Core Viewpoint - The automotive PCB industry is experiencing significant growth driven by the increasing demand for electric and smart vehicles, with a projected market size increase from $6.457 billion in 2020 to $9.195 billion in 2024, reflecting a compound annual growth rate (CAGR) of 9.2% [8][9]. Group 1: Automotive PCB Industry Overview - PCBs are essential in various sectors, including automotive, consumer electronics, industrial, medical, and military applications, with automotive PCBs playing a crucial role [1][3]. - Automotive PCBs must exhibit excellent electrical performance and reliability, requiring rigorous testing under extreme conditions [1][6]. - The automotive PCB market is characterized by a competitive landscape where international giants dominate high-end segments while Chinese companies focus on mid-range markets [9][10]. Group 2: Market Dynamics - The global automotive PCB market is expected to grow to $9.712 billion by 2025, with a year-on-year increase of 5.6% [8]. - In China, the automotive PCB market is projected to reach approximately 22.27 billion yuan in 2024, marking a 4.3% year-on-year growth [8]. - The rise of electric vehicles (EVs) is significantly increasing the PCB usage per vehicle, with the value of PCBs in EVs exceeding 2,000 yuan per vehicle due to additional components like BMS and MCU [8][9]. Group 3: Competitive Landscape - Major competitors in the automotive PCB sector include companies such as Chaoying Electronics, Shennan Circuit, Jingwang Electronics, and Huitian Technology, with market shares of 3.7%, 2.3%, and 4.1% for Huitian Technology, Jinlu Electronics, and Chaoying Electronics respectively in 2024 [9][10]. - The industry is witnessing a shift where local companies are making breakthroughs in core application scenarios, challenging the dominance of international firms in high-frequency PCB segments [9][10]. Group 4: Industry Trends - The demand for automotive PCBs is expected to grow steadily, driven by the increasing penetration of electric vehicles and advancements in automotive electrification, intelligence, and connectivity [10]. - There is a trend towards upgrading from traditional six-layer PCBs to more complex HDI and high-temperature resistant boards, reflecting the rising complexity and performance requirements in automotive applications [10].

新华红利回报混合（003025）基金经理为姚海明。 截至发稿，姚海明累计任职时间5年36天，现任基金资产总规模95.74亿元，任职期间最佳基金回报 52.5%， 任职期间最差基金回报0%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 从基金十大重仓股角度 数据显示，新华基金旗下1只基金重仓沪电股份。新华红利回报混合（003025）三季度减持4.5万股，持 有股数5万股，占基金净值比例为3.42%，位居第七大重仓股。根据测算，今日浮亏损失约3.85万元。 新华红利回报混合（003025）成立日期2017年3月27日，最新规模1.07亿。今年以来收益31.3%，同类排 名3006/8085；近一年收益30.37%，同类排名2870/8085；成立以来收益103.8%。 12月31日，沪电股份跌1.03%，截至发稿，报73.82元/股，成交3.82亿元，换手率0.27%，总市值1420.57 亿元。 资料显示，沪士电子股份有限公司位于江苏省昆山市玉山镇东 ...

Core Insights - The fund managed by Ren Jie, Yongying Technology Smart A, achieved an impressive year-to-date return of 239.78% as of December 30, 2025, securing the annual fund champion title ahead of its competitors [1][3][7] - This performance surpassed the previous record of 226.24% held by legendary fund manager Wang Yawei for 17 years, setting a new historical record [1][7] - Ren Jie, a relatively new fund manager who began managing public funds in late October 2024, successfully transitioned from a researcher to a fund manager overseeing over 10 billion yuan [1][12] Performance Metrics - As of December 30, 2025, Yongying Technology Smart A recorded a maximum drawdown of 27.04% and an annualized volatility of 47.42% [3] - In comparison, the average return for equity mixed funds during the same period was approximately 33%, with an average maximum drawdown of about 15% and an average annualized volatility of around 23% [6] Fund Characteristics - Yongying Technology Smart A was established on October 30, 2024, with an initial scale of approximately 10.32 million yuan, of which about 98% was subscribed by Yongying Fund and company employees [6] - By the end of the third quarter of 2025, the fund's scale surged to 11.52 billion yuan, achieving over a thousand-fold growth in just one year [6] Investment Strategy - The fund's significant performance was attributed to a strategic shift towards the "overseas computing power industry chain" in the second quarter of 2025, which was a key differentiating decision compared to many tech funds that were still focused on domestic developments [8][10] - Ren Jie emphasized the importance of capturing "changes" in the market, focusing on both performance changes validated by high-frequency data and valuation changes driven by market dynamics [14][21] Stock Selection and Concentration - The fund's holdings were heavily concentrated in leading stocks within the optical communication and PCB sectors, which demonstrated substantial performance, with many stocks rising over 75% in the latter half of 2025 [10] - The top ten holdings as of the end of the third quarter included companies like Xin Yi Sheng, Zhong Ji Xu Chuang, and Tian Fu Communication, all of which are key players in the overseas computing power industry chain [10] Market Context and Future Considerations - The fund's extreme performance is seen as a result of deep industry research, precise sector shifts, and favorable market conditions, but it also faces challenges related to high concentration, volatility, and limited capacity [20][21] - The phenomenon of "champion curse" suggests that funds with extreme high returns often experience significant drawdowns in subsequent years, raising questions about the sustainability of such performance [20]

证券日报网讯 12月30日，沪电股份发布公告称，公司于2025年11月20日召开第八届董事会第十一次会 议，审议通过《关于购买股权、专利及技术资产暨关联交易的议案》，为进一步提升对胜伟策电子（江 苏）有限公司（下称"胜伟策"）的控制力和经营决策效率，同意公司以19，009，050欧元的价格购买关 联方SchweizerElectronicAG.（下称"Schweizer"）持有的胜伟策15%股权，本次交易完成后，公司持有胜 伟策的股权比例将由84%增加至99%。同时为进一步完善胜伟策在嵌入式封装技术（P2Pack）等领域的 技术布局，增强核心技术能力，提升产品竞争力与市场壁垒，同意胜伟策1，990，950欧元的价格向 Schweizer购买一组专利及技术资产。截至本公告日，上述交易各方均已按照约定履行完毕各自的义 务，胜伟策已办理完成上述股权变更工商备案登记手续及专利权转移变更手续。 （文章来源：证券日报） ...

沪士电子股份有限公司关于购买股权、专利及技术资产暨关联交易的进展公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-080 沪士电子股份有限公司 1 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 沪士电子股份有限公司（下称"公司"）于 2025 年 11 月 20 日召开第八届董事 会第十一次会议，审议通过《关于购买股权、专利及技术资产暨关联交易的议案》， 为进一步提升对胜伟策电子（江苏）有限公司（下称"胜伟策"）的控制力和经营 决策效率，同意公司以 19,009,050 欧元的价格购买关联方 Schweizer Electronic AG. （下称"Schweizer"）持有的胜伟策 15%股权，本次交易完成后，公司持有胜伟策 的股权比例将由 84%增加至 99%。同时为进一步完善胜伟策在嵌入式封装技术 （P 2Pack） 等领域的技术布局，增强核心技术能力，提升产品竞争力与市场壁垒， 同意胜伟策 1,990,950 欧元的价格向 Schweizer 购买一组专利及技术资产。 上述内容详见 2025 年 11 月 21 日公司刊登在指定披 ...

Core Viewpoint - Huadian Co., Ltd. has experienced significant stock price growth in 2023, with a year-to-date increase of 92.08% as of December 30, 2023, despite a recent decline in share price [1] Group 1: Stock Performance - As of December 30, 2023, Huadian's stock price is 75.20 CNY per share, with a market capitalization of 144.71 billion CNY [1] - The stock has seen a trading volume of 25.46 billion CNY, with a turnover rate of 1.74% [1] - Over the past five trading days, the stock has increased by 5.29%, and over the past 20 days, it has risen by 6.02% [1] Group 2: Financial Performance - For the period from January to September 2025, Huadian reported a revenue of 13.51 billion CNY, representing a year-on-year growth of 49.96% [2] - The net profit attributable to shareholders for the same period was 2.72 billion CNY, reflecting a year-on-year increase of 47.03% [2] Group 3: Shareholder Information - As of September 30, 2025, the number of Huadian's shareholders has increased by 26.43% to 162,000 [2] - The average number of tradable shares per shareholder has decreased by 20.88% to 11,866 shares [2] - The company has distributed a total of 4.11 billion CNY in dividends since its A-share listing, with 2.20 billion CNY distributed in the last three years [3] Group 4: Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited is the third-largest shareholder, holding 141 million shares, an increase of 17.24 million shares from the previous period [3] - Huatai-PB CSI 300 ETF is the fourth-largest shareholder, holding 23.00 million shares, a decrease of 1.04 million shares [3] - New institutional investors include Yongying Technology Smart Selection Mixed Fund, which holds 13.00 million shares [3]

截至12月29日，A股两融余额为25517.34亿元，较上一交易日增加84.04亿元，占A股流通市值比例为2.59%。当日两融交易额为2300.53亿元，较上一交易日 减少96.96亿元，占A股成交额的10.65%。 个股方面，53只个股获融资净买入额超1亿元。紫金矿业获融资净买入额居首，净买入6.58亿元；融资净买入金额居前的还有中国铝业、沪电股份、雷科防 务、寒武纪、中际旭创、航天电子、德明利、先导智能、洛阳钼业等。 | 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 ◆ | 交易日期( | | 7 | 601899.SH | 紫金矿业 | 2025-12-29 | | 2 | 601600.SH | 中国铝业 | 2025-12-29 | | ന | 002463.SZ | 沪电股份 | 2025-12-29 | | ব | 002413.SZ | 雷科防务 | 2025-12-29 | | 5 | 688256.SH | 寒武纪 | 2025-12-29 | | 6 | 300308.SZ | 中际旭创 | 2025-12-29 | | 7 ...

| | | TO.TO | 009.40 | TA'00 | | --- | --- | --- | --- | --- | | 600790.SH 轻纺城 | | 3.84 | 615.73 | 19.23 | | 688513.SH | 苑东生 | 59.5 | 2146.16 | 19.03 | | | " | | | | | 001979.SZ | 招商蛇 | 8.62 | 9473.03 | 18.9 | | | 赣能股 | | | | | 000899.SZ | ત્ત્ર | 10.14 | 2396.06 | 17.85 | | 600616.SH | 金枫酒 | 5.36 | 862.16 | 17.15 | | | ﺪ ﺍﻟﻤﺴﺎﻓﺔ ﺍﻟﻤ | | | | | 000719.SZ | 中原传 | 11.69 | 1388.77 | 16.21 | | 300928.SZ | | 31.14 | 627.7 | 16.01 | | 000789.SZ | | 5.35 | 368.39 | 15.01 | | 688247.SH | 宣泰医 | 9.79 | 332.35 | 14.88 ...

证券之星消息，12月29日元件板块较上一交易日上涨2.02%，博敏电子领涨。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。元件板块个股涨跌见下表： 从资金流向上来看，当日元件板块主力资金净流入10.36亿元，游资资金净流出6.3亿元，散户资金净流出 4.06亿元。元件板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 002463 | 沪电股份 | | 5.13 Z | 6.67% | -2.62 Z | -3.40% | -2.51亿 | -3.27% | | 002384 | 东山精密 | | 4.01亿 | 7.95% | -1.35 亿 | -2.67% | -2.66 Z | -5.28% | | 603936 博敏电子 | | | 3.84 (Z | 29.54% | -2.22亿 | -17.10% | -1.62 ...

沪士电子股份有限公司关于完成工商变更登记及《公司章程》备案的公告 证券代码：002463 证券简称：沪电股份 公告编号：2025-079 二、《公司章程》备案 根据苏州市市场监督管理局的要求，公司调整了《公司章程》中个别条款的 措辞，调整内容与公司 2025 年第一次临时股东会审议通过的《公司章程》不存 在实质性差异，具体调整内容如下： | | 调整前 | 调整后 | | --- | --- | --- | | 第八条 | 董事长为公司的法定代表人。 | 第八条 董事长（代表公司执行公司事 | 沪士电子股份有限公司 关于完成工商变更登记及《公司章程》备案的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 沪士电子股份有限公司（下称"公司"）分别于 2025 年 10 月 30 日、2025 年 11 月 17 日召开第八届董事会第九次会议、第八届监事会第七次会议、2025 年第一次临时股东会审议通过《关于不设监事会的议案》《关于变更注册资本、 修订<公司章程>及其附件的议案》，股东会授权董事会或其授权人士全权负责 向工商登记机关办理变更登记、备案登记等所有 ...