你可能听过十倍股，别被吓到，它不是股市玄学，是投资科学。 股市连续三年上涨，财经有料哥精准分析并提前分享给大家的"三年A股牛市行情"如期而至，今年哪些上市公司股价具有"十倍股"的增长潜质？ 我为大家带来2026年有色金属行业十倍股潜力方向与A股上市公司分析，提供给有料财经的股民粉丝投资决策时参考。优质图文扶持计划 作者：小爱有料财经 风险提示：投资有风险，入市需谨慎！有料财经股市分析内容仅供参考。 a股牛市吹哨人财经有料哥概括起来，就是市值小、价格低、但是股价涨得猛?的上市公司，股价涨幅达到十倍甚至更高。 A股市场十倍股，概括起来四个特点：?小个子、便宜价、成长快、有真本事?。 我把这四个标准套在?有色金属行业?上，看看2026年谁最有戏成为十倍股。 说起有色金属，股民第一反应就是铜铝锌铅锡。 2026年别再盯着铜价涨跌，机会藏在你可能没听过的小金属里。 1、稀土永磁材料? 你开的新能源车、用的无人机、甚至未来的机器人，里面都有包含"钕铁硼"的磁铁，它能让电机体积又小，功能又强。 中国控制着全球90%稀土加工能力，现在国家已经?禁止关键技术出口?，加强了稀土出口管制，谁掌握这个材料，谁就握住了"电动时代"的钥 ...

Core Insights - The article highlights the exceptional performance of the Yongying Technology Smart A fund, managed by Ren Jie, which achieved a record annual return of 233.29% in 2025, driven by significant holdings in stocks like Xinyi Sheng and Shenghong Technology, both of which saw cumulative increases exceeding 10 times during 2024-2025 [1] - The analysis of A-shares over the past decade reveals that public funds have consistently played a crucial role in the rise of "tenfold stocks" during three notable bull markets, with deep involvement in stocks like Tonghuashun and Yiyuan Lithium Energy [1][2] Investment Logic for Tenfold Stocks - Each bull market is characterized by distinct themes, with public funds aligning their investment strategies closely with policy directions and industrial changes. For instance, during the "leverage bull" from 2014-2015, funds focused on sectors like finance and defense, leading to significant gains in stocks like Tonghuashun and Guangqi Technology [2] - The "core asset bull" from 2019-2021 saw funds targeting high-growth, high-barrier stocks, reflecting a shift towards quality investments amid consumption and industrial upgrades [2][3] Performance Metrics of Tenfold Stocks - The article notes that the average compound profit growth rate of tenfold stocks during the 2019-2021 period was 69.61%, with an average price increase of 12.9 times. Notable examples include Sunshine Power, which saw a price increase of 15.54 times, and Shanxi Fenjiu, benefiting from consumption upgrades [3] - In the 2024-2025 market, driven by policies promoting technological self-reliance, funds focused on tech companies with core technologies, leading to significant profit growth for stocks like Xinyi Sheng and Shenghong Technology, with peak fund holding ratios of 40.65% and 23.68%, respectively [3] Fund Investment Strategies - Public funds have evolved their stock selection strategies from short-term trend capturing to long-term value digging, with a clear trajectory of improvement in selection capabilities. During the "leverage bull," funds primarily engaged in short-term speculation, while the "core asset bull" period saw a more in-depth analysis of company fundamentals [6][7] - The current strategy emphasizes forward-looking research and precise selection based on industry fundamentals, moving away from broad trend-following approaches to a more nuanced understanding of market dynamics [7] Practical Insights for Investors - Investors are advised to focus on funds' capabilities in core sectors, as evidenced by the performance of funds like Yongying Technology Smart A, which significantly outperformed the market by concentrating on leading stocks [8] - The sustainability of fund holdings and their alignment with performance metrics is crucial for long-term returns. Stocks that consistently deliver earnings, like Yiyuan Lithium Energy, have proven to be beneficial for funds, while those reliant on external events may pose higher risks [9] - Maintaining a diversified investment portfolio is essential for risk management, as concentrated funds may face volatility during industry rotations. Investors should consider allocating funds across various themes to balance opportunities and risks [9]

Core Insights - The article highlights the exceptional performance of the Yongying Technology Smart Selection A fund, managed by Ren Jie, which achieved a record annual return of 233.29% in 2025, driven by significant holdings in stocks like New Yisheng and Shenghong Technology, both of which saw cumulative increases exceeding 10 times during the 2024-2025 period [1] - The analysis of A-shares over the past decade reveals that public funds have consistently played a crucial role in the rise of "tenfold stocks" during three major bull markets, with deep involvement in stocks like Tonghuashun and Yiyuan Lithium Energy [1] Group 1: Tenfold Stock Logic - Each bull market is characterized by distinct themes, with public funds aligning their investment strategies closely with policy directions and industrial changes [2] - During the "Leverage Bull" from 2014 to 2015, public funds focused on stocks benefiting from financial innovation and military reform, such as Tonghuashun and Guangqi Technology, which saw significant increases in fund holdings [2] - The "Core Asset Bull" from 2019 to 2021 emphasized high-growth and strong barrier stocks, with public funds investing in sectors like electronics and power equipment, leading to substantial returns [3] Group 2: Recent Market Trends - In the 2024-2025 market, public funds concentrated on technology companies with core competencies, reflecting a "hard technology + high performance" stock selection logic, with New Yisheng and Shenghong Technology showing remarkable profit growth [4] - The article notes that funds displayed caution towards stocks influenced by external factors, such as Upwind New Materials and Tianpu Shares, indicating a preference for performance-driven investments [4] Group 3: Investment Strategies - Public funds have consistently demonstrated three core investment strategies: aligning with prevailing market themes, focusing on high-growth sectors, and maintaining significant holdings in promising stocks [5] - The evolution of stock selection strategies among public funds has progressed from short-term trend capturing to long-term value exploration, showcasing a clear trajectory of improvement in selection capabilities [6][7] Group 4: Practical Insights for Investors - The interaction between public funds and tenfold stocks offers valuable insights for investors, emphasizing the importance of assessing fund positioning in core sectors [8] - Investors should prioritize funds that maintain long-term holdings in high-performing stocks, as these are more likely to yield sustainable returns [9] - Maintaining a diversified investment portfolio is crucial for risk management, as concentrated funds may face significant risks during industry rotations [9]

Market Overview - The total number of A-shares is 5,092, with 3,941 shares rising and 1,145 shares falling, indicating a strong upward trend in the market [1][10] - The median increase for A-shares is -0.76%, with 1,476 stocks rising and 3,602 stocks falling [3][12] - The Shanghai Composite Index has shown a rise of 16.95%, while the ChiNext Index has increased by 49.65% [1][10] Sector Performance - The leading sectors include Power Equipment, which rose by 1.12%, Building Materials by 0.88%, and Electronics by 0.58% [2][11] - The sectors that experienced declines include Social Services, which fell by 2.07%, Beauty and Personal Care by 1.65%, and Retail by 1.60% [2][11] Individual Stock Performance - A total of 122 stocks reached new highs, including China Ping An and Zijin Mining, while 16 stocks hit new lows, including Daqin Railway and Supor [4][13] - Notably, 44 stocks achieved historical highs, including Zijin Mining and Zhongji Xuchuang [4][13] Convertible Bonds - The average decline for 384 convertible bonds is 0.41%, with the corresponding average decline for underlying stocks at 0.48% [5][14] - The main holdings of convertible bonds showed a smaller decline of 0.20% compared to the average [5][14] Investment Insights - Two stocks have emerged as tenfold gainers this year: Shuangwei New Materials with a rise of 1,451.43% and Tianpu Co. with an increase of 1,102.24% [6][15] - The performance of these stocks and the related fund, Yongying Technology Smart Selection, which has increased by 231.72%, suggests potential volatility in future performance [6][15][16]

Investment Rating - The report provides a neutral investment rating for the industry, indicating a cautious approach towards potential investments in the sector [3]. Core Insights - The report emphasizes that domestic substitution may be a pathway to uncovering quality growth stocks, supported by policies like "Made in China 2025" [2][5]. - It identifies that since 2016, there have been 206 tenfold stocks in the A-share market, with a high concentration in sectors such as power equipment, pharmaceuticals, electronics, and food and beverage [5][15]. - The report highlights that high industry prosperity, core competitiveness, and market cycles are critical factors contributing to the emergence of tenfold stocks [5][21]. Summary by Sections 1. Overview of Tenfold Stocks - A total of 206 tenfold stocks have been identified in the A-share market since 2016, with significant representation from power equipment (36), pharmaceuticals (30), electronics (29), and food and beverage (15) [5][15]. - The report outlines that the formation of tenfold stocks is driven by industry prosperity, core competitiveness, and market cycles [5][21]. 2. Exploring Manufacturing Industry - The report suggests that domestic substitution could be a key strategy for identifying quality growth stocks, with various policies providing robust support for this transition [2][5]. - It discusses key areas for domestic substitution, including high-end manufacturing (industrial robots and CNC machine tools), medical equipment, high-end processors, and advanced manufacturing [2][5]. 3. Investment Recommendations - The report recommends focusing on high-quality companies within the manufacturing sector that are positioned to benefit from rapid downstream demand growth [2][5]. - It emphasizes the importance of understanding the competitive landscape and the potential for significant growth in the manufacturing midstream as demand increases [5][21].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Market Review: The overall market showed a volatile upward trend in July. The Shanghai Composite Index rose 3.7%, and the average return of active equity - oriented funds was 4.6%, with institutions slightly outperforming the market. Trading volume increased significantly, with the average daily trading volume of the whole A - shares in July reaching 1.6 trillion yuan (compared to 1.4 trillion yuan from January to June this year). The cycle + growth sectors led, and the dumbbell configuration adjusted. In terms of style, small - cap growth continued to dominate. Fund heavy - holding stocks and the non - changing - face sub - new stock portfolio significantly outperformed, while strong - performing stocks and the quantitative sub - new stock portfolio significantly underperformed [4]. - Market Outlook: Wait for the second half of the physical re - inflation. Focus on ten - bagger stocks, quantitative sub - new stocks, and reversal strategies. The report adheres to the view that before the return of physical inflation, the stock market will be the carrier of surplus liquidity. As inflation returns with the progress of "anti - involution", the bull market may gradually evolve from the first half of financial re - inflation to the second half of physical re - inflation. Some positive changes have occurred, such as the year - on - year growth of M1 (old caliber) turning positive for two consecutive months. If the decline of PPI significantly narrows in the next 6 - 12 months, the repair of corporate EPS will become a new driving force. In the current stage of continuous monetary easing but without confirmed EPS repair, it is recommended to focus on the combination of ten - bagger stocks, quantitative sub - new stocks, and reversal strategies [4]. 3. Summary by Relevant Catalogs 3.1 Growth - type Strategies 3.1.1 Sub - new Stock Combinations - Non - changing - face Sub - new Stock Combination: If a stock's ROE and net profit growth rate attributable to the parent company in the year of listing and the following year are higher than the average of the three years before listing, it is considered that the stock's fundamentals continue to perform well. Since 2010, it has achieved an excess return of 311% compared to the Wind All - A Index, and an excess return of 6% in the past month. The screening criteria include that the net profit growth rate of the year of listing and the following year is greater than the average of the three years before listing, and the ROE of the year of listing and the following year is greater than the average ROE of the three years before listing multiplied by an adjustment coefficient. The stocks in the current pool with high monthly gains include Yifang Biotech and Yahong Pharmaceutical [16][17]. - Quantitative Sub - new Stock Combination: Through quantitative back - testing, key factors affecting the performance of sub - new stocks are found. Since 2010, it has achieved an excess return of 324% compared to the Wind All - A Index, and an excess return of - 3% in the past month. The screening criteria include ROE (TTM) in the top 40%, net profit growth rate attributable to the parent company in the top 40%, sales gross margin (TTM) in the top 40%, sales expense ratio (TTM) in the top 40%, and total market capitalization less than 20 billion yuan. The stocks in the current pool with high monthly gains include Tiancheng Technology and Zhongrun Optics [21][22]. 3.1.2 Ten - bagger Stock Combinations - Ten - bagger Stock Individual Stock Combination: Special genes of ten - bagger stocks are searched from five perspectives: price movement, company, performance, valuation, and industry, and screening criteria for potential ten - bagger stocks in the future are constructed accordingly. Since 2010, it has achieved an excess return of 176% compared to the Wind All - A Index, and no excess return in the past month. The screening criteria involve multiple aspects such as maximum increase, management compensation, major shareholder's pledge ratio, financial indicators, and market capitalization. The stocks in the current pool with high monthly gains include Boke New Materials and Jack Co., Ltd. [28][29]. - Ten - bagger Stock Fund Manager Combination: Starting from the perspective of fund managers, their aesthetic preferences and trading behaviors are analyzed to screen out 20 potential ten - bagger stocks. Since 2010, it has achieved an excess return of 44% compared to the Wind All - A Index, and an excess return of - 1% in the past month. The screening criteria are based on the frequency of ten - bagger stocks held by funds in the past 10 quarters. The stocks in the current pool with high monthly gains include Dongshan Precision and Wuxi AppTec [36][37]. 3.2 Value - type Strategies 3.2.1 High - dividend Stock Combination - The high - dividend strategy is a relatively mature strategy overseas. A high - dividend stock combination constructed in the CSI 300 index has also achieved significant excess returns. Since 2010, it has achieved an excess return of 133% compared to the Wind All - A Index, and an excess return of - 2% in the past month. The screening criteria are to select the top 20 stocks with the highest dividend yield from the CSI 300 index constituents, and the portfolio is re - balanced on April 30 every year. The stocks in the current pool with high monthly gains include Lu'an Environmental Energy and Shanxi Coking Coal [46]. 3.2.2 High Free - cash - flow Return Combination - In the era of a stock economy, companies shift from pursuing scale to pursuing profit and cash flow. A combination is constructed from the perspectives of "high free - cash - flow return" and "low investment and high profit distribution to shareholders". Since 2010, it has achieved an excess return of 243% compared to the Wind All - A Index, and an excess return of - 2% in the past month. The screening criteria involve free - cash - flow return, dividend + share - repurchase ratio, capital expenditure ratio, and net working - capital increase ratio. The stocks in the current pool with high monthly gains include Yabao Pharmaceutical and Shantui Construction Machinery [54][55]. 3.2.3 PEG and PB - ROE Combinations - PEG Combination: The PEG strategy comprehensively considers the matching of valuation and growth. Since 2010, it has achieved an excess return of 120% compared to the Wind All - A Index, and an excess return of 2% in the past month. The screening criteria include that the stock's PE/G is lower than the median of its Shenwan primary industry, positive PE, positive net profit growth rate in the past three years and the next two years, low standard deviation of net profit growth rate, and more than one - year listing time. The stocks in the current pool with high monthly gains include Tianfu Communication and Tebao Bio - Pharm [65]. - PB - ROE Combination: The PB - ROE strategy also considers the matching of valuation and profitability, and is more applicable to value - type stocks in cyclical and financial real - estate industries. Since 2010, it has achieved an excess return of 63% compared to the Wind All - A Index, and an excess return of 2% in the past month. The screening criteria include that the stock's PB/ROE is lower than the median of its Shenwan primary industry, excluding stocks with negative ROE. The stocks in the current pool with high monthly gains include Shengde Xintai and New China Life Insurance [72][73]. 3.3 Momentum - type Strategies 3.3.1 Buying Strong - performing Stocks Combination - The strategy of buying strong - performing stocks is based on the idea of trend investment. Since 2010, it has achieved an excess return of - 155% compared to the Wind All - A Index, and an excess return of - 4% in the past month. The screening criteria are to select the top 100 stocks with the highest monthly gains and exclude ST stocks, and the portfolio is re - balanced on the first trading day of each month. The stocks with high monthly gains in July include GuangShengTang and Shangwei New Materials [81][82]. 3.3.2 Reversal Strategy Combination - The reversal strategy aims to bet on the inflection point of individual stocks, based on the mean - reversion concept. Since 2010, it has achieved an excess return of 190% compared to the Wind All - A Index, and an excess return of - 2% in the past month. The screening criteria are to select the top 100 stocks with the highest monthly losses and exclude ST stocks, and the portfolio is re - balanced on the first trading day of each month. The stocks with high monthly losses in July include Yuandao Communication and Shanda Electric Power [92][93]. 3.3.3 Buying Fund Heavy - holding Stocks Combination - The idea of buying fund heavy - holding stocks is to "copy the homework", aiming to build a safety margin by following the market consensus in a weak market. Since 2010, it has achieved an excess return of - 44% compared to the Wind All - A Index, and an excess return of 7% in the past month. The screening criteria are to select the top 20 stocks held by three types of active equity - oriented funds, and the portfolio is re - balanced at the end of each quarter. The stocks in the current pool with high monthly gains include New H3C Technologies and Zhongji Innolight [100][101].