文|天峰 来源|财富独角兽 2025年以来，沪深股指迎来了一轮气势如虹的上涨行情，A股市场展现出强劲的复苏态势。年初，沪深 300指数以3580点起步，随后在政策利好、经济数据回暖及资金面宽松等多重因素推动下，指数一路高 歌猛进，屡创新高。截至2025年末，上证指数已突破4000点大关，全年累计涨幅18%，创下近三年来的 最佳表现。 笔者发现，受益于A股市场大幅上涨，建信基金旗下基金经理邵卓便是其中的佼佼者，多只产品近一年 收益率均实现正增长。其实，邵卓的业绩并非偶然，而是源于其成熟的投资框架、精准的选股能力、有 效的风险控制、独特的实业背景积淀以及强大的投研平台支撑，多维度因素共同铸就了其长期优异的投 资表现。 01 成熟完善的投资框架：宏观、中观、微观三位一体 邵卓业绩稳定的核心支撑在于其构建了"自上而下与自下而上相结合"的全天候投资框架，通过宏观、中 观、微观三个维度的协同研判，实现对市场机会的精准把握。在自上而下层面，他并不执着于对市场走 势的短期博弈，而是聚焦于三大核心要素：经济周期位置的判断、流动性状况的跟踪以及市场主要矛盾 的识别，以此把握中周期（1-2年）内市场的主导投资逻辑。 例如在市场震荡 ...

Group 1 - The core stock price of Bolivian increased by 2.03% on January 14, reaching 34.72 CNY per share, with a total market capitalization of 3.512 billion CNY [1] - The company has seen a year-to-date stock price increase of 11.28%, with a 5-day increase of 5.02% and a 20-day increase of 10.61%, while experiencing a 60-day decline of 11.77% [2] - As of September 30, 2025, Bolivian's revenue reached 2.076 billion CNY, representing a year-on-year growth of 62.73%, and the net profit attributable to shareholders was 48.54 million CNY, up 316.77% year-on-year [2] Group 2 - Bolivian's main business involves the research, production, sales, and service of green and environmentally friendly lithium-ion battery packs and cells, with revenue composition including 46.21% from light vehicle batteries, 21.91% from consumer electronics batteries, and 17.72% from energy storage batteries [2] - The company has distributed a total of 60 million CNY in dividends since its A-share listing, with 40 million CNY distributed over the past three years [3] - As of September 30, 2025, the number of shareholders increased by 11.32% to 6,086, while the average circulating shares per person decreased by 10.17% to 16,431 shares [2]

Market Overview - US core CPI inflation slowdown failed to maintain stock market gains, with major indices turning negative; S&P 500 down 0.19%, Dow Jones down 0.80%, and Nasdaq down 0.10% [1] - Financial sector dragged down by bank stocks, with JPMorgan falling over 4% and Visa also down more than 4% after CFO hinted at potential impacts from credit card interest rate caps [1] - Google saw a rise of over 1%, marking four consecutive days of record highs, while AMD and Intel gained over 6% and 7% respectively after rating upgrades [1] Sector Performance - Nasdaq Golden Dragon China Index fell by 1.86%, with notable declines in Brain Rejuvenation Technology down over 26% and Pinduoduo down over 5% [2] - Offshore RMB initially rose post-US CPI release but later fell below 6.97, moving away from a 20-month high [4] Commodity Market - Oil prices rose for four consecutive days, reaching a two-month high, with a peak increase of over 3% following Trump's cancellation of talks with Iran [5] - Gold hit a record high before turning down, while silver rose nearly 5% in two days, achieving historical highs [5] Company Announcements - OpenAI's first hardware, reportedly AI headphones, aims for sales of 50 million units this year [6] - META plans to double the production capacity of AI glasses Ray-Ban to 20 million units by 2026, reflecting the rapid growth of the AI glasses market [7] - TCL Technology expects a net profit of 4.21 billion to 4.55 billion yuan for 2025, a year-on-year increase of 169% to 191% [19] - Dazhu CNC anticipates a net profit of 785 million to 885 million yuan for 2025, up 160.64% to 193.84% year-on-year [20] Industry Developments - The Ministry of Industry and Information Technology (MIIT) issued a plan to enhance the development of industrial internet platforms, aiming for over 120 million connected industrial devices by 2028 [8] - The MIIT held a meeting to implement a new round of growth stabilization plans for ten key industries, emphasizing the need to resist "involution" [9] - The Ministry of Commerce announced continued anti-dumping duties on solar-grade polysilicon from the US and South Korea for five years [10]

Core Viewpoint - In 2025, the focus of competition in China's automotive industry shifts fundamentally from domestic market share battles to comprehensive competition on the global stage, centered around technology, systems, and regulations [1] Group 1: Order Restoration - A "revolution of order" is underway in the Chinese automotive industry, as a corrective governance action is launched to address the detrimental effects of endless price wars [2] - The average profit margin in the industry has dropped to around 4%, prompting the Ministry of Industry and Information Technology to take measures against "involution" competition [3] Group 2: Supply Chain Stability - A collective commitment by 17 automakers to limit payment terms to suppliers to 60 days aims to stabilize the supply chain and improve the financial health of component manufacturers [4] - This initiative is expected to create a fair and sustainable ecosystem, although the execution and supervision of this commitment pose significant challenges [4] Group 3: Export Regulation - The phenomenon of "zero-kilometer used cars" is being regulated, as some automakers have been exporting unsold new cars as used vehicles, disrupting local markets [5][6] - New regulations require that vehicles exported as "used cars" must provide after-sales service commitments and parts supply guarantees, closing loopholes for low-quality exports [6] Group 4: Intelligent Driving - The Chinese automotive industry is entering a new phase of intelligent driving, transitioning from demonstration to large-scale application and regulatory commercialization [7] - The penetration rate of L2-level advanced driver assistance systems in new cars reached approximately 64% by Q3 2025, enhancing consumer experience and data accumulation for algorithm improvement [8] Group 5: Advanced Driving Levels - The first batch of L3-level conditional autonomous driving vehicles has been approved for trial operation in designated areas, marking a significant legal milestone [9] - L3-level driving allows the system to take full control under specific conditions, establishing a clear responsibility framework for automakers [9] Group 6: Urban Navigation - The competition in intelligent driving is shifting focus from highways to complex urban environments, with "City NOA" becoming a key measure of technological capability [10] - Companies are investing heavily in R&D and data capabilities to enhance urban driving experiences, although challenges related to data compliance and privacy remain [10] Group 7: Battery Technology - Innovations in battery and charging technologies are addressing core concerns of electric vehicle range and charging anxiety [11] - Solid-state batteries are on a clear industrialization path, with major automakers announcing production timelines and breakthroughs in technology [12] Group 8: Fast Charging - The introduction of megawatt-level ultra-fast charging technology has transformed the charging experience, with significant advancements in charging power and infrastructure development [14] - National policies are encouraging the establishment of high-power charging facilities, aiming for over 100,000 units by the end of 2027 [14] Group 9: Globalization and Investment - The Chinese automotive industry is transitioning from being a global manufacturing hub to becoming an innovator and investor on the world stage [15] - Localized production bases are being established in international markets, such as BYD's plant in Brazil and NIO's energy factory in Hungary, enhancing responsiveness to regional demands [16] Group 10: Capital Market Engagement - A wave of listings focused on globalization is occurring, with companies like Chery and Seres raising significant capital through IPOs, indicating strong investor confidence [17] - These listings not only provide funding but also validate the companies' brand value and global strategies in the eyes of international investors [17]

亚洲时段，A股成交再创历史天量，创业板跌2%，商业航天集体回调，新"易中天"延续强势，恒指涨近1%，医药股活跃，碳酸锂逆势涨超7%。 要闻 华见早安之声 美CPI公布后， 美债价格跳涨、收益率刷新日低；美元指数短线回吐部分涨幅、刷新日低，但此后美元涨幅扩大、逼近四周高位。 日元六连跌、创一年半新低。美国CPI后，离岸人民币短线转涨，后失守6.97、跌离20个月高位；比特币一度较日低涨近4%、涨破9.4万美元。 市场概述 核心CPI通胀放缓未能保住美股涨势，三大股指盘中转跌，标普和道指跌落纪录高位，银行股拖累大盘，金融板块跌近2%，公布四季度财报且公司CFO暗示 可能受特朗普的信用卡利率上限打击后， 摩根大通跌超4%，信用卡巨头Visa跌超4%；但谷歌涨超1%、四日连创历史新高，芯片指数和英伟达两连阳，被 机构上调评级后，AMD涨超6%、英特尔涨超7%。 原油四连涨，收创两个多月新高， 特朗普称取消与伊朗会谈后，油价盘中涨超3%。 黄金第二日 创盘中最高纪录后转跌， 白银盘中涨近5%、两日 连创历 史新高。伦锡涨超3%、逼近最高纪录，伦铜止步两连阳，未继续逼近纪录高位。 美国核心通胀较预期放缓，12月核心CPI ...

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday at 22:00, which include significant stock market updates such as suspensions, shareholding changes, investment wins, acquisitions, earnings reports, and unlocks, helping investors identify potential investment hotspots and mitigate risks [1] - A company has integrated multiple products with Google's new image generation and editing model, Nano Banana Pro, showcasing advancements in AI and robotics [1] - Another company has developed a new low-code platform that combines AI capabilities to provide rich programming assistance and template prompts, indicating growth in AI applications and cloud computing [1] - A company has signed a procurement agreement with CATL for over 120 billion yuan worth of lithium iron phosphate cathode materials, reflecting significant investment in solid-state batteries, low-altitude economy, energy storage, and new energy vehicles [1]

Core Viewpoint - Wanrun Co., Ltd. has completed the laboratory small-scale development of lithium sulfide, a key upstream material for solid-state battery electrolytes, and has initiated the construction of a pilot production line, aiming for completion around the end of June [1] Group 1 - The laboratory small-scale development of lithium sulfide has been completed [1] - Lithium sulfide is identified as a crucial material for solid-state battery electrolytes [1] - The construction of the pilot production line has commenced [1]

Core Viewpoint - Wanrun Co., Ltd. has completed the laboratory small-scale development of lithium sulfide, a key upstream material for solid-state battery electrolytes, and is advancing towards industrialization [1] Group 1 - The company has initiated the construction of a pilot production line for solid-state battery materials [1] - The goal is to complete the construction of the pilot line by the end of June 2026 [1] - The company aims to promote the industrialization process following the completion of the pilot line [1]

Group 1: Financial Performance - The company's revenue for the first three quarters of 2025 increased by approximately 2.31% year-on-year [2] - The net profit attributable to shareholders grew by about 3.27% compared to the same period last year [2] Group 2: Semiconductor Manufacturing Materials - The company has developed over 300 compounds in the semiconductor manufacturing materials sector, achieving a leading position domestically [3] - The new production capacity project at Wanrun Industrial Park (Phase II C05) includes approximately 751 tons of semiconductor photoresist-related materials, with construction expected to be completed by the end of this year [3] Group 3: Solid-State Battery Materials - The laboratory development of lithium sulfide, a key upstream material for solid-state battery electrolytes, has been completed [4] - The pilot production line construction is underway, aiming for completion by the end of June [4] Group 4: Perovskite Products - The company has developed over 100 compounds in perovskite photovoltaic materials, including hole transport layer materials and electron transport layer materials [5] - Although the industry has not yet reached large-scale commercialization, the technology level of downstream perovskite photovoltaic components is continuously improving [5] Group 5: High-Performance Polymers - The company has five main categories of high-performance polymer products, including PEI, TPI, and PEEK, with annual production capacities of 1,500 tons for PEI and over 100 tons for TPI and PI-5218 [5] - The PEEK product is currently in the downstream application verification stage, with an existing annual production capacity of approximately 100 tons [5]

Market Overview - All three major indices closed lower, with the ChiNext index experiencing a significant decline of 1.96%, while the Shanghai Composite Index fell by 0.64% to 4138 points. The Hong Kong Hang Seng Index opened high but closed lower. Trading volume in both markets increased, approaching 3.7 trillion yuan [1][8]. Sector Performance - The commercial aerospace sector saw a substantial drop, leading to a decline in market sentiment. According to WIND data, most of the 31 primary industries tracked by Shenwan experienced declines, with notable gains in oil and petrochemicals (1.62%), pharmaceuticals (1.21%), non-ferrous metals (0.91%), and media (0.67%). In contrast, sectors such as defense, electronics, communications, and computers lagged behind. Out of over 5300 stocks in the market, 3726 saw declines, indicating poor profitability [1][9]. Reasons for Market Correction - The primary reason for the market correction was the cooling off of previously popular speculative themes, particularly in commercial aerospace and controllable nuclear fusion sectors. The commercial aerospace concept stocks notably weakened after several companies issued risk warnings on January 12. This decline raised concerns among investors regarding high-volatility sectors, prompting some to quickly realize profits, which led to concentrated selling pressure [2][9]. Short-term Outlook - The current short-term fluctuations may present a good opportunity for allocation. Historical data from the past two decades indicates that spring market rallies typically occur, although the timing and magnitude can vary. Compared to historical trends, the current bull market has not yet reached its peak, and market sentiment remains subdued. The influx of absolute return funds from insurance, private equity, and retail investors suggests that the spring rally in A-shares has already begun [2][10]. Future Market Dynamics - As the annual performance forecast disclosure window opens for listed companies, the market logic is expected to shift from valuation recovery to profit growth. The current spring market is anticipated to be characterized by a more tradable and significant upward trend after digesting market sentiment [3][10]. Sector Allocation Recommendations - The importance of performance realization is expected to increase, focusing on core technology and manufacturing sectors. Key areas to prioritize include overseas computing power, storage, consumer electronics, and wind energy storage, which currently have low trading congestion and still present buying opportunities. Additionally, sectors like innovative pharmaceuticals and gaming, which may see fundamental improvements in Q1, are also expected to rotate into focus [4][11]. Commercial Aerospace Sector Outlook - Despite the recent adjustments and the need to digest short-term overheating sentiment, the commercial aerospace sector may still hold strong investment appeal. The ongoing developments with SpaceX and robust policy support, along with significant industry catalysts, suggest that the sector could remain active with participation opportunities [5][12].