2025年，公募基金行业交出一份亮眼答卷，业绩排名前20的基金平均回报率高达141.87%，业绩第一名更是 以233.29%的回报，刷新了公募基金单年度收益率历史纪录。 与以往冠军基金经理频繁占据财经头条、基金公司高调营销造势的景象不同，2025年的业绩冠军却格外低调， 甚至无人知晓基金经理姓名，基金公司也更加克制，未开展铺天盖地的业绩宣传。 回溯主动权益基金近十年业绩榜单变迁，一条清晰的进化脉络浮出水面，相似之处在于，年度业绩领跑者大部 分依旧是聚焦单一赛道的基金产品；核心差异则在于，从2025年起，这些押注单一赛道的大部分绩优基金，将 被深深烙上"工具化产品"的标签。这一变化的背后，恰是中国主动权益基金行业告别粗放式规模增长，迈向精 细化、系统化运作的转型缩影。 2025年"牛基"画像：告别"明星依赖" 2025年，公募基金行业投研架构升级按下加速键，"平台式、一体化、多策略"的投研体系建设全面提速，基金 经理团队制管理模式也随之在行业内落地铺开。 这一变革的成效，在2025年度业绩头部阵营中得到直观体现。2025年主动权益基金业绩排名前20强的产品中， 无论是基金经理的团队构成、投资风格塑造，还是重仓行 ...

从清单中，我们可以看到在样品转运、前处理等工作上，新的实验室将大量启用机器人，这样 的智能化转型， 是否会对一些岗位和从业者产生巨大的影响呢 ？（相关阅读： 具身智能+科 学仪器联用：仪器"工业革命"来了 ） 摘要 ： 结合土壤监测实际业务需求，系统梳理并形成《核心能力与装备配置参考清单》，为各级生态 环境部门、科研机构及相关实施单位在"十五五"期间规划与建设智慧化土壤监测实验室提供务实、可 操作的参考。 特别提示 微信机制调整，点击顶部"仪器信息网" → 右上方"…" → 设为 ★ 星标，否则很可能无法看到我 们的推送。 2 0 2 5年1 2月2 8日，生态环境部部长黄润秋在《人民政协报》发表署名文章《推动美丽中国建 设取得新的重大进展》，文章中重点提到"十五五"要 持续深入推进污染防治攻坚。 2 0 2 5年1 2月2 6日，生态环境部召开新闻发布会，宣布按照党的二十届四中全会通过的《中共 中央关于制定国民经济和社会发展第十五个五年规划的建议》部署，"十五五"时期将持续深入 推进 污染防治攻坚 和生态系统优化，"强化减污降碳协同、 多污染物控制协同 、区域治理协 同" "深入打好蓝天、碧水、 净土保卫战 ...

证券日报网讯 12月29日，崧盛股份在互动平台回答投资者提问时表示，公司在LED照明驱动电源领域 深耕十五年，积累了大量针对电源高效、可靠的技术经验和应用案例，但随着行业的发展，数字化、智 能化、一体化成为更高追求，公司也将持续针对该方向进行技术和市场布局。收购芯神科技，将有助于 整合两家公司的优势资源，通过技术和产品的互补，实现下一代智能化控制电源的产品创新，强化公司 在LED照明驱动领域的技术壁垒，使公司成为集电源与智能控制、通信为一体的方案提供商，推动LED 照明行业技术性变革。未来公司将根据业务发展情况进行对应布局投入。 （文章来源：证券日报） ...

Core Viewpoint - The lithium iron phosphate (LFP) industry has experienced a strong recovery since 2025, characterized by robust production and sales, with leading companies seeing a surge in orders and operating at full capacity [1] Market Performance - Since the third quarter, the LFP business has shown strong production and sales across the industry, with companies like Beijing Easpring Material Technology Co., Ltd. reporting profitability and becoming mainstream suppliers in the domestic LFP battery market, primarily focusing on overseas applications [2] - From January to November, China's cumulative installation of LFP batteries reached 545.5 GWh, accounting for 81.2% of total installations, with a year-on-year growth of 56.7% [2] - Several LFP companies are planning price increases due to supply-demand imbalances and rising raw material costs, with some already adjusting product prices [2] Price Adjustments and Profitability - A major manufacturer has announced a uniform increase in processing fees for all LFP products starting in 2026, which is expected to improve profitability for lithium battery manufacturers previously operating at low margins [3] - The rise in LFP prices is anticipated to help some companies turn losses into profits [3] Industry Trends and Competition - The rapid iteration of LFP materials towards high-pressure density is gaining market traction, with significant demand for high-pressure LFP as a means to enhance battery energy density [3] - The competitive landscape is shifting, with leading companies leveraging technological and scale advantages, while smaller firms face greater challenges due to high technical barriers and cost pressures, potentially leading to increased industry concentration [3] Expansion and Contracts - The LFP industry is witnessing a wave of long-term contracts and capacity expansions, with companies like Jiangsu Longpan Technology signing a long-term procurement agreement to supply 106,800 tons of LFP materials from 2026 to 2030 [4] - Hunan Youneng has received approval for a stock issuance aimed at raising up to 4.788 billion yuan for capacity construction of LFP and manganese iron phosphate materials [5] - Ningbo Ronbay New Energy Technology plans to acquire a 54.97% stake in Guizhou Xinren and invest 140 million yuan to enhance its production capabilities [5] Capacity Development - Shandong Fengyuan Chemical has established a total LFP capacity of 225,000 tons, with an additional 75,000 tons under construction, and plans to adjust capacity based on industry trends and customer demand [6] - Zhongwei New Materials has developed an integrated layout from upstream resources to downstream production, achieving a total LFP capacity of 50,000 tons [6] - The current expansion in the LFP industry is characterized by high-end, integrated, and international features, with competitive advantages in technology, supply chain, cost, and overseas layout being crucial for success [6]

Core Viewpoint - The global photovoltaic industry is experiencing rapid expansion, but currently faces overcapacity, subsidy reductions, and trade barriers, leading to industry-wide losses. A recovery is anticipated by 2025, but third-quarter financial reports do not confirm a reversal yet. Despite this, A-share related stocks have shown more gains than losses in 2025 [5][11]. Group 1: Industry Overview - The photovoltaic industry is projected to reach 2000 GW of installed capacity by 2030, surpassing thermal power as the largest energy source [5]. - The three major companies in the industry—LONGi Green Energy, Tongwei, and TCL Zhonghuan—are navigating through challenging times, with varying strategies of integration and specialization [6][8]. Group 2: Financial Performance - In 2022, revenues for Tongwei, LONGi, and TCL Zhonghuan were 142.2 billion, 129 billion, and 67 billion respectively. By 2023, revenues showed slight declines, with LONGi being the most resilient [8][9]. - For the first three quarters of 2025, revenues continued to decline, but the rate of decline is expected to stabilize [11]. - In terms of net profit, TCL Zhonghuan faced the most significant drop, with a net profit of only 25.7 billion in 2023, down from 64.8 billion in 2022 [12][14]. Group 3: Business Strategies - LONGi has adopted an integrated strategy, significantly increasing its downstream component and battery business, which now constitutes a larger portion of its revenue compared to upstream silicon products [28][30]. - TCL Zhonghuan has been more reluctant to embrace integration, focusing primarily on its silicon wafer business, which has led to substantial losses in recent years [19][26]. - Tongwei has successfully expanded into the component business, achieving significant revenue growth, but still faces challenges in maintaining profitability due to declining prices [42][46]. Group 4: Market Dynamics - The photovoltaic industry is divided into five segments: silicon materials, silicon wafers, cells, modules, and power generation. The silicon wafer segment has the highest technical barriers [18]. - The debate between integration and specialization continues, with evidence suggesting that integrated companies may have better resilience during downturns compared to specialized firms [50].

Core Viewpoint - The acquisition plan by Kanglong Chemical (康龙化成) to purchase 82.54% of Wuxi Baiaode Bio-Science Co., Ltd. for approximately 1.346 billion yuan has raised market concerns regarding the high premium and financial pressure on the company [1][4][7]. Group 1: Acquisition Details - Kanglong Chemical aims to enhance its technological platform and implement its core strategy of "full-process, integrated, international, and multi-therapy" through this acquisition [2][8]. - The acquisition price represents a significant premium, valuing Baiaode at approximately 1.631 billion yuan, which is an increase of 168.21% over its net assets [7]. - The valuation of Baiaode has been supported by previous market financing rounds, with post-investment valuations reaching approximately 1.57 billion yuan in 2021 and 2.57 billion yuan in 2023 [7]. Group 2: Financial Performance - For the first three quarters of 2025, Kanglong Chemical reported a revenue of 10.086 billion yuan, marking a record high, but its net profit attributable to shareholders decreased by 19.76% [5][15]. - As of September 2025, the company had interest-bearing liabilities of approximately 6 billion yuan, with financial expenses exceeding 150 million yuan for the first three quarters [4][11]. Group 3: Market Reaction and Shareholder Actions - The stock price of Kanglong Chemical has seen a significant decline, closing at 29 yuan per share on November 24, 2025, down over 70% from its peak of 244.60 yuan per share in August 2021 [6][15]. - Major shareholders have been actively reducing their stakes, with significant cash-outs totaling around 12 billion yuan since 2022 [14][15].

Core Viewpoint - The acquisition plan by Kanglong Chemical (康龙化成) to purchase 82.54% of Wuxi Baiaode Biological Science Co., Ltd. for approximately 1.346 billion yuan has raised market skepticism due to financial pressures and high premium valuation [1][3]. Group 1: Acquisition Details - Kanglong Chemical plans to acquire 82.54% of Baiaode for 1.346 billion yuan, aiming to enhance its "full-process, integrated, international, and multi-therapy" strategy [1][3]. - The acquisition price reflects a significant premium, valuing Baiaode at approximately 1.631 billion yuan, which is a 168.21% increase over its net assets [3]. - The valuation of Baiaode at 1.5 billion yuan was deemed reasonable by Kanglong, supported by previous market financing rounds [3]. Group 2: Financial Performance - As of September 2025, Kanglong Chemical reported total liabilities of approximately 6 billion yuan and financial expenses of 153 million yuan for the first three quarters of 2025 [2][7]. - The company achieved a record revenue of 10.086 billion yuan in the first three quarters of 2025, but its net profit decreased by 19.76% year-on-year [2][11]. Group 3: Market Reactions and Concerns - The acquisition has raised concerns about related party transactions, as approximately 500 million yuan will be cashed out by related parties through this deal [2][8]. - Kanglong's stock price has significantly declined, dropping over 70% from its peak in August 2021, closing at 29 yuan per share on November 24, 2025 [2][11]. - There has been a notable trend of major shareholders reducing their stakes, with significant cash-outs totaling around 12 billion yuan since 2022 [10][11].

Core Viewpoint - Xinhecheng (002001) focuses on two main sectors: nutrition and health, and high polymer new materials, emphasizing an integrated, series, and collaborative development strategy [1] Group 1: Business Strategy - The company aims to leverage its advantages in "technology + resources + market" to achieve a series, scale, and high value-added layout [1] - Xinhecheng is committed to extending the industrial chain around its existing business segments, fostering synergistic effects with its current industries [1] Group 2: Research and Development - All segments of the company are advancing research and development projects, indicating a rich reserve of projects [1]

Financial Performance - Revenue for Q3 2025 reached RMB 3,645 million, a 9.1% increase QoQ and a 13.4% increase YoY [9] - Net profit attributable to shareholders for Q3 2025 was RMB 440 million, up 11.0% QoQ and 42.5% YoY [9] - Non-IFRS adjusted net profit for Q3 2025 was RMB 471 million, reflecting a 15.9% QoQ increase and a 12.9% YoY increase [9] Year-to-Date Performance - Total revenue for the first three quarters of 2025 was RMB 10,086 million, a 14.4% increase YoY [10] - Net profit attributable to shareholders for the first three quarters of 2025 was RMB 1,141 million, down 19.8% YoY [10] - Non-IFRS adjusted net profit for the first three quarters of 2025 was RMB 1,227 million, a 10.8% increase YoY [10] Order Growth and Client Performance - New orders increased by over 13% YoY, with growth accelerating compared to the first half of the year [10] - Revenue from top 20 pharmaceutical companies grew by 37.9% YoY [15] - Cash flow from operating activities was RMB 2,436 million, with free cash flow at RMB 536 million [10] Revenue Composition - Revenue breakdown for Q3 2025: - Small Molecules: 60% - CDMO: 23% - Clinical Research Services: 14% - Laboratory Services: 12% [12] - Revenue from North American clients grew by 11.9%, European clients by 23.2%, and Chinese clients by 16.1% [13] Cost and Expense Ratios - Selling and distribution expenses as a percentage of revenue remained stable at 2.2% [22] - R&D expenses as a percentage of revenue were 3.9% for the first three quarters of 2025 [25] - Net interest expenses as a percentage of revenue were 0.8% for the first three quarters of 2025 [29] Strategic Outlook - The company aims for a revenue growth target of 12-16% for the full year 2025 [35] - The strategic focus includes enhancing R&D and production efficiency while expanding market share [35]

Investment Rating - The investment rating for the company is "Buy" for both A and H shares, maintained from previous assessments [7]. Core Insights - The company has demonstrated steady performance with a revenue of 10.086 billion RMB and a non-IFRS adjusted net profit of 1.227 billion RMB for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively [1]. - The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16%, indicating strong confidence in its growth prospects [1]. - The acquisition of Wuxi Bai'ao is expected to enhance the company's integrated service capabilities and international reach, aligning with its strategic focus on a comprehensive, integrated, and multi-therapy approach [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported a gross margin of 34.2%, an increase of 0.4 percentage points year-on-year, supported by scale effects and improved capacity utilization in its CMC business [1]. - The net cash flow from operating activities reached 2.436 billion RMB, marking a year-on-year increase of 37.6% [1]. - The company’s new order intake grew by over 13% year-on-year, with a notable acceleration in the third quarter [2]. Business Segments - The laboratory services segment, as the flagship business, generated 6.004 billion RMB in revenue, up 15.0% year-on-year, with new orders increasing by over 12% [2]. - The CMC segment reported revenue of 2.293 billion RMB, reflecting a year-on-year growth of 16.0%, with new orders increasing by approximately 20% [2]. - The clinical CRO segment achieved revenue of 1.440 billion RMB, up 10.3% year-on-year, while the large molecules and CGT segment saw revenue of 336 million RMB, an 8.1% increase [2]. Acquisition Details - The company plans to acquire 82.54% of Wuxi Bai'ao for approximately 1.346 billion RMB, which is positioned as a leading CRO in structural biology [3]. - The acquisition is expected to create strong synergies, leveraging Bai'ao's advanced capabilities in structural biology and protein preparation, enhancing the company's service offerings [4]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 1.729 billion RMB, 2.105 billion RMB, and 2.529 billion RMB respectively, with slight upward adjustments from previous estimates [5]. - The company is assigned a PE ratio of 37x for A shares and 26x for H shares in 2026, with target prices set at 43.81 RMB and 33.69 HKD respectively [5].