巨头的烦恼。 《投资者网》引线 | 吴微 A股消费电子板块的标杆安克创新（300866.SZ），近日向港交所提交了招股书，拟港股二次上市。安克创新曾以独特的"浅海战略"和极致的单品运营能 力，在全球消费电子版图中切下了一块属于中国品牌的蛋糕。从早期的充电配件起家，到如今构建起的包含智能家居、影音娱乐在内的多品类矩阵，安克创 新不仅是"出海"的代名词，更是中国供应链向全球品牌转型的样本。 然而，安克创新的估值逻辑正在发生微妙的变化。自2025年8月以来，安克创新A股股价经历了一轮显著的调整。这种市场情绪的波动，或许能在其财务数 据中找到解释。2025年第三季度，安克创新虽然维持了19.88%的营收增长，但较此前30%以上的收入增速相比，已出现了明显的放缓，同期公司的扣非净利 润甚至出现了2.92%的下降，为2022年第一季度来的首次。值得注意的是，2025年前三季度，安克创新的存货账面余额在短短九个月内出现了90%以上的增 长，达到61.47亿元。 在营收规模冲刺300亿大关之际，安克创新此时选择赴港双重上市，既是全球化资本布局的必然一步，也折射出这家消费电子巨头在"浅海"渐深、竞争加剧 背景下增长放慢的压力。 ...

| Goldman 高盛 摩根大通 | | --- | | J.P.Morgan CICC中等公司 | 图片来源：安克创新官网 作为曾经的"移动电源领域领军者"，安克创新近年来接连遭遇核心产品召回、海外关税政策冲击、现金流承压等多重挑战。 就在市场对其品控能力、抗风险韧性的质疑声持续发酵之际，安克创新抛出上市计划。然而，资本市场的审视目光向来严苛：一边是品控修复工作尚未完 成、现金流压力亟待缓解的基本面，一边是赴港融资的迫切诉求——投资者是否愿意为这家仍处"阵痛期"的出海企业注入资本？ | [编纂]的[编纂]數目 : [編纂]股H股(視乎[编纂] | | | --- | --- | | 行使情況而定） | | | [编纂]股份數目 . . | [编纂]股H股(可予重新分配) | | [编纂]股份數目 .. | [编纂]股H股(可予重新分配及 | | 視乎[编纂]行使情况而定) | | | 最高[編纂] : | 每股H股[编纂]港元,另加1.0%經 | | 紀佣金、0.0027％證監會交易徵費、 | | | 0.00015%曾財局交易徵費及 | | | 0.00565%香港聯交所交易費(須於 | | | [編纂 ...

景顺长城基金黎海威现任基金资产总规模为82.07亿元，管理过的基金多为股票型和指数型基金，任职期间回报最高的产品 是景顺长城沪深300指数增强A（000311），为指数型基金，在任职的12年又46天时间内获得207.86%的回报，至今仍在管 理该基金。 12月11日，A股三大指数截至收盘，沪指跌0.7%报3873.32点，深成指跌1.27%报13147.39点，创业板指跌1.41%报3163.67 点。从板块行情上来看，今日表现较好的是超导概念、可控核聚变和麒麟电池，而F5G概念、CPO概念和算力概念等板块 下跌。 基金经理是一只基金产品最核心的成员，能决定一只基金的投资方向、投资策略以及投资风格，基金经理出色的择时选股 能力和调研预测能力是基金业绩的有力保证，所以基金经理是投资者在选择基金产品时的重要依据。基金经理的变动很大 程度上会影响到基金产品未来的表现，是一个需要特别关注的信息。12月11日共有23位基金经理发生任职变动。 根据巨灵统计的数据，近30天（11.11-12.11）共有701只基金产品的基金经理发生离职。其中今天（12.11）有24只基金产品 发布基金经理离职公告，涉及9名基金经理。从变动 ...

Core Viewpoint - Anker Innovations is pursuing a dual primary listing on the Hong Kong Stock Exchange (HKEX) to enhance its global strategy and reduce reliance on a single capital market, reflecting its commitment to international growth and brand credibility [1][3][14] Group 1: Dual Primary Listing - The choice of a dual primary listing allows Anker to maintain equal and independent status in both A-share and H-share markets, which is crucial given its over 96% revenue from overseas [3] - The dual listing serves as a safety net amid fluctuating global trade conditions, particularly in North America, where Anker derives nearly half of its revenue [3][5] Group 2: Financial Performance and Investment - Anker plans to increase its R&D investment to 2.108 billion yuan in 2024, a 49% year-on-year increase, to support its expansion into AI, energy storage, and robotics [5] - The company has seen its R&D expenditure as a percentage of revenue rise from 7.6% in 2022 to 9.3% in the first three quarters of 2025, with a workforce of 2,672 R&D personnel [6] Group 3: Operational Challenges - Anker faces high fixed costs due to significant investments in R&D and marketing, with sales expenses consistently exceeding R&D costs by more than double over the past four years [8] - The company reported a negative operating cash flow of -865 million yuan in the first three quarters of 2025, influenced by a product recall affecting short-term sales [8] Group 4: Growth and Market Expansion - Despite challenges, Anker's revenue is projected to grow by 41% to 24.71 billion yuan in 2024, with net profit expected to increase by 30% to 2.114 billion yuan, indicating effective conversion of investments into results [9] - Anker is diversifying its market presence beyond North America, successfully entering markets in Japan, the Middle East, and Southeast Asia, while also exploring Latin America and Africa [12][14] Group 5: Strategic Positioning - The company is reducing its dependency on Amazon, with independent site revenue increasing by 101% in 2024, now accounting for 10.13% of total revenue [12] - Anker's energy storage business is emerging as a significant growth driver, with revenue expected to reach 3.02 billion yuan in 2024, marking a 184% increase [12][14]

Market Overview - The Hong Kong stock market indices opened high but closed lower, reflecting a lack of improvement in market sentiment following the US interest rate cut [1] - The Hang Seng Index fell by 0.04%, the Hang Seng China Enterprises Index decreased by 0.23%, and the Hang Seng Tech Index dropped by 0.83% after peaking with a decline of over 1.1% [1] Sector Performance - Large technology stocks showed mixed performance, with Meituan rising by 1.5%, while Alibaba fell by 1.7% and Tencent experienced a slight decline [1] - The non-ferrous metals sector, including gold, copper, and aluminum stocks, exhibited a notable high open but low close, with China Aluminum and Lingbao Gold among the top decliners [1] - Semiconductor stocks continued to struggle, with leading company SMIC dropping over 2% for three consecutive days [1] - ZTE Corporation saw a significant decline of 13%, leading the drop in telecom equipment stocks [1] Notable Stock Movements - Consumer electronics stocks rebounded, with Smoore International surging by 8.5% due to high industry demand and ample orders [1] - Wind power stocks, led by Goldwind Technology, saw an increase, while lithium battery and banking stocks mostly rose, with local banks Standard Chartered and HSBC reaching historical highs [1]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is planning a significant acquisition to enhance its AI hardware capabilities by acquiring 100% of PMG International Co., LTD, which will allow it to quickly gain access to established server cabinet technologies and customer certifications [1] - The rapid evolution of AI is driving explosive growth in global computing demand, with predictions indicating that AI computing demand could reach 200 GW by 2030 [2] - The company is positioned as a core supplier of AI hardware across various cutting-edge fields, including AI smartphones, AI glasses, robotics, and smart vehicles, indicating a deep strategic layout in these areas [3] Financial Projections - The company is expected to achieve revenues of 92.04 billion, 116.43 billion, and 139.72 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 31.7%, 26.5%, and 20.0% [4] - The projected net profit attributable to the parent company is expected to be 5.25 billion, 6.94 billion, and 8.52 billion yuan for the same years, with growth rates of 45.0%, 32.0%, and 22.8% respectively [4] - The current stock price corresponds to a P/E ratio of 29, 22, and 18 for the years 2025, 2026, and 2027 [4] Market Position and Strategy - The company has established deep partnerships with major North American clients in the server sector, with plans to expand into liquid cooling modules and SSD assembly, indicating a strong market presence [2] - The company has successfully entered the supply chains of leading robotics manufacturers, with significant production capabilities in humanoid and quadruped robots, projecting to deliver 3,000 humanoid robots and over 10,000 quadruped robots in the year [3] - The company is also advancing in the smart automotive sector, with core product lines such as central control modules and wireless charging modules seeing increased production and delivery [3]

【蓝思科技收购PMG 或切入英伟达供应链】通过收购，消费电子龙头蓝思科技（300433.SZ）有机会快 速切入服务器机柜与液冷赛道，获取AI算力赛道"入场券"。 12月10日晚，蓝思科技公告，拟战略收购PMG International Co.,LTD.（裴美高国际有限公司）100%股 权，进而获得元拾科技（浙江）有限公司（以下简称"元拾科技"）95.11645%股权。 公告显示，标的公司PMG国际为萨摩亚注册的有限责任公司，法定代表人为吕松寿，其与蓝思科技控 股股东、实控人及董监高无关联关系。元拾科技成立于2003年8月，注册资本2150万美元，注册地位于 浙江嘉兴，经营范围涵盖技术服务、金属制品制造销售、有色金属合金制造、模具制造等，另一股东为 品达科技股份有限公司（以下简称"品达科技"），持股比例4.88355%。 蓝思科技表示，通过本次收购，公司将快速获得国内外特定客户服务器机柜业务（包括但不限于机架、 滑轨、托盘、Busbar、其他组件）的成熟技术与客户认证，以及先进液冷散热系统集成能力，此举标志 着蓝思科技在AI算力硬件赛道的布局上迈出了决定性的一步。 蓝思科技还表示，此次收购是公司拥抱AI时代的 ...

Group 1 - The A-share market experienced a notable adjustment in the afternoon, particularly in the technology sector, with the AI ETF (515070) seeing a nearly 2% decline during trading, despite some holdings like Jingjiawei rising over 3% [1] - Google announced plans to increase its capital expenditure to $91 billion by 2025, with a goal of doubling AI computing power every six months, indicating strong demand for 800G/1.6T optical modules from overseas cloud giants [1] - The domestic supply chain has visibility of orders extending to 2026, driven by the increasing demand for AI and related technologies [1] Group 2 - The AI ETF (515070) tracks the CS Artificial Intelligence Theme Index (930713), focusing on companies that provide technology, foundational resources, and applications in the AI sector, often referred to as the "brain" creators of robotics and the "ground" of the Internet of Everything [2] - The top ten weighted stocks in the ETF include major domestic technology leaders such as Zhongji Xuchuang, Xinyi Sheng, Cambricon Technologies, and Hikvision, reflecting a strong concentration of influential players in the AI industry [2]

12月11日午后，市场盘整，A股主要指数悉数飘绿，百分百布局新质生产力的硬科技宽基——双创龙头ETF （588330）随市回调，场内价格现跌0.84%，当前位于所有均线上方，技术面上行动能较强。 值得关注的是，双创龙头ETF（588330）日线5连涨后首跌，或为资金逢跌布局机会，事实上，该ETF昨天单日 吸金1682万元，或有看好科技后市表现的资金进场布局。 细分方向来看，消费电子龙头蓝思科技领涨超7%，锂电池龙头宁德时代涨逾2%，半导体龙头龙芯中科、江波 龙、拓荆科技、盛美上海跟涨，光模块龙头新易盛涨超1%，PCB（印制电路板）龙头胜宏科技逆市飘红。 图：双创龙头ETF标的指数涨幅前10大成份股 | | 序号 名称 | 两日图 | 涨跌幅 * 申万一级行业 | | 甲力二级行业 | 甲万三级行业 | 总市值 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 蓝思科技 | 15- - | 7.54% | 电子 | 消费电子 | # 消费电子零部件及组装 | 1621亿 | 69.421Z | | 2 | 宁德时代 | v ...

Core Viewpoint - The market is experiencing a correction, with major A-share indices in the red, while the Double Innovation Leader ETF (588330) is showing a slight decline after five consecutive days of gains, indicating a potential buying opportunity for investors looking to capitalize on technology sector performance [1][8]. Market Performance - The Double Innovation Leader ETF (588330) has seen a daily inflow of 16.82 million yuan, suggesting investor confidence in the technology sector's future performance [1][8]. - Key stocks in the technology sector include Lens Technology, which rose over 7%, and CATL, which increased by more than 2%. Other semiconductor and optical module leaders also showed positive movement [3][10]. Investment Strategies - Several securities firms, including Guojin Securities and Zhongtai Securities, have released their investment strategies for 2026, with a consensus that the technology sector will remain a primary investment focus [4][9]. - Huashan Securities anticipates a transition in the A-share market from a valuation-driven rally to one supported by earnings, emphasizing the importance of technology as a leading investment theme [4][9]. - Zhongyuan Securities highlights the need to align with the "14th Five-Year Plan" and leverage opportunities from global monetary easing and industrial upgrades, particularly in AI and digital transformation [4][9]. ETF Characteristics - The Double Innovation Leader ETF (588330) features a diversified cross-market allocation, focusing on 50 large-cap strategic emerging companies from the Sci-Tech Innovation Board and the Growth Enterprise Market, covering sectors like new energy, photovoltaics, and semiconductors [10][11]. - The ETF is designed for high elasticity, allowing investors to capture technology market trends with a lower entry barrier, requiring less than 100 yuan to invest [5][11]. - Since its low point on April 8, the ETF has increased by 91.47%, outperforming major indices such as the ChiNext Index (77.57%) and the Sci-Tech Innovation Index (54.07%) [11][12].