截至2025年11月10日，泉果基金近1年回报前9非货币基金业绩表现如下所示： 基金代码基金简称近一年收益成立时间基金经理016709泉果旭源三年持有期混合A34.532022年10月18日 赵诣 016710泉果旭源三年持有期混合C33.992022年10月18日赵诣 022223泉果消费机遇混合发起式 A29.512024年9月27日孙伟 018329泉果思源三年持有期混合A26.892023年6月2日刚登峰 018330泉果思源 三年持有期混合C26.382023年6月2日刚登峰 019624泉果嘉源三年持有期混合A22.352023年12月5日钱思 佳 019625泉果嘉源三年持有期混合C21.862023年12月5日钱思佳 020855泉果泰然30天持有期债券 A3.792024年4月16日钱思佳 徐缘 020856泉果泰然30天持有期债券C3.252024年4月16日钱思佳 徐缘 附调研内容： 泉果基金Q1、2025 年前三季度，公司通用自动化业务实现营业收入约 131 亿元，同比增长 20%，增速 仍然远高于行业，驱动增长的因素是什么？ 回复：公司通用自动化业务同比实现较快增长，主要得益于：①把 ...

Summary of China Industrials Update Industry Overview - **Industry**: China Industrials - **Current Cycle**: The industry is in an upcycle driven by industrial upgrades and replacement cycles [6][4][3] Key Long-term Drivers - **AI Technology**: Diffusion of AI technology into intelligent manufacturing and equipment [6][4] - **Advanced Equipment Localization**: Focus on localizing advanced equipment production [6][4] - **Global Expansion**: Companies are increasingly going global [6][4] Robotics Sector - **Booming Era**: The robotics sector is entering a new booming era, with significant growth expected [6][4] - **Market Growth**: The robot industry in China is projected to double by 2028, with drones, mobile robots, and collaborative robots (cobots) leading the growth [57][66] - **Localization**: High localization rates are expected, with the ranking from high to low being drones, service robots, mobile robots, cobots, and traditional industrial robots [72][66] Subsector Insights - **Automation and Robotics**: - **Outperforming Stocks**: Inovance, Geekplus, Han's Laser, Shuanghuan, Hongfa, and Neway Valve are recommended as outperformers [6][4] - **Market Performance**: The automation market is in a mild recovery stage, with flat sales year-on-year in 9M25 compared to a decline in 2024 [26][32] - **Future Outlook**: Positive outlook for 2026-27 recovery driven by replacement demand and AI applications [27][32] - **Construction Machinery**: - **Growth Factors**: Domestic and overseas growth supported by large-scale infrastructure projects and electrification [142][138] - **Sales Performance**: Heavy-duty truck sales increased by 22% year-on-year in 10M25, but a decline is anticipated in 2026 due to front-loaded demand [143][144] - **Lithium Battery Equipment**: - **Demand Growth**: Expected growth of 54% in 2025, driven by capacity expansions and the first major replacement cycle starting in 2025 [174][181] - **Market Dynamics**: Global demand for lithium battery equipment is projected to grow at approximately 30% in 2026-27 [176][181] - **Solar Equipment**: - **Cyclical Low**: The solar equipment sector is expected to remain at a cyclical low in 2026 due to global overcapacity and single-digit growth in installations [182][186] - **Shift to Semi Equipment**: Companies are diversifying into non-solar lineups to mitigate downturns in solar demand [183][186] Financial Metrics - **Return on Equity (ROE)**: Mixed trends across subsectors, with improvements expected in automation and lithium battery equipment, while solar equipment shows erosion [19][21] - **Price-to-Earnings (P/E) Multiples**: Most subsector valuations are above the five-year median, particularly in automation and solar equipment [13][12] Conclusion - **Investment Opportunities**: The China Industrials sector presents various investment opportunities, particularly in automation, robotics, and lithium battery equipment, while caution is advised in solar equipment due to expected downturns [6][4][182]

近5日机构合计调研228家公司，汇川技术、百济神州、中创智领等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（11月7日至11月13日）约228家公司被机构调研，调研机构类型显 示，证券公司共对200家公司进行调研，即87.72%的上市公司调研活动有证券公司参与；基金公司调研 151家，位列其后；阳光私募机构调研84家，排名第三。 机构调研榜单中，共有52家公司获20家以上机构扎堆调研。汇川技术最受关注，参与调研的机构达到 197家；百济神州被167家机构调研，榜单中排名第二；中创智领、博盈特焊等分别被105家、97家机构 调研。 机构调研次数来看，博盈特焊机构调研最为密集，共获机构5次调研。冰轮环境、长安汽车等机构调研 也较为密集，均被机构调研3次。 数据宝统计，20家以上机构扎堆调研股中，近5日资金净流入的有16只，剑桥科技近5日净流入资金8.72 亿元，主力资金净流入最多；净流入资金较多的还有普冉股份、华盛锂电等，净流入资金分别为3.31亿 元、2.91亿元。 市场表现上，机构扎堆调研股中，近5日上涨的有24只，涨幅居前的有华盛锂电、盘龙药业、农产品 等，涨幅为84.50%、24.40%、21 ...

【机器人ETF基金(159213)标的指数前十大成分股】 | 序号 | 代码 | 名称 | 涨跌幅 | 估算权重 | | --- | --- | --- | --- | --- | | 1 | 300124 | 汇川技术 | 1.26% | 10.22% | | 2 | 002230 | 科大讯飞 | 0.63% | 9.25% | | 3 | 002236 | 大华股份 | 2.20% | 5.26% | | 4 | 688169 | 石头科技 | 1.67% | 4.55% | | ਦੇ | 002008 | 大族激光 | 1.02% | 4.46% | | 6 | 688777 | 中控技术 | 1.98% | 4.24% | | 7 | 002472 | 双环传动 | 0.41% | 3.59% | | 8 | 300024 | 机器人 | 0.62% | 3.05% | | g | 688017 | 绿的谐波 | 0.60% | 2.52% | | 10 | 688343 | 云天励飞-U | 0.55% | 2.48% | 11月13日，A股全线反攻，硬科技板块大涨，截至收盘，机器人ETF基金(1 ...

Core Viewpoint - The article highlights the performance of the Chuangye 50 ETF (159682), which has shown a significant increase in value and notable movements in its constituent stocks as of November 13. Group 1: ETF Performance - The Chuangye 50 ETF (159682) rose by 2.44%, reaching a price of 1.472 yuan, with a trading volume of 203 million yuan [1] - Since its inception on December 23, 2022, the fund has achieved a return of 43.51%, with a monthly return of 0.91% [1] Group 2: Constituent Stocks Performance - Notable stock movements include: - Ningde Times increased by 8.18% - Zhongji Xuchuang decreased by 2.19% - Dongfang Caifu rose by 0.57% - Xinyi Sheng fell by 1.85% - Sunshine Power increased by 2.72% - Shenghong Technology remained unchanged - Huichuan Technology rose by 1.44% - Mindray Medical increased by 0.13% - Yiwei Lithium Energy surged by 10.71% - Tonghuashun rose by 1.73% [1]

Group 1: Lithium Battery Industry - The lithium battery industry has shown significant performance recovery in the first three quarters of 2025, with total revenue reaching 636.19 billion yuan, a year-on-year increase of 16.12% [1] - The net profit attributable to shareholders reached 62.62 billion yuan, marking a year-on-year growth of 40.37% [1] - The battery and cathode material segments performed particularly well, with Q3 net profit for the battery segment increasing by 53.61% year-on-year and 26.62% quarter-on-quarter [1] - Cathode materials transitioned from loss to profit, with substantial recovery in both year-on-year and quarter-on-quarter net profit in Q3 [1] - The stabilization of lithium carbonate prices and sustained terminal demand are expected to continue the performance recovery trend for midstream material manufacturers [1] Group 2: Communication Industry - The communication industry is experiencing strong growth driven by AI, with the Shenwan Communication Index showing a year-to-date increase of 63.37% as of November 7, 2025 [1] - Major North American cloud service providers, including Microsoft, Google, Meta, and Amazon, reported a combined capital expenditure growth of over 60% year-on-year in the first three quarters of 2025 [1] - The demand for high-speed optical modules is expected to increase, with NVIDIA's next-generation Vera Rubin architecture increasing the demand ratio for 1.6T optical modules from 1:2.5 to 1:5 [1] - The AI industry is entering a phase of explosive growth, with mobile phones and PCs undergoing comprehensive AI integration, propelling the industry into a high-growth trajectory [1] Group 3: ChiNext ETF Performance - As of November 13, 2025, the ChiNext Index (399006) rose by 1.88%, with constituent stocks such as Xinzhou Bang (300037) and Tianhua New Energy (300390) seeing increases of 18.38% and 12.95%, respectively [2] - The ChiNext ETF Ping An (159964) has seen a nearly 30% increase over the past three months, with a current price of 2.07 yuan [2] - The ETF has a one-year average daily trading volume of 8.12 million yuan, indicating strong liquidity [2] Group 4: ChiNext ETF Risk and Fee Structure - The ChiNext ETF Ping An has a management fee rate of 0.15% and a custody fee rate of 0.05%, which are among the lowest in comparable funds [3] - The ETF closely tracks the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity, reflecting the performance of the ChiNext market [3] - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index accounted for 58.2% of the index [4]

Group 1 - The China Securities New Energy Vehicle Industry Index (930997) has surged by 5.96% as of November 13, 2025, with significant gains in constituent stocks such as Xinzhou Bang (300037) up 17.19%, Wukuang New Energy (688779) up 16.90%, and Tianhua New Energy (300390) up 12.50% [1] - The New Energy Vehicle ETF (515700) increased by 5.89%, reaching a latest price of 2.61 yuan, benefiting from the recovery in lithium battery demand and advancements in solid-state batteries [1] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, reflecting the overall performance of leading listed companies in the new energy vehicle sector [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index include CATL (300750), Huichuan Technology (300124), and BYD (002594), collectively accounting for 53.56% of the index [2] - The weightings of the top stocks are as follows: CATL at 10.10% with a rise of 7.72%, Huichuan Technology at 8.28% with a rise of 0.90%, and BYD at 5.91% with a rise of 2.26% [4] - Other notable stocks include EVE Energy (300014) at 5.88% with a rise of 9.59%, and Ganfeng Lithium (002460) at 3.67% with a rise of 6.59% [4]

Group 1 - The Shenzhen Growth 40 Index has shown strong performance, with a 2.50% increase, and key stocks such as Upstream Electric and Zhongcai Technology have risen significantly, indicating a robust growth trend in the market [1][3] - The top three industries represented in the Shenzhen Growth 40 Index are Power Equipment and New Energy (31.10%), Basic Chemicals (13.74%), and Communications (12.51%), highlighting the sectors driving growth [1] - Domestic power battery installation volume reached 578 GWh from January to October this year, a year-on-year increase of 42.4%, while global energy storage battery shipments grew by 90.7% in the same period, indicating a strong upward trend in the battery industry [1] Group 2 - Citic Securities predicts that global energy storage installations will reach approximately 290 GWh by 2025 and could reach 1.17 TWh by 2030, showcasing significant growth potential in the energy storage sector [2] - The domestic energy storage industry chain is gaining a competitive edge, with increasing global market share in battery cells and storage systems, supported by favorable policies that are accelerating marketization [2] - The basic chemicals sector is expected to experience a cyclical recovery driven by profit improvements, with factors such as capacity cycle recovery and policy support contributing to this trend [2] Group 3 - The top ten weighted stocks in the Shenzhen Growth 40 Index account for 69.02% of the index, with leading companies including CATL and Xinyu Technology, indicating concentrated investment in key growth firms [3]

Core Insights - The China Securities New Energy Vehicle Industry Index (930997) has seen a strong increase of 4.49% as of November 13, 2025, with significant gains in constituent stocks such as Xinzhou Bang (300037) up 14.43%, Wukuang New Energy (688779) up 14.23%, and Xingyuan Material (300568) up 12.25% [1] Group 1 - The New Energy Vehicle ETF (515700) rose by 4.47%, with the latest price at 2.57 yuan, and has accumulated a 0.53% increase over the past week as of November 12, 2025 [1] - The New Energy Vehicle ETF closely tracks the China Securities New Energy Vehicle Industry Index, which includes 50 listed companies involved in various sectors of the new energy vehicle industry [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Securities New Energy Vehicle Industry Index are CATL (300750), Huichuan Technology (300124), Sanhua Intelligent Control (002050), BYD (002594), Yiwei Lithium Energy (300014), Huayou Cobalt (603799), Ganfeng Lithium (002460), Xian Dao Intelligent (300450), Changan Automobile (000625), and Tianqi Lithium (002466), collectively accounting for 53.56% of the index [2] - The weightings of the top stocks are as follows: CATL at 10.10%, Huichuan Technology at 8.28%, BYD at 5.91%, Yiwei Lithium Energy at 5.88%, Sanhua Intelligent Control at 5.77%, Huayou Cobalt at 4.74%, Ganfeng Lithium at 3.67%, Xian Dao Intelligent at 3.60%, Changan Automobile at 3.22%, and Tianqi Lithium at 2.72% [3]

Core Insights - Huichuan Technology has signed a second-phase project in Nanjing, aiming to establish the largest robotics industry base in China, following the successful launch of its first-phase project earlier this year [1][2] - The company, headquartered in Shenzhen, is a leader in the industrial automation control sector, with a market capitalization of approximately 200 billion yuan, and holds the top market share in servo motors and ranks highly in industrial robots and software [1] - The second-phase project will focus on the research and production of key precision components for industrial robots, enhancing Huichuan's product portfolio and contributing to the development of a national intelligent manufacturing demonstration zone [2] Company Development - Huichuan Technology's partnership with Jiangning Development Zone began four years ago, with the first-phase project signed in July 2021 and officially launched in April 2022 [1][2] - The company adopted a "running" model for its projects, allowing for simultaneous production and construction, which led to early tax revenue generation [2] - The rapid investment decisions are attributed to positive economic conditions in China, a focus on technological and industrial innovation, and a long-standing personal connection between the company's chairman and the city of Nanjing [2] Regional Economic Impact - Jiangning District aims to create an optimal ecosystem to support Huichuan Technology in building a leading enterprise worth over 100 billion yuan and a high-end intelligent equipment industry chain valued at 400 billion yuan [3] - The district is recognized as one of the top innovation and industrial zones in China, with plans to develop multiple industry clusters, including new energy vehicles and high-end intelligent equipment, projected to reach significant production value milestones [3]