《经济学人》杂志称他为 " 投资界的卡珊德拉 " （古希腊神话中的人物，她的故事充满 悲剧与象征意 义 ，在现代语境中常被用来形容那些 " 说了真话却没人相信 " 的人） ，虽然他看空市场，但预测往 往精准。 "现在价值股和成长股的估值差距太大了，处于历史的极端水平；而美国和非美市场之间的差距，也差 不多接近历史极值了。 目前格兰桑已经不再管理 GMO 的资金，但他仍然通过 " 格兰桑家族基金会 " 活跃于投资领域，该基 金会专注于应对气候变化，并将大部分资金投入了绿色风险投资企业。 在这场访谈中，杰里米 · 格兰桑再次展现了他一贯的敏锐和坦率。他并不试图用短期的市场情绪来解 释走势，而是将视角拉长，从历史的经验出发，去揭示泡沫的结构、风险的本质、投资者心理的惯性， 以及如何在极端估值和结构性偏差的市场中保持理性。 他指出，当前的市场迷雾重重，传统估值模型全面失灵。疫情后的财政刺激将大量资金送入散户手中， AI 的兴起又制造出一波 " 超级叙事 " ，而地缘政治与关税冲突则增加了政策不可预测性。这三大变量 叠加，让整个系统变得极度难以判断。 所以你该做的是两件事： 多关注价值股，少碰高估成长股，把重心放在美国 ...

今日A股走势分化，创业板指领涨，市场超3400股飘红，成长股迎来反弹，市场成交额较前一交易日放 量超千亿。 据券商中国报道，4月份以来，成长股的表现并没有以银行为首的红利出色。而市场方面亦频频出现风 格摇摆的现象，即红利上涨往往对应着成长调整，而红利调整往往也会引发成长的反攻。对于市场风格 会否彻底转变，分析人士认为，这取决于三大因素：一是成长股的基本面彻底好转，二是国债收益率预 期能持续走高，三是市场资金面持续宽松。 盘面上，科技主线强势，机器人概念股午后掀涨停潮，南方精工等十余股涨停；算力、AI应用等AI产 业链走高，鸿博股份斩获4连板；芯片股反弹，瑞芯微涨停；华为产业链表现活跃，常山北明等涨停； 光伏板块持续走强，弘元绿能涨停；大消费股再度拉升，美容、宠物、零售等多个方向反复活跃。下跌 方面，高股息板块走低，银行方向领跌，华夏银行跌超8%。 展望后市，财信证券表示，"五一"假期之后，在海外关税扰动、国内政策加力、上市公司年报及一季报 等密集落地后，市场有望走出震荡向上的结构性行情。 从个股看，两市上涨3443家，下跌1770家，198家涨幅持平。两市共100股涨停，共41股跌停。 截至收盘，沪指跌0.2 ...

Financial Performance - The company reported a total revenue of 1.511 billion yuan for Q1 2025, an increase of 11.29% year-on-year [1] - The net profit attributable to shareholders reached 301 million yuan, reflecting a year-on-year growth of 13.35% [1] - The gross profit margin improved to 74.69%, up by 5.53% compared to the previous year [1] - The net profit margin also increased to 19.9%, a rise of 2.08% year-on-year [1] - The company's operating cash flow per share was 0.31 yuan, marking a significant increase of 35.53% year-on-year [1] Accounts Receivable and Liabilities - Accounts receivable rose significantly, with a year-on-year increase of 50.86%, reaching 1.686 billion yuan [1] - The company reduced its interest-bearing liabilities by 62.21%, bringing them down to 31.721 million yuan [1] Market Position and Analyst Insights - The company's return on invested capital (ROIC) was reported at 16.19%, indicating strong capital returns [3] - Analysts expect the company's revenue for 2025 to be around 1.32 billion yuan, with an average earnings per share forecast of 1.3 yuan [3] - The company has a notable presence among institutional investors, with a prominent fund manager recently increasing their stake [3] Fund Holdings - The largest fund holding the company’s shares is the Huatai-PineBridge Innovation Medicine Mixed Fund, which has a scale of 4.675 billion yuan [4] - The fund manager of this fund has a strong track record, ranking second in the 2024 public fund manager list [4] Strategic Plans - The company plans to accelerate the launch of new drugs and enhance the promotion of existing non-collection products while managing costs effectively [5]

Core Viewpoint - The article emphasizes the importance of understanding the fundamental differences between the Hong Kong stock market and the A-share market, urging investors to remain rational and prepared for risks when participating in the Hong Kong market [1][3][4]. Group 1: Investment Strategies - Investors are increasingly focusing on Hong Kong-listed companies, with a notable presence of Hong Kong heavyweights in A-share fund portfolios, indicating a shift in investment strategies [1]. - The article suggests that early-career fund managers should prioritize studying established companies with proven business models rather than speculative growth stocks, which are harder to predict [2][12]. - The concept of "basic questions" versus "additional questions" in investment is introduced, advocating for a focus on value stocks based on free cash flow as a safer approach for novice fund managers [11][13]. Group 2: Market Dynamics - The article highlights the independent pricing system of the Hong Kong market, which requires investors to understand its unique risks, especially for those accustomed to A-share investment logic [3][4]. - It points out that the Hong Kong market relies heavily on fundamental analysis for pricing, contrasting with the thematic investment approach prevalent in the A-share market [4][6]. - The liquidity disparity between the two markets is significant, with A-share market transaction volumes being approximately ten times higher than those in the Hong Kong market, affecting asset pricing efficiency [4][6]. Group 3: Risk Management - The article warns that the Hong Kong market can present "pits" for uninformed investors, emphasizing the need for thorough market understanding and risk management strategies [3][5]. - It discusses the importance of monitoring capital flows and external market impacts, as the Hong Kong market is sensitive to liquidity changes and foreign investment trends [5][9]. - The article also notes that while institutional investors may appear rational, they can engage in trend-following behaviors that inflate stock valuations, highlighting the need for caution [10][14]. Group 4: Long-term Investment Perspective - The article advocates for a long-term investment approach, emphasizing the need for patience and thorough research in identifying undervalued stocks in the Hong Kong market [6][8]. - It suggests that successful investment requires a deep understanding of a company's fundamentals, management quality, and market positioning, rather than relying solely on market trends [12][13]. - The importance of maintaining a diversified portfolio to manage risks and achieve stable returns in the volatile Hong Kong market is also emphasized [7][8].

点击注册小程序 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 资金面跟踪： 报告摘要 本周市场核心观点： 本周（2025.02.24-2025.02.28，下同）A股市场呈现剧烈波动，周度涨跌来看，主要宽基指数悉数下跌， 创业板指领跌。行业表现方面，计算机、通信、传媒振幅居前。资金面方面，ETF资金整体净流出，宽基 ETF为净流出主力。 近期市场在成长股不断冲高之下亦出现资金止盈信号，经历周五（2025.02.28）快速调整，市场或将转入 震荡区间。风格方面，成长股、小市值仍将占优。短期可关注科技股超跌反弹机会。 本周市场各指数全面下跌，上证综指下跌1.72%，上证50下跌1.61%，沪深300下跌2.22%，中证500下跌 3.26%，中证1000下跌2.77%，创业板指下跌4.87%，北证50指数下跌2.8 ...

Group 1 - The core viewpoint of the article emphasizes that the spring market trend is expected to continue, driven by policy and economic data catalysts, with a focus on growth and consumer sectors [4] - The A-share market has experienced significant volatility, with major indices declining, particularly the ChiNext Index, while growth stocks and small-cap stocks are expected to outperform [5] - The oil and chemical sectors are poised for recovery due to easing geopolitical tensions, benefiting downstream refining companies from reduced cost pressures [7][8] Group 2 - The low-altitude economy is projected to reach a market size of 1.5 trillion yuan in 2025, with significant growth in the humanoid robot market, expected to grow from approximately 1.19 million units to 60.57 million units by 2030 [9] - The Hong Kong stock market has seen increased trading activity since September 2024, leading to record financial performance, with anticipated boosts from mainland China's stimulus policies [10]