Core Viewpoint - The overseas concept stocks experienced a significant rebound, with multiple stocks hitting the daily limit up, driven by the expectation of reduced tariffs on imports from China as indicated by U.S. President Trump's recent comments [1] Group 1: Stock Performance - Zhejiang Natural, Guotou Zhonglu, and Jianerkang stocks hit the daily limit up, while Xiangxin Home and several others, including Juxing Technology and Chuanfeng Power, saw gains exceeding 5% [1] Group 2: Market Drivers - President Trump acknowledged that the current tariffs on Chinese imports are too high and indicated that a substantial reduction in tax rates is expected [1]

国海富兰克林基金总经理、投资总监徐荔蓉旗下基金发布2025年一季报，以国富研究精选为例，该基金 在一季度加仓安克创新（300866）、恒立液压（601100）、金山办公、建友股份，其中安克创新跃升至 第一大重仓股。徐荔蓉在一季报中认为，中国经济大概率已经触底回升，企业盈利也有望出现趋势性的 上升，而投资者风险偏好的提升和充足的流动性为市场的趋势性向好提供了坚实基础，他在一季度对组 合进行了适度调整，对部分上涨较大的公司进行了波段操作，同时增加了对AI和科技方向公司的布 局，对2025年仍然持较为乐观的看法。(人民财讯) ...

Core Insights - The mobile accessories industry in China has experienced rapid growth over the past few decades, with a market size of 597.17 billion yuan in 2023, reflecting a year-on-year increase of 7.01% [1][9] - The market is projected to reach approximately 639.55 billion yuan in 2024, indicating continued expansion [1] - The industry encompasses a wide range of products, including protective accessories (e.g., phone cases, screen protectors), power accessories (e.g., chargers, power banks), and functional accessories (e.g., headphones, Bluetooth devices) [1][10] Industry Definition and Classification - Mobile accessories are additional devices or components designed to enhance, extend, or protect the functionality of mobile phones, catering to diverse user needs in various scenarios [2] Industry Development History - The mobile accessories industry in China has evolved over two decades, transitioning from a rudimentary phase (2000-2007) focused on OEM/ODM production to a mature and innovative stage [7] - The industry saw explosive growth from 2008 to 2015 with the rise of smartphones, leading to the emergence of new product categories and the growth of online sales channels [7] - From 2016 to 2019, the market underwent a consolidation phase due to slowing smartphone growth, prompting companies to innovate and establish technological barriers [7] - Since 2020, the industry has been driven by 5G and AIoT technologies, leading to trends such as smart, scenario-based, high-end, and ecological accessories [7] Current Industry Analysis - The mobile accessories market in China is projected to reach 1,791.5 billion yuan in 2023, with a growth rate of 2.1% [9] - The market is expected to grow to approximately 1,854.5 billion yuan in 2024, driven by ongoing consumer demand for mobile device upgrades [10] Industry Chain Analysis - The mobile accessories industry chain includes upstream raw material suppliers, midstream manufacturers, and downstream sales channels, with a focus on quality control and brand management [4] - The industry also encompasses after-sales services, logistics, supply chain management, and financial services to enhance user experience and operational efficiency [4] Key Enterprises in the Industry - Major players include UGREEN Technology, JMOST Technology, and Baseus, each with distinct market strategies and product offerings [18][21] - UGREEN focuses on a comprehensive product line and global distribution, achieving a revenue of 4.803 billion yuan in 2023, a 25.09% increase year-on-year [19] - JMOST specializes in high-end phone cases with military-grade protection, reporting a revenue of 676 million yuan in 2023, a decrease of 5.93% [21] Future Development Trends - The market is experiencing segmentation and diversification, with varying consumer demands across different demographics [23] - Brand building and globalization are critical for enhancing competitiveness, as companies seek to expand their international presence [24] - Personalization and customization are emerging as significant trends, with consumers seeking unique products that reflect their individual styles [25]

Group 1: Fund Overview - The 淳厚信睿A fund, established on February 12, 2020, has a total management scale of 2.398 billion yuan [1] - As of April 15, 2025, the fund achieved a one-year return of 12.55%, outperforming its benchmark growth rate of 10.29% and the CSI Mixed Fund Index return of 5.19% [1] - Over the past five years, the fund's return reached 109.23%, significantly exceeding the performance benchmark of 4.88% and the CSI Mixed Fund Index return of 9.62% [1] Group 2: Risk Management and Fund Size - The fund's maximum drawdown over the past three years was 29.80%, which is better than the average level of similar mixed funds [1] - As of December 31, 2024, the fund's size reached 946 million yuan, with a total of 468 million fund shares [1] - Institutional investors hold 39.60% of the fund, indicating a strong institutional interest [1] Group 3: Company Research and Market Position - On April 7, 2025, 淳厚基金 conducted research on Anker Innovations, focusing on the impact of changing US-China tariff policies [2][3] - Anker Innovations has over 5,000 employees and serves 200 million users across 146 regions, with annual revenue approaching 20 billion yuan [3] - The company is committed to enhancing its operational resilience and optimizing its strategic layout in response to external challenges [3] Group 4: Product Strategy and Market Expansion - Anker Innovations plans to invest further in product innovation, brand development, and flexible global supply chains in 2025 [3] - The company aims to maintain its competitive edge through extreme innovation and continuous R&D investment [4] - Anker's portable energy storage products are expected to generate over 3 billion yuan in revenue in 2024, showcasing strong product competitiveness and pricing power [4] Group 5: Supply Chain and Financial Strategy - As of 2021, Anker's overseas supply chain capacity accounted for approximately 15%, stabilizing around 12% from 2022 to mid-2024 [4] - The company has received regulatory approval for convertible bond issuance, with plans to complete the issuance within 12 months of approval [4] - Anker's revenue growth is driven by product technology upgrades and brand value enhancement rather than relying on discount strategies [4]

网络端的参会者您可以在直播区域内文字提问下面有请电话尾号2208的参会者进行提问好的谢谢曾总然后谢谢中京科技谢谢华川家电我是方正家电的负责人吴慧笛然后我这边有两个小问题第一个其实 刚刚房老师也提到这个问题那我这边想再问一下就是在这个价格端的我们公司的策略是怎么样的因为从佳健的其他板块的一些公司的反馈来看的可能4月份中端大家都要这个进行大幅的一个就是在美国市场的一个中端售价提价那我们公司的一个价格策略是怎么样的然后包括 另一点就是大家可能觉得如果美国引发通胀会引发一系列的消费降级对应的我们的产品策略会有什么样的变化这是第一个或者可能是两个问题但这个都是在中端零售端的一个问题第二个问题还是关于供应链这一端的我们刚才也提到我们在大陆和东南亚有产能布局不知道我们在美国的 在充电类目以及安防类目的主要竞争对手他们的供应链布局的产地或者产能主要是在哪里然后在这样的一个关税加征的背景下大家对于供应链的全球布局有没有一些新的 这个规划包括比如说是不是可能就接近消费的目的地去做一个布局这是两个问题 谢谢好的 首先谢谢提问然后其次我建议带着一个问题稍微短一点然后一个问题一个问题来我先回答第一个问题就是关于价格这一块的问题 首先刚 ...

Investment Rating - The report maintains a "Buy" rating for Anker Innovations [13]. Core Viewpoints - The report emphasizes that Anker Innovations has implemented a core category focus strategy in 2023, which is expected to enhance market share and sustain efficient growth [4][21]. - The analysis is structured around three dimensions: organizational changes and optimizations, business outlook for future growth, and strategies to address growth challenges posed by tariff disturbances [4][21]. Summary by Sections Growth Foundation: "First Principles, Pursue Excellence," Leveraging AI Empowerment - The company has shifted its business model to focus on the high-value ends of the smile curve, maintaining a technical staff ratio above 45% [8][23]. - Anker has adopted the "value creation determines value distribution" principle, enhancing its incentive system and organizational efficiency through the introduction of the IPD process since 2019 [8][23][25]. - The company is actively integrating AI technologies to improve operational efficiency and product innovation across various business lines [8][23][47]. Growth Prospects: Strengthening Core Capabilities, Sustaining Growth Momentum - In the first half of 2024, the charging storage, smart innovation, and smart audio categories are expected to grow over 30% year-on-year, significantly accelerating from the 2021-2023 compound growth rates [9][55]. - The company has successfully established itself as a global leader in small charging products, benefiting from structural upgrades in fast charging and wireless charging [9][55]. - The portable energy storage products are gaining traction in North America and Europe due to challenges in power stability and the transition to clean energy [9][55]. Growth Challenges: Multi-faceted Strategies to Mitigate Tariff Impacts - Historical data shows that tariff costs have accounted for less than 2% of total revenue from 2020 to the first half of 2024, with fluctuations impacting revenue by less than 1% [10][21]. - The company can offset tariff impacts through price adjustments, with estimated increases of 0.97% to 15.85% needed to counteract various tariff scenarios [10][21]. - Anker is also exploring options to reduce exposure to U.S. tariffs and seeking overseas manufacturing partnerships to manage tariff challenges effectively [10][21]. Investment Recommendations: Organizational Evolution, Quality Growth - Following the implementation of the focus strategy, Anker has optimized its organizational principles and enhanced the product capabilities of its core categories, leading to accelerated growth and efficiency improvements [11][21]. - The company is expected to achieve net profits of 2.082 billion, 2.563 billion, and 3.046 billion yuan from 2024 to 2026, with corresponding P/E ratios of 20.14, 16.36, and 13.77 [11][21].

Quantitative Models and Construction Methods 1. Model Name: Volume Timing Signal - **Model Construction Idea**: The model uses volume-based signals to determine market timing, identifying bullish or cautious market views based on volume trends[23][24] - **Model Construction Process**: 1. Analyze the volume trends of major broad-based indices 2. Assign a "bullish" or "cautious" signal based on the volume dynamics 3. For example, as of April 11, 2025, the Beixin 50 index showed a "bullish" signal, while other indices like the Shanghai Composite and CSI 300 showed "cautious" signals[23][24] - **Model Evaluation**: The model provides a straightforward and intuitive approach to market timing but may lack robustness in highly volatile markets[23][24] 2. Model Name: Momentum Sentiment Indicator - **Model Construction Idea**: This model captures market sentiment by analyzing the proportion of stocks with positive returns in the CSI 300 index over a specific period[24][25] - **Model Construction Process**: 1. Calculate the proportion of CSI 300 constituent stocks with positive returns over the past N days $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of stocks with positive returns in N days}}{\text{Total number of stocks in CSI 300}} $ 2. Smooth the indicator using two moving averages with different windows (N1 and N2, where N1 > N2) 3. Generate signals: - If the short-term moving average (fast line) exceeds the long-term moving average (slow line), the market is considered bullish - If the fast line falls below the slow line, the market sentiment is turning cautious[27] - **Model Evaluation**: The indicator is effective in capturing upward opportunities but may fail to avoid risks in declining markets[25][27] 3. Model Name: Moving Average Sentiment Indicator - **Model Construction Idea**: This model uses an eight-moving-average system to assess the trend state of the CSI 300 index[32][33] - **Model Construction Process**: 1. Calculate the closing prices of the CSI 300 index for eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233) 2. Assign values to the indicator based on the number of moving averages above or below the current price: - If the current price exceeds five or more moving averages, the market is considered bullish - Otherwise, the market is neutral or bearish[32][33] - **Model Evaluation**: The model provides a clear trend-following signal but may lag in rapidly changing markets[35] --- Model Backtesting Results 1. Volume Timing Signal - Beixin 50 Index: Bullish signal[23][24] - Other indices (e.g., Shanghai Composite, CSI 300): Cautious signal[23][24] 2. Momentum Sentiment Indicator - CSI 300 Upward Proportion: Approximately 53% in the most recent week[25] 3. Moving Average Sentiment Indicator - CSI 300 Index: Currently in a non-bullish sentiment zone[35] --- Quantitative Factors and Construction Methods 1. Factor Name: Cross-Sectional Volatility - **Factor Construction Idea**: Measures the dispersion of stock returns within an index to assess the alpha environment[37] - **Factor Construction Process**: 1. Calculate the cross-sectional volatility of constituent stocks in indices like CSI 300, CSI 500, and CSI 1000 2. Compare the recent quarter's average volatility with historical periods to determine the alpha environment[41] - **Factor Evaluation**: Higher cross-sectional volatility indicates a better alpha environment for stock selection[37][41] 2. Factor Name: Time-Series Volatility - **Factor Construction Idea**: Measures the volatility of index returns over time to assess the alpha environment[41][44] - **Factor Construction Process**: 1. Calculate the time-series volatility of indices like CSI 300, CSI 500, and CSI 1000 2. Compare the recent quarter's average volatility with historical periods to evaluate the alpha environment[44] - **Factor Evaluation**: Higher time-series volatility suggests a favorable alpha environment for active strategies[41][44] --- Factor Backtesting Results 1. Cross-Sectional Volatility - CSI 300: 1.90% (recent quarter), 77.80% of the past six months' percentile[41] - CSI 500: 2.16% (recent quarter), 42.06% of the past six months' percentile[41] - CSI 1000: 2.52% (recent quarter), 64.54% of the past six months' percentile[41] 2. Time-Series Volatility - CSI 300: 0.63% (recent quarter), 78.84% of the past six months' percentile[44] - CSI 500: 0.48% (recent quarter), 55.56% of the past six months' percentile[44] - CSI 1000: 0.29% (recent quarter), 70.12% of the past six months' percentile[44]

Core Viewpoint - The recent U.S. tariff policy has prompted a surge in institutional research on cross-border e-commerce companies, with firms expressing confidence in their strategies to mitigate impacts and seize opportunities amidst challenges [1][4][5]. Group 1: Company Responses to Tariff Policies - Companies like Anker Innovation believe that while there may be short-term pressure, their long-term value remains intact, and they are confident in navigating through cycles for sustainable growth [5]. - Tongdao Technology has proactively set up operations in low-tariff countries like Mexico to reduce tariff impacts and is expanding its business in Europe, Asia-Pacific, and the Middle East [2]. - SanTai Co. stated that the overall impact of the tariff policy is limited, and they will continue to implement a multi-regional strategy while optimizing supply chain costs [2]. Group 2: Market Opportunities and Challenges - Companies like Giant Star Technology view the tariff situation as presenting more opportunities than challenges, as rising prices may lead to market consolidation, benefiting those with competitive products [4][6]. - The overall market size is not expected to be significantly affected, despite potential price increases and volume declines [4]. - The tariff policy is seen as a catalyst for innovation, allowing companies to enter previously challenging market segments [4]. Group 3: Industry Performance and Trends - The cross-border e-commerce sector has seen significant growth, with China's cross-border e-commerce import and export reaching 2.63 trillion yuan in 2024, a 10.8% increase [7]. - There is a notable performance divergence among companies, with some achieving substantial growth while others face increasing losses [7][8]. - Companies that have diversified their supply chains and markets are expected to capture more market share and thrive in the evolving landscape [8].

Group 1 - The consumer electronics sector is experiencing a significant rise, with companies such as Luxshare Precision (002475), Chaoyang Technology (002981), Longyang Electronics (301389), and Huaqin Technology (603296) hitting the daily limit up [1] - Other companies like Lens Technology (300433), Anker Innovation (300866), and Fuliwang have seen their stock prices increase by over 10% [1] - There is a notable influx of dark pool capital into these stocks, indicating strong investor interest [1]

投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 ☑其他 线上会议等 参与单位名称 共计 262 家机构 396 人次，详见附件清单 时间 2025 年 4 月 7 日 地点 公司会议室、电话及网络会议 上市公司接待 人员姓名 证券部总监、证券事务代表：曾旖 投资者关系 活动主要内 容介绍 环节：情况介绍、问答交流。 一、近期情况简介 当前，中美关税政策的动态变化引发广泛关注，实施细节 与执行力度仍处于动态博弈中。 作为一家专注于卓越产品和用户体验的智能硬件企业，公 司清晰认识到，在今天全球化时代下，全球领先消费电子品牌 绝大部分都是以中国、东南亚为主的供应链体系，今天大家面 对的是同样的考验。 公司当前已全面启动应对机制，积极迎接挑战、力争穿越 周期，致力将挑战转化为提升运营韧性、优化未来战略布局的 历史契机。 回望过去，再动荡的外部危机都不能阻碍一家公司迈向卓 越与伟大，2008 年的金融危机、2018 年的中美贸易战、2024 年的消费降级等，每个阶段都会有真正卓越的公司脱颖而出， 而安克创新也经历过其中的几次全球风波，不断进化，成长为 ...