2018年，王哲宇转向行业研究，初期覆盖消费与健康板块，后续则聚焦于电力设备与汽车赛道。彼时， 这两大行业正迎来爆发式增长，新能源电动车需求集中释放。到了2021年，行业从见顶到逐渐走弱，让 王哲宇逐渐学会在市场狂热时保持理性，在调整阶段寻找结构性机会。 2024年8月，王哲宇正式独立管理基金产品。在管理产品初期，他便确立了"核心+卫星"的组合构建思 路。"核心"部分锚定产业逻辑清晰、成长确定性强的领域，"卫星"则用于挖掘具备潜力的细分赛道机 会，在控制风险的同时保留弹性。这一配置思路为其后续应对市场波动奠定了基础。 在投资风格上，王哲宇明确表示自己并非"右侧"行情的追逐者。在他看来，当行业进入右侧阶段，看似 企业业绩在充分释放，但估值往往已过度兑现，暗藏的风险不容忽视。"一旦需求放缓，前期高估值下 的企业盈利可能受到较大冲击，这是需要从战略层面警惕的关键节点。" 正是出于对右侧风险的重视，在经过反复沟通和深度复盘后，王哲宇决定产品配置重心不仅局限在原先 单一的汽车产业电动化与智能化转型，更着眼于半导体自主可控与算力升级对汽车产业升级的影响。这 一调整并非盲目切换，而是基于对产业阶段的深度判断，"国产算力已不 ...

创业板指涨近2% 9月17日，A股三大股指收涨，但个股跌多涨少。板块分化明显，电力设备、汽车、电子等板块走高，而传统消费 板块依旧弱势。市场交投活跃，交易量增至2.4万亿元。 受访人士认为，这一现象反映出当前资金结构存在失衡，流动性分布也不够均衡，呈现出明显的虹吸效应。展望 未来，A股有望迎来杠杆资金、居民存款迁移以及外资回流这三重资金的驱动，因此，市场对于指数下半年进一步向 上的拓展空间仍保持乐观预期。 A股今日上午盘中一度下挫，之后回升。截至收盘，沪指收涨0.37%报3876.34点，创业板指收涨1.95%报3147.35 点，深证成指收涨1.16%。科创50、沪深300、上证50微涨 ，北证50则微跌。 个股收跌居多，共有2504只个股收涨，涨停股80只；2757只个股收跌，跌停股4只。从资金面来看，杠杆资金仍 在加速入市，沪深京两融余额增至2.39万亿元。此外，今日A股日成交额略有放量，增至2.4万亿元。 收涨板块居多，尤其是科技股表现突出。其中，电力设备、汽车板块涨幅超过2%，家用电器、煤炭、综合、机械 设备和电子等板块也均有不错表现。 | 名称 | . | 涨幅% ↓ | 涨停家数 | 20日涨幅 ...

Market Overview - On September 15, the market experienced a collective decline with all three major indices falling, while the total trading volume in the Shanghai and Shenzhen markets reached 2.52 trillion, an increase of 832 billion compared to the previous trading day [1] - The market showed a mixed performance with over 3,300 stocks declining, while sectors such as non-ferrous metals, storage chips, and film and television gained [1] - The non-ferrous metal sector saw significant gains due to a surge in international non-ferrous futures, with several stocks hitting the daily limit, although there are concerns about potential profit-taking as the Federal Reserve's meeting approaches [1] Company Highlights - Dongcai Technology (601208) reported increased attention on its high-speed electronic resin products, which are now supplied to major server systems including those of Nvidia and Huawei, marking a new growth point for the company [2] - Newju Network (605398) announced that shareholder Shanghai Senxiao has reduced its holdings by 162.71 million shares, with a total planned reduction of up to 244.07 million shares, representing 1.50% of the company's total share capital [2] - Qingshan Paper (600103) clarified that its subsidiary's net profit is minimal compared to the company's total net profit, indicating that the classification of the company within the optical module concept will not impact its main business [3] New Stock Subscription - A new stock named United Power is available for subscription on September 15, 2025, with an issue price of 12.48 and listed in the automotive electronics and electrical systems sector [5] External Market - On the previous Friday, the US stock market showed mixed results, with the Nasdaq reaching a new closing high, while the Dow Jones and S&P 500 indices fell slightly [7] - Notable declines were observed in vaccine stocks, with Pfizer dropping over 3% and BioNTech and Moderna falling more than 7%, while major tech stocks like Tesla and Microsoft saw gains [7]

Group 1 - HuiBo YunTong's related party ShenHui JinWu plans to acquire 22.0875% of Baode Computing's shares and gain control [1][2] - The transaction is based on an overall valuation of Baode Computing at 4.5 billion yuan [1] - The deal aims to resolve the original actual controller's fund occupation issue and optimize Baode Computing's equity and governance structure [2] Group 2 - *ST Dongtong's stock is subject to a delisting risk warning due to false reporting and fraudulent issuance of shares [3] - The company received an administrative penalty notice from the China Securities Regulatory Commission [3] Group 3 - Several companies, including Pruis and Dayilong, announced share reduction plans by major shareholders [4] - Pruis's shareholder plans to reduce up to 2,370,100 shares, while Dayilong's shareholder plans to reduce up to 5,970,800 shares [4] Group 4 - Tuojing Technology plans to issue A-shares to raise no more than 4.6 billion yuan for high-end semiconductor equipment and technology development [6] - Keli'er plans to raise no more than 1.0058 billion yuan for its smart manufacturing industrial park [6] - Chunhui Zhikong intends to acquire 61.3106% of Zhejiang Chunhui Instrument's shares [6] Group 5 - Shanghai Airport reported a passenger throughput of 7.9471 million in August, a 6.90% year-on-year increase [9] - The cargo throughput was 349,900 tons, up 11.07% year-on-year [9] Group 6 - Xikang Pharmaceutical's major shareholder plans to transfer 10,062,800 shares, accounting for 5% of the total share capital [8] - Yongyue Technology's actual controller is under bail pending trial for suspected information disclosure violations [8] Group 7 - JinkoSolar's shareholders plan to transfer 400,208,099 shares, representing 4% of the total share capital, due to funding needs [15] - Tianhua New Energy intends to acquire 75% of Suzhou Tianhua Times New Energy Industry Investment Co., Ltd. for 1.253964 billion yuan [15] Group 8 - Wan'an Technology plans to invest 20 million yuan in Shenzhen Tongchuan Technology, acquiring a 2.72% stake [16] - The investment aims to enhance collaboration in the field of robotics [16] Group 9 - Dongcai Technology's stock price has fluctuated significantly, attributed to increased market interest in its high-end electronic resin products [17] - The company has established a strong market presence with major clients including Nvidia and Apple [17]

Core Viewpoint - The recent announcement by Dongcai Technology highlights the increased market attention on its high-speed electronic resin products, driven by the rising demand in the high-end server industry due to advancements in artificial intelligence and computing power upgrades [1] Group 1: Company Performance - Dongcai Technology's high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, have shown significant competitive advantages and successful market expansion [1] - The company has established supply relationships with leading copper-clad laminate manufacturers, providing products to major server systems such as Nvidia, Huawei, Apple, and Intel, which has become a new growth point for its performance [1] Group 2: Industry Trends - Electronic resin is a key material in PCB manufacturing, accounting for 20%-30% of copper-clad laminate costs and 8%-12% of overall PCB costs, with technological iterations directly driving PCB performance upgrades [1] - The explosive demand for AI servers, 5G communication, and new energy vehicles is increasing the penetration rate of high-frequency and high-speed PCBs, leading to a gradual replacement of traditional epoxy resins with new types such as PPO, hydrocarbon resin (PCH), and PTFE [1] - New resins are becoming core materials for AI computing hardware upgrades due to their low dielectric loss (Df≤0.005) and high thermal stability, indicating a broad space for domestic substitution [1]

Group 1: Company Announcements - Tianpu Co., Ltd. will hold an investor briefing on September 16, 2025, to discuss the transfer of control [2] - Dongcai Technology's high-speed electronic resin products have been supplied to major server systems including Nvidia and Huawei, benefiting from the growth in the high-end server industry [3] - Tuojing Technology plans to raise no more than 4.6 billion yuan through a private placement to fund the construction of a high-end semiconductor equipment industrialization base [4] - Zhongchao Holdings signed a strategic cooperation agreement with Hefei Intelligent Robot Research Institute to collaborate on technology and application in intelligent robotics [5] - Demingli intends to adjust the investment amounts for its projects related to PCIe SSD storage control chips and embedded storage control chips, increasing the total investment for the PCIe project from 499 million yuan to 743 million yuan [6] Group 2: Market Performance and Contracts - Baiyun Airport reported a 4.33% year-on-year increase in passenger throughput for August [9] - China Construction's new contract amount from January to August increased by 1% year-on-year [9] - China Merchants Port handled a total of 18.312 million TEUs in August, reflecting a 5.6% year-on-year growth [9] - Huadong Technology's shareholders plan to transfer 4% of the company's shares through a pricing inquiry [9] Group 3: Shareholding Changes - Yujing Technology's controlling shareholder and actual controller reduced their holdings by 868,821 shares, decreasing their total shareholding from 16.70% to 15.73% [8] - The acquisition offer for Shangwei New Materials has not yet become effective, with ongoing compliance confirmation and share transfer procedures [7]

Group 1 - Dongcai Technology's high-speed electronic resin has gained attention due to the rising demand in the high-end server industry, benefiting from the development of artificial intelligence and computing power upgrades [1] - The company's products, including various types of resins, have been successfully supplied to major server systems of leading companies such as NVIDIA, Huawei, Apple, and Intel, marking a new growth point for the company [1] Group 2 - Shangwei New Materials announced that 60 days have passed since the offer acquisition notice, and Zhiyuan Hengyue has deposited 232 million yuan as a performance guarantee, currently working on compliance confirmation and share transfer procedures [2] - The acquisition offer remains unconfirmed and carries uncertainty [2] Group 3 - Tianpu Co., Ltd. will hold an investor briefing on September 16, 2025, to discuss matters related to the transfer of control, with participation from the chairman, financial director, independent directors, and financial advisors [3] Group 4 - Zhongchao Holdings signed a strategic cooperation agreement with Hefei Intelligent Robot Research Institute to collaborate on technology and industrial applications in intelligent robotics and aerospace lightweight alloy casting [4] Group 5 - Juguang Technology's controlling shareholder and actual controller, along with their concerted actions, reduced their holdings by 868,821 shares, decreasing their total shareholding from 16.70% to 15.73% [5] Group 6 - Huakang Clean has won a medical service construction project with a bid price of 131 million yuan [7] - Guodun Quantum plans to sign a sales contract with China Telecom Quantum Group [7]

Core Viewpoint - The stock price of Dongcai Technology (601208.SH) has been influenced by the rising demand in the high-end server industry, leading to increased market attention on the company's high-speed electronic resin products [1] Company Summary - Dongcai Technology has benefited from the high-quality development in emerging fields such as artificial intelligence and computing power upgrades, enhancing its competitive advantage in high-speed electronic resins [1] - The company produces various types of high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, which have seen successful market expansion [1] - The products have been supplied to major server systems from leading companies like Nvidia, Huawei, Apple, and Intel through first-tier domestic and international copper-clad board manufacturers, marking a new growth point for the company's performance [1]

Core Viewpoint - Dongcai Technology has released an announcement regarding its recent market activity, highlighting increased attention on its high-speed electronic resin products due to the rising demand in the high-end server industry driven by artificial intelligence and computing power upgrades [1] Group 1: Company Performance - The company’s high-speed electronic resins, including bismaleimide resin, reactive ester resin, hydrocarbon resin, and polyphenylene ether resin, have shown significant competitive advantages and successful market expansion [1] - The products have been supplied to major server systems of leading companies such as Nvidia, Huawei, Apple, and Intel through first-tier domestic and international copper-clad board manufacturers, marking a new growth point for the company’s performance [1] Group 2: Industry Trends - The high-end server industry is experiencing a boost in market interest, particularly influenced by the quality development in emerging fields such as artificial intelligence and computing power upgrades [1]

Core Insights - Dongcai Technology (601208.SH) reported a revenue of 2.431 billion yuan for the first half of 2025, representing a year-on-year growth of 14.57% [1] - The net profit attributable to shareholders was 190 million yuan, an increase of 19.09% year-on-year [1] - The net profit after deducting non-recurring gains and losses was 159 million yuan, showing a significant year-on-year growth of 45.26% [1] - Basic earnings per share stood at 0.21 yuan [1] Financial Performance - The company achieved a gross profit of 401 million yuan, reflecting a year-on-year increase of 28.99% [1] Market and Product Development - The growth was driven by high-quality developments in emerging fields such as ultra-high voltage power grids, new energy vehicles, artificial intelligence, and computing power upgrades, along with improved demand for consumer electronics [1] - The company has successfully expanded its market share with high-value-added products, including ultra-thin electronic polypropylene films for new energy vehicles and high-end optical polyester films, enhancing its competitive advantage and overall profitability [1]