Market Overview - The specialized equipment sector experienced a decline of 0.24% on the previous trading day, with Zhongya Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Stock Performance - Notable gainers in the specialized equipment sector included: - Dapeng Industrial (Code: 920091) with a closing price of 88.60, up 14.35% and a trading volume of 71,000 shares, totaling 604 million yuan [1] - Moke Co., Ltd. (Code: 002691) closed at 9.85, up 10.06% with a trading volume of 339,300 shares, totaling 333 million yuan [1] - Tianqi Co., Ltd. (Code: 002009) closed at 21.30, up 10.02% with a trading volume of 1,543,900 shares, totaling 3241 million yuan [1] - Other significant gainers included: - Jinggong Technology (Code: 002006) up 6.88% [1] - Yuejian Intelligent (Code: 603095) up 6.77% [1] - Greebo (Code: 301260) up 6.19% [1] Capital Flow - The specialized equipment sector saw a net outflow of 1.635 billion yuan from institutional investors, while retail investors contributed a net inflow of 1.865 billion yuan [2] - The capital flow for specific stocks showed: - Jerry Co., Ltd. (Code: 002353) had a net inflow of 80.71 million yuan from institutional investors [3] - Dapeng Industrial (Code: 920091) had a net inflow of 19.46 million yuan from institutional investors [3] - Greebo (Code: 301260) had a net inflow of 18.26 million yuan from institutional investors [3]

Group 1: Recent IPOs - Innovative biopharmaceutical company Huazhang Bio officially listed on the Hong Kong Stock Exchange, raising approximately HKD 674 million with a market capitalization of HKD 2.586 billion [1] - Private profit-oriented general hospital group Mingji Hospital successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 626 million with a market capitalization of HKD 1.472 billion [2] - State-owned cultural tourism service enterprise Impression Dahongpao successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 130 million with a market capitalization of HKD 291 million [3] - Biotech company Hansai Aitai successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 586 million with a market capitalization of HKD 2.369 billion [4] - Artificial intelligence company Nobikan successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 303 million with a market capitalization of HKD 14.988 billion [5] - Comprehensive health service and health insurance solution provider Qingsong Health Group officially listed on the Hong Kong Stock Exchange, raising approximately HKD 1.3 billion with a market capitalization of HKD 2.91 billion [6] - Financial service provider Nanhua Futures officially listed on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion with a market capitalization of HKD 14.1 billion [7] Group 2: Upcoming IPOs - GPGPU intelligent computing solution provider Biran Technology is set to launch an IPO from December 22 to December 29, aiming to raise approximately HKD 4.855 billion [8] - AI company Zhihua Huazhang passed the listing hearing on the Hong Kong Stock Exchange, focusing on advanced general models and aiming for rapid revenue growth [8] - General GPU chip design company Tianshu Zhixin passed the listing hearing on the Hong Kong Stock Exchange, being the first in China to achieve mass production of inference and training general GPU chips [9] - Biopharmaceutical company Ruibo Bio passed the listing hearing on the Hong Kong Stock Exchange, focusing on siRNA therapy with a strong pipeline of clinical candidates [10] - Copper cathode manufacturer Jinxun Co. passed the listing hearing on the Hong Kong Stock Exchange, ranking fifth among Chinese copper producers [11][12] - Surgical robot company Jingfeng Medical passed the listing hearing on the Hong Kong Stock Exchange, developing various surgical robots for minimally invasive procedures [13] - AI large model company MiniMax passed the listing hearing on the Hong Kong Stock Exchange, providing AI solutions to over 200 million users globally [14] - Insurtech company Baige Online passed the listing hearing on the Hong Kong Stock Exchange, ranking fifth in China's scene-based internet insurance intermediaries [15] - Cold chain service provider Hongxing Cold Chain passed the listing hearing on the Hong Kong Stock Exchange, focusing on the cold food supply chain [16] Group 3: Companies Filing for IPO - Copper industrial component manufacturer Ao Jie Co. filed for an IPO on NASDAQ, aiming to raise up to USD 30 million [17] - Student accommodation provider Student Life filed for an IPO on NASDAQ, aiming to raise up to USD 29 million [18] - Comprehensive biopharmaceutical company Zai Lab filed for an IPO on the Hong Kong Stock Exchange, focusing on innovative therapies [19] - Decorative gardening product manufacturer Global Gardening filed for an IPO on the Hong Kong Stock Exchange, primarily supplying to North American retailers [20] - Satellite time-space digital solution provider Futong Technology filed for an IPO on the Hong Kong Stock Exchange, providing satellite communication solutions [21] - Smart vehicle diagnostic and charging solution provider Daotong Technology filed for an IPO on the Hong Kong Stock Exchange, focusing on AI-driven solutions [22] - Integrated micro-drive system solution provider Zhaowei Electromechanical filed for a second IPO on the Hong Kong Stock Exchange [23] - Precision medicine company GenePlus filed for an IPO on the Hong Kong Stock Exchange, focusing on AI in biomarker discovery [24] - National chain pet medical institution Ruipai Pet Hospital filed for an IPO on the Hong Kong Stock Exchange, aiming to establish a standardized pet health management system [25] - Smart agriculture solution provider Weichai Levo filed for a second IPO on the Hong Kong Stock Exchange [26] - High-speed mixed-signal chip design company Longxun Semiconductor filed for an IPO on the Hong Kong Stock Exchange, focusing on data transmission solutions [28] - Industrial AI agent provider Haizhi Technology filed for a second IPO on the Hong Kong Stock Exchange [29] - Gene therapy company Frontera Therapeutics filed for an IPO on the Hong Kong Stock Exchange, focusing on innovative gene therapy solutions [30] - Circular packaging service provider Youlesai filed for a third IPO on the Hong Kong Stock Exchange [31] - Innovative pharmaceutical technology company Xinji Pharmaceutical filed for an IPO on the Hong Kong Stock Exchange, focusing on advanced drug delivery systems [32] - Commercial display equipment company Shiyuan Electronics filed for a second IPO on the Hong Kong Stock Exchange [33] - Millimeter-wave radar supplier Chengtai Technology filed for a second IPO on the Hong Kong Stock Exchange [35] - Financial technology service provider Sifang Jingchuang filed for an IPO on the Hong Kong Stock Exchange [36] - Exhibition service provider Miaowei Exhibition filed for an IPO on the Hong Kong Stock Exchange, ranking first in overseas exhibition institutions [37] - Financial technology solution provider Yuxin Technology filed for a second IPO on the Hong Kong Stock Exchange [38] Group 4: Companies Approved for Overseas Issuance - Seven companies, including Dazhu CNC and Liuliu Guoyuan, received approval for overseas issuance and domestic unlisted shares "full circulation" applications [39]

PCB Industry Research Summary Industry Overview - The PCB industry outlook for 2026 is optimistic, with AI computing power remaining the main theme. The market size is expected to grow from $84.5 billion in 2025 to between $94 billion and $98 billion in 2026 [1][3] - AI-related PCB demand is projected to significantly increase, particularly in high-end HDI and multilayer boards, driven by the needs of companies like NVIDIA, Huawei, and Ascend [1][5] Key Trends and Developments - The CCL segment shows promising growth prospects, with a shortage of high-speed materials leading to significant ASP (Average Selling Price) increases. Leading domestic companies like Shennan Circuits are integrating into NVIDIA's supply chain, which is expected to drive volume growth in the coming years [1][7] - The PCB equipment sector, particularly drilling machines (including back drilling and laser drilling), is crucial. Domestic company Dazhong CNC is highlighted as a key player, with significant growth expected in high-end back drilling equipment [1][8] Financial Performance - In 2025, the PCB sector performed exceptionally well, achieving an average return of 150%, outperforming the overall electronic sector's return of approximately 40% [2] - Despite fluctuations in the PCB market throughout 2025, leading companies exceeded performance expectations, contributing to a substantial increase in the sector [11] Material and Equipment Insights - Upstream material prices are generally on an upward trend, with copper prices reaching historical highs and fiberglass prices continuing to rise, which is pushing up CCL and PCB product prices [4][15] - The demand for AI-related products is expected to account for 50-60% of total PCB demand by 2026, significantly impacting production capacity and operational rates [4][31] Investment Opportunities - Investment opportunities are emerging in various segments, including high-end HDI, multilayer boards, and the CCL sector, with companies like Dazhong CNC and Nanya showing potential [4][16] - Traditional consumer electronics PCB companies are also making strides in the AI computing sector, with companies like Pengding and Dongshan increasing capital expenditures and securing orders from major clients [27] Future Outlook - The PCB industry is expected to continue benefiting from the growth in AI-related demand, with the proportion of AI in total PCB demand projected to rise from nearly 30% in 2025 to higher levels in 2026 [12][31] - The industry is entering a prolonged capacity expansion cycle, with significant capital expenditures planned by multiple companies to meet growing market demands [14] Conclusion - The PCB industry is poised for significant growth driven by AI computing needs, technological advancements, and strategic investments in capacity expansion. The overall sentiment for 2026 remains positive, with various segments showing robust potential for returns [10][24]

Summary of AIDC Electrical Equipment Market Conference Call Industry Overview - The conference call focused on the AIDC (Artificial Intelligence Data Center) electrical equipment market, particularly in North America, highlighting the impact of energy shortages and the increasing demand for electrical equipment such as transformers and power supplies [1][2][3]. Key Points and Arguments 1. Energy Supply and Pricing - North American terminal electricity prices have risen by over 5% due to energy shortages, particularly in the PJM region, indicating a tight electricity supply that may worsen with AI development [1][2]. - The construction of data centers in the PJM region has significantly increased spot electricity prices, suggesting a growing demand for electrical equipment [2]. 2. Transformer Demand - There is a surge in demand for high-voltage transformers, with orders from companies like ABB, Siemens, and General Electric reaching 3-4 times their annual revenue, leading to long delivery cycles [1][3]. - Chinese companies, leveraging production capacity and cost advantages, are expected to expand exports to the U.S., with firms like Siyuan, Jinpan, and Igor already achieving exports [1][3]. 3. AIDC Power Supply Trends - The trend towards high-voltage direct current (HVDC) power supplies is expected to gain momentum, with significant applications anticipated in 2026, particularly with Meta's new product launches [1][4]. - Domestic companies such as Oulitong and New Energy are making marginal breakthroughs in power supply technology, indicating a competitive edge in customization speed [4]. 4. Growth in Gas Turbine Orders - Gas turbine orders have seen a significant increase, with a growth rate of approximately 50%-60% as of September 2025, and hydrogen turbine orders growing even faster [1][8]. - Major manufacturers like Baker Hughes, Ansaldo, and Kawasaki are experiencing increased demand, with light gas turbine production ramping up while heavy gas turbine delivery cycles remain long [8]. 5. PCB Industry Developments - The PCB (Printed Circuit Board) industry is witnessing an increase in the usage and value of drilling needles due to material upgrades, with leading manufacturers like Dingtai and Zhongtung exceeding 50% production capacity [2][15]. - The P4B technology is nearing maturity, leading to increased equipment performance requirements and a strong growth outlook for equipment demand and value [15]. 6. Competitive Landscape for Chinese Companies - Chinese companies are positioned to play a crucial role in the global AIDC electrical equipment market, particularly in traditional components like transformers and emerging technologies such as HVDC and SST products [5][6]. - The ability to respond quickly and provide customized services is expected to give Chinese firms a competitive advantage [5]. 7. Infrastructure and Modular Data Centers - The construction cycle for modular data centers is shortening due to AI infrastructure demands, with companies like Schneider and CIMC participating in total or partial contracting [1][14]. - Significant growth is anticipated in this sector by 2026, driven by increased penetration rates [14]. 8. Liquid Cooling Technology - Liquid cooling technology is expected to see substantial growth, supported by changes in demand and the introduction of new products into the overseas supply chain [11][13]. - Companies are actively preparing talent to support the development of this technology, indicating its importance in the AI industry [11]. Additional Important Insights - The overall sentiment for the AIDC electrical equipment market is optimistic, with expectations of price elasticity and valuation expansion across various sectors, including power, infrastructure, and PCB [16]. - Companies like Yingliu, Hangyu Technology, and Jereh are highlighted as having strong growth potential in the AI power sector due to solid customer relationships and strategic partnerships [9][10].

Group 1: Core Insights - The rapid development of AI infrastructure is driving demand for high-end PCB, with global PCB industry value expected to grow from $73.6 billion in 2024 to $96.4 billion by 2029, reflecting a CAGR of 5.6% [1] Group 2: PCB Equipment Market - The PCB equipment sector is entering a golden age due to AI, with significant growth expected across various equipment types: - The global drilling equipment market is projected to grow from $1.47 billion to $2.40 billion from 2024 to 2029, with a CAGR of 10.3% [2] - The global exposure equipment market is expected to increase from $1.20 billion to $1.94 billion, with a CAGR of 10.0% [2] - The global electroplating equipment market is anticipated to rise from $508 million to $811 million, with a CAGR of 9.8% [2] - Key trends include narrower line widths, increased layer counts, and higher precision requirements for AIPCB boards, which will demand more advanced PCB equipment [2] Group 3: PCB Drill Needles - The global PCB drill needle market is expected to grow from ¥4.5 billion in 2024 to ¥9.1 billion by 2029, with a CAGR of 15.0% [3] - Major players include Ding Tai High-Tech, Japan's Youneng, and Zhongtung High-Tech, with Ding Tai High-Tech holding the largest market share [3] - The trend towards high-layer and high-density applications in AI servers is driving the development of advanced drill needles, while the high operational demands from leading companies like NVIDIA may stimulate upgrades and production expansions in drill needles [3] Group 4: SMT Equipment Market - The global SMT market is projected to reach $5.595 billion by 2025, with surface mount technology (SMT) equipment such as placement machines and printing equipment being key components [4] - Although domestic companies are competitive in printing, welding, and inspection, the high-end placement machine market remains dominated by a few foreign manufacturers [4] - The trend towards miniaturization and lightweight electronic components due to AI advancements is raising performance and precision requirements for SMT equipment [4]

Investment Rating - The report maintains a "Strong Buy" rating for Ding Tai Gao Ke and Zhong Tu Gao Xin, and a "Buy" rating for Da Zu Suo Kong and Ying Nuo Ji Guo [4] Core Insights - The report highlights the strong demand for AI infrastructure driving a new expansion cycle in the PCB industry, with significant investments from global tech giants [15] - The PCB equipment sector is experiencing accelerated upgrades, presenting opportunities for domestic manufacturers due to rising precision and complexity requirements [10][11] - The report emphasizes the importance of core consumables like drilling needles, which are expected to see significant growth in both volume and price due to AI-driven demand [9] Industry Overview - The PCB industry is projected to grow from $73.57 billion in 2024 to $96.4 billion by 2029, with a CAGR of 5.6% [15][22] - The global PCB market is expected to see a revenue increase of 7.6% and a production increase of 7.8% in 2025, driven by AI infrastructure investments [15] - The demand for high-layer and HDI boards is expected to grow significantly, with 18-layer and above boards projected to see a 40.2% increase in market value in 2024 [18][22] Key Companies and Their Forecasts - Ding Tai Gao Ke is expected to achieve an EPS of 0.99 yuan in 2025, with a PE ratio of 141.99, maintaining a "Strong Buy" rating [4] - Zhong Tu Gao Xin is forecasted to have an EPS of 0.51 yuan in 2025, with a PE ratio of 57.05, also rated as "Strong Buy" [4] - Da Zu Suo Kong is projected to have an EPS of 1.77 yuan in 2025, with a PE ratio of 68.67, rated as "Buy" [4] - Ying Nuo Ji Guo is expected to achieve an EPS of 0.30 yuan in 2025, with a PE ratio of 152.09, rated as "Buy" [4] Market Trends - The report identifies a shift towards high-end PCB products driven by AI applications, with increasing requirements for precision and complexity in manufacturing processes [10][11] - The demand for PCB drilling equipment is expected to grow from $1.47 billion in 2024 to $2.40 billion by 2029, with a CAGR of 10.3% [35] - The exposure equipment market is projected to grow from $1.20 billion in 2024 to $1.94 billion by 2029, with a CAGR of 10% [43] Competitive Landscape - Domestic manufacturers are gaining market share in high-end PCB equipment, with companies like Da Zu Suo Kong and Xin Qi Wei Zhuang making significant strides against foreign competitors [11][42] - The report notes that the competitive landscape for drilling needles is favorable for domestic firms, with Ding Tai Gao Ke leading the global market share [9][18]

Core Viewpoint - The report from China Merchants Securities suggests that the PCB industry in 2026 will continue to present long-term investment opportunities in sectors such as computing power boards, CCL, upstream raw materials, equipment, AI edge applications, and domestic substitution. The current AI-driven technological innovation cycle is expected to last longer and generate broader market demand, with optimism from overseas CSP manufacturers regarding AI capital expenditure for 2026 [1] Group 1: Market Overview - The PCB sector experienced a steady upward trend driven by AI computing demand in early 2025, followed by fluctuations due to uncertainties in training-side computing power demand and geopolitical factors. The overall performance of the PCB sector showed significant growth, with a 149.9% increase year-to-date, outperforming the SW electronics sector by 101.2 percentage points and the CSI 300 index by 132.2 percentage points [1] - The PCB industry is currently in an expansion phase, with strong downstream AI computing demand. Despite expected weaknesses in mobile and automotive sectors in 2026, the demand for servers and switches remains robust due to AI infrastructure upgrades [2] Group 2: Supply and Demand Dynamics - The overall utilization rate of PCB manufacturers in the second half of 2025 was between 93-97%, with leading manufacturers maintaining optimistic order visibility for over three months. The industry is entering a new capacity expansion phase, focusing on high-end HDI, high multi-layer boards, and high-end substrates [2] - The demand for high-end HDI and high multi-layer boards is rapidly increasing, with a projected 25% year-on-year growth in AI capital expenditure, amounting to approximately $550 billion in 2026. The server PCB market is expected to grow at a CAGR of 18.7% from 2024 to 2029, reaching $25.7 billion [3] Group 3: Product and Price Trends - The prices of copper and gold are expected to remain high, with upward trends in copper foil processing fees and fiberglass cloth. The overall price outlook for the PCB/CCL industry remains bullish for 2026 [2] - The AI-driven demand for CCL is leading to significant upgrades in specifications, with the high-speed CCL market projected to reach approximately $8 billion in 2026, driven by a CAGR of 40% from 2024 to 2027 [6] Group 4: Upstream Materials and Equipment - The demand for high-end products in upstream materials is accelerating, with significant upgrades in electronic copper foil, resin, and fiberglass cloth. The supply of high-end materials is becoming increasingly tight [7] - Domestic equipment manufacturers are expected to benefit from the PCB expansion cycle and the accelerated domestic substitution of high-end equipment, particularly in drilling and laser drilling sectors [8]

Core Viewpoint - The article discusses the core processes and key equipment in high-end PCB manufacturing, highlighting the competitive landscape, market share, and recent performance of leading companies in drilling, plating, and blind hole formation processes. Group 1: Drilling Process - The drilling process includes mechanical and laser drilling, with key equipment such as mechanical drilling machines and CO₂/UV/ultrafast laser drilling machines. The domestic market share for mechanical drilling is approximately 70%, while laser drilling is rapidly increasing but still faces foreign competition [2]. - Leading domestic company Dazhu CNC (301200) holds a leading market share in mechanical drilling and has reported a revenue of 3.343 billion yuan in 2024, a 104.56% increase, and a net profit of 301 million yuan, a 122.20% increase [3]. - Mitsubishi Electric is a global benchmark for laser drilling machines, but faces challenges with long delivery times and high prices, leading to accelerated domestic substitution [4]. - Haoshi Electromechanical (300503) leads in high-speed air-floating spindles for PCB drilling, benefiting from high-end PCB expansion with increased shipment volume and price [5]. - Ding Tai Gao Ke (301377) holds the top global market share in PCB drill bits, with a projected 2024 share of approximately 26.8% [6]. - Chip Microelectronics (688630) is gaining traction with CO₂ laser drilling machines, targeting major clients and showing rapid growth in orders and shipments [7]. Group 2: Plating Process - Dongwei Technology (688700) is a domestic leader in vertical continuous plating (VCP) with over 50% market share, reporting a revenue of 757 million yuan in the first three quarters of 2025, a 30.58% increase [8]. - German company Amtech is a benchmark for high-end horizontal plating and IC substrate wet process equipment, but faces competition from domestic manufacturers like Dongwei in terms of cost and localization [9]. - Jingming (Taiwan) is an established player in VCP and plating lines, competing with Dongwei, which has superior uniformity and cost advantages [10]. Group 3: Blind Hole Formation Process - Dazhu CNC leads in routing/V-Cut forming machines, supporting pre-drilling and back drilling for blind holes, with high growth in orders and shipments expected in 2024-2025 [11][12]. - German company Berke-Faranna is a benchmark for high-end laminating machines used in blind hole lamination, but faces long delivery times and high prices, with domestic manufacturers catching up [13]. - Dongwei Technology supports blind hole filling with VCP and horizontal filling plating lines, achieving a filling fullness rate of over 98% [14].

Summary of Conference Call Records Industry Overview: PCB Industry Key Trends and Developments - The PCB industry is experiencing a clear trend of upgrading solutions, particularly in backplane technology, with significant developments expected by 2025 and 2026 [1][2] - The AI server backplane solution is anticipated to be finalized by February 2025, with small batch shipments starting in the second half of 2026 and large-scale shipments in 2027 [1][5] - The demand for HVLP copper foil is increasing, with domestic manufacturers like Defu Technology and Tongguan actively promoting domestic alternatives [1][10] Core Companies and Their Performance - **Philihua Quartz Electronic Fabric**: Transitioned from testing to small batch production, with prices rising to 250-280 RMB/meter. Expected to ship 10 million meters in 2026, contributing approximately 1 billion RMB to revenue [1][6][7] - **Feilohua**: Projected main business profit of 4.5-5 billion RMB in 2025, with total profit in 2026 expected to reach 15 billion RMB, driven by the experimental electronics division [1][8][9] - **Defu Technology**: Acquired high-end IT copper foil from Luxembourg, with production capacity expected to increase significantly [1][11] - **Tongguan**: Transitioning some lithium battery copper foil production to PCB foil, with a stable supply to major clients [1][11] Technical Challenges and Controversies - The technical challenges for the right-angle backplane include high layer counts, alignment and drilling difficulties, and the need for high-temperature copper paste sintering technology [3][4] - Current controversies focus on the electrical signal transmission efficiency, which is deemed satisfactory but not ideal [4] Market Dynamics and Future Outlook - The PCB industry is expected to maintain high prices and profit margins until 2027 due to a tight supply-demand balance and extended lead times for high-end laser drilling equipment [5] - The resin market is benefiting from server upgrades, with high-end resin formulations leading to simultaneous increases in volume and price [1][15] - The AI electronic fabric market is projected to see significant growth, with demand expected to rise from 1 billion meters in 2025 to over 3 billion meters in subsequent years [1][19][20] Competitive Landscape - The resin supply market is currently dominated by international players, but domestic companies like Taiguang are gaining significant market share [1][16][17] - The PCB drill bit market is led by companies such as Dingtai and Zhongtung, with expectations of increased demand due to material upgrades and structural changes in PCB boards [1][22][24] Conclusion - The PCB industry is poised for substantial growth driven by technological advancements and increasing demand for high-performance materials. Key players are strategically positioned to capitalize on these trends, with significant profit potential anticipated in the coming years [1][9][10]

Group 1 - The core point of the news is that Dazhu CNC has seen a stock price increase of 11.83% over the last three days, with the current price at 124.31 yuan per share and a market capitalization of 528.95 billion yuan [1] - Dazhu CNC specializes in the research, production, and sales of PCB (Printed Circuit Board) equipment, with its main revenue sources being drilling equipment (71.02%), testing equipment (8.78%), and other categories [1] - The company was founded on April 22, 2002, and went public on February 28, 2022 [1] Group 2 - Zhejiang Securities Asset Management has a fund that heavily invests in Dazhu CNC, specifically the fund "Zhejiang Huijin Transformation Growth" (000935), which holds 18,200 shares, accounting for 3.43% of the fund's net value [2] - The fund has generated a floating profit of approximately 23,930 yuan during the three-day stock price increase [2] - The fund has a total scale of 51.79 million yuan and has achieved a year-to-date return of 46.17% [2] Group 3 - The fund manager of "Zhejiang Huijin Transformation Growth" is Ma Binbo, who has been in the position for 8 years [3] - Under Ma Binbo's management, the fund has achieved a best return of 79.2% and a worst return of -43.63% [3]