↑点击上面图片 加雪球核心交流群 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： KAIZEN投资之道 来源：雪球 在投资的世界里 ， 市场如同大海 ， 时而风平浪静 ， 时而波涛汹涌 ， 而仓位管理正是投资者手中的 " 舵 " —— 它不能改变风浪的方向 ， 却能 决定航船如何穿越风暴 、 稳步前行 。 真正的仓位控制 ， 并非追求精准预测市场 ， 而是通过科学的资产配置与动态调整 ， 使投资组合在任何市场环境下都能保持韧性 ， 既不错失机会 ， 也不被风险吞噬 。 以下 ， 我们将深入探讨仓位管理的核心原则 、 实用策略与实战案例 ， 助你 构建一套 " 以不变应万变 " 的投资体系 。 一 、 仓位管理的本质 ： 风险控制与心理博弈 仓位管理的核心在于平衡 " 收益 " 与 " 风险 " 的关系 。 试想一个简单的场景 ： 若将全部资金投入单一股票 ， 一旦股价暴跌 ， 资产可能瞬间缩 水 ； 但若始终空仓观望 ， 又会错失市场增长的红利 。 因此 ， 科学的仓位管理需解决两个关键问题 ： 1. 如何分配资金 ： 在不同资产 （ 如股票 、 债券 、 现金 ...

Core Viewpoint - The company has completed the registration of its stock option incentive plan for 2025, which includes the granting of 5 million stock options to 12 individuals, aimed at enhancing employee motivation and aligning their interests with those of shareholders [2][5][16]. Group 1: Incentive Plan Overview - The stock option incentive plan was approved by the company's board and supervisory committee through a series of meetings held in April and May 2025 [2][3][4]. - The stock options will be granted on October 23, 2025, with a total of 5 million options reserved for 12 individuals [5][6]. - The effective period of the incentive plan is up to 54 months from the date of the first grant registration [6]. Group 2: Granting and Exercise Conditions - The waiting periods for the stock options are set at 12, 24, and 36 months [7]. - The exercise of stock options is subject to specific conditions, including the company's financial performance and the absence of certain disqualifying events [10][11]. - The exercise price for the stock options is set at 3.87 yuan per share [10]. Group 3: Performance Assessment - The performance assessment for the stock options will be conducted annually over three accounting years (2025-2027), focusing on revenue and net profit targets [12][13]. - Individual performance assessments will also be conducted, with results categorized into seven levels, affecting the number of options that can be exercised [13]. Group 4: Registration and Financial Impact - The stock options have been registered with the China Securities Depository and Clearing Corporation, with the registration completion date set for November 20, 2025 [14][15]. - The implementation of the incentive plan is expected to have an impact on the company's financial performance, with estimated costs calculated using the Black-Scholes model [16].

每经头条（nbdtoutiao）——段睿：我与蔡磊是 "找钥匙的人"，纵使生前寻不到，也要为其他渐冻症患 者铺就近路 （记者 曾健辉） 每经AI快讯，晶澳科技（SZ 002459，收盘价：14.2元）11月17日晚间发布公告称，公司第六届第四十 七次董事会会议于2025年11月17日在公司会议室以现场结合通讯表决方式召开。会议审议了《关于2026 年度公司向金融机构申请授信额度的议案》等文件。 2025年1至6月份，晶澳科技的营业收入构成为：新能源行业占比100.0%。 截至发稿，晶澳科技市值为470亿元。 ...

Group 1 - The core point of the article is that Erkang Pharmaceutical held its first temporary board meeting of the sixth session on November 14, 2025, to discuss the election of the chairman of the board [1] - For the first half of 2025, Erkang Pharmaceutical's revenue composition was as follows: 79.38% from the pharmaceutical industry, 18.57% from the new energy sector, and 2.05% from other businesses [1] - As of the time of reporting, Erkang Pharmaceutical had a market capitalization of 8.1 billion yuan [1]

Group 1 - The core viewpoint of the article highlights the recent stock transfer of 彩客新能源 (Cai Ke New Energy) from 民银证券 (Min Yin Securities) to 中信证券 (CITIC Securities) with a market value of HKD 203 million, representing 27.58% of the total [1] - 彩客新能源 reported a revenue of RMB 933.5 million for the six months ending June 30, 2025, reflecting a year-on-year decline of 7.1% [1] - The company's profit attributable to shareholders was RMB 9.315 million, down 40.4% year-on-year, with basic earnings per share at RMB 0.01 and an interim dividend proposed at RMB 0.015 per share [1]

Group 1 - The core point of the article highlights the recent stock transfer of 彩客新能源 (Cai Ke New Energy) from 民银证券 (Min Yin Securities) to 中信证券 (CITIC Securities) with a market value of HKD 203 million, representing 27.58% of the total shares [1] - 彩客新能源 reported its financial results for the six months ending June 30, 2025, showing a revenue of RMB 933.5 million, a year-on-year decrease of 7.1% [1] - The company's net profit attributable to shareholders was RMB 9.315 million, reflecting a significant decline of 40.4% compared to the previous year [1] Group 2 - The basic earnings per share for 彩客新能源 was reported at RMB 0.01, with a proposed interim dividend of RMB 0.015 per share [1]

Core Insights - The article emphasizes the significant growth and investment opportunities in the domestic renewable energy sector driven by geopolitical changes and energy security strategies, with a focus on achieving carbon neutrality and developing a new energy system [4][5]. Financing Overview - In 2024, the renewable energy sector saw 562 financing events, with early-stage financing (seed to A-round) accounting for nearly 70%, indicating a strong focus on technological leadership [6]. - The distribution of financing events shows a concentration in coastal economically developed regions, with Guangdong leading at 96 events, followed by Jiangsu at 93 events [9]. Regional Analysis - The renewable energy sector's development relies heavily on regional policy support, industrial chain economics, and professional talent resources, with the Yangtze River Delta and Pearl River Delta regions being key hubs [9]. Investment Focus - Investment is shifting towards hard technology, with significant capital directed at raw materials and key technologies (314 events), followed by energy storage (132 events) and hydrogen energy (82 events) [10]. - The focus on energy storage reflects the need for solutions to grid integration and peak shaving capabilities as installed capacity of wind and solar energy increases [10]. GP Selection and Background - A total of 1699 investment institutions were screened, resulting in 28 GP candidates with significant activity in the renewable energy sector [14][19]. - Most GPs in the renewable energy sector are backed by private capital, with a notable presence of industry-related shareholders [17][18]. Investment Stage Preference - The selected GPs predominantly focus on early-stage projects, with a significant portion of their investments in seed and A-round financing [24]. Performance Metrics - Key performance indicators for GPs include lead investment rates, independent investment rates, and the number of IPOs, which reflect their project selection and exit success [27][29][36]. Conclusion - The report aims to assist limited partners (LPs) in identifying active GPs in the renewable energy sector and provides comparative data to evaluate potential investment partners [41].

Core Viewpoint - Aide New Energy (02623) has seen a significant stock price increase, with a rise of nearly 80% in the afternoon session and a cumulative increase of over 550% for the month, indicating strong market interest and investor confidence [1] Group 1 - The stock price reached 5.35 HKD, with a trading volume of 27.2033 million HKD at the time of reporting [1] - On November 4, Aide New Energy announced that PIH and Wu Haikan completed the acquisition of 55.66% of the company's shares for a total consideration of 80 million HKD [1] - This acquisition triggered the unconditional mandatory cash offer system in the Hong Kong stock market, making PIH the new controlling shareholder of the company [1]

Core Viewpoint - Aide New Energy (02623) has seen its stock price increase by over 10%, currently trading at 3.24 HKD, following the announcement of a significant share acquisition that triggers a mandatory cash offer in the Hong Kong market [1] Group 1: Acquisition Details - On November 4, Aide New Energy announced that PIH and Wu Haikan completed the acquisition of a total of 55.66% of the company's shares for a total consideration of 80 million HKD [1] - Following the acquisition, PIH and Wu Haikan hold 50.1% and 5.56% of Aide New Energy's shares, respectively, with the shares being transferred from the original controlling shareholder Li Yunde and his wholly-owned Hongfa Holdings [1] Group 2: Future Plans - The offeror intends to continue operating the company's existing main business and maintain its listing after the offer concludes [1] - There are plans to explore other business opportunities, including potential asset acquisitions, sales, fundraising, or business restructuring to achieve business diversification and long-term growth [1]

Core Viewpoint - 爱德新能源's stock has continued its upward trend, with a significant increase of over 13% in early trading, reflecting strong market interest and investor confidence [1] Group 1: Stock Performance - As of the report, 爱德新能源's stock price rose by 6.9%, reaching 3.1 HKD, with a trading volume of 4.7596 million HKD [1] Group 2: Shareholder Changes - The company's former controlling shareholder, 李运德, sold approximately 194.96 million shares, representing 55.66% of the equity, to independent third parties for 80 million HKD, at a price of 0.4103 HKD per share [1] - The offeror plans to make an unconditional mandatory cash offer for the remaining shares at a price of 0.4104 HKD per share, amounting to approximately 63.746 million HKD [1] Group 3: Future Business Plans - The offeror intends to continue operating the company's existing main business and maintain its listing, while exploring other business opportunities and considering potential asset acquisitions, sales, fundraising, or business restructuring plans for diversification and long-term growth [1]