9][17]. Business Segments - The company operates in three main segments: sugar, paper, and sulfur chemical, with the sulfur chemical segment being the core profit driver due to its high-quality sulfur iron ore resources [8][11]. - The sulfur iron ore mine owned by Yuegui is the largest in Asia, with proven reserves of 208 million tons and a sulfur grade of 31.04%, solidifying its position in the industry [8][11]. Market Position and Strategic Value - Yuegui Co., Ltd. holds 85% of the national sulfur resource reserves and has an annual raw ore production capacity of approximately 3 million tons, making it a key player in the domestic sulfur resource market [11]. - The increasing focus on solid-state battery technology, particularly the sulfide route, enhances the strategic value of Yuegui's sulfur resources, as major players like CATL and BYD are prioritizing this technology [12][13]. New Business Developments - The company has initiated new projects in the materials sector, including a silver powder project that generated 31.26 million yuan in sales in the first half of 2025, indicating diversification efforts [19]. - The production of amino sulfonic acid has also commenced, contributing additional revenue, while the company is expanding its quartz material mining and processing capabilities [20]. Operational Efficiency - Despite stable revenue, management expenses have increased, with employee compensation rising by 22%, indicating potential challenges in operational efficiency [22][24]. - The company maintains a decent dividend level, with a dividend payout ratio of 35% for 2024, reflecting a commitment to returning value to shareholders [26].

Core Viewpoint - The company has successfully diversified its customer base, reducing reliance on a single client and expanding into the new energy vehicle supply chain, showcasing new growth potential [4][12]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 1.287 billion yuan, a year-on-year increase of 15.19%, and a net profit of 201 million yuan, up 27.17% [5]. - The stamping parts business, a core growth driver, generated revenue of 854 million yuan in the first half of 2025, reflecting a significant year-on-year increase of 41.08%, primarily due to increased orders from Tesla, Li Auto, and Xiaomi [7]. - The assembly processing business showed steady performance with revenue of 237 million yuan, a year-on-year growth of 16.65%, indicating a recovery in traditional customer business [8]. Group 2: Business Segments - The company's main business includes four segments: stamping parts, assembly processing, selective precision plating, and mold business, with the first two being the core [7]. - The selective precision plating business was acquired in 2023 and provides precision chrome plating services for key components in automotive engines, becoming a significant supplier for major clients [10]. Group 3: Strategic Transition - The company is transitioning from a model heavily reliant on a single client to a dual-driven model of "intelligent traditional business + large-scale new energy business" [12]. - The sales contribution from SAIC Group and its subsidiaries has decreased from over 60% in 2021 to 46.5% in the first half of 2024, while sales from new energy clients like Tesla, Li Auto, and Xiaomi now account for over 40% of the stamping parts business [14]. Group 4: Future Plans - To meet the demand from clients like Xiaomi, the company plans to raise up to 520 million yuan through convertible bonds to invest in a new production base in Langfang, which is expected to add an annual capacity of 500,000 sets [15]. - The company is also planning to invest up to 250 million yuan in a new project in Wuhan, creating a multi-location production layout to enhance service proximity [15].

Core Viewpoint - Anning Co., Ltd. (002978.SZ) is strategically positioned in the vanadium-titanium magnetite resource sector, focusing on the mining, washing, and sales of vanadium-titanium magnetite, with significant growth in revenue driven by increased sales of vanadium-titanium iron concentrate and new product offerings [4][5]. Group 1: Company Overview - Anning Co., Ltd. is located in the Sichuan Panzhihua region, specializing in the comprehensive utilization of vanadium-titanium magnetite resources [4]. - The company primarily produces titanium concentrate and vanadium-titanium iron concentrate, which are essential raw materials for downstream industries such as titanium dioxide, sponge titanium, and special steel [4]. - As of the first half of 2025, the company reported revenue of 1.107 billion, a year-on-year increase of 30.94%, while operating costs rose by 62.72% to 441 million [4]. Group 2: Financial Performance - The gross profit margin for the black metal mining sector was 60.14%, a decrease of 7.75 percentage points year-on-year, with titanium concentrate and vanadium-titanium iron concentrate margins at 70.85% and 51.02%, respectively [4][5]. - Historical performance shows that from 2017 to 2022, the company maintained a gross margin above 60% and a net margin above 30%, accumulating a total net profit of 4.9 billion [11]. Group 3: Market Position and Strategy - The company holds a significant position in the domestic titanium concentrate supply market, with a stable and concentrated customer base including major titanium dioxide producers [5][7]. - Anning Co., Ltd. benefits from its location in a region that accounts for over 80% of the national titanium concentrate output, providing strong bargaining power in a concentrated supply market [7]. - The company’s core asset is the mining rights to the Panjiatian Iron Mine, with a total ore resource of approximately 258 million tons and an annual mining capacity of 6 million tons [8]. Group 4: Growth Initiatives - The company has introduced a new product line through the "ultra-fine particle titanium recovery technology transformation project," generating 72.42 million in sales, accounting for 6.54% of total revenue [12]. - Anning Co., Ltd. is advancing a 6,000-ton energy-grade titanium (alloy) materials project with a total investment of 7.2 billion, aiming to establish a full industry chain from titanium concentrate to high-end titanium materials [12].

Core Viewpoint - The market is transitioning from a single standout to a diverse array of investment opportunities, with public funds showing impressive performance in a structural market environment [1][3]. Group 1: Fund Performance - As of September 30, 2025, 104 public funds have doubled their returns, with 44 funds having a scale greater than 100 million yuan, and the best-performing active equity fund achieving nearly 200% annual returns [3][5]. - The average return for the 44 funds with a scale greater than 100 million yuan is 112.5% year-to-date [5][7]. - The top-performing fund is Yongying Technology Select A (022364.OF) with a return of 197.6%, followed by Huatai-PB Hong Kong Advantage Select A (470888.OF) at 161.1% [8][10]. Group 2: Sector Focus - Funds focused on technology and pharmaceuticals are leading the performance, while traditional sectors like real estate, banking, and liquor are relatively stable in a volatile market [4][11]. - The strong performance of small and medium-sized funds is attributed to their agility in targeting high-yield sectors such as artificial intelligence and innovative pharmaceuticals [7][11]. Group 3: ETF Performance - Among the 44 doubling funds, 37 are actively managed equity funds, while only 7 are ETF index funds, with the highest return from the Hong Kong Innovative Drug ETF (520700.SH) at 109.2% [12][14]. - The average return for all 14 gold ETFs is 41.04%, with significant inflows driven by rising international gold prices [15][12]. Group 4: Emerging Investment Themes - New emerging themes include "brand going abroad," "Beijing Stock Exchange," and "high-end manufacturing/robotics," with funds like GF Growth Navigator A (016243.OF) and CITIC Construction Investment Beijing Stock Exchange Select A (016303.OF) showing strong returns [17][18]. - The Beijing Stock Exchange has a high concentration of "specialized, refined, distinctive, and innovative" companies, with 58.1% of listed companies fitting this description [24][26]. Group 5: Investment Strategy - The article suggests that high-yield, high-volatility thematic funds should be considered as "satellite allocations" within a broader investment portfolio, emphasizing the importance of core stable assets [34].

Core Viewpoint - Sany Heavy Industry is pursuing a secondary listing in Hong Kong, marking a significant step in its IPO journey after halting the process in 2011, despite having substantial cash reserves and a strong market position in the engineering machinery sector [3][4][9]. Group 1: Financial Health and Cash Flow - Sany Heavy Industry announced a mid-term dividend plan of 2.614 billion yuan for 2025, with a cash dividend rate of 50.11%, indicating strong financial health and not a need for cash [4][8]. - The company has accumulated operational net cash flow of 87.63 billion yuan from 2015 to 2024, resulting in a free cash flow of 52.673 billion yuan after capital expenditures [8]. - As of June 2025, Sany holds nearly 20 billion yuan in cash and 12.5 billion yuan in financial assets, totaling approximately 32.5 billion yuan in cash-like assets, with a low debt ratio of 15.2% [9][10]. Group 2: Market Position and Product Line - Sany Heavy Industry has established a comprehensive product line in engineering machinery, including excavators, concrete machinery, cranes, and road rollers, making it the largest engineering machinery company in China and the third largest globally [6][8]. - The company has led domestic excavator sales for 14 consecutive years and has been the global leader in concrete machinery for the same duration [6][8]. Group 3: International Expansion Strategy - The primary purpose of the Hong Kong IPO is to fund the expansion of Sany's global sales network and the establishment of overseas R&D centers, emphasizing the company's strategy to "go global" [13][14]. - From 2020 to 2024, Sany's overseas revenue surged from 14.1 billion yuan to 48.5 billion yuan, nearly tripling and accounting for over 62% of total revenue by 2025 [17][20]. - Sany's overseas operations are primarily focused on developing countries along the "Belt and Road" initiative, which are experiencing significant infrastructure growth, providing a stable growth outlook for the company [23][26]. Group 4: Competitive Landscape and Future Goals - Sany aims to become the world's leading engineering machinery company by 2026, with a target market value of 1 trillion yuan by 2036, but still faces competition from established global players like Caterpillar and Komatsu [31][34]. - The global engineering machinery market is projected to grow from 213.5 billion USD in 2024 to 296.1 billion USD by 2030, presenting significant opportunities for Sany [34]. - To achieve its ambitious goals, Sany must enhance its product offerings and technological capabilities while leveraging the capital raised from the Hong Kong listing [38].