Core Viewpoint - Fund manager Wu Hao oversees two funds, with the best-performing fund being Huaxia High-end Manufacturing Mixed A (002345), which achieved a quarterly net value increase of 1.01% by the end of Q2 2025 [1]. Fund Performance Summary - Huaxia High-end Manufacturing Mixed A has a total scale of 9.11 billion, with an annualized return of 2.04% and a quarterly increase of 1.01%. The top holding is Guoguang Electric, accounting for 8.47% of the net value [2]. - Huaxia High-end Manufacturing Mixed C has a scale of 0.21 billion, with a negative annualized return of -9.01% and a quarterly increase of 0.86%, also holding Guoguang Electric at 8.47% [2]. - Wu Hao's management of Huaxia High-end Manufacturing Mixed A has yielded a cumulative return of 35.89% and an average annualized return of 6.19%. The fund has made 89 adjustments to its heavy holdings, with a success rate of 66.29% [2]. Stock Adjustment Cases - Notable stock adjustments include: - Trina Solar (天合光能) was bought in Q2 2021 and sold in Q3 2021, yielding an estimated return of 141.89% with a company revenue growth of 51.20% during the holding period [3][5]. - Tongwei Co., Ltd. (通威股份) was held from Q2 2020 to Q4 2020, achieving a return of 120.32% with a company performance increase of 36.95% [3]. - Tanfeng Communication (天孚通信) was held from Q2 2023 to Q2 2024, resulting in a return of 96.16% with a net profit growth of 84.07% [6]. Underperforming Stock Cases - Underperforming stocks include: - Green Harmony (绿的谐波) was held from Q4 2023 to Q3 2024, resulting in a return of -48.55% despite a revenue growth of 8.77% [4][6]. - Huayi Technology (华依科技) was held from Q4 2023 to Q2 2024, with a return of -44.46% and a performance increase of 20.36% [4].

Market Overview - The Shanghai Composite Index rose by 0.69% to close at 3534.48 points, with a weekly high of 3536.01 points [1] - The Shenzhen Component Index increased by 2.04% to 10913.84 points, reaching a high of 10946.4 points [1] - The ChiNext Index saw a rise of 3.17%, closing at 2277.15 points, with a peak of 2296.91 points [1] - In the global market, the Nasdaq Composite Index increased by 1.51%, while the Dow Jones Industrial Average fell by 0.07% and the S&P 500 rose by 0.59% [1] - In the Asia-Pacific region, the Hang Seng Index rose by 2.84% and the Nikkei 225 Index increased by 0.63% [1] New Stock Issuance - Two new stocks were issued last week: Shanda Electric Power (301609.SZ) and Jiyuan Group (603262.SH), both on July 14, 2025 [2] Margin Trading - The total margin trading balance in the Shanghai and Shenzhen markets reached 18964.13 billion yuan, with a financing balance of 18832.44 billion yuan and a securities lending balance of 131.68 billion yuan [3] - The margin trading balance increased by 265.22 billion yuan compared to the previous week [3] - The Shanghai market's margin trading balance was 9613.62 billion yuan, up by 143.67 billion yuan, while the Shenzhen market's balance was 9350.51 billion yuan, increasing by 121.55 billion yuan [3] - A total of 3442 stocks had margin buying, with 89 stocks exceeding 1 billion yuan in buying amount, led by Zhongji Xuchuang (88.2 billion yuan), Xinyi Sheng (80.46 billion yuan), and Dongfang Caifu (62.35 billion yuan) [3][4] Fund Issuance - Sixteen new funds were issued last week, including various types such as mixed funds, bond funds, and money market funds [5] Share Buybacks - Seventeen companies announced share buybacks last week, with the highest amounts being TCL (2.5 billion yuan), Hangyang Co. (60.36 million yuan), and Yanshan Technology (59.99 million yuan) [7] - The sectors with the highest buyback amounts were electronics, basic chemicals, and computers [7]

Group 1: Key Insights on Macro Economy - The "urban renewal" is highlighted as a significant focus for future urban work, with infrastructure and real estate investment expected to be boosted [5][6] - The central urban work conference emphasized transitioning urbanization from rapid growth to stable development, focusing on quality and efficiency [5][6] - The meeting underscored the importance of "innovation" as a key theme, aiming to stimulate high-tech industry investment through urban renewal initiatives [7] Group 2: Insights on Intelligent Driving Industry - Intelligent driving is positioned as a leading application of physical AI, with the potential to drive investment opportunities across the industry chain [8][10] - The report identifies a shift in competitive focus among domestic automakers from merely increasing the number of operational cities to achieving nationwide functionality of intelligent driving features [9][10] - The technological paradigm shift towards data-driven and knowledge-driven approaches is enhancing the generalization performance of intelligent driving systems, paving the way for faster deployment of high-level intelligent driving [9] Group 3: Insights on Defense and Aerospace Industry - The company, 菲利华, is positioning its quartz fiber electronic cloth as a core material for M9 PCBs in the computing era, benefiting from the trend of domestic substitution [12][13] - The semiconductor and optical materials sectors are expected to gain from the increasing demand for high-purity, high-temperature resistant quartz products, with the global semiconductor quartz product market projected to grow from $3.226 billion in 2024 to $7.321 billion by 2031 [13] - 菲利华 is actively expanding its production capacity in the quartz fiber electronic cloth market, aiming to capture early advantages in this emerging sector [12][14]

Core Viewpoint - The Ruiyuan Growth Value Mixed Fund, managed by prominent fund managers Fu Pengbo and Zhu Lin, has maintained a high asset allocation in sectors such as electronics, internet technology, precision manufacturing, and pharmaceuticals, with significant contributions from the PCB industry [1][2]. Fund Performance - As of the end of Q2, the net asset value of Ruiyuan Growth Value Mixed A shares was 1.2955 CNY, with a growth rate of 5.80%, outperforming the benchmark return of 1.67%. The C shares had a net asset value of 1.2634 CNY, with a growth rate of 5.70% [1]. Holdings Overview - The top ten holdings of the fund as of Q2 included Shenghong Technology, Tencent Holdings, CATL, China Mobile, Luxshare Precision, Xinyi Technology, Cambricon Technologies, Juxing Technology, Sanofi Biologics, and Maiwei Co., with new entry Xinyi Technology and exit of Guanghui Energy compared to Q1 [2]. Market Dynamics - The fund's managers noted fluctuations in the US-China tariff agreements, which impacted global markets. The domestic capital market managed to stabilize amid these changes, with expectations of a potential decline in exports due to demand and inventory factors [2]. Policy and Economic Environment - The Chinese government is addressing "involution" in development through policies aimed at correcting distorted factor prices, with a focus on boosting overall commodity prices. The current economic environment differs from past supply-side reforms due to weak overall demand [3]. Investment Strategy - The fund has increased its holdings in companies related to the export chain despite short-term impacts, while reducing exposure to traditional energy companies due to market style influences and fundamental pressures. The fund has also increased its allocation to the pharmaceutical sector, focusing on innovative drugs and traditional medicine benefiting from AI [4]. Future Outlook - The upcoming mid-year reports from listed companies will be used to assess the operational status and future development of existing holdings. The fund aims to identify industries and companies with upward trends in prosperity, optimizing its portfolio to manage net value fluctuations effectively [4].

陈涛带领着胜宏科技（300476）(300476.SZ)继续开疆拓土。 7月18日晚间，胜宏科技发布公告称，公司定增事项已经获深交所审核通过。此次定增公司拟募资19亿 元，用于两大项目的扩产及补流还贷。 胜宏科技由陈涛创立，在中国PCB行业发展之初，陈涛就一头扎进来，作为"技术小白"的他，通过"埋 头苦拆"，发现了电路板上的财富密码；到2025年，陈涛创业已经22年，带领胜宏科技跨越百亿营收大 关。 2025年以来，随着消费电子回暖，PCB行业需求爆发，胜宏科技业绩迎来高速增长，市值更是从年初的 363亿元增长至目前的1398亿元，涨超千亿元。 业绩和股价齐飞，朝着第二个百亿目标，陈涛和胜宏科技踏入新征程。 "技术小白"拆开财富密码 胜宏科技创立后，陈涛开始在PCB行业进行技术攻坚，他将营业额的3%以上持续投入研发，组建450余 人的专业团队，建立省市区三级研发中心。2008年，胜宏科技投产；2010年，胜宏科技完成股权变更； 2014年，胜宏科技营收首次突破10亿元。2015年6月，胜宏科技在创业板上市。 穿越周期跨过百亿营收大关 上市之后，胜宏科技的营业收入和归母净利润连续7年实现双增。考验在2023年悄 ...

Core Viewpoint - The article highlights the ongoing strong performance of the innovative drug sector, with several fund managers increasing their allocations to this area, indicating a positive outlook for the future despite potential adjustments and volatility ahead [2][3][8]. Group 1: Fund Managers' Adjustments - Fund manager Fu Pengbo has increased allocations to the pharmaceutical sector, particularly in innovative drugs and traditional medicine benefiting from AI, while also adjusting positions in the export chain [4]. - Fund manager Gao Nan has shifted focus towards TMT (Technology, Media, and Telecommunications) and innovative drugs, with significant growth in fund size, indicating a strategic pivot in investment focus [5][6]. - Both fund managers express confidence in the continuation of the innovative drug market's upward trend, emphasizing the importance of evaluating company performance through upcoming mid-year reports [4][10]. Group 2: Market Dynamics and Trends - The innovative drug sector is seen as a necessary evolution rather than an option, with Chinese companies positioned to benefit from global competition and transparency in drug development [9][10]. - Factors contributing to the success of Chinese innovative drugs include high research efficiency, lower operational costs, and a well-established industry chain that supports rapid market entry and commercialization [9]. - The article notes that while the innovative drug sector has strong long-term potential, it has already experienced significant gains, suggesting that market corrections and fluctuations are likely in the near future [3][11].

Market Overview - On July 18, the Shanghai Composite Index rose by 0.50%, the Shenzhen Component Index increased by 0.37%, the ChiNext Index went up by 0.34%, and the CSI 300 Index gained 0.60% [1] - Among the tradable A-shares, 2,603 stocks rose, accounting for 48.15%, while 2,567 stocks declined [1] Capital Flow - The main capital saw a net outflow of 22.987 billion yuan throughout the day [1] - The ChiNext experienced a net outflow of 11.028 billion yuan, while the STAR Market had a net outflow of 2.009 billion yuan [1] - The CSI 300 constituent stocks had a net inflow of 2.142 billion yuan [1] Industry Performance - Out of the 28 primary industries classified by Shenwan, 22 industries saw an increase, with the non-ferrous metals and basic chemicals sectors leading with gains of 2.10% and 1.36%, respectively [1] - The media and electronics sectors had the largest declines, with drops of 0.98% and 0.49% [1] Industry Capital Inflow and Outflow - The non-ferrous metals industry had the highest net inflow of capital, totaling 3.794 billion yuan, and rose by 2.10% [1] - The non-bank financial sector saw a net inflow of 0.897 billion yuan, with a daily increase of 0.33% [1] - The electronics industry had the largest net outflow, with a total of 8.341 billion yuan and a decline of 0.49% [1] - The computer sector experienced a net outflow of 4.375 billion yuan, despite a daily increase of 0.35% [1] Individual Stock Performance - A total of 1,835 stocks had net inflows, with 661 stocks seeing inflows exceeding 10 million yuan, and 70 stocks with inflows over 100 million yuan [2] - The stock with the highest net inflow was Northern Rare Earth, which rose by 9.87% with a net inflow of 2.109 billion yuan [2] - Other notable inflows included China Oil Capital and Wanhua Chemical, with net inflows of 1.150 billion yuan and 0.849 billion yuan, respectively [2] - Conversely, 101 stocks had net outflows exceeding 100 million yuan, with Changshan Beiming, Shenghong Technology, and Hengbao shares leading the outflows at 1.302 billion yuan, 1.087 billion yuan, and 0.716 billion yuan, respectively [2]

电子行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600745 | 闻泰科技 | 5.53 | 4.31 | 18777.82 | | 603501 | 豪威集团 | 2.63 | 2.14 | 16859.37 | | 600206 | 有研新材 | 1.98 | 8.94 | 11803.56 | | 002484 | 江海股份 | 2.15 | 7.04 | 9040.68 | | 002916 | 深南电路 | 0.53 | 2.28 | 7750.72 | | 301630 | 同宇新材 | 5.22 | 45.42 | 6566.38 | | 001287 | 中电港 | 5.00 | 29.80 | 6070.47 | | 002371 | 北方华创 | 2.07 | 1.13 | 5059.40 | | 688072 | 拓荆科技 | 4.86 | 2.18 | 4556.25 | | 301489 | 思泉新材 | 2.06 | 15.27 | 3789.36 ...

Company Overview - Victory Giant Technology (HuiZhou) Co., Ltd. is primarily engaged in the research, design, production, and sales of printed circuit boards (PCBs) [11] - The company specializes in high-precision PCBs, including rigid circuit boards (high-end multilayer boards and HDI boards) and flexible circuit boards [11] - The main products are widely used in artificial intelligence, automotive electronics (new energy), next-generation communication technology, big data centers, industrial interconnectivity, medical instruments, computers, and aerospace [11] Financial Information - The company plans to raise a total of 190 million yuan through a specific issuance of A-shares, which is a reduction from the original target of 198 million yuan [8] - The net proceeds from the fundraising will be allocated to various projects, with a total investment amount of 376.76 million yuan [8] Shareholding Structure - As of March 31, 2025, the major shareholders include the controlling shareholder, Shenzhen Shenghua Xinye Investment Co., Ltd., holding 15.63% of shares, and Hong Kong Shenghong holding 15.24% [12] - The actual controller, Chen Tao, holds 90% of Shenghua Xinye and indirectly controls 30.87% of the voting rights in the company [12] Investment Projects - The company plans to invest in projects such as the AI HDI project in Vietnam and the high-layer PCB project in Thailand, with expected annual revenues of 1.95 billion yuan and 1.65 billion yuan respectively after reaching production capacity [2][3] - The new capacity from these projects is projected to account for 16.13% and 17.34% of the company's total HDI and multilayer board capacity in 2024 [2] Market Risks - The company faces risks related to fluctuations in overseas sales revenue, which amounted to approximately 4.91 billion yuan and 4.88 billion yuan in the reporting period [2] - The PCB industry is characterized by intense competition, with a trend towards consolidation and larger enterprises dominating the market [4] Regulatory Environment - The company operates under the supervision of the Ministry of Industry and Information Technology of the People's Republic of China, which is responsible for formulating and implementing industry policies and standards [12]

Group 1 - The company, Shenghong Technology (Huizhou) Co., Ltd., has submitted an application for a specific stock issuance, which was approved by the Shenzhen Stock Exchange's Listing Review Center on July 17, 2025 [1][2] - The company has updated and revised the content of the fundraising prospectus and related application documents in accordance with its actual situation and relevant review requirements [1] - The issuance of stocks is subject to approval from the China Securities Regulatory Commission (CSRC), and there is uncertainty regarding whether the CSRC will grant the registration decision and the timing of such a decision [2] Group 2 - The company will fulfill its information disclosure obligations in a timely manner based on the progress of this matter [2]