Group 1 - The company, Jingda Co., Ltd. (stock code: 600577), has established long-term partnerships with several notable firms including Amphenol, TE Connectivity, Lattice Semiconductor, Luxshare Precision (stock code: 002475), Anlan Wanjin, Baitong, Molex, and Huichuan [1] - Detailed information regarding these partnerships can be found in the company's regular reports [1]

Core Viewpoint - The article discusses the IPO application of Kunshan Hongshida Intelligent Technology Co., Ltd., highlighting its reliance on the Apple supply chain for revenue and the associated risks [1][6]. Group 1: Company Overview - Hongshida specializes in the research, production, and sales of intelligent automation equipment and flexible production lines, targeting sectors such as consumer electronics, new energy, and semiconductors [3]. - The company reported revenues of 397 million yuan, 476 million yuan, and 649 million yuan for the years 2022, 2023, and 2024, respectively, with net profits of 29.69 million yuan, 38.53 million yuan, and 53.49 million yuan, indicating a consistent growth trend [3]. Group 2: Customer Dependency - The company has a high customer concentration, with sales to its top five customers accounting for 70.35%, 50.26%, and 62.67% of total revenue in 2022, 2023, and 2024, respectively [5]. - A significant portion of the company's revenue comes from the Apple supply chain, with income from this sector representing 77.34%, 62.37%, and 76.64% of its main business revenue during the same periods [7]. Group 3: Major Clients and Shareholding - Among its major clients, Pengding Holdings not only ranks as a top customer but also holds a 2.11% stake in Hongshida, raising questions about potential conflicts of interest [9]. - Sales to Pengding Holdings increased significantly after its investment, with revenues of 16.19 million yuan, 38.03 million yuan, and 101.03 million yuan reported for the years 2022, 2023, and 2024, respectively [10]. Group 4: Fundraising and Financial Strategy - The company plans to raise 216.95 million yuan, allocating funds for expanding manufacturing capacity, building a research center, repaying bank loans, and supplementing working capital [13]. - Nearly half of the raised funds will be used for repaying bank loans and enhancing liquidity, despite the company having 1.12 billion yuan in cash at the end of the reporting periods [14].

本报告导读： 2025 年 Q4 新股首日涨幅达 176%，并且未盈利新股对 A1 类账户贡献明显，打新基 金中位数 Q4 收益 0.45%，重仓行业为电子、有色金属和电力设备。 投资要点： | [Table_Authors] | 王政之(分析师) | | --- | --- | | | 021-38674944 | | | wangzhengzhi@gtht.com | | 登记编号 | S0880517060002 | | | 施怡昀(分析师) | | | 021-38032690 | | | shiyiyun@gtht.com | | 登记编号 | S0880522060002 | | | 王思琪(分析师) | | | 021-38038671 | | | wangsiqi3@gtht.com | | 登记编号 | S0880524080007 | 新股研究 /[Table_Date] 2026.01.29 未盈利新股显著增厚打新收益 ——2025Q4 打新基金持仓和收益分析 [Table_Report] 相关报告 新股精要—国内汽车制造机器视觉设备龙头易思 维 2026.01.27 北证日均成交金额有 ...

Core Viewpoint - The article highlights the investment strategy of Hu Zhongyuan, focusing on AI applications and robotics, while maintaining a cautious approach with a reduced equity position in his funds [1][4]. Fund Performance - Hu Zhongyuan manages a total of 33.2 billion yuan across five funds, achieving an annualized return of 26% over 6.8 years [6]. - The flagship fund, Huashang Runfeng Flexible Allocation Mixed A, has shown a remarkable return of 85.02% in 2025, significantly outperforming its benchmark and the CSI 300 index [11][12]. - The fund's net value has consistently increased, with a 4.28% growth in the current year [11]. Investment Strategy - The fund maintained an equity position below 45% during market downturns in 2022 and 2023, effectively controlling drawdowns [13]. - Starting in Q1 2024, Hu Zhongyuan increased the equity position to over 90%, but has since reduced it to around 50% in Q3 2025, indicating a strategic shift in response to market conditions [15]. - The top ten holdings have become more diversified, with the concentration of the top ten stocks decreasing from 45% to 23% [15]. Sector Focus - The fund is now focusing on AI application hardware and robotics, with investments spread across sectors such as electronics, communications, media, machinery, home appliances, automotive, electric power equipment, and medical devices [17]. - Recent adjustments include new positions in key consumer electronics companies, indicating a shift from upstream technology to downstream applications [17]. Key Holdings - The top ten holdings in Q4 2025 include new entries like Crystal Optoelectronics, GoerTek, and Luxshare Precision, reflecting a strategic pivot towards consumer electronics [17][19]. - The fund has also increased its stakes in companies involved in the robotics sector, such as Sanhua Intelligent Control and Top Group, while introducing new positions in Jiangsu Leili [19].

Core Viewpoint - Haichang Intelligent is preparing for its IPO on the Beijing Stock Exchange amid challenges such as declining profit margins and heavy reliance on major clients like BYD and Luxshare Precision, raising concerns about its business model and governance [2][3][19]. Group 1: Company Overview - Haichang Intelligent, formerly a part of Tianhai Electric, specializes in manufacturing high-performance automotive wiring harness equipment, with significant revenue contributions from fully automatic crimping machines and testing equipment [5][8]. - The company has a workforce of over 700, but its asset structure reveals a low level of fixed assets, indicating a labor-intensive operation rather than a high-end equipment manufacturer [2][10]. Group 2: Financial Performance - Revenue growth from 2022 to 2025 shows an increase from 5.2 billion to 8 billion yuan, but net profit growth has been under pressure, with net profits declining from 1.08 billion to 0.61 billion yuan during the same period [8][19]. - The gross margin has decreased from 37.74% in 2022 to 33.5% in 2025, attributed to increased market competition and higher costs associated with customized orders [8][19]. Group 3: Client Dependency and Market Position - Haichang Intelligent's major clients include Tianhai Electronics, BYD, and Luxshare Precision, with the top five clients accounting for over 54% of total sales, indicating a high concentration risk [9][10]. - The company has defined BYD and Jietai Technology as "strategic low-price clients," which suggests a reliance on low pricing to secure sales, impacting profit margins [8][19]. Group 4: IPO and Expansion Plans - The company plans to raise 4.52 billion yuan through its IPO to expand production capacity by 60%, despite concerns about the ability to absorb this new capacity in a slowing market for electric vehicles [2][14]. - The planned expansion includes investments in intelligent equipment and a research center, with expectations of generating an additional 4.8 billion yuan in revenue post-expansion [12][13]. Group 5: Regulatory Scrutiny and Governance Concerns - The company faces heightened scrutiny from regulators due to its ties with Tianhai Electronics, which is both a major customer and a significant accounts receivable source, raising questions about revenue recognition and governance transparency [18][19]. - Recent incidents involving sensitive financial transactions between Haichang Intelligent and its parent company have amplified concerns regarding internal controls and the quality of reported profits [18][19].

Core Viewpoint - In 2025, several foreign public funds achieved significant excess returns, with clear positioning in technology growth and resource sectors, reflecting strong stock selection and allocation capabilities [1][3]. Group 1: Performance of Foreign Public Funds - Multiple foreign public funds recorded impressive gains in 2025, with standout performances from products like BlackRock Advanced Manufacturing A, which rose 63.34%, and Robeco Resource Select A, which surged 97.28%, indicating strong grasp of structural market trends [3]. - The overall portfolio structure of these funds remains centered on manufacturing, while maintaining high attention to technology growth and resource opportunities [3]. Group 2: Specific Holdings and Strategies - BlackRock Advanced Manufacturing A focused heavily on manufacturing, with key technology stock positions in Q4 including Zhongji Xuchuang and Lixun Precision, leaning towards high-end manufacturing [3]. - Fidelity Low Carbon Growth A also prioritized manufacturing, with significant holdings in companies like Xinyi Solar and Shanghai Fudan, balancing low-carbon transition and technology growth [3]. - Robeco Resource Select A displayed a more diversified portfolio, investing in materials and mining sectors, with major positions in Zijin Mining and China Aluminum, highlighting a clear focus on commodities and related industries [3][4]. Group 3: Market Outlook and Strategic Adjustments - Foreign institutions are optimistic about the medium to long-term opportunities in resource sectors while making structural adjustments in technology investments, believing in the ongoing value reassessment of Chinese stocks amid economic transformation [6]. - Robeco Resource Select's manager expressed confidence in the resource sector, anticipating further market expansion in 2026, which will provide more options for portfolio allocation [6]. - Schroders China Power's managers indicated a strategy shift from high-expectation technology sectors to undervalued non-bank financials and chemicals, reflecting a rebalancing of their investment approach [6]. Group 4: Focus on Technology and Future Expectations - The AI sector's profit expectations have been revised upward, but stock performance remains subdued, leading to a cautious approach towards further investments in AI hardware while increasing exposure to application sectors and related supply chains [7]. - Allianz China Select's manager highlighted a sustained high equity position, focusing on quality technology assets as key drivers of value reassessment in Chinese stocks, with expectations for continued excess returns in 2026 [7].

Core Viewpoint - HeBi HaiChang Intelligent Technology Co., Ltd. is a high-tech enterprise primarily engaged in the research, production, and sales of high-performance wiring harness equipment, with a focus on industries such as automotive, information communication, and photovoltaic energy storage. The company has submitted its IPO application to the Beijing Stock Exchange, which was accepted on June 24, 2025, and has completed two rounds of inquiry responses [1]. Financial Performance - In the first half of 2025, the company's main business revenue reached 432.46 million yuan, reflecting a year-on-year growth of 98.63%. The total revenue for 2024 was 797.64 million yuan, with a growth of 22.59% compared to 2023 [2][4]. - The company's net profit attributable to the parent company for 2024 was 114.76 million yuan, a decrease of 3.46% compared to 2023. The operating cash flow showed significant fluctuations, with a net cash flow of 99.25 million yuan in 2024 after being negative in 2023 [4][6]. - The company forecasts a revenue of 1.04954 billion yuan for 2025, representing a growth of 31.25% compared to 2024, and an expected net profit of 153.16 million yuan, up 33.46% [7]. Customer Base - Tianhai Electronics has been the company's largest customer, contributing 36.69%, 25.98%, 24.80%, and 23.69% of the company's revenue in the years 2022 to 2025 respectively. This customer is also an affiliate of the company [8][10]. Market Competition - The company's gross profit margin has been declining, with figures of 37.74%, 37.32%, 34.21%, and 33.50% from 2022 to the first half of 2025. The decline is attributed to increased domestic market competition and rising labor costs [12]. Sales Expenses - Sales expenses have been increasing significantly, with amounts of 10.73 million yuan, 15.72 million yuan, and 20.86 million yuan for the years 2022, 2023, and 2024 respectively. The growth rate of sales expenses has outpaced revenue growth, indicating rising operational costs [14]. Legal Matters - The company is currently involved in two patent infringement lawsuits initiated by Komax Holding AG, which may have limited financial impact even if the company loses the cases. The estimated potential liability is 10.83 million yuan, which is relatively small compared to the company's revenue [17]. IPO Fundraising - The company plans to raise 452 million yuan through its IPO, with 89 million yuan allocated for working capital and the remainder for projects related to intelligent equipment for wiring harness production and research and development center construction [18][19].

Group 1 - The interest of mutual funds in the Hong Kong market slightly decreased in Q4 of last year, with strong capital inflows into the metals and financial sectors [1] - By the end of 2025, the structure of stock holdings in equity and mixed mutual funds diversified, with the top 50 holdings' share of total stock investments dropping from 25.8% to 25.1% [1] - The proportion of Hong Kong stocks in mutual fund heavyweights decreased from a peak of 17.8% to 16.3% [1] Group 2 - Driven by global metal market trends, Chinese mutual funds significantly increased their investments in metal stocks in Q4, with a quarterly rise of 1.7 percentage points [2] - Fund managers showed optimism towards banks and diversified financials, with notable inflows into Industrial Bank and ICBC [2] - For Q1 2026, mutual funds are expected to have a higher risk tolerance post profit-taking, with AI and metals remaining key investment themes [2]

Market Overview - In Q4 2025, market volatility increased, with A-shares and Hong Kong stocks ending the year amidst fluctuations. The Shanghai Composite Index rose by 2.22%, while the CSI 300 Index fell by 0.23%, and the ChiNext Index decreased by 1.08%. The Hang Seng Index dropped by 4.56%, and the Hang Seng China Enterprises Index fell by 6.72% [1][18]. Sector Performance - Despite the overall market performance being lackluster, there was a stark contrast within sectors. The technology growth sectors, represented by AI computing power and semiconductors, performed exceptionally well, while industries such as real estate, pharmaceuticals, and computers faced pressure [1][19]. Fund Manager Strategies - Star fund managers like Fu Pengbo and Li Xiaoxing achieved significant excess returns in Q4 2025, with Fu's Ruiyuan Growth Value Fund and Li's Yinhua Small Cap Select both rising over 60% for the year, driven by heavy investments in AI computing power and semiconductors [2][19]. - Balanced allocation funds, such as Zhu Shaoxing's Fuguo Tianhui Select Growth A, showed stable performance with over 20% annual growth, benefiting from diversified holdings across finance, consumption, and manufacturing sectors [2][19]. Technology Sector Focus - Fu Pengbo's Ruiyuan Growth Value Fund increased its allocation to data center liquid cooling and related companies, with the top ten holdings now concentrated at 70.38%. The fund's top three holdings include Xinyi Solar, Shenghong Technology, and CATL [4][22]. - Li Xiaoxing's Yinhua Small Cap Select emphasized AI hardware innovation and application investment opportunities, with seven of its top ten holdings in the semiconductor industry, reflecting a shift towards advanced process breakthroughs and domestic chip investments [23][24]. Traditional Value Sector - Fund managers like Zhang Kun, Liu Yanhun, and Ge Lan continued to focus on traditional assets such as consumption and pharmaceuticals. Zhang's E-Fund Blue Chip Select maintained a stable stock position, emphasizing confidence in the long-term prospects of the Chinese consumer market [24][25]. - Ge Lan's China Europe Medical Health A faced net value pressure in Q4 2025, with all top ten holdings experiencing negative returns, despite previous positive performance [26][27]. Policy and Market Sentiment - Fund managers noted that "anti-involution" policies are becoming key variables affecting corporate fundamentals, with expectations for improved business environments and competition dynamics [31]. - Despite market rebounds and rising valuations, many managers believe that equity assets still hold significant allocation value, particularly in light of changes in traditional high-yield channels [32]. Importance of Stock Selection - The emphasis on stock selection has intensified, with fund managers highlighting the need for deep research and careful selection of companies with core advantages, especially in a concentrated market environment [33].

Core Viewpoint - In 2025, several actively managed equity products under foreign public funds achieved significant excess returns, with clear positioning in technology growth and resource sectors, reflecting strong stock selection and allocation capabilities [1][2]. Group 1: Performance Overview - Many foreign public fund products recorded impressive gains throughout 2025, with standout performances in their categories. For instance, BlackRock Advanced Manufacturing A rose by 63.34%, Fidelity Low Carbon Growth A increased by 44.27%, Schroders China Power A gained 47.94%, Allianz China Select A surged by 65.83%, and Robeco Resource Select A achieved a remarkable 97.28% increase, showcasing the strong grasp of foreign institutions in structural market conditions [3]. Group 2: Portfolio Structure - The portfolio structure of these foreign public funds remains centered on manufacturing, while maintaining a high focus on technology growth and resource opportunities. Specifically, BlackRock's holdings are heavily concentrated in manufacturing, with significant investments in technology stocks such as Zhongji Xuchuang, Cambrian, and Luxshare Precision in the fourth quarter [3][4]. - Fidelity Low Carbon Growth also prioritizes manufacturing, with key holdings including Xinyi Semiconductor, Information Development, and Shanghai Fudan, balancing low-carbon transformation and technology growth [3]. - Robeco Resource Select has a more diversified portfolio, including significant allocations to materials and mining sectors, with major investments in Zijin Mining, Chipbond Technology, and China Aluminum, indicating a clear focus on commodities and related industry chains [3]. Group 3: Investment Strategy - The latest quarterly reports from various foreign public funds indicate a dual approach in investment strategy: a sustained optimism towards cyclical resource sectors and a selective approach within the technology sector. The ongoing economic transformation, technological advancements, and supportive policies in China continue to underpin the value reassessment of Chinese stocks [5][6]. - Robeco Resource Select has optimized its portfolio structure by shifting towards cyclical sectors while reducing exposure to black metals and early-cycle segments, and increasing chemical sector allocations, while also maintaining and slightly increasing investments in upstream industries related to the current technology innovation cycle [6]. - Schroders China Power maintains a high equity position while rebalancing its structure, transitioning from previously favored technology sectors to undervalued non-bank financials and chemicals [6]. Group 4: Future Outlook - Looking ahead to 2026, there is a strong belief in the continued value reassessment of Chinese stocks, with high-quality technology assets expected to remain core to this process, potentially yielding significant excess returns [7].