Core Viewpoint - The performance of fund manager Jin Zicai has drastically declined in 2025 after a successful 2024, with his funds experiencing significant losses due to high portfolio similarity and poor risk management strategies [2][5][12]. Group 1: Performance Overview - In 2024, Jin Zicai's fund "Caitong Jingqi Zhenxuan" achieved a remarkable 51.85% return, ranking second in the market, with four other funds also performing well [2]. - By the first half of 2025, Jin Zicai's seven managed funds averaged a loss of approximately 17%, with six funds ranking among the top ten in terms of losses [2][4]. - The funds "Caitong Duocelue Fuxin" and "Caitong Jiangxin Youxuan" saw declines exceeding 17%, placing them in the bottom ranks [4]. Group 2: Investment Strategy Issues - The funds managed by Jin Zicai exhibited a high degree of portfolio overlap, with six stocks appearing in the top ten holdings of multiple funds, indicating a lack of diversification [5][8]. - The concentration of top holdings was notably high, with "Caitong Duocelue Fuxin" having 61.12% of its net value in its top ten holdings during the first quarter of 2025, a significant increase from 80% in 2024 [8]. - This "copy-paste" investment strategy led to a situation where all funds either thrived or suffered together, resulting in collective performance downturns in 2025 [8]. Group 3: Market Reaction and Stock Performance - Jin Zicai's strategy of chasing high-performing stocks led to significant losses, as evidenced by the poor performance of his funds despite some of the underlying stocks performing well [10][12]. - Stocks that were reduced in Jin Zicai's portfolios, such as "Wancheng Group," saw substantial gains shortly after being sold, highlighting the misalignment between his trading decisions and market movements [12]. - The funds under Jin Zicai's management exhibited weak risk control, with maximum drawdowns exceeding 40% over the past three years, indicating a lack of effective risk management practices [12].

证券代码：002916 证券简称：深南电路 深南电路股份有限公司投资者关系活动记录表 编号：2025-26 公司 PCB 业务在深圳、无锡、南通及泰国（工厂在建）均设有工厂。一方面，公司通过 对现有成熟 PCB 工厂进行技术改造和升级，打开瓶颈，提升产能；另一方面，公司有序推 进南通四期项目建设，构建 HDI 工艺技术平台和产能，目前正在推进项目基础工程建设。公 司将结合自身经营规划与市场需求情况，合理配置业务产能。 Q5、请介绍公司泰国工厂投资规模及业务定位。 公司在泰国工厂总投资额为 12.74 亿元人民币/等值外币。目前基础工程建设按期有序推 进中，具体投产时间将根据后续建设进度、市场情况等因素确定。泰国工厂将具备高多层、 HDI 等 PCB 工艺技术能力，其建设有利于公司进一步开拓海外市场，满足国际客户需求， 完善产品在全球市场的供应能力。 Q6、请介绍公司 2025 年第一季度封装基板业务经营拓展情况。 公司封装基板产品覆盖种类广泛多样，包括模组类封装基板、存储类封装基板、应用处 理器芯片封装基板等，主要应用于移动智能终端、服务器/存储等领域。具备了包括 WB、FC 封装形式全覆盖的封装基板技术能力 ...

A股今日（7月3日）全线上扬，创业板指大涨近2%；港股弱势下探，恒生指数、恒生科技指数盘中均跌超1%。 具体来看，沪指盘中窄幅震荡上扬，深证成指涨超1%，创业板指涨近2%。截至收盘，沪指涨0.18%报3461.15点，深证成指涨1.17%报10534.58点，创业板 指涨1.9%报2164.09点，沪深北三市合计成交13336亿元，较此前一日减少逾700亿元。 场内近3300股飘红，创新药概念再度爆发，广生堂（300436）、神州细胞20%涨停，热景生物等涨超10%；PCB概念崛起，逸豪新材（301176）、中一科 技（301150）20%涨停，铜冠铜箔（301217）涨近14%；消费电子概念拉升，蓝思科技（300433）涨超11%，工业富联（601138）、鹏鼎控股 （002938）、大为股份（002213）等涨停；值得注意的是，宁德时代（300750）盘中一度大涨超5%。 算力产业链股活跃 PCB、复合铜箔等算力产业链股集体拉升，截至收盘，逸豪新材、中一科技20%涨停，铜冠铜箔涨近14%，博敏电子（603936）、鹏鼎控股等均涨停。 行业方面，2025年二季度，通信公司业绩预期分化，但总体较一季度改善。得 ...

A股今日（7月3日）全线上扬，创业板指大涨近2%；港股弱势下探，恒生指数、恒生科技指数盘中均 跌超1%。 具体来看，沪指盘中窄幅震荡上扬，深证成指涨超1%，创业板指涨近2%。截至收盘，沪指涨0.18%报 3461.15点，深证成指涨1.17%报10534.58点，创业板指涨1.9%报2164.09点，沪深北三市合计成交 13336亿元，较此前一日减少逾700亿元。 场内近3300股飘红，创新药概念再度爆发，广生堂、神州细胞20%涨停，热景生物等涨超10%；PCB概念 崛起，逸豪新材、中一科技20%涨停，铜冠铜箔涨近14%；消费电子概念拉升，蓝思科技涨超11%，工业 富联、鹏鼎控股、大为股份等涨停；值得注意的是，宁德时代盘中一度大涨超5%。 港股方面，主要指数弱势下探，截至收盘，恒生指数跌0.63%，恒生科技指数跌0.67%。个股方面，康方 生物涨超14%，君实生物涨近12%；金山软件跌近8%，阿里巴巴、小米集团跌约3%。 创新药概念再爆发 创新药概念今日再度走强，截至收盘，广生堂、神州细胞20%涨停，上海谊众、热景生物等涨超10%，塞 力医疗斩获3连板，长春高新亦涨停。 | 代码 � | 名称 | | 涨幅% ...

Key Insights - The report indicates that the A-share market is expected to experience a seasonal rebound in July, driven by policy and performance factors, with a stable upward trend anticipated [3][2][1] - The focus for July is on three main lines: consumption, technology, and dividends, with growth sectors like technology expected to have good development prospects and investment opportunities [3][2][1] - The construction industry is seeing a recovery in activity, with a business activity index of 52.8% in June, indicating expansion, while fixed asset investment growth is slowing [5][6] - Infrastructure investment remains high, with broad infrastructure investment growth at 10.44% year-on-year for the first five months of the year, although narrow infrastructure investment growth is at 5.6% [6][9] - The real estate sector is under pressure, with a 10.7% year-on-year decline in development investment for the first five months, but policy measures are expected to improve market confidence [7][9] - The floating rate bond market is developing, with a current market size of approximately 495.9 billion yuan, accounting for about 0.3% of the total bond market [13][12] - The banking sector is benefiting from a supportive monetary policy environment, with expectations of continued easing and structural policy tools to support key areas like technology and consumption [20][21][23]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在经历了数月的箱体区间震荡之后，近期，上证指数再次来到箱体区间上沿附近，同时成交量也较往日有所放大。在反复震荡数月之后，投资者 对于指数向上突破期待已久。 那么， 7月份的A股市场行情是否值得期待呢？具体又有哪些板块和个股或有表现的机会呢？ 我们不妨参考下券商的观点和券商金股数据。 （券商金股是各家券商每月精挑细选出来的股票，是各家券商分析师的研究精华，颇受市场的关注。） （ 点此查看券商金股完整名单 ） 0 1 电子、电力设备关注度明显上升！ 展望7月的A股市场， 招商证券 表示， 市场可能会呈现指数突破上行，科技非银等进攻性板块占优的格局 。从基本面的角度来看，财政指数的 发力和消费的韧性，使得科技、消费、中游制造领域均存在业绩边际改善的可能，半年报披露窗口期成为A股有利的上行动力。 东吴证券 表示 ，市场整体进入多头思维，向后看年内沪指有较大可能性突破去年高点，但当 下指数处于3440-3500的筹码密集区，进一步突破 或需以时间换空间， 短期走势大概率偏震荡，以结构性行情为主 。本轮指数突破中，金融是上行突破的助推器，金融股带动指数搭台后 ...

Market Overview - The market experienced a rebound with the ChiNext Index leading the gains. The trading volume reached 1.33 trillion yuan, with nearly 3,300 stocks in the Shanghai and Shenzhen markets showing positive performance [1] - The computing hardware sector saw significant gains, particularly in PCB stocks, with companies like Zhongjing Electronics, Bomin Electronics, and Jin'an Guoji hitting the daily limit [1][4] PCB Sector - The PCB sector surged today, with Zhongjing Electronics hitting the daily limit and Bomin Electronics and Jin'an Guoji also achieving similar results. Shenghong Technology rose by 6%, reaching a new historical high [4] - According to CITIC Securities, the demand for high-end PCBs is expected to increase significantly due to the extended overseas expansion cycle. The demand for computing PCBs is projected to reach 52.5 billion yuan, 86.4 billion yuan, and 119.2 billion yuan from 2025 to 2027, with growth rates of 81%, 65%, and 38% respectively [5][6] Pharmaceutical Sector - The pharmaceutical sector remained active, with companies like Saily Medical and Weiming Pharmaceutical continuing to see gains. The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs [6][8] - The measures include 16 initiatives aimed at enhancing support for innovative drug research and development, which is expected to drive growth in the sector [6][8] Solid-State Battery Sector - The solid-state battery sector rebounded, with companies like Dadongnan and Hongtian Co. hitting the daily limit. The 2025 Fourth Solid-State Battery Conference is set to take place from July 3 to 5 in Ningbo, focusing on solid-state batteries and silicon-based anodes [9][10] - The solid-state battery industry is accelerating its industrialization, with major companies like BYD and Guoxuan High-Tech making significant advancements in production capabilities [10][11] Additional Insights - The market also saw activity in the Apple supply chain, domestic chips, and computing sectors, while the marine economy sector faced declines [11][12]

Market Overview - The A-share market experienced a significant rebound on July 3, with the ChiNext index leading the gains. The Shanghai Composite Index rose by 0.18%, the Shenzhen Component Index increased by 1.17%, and the ChiNext index surged by 1.9% [2] - A total of 3,271 stocks in the two markets rose, with 66 stocks hitting the daily limit up, while 1,866 stocks declined [3] Sector Performance - The computing hardware sector saw a notable increase, with PCB and related stocks leading the charge. Companies such as Zhongjing Electronics, Bomin Electronics, and Jin'an Guoji hit the daily limit up [4] - The innovative drug concept stocks continued their strong performance, with companies like Weiming Pharmaceutical and Shenzhou Cell also hitting the daily limit up [6] Notable Stock Movements - In the computing hardware sector, several stocks showed significant gains, including: - Yimeng New Materials (20.00% increase, current price 32.64) - Zhongyi Technology (19.99% increase, current price 23.89) - Tongguan Copper Foil (13.67% increase, current price 13.80) [5] - In the innovative drug sector, notable performers included: - Guangshengtang (20.00% increase, current price 42.78) - Shenzhou Cell (19.99% increase, current price 73.34) - Shanghai Yizhong (10.82% increase, current price 55.22) [7] Battery Sector - The solid-state battery sector saw a surge in the afternoon, with companies like Dazhongnan, Hongtian Co., and Zhongyi Technology hitting the daily limit up [8] Semiconductor Industry - The U.S. government has lifted export licensing requirements for chip design software sales to China, a move that is part of a broader trade agreement aimed at easing restrictions on key technologies [11] - Major EDA (Electronic Design Automation) companies, including Synopsys, Cadence Design Systems, and Siemens, have been notified that they no longer need government approval to operate in China, which is expected to enhance their business prospects in the region [12][13] - The EDA market, valued at $11.5 billion, is dominated by these three companies, which collectively hold a 74% market share [13] - Following the announcement, stocks of Synopsys and Cadence saw significant gains in after-hours trading [15]

Core Viewpoint - The market experienced a rebound with the ChiNext Index leading the gains, driven by a surge in computing hardware stocks and other sectors [1] Market Performance - The ChiNext Index rose by 1.9%, while the Shanghai Composite Index increased by 0.18% and the Shenzhen Component Index rose by 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.31 trillion, a decrease of 67.2 billion compared to the previous trading day [1] Sector Highlights - Computing hardware stocks saw significant gains, with multiple stocks hitting the daily limit, particularly in the PCB sector [1] - Innovative drug concept stocks also performed well, with companies like ShenZhou Cell reaching the daily limit [1] - Solid-state battery concept stocks rebounded, with DaDongNan experiencing a dramatic price increase [1] Declining Sectors - The marine economy sector faced adjustments, with Krait falling over 10% [1] - Sectors such as controllable nuclear fusion, marine economy, oil and gas, and gaming showed declines [1]

Group 1 - The Southern Runze Technology Data Center REIT is the first public REIT in the data center sector in China, marking a significant expansion of public REITs' underlying assets and filling a gap in the domestic market [1] - The fund has a total issuance scale of 1 billion shares, with 700 million shares (70%) allocated for initial strategic placement, including 340 million shares (34%) subscribed by the original equity holder Runze Technology Development Co., Ltd. and its affiliates [1] - The fund aims to revitalize high-quality existing assets, enhance asset turnover speed, and broaden financing channels for the company, ensuring sustainable long-term development [2] Group 2 - Runze Technology is a leading technology company in the comprehensive computing power center sector, having established seven AIDC intelligent computing infrastructure clusters across six major regions in China [2] - The global demand for computing power is experiencing explosive growth due to the expansion of AI model scales and digital transformation, with the domestic computing power industry expected to benefit significantly [2] - By 2025, Runze Technology is projected to have delivered a total of 19 computing power centers, leveraging its first-mover advantage in attracting top AI clients amid surging demand [3]