截至发稿，雷俊累计任职时间11年41天，现任基金资产总规模47.54亿元，任职期间最佳基金回报 206.43%， 任职期间最差基金回报-89.53%。 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。 数据显示，长城基金旗下1只基金重仓先导智能。长城中证500指数增强A（006048）四季度持有股数 33.01万股，占基金净值比例为1.37%，位居第一大重仓股。根据测算，今日浮亏损失约99.36万元。连 续3天下跌期间浮亏损失120.49万元。 长城中证500指数增强A（006048）成立日期2018年8月13日，最新规模5.2亿。今年以来收益13.41%， 同类排名983/5551；近一年收益66.98%，同类排名623/4285；成立以来收益156.75%。 长城中证500指数增强A（006048）基金经理为雷俊。 1月29日，先导智能跌5.06%，截至发稿，报56.49元/股，成交47.40亿元，换手率5.22%，总市值884. ...

浙商证券研报指出，先导智能2025年业绩预增424%~529%符合预期，盈利能力加速修复，锂电设备龙 头王者归来。2025年全球动力电池市场持续回暖，储能领域需求强劲增长，行业整体需求持续复苏，锂 电设备行业受益于下游头部电池厂开工率提升及新一轮扩产周期的启动。公司作为行业龙头，业绩拐点 已明确。财务风险出清，盈利弹性释放；固态电池整线龙头，有望开启第二增长曲线。维持"买入"评 级。 ...

Core Viewpoint - The A-share market is experiencing a "resource bull + technology stock" trend, with significant gains in various sectors, particularly in technology and non-ferrous metals [1][7]. Group 1: Market Trends - In January, the non-ferrous metals index surged nearly 31%, while sectors like oil and petrochemicals, media, basic chemicals, electronics, and building materials saw increases of over 10% [1][7]. - The market is expected to maintain its focus on technology and non-ferrous sectors in February, with a continued "slow bull" trend supported by proactive fiscal and monetary policies for 2026 [1][7]. Group 2: Company Performance - A total of 31 technology stocks are identified with significant profit growth, meeting criteria such as having ratings from three or more institutions and projected profit increases exceeding 50% for 2025 [8]. - Zhenlei Technology is projected to achieve a net profit of 123 million to 145 million yuan for 2025, representing a year-on-year increase of 529.64% to 642.26% due to rising demand in the special integrated circuit industry [2][8]. - XianDao Intelligent expects a net profit of 1.5 billion to 1.8 billion yuan for 2025, reflecting a growth of 424.29% to 529.15% driven by increased orders from leading domestic battery companies [2][8]. Group 3: Institutional Attention - Stocks such as Tonghuashun, Keda Xunfei, and Lanke Technology have received ratings from over 20 institutions, indicating strong institutional interest [9]. - The average stock price increase among the listed companies is approximately 24%, significantly outperforming the broader market, with Jin Hai Tong leading with a rise of over 110% [3][9].

1月29日，先导智能盘中下跌2.08%，截至11:25，报58.26元/股，成交21.99亿元，换手率2.38%，总市值 912.45亿元。 资金流向方面，主力资金净流出2.04亿元，特大单买入1.79亿元，占比8.13%，卖出2.77亿元，占比 12.61%；大单买入5.22亿元，占比23.71%，卖出6.27亿元，占比28.51%。 先导智能今年以来股价涨16.57%，近5个交易日涨1.50%，近20日涨14.69%，近60日涨10.13%。 机构持仓方面，截止2025年9月30日，先导智能十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股6827.61万股，相比上期减少6430.25万股。易方达创业板ETF（159915）位居第六大流通 股东，持股2349.27万股，相比上期减少395.61万股。南方中证500ETF（510500）位居第七大流通股 东，持股1598.05万股，相比上期减少28.86万股。广发国证新能源车电池ETF（159755）位居第八大流 通股东，持股1204.32万股，为新进股东。华安创业板50ETF（159949）位居第九大流通股东，持股 749.27万股，相比上期减 ...

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]

近期，赣锋锂业（002460）、先导智能（300450）、天赐材料（002709）、天际股份（002759）等锂电 企业相继公布2025年业绩预告，预计净利润同比实现正增长或扭亏为盈，行业整体景气度显著回升。 赣锋锂业：主营业务仍亏损 受益于新能源汽车、储能与消费电子等下游市场的强劲需求，锂电产业链企业2025年业绩预告大增。 1月28日，赣锋锂业发布业绩预告称，预计2025年实现归母净利润11亿元至16.5亿元，上年同期亏损 20.74亿元，同比扭亏为盈。预计扣非净利润为亏损3亿元至6亿元，同比减亏。 关于业绩变动原因，该公司表示，报告期内，公司持有的Pilbara Minerals Limited(PLS)股票价格上涨， 产生了公允价值变动收益，在领式期权相关的既定风险管理策略对冲后，整体公允价值变动收益约10.3 亿元。此外，公司通过转让控股子公司深圳易储数智能源集团有限公司部分股权并成功引入战略投资 人，确认了相应的投资收益。 值得注意的是，从近两年的业绩变动看，赣锋锂业的业绩和它持有的PLS股票关系非常大，并非主营业 务有所改善。该公司持有PLS约5.37%的股份，并享有包销权，这一投资不仅保障了锂 ...

25 年业绩改善，盈利能力持续提升。公司发布25 年业绩预告，符合我们的预期。2025 年实现归母净利 润预计达15 亿–18 亿元，同比大幅增长424.29%–529.15%；扣除非经常性损益后的净利润预计为14.8 亿–17.8 亿元，同比增长310.83%–394.11%，核心盈利能力显著增强。 多因素促进公司业绩改善：1）业绩高增主要得益于锂电市场持续复苏，公司订单规模同比快速回升， 交付与验收节奏提速，带动收入与利润同步释放。2）公司通过强化固态电池、钠离子电池、钙钛矿等 前沿技术布局，巩固技术先发优势，并深化数字化转型与全流程降本增效，推动毛利率在25Q4 环比回 升，经营效率与盈利水平持续优化。3）现金流管理成效显著，设备验收与回款周期缩短，经营韧性进 一步增强。我们认为，25Q1-3 验收的是2024 年同期行业低谷期签订的国内订单，订单毛利率偏低。随 着后续复苏订单、降本增效，叠加高毛利海外及固态电池设备占比提升，公司盈利能力仍有提升空间。 平台化成效显著，多品类布局保障成长。公司聚焦高端装备制造技术创新。固态电池设备领域，公司作 为全自主知识产权的全固态电池整线服务商，已打通量产全流程，覆 ...

截至9月30日，先导智能股东户数28.09万，较上期增加162.02%；人均流通股5551股，较上期减少 61.84%。2025年1月-9月，先导智能实现营业收入104.39亿元，同比增长14.56%；归母净利润11.86亿 元，同比增长94.97%。 1月28日，先导智能盘中下跌2.03%，截至09:45，报59.93元/股，成交8.18亿元，换手率0.87%，总市值 938.60亿元。 资金流向方面，主力资金净流出7163.59万元，特大单买入9867.95万元，占比12.06%，卖出1.24亿元， 占比15.20%；大单买入1.50亿元，占比18.33%，卖出1.96亿元，占比23.94%。 先导智能今年以来股价涨19.91%，近5个交易日涨1.73%，近20日涨18.60%，近60日涨9.36%。 资料显示，无锡先导智能装备股份有限公司位于江苏省无锡市新吴区新锡路20号(经营场所:无锡市新吴 区新洲路18号),香港湾仔皇后大道东183号合和中心46楼，成立日期2002年4月30日，上市日期2015年5 月18日，公司主营业务涉及专业从事自动化成套设备的研发、设计、生产与销售以及自动化整体解决方 案。主 ...

1月25日，据港交所文件披露，无锡先导智能装备股份有限公司（简称"先导智能"）通过港交所主板上市聆讯，中信证券、摩根大通为其联 席保荐人。 作为全球新能源智能制造领域的标杆企业，此次赴港上市融资不仅将完善公司"A股+H股"双资本平台布局、拓宽海外融资渠道，更将依托香 港资本市场的国际化优势，进一步强化其在全球市场的话语权与核心竞争力。 客户布局层面，先导智能已实现全产业链覆盖与穿透，构建起"国内头部电池厂商+海外车企/电池巨头+固态电池赛道先锋"的多元化立体客 户矩阵，抗周期经营能力持续夯实。 同日晚间，先导智能发布2025年度业绩预告。预计归属于上市公司股东的净利润为15亿元-18亿元，比上年同期增长424.29%-529.15%。 2025年全球动力电池市场持续回暖，储能领域需求强劲增长，行业整体需求持续复苏。先导智能表示，随着国内头部电池企业开工率提升、 扩产节奏有序加快，公司订单规模同比快速回升，订单交付与项目验收节奏同步提速，推动了公司经营业绩的筑底回升与快速增长，整体盈 利能力明显提升。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 | 盈利 ...

公 司 研 究 业绩大幅增长，锂电景气度提升、平台化成效显著 先导智能(300450) 25 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | | 毛冠锦(分析师) | 021-23183821 | maoguanjin@gtht.com | S0880525040081 | 本报告导读： 公司业绩表现亮眼，随着公司锂电行业回暖、国际化&平台化布局稳步推进，叠加 固态电池新技术有望成为新增量，业绩仍有较大改善空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收 ...