数据显示，渤海汇金资管旗下1只基金重仓新泉股份。渤海汇金低碳经济一年持有期混合发起 （016700）二季度持有股数1.3万股，占基金净值比例为4.67%，位居第三大重仓股。根据测算，今日浮 亏损失约5.19万元。 9月19日，新泉股份跌5.12%，截至发稿，报74.00元/股，成交4.09亿元，换手率1.15%，总市值360.60亿 元。 资料显示，江苏新泉汽车饰件股份有限公司位于江苏省常州市新北区黄河西路555号，成立日期2001年4 月28日，上市日期2017年3月17日，公司主营业务涉及提供汽车饰件整体解决方案。 从基金十大重仓股角度 截至发稿，滕祖光累计任职时间11年165天，现任基金资产总规模2628.28万元，任职期间最佳基金回报 229.29%， 任职期间最差基金回报-52.75%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 渤海汇金低碳经济一年持有期混合发起（016700）成立日期2022年11月29日，最新规模1307.34万。 ...

Core Viewpoint - The company, Yutian Guanjia, experienced a decline in stock price and trading volume on September 18, with a net financing outflow, indicating potential investor concerns about its financial performance and market position [1]. Financial Performance - For the first half of 2025, Yutian Guanjia reported a revenue of 958 million yuan, representing a year-on-year decrease of 11.30% [2]. - The net profit attributable to the parent company was 59.21 million yuan, down 25.65% compared to the previous year [2]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 15,200, a rise of 7.36% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 6.85% to 1,110 shares [2]. Business Overview - Yutian Guanjia specializes in manufacturing automotive sunroofs and related components, with a significant portion of its revenue coming from panoramic sunroofs (65.29%), small sunroofs (20.89%), and other products (13.82%) [1]. - The company has integrated capabilities in design, research and development, and production, serving both domestic and international automotive manufacturers [1]. Dividends and Institutional Holdings - Since its A-share listing, Yutian Guanjia has distributed a total of 20.03 million yuan in dividends [3]. - As of June 30, 2025, the largest circulating shareholder is Hong Kong Central Clearing Limited, holding 272,300 shares as a new shareholder [3].

Group 1 - On September 18, Top Group's stock rose by 3.23%, with a trading volume of 9.954 billion yuan. The margin trading data indicated a financing purchase amount of 1.601 billion yuan and a net financing purchase of 18.42 million yuan for the day [1] - As of September 18, the total margin trading balance for Top Group was 4.102 billion yuan, with the financing balance at 4.079 billion yuan, accounting for 2.88% of the circulating market value, indicating a high level compared to the past year [1] - In terms of securities lending, Top Group had a securities lending repayment of 4,700 shares and a securities lending sell amount of 250.36 thousand yuan, with a remaining securities lending balance of 2.378 million yuan, also at a high level compared to the past year [1] Group 2 - As of June 30, Top Group had 110,500 shareholders, an increase of 6.33% from the previous period, while the average circulating shares per person decreased by 5.96% to 15,722 shares [2] - For the first half of 2025, Top Group achieved an operating income of 12.935 billion yuan, a year-on-year increase of 5.83%, while the net profit attributable to shareholders decreased by 11.08% to 1.295 billion yuan [2] Group 3 - Since its A-share listing, Top Group has distributed a total of 3.575 billion yuan in dividends, with 2.059 billion yuan distributed in the past three years [3] - As of June 30, 2025, the second-largest circulating shareholder of Top Group was Hong Kong Central Clearing Limited, holding 88.1761 million shares, a decrease of 164,200 shares from the previous period [3] - The top ten circulating shareholders included several ETFs, with notable increases in holdings from Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, while Dongwu Mobile Internet Mixed A exited the top ten list [3]

Core Viewpoint - Shichang Co., Ltd. (920022) has been listed on the Beijing Stock Exchange, focusing on the research, production, and sales of automotive fuel systems, primarily plastic fuel tank assemblies [1][2]. Company Ownership Structure - Before the issuance, Gao Shichang held 48.27% of the company's shares, making him the controlling shareholder. Together with Gao Yongqiang, they held 67.20% of the shares. Their family members and a partnership also hold a combined 9.86% of the shares, allowing them to control 77.06% of the voting rights through a concerted action agreement [2]. - After the issuance, Gao Shichang's shareholding will decrease to 35.19% (before the exercise of the over-allotment option) and 33.82% (after full exercise). Gao Shichang and Gao Yongqiang will hold 48.99% (before) and 47.08% (after) of the shares, while their family members and the partnership will hold 7.19% (before) and 6.91% (after). The combined voting rights controlled will be 56.18% (before) and 53.99% (after) [3]. Fundraising Details - The total amount raised from this issuance is 171.13 million yuan (without considering the over-allotment option) and 196.80 million yuan (if the over-allotment option is fully exercised). The net amount raised is 149.44 million yuan (before) and 172.80 million yuan (if fully exercised). The funds are intended for the second phase of a project to produce 600,000 units of new energy high-pressure fuel tanks and to supplement working capital [4].

Group 1: Macro Insights - The Federal Reserve has resumed interest rate cuts, lowering the federal funds rate target range to 4.00%-4.25% from 4.25%-4.5%, marking a shift towards a more accommodative monetary policy [4][5] - The Fed's dot plot indicates a downward revision in rate expectations, predicting two more rate cuts in 2025, with the median expected federal funds rate falling to 3.6% [4][6] - The Fed's internal divisions are evident, with varying opinions on the extent of rate cuts, reflecting differing views on economic conditions [5][6] Group 2: Company Overview - Qingmu Technology - Qingmu Technology is positioned as a leading e-commerce service provider, offering comprehensive services including operational management, brand incubation, and digital marketing [8][9] - The company has evolved from a footwear e-commerce operator to a diversified e-commerce service enterprise, with a significant focus on brand incubation and operational management [9][10] - The revenue composition for H1 2025 includes e-commerce operations (45%), brand incubation management (35%), and distribution agency (14%) [9][10] Group 3: Business Growth and Strategy - The e-commerce operational management segment has shown steady growth, particularly in the apparel sector, while also expanding into the trendy toy market, contributing to new revenue streams [10][12] - Qingmu Technology has successfully partnered with brands like Pop Mart and Jellycat, which have shown significant revenue growth, enhancing the company's market position [12][13] - The brand incubation segment is rapidly growing, focusing on health consumer products and pet food, with successful entries of brands like Cumlaude Lab and Zuccari into the Chinese market [13][14] Group 4: Industry Insights - Automotive Sector - The automotive industry has seen a 12.9% year-on-year increase in passenger car wholesale sales in H1 2025, driven by policies like trade-in programs and subsidies [17][18] - Despite revenue growth, profit margins are under pressure due to intensified competition, with the automotive sector's net profit declining by 1.8% year-on-year in H1 2025 [17][18] - The truck segment is experiencing a recovery in sales and profitability, with a slight improvement in gross margins, indicating a potential upward trend in market conditions [19][20] Group 5: Investment Recommendations - The report suggests a positive outlook for the automotive sector, driven by trade-in policies and a shift towards high-end and smart vehicle offerings [21][22] - Recommended companies include those positioned for high-end market growth and those benefiting from advancements in smart driving technologies [21][22] - The report emphasizes the importance of focusing on companies with strong operational cycles and those that are well-positioned in the supply chain for future growth [21][22]

（文章来源：证券时报网） 募集资金用途 | 项目 | 投资金额（万元） | | --- | --- | | 瑞立科密大湾区汽车智能电控系统研发智造总部 | 88077.86 | | 补充流动资金 | 33000.00 | | 研发中心建设项目 | 30805.10 | | 信息化建设项目 | 8278.62 | 主要财务指标 瑞立科密今日开启申购，公司此次发行总数为4504.45万股，其中网上发行1621.60万股，申购代码 001285，申购价格42.28元 ，发行市盈率为29.64倍，单一账户申购上限为1.60万股，申购数量为500股的 整数倍。 公司主营业务为机动车主动安全系统和铝合金精密压铸件的研发、生产和销售以及技术服务。 瑞立科密发行信息 | 股票代码 | 001285 | 股票简称 | 瑞立科密 | | --- | --- | --- | --- | | 申购代码 | 001285 | 发行价 | 42.28元 | | 发行市盈率 | 29.64倍 | 参考行业市盈率 | 54.54 | | 申购日期 | 2025.09.19 | 网上发行数量 | 1621.60万股 | | 总发行数量 | 4 ...

Core Insights - The report highlights the recent regulatory updates in the non-bank financial sector, specifically the classification evaluation of futures companies, which aims to enhance regulatory effectiveness and promote differentiated development within the industry [5][7] - The report also emphasizes the growth in the scale of equity product distribution, with significant increases in the total assets under management for various fund categories, indicating a robust market environment for fund distribution [7][8] Industry Overview - The futures company classification evaluation regulations were released by the China Securities Regulatory Commission, focusing on improving the scoring system and enhancing risk management within the industry [7] - The report notes that the total scale of equity, non-monetary, and stock index funds reached 51.4 trillion yuan, 102 trillion yuan, and 19.5 trillion yuan respectively, with growth rates of 5.89%, 6.95%, and 14.57% compared to the end of 2024 [7] - The report indicates that major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.52% and the ChiNext Index increasing by 2.10% [7] Company Analysis - The specific company under review, Shichang Co., specializes in the research, production, and sales of automotive fuel systems, particularly plastic fuel tank assemblies [8] - The company has established itself as a "little giant" in the automotive fuel system sector, recognized for its technological advancements and strong customer relationships with major automotive manufacturers [8] - The report projects that Shichang Co. will achieve revenues of 282 million yuan, 406 million yuan, and 515 million yuan for the years 2022 to 2024, with growth rates of -3.50%, 44.24%, and 26.79% respectively [8] - The company is positioned to benefit from the growing demand for plastic fuel tanks, driven by the increasing production and sales of passenger vehicles in China, which are expected to reach 32.9 million units by 2025 [8]

9月19日新股上市 (共15 9月19日新股申购 (共25 | 瑞立科密(深市主板,00 | | --- | | 申购代码 | 001285 | | | --- | --- | --- | | 发行价格 | 42.28元 | 顶格F | | 总市值 | 57.13亿 | | | 发行市盈率 | 29.64 | 行业 | | 同业可比公司 | 万安科技 | 间业公司 动态市盈率 | | | 伯特利 | | | | 嵘泰股份 | | | | 铝合金精密压铸业务： 15.90%; | | | | 机动车主动安全系统：80.92%; | | | 主营构成 | 技术服务: 1.91%; | | | | 其他:1.28%; | | | | 1、公司作为行业首批从事商用车气压电控制动系 | | | 业务及亮点 | 我国商用车主动安全系统领域龙头。 2、公司逐步强化在液压制动、线控制动等其他主 | | --- | --- | | | 托车等新应用领域，以及智能驾驶等新应用场景 | | | 3、公司自动紧急制动系统(AEBS)，成为行业内官 | | | 融合为一体并通过法规标准测试的企业。 | | | 近三年归母 19.77亿 ...

Report Summary 1. Report Industry Investment Rating - The report recommends going long on IC, IM, IF, and IH index futures in the macro and financial sector [1]. 2. Core Viewpoints - The Chinese stock market's current rally is mainly driven by liquidity, with "re - inflation" expectations and AI autonomy as key catalysts. If institutional shareholding ratios reach the average levels of emerging or developed markets, it could bring potential capital inflows of 14 trillion or 30 trillion yuan to the A - share market [1][2]. - The sharp fluctuations in the stock market on Thursday are a characteristic of sharp drops in a bull market, which do not hinder the medium - to - long - term upward trend. The sector - rotation structural market is expected to continue [2]. 3. Summary by Related Catalogs Market Review - On Thursday, the major indices in the two markets rose in the morning and plunged in the afternoon, with high volatility. The trading volume was 3.13 trillion yuan, and the decline was accompanied by increased volume. The CSI 500, CSI 1000, SSE 300, and SSE 50 indices all declined, with respective drops of 0.83%, 1.04%, 1.16%, and 1.35%. The CSI 1000, CSI 500, SSE 300, and SSE 50 index futures saw net inflows of 66, 51, 32, and 17 billion yuan in settled funds respectively [1]. Important Information - The Fed's rate - cut signal is complex and contradictory. While signaling a dovish rate cut, it raised economic growth and inflation expectations. Goldman Sachs believes Powell's speech is "balanced" [1]. - Huawei announced the evolution and targets of Ascend chips, planning to launch Ascend 950DT in Q4 2026, Ascend 960 in Q4 2027, and Ascend 970 in Q4 2028 [1]. - Many auto - parts listed companies have ventured into the embodied - intelligence robot field this year, and some are also working on core - technology breakthroughs [1]. - CATL said its sodium - new battery will help expand the cold - weather market, with an energy density of 175Wh/kg and over 500 - km pure - electric range, and will start mass - supplying in 2026 [1]. - In the lithium - carbonate market, the "Golden September and Silver October" peak - season characteristics are evident, with record - high production of lithium iron phosphate and strong energy - storage orders. Inventory is being depleted rapidly, and the market is in a tight - balance or slight - de - stocking state [1][2]. - China's dexterous - hand technology has accelerated its iteration this year, such as the F - TAC Hand developed by a joint research team [2]. - Microsoft has become a key part of Musk's business. Colossus II plans to deploy 110,000 NVIDIA GB200 GPUs in the first phase, with a final goal of over 550,000 GPUs and a peak - power demand of over 1.1 gigawatts [2]. - The Fed's rate cut has boosted market sentiment, and investors expect the Indian central bank to follow suit. HSBC believes the Indian stock market is undervalued [2]. Market Logic - The Chinese stock - market rally is liquidity - driven. The inflow of international funds into the A - share market has increased, with a net inflow of $39 billion into Chinese bonds and stocks in August [2]. Future Outlook - The sharp fluctuations in the stock market on Thursday are a normal phenomenon in a bull market. AI will be a transformative driving force in the next decade. The international financial asset re - allocation trend of "de - Americanization" will accelerate the inflow of international funds into the A - share market. The psychological pressure at the 3900 - point level of the Shanghai Composite Index is still high, and the policy aims for a slow - bull market [2]. Trading Strategies - For index - futures directional trading, the sharp fluctuations are normal in a bull market and do not affect the medium - to - long - term upward trend [2]. - For index - option trading, investors should seize the opportunity to buy far - month deep - out - of - the - money call options [2].

Core Viewpoint - The company has approved the use of temporarily idle raised funds and self-owned funds for cash management to improve the efficiency of fund utilization [1] Group 1: Fund Management Approval - The company and its subsidiaries are allowed to use up to RMB 320 million (including previously used idle raised funds) for cash management [1] - An additional amount of up to RMB 300 million of idle self-owned funds can also be used for cash management [1] - The approved amounts are valid for 12 months from the date of the board's approval and can be used in a rolling manner within the specified limits [1] Group 2: Previous Cash Management Activities - On September 4, 2025, the company used RMB 50 million of idle self-owned funds to purchase structured deposits from China Minsheng Bank [2] - The cash management product matured, and the company recovered the principal of RMB 50 million along with an additional income of over RMB 30,000 [2]