Core Viewpoint - The AI Fund Xiangcai New Energy Quantitative Stock Mixed A (020779) reported a profit of 60,900 yuan in Q4 2025, with a net value growth rate of 2.1% for the period, and a total fund size of 7.3649 million yuan by the end of Q4 2025 [2][15]. Fund Performance - As of January 22, the fund's unit net value was 1.431 yuan, with a one-year cumulative net value growth rate of 52.82%, the highest among its peers [2][3]. - The fund's performance over the last three months showed a growth rate of 12.77%, ranking 230 out of 689 comparable funds, and a six-month growth rate of 39.87%, ranking 127 out of 689 [3]. Investment Strategy - The fund management emphasizes a long-term development trend in the new energy sector, utilizing quantitative investment advantages and focusing on high-growth segments such as photovoltaics, wind power, energy storage, and new energy vehicles [3]. - The management plans to continue focusing on the new energy industry, seeking high-quality stocks aligned with technological advancements and industry trends [3]. Risk and Return Metrics - The fund has a Sharpe ratio of 1.313 since inception, indicating a favorable risk-adjusted return [7]. - The maximum drawdown since inception is 16.67%, with the largest quarterly drawdown occurring in Q2 2025 at 10.85% [10]. Portfolio Composition - The average stock position since inception is 75.67%, compared to a peer average of 84.04%, with the highest stock position reaching 83.86% at the end of Q1 2025 [13]. - As of Q4 2025, the top ten holdings include companies such as Hongfa Technology, CATL, and Sungrow Power Supply [18].

Core Viewpoint - The AI Fund Huazhong New Energy Theme Mixed A (014541) reported a profit of 4.5822 million yuan for Q4 2025, with a net asset value growth rate of 4.81% during the reporting period [2]. Fund Performance - As of January 21, the fund's unit net value was 1.15 yuan, with a one-year cumulative net value growth rate of 71.1%, the highest among its peers [2][3]. - The fund's performance over the last three months showed a growth rate of 15.98%, ranking 122 out of 689 comparable funds, while the six-month growth rate was 50.16%, ranking 70 out of 689 [3]. - The fund's three-year cumulative net value growth rate was 44.10%, ranking 58 out of 396 comparable funds [3]. Risk and Return Metrics - The fund's Sharpe ratio over the last three years was 0.7916, ranking 56 out of 383 comparable funds [7]. - The maximum drawdown over the last three years was 40.05%, with the largest single-quarter drawdown occurring in Q1 2024 at 23.65% [9]. Fund Holdings and Strategy - As of December 31, the fund's top ten holdings included companies such as Jiayuan Technology, Putailai, and Tianci Materials [16]. - The fund maintained an average stock position of 84.26% over the last three years, slightly above the peer average of 84.04% [12]. - The fund manager expressed optimism about the lithium battery sector, anticipating stable growth in demand over the next 3-5 years and potential price reversals for upstream lithium materials [2].

Core Viewpoint - The report highlights the performance and strategic focus of the Bosera New Energy Theme Mixed A Fund, emphasizing its investment in high-growth and low-penetration sectors within the new energy industry, particularly in electric equipment and solid-state batteries [3][4]. Fund Performance - The fund reported a profit of 440,800 yuan in Q4 2025, with a weighted average profit per share of 0.0022 yuan [3]. - The net asset value (NAV) growth rate for the fund was 0.39% during the reporting period, with a total fund size of 162 million yuan as of the end of Q4 [3][15]. - As of January 22, the fund's unit NAV was 0.872 yuan [3]. Comparative Performance - Over the past three months, the fund's NAV growth rate was 12.65%, ranking 49 out of 100 among comparable funds [4]. - The fund's NAV growth rate over the past six months was 41.54%, ranking 31 out of 100 [4]. - The one-year NAV growth rate was 52.48%, ranking 36 out of 92 [4]. - The three-year NAV growth rate was 10.94%, ranking 31 out of 68 [4]. Risk Metrics - The fund's Sharpe ratio over the past three years was 0.4889, ranking 25 out of 66 among comparable funds [9]. - The maximum drawdown over the past three years was 46.79%, with the highest single-quarter drawdown occurring in Q2 2022 at 22.22% [11]. Investment Strategy - The fund manager indicated an increased allocation to high-growth and low-penetration sectors within the new energy industry, specifically targeting electric equipment exports and upstream lithium battery materials [3]. - The solid-state battery sector is highlighted as a low-penetration area, with expectations for mass production to begin in 2026 and scale deployment in 2027 [3]. Portfolio Composition - As of December 31, the fund's top ten holdings included companies such as CATL, Sungrow Power Supply, and Tianqi Lithium [18]. - The average stock position over the past three years was 86.14%, with a peak of 89.88% at the end of Q1 2023 [14].

Core Viewpoint - The report from Zhonghang Securities indicates a strong recovery in the sales of new energy vehicles (NEVs) in nine European countries, projecting sales of 2.885 million units in 2025, a year-on-year increase of 32.6%, with a penetration rate of 29.0%, up by 6.7 percentage points [1][2]. Summary by Sections Overall Market Outlook - In 2025, NEV sales in nine European countries are expected to reach 2.885 million units, representing a 32.6% increase year-on-year, with a penetration rate of 29.0%, up 6.7 percentage points [2]. - The sales of Battery Electric Vehicles (BEVs) are projected at 1.892 million units, a year-on-year increase of 30.6%, while Plug-in Hybrid Electric Vehicles (PHEVs) are expected to reach 992,000 units, up 36.6% year-on-year [2]. Country-Specific Insights - **Germany**: The BEV sales are projected at 545,000 units, a 43.2% increase year-on-year, and PHEV sales at 311,000 units, up 62.3%. Germany will restart EV subsidies in January 2026, including Chinese brands [2][3]. - **United Kingdom**: BEV sales are expected to be 473,000 units, a 23.9% increase, and PHEV sales at 225,000 units, up 34.7%. EV subsidies will resume from July 2025 [2][3]. - **France**: BEV sales are projected at 326,000 units, a 12.1% increase, with December sales reaching 42,000 units, up 37.7%. Subsidies will continue into 2026 with increased standards [3]. - **Italy**: BEV sales are expected to be 95,000 units, a 44.2% increase, and PHEV sales at 99,000 units, up 89.4%. EV subsidies will be effective from October 22, 2025 [3]. - **Spain**: BEV sales are projected at 102,000 units, a 77.2% increase, and PHEV sales at 124,000 units, up 111.7%. The MOVES III subsidy plan will drive sales [3]. Investment Recommendations - The report suggests that the EU's proposal to adjust the 2035 emission reduction targets will not hinder the long-term trend of electrification in Europe. Instead, it will promote sales of small electric vehicles [4]. - Investment recommendations include: - **Lithium Batteries**: Recommended companies include CATL, Yiwei Lithium Energy, and Xinwangda [4]. - **Lithium Materials**: Recommended companies include Hunan Youneng and Tianci Materials [4]. - **Lithium Battery Structural Components**: Recommended companies include Minglida and Minth Group [4]. - **Power/Drive Systems**: Recommended companies include Weimaisi and Fute Technology [4]. - **Automotive Safety Components**: Beneficiary companies include Zhongrong Electric and Zhejiang Rongtai [4]. - **Charging Stations and Modules**: Recommended companies include Youyou Green Energy and Tonghe Technology [4].

AI基金泓德新能源产业混合发起式A（018029）披露2025年四季报，第四季度基金利润36.47万元，加权平均基金份额本期利润0.0254元。报告期内，基金净 值增长率为4.06%，截至四季度末，基金规模为1434.11万元。 该基金属于偏股混合型基金，长期投资于先进制造股票。截至1月21日，单位净值为1.102元。基金经理是孙泽宇，目前管理5只基金。其中，截至1月21日， 泓德新能源产业混合发起式A近一年复权单位净值增长率最高，达66.24%；泓德泓益量化混合A最低，为31.7%。 基金管理人在四季报中表示，A股市场在经历了第三季度的大幅上涨之后，在四季度进入到了盘整阶段，整体走势偏窄幅震荡。从成交额来看，虽然相比于 三季度略有下降，但是整体来看市场交投依然比较活跃。从细分风格来看，四季度的市场风格分化不大，小市值风格略优于大市值风格，价值风格则是略优 于成长风格。 在这样成交相对活跃且风格相对均衡的市场背景下，我们的策略整体录得了不错的超额收益。后续我们将持续对模型进行改进和迭代，力争不断提高模型的 有效性，使模型能够输出更稳健的alpha，为投资者提供更好的超额收益和投资体验。 截至1月21日，泓德新 ...

□ 本报记者李嘉豪张宇熠 【一线调查】 "固态电池最先应用的领域，可能不是汽车。"新年伊始，记者在溧阳市探访动力电池领域的前沿研究应 用。聊起当下概念火热的固态电池，天目湖（603136）先进储能技术研究院技术总监张凤蕊博士的回答 出人意料。 这样的判断有何依据？"从液态、混合固液态再到固态电池，最明显的区别是液态电解质的比重逐渐降 低，直至为零。供给汽车的动力电池包，售价可能达到30万元，短期内难以大规模使用。但在具身智 能、无人机等小动力领域，固态电池能量密度高的优势将大过单价成本，更可能得到推广。"张凤蕊 说，她正和团队围绕实现高密度、高功率性能进行攻关。 张凤蕊所在的天目湖先进储能技术研究院由溧阳市政府与中国科学院物理研究所于2017年联合创建，既 是一家从事原始创新和关键技术攻关的研发机构，也是一个面向市场提供检测、中试等服务的平台载 体，还面向如韩国LG等国外客户提供技术咨询。仅储能院一家，就已经孵化出18家企业，业务领域覆 盖动力电池全产业链。 抓住一切有利时机，利用一切有利条件，看准了就抓紧干！在坚持培优培强一个产业的同时，溧阳围绕 产业健康持续发展重点发力，着力抓好龙头企业引育，以企业平台为 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 133.01 RMB per share based on a 85x PE valuation for 2026, leading to a target market capitalization of 28.5 billion RMB [4]. Core Insights - The company is a leading player in the domestic industrial control sector, benefiting from overseas market expansion, deepening in niche markets, and product matrix expansion. The projected CAGR for revenue and net profit from 2020 to 2024 is 30% and 29%, respectively, indicating long-term stable growth amidst industry cycle fluctuations [2]. - The company is strategically positioned in the humanoid robot core actuator sector, collaborating with industry leaders to accelerate industrialization and build a new growth engine [2]. - The company has established a clear "one core, two new" product strategy, focusing on industrial automation, green energy, and embodied intelligence, which is expected to drive future growth [13]. Summary by Sections 1. Fundamentals - The company has been deeply engaged in the industrial automation control field for 20 years, evolving from a frequency converter manufacturer to a comprehensive solution provider [13]. - The overseas revenue share reached 27% in the first three quarters of 2025, with a significant increase in international market penetration [16]. - The company’s revenue and net profit are expected to grow at a CAGR of 30% and 29% from 2020 to 2024, respectively, with a strong performance in 2021 due to domestic manufacturing recovery [16][19]. 2. Growth Drivers - The humanoid robot sector is anticipated to see mass production starting in 2026, with the company well-positioned to capitalize on this trend [34]. - The company has established a complete product matrix for humanoid robots, including various actuator solutions, and is actively integrating resources with partners to enhance market competitiveness [44][46]. 3. Basic Landscape - The global industrial automation market is approximately 4-5 times larger than the domestic market, with higher average gross margins overseas [3]. - The company’s overseas revenue is projected to grow at a CAGR of 76% from 2020 to 2024, with significant contributions from emerging markets [3]. - The domestic automation market is expected to recover gradually, with a projected CAGR of over 15% from 2025 to 2027 [3]. 4. Profit Forecast and Investment Recommendations - The company is expected to achieve net profits of 280 million RMB, 335 million RMB, and 402 million RMB for 2025, 2026, and 2027, respectively, with growth rates of 14.3%, 19.6%, and 20.0% [4]. - The report emphasizes the company's robust operational performance in the industrial control sector and its leading position in overseas market expansion [4].

中国强调对外开放、 反对保护主义升级。 达沃斯世界经济论坛首日，中国副总理何立峰表示，中国从未刻意追求贸易顺差，将扩大进口、扩大内需，并强调对外开放与反对保护主义升级。 他在演讲中也正面回应了外界对中国"补贴驱动、产能过剩"的批评，称中国的发展"主要通过改革、开放与创新实现"，而不是政府补贴，并试图用 进口与消费侧数据反证中国并非只靠出口拉动： 他表示过去五年中国经济年均增长约5.4%，累计进口超过15万亿美元的货物和服务，中国不仅愿意做"世界工厂"，也更愿意做"世界市场"，将更 积极扩大进口。 这一表态直接对准欧盟等贸易伙伴在电动汽车等行业对中国补贴与不公平竞争的指控。 法规生效后约12个月，公共采购的电池系统需要在欧盟境内组装，并对电池管理系统BMS等关键部件提出欧盟来源要求； 约两年后要求进一步收紧，电池系统及更多核心部件（包括电芯）需要达到更高的欧盟本地化比例。 公共采购对锂电的影响不一定体现在电芯本体，而更可能落在 储能电站、充电网络、工厂数字化系统 等"带数据、带网络、带运维"的场景。 此前在1月12日，欧盟委员会发布指导文件，允许中国电动汽车出口商就最低进口价等提交价格承诺，以替代部分反补贴关税 ...

Market Overview - A-share major indices showed a significant rebound this week, with the weekly performance of the indices as follows: CSI 300 at -0.57%, ChiNext 300 at 1.39%, STAR 50 at 2.58%, CSI 500 at 2.18%, CSI 1000 at 1.27%, and the humanoid robot index at 1.48%, with the STAR 50 showing the most notable recovery [1] Recent Events and Highlights - China applied to the International Telecommunication Union (ITU) for frequency resources for over 200,000 satellites, with more than 190,000 satellites coming from the newly established Radio Innovation Institute. Experts are optimistic about the institute's role in integrating industry resources and leveraging China's large market to accelerate its industry to catch up with SpaceX [2] Current Perspectives - The establishment of the humanoid robot and embodied intelligence standardization technical committee by the Ministry of Industry and Information Technology is viewed positively for the humanoid robot industry chain, with related companies including Hengshuai Co., Junpu Intelligent, Anpeilong, Keda Li, Lens Technology, Changying Precision, Sanhua Intelligent Control, Fengmao Co., Top Group, and Wuzhou Xinchun [3] - Guangdong has launched its first provincial-level drone governance system, creating a drone resource pool and a provincial management platform to build a "one network for unified flight" service ecosystem, with related companies including Xindong Link, Wanfeng Aowei, Wolong Electric Drive, and Zongshen Power [3] - The China Academy of Information and Communications Technology's Tair System Laboratory recently issued a liquid cooling capability testing report and certificate to Shenzhen Invech Technology Co., indicating that AI data center construction is expected to drive demand for liquid cooling equipment, with related companies including Invech, Nanfeng Co., Chuanrun Co., and Bojie Co. [3] - China's application to the ITU for over 200,000 satellites coincides with the U.S. Federal Communications Commission granting SpaceX significant authorization to build, deploy, and operate an additional 7,500 second-generation Starlink satellites, with related companies including Superjet Co., Xindong Link, Guoji Precision, and Electric Science Digital [3]

Core Viewpoint - The Chinese government is enhancing support for the new energy vehicle (NEV) industry through policy adjustments and financial measures, including the issuance of 625 billion yuan in special bonds to stimulate the sector [1][2]. Group 1: Policy and Financial Support - The National Development and Reform Commission has announced the "Two New Policies" for 2026, which aim to optimize support for the NEV sector, including subsidy standards and implementation mechanisms [1]. - The government plans to lower investment thresholds for project applications and increase support for small and medium-sized enterprises, thereby expanding the reach of these policies [1]. - A unified subsidy standard will be implemented nationwide for vehicle scrappage and replacement, as well as for various electronic products [1]. Group 2: Market Performance and Trends - As of December 2025, China's NEV sales reached 1.71 million units, with a market share exceeding 50%, indicating a sustained upward trend in the industry [2]. - The installed capacity of power batteries grew by 30.11% year-on-year, reflecting the industry's ongoing growth and resilience [2]. - The overall prices of upstream raw materials, including lithium carbonate and lithium hydroxide, have increased significantly, with expectations of short-term fluctuations [2]. Group 3: Index and ETF Information - The CSI New Energy Vehicle Industry Index (930997) includes 50 listed companies involved in various aspects of the NEV sector, serving as a benchmark for the industry's leading firms [2]. - The top ten weighted stocks in the index account for 54.65% of the total, with major players including BYD, CATL, and Huichuan Technology [2]. - The New Energy Vehicle ETF (515700) closely tracks the performance of the CSI New Energy Vehicle Industry Index [2].