（编辑 楚丽君） 证券日报网讯 1月30日，科达利在互动平台回答投资者提问时表示，原材料价格上涨对公司会有一定的 影响。公司将通过产能扩充、技术创新、改善产品生产工艺技术以及提高公司管理等方面降低原材料上 涨对公司带来的影响。 ...

华泰柏瑞低碳经济智选混合A（015100）成立日期2022年8月2日，最新规模2.81亿。今年以来收益 4.24%，同类排名5511/8872；近一年收益40.24%，同类排名3159/8126；成立以来亏损35.11%。 华泰柏瑞低碳经济智选混合A（015100）基金经理为赵楠。 截至发稿，赵楠累计任职时间10年265天，现任基金资产总规模4.43亿元，任职期间最佳基金回报 115.8%， 任职期间最差基金回报-37.7%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 1月30日，科达利跌5.03%，截至发稿，报149.58元/股，成交6.68亿元，换手率2.22%，总市值411.26亿 元。 资料显示，深圳市科达利实业股份有限公司位于广东省深圳市南山区科技南路16号深圳湾科技生态园11 栋A座27层，成立日期1996年9月20日，上市日期2017年3月2日，公司主营业务涉及精密结构件研发和 制造业务。主营 ...

Group 1: Fund Analysis - The public FOF fund scale increased in Q4 2025, with a new issuance scale of 458.54 billion yuan, primarily in bond-type funds [6][7] - The proportion of positive returns for FOF was 49%, with the top performer being CITIC Securities' selected fund [6][8] - Fund managers are optimistic about the market outlook, focusing on structural opportunities with technology and cyclical sectors as the main themes [6][11] Group 2: Electric Vehicle Market - The European electric vehicle market is entering a new phase, with a projected penetration rate of 29% in 2025 and 35% in 2026 due to supply-side drivers and supportive policies [14][15] - The introduction of affordable electric models by European automakers is expected to stimulate consumer demand significantly [15] - Chinese lithium battery companies are positioned to capitalize on the growth of the European market, enhancing their competitive landscape [14][16] Group 3: Construction and Decoration Industry - The construction state-owned enterprises are expected to benefit from strategic and professional restructuring policies initiated by the state [18][19] - The market share of major construction state-owned enterprises remains relatively low, with significant competition and operational pressure evident [19][20] - Recommendations include companies like China Communications Construction, China Railway, and China Chemical, which are likely to enhance their competitiveness through restructuring [21] Group 4: Beauty and Personal Care - The beauty industry in China is transitioning from incremental expansion to competitive positioning, with domestic brands gaining market share [23][24] - The company aims to achieve 30 billion yuan in sales by 2030, driven by research and development, brand expansion, and global operations [25] - The application of AI in production and marketing is expected to enhance operational efficiency and support long-term growth [25] Group 5: Basic Chemicals - The price of hafnium has surged by 21.64% since the beginning of 2026, driven by high demand in sectors like semiconductors and aerospace [27][28] - The company is advancing its zirconium-hafnium separation project, which is expected to significantly contribute to future earnings [29] - Hafnium's unique properties make it essential in high-tech applications, indicating strong future demand [28] Group 6: Electronics - The company is set to benefit from the high demand for PCB and packaging substrates, with projected net profits for 2025 expected to increase by 68% to 78% [31][32] - The expansion of production capacity is ongoing, with new facilities in Thailand and South China expected to enhance growth potential [33] - The company is recognized as a leading provider of electronic circuit technology, with a positive outlook for future performance [33]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002759 | 天际股份 | 38.07 | -6.30% | 59.71万 | 23.02亿 | | 301349 | 信德新材 | 49.34 | -4.75% | 2.73万 | 1.36亿 | | 002850 | 科达利 | 157.40 | -4.71% | 9.48万 | 14.96 Z | | 002245 | 蔚蓝锂芯 | 17.74 | -4.00% | 64.97万 | 11.62亿 | | 301150 | 中一科技 | 43.91 | -3.87% | 8.99万 | 4.01亿 | | 301325 | 曼恩斯特 | 52.55 | -3.63% | 3.76万 | 1.986 T | | 6688889 | 利元亨 | 61.93 | -3.60% | 5.82万 | 3.62亿 | | 688155 | 先惠技术 | 87.09 | -3.51% | 3.62万 | 3.15亿 | | 688148 | 芳源股份 ...

Core Insights - The report highlights the significant presence of public funds in the stock market, with 2,977 stocks appearing in fund heavy positions as of the end of Q4 last year, indicating a clear trend in institutional investment strategies [1] - A total of 107 stocks have a fund holding ratio exceeding 10%, showcasing the high influence and control of institutional funds over these stocks [1] Group 1: Fund Holdings and Stock Performance - Among the 107 stocks with over 10% fund holdings, 56 saw increased investments in Q4, with notable increases in holdings for ShenGong Co., Tianhua New Energy, and Maiwei Co., with increases of 59,020.96%, 15,808.35%, and 959.13% respectively, indicating strong institutional confidence in their fundamentals [2] - Conversely, 48 stocks experienced reductions in fund holdings, with notable decreases for Nuocheng Jianhua-U, Kaiter Co., and Keda Li, with reductions of 43.91%, 41.04%, and 39.95% respectively [2] - Three new stocks entered the heavy holding category, with Baiao Saitu, Litong Technology, and Xingtou Measurement Control having fund holding ratios of 21.55%, 12.60%, and 10.03% respectively [2] Group 2: Institutional Investment Trends - The phenomenon of institutional clustering remains significant, with over 100 funds holding 42 of the 107 stocks, and 29 stocks held by 50 to 99 funds, indicating a strong consensus among institutional investors [4] - Notably, Ningde Times, despite a holding ratio of 11.63%, has the highest number of fund holders at 2,056, followed by Zhongji Xuchuang, Zijin Mining, and Xinyi with over 1,300 fund holders each [4] - The stocks with high fund holdings are predominantly in the "hard technology" and "innovation" sectors, with 42 from the Sci-Tech Innovation Board, 27 from the Growth Enterprise Market, and 31 from the Shanghai and Shenzhen main boards, reflecting a focus on growth sectors [4] Group 3: Performance Expectations - Among the 107 stocks, 26 have released performance forecasts for 2025, with 18 expecting profit increases, 4 expecting declines, and 2 forecasting losses, indicating a generally positive outlook [5] - The highest expected profit growth is for Baiwei Storage at 473.71%, followed by Changxin Bochuang and Baiao Saitu with expected growths of 378.70% and 303.57% respectively, providing strong support for long-term fund holdings [5] - The concentration of fund holdings in the electronics and biopharmaceutical sectors suggests an increased market expectation for technological innovation and consumer recovery [5]

Core Viewpoint - The report highlights the performance and strategic focus of the Bosera New Energy Theme Mixed A Fund, emphasizing its investment in high-growth and low-penetration sectors within the new energy industry, particularly in electric equipment and solid-state batteries [3][4]. Fund Performance - The fund reported a profit of 440,800 yuan in Q4 2025, with a weighted average profit per share of 0.0022 yuan [3]. - The net asset value (NAV) growth rate for the fund was 0.39% during the reporting period, with a total fund size of 162 million yuan as of the end of Q4 [3][15]. - As of January 22, the fund's unit NAV was 0.872 yuan [3]. Comparative Performance - Over the past three months, the fund's NAV growth rate was 12.65%, ranking 49 out of 100 among comparable funds [4]. - The fund's NAV growth rate over the past six months was 41.54%, ranking 31 out of 100 [4]. - The one-year NAV growth rate was 52.48%, ranking 36 out of 92 [4]. - The three-year NAV growth rate was 10.94%, ranking 31 out of 68 [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.4889, ranking 25 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years was 46.79%, with the highest single-quarter drawdown occurring in Q2 2022 at 22.22% [11]. Investment Strategy - The fund manager indicated an increased allocation to high-growth and low-penetration sectors within the new energy industry, specifically targeting electric equipment exports and upstream lithium battery materials [3]. - The solid-state battery sector is highlighted as a low-penetration area, with expectations for mass production to begin in 2026 and scale deployment in 2027 [3]. Portfolio Composition - As of December 31, the fund's top ten holdings included companies such as CATL, Sungrow Power Supply, and Tianqi Lithium [18]. - The average stock position over the past three years was 86.14%, with a peak of 89.88% at the end of Q1 2023 [14].

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

Market Overview - A-share major indices showed a significant rebound this week, with the weekly performance of the indices as follows: CSI 300 at -0.57%, ChiNext 300 at 1.39%, STAR 50 at 2.58%, CSI 500 at 2.18%, CSI 1000 at 1.27%, and the humanoid robot index at 1.48%, with the STAR 50 showing the most notable recovery [1] Recent Events and Highlights - China applied to the International Telecommunication Union (ITU) for frequency resources for over 200,000 satellites, with more than 190,000 satellites coming from the newly established Radio Innovation Institute. Experts are optimistic about the institute's role in integrating industry resources and leveraging China's large market to accelerate its industry to catch up with SpaceX [2] Current Perspectives - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is viewed positively for the humanoid robot industry chain, with related companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [3] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform to build a "one network for unified flight" service ecosystem, with related companies including Xindong Link, Wanfeng Aowei, Wolong Electric Drive, and Zongshen Power [3] - The China Academy of Information and Communications Technology's Tair System Laboratory recently issued a liquid cooling capability testing report and certificate to Shenzhen Invech Technology Co., indicating that AI data center construction is expected to drive demand for liquid cooling equipment, with related companies including Invech, Nanfeng Co., Chuanrun Co., and Bojie Co. [3] - China's application to the ITU for over 200,000 satellites coincides with the U.S. Federal Communications Commission granting SpaceX significant authorization to build, deploy, and operate an additional 7,500 second-generation Starlink satellites, with related companies including Superjet Co., Xindong Link, Guoji Precision, and Electric Science Digital [3]

Core Viewpoint - KedaLi's stock price has shown fluctuations, with a recent decline of 2.02% and a total market capitalization of 45.393 billion yuan, while the company has experienced a year-to-date stock price increase of 4.59% [1] Financial Performance - For the period from January to September 2025, KedaLi achieved a revenue of 10.603 billion yuan, representing a year-on-year growth of 23.41%, and a net profit attributable to shareholders of 1.185 billion yuan, reflecting a growth of 16.55% [2] Shareholder Information - As of September 30, 2025, KedaLi had 21,400 shareholders, a decrease of 4.91% from the previous period, with an average of 9,210 circulating shares per shareholder, which is an increase of 5.31% [2] - The company has distributed a total of 1.312 billion yuan in dividends since its A-share listing, with 1.022 billion yuan distributed over the past three years [3] Major Shareholders - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 7.7715 million shares, an increase of 1.128 million shares from the previous period [3] - Other notable shareholders include QuanGuo XuYuan Mixed A and HuaXia Energy Innovation Stock A, with varying changes in their holdings [3] Business Overview - KedaLi, established on September 20, 1996, and listed on March 2, 2017, specializes in the research and manufacturing of precision structural components, with lithium battery structural components accounting for 96.52% of its revenue [1]

Core Viewpoint - KedaLi's stock price increased by 4.06% on January 16, with a trading volume of 1.201 billion yuan, indicating strong market interest and activity in the company's shares [1]. Financing Summary - On January 16, KedaLi had a financing buy-in amount of 92.36 million yuan and a financing repayment of 105 million yuan, resulting in a net financing outflow of 12.57 million yuan [1]. - As of January 16, the total balance of margin trading for KedaLi was 663 million yuan, with the financing balance accounting for 1.46% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, KedaLi had a repayment of 500 shares and a sell-out of 800 shares on January 16, with a sell-out amount of 131,300 yuan, while the remaining securities lending balance was 24,500 shares, valued at 4.0205 million yuan, which is below the 20th percentile of the past year, indicating low lending activity [1]. Business Performance - For the period from January to September 2025, KedaLi achieved an operating income of 10.603 billion yuan, representing a year-on-year growth of 23.41%, and a net profit attributable to shareholders of 1.185 billion yuan, reflecting a year-on-year increase of 16.55% [2]. - Since its A-share listing, KedaLi has distributed a total of 1.312 billion yuan in dividends, with 1.022 billion yuan distributed over the past three years [2]. Shareholder Structure - As of September 30, 2025, KedaLi had 21,400 shareholders, a decrease of 4.91% from the previous period, with an average of 9,210 circulating shares per shareholder, which is an increase of 5.31% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest shareholder with 7.7715 million shares, an increase of 1.128 million shares from the previous period [3]. - Other notable changes include a decrease in holdings by QuanGuo XuYuan Mixed A and Dongfang XinNeng Yuan Automotive Theme Mixed, while Guangfa National Certificate New Energy Vehicle Battery ETF entered the top ten shareholders for the first time [3].