每经记者 任飞 每经编辑 彭水萍 近日，广发基金旗下知名基金经理刘格菘管理的6只基金公布今年一季报。从持仓分布来看，依然重点配置在新能源车、电子、锂电、光伏、军工等领域。 值得注意的是，刘格菘本季度调仓幅度较大，各只基金前十大重仓股普遍有所调整，且多数环比去年年底有所减持。 赛力斯、亿纬锂能、北方华创遭减持明显，部分基金新进了天合光能、广东宏大、振华科技等个股。刘格菘总结称，A股市场仍向着技术创新引领的逻辑在 演绎，在行业自律、政策补贴、科技扶持等多方面的支持引导下，行业基本面会回暖向好，市场风格也会逐渐转向业绩驱动。 近日，广发基金旗下知名基金经理刘格菘管理的6只基金公布了今年一季报。总体来看，重仓股普遍遭遇减持，有的环比减持幅度较大，但在配置的方向上 依然延续此前的思路，在新能源车、电子、锂电、光伏、军工等领域布局广泛。 赛力斯、亿纬锂能、北方华创等个股是刘格菘季内主要减持的一些标的。以广发小盘成长为例，Wind统计显示，今年一季度末，亿纬锂能持仓数量为392.45 万股，这一数据比去年年底减少约53.28%。 类似的大比例减仓还有广发双擎升级，北方华创在一季度末的持仓数量降至30.39万股，相比去年年底 ...

数据统计显示，中证新能源汽车主题指数近一个月下跌8.57%，近三个月下跌1.59%。 从中证新能源汽车主题指数持仓样本的行业来看，工业占比50.74%、可选消费占比28.41%、原材料占 比18.04%、信息技术占比2.70%、医药卫生占比0.11%。 据了解，中证新能源汽车主题指数选取业务涉及新能源整车、电机电控、锂电设备、电芯电池、电池材 料等新能源汽车产业的上市公司证券作为指数样本，反映新能源汽车产业上市公司证券的整体表现。该 指数以2014年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证新能源汽车主题指数十大权重分别为：比亚迪（13.24%）、宁德时代 （9.19%）、汇川技术（7.42%）、赛力斯（5.78%）、盐湖股份（3.38 ...

金融界4月21日消息，上证指数低开高走，上证180成长指数 (180成长，000028)上涨0.86%，报3171.71 点，成交额450.82亿元。 数据统计显示，上证180成长指数近一个月下跌5.77%，近三个月下跌0.32%，年至今下跌2.07%。 据了解，上证180风格指数系列以上证180指数为样本空间，根据成长因子和价值因子计算风格评分，分 别选取成长得分与价值得分最高的60只上市公司证券构成上证180成长指数与上证180价值指数。另外， 上证180成长指数与上证180价值指数分别与样本空间剩余上市公司证券组成上证180相对成长指数与上 证180相对价值指数。上证180成长指数、上证180价值指数、上证180相对成长指数与上证180相对价值 指数构成上证180风格指数系列，从风格特征的角度进一步刻画上证180指数，为投资者提供更具多元化 风险收益特征的投资标的。该指数以2002年06月28日为基日，以1000.0点为基点。 从指数持仓来看，上证180成长指数十大权重分别为：贵州茅台（10.57%）、紫金矿业（8.55%）、中 芯国际（5.02%）、京沪高铁（4.86%）、海光信息（3.99%）、药明 ...

1.新能源汽车相关板块一周行情梳理 同花顺数据显示，上周（4月14日-4月18日，下同），新能源汽车指数（885431.TI）周内上涨0.92%， 跑赢沪深300指数0.33%。其中，汽车相关板块中表现最好的是汽车服务及其他指数（881128.TI），周 涨跌幅为1.68%。新能源车电池相关板块中表现最好的是锂电池指数（884309.TI），周涨跌幅为 2.68%。 行情回顾 | 代码 | 证券名称 | 收盘价(元) | 周涨跌幅(%) | 重点主营产品类型 | | --- | --- | --- | --- | --- | | 002806.SZ | 华锋股份 | 11.98 | 12.7 | 新能源汽车电控及驱动系统 | | 002176.SZ. | 江特电机 | 6.84 | -0.58 | 新能源汽车电机 | | 002196.SZ | 方正电机 | 7.73 | -0.9 | 机械 | | 600885.SH | 宏发股份 | 31.81 | -2.15 | 继电器产品、电气产品 | | 300124.SZ | 汇川技术 | 62.8 | -2.41 | 通用自动化 | | 600580.SH | ...

Group 1 - Liu Gesong's funds reported a total scale of 32.171 billion yuan at the end of Q1, a decrease of approximately 2 billion yuan compared to the previous quarter [2] - The main sectors for investment include new energy vehicles, electronics, lithium batteries, photovoltaics, and military industry [2] - The flagship fund, Guangfa Shuangqing Upgrade, has a year-to-date return of -3.89%, underperforming its benchmark [2] Group 2 - The concentration of the top ten holdings in Guangfa Shuangqing Upgrade decreased to 71.21% from 81.76% in the previous quarter, a decline of about 10% [2] - Six out of the top ten holdings were reduced, with the largest reduction in Beifang Huachuang, which saw a decrease of 33.83% in shares held [2][3] - New entrants to the top ten holdings include Zhenhua Technology and Fenzhong Media, while Tianhe Energy and AVIC Optoelectronics exited [3] Group 3 - Guangfa Industry Fund's latest scale is 6.38 billion yuan, down by approximately 400 million yuan [4] - New top ten holdings include Xiaomi Group-W and Alibaba-W, with Tencent Holdings seeing over a 20% increase in shares held [4] Group 4 - Guangfa Technology Pioneer Fund reduced its holdings in Seris by 10.76%, with a latest holding of 6.67 million shares valued at 840 million yuan [6] - Guangfa Small Cap Growth Fund significantly reduced its holdings in EVE Energy by 53%, with a latest holding of 3.92 million shares [7] Group 5 - Liu Gesong anticipates a steady recovery in the domestic economy, driven by government policies focusing on livelihood, consumption, and real estate [8] - The technology growth sector is expected to perform independently of economic cycles, with a higher probability of a prosperous market [9] - Liu maintains an optimistic outlook for the overall economic environment in 2024, expecting a gradual recovery of internal economic momentum [9]

| 股票代码 | 股票简称 | 申购日期 | | --- | --- | --- | | 001400.SZ | 江顺科技 | 20250415 | | 301560.SZ | 众捷汽车 | 20250415 | | 603202.SH | 天有为 | 20250414 | 三、融资融券情况 一、证券市场回顾 南财金融终端数据显示，上周(4月14日—4月18日,下同)，上证综指周内上涨1.19%，收于3276.73点，最高3285.92点；深证成指周内下跌0.54%，收于9781.65 点，最高9964.73点；创业板指周内下跌0.64%，收于1913.97点，最高1956.16点。在全球市场中，主要指数有涨有跌。纳斯达克综指下跌2.62%，道琼斯工业 指数下跌2.66%，标普500下跌1.5%。亚太地区，恒生指数上涨2.3%，日经225指数上涨3.41%。 二、新股申购情况 上周有3只新股发行,详情见下表： 五、上市公司回购金额 上周共有27条开始执行回购公告，其中执行金额最多的5条公告为： | 证券代码 | 证券简称 | | --- | --- | | 600703 | 三安光电 | | 002920 | ...

Summary of Conference Call Notes Companies and Industry Involved - **Companies**: SaiLisi (赛力斯) and HuGuang Co., Ltd. (沪光股份) - **Industry**: Automotive and Robotics Key Points and Arguments SaiLisi (赛力斯) - The M8 model has exceeded expectations with daily orders reaching 32,000 and weekly orders hitting 50,000, suggesting a potential monthly sales of over 20,000 units, significantly higher than the initial M9 performance [2][4] - SaiLisi's stock performance was weak at the beginning of the year due to overall automotive industry downturn and underwhelming earnings forecasts, but the market's pessimism has been fully priced in, leading to a rapid rebound following the successful launch of new models [2][4] - The company has ambitious sales targets, aiming for 1 million units by 2027, with projected sales of 450,000 to 500,000 units in 2025, indicating substantial growth potential [2][5] - The M8 model's strong market acceptance and improved supply chain readiness are expected to drive significant sales growth [2][4] - New product launches, including models priced below 250,000, are anticipated to further enhance sales elasticity and market presence [4][5] HuGuang Co., Ltd. (沪光股份) - HuGuang, as a key supplier to SaiLisi, benefits from the latter's sales growth and is actively expanding its customer base, with an estimated valuation of 13 to 15 times earnings [2][6] - The company has made significant advancements in the connector field, addressing low domestic production rates and enhancing its competitive edge in harness systems [6][7] - In the robotics harness sector, HuGuang is in contact with key clients and is leading the development of relevant standards, although the market has yet to reflect the potential of its robotics business [6][8] - Despite short-term stock performance challenges, HuGuang's strong capabilities and growth trajectory in the automotive wiring sector position it for future success, with a potential market value of 20 billion [6][8] - For investors concerned about SaiLisi's growth potential, HuGuang presents a more attractive risk-reward profile due to its lower valuation and high growth prospects in the robotics sector [9] Other Important but Possibly Overlooked Content - The automotive market's overall performance and the impact of external factors such as tariffs have been acknowledged, with the expectation that these influences will stabilize [4] - The strategic importance of timing and valuation in HuGuang's vehicle business is emphasized, particularly in relation to market conditions earlier in the year [2]

Group 1 - Changan Automobile refuted rumors regarding its partnership with Huawei, emphasizing its commitment to the collaboration and clarifying that any claims of distancing from Huawei are false [1] - The potential restructuring involving Changan's controlling shareholder, the Equipment Group, may provide future growth momentum for the company and stabilize stock prices [1] Group 2 - Zeekr and NIO won a defamation lawsuit against the self-media platform "Car Exposure Platform," with the court ruling that the platform's actions harmed Zeekr's brand reputation, resulting in a compensation of 300,000 yuan [2] - The legal victories for Zeekr and NIO highlight the importance of brand image and intellectual property protection in the automotive industry, potentially boosting investor confidence [2] Group 3 - Seres announced that its executives and core team members completed a share buyback totaling 248,400 shares, representing 0.0152% of the company's total equity, with an investment of approximately 33.14 million yuan [3] - The share buyback reflects management's confidence in the company's future prospects, which may attract more investor attention in the short term [3] Group 4 - Stellantis and Leap Motor are set to launch a localized assembly project in Malaysia, with an initial investment of 5 million euros (approximately 24 million ringgit), aiming to produce the Leap Motor C10 by the end of 2025 [4][5] - This collaboration indicates both companies' recognition of the Southeast Asian market's potential and aims to enhance their competitive position in the region [4] Group 5 - BMW announced a recall of certain imported models due to a defect in the onboard diagnostic software, affecting 1,291 units of the imported X4 M40i and 2,445 units of the imported X3 M40i [5] - The recall reflects BMW's commitment to product quality and compliance, as the company will provide free software upgrades to mitigate potential safety risks [5][6]

Investment Rating - The report maintains a "Buy" rating for the automotive industry [2][11]. Core Insights - The automotive industry is experiencing a shift towards electrification and intelligent driving, with significant advancements in new models and technologies being showcased at the upcoming Shanghai Auto Show [9][10]. - The successful completion of the first humanoid robot marathon indicates substantial progress in humanoid robot technology, presenting investment opportunities in core components and algorithms [6][7]. Market Performance - The automotive sector has underperformed, with a 1-month decline of 13.8% compared to a 5.1% decline in the CSI 300 index [3][19]. - The automotive industry PE (TTM) is at 28.3, which is in the 15.7% percentile over the past four years, while the PB is at 2.6, in the 76.3% percentile [29]. Investment Recommendations - Focus on companies with strong partnerships in intelligent driving and electrification, such as Seres, Jianghuai Automobile, and others [11][43]. - Investment opportunities in the humanoid robot sector include companies like Dual Lin Co., Best, and others involved in core components and algorithms [12][43]. Upcoming Events - The Shanghai International Auto Show is set to take place from April 23 to May 2, 2025, highlighting new models and technological advancements from various manufacturers [9][10]. Company Announcements - Dual Lin Co. reported significant revenue growth and profit increases, indicating strong performance in the automotive components sector [47]. - The report highlights the development of new products in humanoid robotics, including linear actuator modules and screw products, which are expected to drive future revenue [48][50].

Investment Rating - The automotive industry maintains a "Recommended" investment rating, indicating a positive outlook for the sector's fundamentals and expectations for the industry index to outperform the benchmark index [5][30]. Core Insights - The automotive industry experienced an overall decline of 0.6% from April 13 to April 19, with significant new car launches ahead of the Shanghai Auto Show, including models from Zeekr, AITO, and NIO [1][2]. - Huawei and SAIC jointly launched the "Shangjie" brand, with an initial investment of 6 billion yuan and plans for a dedicated factory, aiming to introduce their first model priced between 180,000 to 250,000 yuan by mid-year [1][24]. - The automotive sector is witnessing a global expansion, with companies like BYD entering new markets in Europe and Southeast Asia, and Xpeng planning local production in Indonesia [21][23][27]. Market Performance Overview - The automotive sector's performance was mixed, with some sub-sectors like automotive services and motorcycles showing gains of 1.9% and 1.3%, while passenger vehicles and auto parts saw declines of 1.0% and 1.2% respectively [2][11]. - Notable individual stock performances included Huayang Racing (+19.4%), Jianbang Technology (+18.1%), and Jiuzhi Co. (+17.8%), while Xinquan Co. (-9.1%) and Meili Technology (-7.7%) faced significant declines [3][13]. Recent Developments - Several new models were launched, including the BYD Han L and Tang L, as well as the AITO Wenjie M8 and NIO Firefly, with prices ranging from 119,800 to 449,800 yuan [18][20]. - The industry is also seeing advancements in smart driving technology, with Xpeng aiming for L3 level autonomous driving by the end of 2025 [21]. - The establishment of the "Shangjie" brand by Huawei and SAIC is seen as a strategic move to capture a significant share of the growing market for new energy vehicles [24].