鹏华宏观混合（206013）基金经理为杨凡。 截至发稿，杨凡累计任职时间4年315天，现任基金资产总规模7919.7万元，任职期间最佳基金回报 33.04%， 任职期间最差基金回报9.34%。 9月4日，新雷能跌5.09%，截至发稿，报17.33元/股，成交4.68亿元，换手率5.80%，总市值94.01亿元。 资料显示，北京新雷能科技股份有限公司位于北京市昌平区科技园区双营中路139号院1号楼，成立日期 1997年6月11日，上市日期2017年1月13日，公司主营业务涉及定位于模块电源、定制电源、大功率电源 及系统等技术和产品在通信、航空、航天、军工、铁路、电力、工控、广电等各行业的应用。主营业务 收入构成为：电源及电机驱动98.86%，其他(补充)1.14%。 从基金十大重仓股角度 数据显示，鹏华基金旗下1只基金重仓新雷能。鹏华宏观混合（206013）二季度持有股数24万股，占基 金净值比例为4.06%，位居第八大重仓股。根据测算，今日浮亏损失约22.32万元。 鹏华宏观混合（206013）成立日期2012年6月13日，最新规模7918.79万。今年以来收益4.67%，同类排 名6599/8180；近一年 ...

Company Overview - Beijing Xinle Energy Technology Co., Ltd. is located in Changping District, Beijing, and was established on June 11, 1997. The company was listed on January 13, 2017. Its main business involves modular power supplies, customized power supplies, high-power power supplies, and systems applied in various industries such as communications, aviation, aerospace, military, railways, electric power, industrial control, and broadcasting [1]. Financial Performance - For the first half of 2025, Xinle Energy achieved operating revenue of 552 million yuan, representing a year-on-year growth of 12.93%. However, the net profit attributable to the parent company was -95.14 million yuan, a decrease of 39.82% compared to the previous year [2]. - Since its A-share listing, Xinle Energy has distributed a total of 170 million yuan in dividends, with 104 million yuan distributed in the last three years [3]. Stock Performance - As of September 3, Xinle Energy's stock price was 18.43 yuan per share, with a market capitalization of 9.998 billion yuan. The stock has increased by 64.55% year-to-date, but has seen a decline of 4.51% over the last five trading days [1]. - The stock's trading volume on September 3 was 133 million yuan, with a turnover rate of 1.59%. The net outflow of main funds was 6.16 million yuan, with large orders accounting for 17.87% of buying and 19.25% of selling [1]. Shareholder Structure - As of August 8, Xinle Energy had 23,900 shareholders, a decrease of 11.46% from the previous period. The average number of circulating shares per person increased by 12.94% to 18,841 shares [2]. - As of June 30, 2025, the second-largest circulating shareholder was Huaxia Military Industry Safety Mixed Fund A, holding 25.90 million shares, an increase of 13.59 million shares from the previous period. New shareholders included Changxin National Defense Military Industry Quantitative Mixed Fund A, holding 8.17 million shares [3].

Company Overview - Beijing Xinle Energy Technology Co., Ltd. is located in Changping District, Beijing, and was established on June 11, 1997. The company went public on January 13, 2017. Its main business involves modular power supplies, customized power supplies, high-power power supplies, and systems applied in various industries such as communications, aviation, aerospace, military, railways, electric power, industrial control, and broadcasting [1]. Financial Performance - As of September 2, Xinle Energy's stock price decreased by 5.29%, trading at 20.43 CNY per share, with a transaction volume of 229 million CNY and a turnover rate of 2.41%. The total market capitalization is 11.083 billion CNY [1]. Revenue Composition - The revenue composition of Xinle Energy is primarily from power supplies and motor drives, accounting for 98.86% of total revenue, while other supplementary sources contribute 1.14% [1]. Fund Holdings - According to data from the top ten holdings of funds, one fund under Penghua Fund has a significant position in Xinle Energy. The Penghua Macro Mixed Fund (206013) held 240,000 shares in the second quarter, representing 4.06% of the fund's net asset value, making it the eighth largest holding. The estimated floating loss today is approximately 273,600 CNY [2]. Fund Manager Performance - The fund manager of Penghua Macro Mixed Fund (206013) is Yang Fan, who has been in the position for 4 years and 313 days. The total asset size of the fund is 79.197 million CNY. During Yang Fan's tenure, the best fund return was 33.04%, while the worst return was 17.82% [3].

Summary of the Conference Call for Xinle Energy Company Overview - Xinle Energy holds a significant market share in carbon fiber and quartz fiber, effectively responding to price pressures in the military sector while continuously improving gross margins, showcasing strong profitability and risk resilience [2][3] - The company was established in 1997 and went public in 2017, with rapid growth in performance from 2020 to 2022, although it faced revenue declines in 2023-2024 due to a slowdown in industry demand [2][5][7] Financial Performance - Revenue reached 1.7 billion in 2022, but dropped to 900 million in 2023 due to industry demand slowdown [7] - Future revenue is projected to reach 4 to 5 billion, with military and civilian products each contributing around 2 billion [2][8] - The net profit margin is expected to remain around 15%, leading to profits exceeding 600 million, corresponding to a market value of over 20 billion [2][8] Strategic Positioning - Xinle Energy is positioned in the upstream to midstream segments of the power supply industry, with better order predictability than upstream passive component companies and superior performance realization compared to downstream manufacturers [10] - The company has a clear strategic layout, entering high-growth areas such as server power supplies, AI server power supplies, electric drives, and satellites [2][4] Growth Drivers - The special fields are identified as core growth points, benefiting from equipment ramp-up, industry concentration, and the domestic substitution cycle [11] - Demand is expected to recover significantly starting in 2025, particularly in military and missile sectors [11] Research and Development - Xinle Energy invests heavily in R&D, with R&D expenses reaching 400 million in 2024, accounting for a significant portion of total revenue [12] - The company maintains a high proportion of R&D personnel, with 46% of its workforce dedicated to R&D [12] Product Development and Market Expansion - The company has made significant advancements in data center power supply, completing domestic upgrades for power supplies ranging from 550W to 2,700W [15] - In 2024, server power supplies began testing with multiple clients, marking a critical development phase for the company [16] - Xinle Energy is actively expanding its domestic and international market presence, targeting major clients like Nvidia, Google, and Amazon [14] Future Outlook - The company anticipates a revenue recovery to around 1 billion in 2025, with a potential increase of 50% to 100% in special fields [18] - By 2026, revenue is expected to exceed 2 billion, with military products contributing approximately 1.5 billion and civilian products at least 500 million, leading to a profit of around 300 million [18] Conclusion - Xinle Energy demonstrates a robust growth trajectory with a clear strategic focus on high-potential sectors, strong R&D capabilities, and a favorable market position, indicating a promising outlook for future performance and profitability [2][8][12]