简历显示，应帅先生:北大光华管理学院管理学硕士,具有基金从业资格。曾担任长城基金管理公司行业 研究员,2007年加入南方基金,2007年5月至2009年2月,任南方宝元基金经理;2007年5月至2012年11月,任南 方成份基金经理。2010年12月至2016年3月,任南方宝元基金经理。2012年11月起任南方稳健基金经理。 2012年11月起任南稳贰号基金经理。2016年3月起任南方转型驱动灵活配置混合型证券投资基金基金经 理。2017年8月起担任南方智造未来股票型证券投资基金基金经理。2020年9月起担任南方创业板2年定 期开放混合型证券投资基金基金经理。2020年12月起任南方产业升级混合型证券投资基金基金经理。 天眼查商业履历信息显示，南方基金管理股份有限公司成立于1998年3月，位于深圳市，是一家以从事 商务服务业为主的企业。注册资本36172万人民币，法定代表人为周易。 近期份额规模变动情况： 日期期间申购（亿份）期间赎回（亿份）期末总份额（亿份）期末净资产（亿元）净资产变动率2025- 06-300.000.010.020.02-24.80%2025-03-310.000.000.020.02- ...

烟台杰瑞石油服务集团股份有限公司（以下简称"公司"）于近日收到国信证券股份有 限公司（以下简称"国信证券"）出具的《国信证券股份有限公司关于指定烟台杰瑞石油服 务集团股份有限公司非公开发行股票持续督导保荐代表人的函》。 公司于 2022 年 7 月非公开发行 A 股股票并在深圳证券交易所主板上市，国信证券担任 公司非公开发行 A 股股票的保荐人，指定保荐代表人刘雅昕先生、栾小飞先生负责持续督导 工作。根据中国证监会《证券发行上市保荐业务管理办法》等相关规定，国信证券需履行公 司非公开发行 A 股股票上市后的持续督导工作，持续督导期至 2023 年 12 月 31 日。目前持 续督导期已届满，但由于公司募集资金尚有未尽事项，根据相关规定，保荐机构对此未尽事 项继续履行持续督导义务。 证券代码：002353 证券简称：杰瑞股份 公告编号：2025-057 烟台杰瑞石油服务集团股份有限公司 关于变更持续督导保荐代表人的公告 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。 因原指定的保荐代表人栾小飞先生工作变动，为保证持续督导工作的有序进行，国信证 券决定由保荐代表人 ...

本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、基于对公司价值的认可和对公司未来持续稳定发展的信心，为提升投资者信心，支 持公司持续、健康、稳定发展，稳定及提升公司价值，烟台杰瑞石油服务集团股份有限公司 （以下简称"公司"）控股股东、董事孙伟杰先生、王坤晓先生、刘贞峰先生（三人为一致 行动人）计划自 2025 年 4 月 9 日起 6 个月内，使用自筹资金通过深圳证券交易所交易系统 以集中竞价方式增持公司股票，增持金额合计不低于 5,000 万元（人民币，下同）且不超过 7,000 万元。具体情况详见公司披露于巨潮资讯网的 2025-007 号《关于控股股东增持股份 计划的公告》（以下简称"增持计划公告"）。 烟台杰瑞石油服务集团股份有限公司 关于控股股东增持股份计划实施完毕暨增持结果的公告 公司控股股东保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 2、截至本公告披露日，上述增持主体通过深圳证券交易所交易系统以集中竞价方式累 计增持公司股票合计 1,645,900 股，成交金额合计 6,000.32 万元（不含交易费用），本次 增持股份 ...

Core Viewpoint - The latest holdings of Zhu Shaoxing's fund, FuGuo TianHui Selected Growth Mixed Fund, show significant changes in stock positions and reflect the current market conditions and investment strategies [1][2][3][4]. Group 1: Fund Performance and Holdings - As of the end of Q2 2025, Zhu Shaoxing's stock position is at 94.05%, with the top ten holdings accounting for 34.98% of the fund's net value [2]. - The top ten holdings include Guizhou Moutai, Ningbo Bank, Spring Power, Midea Group, Ruifeng New Materials, CATL, Jerry Holdings, Binjiang Group, Guangdong Hongda, and Blue Sky Technology [2]. - New entries in the top ten holdings for Q2 include Jerry Holdings, Guangdong Hongda, and Blue Sky Technology, while positions in Ningbo Bank, Spring Power, Midea Group, CATL, and Binjiang Group were reduced [2]. Group 2: Market Analysis - In Q2, the CSI 300 Index rose by 1.25%, and the ChiNext Index increased by 2.34%, following a period of significant market volatility due to escalating trade tensions [3]. - The market experienced a recovery after a sharp decline caused by trade conflicts, with expectations of a negotiated resolution to the trade issues [3]. - The current A-share market is viewed as attractive in terms of long-term valuation, with equity assets positioned well in terms of risk-reward [4]. Group 3: Investment Strategy - The fund aims to focus on high-quality stocks with strong corporate governance and management, believing these companies are more likely to create value for investors in the future [4]. - The investment strategy emphasizes patience in collecting shares of companies with significant growth potential, rather than attempting to predict short-term market trends [4]. - The fund's performance is linked to sharing the capital market gains derived from the growth of the underlying companies [4].

Core Viewpoint - The AI Fund ICBC New Materials New Energy Stock (001158) reported a profit of 14.49 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0152 yuan, and a net asset value growth rate of 1.35% during the reporting period [3]. Fund Performance - As of July 18, the fund's unit net value was 1.301 yuan, with a fund size of 1.186 billion yuan [3][14]. - The fund's performance over various time frames includes a 9.79% growth rate over the last three months, 3.17% over the last six months, 4.92% over the last year, and a -22.24% decline over the last three years [4]. - The fund's Sharpe ratio over the last three years is -0.1904, ranking 51 out of 60 comparable funds [8]. - The maximum drawdown over the last three years is 34.85%, with the largest single-quarter drawdown occurring in Q1 2021 at 25.09% [10]. Investment Strategy - The fund has maintained an average stock position of 87.02% over the last three years, compared to a peer average of 88.8% [13]. - The fund's top ten holdings as of Q2 2025 include Zijin Mining, CATL, Guodian NARI, New Hope Liuhe, New Chemical Materials, Jerry Holdings, Oriental Cable, China Petroleum, New Harmony, and Huatong Cable, indicating a high concentration in specific stocks [18]. Economic Context - The fund management noted that the domestic economy remains resilient and relatively stable, although the chemical industry is still sluggish due to overcapacity affecting the pricing of black commodities [3].

Summary of Jerry Holdings Conference Call Company Overview - **Company**: Jerry Holdings - **Industry**: Oil and Gas Equipment and Engineering Key Points Project Acquisition - Jerry Holdings secured a natural gas booster EPC project in Algeria worth 6.1 billion RMB, expected to sign a formal contract in August 2025 with a 36-month execution period [2][3][4] - The project consists of 75% design and procurement and 25% construction, with over 70% of core equipment produced in-house [2][3] Financial Projections - Expected gross margin over 20% and net margin over 10% from the Algeria project, contributing over 6 billion RMB in revenue and several hundred million RMB in profit over the next three years [2][4] - Projected net profits for 2025, 2026, and 2027 are 3 billion, 3.4 billion, and 4 billion RMB respectively, with year-on-year growth rates of 15%, 13%, and 17% [3][6] International Business Growth - International revenue is projected to account for 45% of total revenue by 2024, with overseas orders growing at a compound annual growth rate (CAGR) of approximately 50% [2][5][9] - The company has established a strong presence in the Middle East, North America, Central Asia, and North Africa, with the fastest growth in the Middle East and Central Asia [2][5][9] Natural Gas Sector Expansion - Natural gas-related business is rapidly growing, expected to make up about 40% of overseas orders in 2024, with an average annual growth rate exceeding 80% in recent years [2][10] - The company has built a natural gas industrial park to triple production capacity, supporting future equipment production [5][10] Market Positioning - Jerry Holdings has a significant market share in specific products, such as completion equipment in Kuwait, where it reaches 60%-70% [2][11] - The company is strategically addressing tariff risks in North America through local production and capacity layout [3][12] Future Growth Potential - The company’s performance is expected to remain strong against a backdrop of high oil prices, with ongoing expansion in North Africa, the Middle East, and other regions [7][17] - The North American market, while currently only 10% of total revenue, is seen as strategically important, particularly for electric fracturing equipment [12][16] Competitive Advantages - Jerry Holdings' execution capabilities have been recognized through the Algeria project win, enhancing its position in the North African and Middle Eastern integrated oil and gas field development market [8][17] - The Dubai factory, set to be operational by the end of the year, will enhance global competitiveness and address potential tariff issues [13][17] Revenue Streams - The power generation business, while currently small, is expected to grow significantly, with projected revenues reaching 10 billion RMB in the next three to five years [15][16] - The aftermarket for fracturing equipment is anticipated to become a significant growth area starting in 2025 [15][16] Valuation and Investment Opportunity - The company is currently undervalued with a PE ratio of approximately 12-13 times, indicating strong investment potential given the expected growth rates [6][17][18]

Core Viewpoint - The development of deep-sea technology is becoming a focal point of global technological competition, driven by advancements in marine exploration and the need for resource security and sustainable development [1][3][10]. Group 1: Policy and Strategic Initiatives - The Central Financial Committee emphasized enhancing independent innovation capabilities in marine technology and fostering leading enterprises in this sector [1]. - The 2025 Government Work Report highlighted the importance of promoting the safe and healthy development of emerging industries, including deep-sea technology [3]. - Coastal provinces are implementing targeted measures to align with national strategies, creating a supportive policy matrix for deep-sea technology development [3]. Group 2: Market Dynamics and Investment - A surge of interest from enterprises in deep-sea technology is evident, with many companies accelerating their investments in this trillion-yuan market [2]. - As of now, 42 companies related to deep-sea technology have been listed, raising a total of 51.573 billion yuan through initial public offerings [4]. - Capital markets are optimizing resource allocation and financing mechanisms to support the industrialization of deep-sea technology [4][5]. Group 3: Technological Advancements and Innovations - Companies are achieving breakthroughs in core technologies such as deep-sea equipment manufacturing and underwater communication [7]. - The successful launch of the "Deep Sea No. 1" gas field marks a significant step in the large-scale development of deep-sea oil and gas resources [7][8]. - Innovations in deep-sea technology are also driving advancements in satellite internet mapping and quantum encryption systems [9]. Group 4: Challenges and Future Outlook - The deep-sea technology sector faces challenges such as high-pressure environments, material science requirements, and a shortage of cross-disciplinary talent [11][12]. - Companies are actively working to overcome these challenges by optimizing talent training mechanisms and enhancing their research and development capabilities [12]. - The deep-sea technology industry is projected to become a core engine for driving growth in China's marine economy, with expectations of surpassing 13 trillion yuan by 2025 [10][13].

Investment Rating - The report maintains an "Overweight" rating for the machinery industry, indicating a positive outlook compared to the overall market performance [4]. Core Insights - The machinery industry is expected to see a moderate recovery in demand in the second half of 2025, driven by equipment upgrades and technological empowerment [4]. - Key companies in the machinery sector are projected to experience varied growth rates in Q2 2025, with notable performances from companies like SANY Heavy Industry (25% growth) and PCB manufacturer Ding Tai Gao Ke (66% growth) [4][5]. - The report highlights three main trends in the robotics sector: the advancement of humanoid robots, the entry of global giants into the robotics field, and the practical application of various robot forms in specific scenarios [4]. - In the rail transit equipment sector, significant investment is expected to continue, with a projected fixed asset investment nearing 900 billion yuan for the year, supported by strong passenger demand [4]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and a favorable environment for new machine sales [4]. - The laser segment is experiencing rapid growth, particularly in general laser applications, driven by technological advancements and increased overseas exports [4]. Summary by Sections Robotics and Components - The humanoid robot industry is progressing towards commercialization, with significant contributions expected from companies like Greentech Harmonic and Wolong Electric Drive [4]. Rail Transit Equipment - In the first half of 2025, China's railway fixed asset investment reached 355.9 billion yuan, a year-on-year increase of 5.5%, with expectations for continued high growth [4]. Engineering Machinery - The engineering machinery sector has seen improved profitability and is positioned for a new sales cycle as construction activity resumes [4]. Laser Technology - General laser demand is rapidly increasing due to high-power technology iterations and new applications in consumer electronics and photovoltaics [4].

Macro Strategy - The impact of real estate on China's economy has significantly weakened, with a projected GDP contribution from the real estate sector of approximately 13 trillion yuan in 2024, accounting for 9.6% of total GDP, down from 16.9% in 2016 [8][9] - Despite negative growth in real estate investment and sales, there is an expectation of stabilization in the market, driven by policies such as special bonds for purchasing existing properties [8][9] Fixed Income - The expected listing price range for the China General Nuclear Power Corporation's convertible bond is between 126.83 and 140.94 yuan, with a subscription rate of 0.0140% [10][11] - The bond has a total issuance scale of 4.9 billion yuan, with a credit rating of AAA and a yield to maturity of 1.66% [10][11] Industry Analysis Jerry Holdings - Jerry Holdings has secured a contract for a natural gas booster station project in Algeria worth approximately 8.5 billion USD, enhancing its presence in the North African oil and gas market [12][14] - The company maintains a profit forecast of 3.03 billion yuan for 2025, with a price-to-earnings ratio of 12, 10, and 9 for 2025-2027 [12][14] Ascentage Pharma - Ascentage Pharma's APG-2575 has received conditional approval in China, marking it as the first domestic Bcl-2 inhibitor, with revenue forecasts of 519 million, 3.215 billion, and 2.095 billion yuan for 2025-2027 [15][16] - The drug is expected to provide a new treatment option for patients with chronic lymphocytic leukemia/small lymphocytic lymphoma [15][16] Chongqing Department Store - The company reported a 9% year-on-year increase in net profit for H1 2025, despite a 10.45% decline in revenue, primarily due to a shift towards new energy vehicles [5][16] - The profit forecast for 2025-2027 is maintained at 1.41 billion, 1.50 billion, and 1.58 billion yuan, with a price-to-earnings ratio of 9, 8, and 8 [5][16] Huace Testing - Huace Testing anticipates a year-on-year net profit growth of 8% to 10% for Q2 2025, driven by traditional business innovations and expansion into new markets [17][18] - The profit forecast for 2025-2027 is set at 1.06 billion, 1.17 billion, and 1.31 billion yuan, with a price-to-earnings ratio of 20, 18, and 16 [17][18] Changjiang Power - The company aims to achieve a power generation target of 300 billion kilowatt-hours in 2025, with profit forecasts of 35.028 billion, 36.715 billion, and 37.087 billion yuan for 2025-2027 [19][20] - The current price-to-earnings ratio is 20.9, 19.9, and 19.7, with a projected dividend yield of 3.35% [19][20]

Group 1: Robotics Industry in Shandong - Shandong plans to exceed 50 billion yuan in robot manufacturing industry scale by 2027, aiming to cultivate over three leading enterprises with output exceeding 2 billion yuan each [2] - The "Action Plan" includes 18 measures covering technology innovation, industry cultivation, financial support, standard construction, talent support, and application promotion [2] - The plan aims to enhance technological innovation capabilities and development quality in the robotics sector, establishing Shandong as a national growth pole for robot R&D and manufacturing [2] Group 2: Low-altitude Economy in Shandong - Shandong ranks third in the nation with over 1,400 operational drone enterprises, showcasing a strong development momentum in the low-altitude economy [3] - The low-altitude industry in Shandong is characterized by integrated manufacturing and service development, with over 400 companies involved in the R&D and manufacturing of general aircraft and drones [3][4] - The province aims to strengthen the low-altitude industry's ecosystem by enhancing product innovation, deepening application promotion, and building a comprehensive industrial ecosystem [4] Group 3: Ecological Compensation in the Yellow River Basin - Shandong received 62.07 million yuan in ecological compensation from Henan for the Yellow River basin, contributing to the improvement of water quality in the region [5] - Since the establishment of the compensation mechanism in 2021, Shandong has received a total of 250 million yuan, promoting collaborative ecological protection efforts between the two provinces [5] Group 4: Employment Measures in Jinan - Jinan has introduced 20 specific measures to promote high-quality and sufficient employment, focusing on economic development, skill enhancement, and support for key groups [6] - The city has maintained an annual urban employment increase of over 170,000 in recent years, positioning itself as a significant employment hub [6] Group 5: Talent Development in Qingdao - Qingdao has implemented 20 measures to optimize the talent development ecosystem, focusing on identifying, supporting, and empowering talent [7] - The measures include financial support for young talents and specialized professionals, aiming to create a nurturing environment for talent growth [7] Group 6: Jerry's Gas Project in Algeria - Jerry Oilfield Services Group announced a project award worth approximately 6.126 billion yuan for the Rhourde Nouss gas boosting station in Algeria [8] - This project marks an expansion of Jerry's oil and gas engineering services in North Africa, aligning with the company's strategic focus on the Middle East and North Africa [8]