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丽珠集团股价报41.02元 葛兰新进前十大流通股东
Jin Rong Jie· 2025-08-22 19:10
丽珠集团股价为41.02元,较前一交易日收盘价下跌0.65%。开盘价为41.35元,最高触及41.44元,最低 下探40.63元,成交量为120447手,成交金额达4.93亿元。 丽珠集团属于化学制药板块,公司主要从事医药产品的研发、生产和销售,产品涵盖化学制剂、中药制 剂、生物制品等多个领域。公司总部位于广东,同时在A股和H股市场上市。 丽珠集团最新公布的前十大流通股东名单显示,葛兰管理的中欧医疗健康混合基金新进成为第六大流通 股东,持股593.90万股。8月21日共有30家基金参与了对公司的调研活动。有研报指出,公司基本盘表 现持续稳健,化学制剂、中药和生物制品等业务齐头并进。 资金流向方面,丽珠集团主力资金净流入4447.28万元,占流通市值的0.19%。近五日主力资金累计净流 入1649.36万元,占流通市值的0.07%。 风险提示:投资有风险,入市需谨慎。 ...
羚锐制药2025年中报简析:营收净利润同比双双增长,盈利能力上升
Zheng Quan Zhi Xing· 2025-08-20 22:41
证券之星价投圈财报分析工具显示:业务评价:公司去年的ROIC为23.16%,资本回报率极强。去年的 净利率为20.64%,算上全部成本后,公司产品或服务的附加值高。从历史年报数据统计来看,公司近 10年来中位数ROIC为13.95%,中位投资回报一般,其中最惨年份2015年的ROIC为6.9%,投资回报一 般。公司历史上的财报相对良好。商业模式:公司业绩主要依靠营销驱动。需要仔细研究这类驱动力背 后的实际情况。 财报体检工具显示:建议关注公司现金流状况(货币资金/流动负债仅为26.05%) 分析师工具显示:证券研究员普遍预期2025年业绩在8.37亿元,每股收益均值在1.48元。 该公司被1位明星基金经理持有,持有该公司的最受关注的基金经理是易方达基金的王元春,在2024年 的证星公募基金经理顶投榜中排名前五十,其现任基金总规模为8.93亿元,已累计从业6年257天,擅长 挖掘成长股。 据证券之星公开数据整理,近期羚锐制药(600285)发布2025年中报。截至本报告期末,公司营业总收入 20.99亿元,同比上升10.14%,归母净利润4.74亿元,同比上升14.85%。按单季度数据看,第二季度营 业总收入1 ...
公募股基持仓&债基久期跟踪测算周报:股票加仓有色金属,债基久期小幅上升-20250818
SINOLINK SECURITIES· 2025-08-18 06:22
Report Summary Core Viewpoints - From August 11 - 15, 2025, the CSI 300 rose 2.37%, and the estimated stock position of active equity and partial - equity hybrid funds increased by 1.18% to 87.68% [3][7]. - The top 5 industries for active equity and partial - equity hybrid funds this week were Electronics (12.91%), Power Equipment (8.38%), Medicine and Biology (7.11%), Communication (6.95%), and Automobile (6.19%) [4][17]. - The top 3 industries for adding positions were Non - ferrous Metals (+0.78%), Communication (+0.73%), and Non - banking Finance (+0.37%); the top 3 industries for reducing positions were Food and Beverage (-0.43%), Electronics (-0.28%), and Banking (-0.25%) [4][17]. - The yield to maturity of the 10 - year China Development Bank bond rose 8bps this week. The median estimated duration of medium - and long - term pure bond funds increased by 0.19 to 3.79 years, at the 100.00% quantile in the past 5 years [4][20]. Summary by Directory Fund Stock Position Estimation - The overall estimated stock position of active equity and partial - equity hybrid funds has shown a volatile trend recently. This week, the position of active equity funds increased by 0.95% to 90.41%, and that of partial - equity hybrid funds increased by 1.24% to 87.06% [7]. - The overall increase or decrease in positions of active equity and partial - equity hybrid funds this week was mostly concentrated in [0%, 1%] (688 funds), followed by [-1%, 0%) (153 funds) [11]. - Funds with scales below 20 billion, 20 - 50 billion, 50 - 80 billion, and over 100 billion slightly increased positions this week, while funds of other scales slightly reduced positions [11]. - In terms of fund holding styles, the proportion of growth stocks in fund holdings is higher. Both value stocks and growth stocks were slightly added this week. The proportion of small - cap stocks in fund holdings is relatively high. Large - cap stocks and small - cap stocks were slightly added, while mid - cap stocks were slightly reduced [14]. Bond Fund Duration Estimation - The median estimated duration of medium - and long - term pure bond funds increased by 0.19 to 3.79 years, at the 100.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.67 years. The duration divergence increased, and the estimated duration standard deviation rose by 0.28 to 2.02 years [4][20]. - The median duration of credit bond funds increased by 0.14 to 3.37 years, with 9% of funds being actively operated and 25% being conservatively operated; the median duration of interest - rate bond funds decreased by 0.12 to 4.88 years, with 40% of funds being actively operated and 8% being conservatively operated [4]. - The estimated duration of credit bond funds this week was concentrated in [3.5, 4) (127 funds), followed by [3, 3.5) (108 funds); the estimated duration of interest - rate bond funds was concentrated in [5,) (171 funds), followed by [4, 4.5) (49 funds) [27]. - Among credit bond funds, the proportion of funds with active duration operations (above the 80% quantile of their own duration in the past year) was 8.74%, and the proportion of funds with conservative duration operations (below the 20% quantile of their own duration in the past year) was 24.67%; among interest - rate bond funds, the proportion of funds with active duration operations was 40.49%, and the proportion of funds with conservative duration operations was 8.15% [28]. - The yield to maturity of the 1 - year China Development Bank bond rose 3bps this week. The median estimated duration of short - term pure bond funds remained unchanged at 1.20 years, at the 99.20% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.20 years. The duration divergence decreased, and the estimated duration standard deviation decreased by 0.01 to 0.46 years [32]. - The estimated duration of passive policy - bank bond funds decreased by 0.06 to 3.80 years [32].
公募股基持仓&债基久期跟踪测算周报:股票加仓国防军工,债基久期小幅下降-20250810
SINOLINK SECURITIES· 2025-08-10 07:55
Group 1: Overall Market and Fund Position - The CSI 300 index rose 1.23% from August 4th to August 8th, 2025. The overall estimated stock position of active equity and partial - equity hybrid funds increased by 1.92% to 86.50%, but decreased by 1.72% compared to the quarterly report [3][7] - Active equity funds' estimated stock position increased by 0.78% to 89.47% this week, while partial - equity hybrid funds' position increased by 2.18% to 85.82% [7] Group 2: Active Equity and Partial - Equity Hybrid Fund Industry Allocation - The top 5 industries held by active equity and partial - equity hybrid funds this week are Electronics (13.20%), Power Equipment (8.27%), Medicine and Biology (7.19%), Automobile (6.25%), and Communication (6.21%) [4][17] - The top 3 industries with increased positions are National Defense and Military Industry (+0.45%), Media (+0.14%), and Machinery and Equipment (+0.11%); the top 3 industries with decreased positions are Electronics (-0.32%), Medicine and Biology (-0.18%), and Communication (-0.14%) [4][17] Group 3: Active Equity and Partial - Equity Hybrid Fund Characteristics - The number of active equity and partial - equity hybrid funds with a position change ranging from 0% to 1% this week is 634, followed by 182 funds with a change from - 1% to 0% [11] - Funds with scales below 20 billion, between 20 - 50 billion, 50 - 80 billion, and over 100 billion slightly increased their positions this week, while other scale funds slightly decreased their positions [11] - In terms of investment style, the proportion of growth stocks in fund holdings is relatively high. Both value and growth stocks had a slight increase in positions this week. The proportion of small - cap stocks in fund holdings is relatively high, with large - cap and small - cap stocks slightly increasing positions and mid - cap stocks slightly decreasing positions [14] Group 4: Bond Fund Duration - The yield to maturity of the 10 - year China Development Bank bond increased by 2bps this week. The median estimated duration of medium - and long - term pure bond funds decreased by 0.06 to 3.60 years, at the 99.20% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.57 years. The duration divergence decreased, with the estimated duration standard deviation decreasing by 0.15 to 1.74 years. The median duration of short - term pure bond funds increased by 0.18 to 1.21 years [4][20] - The median duration of credit bond funds increased by 0.08 to 3.23 years, with 7% of funds being actively managed and 24% being conservatively managed. The median duration of interest - rate bond funds increased by 0.15 to 5.00 years, with 48% of funds being actively managed and 7% being conservatively managed [4] - The median estimated duration of credit bond funds increased by 0.08 to 3.23 years, at the 100.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.10 years, and the duration divergence increased, with the estimated duration standard deviation increasing by 0.03 to 1.46 years. The median estimated duration of interest - rate bond funds increased by 0.15 to 5.00 years, at the 98.10% quantile in the past 5 years. The average median duration in the past 4 weeks was 4.93 years, and the duration divergence increased, with the estimated duration standard deviation increasing by 0.06 to 2.03 years [22] - The estimated duration of credit bond funds this week is concentrated in the range of [3, 3.5) (150 funds), followed by [3.5, 4) (124 funds). The estimated duration of interest - rate bond funds is concentrated in the range of [5, +∞) (184 funds), followed by [4, 4.5) (43 funds) [26] - Among credit bond funds, 7.06% of funds had an actively managed duration (above the 80% quantile of their own duration in the past year), and 24.04% had a conservatively managed duration (below the 20% quantile of their own duration in the past year). Among interest - rate bond funds, 47.83% of funds had an actively managed duration, and 7.34% had a conservatively managed duration [27] - The yield to maturity of the 1 - year China Development Bank bond remained unchanged this week. The median estimated duration of short - term pure bond funds increased by 0.18 to 1.21 years, at the 94.80% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.02 years. The duration divergence decreased, with the estimated duration standard deviation remaining unchanged at 0.48 years. The estimated duration of passive policy - bank bond funds decreased by 0.01 to 3.86 years [32]
外资主动、被动基金最新流向!大摩拆解 7 月中国股市关键数据
Zhi Tong Cai Jing· 2025-08-06 15:01
Group 1: Market Overview - In July, foreign capital inflow into Chinese stocks accelerated to $27 billion, up from $12 billion in June, with passive funds leading the trend by inflowing $39 billion [2][14] - Year-to-date, southbound capital inflow reached $110 billion, surpassing the total for the entire year of 2024 [14] Group 2: Fund Flows - Passive funds saw significant inflows, with a total of $110 billion year-to-date, exceeding the $70 billion level for 2024, while active funds experienced cumulative outflows of $11 billion, a slowdown compared to $24 billion in 2024 [4][12] - Global funds and Asia-Pacific funds (excluding Japan) slightly reduced their underweight positions in China, while emerging market funds increased their underweight positions by 3.2 percentage points [6] Group 3: Sector and Company Analysis - Active fund managers increased their holdings in media and entertainment, pharmaceuticals, and insurance sectors, while reducing their positions in consumer services and durable goods [9] - The most increased holdings among companies included Tencent, NetEase, Jiangsu Hengrui, and WuXi AppTec, while Meituan and Xiaomi saw the largest reductions [11] Group 4: Investment Trends - The inflow of foreign passive funds into China was notably concentrated at the end of July, coinciding with several antitrust announcements [4] - The overall short positions in A-shares and Hong Kong stocks increased primarily in the consumer staples, financial, and communication services sectors [21][22]
公募股基持仓&债基久期跟踪周报:股票加仓通信,债基久期下降-20250803
SINOLINK SECURITIES· 2025-08-03 09:07
Group 1: Overall Market and Fund Position Overview - The CSI 300 index declined by 1.75% from July 28 to August 1, 2025. The overall estimated equity position of active equity and partial - equity hybrid funds increased by 0.00% to 84.58%, down 3.64% compared to the quarterly report [3][7] - The estimated equity position of active equity funds increased by 0.39% to 88.69% this week, while that of partial - equity hybrid funds decreased by 0.08% to 83.64% [7] Group 2: Industry Allocation of Active Equity and Partial - Equity Hybrid Funds - The top 5 industries held by active equity and partial - equity hybrid funds this week are electronics (13.52%), power equipment (8.33%), pharmaceutical biology (7.37%), communication (6.35%), and automobiles (6.19%) [4][16] - The top 3 industries with increased positions are communication (+0.66%), national defense and military industry (+0.58%), and comprehensive (+0.53%); the top 3 industries with decreased positions are computer (-0.39%), banking (-0.35%), and automobiles (-0.30%) [4][16] Group 3: Fund Position Characteristics - The overall estimated equity position adjustment range of active equity and partial - equity hybrid funds is mostly concentrated in [0%, 1%), with 496 funds, followed by [-1%, 0%), with 180 funds [10] - Funds with sizes of 2 - 5 billion, 8 - 10 billion, and over 10 billion slightly increased their positions this week, while funds of other sizes slightly reduced their positions [10] - In terms of fund holding styles, the proportion of growth stocks in fund holdings is higher. Both value stocks and growth stocks were slightly reduced this week. The proportion of small - cap stocks in fund holdings is relatively high. Large - cap stocks were slightly increased, while mid - cap and small - cap stocks were slightly reduced [13] Group 4: Bond Fund Duration Estimation - The yield to maturity of China Bond's 10 - year CDB bonds decreased by 5bps this week. The median estimated duration of medium - and long - term pure bond funds decreased by 0.00 to 3.66 years, at the 99.70% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.46 years. The duration divergence decreased, and the estimated duration standard deviation decreased by 0.03 to 1.89 years. The median duration of short - term pure bond funds decreased by 0.08 to 1.02 years [4][19] - The median duration of credit bond funds increased by 0.00 to 3.15 years, with 8% of actively operated funds and 24% of conservatively operated funds; the median duration of interest - rate bond funds decreased by 0.28 to 4.85 years, with 45% of actively operated funds and 7% of conservatively operated funds [4] - The estimated duration of credit bond funds this week is concentrated in [3, 3.5), with 122 funds, followed by [3.5, 4), with 118 funds; the estimated duration of interest - rate bond funds this week is concentrated in [5, +∞), with 181 funds, followed by [4, 4.5), with 50 funds [27] - Among credit bond funds, the proportion of funds with active duration operations (above the 80% quantile of their own duration in the past year) is 8.02%, and the proportion of funds with conservative duration operations (below the 20% quantile of their own duration in the past year) is 24.43%; among interest - rate bond funds, the proportion of funds with active duration operations is 45.01%, and the proportion of funds with conservative duration operations is 7.28% [28] - The yield to maturity of China Bond's 1 - year CDB bonds decreased by 3bps this week. The median estimated duration of short - term pure bond funds decreased by 0.08 to 1.02 years, at the 95.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.02 years. The duration divergence increased, and the estimated duration standard deviation increased by 0.00 to 0.48 years. The estimated duration of passive policy - bank bond funds increased by 0.10 to 3.87 years [32]
公募股基持仓&债基久期跟踪测算周报:股票加仓通信,债基久期小幅下降-20250803
SINOLINK SECURITIES· 2025-08-03 05:18
Report Summary 1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints - From July 28 - August 1, 2025, the CSI 300 declined by 1.75%, while the overall estimated stock position of active equity and partial - equity hybrid funds remained unchanged at 84.58% [3][7]. - The top 5 industries held by active equity and partial - equity hybrid funds this week are Electronics (13.52%), Electric Power Equipment (8.33%), Medicine and Biology (7.37%), Communication (6.35%), and Automobile (6.19%) [4][17]. - The top 3 industries with increased positions are Communication (+0.66%), National Defense and Military Industry (+0.58%), and Comprehensive (+0.53%); the top 3 industries with decreased positions are Computer (-0.39%), Bank (-0.35%), and Automobile (-0.30%) [4][17]. - The yield to maturity of the 10 - year China Development Bank bond decreased by 5bps this week. The median estimated duration of medium - and long - term pure bond funds decreased by 0.00 to 3.66 years, at the 99.70% quantile in the past 5 years [4][20]. 3. Summary by Relevant Catalogs 3.1 Fund Stock Position Estimation - The overall estimated stock position of active equity and partial - equity hybrid funds has shown a volatile trend recently. Compared with the quarterly report, it has decreased by 3.64%. Active equity funds' estimated stock position increased by 0.39% to 88.69%, while partial - equity hybrid funds' position decreased by 0.08% to 83.64% [7]. - This week, the overall increase or decrease in positions of active equity and partial - equity hybrid funds was mostly concentrated in [0%, 1%] (496 funds), followed by [-1%, 0%) (180 funds) [11]. - Funds with sizes of 2 - 5 billion, 8 - 10 billion, and over 10 billion slightly increased their positions, while other - sized funds slightly decreased their positions [11]. - In terms of fund holding styles, growth stocks accounted for a higher proportion, and both value and growth stocks were slightly reduced this week. Small - cap stocks accounted for a relatively high proportion, with large - cap stocks slightly increasing positions, and mid - cap and small - cap stocks slightly decreasing positions [14]. 3.2 Bond Fund Duration Estimation - The median estimated duration of medium - and long - term pure bond funds decreased by 0.00 to 3.66 years, at the 99.70% quantile in the past 5 years. The average median duration in the past 4 weeks was 3.46 years. The duration divergence decreased, with the estimated duration standard deviation decreasing by 0.03 to 1.89 years. The median duration of short - term pure bond funds decreased by 0.08 to 1.02 years [4][20]. - The median duration of credit bond funds increased by 0.00 to 3.15 years, with 8% of actively - operated funds and 24% of conservatively - operated funds. The median duration of interest - rate bond funds decreased by 0.28 to 4.85 years, with 45% of actively - operated funds and 7% of conservatively - operated funds [4]. - The median estimated duration of credit bond funds was concentrated in [3, 3.5) (122 funds), followed by [3.5, 4) (118 funds). The median estimated duration of interest - rate bond funds was concentrated in [5,) (181 funds), followed by [4, 4.5) (50 funds) [26]. - Among credit bond funds, 8.02% of funds actively adjusted their duration, and 24.43% adjusted conservatively. Among interest - rate bond funds, 45.01% of funds actively adjusted their duration, and 7.28% adjusted conservatively [27]. - The yield to maturity of the 1 - year China Development Bank bond decreased by 3bps. The median estimated duration of short - term pure bond funds decreased by 0.08 to 1.02 years, at the 95.00% quantile in the past 5 years. The average median duration in the past 4 weeks was 1.02 years. The duration divergence increased, with the estimated duration standard deviation increasing by 0.00 to 0.48 years. The estimated duration of passive policy - bank bond funds increased by 0.10 to 3.87 years [31].
顺络电子2025年中报简析:营收净利润同比双双增长,公司应收账款体量较大
Zheng Quan Zhi Xing· 2025-07-31 22:11
Core Viewpoint - Shunluo Electronics (002138) reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit compared to the previous year [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 3.224 billion yuan, a year-on-year increase of 19.8% [1]. - Net profit attributable to shareholders was 486 million yuan, up 32.03% year-on-year [1]. - In Q2 2025, total revenue was 1.763 billion yuan, reflecting a 23.12% increase year-on-year, while net profit for the quarter was 253 million yuan, up 27.74% [1]. - Gross margin stood at 36.68%, a slight decrease of 0.76% year-on-year, while net margin improved by 10.98% to 17.34% [1]. - Total operating expenses (sales, management, and financial expenses) amounted to 257 million yuan, accounting for 7.96% of revenue, down 12.86% year-on-year [1]. Key Financial Metrics - Earnings per share (EPS) increased by 31.91% to 0.62 yuan [1]. - Operating cash flow per share rose by 21.33% to 0.99 yuan [1]. - The company's receivables were significant, with accounts receivable amounting to 2.479 billion yuan, representing 297.94% of net profit [1][3]. - Cash and cash equivalents increased by 128.01%, driven by higher cash inflows from operating activities [2]. Cost Structure - Sales expenses increased by 12.79% due to enhanced market development efforts [2]. - Management expenses rose by 8.0% due to increased share-based payments and personnel costs [2]. - R&D expenses surged by 23.82%, attributed to higher share-based payments and R&D personnel costs [2]. - Financial expenses decreased by 16.3% due to reduced interest expenses and increased exchange gains [2]. Investment Outlook - Analysts expect the company's performance in 2025 to reach 1.057 billion yuan, with an average EPS forecast of 1.31 yuan [3]. - The company has been recognized by a prominent fund manager, who has increased their holdings in Shunluo Electronics [3][4].
交运行业2025Q2基金持仓分析:持仓比例回升,顺丰显著增配
Changjiang Securities· 2025-07-27 12:36
Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8]. Core Insights - In Q2 2025, the transportation industry saw a 0.32 percentage point increase in the proportion of public fund heavy holdings, reaching 2.01%, primarily driven by the logistics and supply chain sector [2][5]. - The number of heavily held stocks in the transportation sector increased to 66, with a total market value of 25.93 billion yuan, reflecting a 16.1% quarter-on-quarter increase [5]. - The logistics and supply chain sector's allocation increased significantly, while other sub-sectors experienced a decrease in allocation [5][6]. Summary by Sections Public Fund Holdings - The transportation sector's heavy holding ratio is 2.01%, up from the previous period, and ranks 14th among 32 primary industries, indicating a low allocation status [5]. - The logistics and supply chain sector saw a significant increase in allocation, while the aviation, railway, and maritime sectors experienced reductions [5][6]. Heavy Holdings - The top five heavily held stocks in the transportation sector accounted for 67.5% of the total market value of heavy holdings, up from 54.5% in Q1 2025 [6]. - SF Express continues to attract significant institutional interest, with the number of funds holding it increasing to 163, reflecting a strong upward trend in its business performance [6][25]. Northbound Capital - Northbound capital holdings in the transportation sector increased to 5.91%, with express delivery being the largest segment at 190 billion yuan, accounting for 33.9% of the sector [7][31]. - The airport, railway, and shipping sectors saw the highest increases in northbound capital holdings, indicating a positive sentiment towards these segments [7][34].
二季度公募基金大幅增持银行股
Cai Jing Wang· 2025-07-25 10:45
Core Viewpoint - Ningbo Bank's revenue and profit are accelerating, leading to a stock price increase of over 6%, reaching a nearly two-year high, with other city commercial banks also experiencing gains [1] Group 1: Stock Performance - Ningbo Bank's current price is 28.94c, with a year-to-date increase of 23.01% [2] - Other banks such as Changshu Bank, Chongqing Rural Commercial Bank, and Jiangsu Bank also saw price increases, with year-to-date gains of 13.63%, 18.33%, and 21.62% respectively [2] - The banking sector has cumulatively risen over 12% this year, significantly outperforming the broader market [2] Group 2: Institutional Investment - As of the end of Q2 2025, public funds held a total market value of approximately 25.837 billion yuan across 2,917 A-share companies, with significant investments in the banking sector [3] - Public funds increased their holdings in banks and telecommunications by over 40 billion yuan, leading the industry [3] - Major banks like China Merchants Bank, Industrial Bank, and Jiangsu Bank have seen substantial public fund investments, with China Merchants Bank leading at 75.9 billion yuan [3] Group 3: ETF Inflows - In the first half of the year, a total of 12.2 billion yuan flowed into the banking sector through ETFs, primarily from the CSI 300 ETF and dividend ETFs [4] - Individual banks such as Industrial Bank, Agricultural Bank, and China Merchants Bank benefited from significant net inflows exceeding 500 million yuan [4] Group 4: Future Outlook - The banking sector's weight in active equity funds is currently 3.35%, while the CSI 300 index has a weight of 15.71%, indicating potential for increased allocation [5] - The recent reforms in public funds are expected to align fund allocation closer to benchmark weights, benefiting the underweighted banking sector [5] - Insurance capital is also anticipated to further support inflows into the banking sector [5]