来源：六里投资报 华商基金胡中原，是市场上少见的能涨抗跌的基金经理。 熊市不亏钱，牛市跑得快； 他也是我们近年一直大力推荐的TOP30基金经理人选，点此具体查看。 Choice数据显示，自胡中原2019年3月出任华商润丰基金经理以来，连续7年都实现正收益，即使在 2022，2023的熊市中也没亏钱； 截至今年2月10日，任职回报381.88%，年化收益高达25.57%。 另据中国银河证券统计，该基金近3年、近5年业绩均位列同类前10。（数据截至2026.1.31，近3年净值 增长145.39%，近5年净值增长175.8%） 从胡中原过往履历来看，他在华商是从货币基金起步成长起来的； 是公募基金中少有的"股债双栖"型基金经理，能够同时驾驭权益和固收两大类资产。 胡中原曾经表示："债券投资教会我永远先计算向下空间"， 在实践中逐渐形成了以"风险收益比"为第一要义的投资哲学； 这可能也是他在7年管钱生涯中坚持控制风险，从而保住胜果，做到年年正回报，年年战胜市场指数。 胡中原在2025年三季度曾大幅减仓，并在四季度维持50%左右的低仓位运作，还将前十大重仓的集中度 进一步下调到了仅10%以头； 同时，组合内的持仓结构 ...

证券代码：300433 证券简称：蓝思科技 公告编号：临 2026-012 蓝思科技股份有限公司 关于回购股份注销完成暨股份变动公告 一、回购股份的具体情况 （一）回购情况 公司于2021年10月25日召开第四届董事会第三次会议，审议通过了《关于回 购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式，回购公 司部分已发行的人民币普通股（A股）股份，用于实施员工持股计划或股权激励 计划。本次回购金额不低于人民币3亿元（含）且不超过人民币5亿元（含），回 购股份价格上限为30元/股，回购股份期限为自公司董事会审议通过本次回购方 案之日起12个月内。 截至2022年4月29日，公司已实施完毕本次股份回购方案。公司通过回购专 用证券账户，以集中竞价方式累计回购公司股份数量为42,527,893股，占公司当 时总股本的0.86%，最高成交价为20.50元/股，最低成交价为9.09元/股，支付的 1/4 总金额为499,998,261.31元（不含交易费用）。 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。 特别提示： 1、蓝思科技股份有限公司（以下简称"公司 ...

香港 交 易及結算所有限公司及香港聯合 交 易所有限公司對本公告 之 內容概 不 負責 ， 對其準確性或完整性 亦不 發表 任 何聲明 ，並 明確表示概 不 就因本公告全部或 任 何部 份 內容而產 生或因倚 賴 該等內容而引致之任何損 失承 擔 任 何 責任 。 於本公告日期 ， 本公司董 事 會成員包括 執 行董 事 周群飛女士 、 鄭俊龍先 生 及饒橋兵 先 生； 及獨立非 執 行董 事 萬煒女士 、 劉岳 先生 、 田宏先生及汤湘希先生 。 Lens Technology Co., Ltd. 藍 思 科 技 股 份 有 限 公 司 （ 於 中 華人民共和國註冊成立的股份有限公司 ） （股份代號：6613） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條刊發。 茲載列藍思科技股份有限公司（「本公司」）於深圳證券交易所網站(www.szse.cn)及巨潮資訊網 (www.cninfo.com.cn)刊登的公告如下，僅供參閱。 承董事會命 藍思科技股份有限公司 董事長 周群飛 香港，2026 年 2 月 11 日 证券代码：300433 证券简称：蓝思科技 公告编号：临 2 ...

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [36] Core Insights - The space economy has a broad outlook, with commercial aerospace becoming a vital engine for economic growth and technological advancement, forming a competitive landscape among major global economies [4][9] - The global commercial aerospace market is expected to reach USD 500 billion by 2025, with a year-on-year growth of 4.1%, driven by low Earth orbit satellite networks, reusable rockets, and space economy derivative businesses [4][9] - China has submitted an application for 203,000 low Earth orbit satellite frequency resources, indicating a competitive race for orbital resources, with a consensus that the safe deployment limit is approximately 100,000 satellites [15][4] - The global rocket launch service market reached USD 16.45 billion in 2023, with a projected compound annual growth rate (CAGR) of 13% from 2023 to 2032, driven by large satellite constellation projects [26][4] Summary by Sections Market Overview - The global commercial aerospace market is entering a phase of "scale deployment, commercial deepening, and global competition," with significant growth expected in low Earth orbit satellite networks and reusable rockets [4][9] - The domestic commercial aerospace industry is optimizing resource allocation and expanding market applications, with a focus on satellite constellation construction [4][9] Industry Chain - The commercial aerospace industry chain includes multiple segments from research and development, manufacturing, launching, to application services, with upstream focusing on satellite and rocket components, midstream on rocket assembly and launch services, and downstream on satellite operations [10][4] Investment Recommendations - Companies in the aerospace industry are expected to benefit from the ongoing growth, with key players identified including Aerospace Power, Aerospace Hongtu, China Satellite, and others [34][4]

Group 1 - The company, Lens Technology (蓝思科技), announced the cancellation of 5.5867 million shares of treasury stock on February 11, 2026 [1]

Group 1 - The company, Lens Technology (06613), announced the cancellation of 5.5867 million shares of treasury stock on February 11, 2026 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 藍思科技股份有限公司 呈交日期： 2026年2月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 300433 | 說明 | A 股 (於深圳證劵交易所上市) | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

Core Viewpoint - The data indicates significant outflows of main funds from various stocks, particularly in the communication equipment and cultural media sectors, highlighting potential investment risks in these areas [1][2][3] Group 1: Stock Performance and Fund Flow - The stock with the highest outflow is Xinyiseng, with a fund outflow of 30.50 billion yuan and a decline of 5.46% [2] - Zhongji Xuchuang follows closely with a fund outflow of 29.64 billion yuan and a decrease of 4.28% [2] - Other notable stocks with significant outflows include BlueFocus with 12.91 billion yuan and a drop of 3.57%, and Jiecheng Co. with 12.13 billion yuan but an increase of 4.73% [2] - Cultural media stocks such as Chinese Online and Guanghua Media also experienced outflows of 10.27 billion yuan (down 6%) and 9.38 billion yuan (up 5.09%), respectively [2][3] Group 2: Sector Analysis - The communication equipment sector is heavily impacted, with both Xinyiseng and Zhongji Xuchuang showing substantial fund outflows [2] - The cultural media sector also shows mixed performance, with some stocks like Guanghua Media gaining while others like Chinese Online are declining [2][3] - The home appliance industry, represented by Sanhua Zhikong and Zhao Chi Co., shows minor outflows of 8.30 billion yuan and 7.45 billion yuan, respectively, with slight declines in stock prices [2][3]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, particularly in the communication equipment and cultural media sectors, suggesting potential investor concerns or market volatility [1][2][3] Group 1: Major Stocks with Capital Outflows - Zhongji Xuchuang experienced a capital outflow of 2.851 billion yuan, with a decline of 4.1% in stock price [2] - Xinyi Sheng saw a capital outflow of 2.795 billion yuan, with a stock price drop of 4.9% [2] - BlueFocus Media had a capital outflow of 1.2 billion yuan, with a decrease of 3.62% in stock price [2] - Jiecheng Co. reported a capital outflow of 1.135 billion yuan, with a stock price increase of 3.67% [2] - Zhongwen Online faced a capital outflow of 0.928 billion yuan, with a decline of 7.04% in stock price [2] Group 2: Sector Analysis - The communication equipment sector, represented by Zhongji Xuchuang and Xinyi Sheng, shows significant capital outflows, indicating potential challenges in this industry [2][3] - The cultural media sector, including companies like BlueFocus Media and Zhongwen Online, also reflects notable capital outflows, suggesting investor caution in this area [2][3] - The home appliance industry, represented by Sanhua Intelligent Control and Zhaochi Co., shows mixed performance with capital outflows, indicating varying investor sentiment [2][3]

Group 1: Market Overview - The edge AI hardware sector is experiencing significant growth opportunities due to the rapid development of artificial intelligence technology, with a projected market increase from 321.9 billion yuan in 2025 to 1,222.3 billion yuan by 2029, representing a compound annual growth rate (CAGR) of 39.6% [1] - The demand for edge AI is driven by the deep integration of AI technology in consumer electronics, leading to upgrades in smartphones, PCs, and wearable devices [1] Group 2: Industry Developments - Companies across the edge AI hardware supply chain are accelerating their strategies, focusing on large models, chips, operating systems, and terminal manufacturing to create a collaborative ecosystem [1] - Tencent announced the launch of a consumer-grade model, HY-1.8B-2Bit, which has a parameter count of 0.3 billion and a memory requirement of 600MB, showcasing advancements in edge AI model development [2] - AI chip manufacturers are leveraging capital markets for growth, with companies like Aixin Yuanzhi becoming the largest provider of mid-to-high-end visual edge AI inference chips by 2024 [2] Group 3: Technological Advancements - Zhongke Chuangda is focusing on the development of an AI operating system (AIOS) to ensure long-term strategic positioning and competitive advantages in edge AI technology [3] - Manufacturers are preparing for the edge AI hardware wave, with companies like Lens Technology engaging in deep R&D and partnerships with leading AI platform companies to meet future hardware demands [3] Group 4: Future Outlook - Long-term forecasts suggest that 2026 will be a pivotal year for the mass adoption of edge AI products, as both hardware capabilities and model lightweighting have matured [4] - The emergence of edge AI products is expected to create new revenue models for model manufacturers and serve as a new consumer traffic entry point, supported by strong demand and rapid product iteration [5]