新华基金经理赵强因精准布局市场核心主线，业绩显著受益于股指上涨。他管理的新华策略精选股票A今年来涨幅达78.52%，新华趋势领航混合今年来收 益率77.93%，均位列同类基金前列。三季度以来，他通过动态调整持仓，持续聚焦高景气赛道，让基金充分享受了通信板块81.7%、电子板块45.9%的涨 幅红利，最终实现净值大幅增长。 01 低位抄底源杰科技 科技主线的全链条布局 文|天峰 来源|财富独角兽 2025年沪深股指大幅上涨，核心得益于政策支持、资金流入与板块红利的三重共振。截至12月26日，上证指数收于3963.68点实现八连阳，深证成指涨至 13603.89点，两市成交额重回2.16万亿元高位，资金入场积极性显著提升。 政策层面，证监会通过科创板改革、科创债扩容等举措推动科技与资本深度融合，全年102家战略性新兴产业企业登陆A股，为市场注入成长动力，北向 资金三季度大举加仓电子、通信等板块，电子行业持股市值环比增幅67.78%，成为指数上涨的重要推手。 核心投资框架：以ROIC为锚的高质量选股体系，拒绝短期博弈 赵强的投资哲学核心是"挣业绩兑现的收益，而非市场博弈收益"，构建 "五维高质量甄选体系"（高ROI ...

PresentationAll right. Great. We're excited for our next session. We're here with Alok Maskara, the CEO of Lennox. Alok, thanks so much for being here today.I'm sure we have a lot to talk about. But Alok, I think you have -- you want to start with some prepared comments, and then we'll dig in.Alok MaskaraCEO, President & Director Sounds good. Thanks, Joe, for having us over. Good morning, everyone. I have a few slides. I'm going to cover that in less than 10 minutes, so we have plenty of time for Q&A. Agai ...

Core Viewpoint - Carnival Corporation (NYSE: CCL) is considered an affordable blue chip stock with strong growth potential, supported by strategic initiatives and disciplined capacity expansion [1][2][4]. Group 1: Analyst Ratings and Price Targets - UBS analyst Robin M. Farley reaffirmed a Buy rating on Carnival Corporation with a price target of $35, citing a deliberate 7% capacity growth in the Caribbean, which is below the industry average of 12% [1]. - Wells Fargo initiated coverage with an Overweight rating and a $37 price target, expressing confidence in the company's prospects as it approaches investment grade amid EBITDA growth [3]. - Bank of America analyst Andrew Didora reiterated a Buy rating on November 10 with a price target of $38, aligning with the positive sentiment around the stock [5]. Group 2: Financial Recovery and Growth Potential - Carnival Corporation is undergoing financial recovery post-pandemic, focusing on debt reduction and cost-cutting initiatives, which are expected to enhance its positive outlook [4]. - Despite anticipated near-term yield pressures from accounting adjustments and drydock expenses, the long-term growth potential remains strong, bolstered by strategic initiatives like the Celebration Key development [2]. - The company is positioned to drive return on invested capital (ROIC) with limited capacity growth, which is expected to lead to strong pricing growth in the coming years [5]. Group 3: Company Overview - Carnival Corporation & plc operates a diverse portfolio of cruise line brands, including Carnival Cruise Line, Princess Cruises, Holland America Line, and Costa Cruises, providing cruise packages and related travel services [6].

Financial Data and Key Metrics Changes - The company reported a record-breaking quarter with $87 million in revenue, of which $82 million came from Bitcoin mining and over $5 million from the HPC business [31] - The gross operating margin for the quarter was $42 million, leading to an adjusted EBITDA of $31.5 million and a net loss of $15.8 million on a non-cash basis [31][32] - The company achieved an 18% return on invested capital (ROIC) on an annualized basis [32] Business Line Data and Key Metrics Changes - The Bitcoin mining business is currently mining approximately 10 Bitcoin per day with a capacity of 25 exahash [33][56] - The AI cloud business has reached a $20 million annual recurring revenue (ARR) and is expected to grow significantly [31][34] - The company aims to grow its combined AI cloud and hyperscaler colo revenue to over $200 million ARR [34] Market Data and Key Metrics Changes - The company has 210 Bitcoin in treasury and an additional 1,992 Bitcoin pledged, totaling about 2,200 Bitcoin [32] - The company has secured an additional 100 megawatts of capacity approved by the government of Paraguay, increasing potential capacity to 35 exahash by the end of next year [36] Company Strategy and Development Direction - The company is focused on a dual-engine growth strategy, leveraging cash flow from Bitcoin mining to scale its Buzz HPC business [35][39] - The company is expanding its data center capabilities in Paraguay and Canada, with plans to convert existing facilities to tier three data centers [39][41] - The partnership with Bell Canada aims to build sovereign AI infrastructure and advance NVIDIA hardware deployment [21][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the AI and HPC sectors, highlighting the importance of disciplined capital allocation [31][35] - The company anticipates significant upside in its Bitcoin mining margins as Bitcoin prices fluctuate, projecting potential annualized mining margins of $200 million to $400 million depending on Bitcoin prices [58] - Management emphasized the importance of green energy sourcing and the unique positioning of Paraguay for scaling operations [5][17] Other Important Information - The company celebrated its four-year anniversary on NASDAQ, indicating strong institutional interest and retail participation [24][25] - The company has a proven track record of maintaining best-in-class uptime and efficiency in the sector, with the lowest G&A per Bitcoin mined [56] Q&A Session Summary Question: What is the outlook for the AI cloud business? - The company is targeting $140 million ARR for the AI cloud business by expanding its GPU capacity and leveraging partnerships [43][46] Question: How does the company plan to manage capital expenditures for growth? - The company plans to utilize vendor financing and existing cash flow to fund the growth of its GPU clusters without significant capital expenditures [54][55] Question: What are the expectations for Bitcoin mining margins? - Management indicated that Bitcoin mining margins could reach $200 million to $400 million annually based on varying Bitcoin prices, showcasing strong potential for profitability [58]

Financial Data and Key Metrics Changes - HIVE reported a record-breaking quarter with $87 million in revenue, of which $82 million came from Bitcoin mining and over $5 million from the HPC business [31] - The company achieved a gross operating margin of $42 million, translating to $31.5 million adjusted EBITDA and a net loss of $15.8 million on a non-cash basis [31][32] - The annualized return on invested capital (ROIC) was 18% for the quarter [32] Business Line Data and Key Metrics Changes - The Bitcoin mining business is currently mining approximately 10 Bitcoin per day with a capacity of 25 exahash [33][56] - The AI cloud business has reached a $20 million annual recurring revenue (ARR) and is targeted to grow to over $200 million ARR [33][39] - The company has 5,000 GPUs operating between Canada and Sweden, with plans to double this to 11,000 GPUs by the end of 2026 [38][39] Market Data and Key Metrics Changes - HIVE's operations in Paraguay have significantly contributed to its growth, scaling from $100 million in fiscal 2025 to a current ARR of $400 million [33] - The company has secured an additional 100 MW of capacity approved by the government of Paraguay, which will enhance its mining operations [36] Company Strategy and Development Direction - HIVE is focused on a dual-engine growth strategy, leveraging cash flow from Bitcoin mining to scale its HPC business [35] - The company aims to maintain best-in-class ROIC through disciplined capital allocation and strategic investments in ASICs [32][33] - HIVE is positioning itself to become a significant player in the AI and HPC sectors, with a strong emphasis on building out liquid-cooled tier three data centers [39][44] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the AI market, highlighting the importance of infrastructure development in both Bitcoin mining and AI [26][29] - The company anticipates significant upside in its mining margins with Bitcoin prices projected at various levels, indicating a robust outlook for profitability [58] - Management emphasized the importance of green energy sourcing and the positive economic impact of their operations in Paraguay [5][11] Other Important Information - HIVE has a total of 210 Bitcoin in treasury and 1,992 Bitcoin pledged, providing both downside protection and upside potential [32][34] - The company celebrated its four-year anniversary on Nasdaq, indicating strong institutional interest and retail participation [25] Q&A Session Summary Question: What is the outlook for HIVE's growth in the AI sector? - Management highlighted the potential for the AI cloud business to reach $250 million ARR, driven by partnerships and the expansion of GPU capacity [53][54] Question: How does HIVE plan to manage its capital expenditures? - The company plans to utilize vendor financing for GPU acquisitions, minimizing the need for significant capital outlay while focusing on ROIC [54][55] Question: What are the expected mining margins at different Bitcoin price points? - Management indicated that annualized mining margins could range from $200 million to $400 million depending on Bitcoin prices of $100,000 to $150,000 [58]

Are you worried about the air froth. So, you know, there's something by the way, this is a time of year. You tend to get momentum, gets chased out of the markets, particularly today, where you have ambiguity around some trends that are taking place.So, by the way, I know I don't think it's an air bubble and I don't think there's too much froth in depending on where you go. If you look at some of the big hyperscalers that trade at 22 to 25, 26 times earnings and they throw off ROIC return on equity of 30, 35 ...

Core Viewpoint - AeroVironment's stock price has surged by 106% in the past six months, reaching $328.82 per share, prompting investors to consider their next moves [1] Group 1: Profitability Concerns - AeroVironment's operating margin has decreased by 9.4 percentage points over the last five years, raising concerns about its expense management despite revenue growth [4] - The company's operating margin for the trailing 12 months stands at negative 4.7%, indicating rising costs that could not be passed onto customers [4] - The free cash flow margin has dropped by 25.6 percentage points over the last five years, with a current margin of negative 17.8%, suggesting increasing capital intensity [6] Group 2: Growth Efficiency - AeroVironment's five-year average Return on Invested Capital (ROIC) is negative 2.3%, indicating that management has lost money while attempting to expand the business [8] - The company's returns are among the worst in the industrials sector, highlighting inefficiencies in growth initiatives [8] Group 3: Valuation Perspective - Following the recent stock surge, AeroVironment trades at a forward P/E ratio of 76.9, suggesting that much of the positive outlook is already priced in [9] - Analysts recommend exploring better investment opportunities elsewhere, particularly in digital advertising [9]

Core Insights - NFI Group Inc. reported significant improvements in deliveries, revenue, free cash flow, adjusted EBITDA, and liquidity, with a total backlog of $13.2 billion [1][5][15]. Financial Performance - Deliveries reached 1,114 equivalent units (EUs), a 12.1% increase from 994 EUs in Q3 2024 [3][5]. - Revenue for Q3 2025 was $879.9 million, representing a 23.7% year-over-year increase from $711.3 million in Q3 2024 [3][5]. - The company recorded a net loss of $140.9 million, compared to a net loss of $15.0 million in Q3 2024, primarily due to warranty provisions related to a battery recall [3][5]. - Adjusted EBITDA increased by 52.1% year-over-year to $80.9 million [3][5]. - Free cash flow was $14.8 million, up from $2.0 million in Q3 2024 [3][5]. Operational Highlights - The backlog increased by 7.0% year-over-year, with 5,774 firm EUs and 9,832 EUs as options, indicating strong future demand [5][15]. - The company’s liquidity improved significantly to $386.0 million, a 169.0% increase from Q3 2024 [5][15]. - Return on Invested Capital (ROIC) rose to 9.1%, up from 5.3% in Q3 2024 [5][15]. Market and Strategic Outlook - NFI's strategy focuses on providing a broad range of propulsion-agnostic buses and coaches, positioning the company well to meet diverse customer needs [15][16]. - The company anticipates continued revenue and margin growth, expecting to achieve its highest quarterly adjusted EBITDA performance in Q4 2025 [15][21]. - Management has narrowed its 2025 guidance, reflecting year-to-date performance and expected fourth-quarter results [19][20]. Challenges and Risks - The company initiated a voluntary recall affecting approximately 700 battery-electric buses, leading to a warranty provision of $229.9 million for full battery replacements [7][8]. - Tariff impacts on imports of steel and aluminum are being actively managed, with a new 10% tariff on buses and coaches expected to affect pricing [24][25].

Core Viewpoint - Kefu Medical (301087) reported a year-on-year increase in total revenue and net profit for Q3 2025, indicating a positive growth trend despite challenges in accounts receivable management [1][3]. Financial Performance - Total revenue for Q3 2025 reached 900.2 million yuan, a 30.72% increase year-on-year, while net profit for the same period was 92.83 million yuan, up 38.68% year-on-year [1]. - For the first three quarters of 2025, total revenue was 2.398 billion yuan, reflecting a 6.63% increase compared to the same period in 2024, with net profit rising to 260 million yuan, a 3.3% increase [1]. - The gross profit margin improved to 53.35%, up 3.84% year-on-year, while the net profit margin decreased to 10.82%, down 3.4% year-on-year [1]. Accounts Receivable and Financial Ratios - The accounts receivable amount was significant, with accounts receivable accounting for 134.59% of the net profit, indicating potential liquidity concerns [1][3]. - Total expenses (sales, management, and financial) amounted to 935 million yuan, representing 39.0% of revenue, which is a 10.89% increase year-on-year [1]. Earnings and Cash Flow - Earnings per share (EPS) for Q3 2025 was 1.28 yuan, a 3.23% increase year-on-year, while operating cash flow per share improved significantly by 35.48% to 2.82 yuan [1]. - The company’s net assets per share slightly decreased to 22.56 yuan, down 0.53% year-on-year [1]. Business Model and Market Outlook - The company relies heavily on marketing-driven performance, which necessitates careful analysis of the underlying factors driving this model [4]. - Kefu Medical is optimistic about the long-term growth prospects of the hearing aid market in China and plans to enhance its service capabilities while addressing short-term pressures [6].

Financial Data and Key Metrics Changes - Quarterly profit reached a record EUR 3.5 billion, marking the best nine-month period ever, with a customer base increase of EUR 7 million year-on-year to EUR 178 million [4][5] - Return on Invested Capital (ROIC) increased by 70 basis points to 16.1%, with a strong capital ratio of 13.1% [4][5][20] - Earnings per share rose by 16%, supported by solid profit generation and share buybacks, leading to a 15% increase in TNF plus cash dividend per share [20][21] Business Line Data and Key Metrics Changes - Net Interest Income (NII) grew by 2%, while fees reached a new record, increasing by 8% [6][7] - Consumer business NII increased by 6% year-on-year, with retail NII growing by 1% excluding Argentina [9][11] - Payments revenue surged by 19%, with double-digit growth in both PagoNxt and cards [24][19] Market Data and Key Metrics Changes - CIB (Corporate and Investment Banking) revenue rose by 6% year-on-year, driven by global markets and growth initiatives in the U.S. [24][16] - Wealth management revenue increased by 13%, supported by record assets under management [24][18] - Retail revenue grew even in a less favorable interest rate environment, aided by active margin management [24][11] Company Strategy and Development Direction - The company is on track to meet its 2023/2025 strategic plan targets, with a focus on profitability and disciplined capital allocation [5][34] - The transformation strategy aims to simplify operations and enhance customer experience, with a significant emphasis on digitalization [10][12] - The integration of Santander Consumer Finance and Openbank in Europe is expected to reduce costs and improve product offerings [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2025 targets despite a challenging environment, citing strong business dynamics and revenue growth [34][35] - The outlook for 2026 is promising, with expectations of continued improvement in ROIC and profitability [39][41] - Credit quality is improving, with a stable cost of risk and a low NPL ratio of 2.92% [30][31] Other Important Information - The company plans to distribute at least EUR 10 billion to shareholders through share buybacks for 2025/2026, subject to regulatory approvals [5][20] - The CET1 capital ratio is expected to increase further in Q4, with regulatory headwinds being lower than initially anticipated [50] Q&A Session Summary Question: What are the main drivers for achieving the ROIC target of 16.5%? - Management expects strong performance in Q4 driven by seasonality, higher fees, and execution of the transformation strategy [38] Question: How should we think about credit quality in Brazil? - Credit quality is improving, with a stable cost of risk and a reduction in loan loss provisions [43][45] Question: Can you provide an update on capital and regulatory headwinds? - Regulatory charges are expected to be lower than anticipated, with capital generation projected to increase in Q4 [49][50] Question: What is the outlook for NII in Spain? - NII in Spain has improved, with expectations for continued growth in Q4 and a positive outlook for 2026 [53][54] Question: What is the status of litigation provisions? - The impact of litigation provisions is not expected to be material for the group, with ongoing reviews of the U.K. Motor Finance situation [63][64] Question: How does the company view NII outlook in Brazil? - The company anticipates stable NII in Brazil as interest rates are expected to come down, improving margins [65][66]