多只成立时间不满半个月的主动权益类基金的净值近日频频发生变动，这意味着基金经理已开启建 仓步伐。此外，还有多只主动权益类基金提前结束发行，中国证券报记者采访了解到，部分基金提前结 募或许是因为当下入场性价比较高，基金经理希望抓住优质建仓时间窗口，尽快开启投资运作。 有业内人士表示，政策呵护与上市公司业绩企稳是A股市场未来向好的底气所在，人工智能（AI） 引领新的创新周期、"新消费"成为内循环的新载体、新能源板块进入新的发展阶段，已成为2025年市场 需要重视的因素。 基金经理积极建仓 多只近期成立的主动权益类基金已经开始建仓。6月3日，由申万菱信基金副总经理贾成东担纲的申 万菱信行业精选正式成立，首募规模12.19亿元，成为今年以来为数不多的募集规模超10亿元的主动权 益类产品。中国证券报记者发现，基金经理在新发产品成立后并没有选择按兵不动，而是积极开启了建 仓模式。Wind数据显示，6月6日，申万菱信行业精选A的净值变为0.9802元；6月13日，其净值变为 0.9885元。净值上下波动意味着贾成东在产品成立不到半个月的时间内已积极入市。 今年以来，创新药板块走强，不少重仓创新药板块的基金净值大涨。在新发市 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.8 CNY, based on a 10X valuation of the estimated EPS for 2025 [3][5]. Core Insights - The company is experiencing strong sales growth in its main products, particularly in high-end products, with a notable increase in production and sales volume [8]. - Continuous investment in high-end production lines and successful collaborations for product certification are expected to enhance the company's market position [8]. - The company is focusing on R&D to develop high-value-added products, aiming to increase the proportion of high-end products to over 30% [8]. Financial Performance Summary - Revenue is projected to grow from 26,442 million CNY in 2023 to 43,209 million CNY in 2027, with a CAGR of approximately 7.9% [4]. - Net profit attributable to the parent company is expected to rise from 1,347 million CNY in 2023 to 2,287 million CNY in 2027, reflecting a growth rate of 6.8% [4]. - EPS is forecasted to increase from 1.08 CNY in 2023 to 1.84 CNY in 2027 [4]. Valuation Metrics - The company is currently valued at a PE ratio of 11.7 for 2023, which is expected to decrease to 6.9 by 2027 [4]. - The projected PB ratio is expected to decline from 1.0 in 2023 to 0.7 in 2027, indicating a potentially undervalued stock [4].

8月4日消息，中国金属材料流通协会执行会长兼秘书长陈雷鸣近日表示，根据中国特钢企业协会最新研 讨会的共识，雅江工程预计特钢总需求量将达400万-600万吨，相当于2024年全国粗钢产量的1.2%，其 中中厚板、高牌号硅钢、不锈钢及耐蚀高强结构钢为核心品类。这一规模远超三峡工程59万吨的用钢 量。 此外，陈雷鸣指出，高端特种钢将成雅江工程主力，雅江工程对钢材的需求呈现显著的"特种化、高强 度、长寿命"特征，核心品类需求明确。这些高端特种钢的主要性能就是抗撕裂、抗腐蚀、抗泥沙冲 刷、抗强紫外线辐射等。 陈雷鸣谈到，极端环境驱动的特殊性能需求包括：超低温韧性：引水隧洞螺纹钢、压力管道钢板需 在-40℃环境下保持高韧性，传统钢材易脆裂；耐腐蚀寿命倍增：转轮用不锈钢需抵抗高腐蚀性水质及 泥沙冲刷50年以上，较三峡标准提升30%；低碳约束：主体结构钢材碳足迹≤1.8吨CO₂/吨（行业平均2.8 吨），倒逼电炉短流程改造。 他还强调，高原极端环境与工程复杂性对钢材性能及供应链提出前所未有的考验，要突破四大瓶颈，包 括：环境适应性攻坚（-50℃超低温韧性、强腐蚀水质应对）、供应链与物流极限挑战、绿色低碳强制 约束、技术标准全 ...

近期，伴随权益市场回暖，一批历经市场周期洗礼的基金老将，正逐渐摆脱前期的业绩低迷，部分基金 老将甚至亮出凌厉锋芒，不仅净值曲线重拾升势，更以持续稳健的表现重新跻身"双十基金经理"（管理 同一基金满十年且年化收益超10%）之列。 部分基金老将亮出凌厉锋芒 今年主动权益基金业绩逐渐回暖。Wind数据显示，偏股混合型基金指数年内收益超过15%，超千只主 动权益基金年内业绩超过20%。 尽管不少主动权益基金仍处于修复前期回撤的过程中，但是短期业绩的显著回升，正持续助推着基金长 期业绩的稳健增长。 尤其是一些历经多轮牛熊行情的基金老将也逐渐走出业绩低迷期，凭借修复净值回撤的能力，对近年来 遭受的质疑作出最有力的回击。 国联安基金魏东是公募基金行业为数不多担任基金经理年限超过20年的老将，他担任国联安精选基金基 金经理至今接近16年时间。在2021年至2023年之间的波动行情中，他也未能从中脱身，期间最大回撤一 度超过40%，也曾遭受过持有人与市场对其投资能力的质疑。好在随着近期市场回暖，国联安精选基金 年内回报超过20%，一举扭转短期、中期亏损，近一年、三年、五年回报均实现正收益。该基金最新净 值距离2021年的历史最 ...

近期，伴随权益市场回暖，一批历经市场周期洗礼的基金老将，正逐渐摆脱前期的业绩低迷，部分基金老 将甚至亮出凌厉锋芒，不仅净值曲线重拾升势，更以持续稳健的表现重新跻身"双十基金经理"（管理同一 基金满十年且年化收益超10%）之列。 部分基金老将亮出凌厉锋芒 今年主动权益基金业绩逐渐回暖。Wind数据显示，偏股混合型基金指数年内收益超过15%，超千只主动权益 基金年内业绩超过20%。 尽管不少主动权益基金仍处于修复前期回撤的过程中，但是短期业绩的显著回升，正持续助推着基金长期业绩 的稳健增长。 尤其是一些历经多轮牛熊行情的基金老将也逐渐走出业绩低迷期，凭借修复净值回撤的能力，对近年来遭受的 质疑作出最有力的回击。 国联安基金魏东是公募基金行业为数不多担任基金经理年限超过20年的老将，他担任国联安精选基金基金经理 至今接近16年时间。在2021年至2023年之间的波动行情中，他也未能从中脱身，期间最大回撤一度超过40%， 也曾遭受过持有人与市场对其投资能力的质疑。好在随着近期市场回暖，国联安精选基金年内回报超过20%， 一举扭转短期、中期亏损，近一年、三年、五年回报均实现正收益。该基金最新净值距离2021年的历史最高 ...

Market Overview - The A-share market experienced a slight decline with the Shanghai Composite Index down 0.19% to 3566.55 points, the Shenzhen Component Index down 0.15% to 10992.87 points, and the ChiNext Index down 0.16% to 2324.50 points [3][4]. Sector Performance - The traditional Chinese medicine sector led the gains, while photovoltaic equipment, animal vaccines, and logistics sectors also showed strong performance. Conversely, the shipbuilding sector, film and television industry, and gaming sector faced declines [7]. Institutional Insights - Liu Kuijun from Shenzhen Dexun Securities noted that the A-share index has shown a strong three-month upward trend, but profit-taking and technical resistance at 3600 points may lead to volatility in August. Investors are advised to look for rotation opportunities in hot sectors [8]. - Qiu Yu from Guojin Securities indicated that the current market adjustment does not signify the end of the rally, as the weekly trend remains upward despite recent daily declines. High trading volumes provide more room for market corrections, and some sectors may emerge as new leaders [8]. - According to CITIC Securities, the domestic liquidity environment is relatively loose, supporting economic stability. The report highlights a continued focus on high-growth sectors such as overseas computing power chains, innovative pharmaceuticals, wind energy, and military industries [9].

Core Viewpoint - The company, Guojijinggong, is experiencing significant interest from institutional investors due to its advancements in high-end manufacturing, particularly in wind power bearings, humanoid robot bearings, and synthetic diamond industries, aligning with national strategic needs and attracting policy support and capital [1][2]. Group 1: Wind Power Bearings - The wind power bearing business is a focal point for investors, with the company reporting a substantial year-on-year increase in orders and plans to moderately expand production capacity [2]. - A project aimed at enhancing the capacity of large power wind precision bearings is underway, expected to be fully operational by 2027, potentially generating revenue between 800 million to 1.1 billion yuan [2]. - The global demand for clean energy and government support for renewable energy projects are creating significant market opportunities for companies in the wind power supply chain [2]. Group 2: Humanoid Robot Bearings - The company has included robot bearings in its "14th Five-Year" business plan, focusing on high-value-added products such as crossed roller bearings, thin-walled bearings, and angular contact bearings [2]. - Currently, the company has not established direct business relationships with humanoid robot manufacturers [2]. Group 3: Synthetic Diamond Industry - The functional application of synthetic diamonds, particularly single crystal diamonds, is gaining investor attention due to their exceptional properties and recent breakthroughs in transitioning from laboratory research to real-world applications [3]. - The company has achieved small-scale sales of single crystal (polycrystalline) diamond products in 2023, indicating a successful move towards commercialization [3]. - The company views diamond products as potential semiconductor materials, with long-term growth prospects, currently in the foundational research phase [3].

Group 1 - The A-share market showed a general recovery in July, with major indices rising, particularly the ChiNext Index, influenced by improved market sentiment and policy catalysts [2] - The Hong Kong stock market experienced a volatile upward trend in July, with the Hang Seng Technology Index and Hang Seng Composite Index increasing by 7.1% and 6.7% respectively, due to easing overseas disturbances and a recovery in domestic risk appetite [2] Group 2 - The market is expected to reach new highs in the second half of the year, transitioning from policy-driven to fundamental and liquidity-driven dynamics, with potential for a breakout above the 2024 mid-year peak [3] - Focus on sectors benefiting from anti-involution policies and potential rebound opportunities, particularly in coal, steel, photovoltaic, and building materials, with a rotational rebound characteristic anticipated [3] - Key industries to watch include electronics and machinery, with specific attention to chemical fibers, engineering machinery, military electronics, aerospace equipment, and automation equipment [3] Group 3 - The Hang Seng Index has surpassed previous highs and is expected to continue its upward trend, supported by strong overall profitability and relatively low valuations in sectors like internet, new consumption, and innovative pharmaceuticals [5] - The "dumbbell" strategy is recommended, focusing on sectors benefiting from domestic supportive policies in the context of US-China competition, as well as independent internet technology companies [5] - High dividend and low volatility strategies are also advised, particularly in telecommunications, public utilities, and banking sectors, providing stable income as a foundational investment [5]

Group 1 - The core task of the highest decision-making meeting has elevated the goal of anti-involution, which is expected to enhance market confidence through effective policy execution [2] - The current market sentiment is rapidly warming, with investors showing significant confidence in the return of "pro-cyclical style" as the anti-involution policy becomes clearer [4] - The annual investment in the childcare subsidy program has exceeded 100 billion, indicating strong fiscal support for young families and potential for stimulating domestic demand [3] Group 2 - The pro-cyclical sectors, which are highly represented in the A-share market, are expected to gain significant relative advantages as policies shift [2] - The institutionalization and circulation of data assets are seen as key directions for constructing a new factor system, which may drive the digital economy transformation [5] - High-end manufacturing, particularly in robotics and solid-state battery industries, is anticipated to achieve rapid breakthroughs in commercialization and industrialization [6] Group 3 - The current capital market in China is nurturing a "low wavelength flow" new bull market, driven by trust accumulation rather than emotional outbursts [7] - The market's main trend is determined by investor confidence and risk appetite, rather than sustained profit growth [7] - The expectation of a policy shift towards pro-cyclical assets may lead to a revaluation of the bond market as a "deflation asset" [4]

Group 1 - The A-share and Hong Kong stock markets showed signs of recovery in July, with major indices generally rising, driven by improved market sentiment and policy catalysts. The ChiNext index had the highest increase of 8.7%, while the Shanghai Composite Index had the smallest increase of 3.1% [1][8] - The steel, construction materials, and non-ferrous metals sectors performed well due to ongoing anti-involution policies and infrastructure projects like the Yajiang Hydropower Station [1][8] - The Hong Kong stock market experienced a steady upward trend, with the Hang Seng Technology Index rising by 7.1% and the Hang Seng Index by 5.5% as of July 25, 2025 [1][10] Group 2 - The A-share market is expected to reach new highs in the second half of the year, transitioning from policy-driven to fundamentals and liquidity-driven growth, with potential to surpass the peak of the second half of 2024 [2][12] - Focus on sectors benefiting from anti-involution policies, including coal, steel, photovoltaic, and construction materials, as well as opportunities in electronics and machinery equipment [2][13] - The market is anticipated to exhibit a "rotation and rebound" characteristic, with attention on industries that have lagged behind but have shown strong historical performance [2][13] Group 3 - The Hang Seng Index has surpassed previous highs and is expected to continue its upward trend, supported by strong profitability in the Hong Kong market and low valuations in sectors like internet, new consumption, and innovative pharmaceuticals [3][19] - The "dumbbell" strategy is recommended, focusing on technology growth and high dividend yield sectors, including telecommunications, utilities, and banking [3][19] - Key stocks for August 2025 in the A-share market include Dongfang Caifu, Hainan Huatie, and Huayou Cobalt, while the Hong Kong stock recommendations include China Life, Xinhua Insurance, and Tencent Holdings [3][24][28]