截至发稿，徐竞择累计任职时间345天，现任基金资产总规模3.86亿元，任职期间最佳基金回报 91.24%， 任职期间最差基金回报90.52%。 资料显示，浙江中力机械股份有限公司位于浙江省湖州市安吉县灵峰街道霞泉村，成立日期2007年9月 20日，上市日期2024年12月24日，公司主营业务涉及电动叉车等机动工业车辆研发、生产和销售。主营 业务收入构成为：叉车等及配件98.85%，其他(补充)1.15%。 从中力股份十大流通股东角度 数据显示，财通证券资管旗下1只基金位居中力股份十大流通股东。财通资管先进制造混合发起式A （021985）二季度新进十大流通股东，持有股数44.59万股，占流通股的比例为0.87%。根据测算，今日 浮盈赚取约98.54万元。连续3天上涨期间浮盈赚取114.15万元。 财通资管先进制造混合发起式A（021985）成立日期2024年10月15日，最新规模4059.17万。今年以来收 益92.67%，同类排名115/8173；成立以来收益93.63%。 财通资管先进制造混合发起式A（021985）基金经理为徐竞择。 9月24日，中力股份涨5.02%，截至发稿，报46.20元/股，成交3 ...

Core Viewpoint - Huahong Semiconductor Company has seen a stock price increase of 5.01% as of September 24, 2023, with a market capitalization of 1490.91 billion yuan, indicating strong market interest in the company [1] Company Overview - Huahong Semiconductor, established on January 21, 2005, and listed on August 7, 2023, is primarily engaged in specialty process wafer foundry services in China [1] - The company offers a diverse range of wafer foundry and supporting services, including embedded/non-volatile memory, power devices, analog and power management, logic, and RF [1] - Revenue composition includes 94.60% from integrated circuit wafer foundry, 4.78% from other services, and 0.62% from leasing income [1] Fund Holdings - According to data, one fund under Caitong Securities Asset Management holds a significant position in Huahong Company, with 5,104 shares representing 0.74% of the fund's net value, ranking as the ninth largest holding [2] - The fund, Caitong Zichan Xinyi Mixed A (004888), has a total scale of 20.39 million yuan and has achieved a year-to-date return of 22.72% [2] Fund Manager Performance - The fund manager, Li Jing, has a tenure of 3 years and 328 days, with a total asset size of 230 million yuan and a best return of 104.49% during the tenure [3] - Co-manager Shi Yushan has a tenure of 3 years and 144 days, managing assets of 2.89 billion yuan, with a best return of 21.91% [3]

Group 1 - The article discusses common arbitrage combinations such as TS*2-TF, TS*4-T, TF*2-T, and T*3-TL, which often deviate from the corresponding cash bond yield spread trends due to not achieving duration neutrality, thus failing to immunize against interest rate risk [2][7][20] - It highlights the importance of considering interest rate fluctuations when tracking yield spreads with these arbitrage combinations, suggesting that an ideal approach is to gain potential returns from both yield spreads and unilateral volatility [2][19] - The current duration gaps for various combinations indicate that if interest rates are expected to decline, attention should be paid to opportunities in the 7Y-5Y yield spread narrowing or the 5Y-2Y and 30Y-7Y yield spreads widening [2][20][21] Group 2 - The article emphasizes that the net basis can significantly impact the short-term performance of arbitrage combinations, advising that when constructing these combinations, the overall net basis level should be considered [2][15][17] - It notes that the historical performance of net basis fluctuations has been limited to a range of ±1 yuan, with recent trends showing a convergence to around ±0.5 yuan, indicating a reduced impact on combination value [15][17] - The report suggests that when engaging in curve shape arbitrage, it is crucial to consider both the current yield spread position and the duration gap, as well as the expected direction of future interest rate movements [19][20][26]

Company Overview - Runhe Software Co., Ltd. is located in Nanjing, Jiangsu Province, and was established on June 29, 2006, with its listing date on July 18, 2012 [1] - The company provides software and information technology services, including sales of intelligent terminal products and outsourced hardware and software products [1] - The revenue composition is as follows: Financial Technology 52.01%, Intelligent IoT 35.43%, Smart Energy Information 11.67%, and Others 0.89% [1] Stock Performance - On September 23, Runhe Software's stock fell by 5.01%, trading at 57.61 yuan per share, with a transaction volume of 2.391 billion yuan and a turnover rate of 5.23% [1] - The total market capitalization of the company is 45.881 billion yuan [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Caitong Securities Asset Management holds Runhe Software [2] - Caitong Asset Management's Xinju Yi 6-Month Holding Period Mixed A Fund (012052) held 1,800 shares in the second quarter, accounting for 0.05% of the fund's net value, ranking as the ninth largest holding [2] - The estimated floating loss for the fund today is approximately 5,472 yuan [2] Fund Manager Performance - The fund managers for Caitong Asset Management's Xinju Yi Fund are Ma Hang and Jin Yu [3] - Ma Hang has a cumulative tenure of 2 years and 329 days, with the fund's total asset size at 1.843 billion yuan and a best return of 9.75% during his tenure [3] - Jin Yu has a cumulative tenure of 2 years and 52 days, managing assets totaling 34.642 billion yuan, with a best return of 6.46% during his tenure [3]

Group 1 - The core point of the news is that Dingjie Zhizhi's stock price dropped by 5%, reaching 47.87 yuan per share, with a trading volume of 450 million yuan and a turnover rate of 3.41%, resulting in a total market capitalization of 12.992 billion yuan [1] - Dingjie Zhizhi Co., Ltd. is located in Shanghai and was established on December 26, 2001, with its listing date on January 27, 2014. The company specializes in providing digital transformation, intelligent manufacturing, and industrial internet solutions for manufacturing, circulation, and small and micro enterprises [1] - The revenue composition of Dingjie Zhizhi includes 47.89% from digital technology services, 28.11% from self-developed digital software products, and 23.99% from integrated software and hardware solutions [1] Group 2 - From the perspective of Dingjie Zhizhi's top ten circulating shareholders, a fund under Caitong Securities Asset Management entered the top ten shareholders in the second quarter, holding 2.6758 million shares, which accounts for 0.99% of the circulating shares. The estimated floating loss today is approximately 6.743 million yuan [2] - The Caitong Asset Management Digital Economy Mixed Fund A (017483) was established on December 26, 2022, with a latest scale of 649 million yuan. Year-to-date returns are 78.88%, ranking 234 out of 8172 in its category; the one-year return is 153.53%, ranking 110 out of 7995; and since inception, the return is 104.9% [2]

Group 1 - The core viewpoint of the report is that the semiconductor market in China is experiencing steady growth, which is positively impacting the wafer foundry market [1] - The report projects revenue for the company to be $9.258 billion, $10.823 billion, and $12.628 billion for the years 2025, 2026, and 2027 respectively, with net profit estimates of $679 million, $895 million, and $1.217 billion for the same years [1] - The report highlights that the Chinese semiconductor market is expected to reach a scale of $185.114 billion in 2024, representing a year-on-year growth of 20%, with a CAGR of 7.29% from 2014 to 2024 [1] Group 2 - The company focuses on the research and development of integrated circuit process technologies, successfully developing various technology nodes for 8-inch and 12-inch wafers [2] - The company has established long-term collaborations with well-known domestic and international clients, enhancing its industry recognition [2] - The planned acquisition of a 49% stake in Zhongxin North by the company is expected to improve asset quality, enhance business synergy, and promote long-term development [2]

报告中称，中国半导体市场稳健成长，带动晶圆代工市场规模向上。根据WSTS数据，2024年中国半导 体市场规模1851.14亿美元，同比+20%，2014-2024年CAGR=7.29%。晶圆代工产业作为半导体上游核心 环节，充分受益行业规模增长趋势。同时，受益客户本地化生产需求，加速海外企业布局国内产能，拉 动本土晶圆代工产业增长。 智通财经APP获悉，财通证券发布研报称，首次覆盖中芯国际(00981)，给予"增持"评级，预计公司 2025/2026/2027年收入为92.58/108.23/126.28亿美元，归母净利润为6.79/8.95/12.17亿美元，对应PB倍数 分别为3.38/3.24/3.06倍。 公司专注于集成电路工艺技术的研发，成功开发了8英寸和12英寸多种技术节点，具备逻辑电路、电源/ 模拟、高压驱动、嵌入式非挥发性存储、非易失性存储、混合信号/射频、图像传感器等多个技术平台 的量产能力。公司长期与境内外知名客户的合作，获得了良好的行业认知度。广泛的客户群体+良好的 品牌效应，有望继续支撑公司产能和收入扩张。2025年9月公司公告拟购买中芯北方49%股权，可期进 一步提高公司资产质量、增 ...

Company Overview - Shenzhen Zhouming Technology Co., Ltd. is headquartered in Bao'an District, Shenzhen, and was established on October 26, 2004, with its listing date on June 22, 2011 [1] - The company specializes in the production and sales of LED display screens, LED decorative lights, and LED lighting products, as well as providing landscape lighting engineering services [1] - The revenue composition of the company includes smart displays at 93.70%, smart lighting at 5.06%, other at 0.71%, and cultural creative lighting at 0.54% [1] Stock Performance - On September 23, Zhouming Technology's stock fell by 5.1%, closing at 8.00 CNY per share, with a trading volume of 287 million CNY and a turnover rate of 4.00%, resulting in a total market capitalization of 8.729 billion CNY [1] Fund Holdings - According to data, one fund under Caitong Securities Asset Management holds a significant position in Zhouming Technology, specifically the Caitong Asset Management CSI 1000 Index Enhanced A (019402), which held 47,600 shares in the second quarter, accounting for 3.1% of the fund's net value, ranking as the fifth-largest holding [2] - The fund has a current scale of 10.2815 million CNY and has achieved a year-to-date return of 20.32%, ranking 2490 out of 4220 in its category [2] Fund Manager Information - The fund manager of Caitong Asset Management CSI 1000 Index Enhanced A is Xin Chenchen, who has been in the position for 5 years and 16 days, with the fund's total asset scale at 11.1061 million CNY [3] - During the manager's tenure, the best fund return was 34.09%, while the worst return was -34.95% [3]

Group 1 - Huatai Securities (600909.SH) closed at 6.18 yuan, with a decline of 0.16% [2] - Caitong Securities (601108.SH) closed at 8.24 yuan, with a decline of 0.12% [2] - The securities sector experienced an overall increase of 1.03%, with Huatai Securities and Caitong Securities being the only two companies in the sector that declined [2]

（责任编辑：徐自立） 中国经济网北京9月22日讯 华安证券(600909.SH)今日收报6.18元，跌幅0.16%。财通证券 (601108.SH)今日收报8.24元，跌幅0.12%。证券板块今日涨1.03%，华安证券、财通证券证券板块仅 有的2家下跌的公司。 ...