一批主动权益基金限购 分析人士：控制基金规模、保持基金运作的稳定性或成为主要考量 金十数据6月5日讯，近日，一批业绩表现较好的主动权益基金出手限购，限制金额为1万元—100万元不 等。有业内人士认为，不少基金前期净值涨幅可观，选择限购，或是考虑到在市场缺乏明确的趋势性机 会的背景下，新增大量资金不仅会导致原持有人的收益被摊薄，在当前市场位置不低的情况下，新增资 金也难以寻到更好的投向。因此，保持当前组合的稳定性和平衡性成为主要考量。也有人士分析，不同 策略的基金市场容量也有差异，比如有的基金以投资中小微盘个股为主，这样的股票市值往往偏小，也 不太适合特别大规模的产品。 （中国基金报） ...

Financial Performance - In 2024, the company's operating revenue increased by 9.12% year-on-year, but the net profit attributable to shareholders was 93.45 million, a year-on-year loss expansion of 64.47% due to high R&D and equipment depreciation costs [1] - In Q1 2025, operating revenue grew by 6.77%, but the net profit loss expanded to 38.46 million, attributed to ongoing R&D and sampling costs, as well as increased equipment depreciation [2] - The company's financial expenses in 2024 rose by 1080.22% to 6.43 million, primarily due to new bank loans and discounts [5] Asset Management - Asset impairment losses in 2024 increased by 80.99%, mainly due to inventory write-downs and fixed asset impairments [3] - The inventory turnover rate in Q1 2025 decreased by 62.94%, prompting plans for improved inventory management [4] Cash Flow and Debt Management - In Q1 2025, net cash flow from operating activities increased by 230.25%, while cash reserves decreased by 27.13% due to increased investment expenditures [10] - The company's interest-bearing debt grew by 25.80%, with short-term loans amounting to 155 million, but the overall scale remains manageable [13] Market Strategy and Innovation - The company faces challenges from U.S.-China decoupling and increased competition, but plans to stabilize core resources and explore new markets [6][7] - The company aims to enhance R&D investment and improve product quality to increase gross margins, which were -14.13% in Q1 2025 [8][9] - The company has achieved significant results in market expansion, becoming a qualified supplier for major clients [7] Accounts Receivable Management - Accounts receivable increased significantly in 2024, with credit impairment losses rising by 230.18%, but the company maintains a strategy to control customer credit risk [7]

中金-中庸策 2024 第七章银行背景风投、并购贷与私募贷：交叠处的创新收 益与金融风险权衡分析 原创谢超李彤玥尹学钰中金点睛 2025 年 02 月 19 日 07:44 北京 《中庸策 2024：新质生产力需要分布式资本市场》 《中庸策 2023：双支柱金融体系与好的社会》 《中庸策 2022：双支柱举国体制》 中金研究 在银行拥有大多数金融资源的情况下，允许银行适度介入风投市场，既是现 实的选择，也符合创新金融逻辑。在创新融资链中，银行与资本市场分工并 非泾渭分明，银行背景风投（BVC）、并购贷与私募信贷是双方交叠区域中 常见的三种融资形式。BVC 通常以银行实际控制的关联机构形式存在，偏好 与行为模式与独立风投（IVC）、企业背景风投（CVC）、政府背景风投（GVC） 等有较大不同，能够丰富资本市场生态，提升企业在产能扩张阶段获得信贷 支持的效率。银行参与并购贷市场，有利于提升风投退出便利度、促进风投 与股市互动，完善资本市场创新金融机制。BVC 与并购贷虽对创新具有积极 意义，但过度扩张或会引发系统性金融风险，也会抑制引领式创新效率。因 此，相比于风险务尽倾向，更合适的做法或许是通过规模控制来平衡银 ...