Market Overview - The battery sector increased by 1.4% compared to the previous trading day, with Huazi Technology leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Individual Stock Performance - Huazi Technology (300490) closed at 16.94, up 10.36% with a trading volume of 515,900 shares and a transaction value of 855 million [1] - Anfu Technology (603031) closed at 55.65, up 10.00% with a trading volume of 115,800 shares [1] - Yinghe Technology (300457) closed at 29.30, up 9.45% with a trading volume of 305,000 shares [1] - Honggong Technology (301662) closed at 178.80, up 8.54% with a trading volume of 15,700 shares [1] - Manns Tech (301325) closed at 52.70, up 8.10% with a trading volume of 58,000 shares [1] - Haike Xina (301292) closed at 54.15, up 7.87% with a trading volume of 129,300 shares [1] - Xianhui Technology (688155) closed at 97.98, up 7.67% with a trading volume of 50,300 shares [1] - Xian Dao Intelligent (300450) closed at 59.92, up 7.56% with a trading volume of 942,300 shares [1] - Keda Li (002850) closed at 4162.00, up 6.78% with a trading volume of 118,200 shares [1] - Wanrun New Energy (688275) closed at 77.99, up 6.69% with a trading volume of 62,100 shares [1] Capital Flow Analysis - The battery sector saw a net inflow of 508 million from institutional investors, while retail investors contributed a net inflow of 594 million [2] - Retail investors experienced a net outflow of 1.1 billion, indicating a mixed sentiment in the market [2] Detailed Capital Flow for Selected Stocks - Xian Dao Intelligent (300450) had a net inflow of 3.80 billion from institutional investors, but a net outflow of 2.50 billion from retail investors [3] - Tianhua New Energy (300390) saw a net inflow of 1.33 billion from institutional investors, with retail investors experiencing a net outflow of 765.46 million [3] - Anfu Technology (603031) had a net inflow of 631.24 million from institutional investors, while retail investors faced a net outflow of 571.16 million [3] - Keda Li (002850) recorded a net inflow of 503.07 million from institutional investors, with retail investors seeing a net outflow of 617.04 million [3]

Core Viewpoint - The article highlights the successful transformation of several small-scale active equity funds into larger funds within a single quarter, driven by strategic investments in high-demand sectors such as energy storage and resource commodities during the structural market conditions of Q4 2025 [1][2]. Group 1: Fund Performance and Growth - Several active equity funds, including GF Carbon Neutral Theme, China Europe Cycle Selection, and Taixin Development Theme, managed to escape the "small fund" predicament by capitalizing on market opportunities in Q4 2025 [2][4]. - As of the end of Q3 2025, these funds were all categorized as "small funds" with sizes below 100 million yuan, with Taixin Development Theme maintaining a size below 10 million yuan since its inception in 2015 [2]. - Taixin Development Theme significantly increased its allocation to energy metals and industrial metals, achieving a return of over 35% in Q4 2025, which led to a surge in its fund size from approximately 5.16 million yuan to 1.547 billion yuan [3]. Group 2: Investment Strategies - The funds successfully adjusted their portfolios in Q4 2025, with GF Carbon Neutral Theme introducing nine new stocks, including major gainers like Tianhua New Energy and Dazhong Mining, while China Europe Cycle Selection updated seven stocks, focusing on resource sectors [3][4]. - The article emphasizes that successful fund managers utilized solid research capabilities to implement differentiated strategies, identifying market gaps and niche areas rather than merely following market trends [1][6]. Group 3: Market Trends and Investor Sentiment - The Q4 2025 market saw significant growth in high-demand sectors such as AI, lithium batteries, and non-ferrous metals, which contributed to the substantial increase in fund net values and investor recognition [5]. - The article notes that smaller fund companies often adopt differentiated competition strategies due to limited resources, focusing on specific niche markets to meet institutional investors' needs [6][7].

天华新能（300390）(300390.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润3.65亿 元至4.35亿元，同比下降47.83%至56.23%。扣除非经常性损益后的净利润1.5亿元至1.8亿元，同比下降 59.17%至65.97%。 ...

智通财经APP讯，天华新能(300390.SZ)披露2025年度业绩预告，公司预计归属于上市公司股东的净利润 3.65亿元至4.35亿元，同比下降47.83%至56.23%。扣除非经常性损益后的净利润1.5亿元至1.8亿元，同 比下降59.17%至65.97%。 ...

经济观察网 2026年1月30日，天华新能(300390)发布2025年度业绩预告，预计2025年净利润3.65亿元至 4.35亿元，同比下降47.83%至56.23%；扣除非经常性损益后的净利润1.5亿元至1.8亿元，同比下降 59.17%至65.97%。 ...

天华新能公告，预计2025年度净利润为3.65亿元—4.35亿元，同比下降47.83%-56.23%。报告期内，业绩 变化主要原因是受行业供给端结构性失衡影响，公司主要产品氢氧化锂平均售价较上年同期有所下跌。 ...

南财智讯1月30日电，天华新能发布年度业绩预告，预计2025年全年归属于上市公司股东的净利润为 3.65亿元—4.35亿元，同比预减47.83%—56.23%；预计2025年全年归属于上市公司股东的扣除非经常性 损益的净利润为1.50亿元—1.80亿元，同比预减59.17%—65.97%。报告期内，业绩变化主要原因是受行 业供给端结构性失衡影响，公司主要产品氢氧化锂平均售价较上年同期有所下跌。 ...

证券代码：300390 证券简称：天华新能 公告编号：2026-002 苏州天华新能源科技股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 本期业绩预计情况 1、业绩预告期间 2025 年 1 月 1 日—2025 年 12 月 31 日 单位：人民币 | 项目 | 本报告期 | | 上年同期 | | --- | --- | --- | --- | | 归属于上市公司 股东的净利润 | 盈利：36,500.00 万元 | 万元—43,500.00 | 盈利：83,384.81 万元 | | | 比上年同期下降：56.23%—47.83% | | | | 扣除非经常性损 益后的净利润 | 盈利：15,000.00 万元 | 万元—18,000.00 | 盈利：44,082.25 万元 | | | 比上年同期下降：65.97%—59.17% | | | 注： "上年同期" 为追溯调整后的数据，调整原因为苏州天华新能源科技股份有限公司 于 2025 年 10 月完成对苏州天华时代新能源产业投资有限责任公司 75%股权的收购， ...

Core Viewpoint - The new energy concept stocks have declined, with significant drops in companies such as Sungrow Power Supply, Maiwei Co., Tianhua New Energy, and Jiejia Weichuang, all falling over 4% [1]. Group 1: Market Performance - The ChiNext new energy-related ETFs have also seen a decline, with an average drop exceeding 2% [1]. - Specific ETF performance includes: - ETF 富国: Current price 1.026, down 0.028 (-2.66%) [2] - ETF 工银: Current price 0.984, down 0.025 (-2.48%) [2] - ETF 鹏华: Current price 1.600, down 0.042 (-2.56%) [2] - ETF 华夏: Current price 1.523, down 0.038 (-2.43%) [2] - ETF 国泰: Current price 1.685, down 0.041 (-2.38%) [2] Group 2: Market Outlook - Analysts indicate that the market is currently in a critical phase of policy transition. The new energy vehicle market is gradually shifting towards a new stage that relies on product strength and normalized consumption patterns [1]. - Two key areas are highlighted for potential growth: 1. High-end manufacturers with differentiated products are expected to be less affected by changes in subsidy rules and reduced vehicle purchase taxes, benefiting from the high-end market trend and upward price movement of domestic brands [1]. 2. Domestic car companies expanding into overseas markets may achieve performance recovery through high growth and high margins in international sales [1].

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]