景顺长城国证机器人产业ETF（159559）基金经理为金璜。 截至发稿，金璜累计任职时间2年14天，现任基金资产总规模230.21亿元，任职期间最佳基金回报 95.1%， 任职期间最差基金回报1.81%。 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。 9月24日，鸣志电器涨5.82%，截至发稿，报77.26元/股，成交9.02亿元，换手率2.91%，总市值323.63亿 元。 资料显示，上海鸣志电器股份有限公司位于上海市闵行区闵北路88弄7号楼，成立日期1998年7月7日， 上市日期2017年5月9日，公司主营业务涉及专注于运动控制领域和智能电源领域核心技术及系统级解决 方案的研发和经营，核心业务围绕自动化和智能化领域有序外延扩张。主营业务收入构成为：控制电机 及其驱动系统类83.60%，贸易类产品8.39%，电源与照明系统控制类6.90%，设备状态管理系统类 1.07%，其他0.03%。 从基金十大重仓股角度 数据显示，景顺长城基金旗下1只基金重仓鸣志电器。景顺长城国 ...

Group 1 - The robot sector is leading the A-share market, with significant attention on robot-related ETFs due to technological breakthroughs and accelerated commercialization [1][2] - As of September 17, 2023, there are 13 robot-related ETFs in the market, with an overall impressive performance, many exceeding a 38% net value growth rate [1] - The E Fund Robot ETF leads with a 43.57% year-to-date net value growth rate, while other funds from companies like Invesco, Tianhong, and Huaxia also show strong returns [1] Group 2 - The E Fund Robot ETF's scale surpassed 10 billion yuan, becoming the second robot ETF to enter the "billion club," with a growth of over 50 times since the end of last year [1] - The Huaxia CSI Robot ETF has seen a net inflow of 11.833 billion yuan this year, while the E Fund Robot ETF attracted 8.758 billion yuan, indicating strong capital inflow into high-performing products [2] - The humanoid robot industry is experiencing rapid technological advancements and increasing commercial orders from companies like UBTECH and Yushutech, indicating a broadening application market [2] Group 3 - Looking ahead, the E Fund ETF manager anticipates structural opportunities in A-shares as China's competitiveness in the global supply chain improves [3] - The humanoid robot sector is at a critical juncture from design to mass production, with overseas leaders working on next-generation humanoid robots expected to be ready for mass production in the next 1 to 2 years [3] - Humanoid robots are expected to attract more capital attention as they are recognized as a significant AI application [3]

Group 1 - The stock of Shenyang Siasun Robot & Automation Co., Ltd. fell by 5.08% on September 4, closing at 18.30 CNY per share, with a trading volume of 1.142 billion CNY and a turnover rate of 3.95%, resulting in a total market capitalization of 28.651 billion CNY [1] - The company, established on April 30, 2000, and listed on October 30, 2009, specializes in the design, manufacturing, and sales of industrial robots, logistics and warehousing automation equipment, automated assembly and testing production lines, and traffic automation systems [1] - The revenue composition of the company includes: automated assembly and testing production lines and system integration (44.52%), logistics and warehousing automation equipment (19.68%), industrial robots (16.24%), semiconductor equipment (16.21%), traffic automation systems (3.07%), and others (0.28%) [1] Group 2 - In the second quarter, Invesco Great Wall Fund increased its holdings in the Invesco Great Wall National Robot Industry ETF (159559) by 865,100 shares, bringing the total to 1.558 million shares, which accounts for 5% of the fund's net value, making it the second-largest holding [2] - The Invesco Great Wall National Robot Industry ETF (159559) was established on November 30, 2023, with a latest scale of 535 million CNY, achieving a year-to-date return of 29.76% and ranking 1180 out of 4222 in its category; over the past year, it has returned 81.79%, ranking 648 out of 3789 [2] - The fund manager of the Invesco Great Wall National Robot Industry ETF is Jin Huang, who has been in the position for 1 year and 359 days, managing total assets of 23.021 billion CNY, with the best fund return during his tenure being 99.83% and the worst being 1.15% [3]

Market Overview - The Shanghai Composite Index fell by 0.45% to 3858.13 points, with a high of 3885.31 points during the day [1] - The Shenzhen Component Index decreased by 2.14% to 12553.84 points, reaching a peak of 12857.16 points [1] - The ChiNext Index dropped by 2.85% to 2872.22 points, with a maximum of 2979.73 points [1] ETF Market Performance - The median return of stock ETFs was -1.27% [2] - The highest performing scale index ETF was the China Universal CSI 500 ETF with a return of 0.96% [2] - The highest performing industry index ETF was the Tianhong CSI Bank ETF with a return of 1.96% [2] - The highest performing strategy index ETF was the Harvest CSI 300 Dividend Low Volatility ETF with a return of 0.88% [2] - The highest performing theme index ETF was the Penghua National Robot Industry ETF with a return of 2.3% [2] ETF Performance Rankings - The top three ETFs by return were: - Penghua National Robot Industry ETF (2.3%) - E Fund National Robot Industry ETF (2.22%) - Invesco Great Wall National Robot Industry ETF (2.1%) [4][5] - The largest declines were seen in: - Jianxin National New Energy Vehicle Battery ETF (-9.97%) - E Fund National Communication Equipment Theme ETF (-6.45%) - Guotai Chuangye Board Artificial Intelligence ETF (-6.21%) [5] ETF Fund Flows - The top three ETFs by inflow were: - Guotai CSI All-Index Communication Equipment ETF (1.393 billion) - Guotai CSI All-Index Securities Company ETF (609 million) - Southern CSI Shenwan Nonferrous Metals ETF (607 million) [6][7] - The top three ETFs by outflow were: - Huatai-PB CSI 300 ETF (1.117 billion) - Guolian An CSI All-Index Semiconductor Products and Equipment ETF (646 million) - E Fund Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF (614 million) [7] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF (1.208 billion) - E Fund ChiNext ETF (1.122 billion) - Guotai CSI All-Index Securities Company ETF (610 million) [8][9] - The top three ETFs by margin selling were: - Southern CSI 500 ETF (52.63 million) - Huatai-PB CSI 300 ETF (20.95 million) - Huaxia Shanghai Stock Exchange 50 ETF (14.07 million) [9] Industry Insights - The humanoid robot sector in China is accelerating, supported by government policies and technological advancements [10] - The robot industry is entering a phase of small-scale production, indicating market confidence in the future potential of humanoid robots [10]

Group 1 - The core viewpoint of the news is the performance and market position of Guangdong Tosstar Technology Co., Ltd., which has seen a stock price increase of 5.27% to 38.35 CNY per share, with a total market capitalization of 18.292 billion CNY [1] - The company, established on June 1, 2007, and listed on February 9, 2017, specializes in providing industrial automation solutions and related equipment to downstream manufacturing clients [1] - The revenue composition of the company includes: 31.50% from smart energy and environmental management systems, 29.39% from industrial robots and automation application systems, 21.05% from injection molding machines and supporting equipment, 15.07% from CNC machine tools, and 3.00% from other sources [1] Group 2 - In terms of fund holdings, Invesco Great Wall Fund has a significant position in Tosstar, with its ETF holding 566,600 shares, representing 3.61% of the fund's net value, making it the sixth-largest holding [2] - The Invesco Great Wall National Robot Industry ETF (159559) was established on November 30, 2023, with a latest scale of 535 million CNY and has achieved a year-to-date return of 31.09% [2] - The fund manager, Jin Huang, has been in charge for nearly two years, with the fund's total assets amounting to 23.021 billion CNY, achieving a best return of 97.59% during his tenure [3]

Core Viewpoint - Sanfeng Intelligent (300276) reported a decline in total revenue for the first half of 2025, while net profit showed significant growth, indicating mixed financial performance [1] Financial Performance - Total revenue for the first half of 2025 was 889 million yuan, a decrease of 11.7% year-on-year [1] - Net profit attributable to shareholders reached 21.82 million yuan, an increase of 139.05% year-on-year [1] - In Q2 2025, total revenue was 600 million yuan, up 3.01% year-on-year, with net profit of 16.01 million yuan, up 1218.75% year-on-year [1] - Gross margin was 10.43%, down 7.95% year-on-year, while net margin improved to 2.73%, up 167.54% year-on-year [1] - Total operating expenses (selling, administrative, and financial) amounted to 64.26 million yuan, accounting for 7.22% of revenue, a decrease of 2.35% year-on-year [1] Balance Sheet and Cash Flow - Accounts receivable was significant, with a ratio to net profit of 1411.72% [1][2] - Cash and cash equivalents decreased to 243 million yuan, down 7.46% year-on-year [1] - Interest-bearing debt was reduced to 90.44 million yuan, a decrease of 49.12% year-on-year [1] - Operating cash flow per share improved to 0.01 yuan, up 109.06% year-on-year [1] Investment Metrics - Return on Invested Capital (ROIC) for the previous year was 1.75%, indicating weak capital returns [1] - The historical median ROIC over the past decade was 2.95%, with a notably poor performance in 2020 at -40.04% [1] - The company has reported losses in two of the past thirteen annual reports, suggesting a fragile business model [1] Business Model and Market Position - The company's performance is primarily driven by research and marketing efforts, necessitating a deeper analysis of these underlying factors [2] - Recommendations include monitoring cash flow status, accounts receivable, and inventory levels, with specific ratios indicating potential concerns [2] Fund Holdings - The largest fund holding Sanfeng Intelligent is the E Fund National Robot Industry ETF, with 4.7381 million shares newly added to its top ten holdings [3] - Other funds such as the Invesco Great Wall National Robot Industry ETF and Huashan National Robot Industry Index Fund also entered the top ten holdings [3]

Group 1 - The core viewpoint of the news is that Shouhang New Energy (301658.SZ) has reported significant institutional investment, with 19 institutional investors holding a total of 94.71 million shares, representing 22.97% of the company's total equity as of August 25, 2025 [1] - The top ten institutional investors collectively hold 22.93% of the shares, with a notable increase of 22.92 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, eight funds have reduced their holdings compared to the previous quarter, including notable funds such as the Fortune CSI All-Share Securities Company ETF and the Invesco CSI Robot Industry ETF [2] - A total of 330 public funds have not disclosed their holdings this quarter, including funds like the Guolian An CSI Pharmaceutical 100A and the Guotai CSI 800 Automotive and Parts ETF [2]

Core Viewpoint - The traditional saying "Five Poor, Six Absolute, Seven Turnaround" does not apply to the A-share market, as historical data shows different trends in market performance during these months [3][4]. Group 1: Market Performance Analysis - Historical data over the past 20 years indicates that the average market performance in May and July is positive, with average gains of 1.52% and 2.26% respectively, while June shows a slight decline of 1.41% [3][4]. - The percentage of years with declines in May and June is 55%, while July shows a decline in 40% of the years [4]. - The average and median returns for the months of April to July are as follows: April (2.24%, -1.07%), May (1.52%, -0.05%), June (-1.41%, 1.50%), and July (2.26%, 0.41%) [4]. Group 2: Factors Influencing Market Trends - In May, the end of annual and quarterly report disclosures may enhance risk appetite, leading to increased investment in high-performing sectors [4]. - June typically sees a tightening of liquidity as the market prepares for mid-year reports, which can lead to a decrease in risk appetite [5]. - July benefits from significant meetings and concentrated mid-year report disclosures, which can signal quantitative easing and positively influence market performance [6]. Group 3: Sector Performance Insights - The top-performing sectors in May based on absolute return and win rate include Food and Beverage (2.5% return, 66.7% win rate), Pharmaceutical and Biological (2.1% return, 60% win rate), Electronics (3.1% return, 53.3% win rate), and Computer (2.4% return, 53.3% win rate) [7][10]. - The Food and Beverage sector is expected to benefit from easing cost pressures and recovering consumption scenarios, with a notable increase in retail and dining sales during holidays [8]. - The Pharmaceutical sector is favored for defensive positioning due to policy support and improved earnings, with a reported 18% year-on-year profit growth in Q1 [9].

Group 1 - The core point of the news is the appointment of Jin Huang as the new fund manager for the Invesco Great Wall National Robot Industry ETF, effective April 2, 2025, replacing Zhang Xiaonan [1] - As of April 1, 2025, the net value of the Invesco Great Wall National Robot Industry ETF was 1.1885, reflecting a decrease of 0.56% from the previous day, while it has increased by 21.57% over the past year [1] Group 2 - Jin Huang holds a Master's degree in Engineering and is a CFA charterholder, with previous experience at Altfest Personal Wealth Management and Morgan Stanley [2] - Since joining Invesco Great Wall Fund Management in July 2018, Jin Huang has held various positions, including risk management and ETF fund management roles [2] - Jin Huang has managed several public funds, with varying performance metrics, including a return of -1.76% for the Invesco Great Wall CSI Technology Media Communication 150 ETF since February 7, 2025 [3] Group 3 - The Invesco Great Wall National Robot Industry ETF is part of a broader category of ETFs, which includes others like the Food and Beverage ETF and Game ETF, each tracking specific indices and showing different performance trends [5] - The Robot ETF has seen a recent decline of 2.72% over the past five days, with a current price-to-earnings ratio of 65.89 [5] - The fund has a significant asset base, with 130.9 billion shares outstanding, indicating active investor interest despite recent outflows [5]