华富科技动能混合A（007713）成立日期2019年11月6日，最新规模10.01亿。今年以来收益74.01%，同 类排名201/8138；近一年收益96.57%，同类排名55/8055；成立以来收益68.62%。 华富科技动能混合A（007713）基金经理为沈成。 截至发稿，沈成累计任职时间3年327天，现任基金资产总规模46.67亿元，任职期间最佳基金回报 46.25%， 任职期间最差基金回报20.27%。 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 11月19日，崧盛股份跌5.05%，截至发稿，报31.05元/股，成交3233.19万元，换手率1.35%，总市值 38.52亿元。 资料显示，深圳市崧盛电子股份有限公司位于广东省深圳市宝安区新桥街道新桥社区中心路233号鹏展 汇1栋1001，成立日期2011年7月8日，上市日期2021年6月7日，公司主营业务涉及中、大功率LED驱动 电源产品的研发、生产和销售业务。主营业务收入构成为：大功率LE ...

Group 1 - The core viewpoint of the news is that Songsheng Co., Ltd. has shown fluctuations in its stock performance and financing activities, indicating a mixed market sentiment towards the company [1][2]. - On November 14, Songsheng Co., Ltd. experienced a stock price increase of 1.88%, with a trading volume of 108 million yuan. The financing buy-in amount was 11.52 million yuan, while the financing repayment was 15.63 million yuan, resulting in a net financing outflow of 4.10 million yuan [1]. - As of November 14, the total financing and securities balance for Songsheng Co., Ltd. was 109 million yuan, which accounts for 2.71% of its circulating market value, indicating a high level of financing compared to the past year [1]. Group 2 - As of November 10, the number of shareholders for Songsheng Co., Ltd. reached 9,682, an increase of 6.88% from the previous period, while the average circulating shares per person decreased by 6.43% to 7,695 shares [2]. - For the period from January to September 2025, Songsheng Co., Ltd. reported a revenue of 694 million yuan, reflecting a year-on-year growth of 6.48%. However, the net profit attributable to the parent company was 6.90 million yuan, showing a significant decline of 62.91% compared to the previous year [2]. - Since its A-share listing, Songsheng Co., Ltd. has distributed a total of 211 million yuan in dividends, with 73.73 million yuan distributed over the past three years [3].

Core Insights - The stock of Songsheng Co., Ltd. dropped by 5.05% on November 3, trading at 32.88 CNY per share with a total transaction volume of 79.67 million CNY and a turnover rate of 3.19%, resulting in a total market capitalization of 4.08 billion CNY [1] Company Overview - Songsheng Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on July 8, 2011, with its listing date on June 7, 2021 [1] - The company's main business involves the research, production, and sales of medium and high-power LED driver power supply products [1] - The revenue composition of the company is as follows: high-power LED driver power supplies account for 79.64%, medium-power LED driver power supplies 11.84%, energy storage products 6.93%, others 1.58%, and low-power LED driver power supplies 0.01% [1] Fund Holdings - Yongying Fund has one fund heavily invested in Songsheng Co., Ltd., specifically the Yongying Value Discovery Mixed Fund A (023915), which held 20,400 shares as of the third quarter, representing 2.91% of the fund's net value [2] - The estimated floating loss for the fund today is approximately 35,700 CNY [2] - The Yongying Value Discovery Mixed Fund A was established on April 23, 2025, with a latest scale of 15.62 million CNY and a cumulative return of 34.76% since inception [2] Fund Manager Information - The fund manager of Yongying Value Discovery Mixed Fund A is Shen Pinghong, who has been in the position for 298 days [3] - The total asset size of the fund is 898 million CNY, with the best return during the tenure being 34.76% and the worst return being 11.01% [3]

Group 1 - The report highlights the top ten convertible bonds for November, including companies like 崧盛股份, 华特气体, and 和邦生物, each focusing on different growth areas such as robotics, semiconductor applications, and agricultural chemicals [1][2][8] - 崧盛股份 is entering the robotics sector to create a new growth curve, leveraging its expertise in LED lighting and related technologies [1][10] - 华特气体 is pushing for domestic substitution in the semiconductor industry through its specialty gas products, which are crucial for high-end applications [1][39][40] Group 2 - 和邦生物 is experiencing improved profitability in its glyphosate products due to better supply-demand dynamics, while its mining and photovoltaic glass segments are also contributing positively [1][25][27] - 友发集团, as the largest manufacturer of welded steel pipes in China, is expected to benefit from the new round of supply-side reforms, enhancing its national and international layout [1][22][23] - 兴瑞科技 is expanding its server business into critical components for liquid cooling, indicating a strategic shift towards high-demand technology sectors [1][29][49] Group 3 - 天能重工 is recognized as a leading player in the wind power tower industry, with a significant production capacity and a focus on maintaining competitive advantages through quality and delivery capabilities [1][43][44] - 福斯特 maintains a dominant market share of around 50% in photovoltaic film products, positioning itself strongly against competitors in the solar energy sector [1][34][35] - 深信服 is enhancing its AI capabilities through its AI computing power platform, which aims to facilitate rapid iteration and deployment of AI business solutions [1][15][18] Group 4 - 环旭电子 is a leading manufacturer of electronic components, focusing on miniaturization and integration in wearable technology and server products, catering to the growing demand in cloud computing and data centers [1][47][49] - 新凤鸣 is positioned as a major player in the polyester industry, with a significant market share in both long and short fibers, and is expected to benefit from the ongoing industry consolidation and environmental regulations [1][54][55]

Group 1 - The core point of the news is that Songsheng Co., Ltd. experienced a 5% increase in stock price, reaching 34.64 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 4.12%, resulting in a total market capitalization of 4.297 billion CNY [1] - Songsheng Co., Ltd. specializes in the research, production, and sales of medium and high-power LED driver power supply products, with its main business revenue composition being: high-power LED driver power supply 79.64%, medium-power LED driver power supply 11.84%, energy storage products 6.93%, others 1.58%, and low-power LED driver power supply 0.01% [1] Group 2 - Huafu Technology Momentum Mixed A (007713) has entered the top ten circulating shareholders of Songsheng Co., Ltd., holding 1.1999 million shares, which accounts for 1.61% of the circulating shares, with an estimated floating profit of approximately 1.9798 million CNY [2] - The fund manager of Huafu Technology Momentum Mixed A is Shen Cheng, who has been in the position for 3 years and 308 days, with the fund's total asset size being 4.667 billion CNY and the best fund return during his tenure being 62.49% [3]

Core Viewpoint - 崧盛股份 is a leading company in the domestic medium and high-power LED driver power supply sector, with strong R&D capabilities and product quality advantages [1] Group 1: Business Performance - In Q3 2025, 崧盛股份 reported revenue of 694 million yuan, ranking 23rd among 29 companies in the industry, significantly lower than the top company 特变电工 with 72.918 billion yuan and the second company 中国西电 with 16.959 billion yuan [2] - The revenue composition includes high-power LED driver power supplies at 357 million yuan (79.64%), medium-power LED driver power supplies at 53.096 million yuan (11.84%), energy storage products at 31.086 million yuan (6.93%), and other products at 7.108 million yuan (1.58%) [2] - The net profit for the same period was -6.2811 million yuan, ranking 27th in the industry, far below the top company 特变电工 with 5.735 billion yuan and the second company 思源电气 with 2.271 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, 崧盛股份 had a debt-to-asset ratio of 45.07%, lower than the previous year's 46.58% and below the industry average of 50.78%, indicating relatively good debt repayment capability [3] - The gross profit margin for Q3 2025 was 24.07%, down from 27.69% in the previous year but still above the industry average of 22.99%, showing a competitive edge in profitability [3] Group 3: Executive Compensation - The chairman, 田年斌, received a salary of 816,000 yuan for 2024, unchanged from 2023 [4] - The general manager, 王宗友, also received a salary of 816,000 yuan for 2024, consistent with the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 2.44% to 9,059, while the average number of circulating A-shares held per shareholder decreased by 0.81% to 8,224.26 [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - After the stock market's rally since July, the medium - and short - term market may experience consolidation, and there could be a re - balance between large - and small - cap styles. Since October, the year - to - date cumulative return of the CSI 2000 (representing small - and medium - cap stocks) has approached that of the ChiNext Index [2][9]. - Small - and medium - cap stocks in the high - end manufacturing sector are worth attention. Some companies in this sector have stable main - business profits and are shifting strategies towards computing power and humanoid robots, opening up growth prospects [2][9]. - Small - and medium - cap high - end manufacturing convertible bonds can enhance portfolio elasticity. It is recommended to increase attention to equity - like convertible bonds, focusing on new bonds and those with non - call provisions, while being aware of call risks [2][9]. - Five convertible bonds related to small - and medium - cap high - end manufacturing are recommended: Songsheng Convertible Bond, Yingbo Convertible Bond, Fuli Convertible Bond, Xizhen Convertible Bond, and Xingrui Convertible Bond [3][10]. 3. Summaries According to Catalogs 3.1 Overall Logic and Layout Ideas - The stock market is in a trading volume contraction trend. After the rally since July, partial profit - taking may occur. The inflow of funds through ETFs and mutual funds has driven the strength of large - cap growth stocks. With the weakening of market beta, the style between large - and small - cap stocks may re - balance [2][9]. - Small - and medium - cap stocks in high - end manufacturing are promising. Against the backdrop of a technology - driven and industrial - upgrading nation, some companies' main - business profits are stable, and strategic shifts towards computing power and humanoid robots open up growth expectations [2][9]. - From the perspective of convertible bonds, small - and medium - cap high - end manufacturing convertible bonds can increase portfolio elasticity. Due to the high volatility of small - cap stocks, they often have high valuations. Equity - like convertible bonds are recommended, along with attention to call risks and a focus on new bonds and those with non - call provisions [2][9]. 3.2 Individual Bond Selections 3.2.1 Songsheng Co., Ltd. / Songsheng Convertible Bond - The company is a leading manufacturer of medium - and high - power LED driving power supplies in the LED lighting field. The global LED plant lighting market is expected to grow from $1.315 billion in 2024 to $2.056 billion in 2029, with a CAGR of 9.4% [15]. - Energy storage inverter products have achieved batch sales. In H1 2025, the company's household and industrial energy storage products obtained numerous certifications, and the energy storage core component business received orders from large domestic energy companies [16]. - In June 2025, the company entered the robot track by jointly developing harmonic reducers and other products with Chongqing Jinggang Transmission and others. As of October, the project is progressing, and its subsidiary is seeking orders [16][17]. 3.2.2 Yingboer / Yingbo Convertible Bond - Yingboer is a leading enterprise with independent R & D and production capabilities in new - energy vehicle drive and power systems. It has established cooperation with many well - known vehicle manufacturers in various fields [20]. - The company has obtained project approvals from multiple eVTOL leading enterprises. With the government's support for the low - altitude economy, eVTOL has great development potential, and the company's "Integrated Chip" technology meets its needs [20][21]. - In April 2025, Yingboer cooperated with Fengli Intelligent to develop joint modules for humanoid robots, expanding its business scope [22]. 3.2.3 Fuliwang / Fuli Convertible Bond - The company focuses on the R & D, manufacturing, and sales of precision metal parts, serving multiple downstream industries. It has mature MIM process capabilities applicable to humanoid robot parts manufacturing [24]. - In early 2025, the company extended into the humanoid robot industry and sent samples of micro - planetary roller screws to leading customers. As of September, it had sent samples to 5 industry leaders and started delivering other metal parts [25]. 3.2.4 Wuxi Zhenhua / Xizhen Convertible Bond - The company is deeply involved in the automotive parts industry, with main business segments including stamping parts, sub - assembly processing, mold, and selective precision electroplating [27]. - New - energy customers such as Tesla, Li Auto, and Xiaomi provide new growth opportunities. In H1 2025, the sub - assembly processing business increased by 16.65% year - on - year [28]. - The precision electroplating business has high gross margins. In September, the company obtained environmental assessment approvals for new projects, which will open up new business areas in the new - energy field [28]. 3.2.5 Xingrui Technology / Xingrui Convertible Bond - Xingrui Technology is a precision component manufacturing and R & D enterprise focusing on new - energy vehicle electrical systems, intelligent terminals, and consumer electronics, providing customized solutions for high - end customers [30]. - In H1 2025, the company's server business won multiple new project approvals, expanding its product portfolio. In July 2025, it established a strategic partnership with Green Cloud Map for R & D and production of liquid - cooled server - related products [30].

Core Viewpoint - Songsheng Co., Ltd. has seen a stock price increase of 5.04% on October 20, reaching 35.88 CNY per share, with a total market capitalization of 4.451 billion CNY [1] Company Overview - Songsheng Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on July 8, 2011, with its IPO on June 7, 2021 [1] - The company specializes in the research, production, and sales of medium and high-power LED driver power supply products [1] - Revenue composition includes: high-power LED driver power supplies 79.64%, medium-power LED driver power supplies 11.84%, energy storage products 6.93%, others 1.58%, and low-power LED driver power supplies 0.01% [1] Fund Holdings - According to data, one fund from ICBC Credit Suisse Asset Management holds a significant position in Songsheng Co., Ltd. [2] - ICBC Joyful Mixed A Fund (011729) held 16,200 shares in the second quarter, accounting for 0.13% of the fund's net value, making it the largest holding [2] - The fund has achieved a year-to-date return of 25.68% and a one-year return of 33.67% [2] Fund Manager Performance - The fund manager, Jiao Wenlong, has a tenure of 10 years and 159 days, with a total asset scale of 9.24 billion CNY [3] - The best fund return during his tenure is 64.11%, while the worst is -89.78% [3] - Co-manager He Shun has a tenure of 2 years and 2 days, managing assets of 6.865 billion CNY, with a best return of 53.86% and a worst return of 4.81% [3]

Core Viewpoint - Songsheng Co., Ltd. has shown a significant increase in stock price, indicating positive market sentiment and potential investment interest in the company [1] Group 1: Company Overview - Songsheng Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on July 8, 2011, with its listing date on June 7, 2021 [1] - The company specializes in the research, production, and sales of medium and high-power LED driver power supply products [1] - The revenue composition of the company includes: high-power LED driver power supplies 79.64%, medium-power LED driver power supplies 11.84%, energy storage products 6.93%, others 1.58%, and low-power LED driver power supplies 0.01% [1] Group 2: Fund Holdings - ICBC Credit Suisse Fund has a significant holding in Songsheng Co., Ltd., with its fund ICBC Joy Mixed A (011729) being the largest shareholder [2] - As of the second quarter, the fund held 16,200 shares, accounting for 0.13% of the fund's net value, with an estimated floating profit of approximately 28,500 yuan [2] - The fund has shown a year-to-date return of 26.38% and a one-year return of 34.15%, ranking 3106 out of 8161 and 1966 out of 8015 respectively in its category [2] Group 3: Fund Manager Performance - The fund manager, Jiao Wenlong, has a tenure of 10 years and 154 days, managing assets totaling 9.24 billion yuan, with the best fund return during his tenure being 70.3% [3] - Co-manager He Shun has a tenure of 1 year and 362 days, managing assets of 6.865 billion yuan, with the best return of 58.88% during his tenure [3]

Group 1 - The core viewpoint of the news is that Songsheng Co., Ltd. experienced a decline in stock price and trading volume, with significant financing activities indicating high investor interest despite recent financial performance challenges [1][2]. Group 2 - On October 9, Songsheng Co., Ltd. saw a stock price drop of 2.37% with a trading volume of 196 million yuan. The financing buy-in amount was 17.24 million yuan, while the financing repayment was 13.87 million yuan, resulting in a net financing buy of 3.36 million yuan. The total financing and securities balance reached 151 million yuan [1]. - The current financing balance of 151 million yuan accounts for 3.17% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - As of September 20, the number of shareholders for Songsheng Co., Ltd. was 8,843, an increase of 5.22% from the previous period, while the average circulating shares per person decreased by 4.96% to 8,291 shares [2]. - For the first half of 2025, Songsheng Co., Ltd. reported operating revenue of 449 million yuan, a year-on-year increase of 3.69%, but the net profit attributable to the parent company was -753,200 yuan, a decrease of 104.28% year-on-year [2]. Group 3 - Since its A-share listing, Songsheng Co., Ltd. has distributed a total of 211 million yuan in dividends, with cumulative distributions of 73.73 million yuan over the past three years [3].