Core Viewpoint - The concept of price increases based on supply and demand has become a key logic for fund managers to outperform the market and identify potential high-growth stocks [1][2]. Group 1: Price Increase as a Signal for Investment - Price increases are viewed by fund managers as a sign of corporate expansion and competitive strength, often leading to excess returns [2]. - The price of Moutai liquor has risen from 499 RMB to approximately 1169 RMB from January 2011 to November 2023, significantly benefiting funds heavily invested in it [2]. - Companies like Bilibili, Meitu, and Tencent Music have also seen positive investment cycles due to membership price increases, with Meitu's net profit reaching 467 million RMB in the first half of the year, a 71.3% year-on-year increase [2]. Group 2: Risks of Price Decrease - The decline in prices can indicate either an industry recession or a competitive "elimination round," posing risks for non-leading companies [3]. - A notable example is the significant losses incurred by funds that invested heavily in Nayuki Tea during a price decline cycle, leading to its market value dropping to less than 2 billion HKD [3]. Group 3: Fund Flows and Market Trends - In a climate of rising risk aversion, companies with price increase expectations have become attractive investment targets [4]. - Recent data shows that the top-performing funds are concentrated in resource and new energy themes, with some funds achieving returns of up to 31% in a month due to price increases in related commodities [4]. Group 4: Sensitivity to Price Increase Logic - There has been a significant influx of funds into chemical ETFs, reflecting investor sensitivity to price increase logic, despite some ETFs experiencing net value losses earlier in the year [5]. - The asset size of the Jianxin Chemical ETF grew from 604 million RMB to 1.099 billion RMB from June to September 2023, indicating strong investor interest [5]. Group 5: Long-term Investment Strategies - Fund managers are focusing on sectors with price increase potential, such as non-ferrous metals, which are expected to see upward price trends due to supply constraints [6]. - The technology sector is also benefiting from price increases, with major memory suppliers planning to raise prices by up to 30% to meet the growing demand driven by AI [6]. Group 6: Caution in Competitive Industries - Some fund managers advocate for caution in industries experiencing price competition, such as the AI large model sector, where price reductions have been announced [7].

Group 1 - The price increase logic has become a key strategy for fund managers to outperform the market and identify potential stocks, especially during year-end risk aversion periods [1][2] - Fund managers view price hikes as a strong indicator of corporate expansion and competitive strength, leading to significant returns, as seen with Kweichow Moutai and other stocks like Bilibili and Tencent Music [2][3] - The price increase of Kweichow Moutai from 499 RMB to approximately 1169 RMB from January 2011 to November 2023 has provided substantial returns for funds heavily invested in it [2] Group 2 - The decline in prices within certain industries, such as the milk tea sector, signals potential risks and has led to significant losses for funds that invested heavily in stocks like Nayuki's Tea [3] - The strategy of observing price trends (both increases and decreases) is effective for assessing the profitability of companies across various industries [3][4] - Recent data shows that funds focused on resource themes and new energy have seen strong performance, with some funds achieving returns of over 31% in the past month [4][6] Group 3 - The recent surge in prices for chemical products, such as the 68% increase in the price of ethylene carbonate, reflects the strong correlation between price hikes and investor interest [5][6] - The influx of capital into chemical ETFs indicates a high sensitivity among investors to price increase logic, despite some ETFs experiencing net value losses earlier in the year [6] - Fund managers are optimistic about sectors like non-ferrous metals, anticipating upward price movements due to supply constraints and competitive advantages [7] Group 4 - The focus on price increase logic has led some fund managers to adopt a cautious approach towards industries facing price competition, such as the AI sector, where price cuts have been announced [8]

智通财经11月7日讯，市场震荡调整，三大指数均冲高回落。沪深两市成交额2万亿，较上一个交易日缩 量562亿。盘面上，市场热点较为杂乱，全市场超3100只个股下跌。热点延续快速轮动，锂电板块午后 爆发，孚日股份2连板，天际股份等多股涨停。化工板块持续走高，澄星股份、清水源等双双2连板。福 建板块反复活跃，漳州发展下午快速涨停，走出4天3板。有机硅板块集体走强，东岳硅材20cm涨停。 下跌方面，机器人板块下挫，力星股份、浙江荣泰等多股大跌。截至收盘，沪指跌0.25%，深成指跌 0.36%，创业板指跌0.51% 板块方面 板块上，锂电池板块涨幅居前，电解液方向领涨，华盛锂电、多氟多、天际股份、江苏国泰、永太科技 等个股涨停。 消息面上，11月6日晚间，天赐材料连发两则公告显示，全资子公司九江天赐与中创新航、国轩高科分 别签订保供框架协议、年度采购合同。协议约定，天赐材料承诺2026-2028年度向中创新航供应预计总 量为72.5万吨的电解液产品；国轩高科2026-2028年度向九江天赐采购预计总量为87万吨的电解液产 品。 东吴证券研报指出，10月电池排产进一步提升10%，旺季再上台阶，预计11月排产仍小幅提升，高 ...

行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 袁航 A0230521100002 yuanhang@swsresearch.com 李天奇 A0230522080001 litq@swsresearch.com 杨紫璇 A0230524070005 yangzx@swsresearch.com 研究支持 陈俊兆 A0230124100001 chenjz@swsresearch.com 联系人 李天奇 (8621)23297818× litq@swsresearch.com 2025 年 06 月 30 日 2Q25 业绩持续增长，重点关注涨 价逻辑及国产替代 看好 —— 电子行业 2025 年中报业绩前瞻 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 请务必仔细阅读正文之后的各项信息披露与声明 第2页 共5页 简单金融 成就梦想 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 及 产 业 电子 - ⚫ 先进制程制造：重塑全球半导体版图，自主可控背景下有望实现追赶。先进制程方面中 ...