【导读】 葛卫东、冯柳等 知名私募最新调仓换股情况曝光 中国基金报记者 吴君 随着A股上市公司2025年半年报披露，知名私募最新调仓换股情况逐步浮出水面。 今年二季度，高毅资产冯柳继续加仓安琪酵母，但减持了海康威视、东诚药业；混沌投资葛卫东仍然持有移远通信、臻镭科技，臻镭科 技年初至今股价上涨近93%；睿郡资产董承非减持了芯朋微，仁桥资产夏俊杰加仓新经典，银叶投资新进浩欧博。 葛卫东持有移远通信、臻镭科技 高毅资产冯柳连续加仓安琪酵母 二季度末，混沌投资董事长葛卫东继续持有移远通信362.60万股，较一季度末没有变化；期末参考市值为3.11亿元，位列第六大流通股 东。 物联网模组龙头移远通信今年以来股价上涨了26.69%。 | | | 高毅资产冯柳2025年二季度末持仓 | | | | --- | --- | --- | --- | --- | | 证券简称 | 流通股东名称 | 期末参考市值(亿元) | 持股数量(万股) | 持股数量变动 | | 海康威视 | 高毅邻山1号远望基金 | 93.73 | 33,800.00 | 減少 (1200.00 | | 安琪酵母 | 高毅邻山1号远望基金 | 12.31 ...

Domestic Finance - The People's Bank of China emphasizes promoting reasonable price recovery as a key consideration for monetary policy, focusing on supply-side efforts to create effective demand [2] - A significant breakthrough has been achieved in the "Deep Earth Engineering: Sichuan-Chongqing Natural Gas Base," with the newly confirmed geological reserves of the Yongchuan shale gas field amounting to 124.588 billion cubic meters [3] - The first batch of rare earth mining and smelting separation control indicators for 2025 has been issued, although not publicly disclosed [4] - Several photovoltaic companies have been notified to participate in a discussion organized by relevant departments [7] Capital Market - Yang Jiaohong, former director of the Regulatory Division of the China Securities Regulatory Commission, has been expelled from the Party due to serious violations of discipline and law [9][10] - As of August 15, 33 securities firms have reported positive performance for the first half of the year, with 21 firms achieving net profits exceeding 500 million yuan, led by Guotai Junan, China Galaxy, and Guosen Securities [10] - In August, nearly 180 companies have been surveyed by securities firms, with a focus on consumer and technology sectors, indicating a positive market sentiment [11] International Finance - OpenAI plans to invest trillions in AI infrastructure development, as stated by CEO Sam Altman [12] - The U.S. has expanded the scope of a 50% tariff on steel and aluminum imports, adding hundreds of derivative products to the tariff list, effective August 18 [12] - The EU and several European countries have issued a joint statement to prepare for a trilateral meeting involving the U.S. and Russia [12][13]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ Wind数据显示，截至8月15日中国证券报记者发稿时，8月以来已有178家A股上市公司接待券商调研。 从单家公司情况看，中宠股份、九号公司-WD、杰瑞股份、金橙子、海康威视、甘源食品等消费、科技 类公司更受券商关注；从二级市场表现看，超八成被调研公司8月以来实现正收益。 从二级市场表现看，截至8月15日收盘，前述178家上市公司中，有147家公司8月以来取得正收益，占比 超过八成。飞龙股份8月15日股价涨停再创新高，8月以来累计上涨73.01%，是前述178家上市公司中表 现最强标的。 从飞龙股份披露的调研纪要看，券商较为关注公司未来发展战略、机器人领域业务如何布局等话题。飞 龙股份回应称，机器人领域是公司未来发展的重要方向，公司规划了两条并行互补的发展路径。一是提 供核心零部件，二是积极布局机器人领域液冷市场。公司已与部分整车客户展开机器人领域产品的合作 研发。 看好AI产业链、机器人投资机遇 从整体行业分布情况看，电子、机械设备、医药生物三大行业8月以来均有超过20家公司接待券商调 研。从二级市场表现看，电子、机械设备行业多只标的8 ...

Market Performance - The three major Hong Kong stock indices collectively rose, with the Hang Seng Index increasing by 1.65% to close at 25,270.07 points, the Hang Seng Tech Index rising by 1.52% to 5,543.17 points, and the Hang Seng China Enterprises Index up by 1.62% to 9,039.09 points[4][3]. Sector Performance - Among the ten sectors, all but utilities saw gains, with healthcare, information technology, and materials leading the way, rising by 8.02%, 4.95%, and 4.7% respectively[7][2]. - Conversely, utilities experienced a slight decline of 0.07%, while energy, finance, and industrial sectors had lower gains of 0.73%, 1.3%, and 1.38% respectively[7][2]. Liquidity and Trading Volume - The average daily trading volume on the Hong Kong Stock Exchange was HKD 256.86 billion, an increase of HKD 30.31 billion from the previous week[16][2]. - Short selling amounted to an average of HKD 29.12 billion, with the short selling ratio at 11.27%, down by 0.98 percentage points from the previous week[16][2]. Capital Inflows - Southbound capital saw a net inflow of HKD 38.12 billion, an increase of HKD 16.37 billion from the previous week, with a record single-day inflow of HKD 35.88 billion on August 15[16][2]. Valuation Metrics - As of August 15, the Hang Seng Index had a PE ratio of 11.52 and a PB ratio of 1.2, both up by 1.68% and 1.15% respectively from the previous week, placing them at the 85th percentile since 2019[21][2]. - The Hang Seng Tech Index's PE and PB ratios were 21.94 and 3.12, respectively, at the 23rd and 66th percentiles since 2019[21][2]. Economic Indicators - The U.S. 10-year Treasury yield rose by 6 basis points to 4.33%, while the risk premium for the Hang Seng Index was 4.35%, significantly below the 5% threshold since 2010[23][2]. - China's 10-year Treasury yield increased by 5.74 basis points to 1.7465%, resulting in a risk premium of 6.93% for the Hang Seng Index, at the 55th percentile since 2010[29][2]. Investment Outlook - Analysts recommend focusing on sectors with better-than-expected interim results, those benefiting from favorable policies, and high-dividend stocks for stable returns amid market uncertainties[44][2]. - Risks include uncertainties in domestic policy effectiveness, tariff policy disruptions, and geopolitical tensions[44][2].

Group 1: Market Developments - The Beijing Stock Exchange (BSE) is approaching the full implementation of the "920" code era, with the first nationwide test for stock code switching scheduled for August 16, 2025[1] - As of August 15, 2025, 26 companies listed on the BSE reported positive revenue growth, with 23 companies showing year-on-year revenue growth and 19 companies reporting positive net profit growth[7] - The BSE 50 Index increased by 2.40% this week, with the average daily trading volume rising to 261 billion yuan[9] Group 2: Financial Performance - Among the 26 companies, the median revenue growth rate was 17%, while the median net profit growth rate was 27%[7] - Seven companies, including JINBO Biology and MINSHIDA, reported revenue and net profit growth rates exceeding 20%[7] - The overall price-to-earnings (PE) ratio for BSE A-shares is currently at 52X, reflecting a slight increase from 51.64X[12] Group 3: New Listings and IPOs - A total of 32 companies have been newly listed on the BSE from January 1, 2024, to August 15, 2025, with the average issuance PE ratio being 14.51X[18] - One new company, Zhigao Machinery, was listed this week, while two companies have passed the review process[27] - The average first-day price fluctuation for newly listed companies is 248%, with a median fluctuation of 236%[24]

- The report introduces a "Total Heat Indicator" as a proxy variable for tracking market sentiment. This indicator is defined as the sum of browsing, watchlist additions, and clicks for individual stocks, normalized as a percentage of the total market on the same day, and then multiplied by 10,000. The value range is [0, 10,000][7] - A "Broad-based Index Heat Rotation Strategy" is constructed based on the weekly heat change rate (MA2) of major indices. The strategy involves buying the index with the highest heat change rate at the end of each week, or staying in cash if the "Others" group has the highest rate. The strategy achieved an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a 2025 return of 24.5%[13][16] - A "Concept Heat Strategy" is developed by selecting the top 5 concepts with the highest weekly heat change rates. Two portfolios are constructed: 1. "TOP Portfolio" includes the top 10 stocks with the highest total heat within each concept 2. "BOTTOM Portfolio" includes the bottom 10 stocks with the lowest total heat within each concept Historical results show the BOTTOM Portfolio achieved an annualized return of 15.71% with a maximum drawdown of 28.89%, and a 2025 return of 33%[31][33]

Market Performance - The three major Hong Kong stock indices collectively rose, with the Hang Seng Index increasing by 1.65% to close at 25,270.07 points, the Hang Seng Tech Index rising by 1.52% to 5,543.17 points, and the Hang Seng China Enterprises Index up by 1.62% to 9,039.09 points[4][16]. Sector Performance - Among the ten sectors, all but utilities saw gains, with healthcare, information technology, and materials leading the way, rising by 8.02%, 4.95%, and 4.7% respectively[7][12]. - Conversely, utilities experienced a slight decline of 0.07%, while energy, finance, and industrial sectors had lower gains of 0.73%, 1.3%, and 1.38% respectively[7][12]. Liquidity and Trading Volume - The average daily trading volume on the Hong Kong Stock Exchange was HKD 256.86 billion, an increase of HKD 30.31 billion from the previous week[16]. - Short selling amounted to an average of HKD 29.12 billion, with the short selling ratio at 11.27%, down by 0.98 percentage points from the previous week[16]. Capital Inflows - Southbound capital saw a net inflow of HKD 38.12 billion, a significant increase of HKD 16.37 billion compared to the previous week, with a record single-day inflow of HKD 35.88 billion on August 15[16][17]. Valuation Metrics - As of August 15, the Hang Seng Index had a PE ratio of 11.52 and a PB ratio of 1.2, both up by 1.68% and 1.15% respectively from the previous week, placing them at the 85th percentile historically since 2019[21][33]. - The Hang Seng Tech Index's PE and PB ratios were 21.94 and 3.12, respectively, at the 23rd and 66th percentiles historically since 2019[21][33]. Economic Indicators - The U.S. July CPI remained steady at 2.7%, below the expected 2.8%, while the PPI surged to 3.3%, the highest since February, indicating inflationary pressures[41]. - In China, July's industrial output grew by 5.7% year-on-year, while fixed asset investment rose by 1.6% in the first seven months, with real estate investment down by 12%[42]. Investment Outlook - The report suggests focusing on sectors with better-than-expected interim results, those benefiting from favorable policies, and high-dividend stocks for stable returns amid market uncertainties[44]. Risk Factors - Key risks include uncertainties in domestic policy effectiveness, fluctuations due to tariff policies, and geopolitical tensions[44].

该基金股票持仓前十分别为：恒瑞医药、泽璟制药-U、百济神州-U、新诺威、人福医药、华东医药、 开立医疗、奕瑞科技、潮宏基、联影医疗。前十持仓占比合计72.80%。 来源：金融界 金融界2025年8月17日消息，中海医疗保健主题股票A(399011) 最新净值1.1610元，该基金近一周收益率 3.38%，近3个月收益率11.31%，今年来收益率14.50%。 中海医疗保健主题股票A基金成立于2012年3月7日，基金经理梁静静，截至2025年6月30日，中海医疗 保健主题股票A规模4.93亿元。 ...

今天分享的是：2024专精特新上市公司市值战略研究报告 报告共计：49页 专精特新上市公司：价值成长与市场表现的深度观察 在当前经济转型的关键阶段，专精特新上市公司作为中小企业的领头羊，正成为推动创新、产业升级与产业链安全的重要力 量。从市场表现到内部管理，这一群体呈现出独特的发展态势，其市值管理逻辑与实践也备受关注。 亮眼的市场表现与独特定位 专精特新企业以"专、精、特、新"为核心特质，在创新生态中扮演着"毛细血管"的角色。它们深耕细分领域，以"小而美"的技术 突破填补产业空白，在机械设备、电子、医药生物等制造类行业尤为集中。在逆全球化挑战下，这些企业通过关键技术自主研 发和国产化替代，成为产业链安全的"稳定器"，增强了中国产业在全球价值链中的抗风险能力。 从市场表现来看，过去五年专精特新指数持续跑赢大盘与中盘。截至2025年8月5日，该指数较2021年初上涨10.71%，大幅跑赢 大盘32.81个百分点、中盘13.49个百分点。尽管2024年其市值规模占A股总市值的14.16%，略低于2023年，但数量占比已达 34.36%，较2022年提升2.92个百分点，显示出群体规模稳步扩张的趋势。 值得注意的是， ...

本篇报告是由和恒咨询发布，《2024年报专精特新上市公司市值战略研究报告》主要聚焦于专精特新上市公司在市值管理方面的表现和战略建议。 作为我国广大中小企业的领头羊，下游需求收缩不可避免地传导至专精特新企业，使其面临的内卷压力逐步加大。专精特新企业，尤其是上市公司，是研 究"科技创新如何引领经济走出内卷"的最佳样本之一，更是观察新质生产力发展路径的重要窗口——这正是本报告希望呼应的核心命题。 从趋势来看，专精特新上市公司数量呈持续增长态势,其在A股的数量占比较2022年的31.44%提升了2.92个百分点；但市值规模占比有所波动,较2023年的 14.99%小幅下降0.83个百分点。 2024年报 专精特新上市公司 市值战略 研究报告 2025年8月 | 一、专精特新 2024年整体情况概览 . | | --- | | 1.1 重要历史使命 . | | 1.2 指数持续大幅跑赢大盘中盘 . | | 1.3 估值溢价高,但明显分层 | | 二、科学的市值管理战略方法论 . | | 2.1 市值管理的本质是"做价值涨预期" . | | 2.1.1 价值创造 . | | 2.1.2 价值塑造 . | | 2.1.3 ...