截至发稿，张琦累计任职时间15年147天，现任基金资产总规模27.73亿元，任职期间最佳基金回报 201.46%， 任职期间最差基金回报-19.09%。 数据显示，国寿安保基金旗下1只基金位居力星股份十大流通股东。国寿安保智慧生活股票A （001672）三季度持有股数366.83万股，持股数量与上期相比不变，占流通股的比例为1.59%。根据测 算，今日浮盈赚取约396.17万元。连续4天上涨期间浮盈赚取605.26万元。 国寿安保智慧生活股票A（001672）成立日期2015年9月1日，最新规模22.1亿。今年以来收益28.41%， 同类排名1469/4206；近一年收益32.92%，同类排名1218/4006；成立以来收益201.51%。 国寿安保智慧生活股票A（001672）基金经理为张琦。 11月27日，力星股份涨5.39%，截至发稿，报21.10元/股，成交1.99亿元，换手率4.18%，总市值62.04亿 元。力星股份股价已经连续4天上涨，区间累计涨幅8.98%。 资料显示，江苏力星通用钢球股份有限公司位于江苏省如皋市如城街道兴源大道68号，成立日期2000年 12月12日，上市日期2015年2月1 ...

Core Points - Lixing Co., Ltd. experienced a stock price increase of 5.06%, reaching 19.30 CNY per share, with a trading volume of 345 million CNY and a turnover rate of 8.09%, resulting in a total market capitalization of 5.675 billion CNY [1] Company Overview - Jiangsu Lixing General Steel Ball Co., Ltd. was established on December 12, 2000, and went public on February 17, 2015. The company specializes in the research, production, and sales of precision bearing rolling elements [1] - The main revenue composition of the company includes: steel balls (85.00%), rollers (13.25%), processing and packaging services (1.15%), waste sales (0.58%), ceramic balls (0.01%), and others (0.00%) [1] Shareholder Information - Among the top ten circulating shareholders of Lixing Co., Ltd., the Guoshou Anbao Fund holds a significant position. The Guoshou Anbao Smart Life Stock A Fund (001672) maintained its holding of 3.6683 million shares in the third quarter, representing 1.59% of the circulating shares [2] - The Guoshou Anbao Smart Life Stock A Fund was established on September 1, 2015, with a current scale of 2.21 billion CNY. Year-to-date returns stand at 29.84%, ranking 1463 out of 4208 in its category, while the one-year return is 27.82%, ranking 1266 out of 3972 [2] Fund Manager Information - The fund manager of Guoshou Anbao Smart Life Stock A is Zhang Qi, who has a cumulative tenure of 15 years and 141 days. The total asset size of the fund is 2.773 billion CNY, with the best fund return during his tenure being 212.8% and the worst being -19.09% [3]

Core Viewpoint - Lixing Co., Ltd. has experienced a significant stock price increase of 79.86% year-to-date, but has recently faced a decline of 10.96% over the past five trading days, indicating potential volatility in its stock performance [1]. Company Overview - Lixing Co., Ltd. is located in Rugao City, Jiangsu Province, and was established on December 12, 2000. The company was listed on February 17, 2015, and specializes in the research, production, and sales of precision bearing rolling elements [1]. - The main revenue composition of the company includes steel balls (85.00%), rollers (13.25%), processing and packaging services (1.15%), waste sales (0.58%), ceramic balls (0.01%), and others (0.00%) [1]. Financial Performance - For the period from January to September 2025, Lixing Co., Ltd. achieved an operating income of 814 million yuan, representing a year-on-year growth of 4.81%. The net profit attributable to the parent company was 51.65 million yuan, reflecting a year-on-year increase of 1.83% [2]. - The company has distributed a total of 499 million yuan in dividends since its A-share listing, with 169 million yuan distributed over the past three years [3]. Shareholder Information - As of October 31, 2025, the number of shareholders of Lixing Co., Ltd. was 29,500, an increase of 1.33% from the previous period. The average number of circulating shares per shareholder was 7,812, a decrease of 1.31% [2]. - As of September 30, 2025, the fifth largest circulating shareholder was China Life Asset Management's Wisdom Life Stock A, holding 3.6683 million shares, with no change in the number of shares held compared to the previous period [3]. Market Activity - On November 11, Lixing Co., Ltd. saw a stock price drop of 2.02%, trading at 19.91 yuan per share with a total transaction volume of 188 million yuan and a turnover rate of 4.05%. The total market capitalization was 5.854 billion yuan [1]. - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on September 25, where it recorded a net purchase of 14.5795 million yuan [1].

Group 1 - The core point of the news is that Lixing Co., Ltd. experienced a decline of 5.29% in its stock price, reaching 22.92 CNY per share, with a trading volume of 394 million CNY and a turnover rate of 7.26%, resulting in a total market capitalization of 6.739 billion CNY [1] - Lixing Co., Ltd. is based in Rugao City, Jiangsu Province, and was established on December 12, 2000. The company was listed on February 17, 2015, and its main business involves the research, production, and sales of precision bearing rolling elements [1] - The revenue composition of Lixing Co., Ltd. is as follows: steel balls account for 85.00%, rollers 13.25%, processing and packaging services 1.15%, waste sales 0.58%, ceramic balls 0.01%, and others 0.00% [1] Group 2 - From the perspective of the top ten circulating shareholders, Guoshou Anbao Fund has a fund that ranks among the top shareholders of Lixing Co., Ltd. The fund, Guoshou Anbao Smart Life Stock A (001672), held 3.6683 million shares in the third quarter, unchanged from the previous period, representing 1.59% of the circulating shares [2] - The estimated floating loss for Guoshou Anbao Smart Life Stock A (001672) today is approximately 4.6954 million CNY. The fund was established on September 1, 2015, with a current scale of 2.21 billion CNY. Year-to-date returns are 38.66%, ranking 1211 out of 4216 in its category; the one-year return is 48.99%, ranking 764 out of 3896; and since inception, the return is 225.58% [2] Group 3 - The fund manager of Guoshou Anbao Smart Life Stock A (001672) is Zhang Qi, who has a cumulative tenure of 15 years and 124 days. The total asset size of the fund is 2.773 billion CNY, with the best fund return during his tenure being 227.32% and the worst being -19.09% [3]

Core Insights - Shandong Dong'a Steel Ball Group Co., Ltd. has established itself as a leader in the high-end steel ball market, with a market share exceeding 70% for premium bearing steel balls and cone rollers in China [1][2] Production and Technology - The company utilizes advanced multi-station high-speed cold heading machines to produce steel ball blanks, ensuring high efficiency and quality control through a dedicated production line in collaboration with Schaeffler [2][4] - The implementation of optical detection technology allows for precise classification of steel balls into qualified, repairable, and defective categories, significantly reducing human error in quality inspection [2][3] - New technology products account for over 70% of the company's sales revenue, reflecting a strong focus on innovation and modernization [3] Research and Development - The company has participated in the formulation of 12 national standards and holds 54 authorized patents, including 10 invention patents, showcasing its commitment to R&D [3][4] - The establishment of a 3,600 square meter laboratory with advanced testing equipment enables the company to measure over 70 rolling body indicators, enhancing its research capabilities [4] Strategic Partnerships - The company has formed strategic global partnerships with major bearing manufacturers such as Schaeffler, SKF, and NTN, which has bolstered its production capacity and quality assurance [4][5] - The ASIS quality control model has gained recognition from international clients, further solidifying the company's reputation for reliability and quality [4][5] Environmental and Quality Innovations - Recent projects include the implementation of intelligent manufacturing for micro steel balls and automated quality detection systems, leading to significant technological advancements [5] - The use of environmentally friendly materials and processes, such as alloy grinding discs and online monitoring systems, enhances product quality and sustainability [5]

Summary of Lixing Co., Ltd. Conference Call Company Overview - Lixing Co., Ltd. is the second largest globally and the largest state-owned enterprise in China, representing high-end industrial manufacturing in China [2][3] - The company specializes in the production of rolling elements, including steel balls and ceramic balls, which are critical components in bearings [3] Core Business and Revenue Growth - The wind power roller business has rapidly grown to approximately 200 million in revenue, with plans to achieve 700-1,000 million in revenue through domestic substitution in shield machines and high-speed rail [2][3] - The company has entered the ceramic ball market through its subsidiary, Lichuang Precision, with products already used in Tesla's Model S Plaid and long-term agreements with Nissan, Toyota, and Tesla [2][4] - The automotive ceramic ball market is expected to start volume production in 2026, with potential applications in Tesla's Model S/X/Y/3 series [7][10] Industry Dynamics and Market Potential - The demand for steel balls in downstream markets includes 30% in new energy vehicles, 20% in industrial mother machines, and significant presence in wind power and military sectors [8] - The wind power market is expected to see significant profit contributions by 2026 due to the increasing demand for bearings in wind power equipment [9] - The ceramic ball market for new energy vehicles is projected to exceed 7 billion RMB by 2030, while the robotics sector could reach 9-10 billion RMB [10] Technological Advancements and Competitive Position - Lixing has made significant advancements in the robotics field, focusing on high-precision ceramic balls for micro-screw applications, which are being tested by leading robotics companies [5][12] - The company is the only domestic enterprise included in the global procurement system of the top eight bearing manufacturers, establishing a competitive edge in the precision bearing market [11] Future Outlook - Lixing aims to increase its revenue from over 1 billion to 2.5-3 billion through international expansion and a multi-product strategy [6][7] - The company anticipates a turning point in profits over the next two years, with a market capitalization expectation of 15-20 billion, potentially exceeding 20 billion in the long term [7][14] - The management team is experienced and stable, which is expected to drive business growth [14] Key Takeaways - Lixing Co., Ltd. is positioned for significant growth in the wind power and automotive sectors, with a strong focus on technological innovation and strategic partnerships [2][3][9] - The company’s ceramic ball technology is set to disrupt traditional steel ball applications, particularly in high-pressure automotive platforms and robotics [10][12] - The overall market dynamics and Lixing's strategic initiatives suggest a robust investment opportunity with substantial growth potential in the coming years [14]

Group 1 - The core point of the news is that Lixing Co., Ltd. experienced a stock price increase of 5.55%, reaching 20.91 CNY per share, with a trading volume of 425 million CNY and a turnover rate of 9.19%, resulting in a total market capitalization of 6.148 billion CNY [1] - Lixing Co., Ltd. is based in Rugao City, Jiangsu Province, and was established on December 12, 2000. The company was listed on February 17, 2015, and its main business involves the research, production, and sales of precision bearing rolling elements [1] - The revenue composition of Lixing Co., Ltd. is as follows: steel balls account for 85.00%, rollers 13.25%, processing and packaging services 1.15%, waste sales 0.58%, ceramic balls 0.01%, and others 0.00% [1] Group 2 - From the perspective of the top ten circulating shareholders, Guoshou Anbao Fund has increased its holdings in Lixing Co., Ltd. by 100,000 shares, bringing its total to 3.6683 million shares, which represents 1.59% of the circulating shares [2] - The Guoshou Anbao Smart Life Stock A fund (001672) was established on September 1, 2015, and has a current scale of 1.828 billion CNY. Year-to-date returns are 35.19%, ranking 1191 out of 4218 in its category, while the one-year return is 45.85%, ranking 576 out of 3875 [2]

Core Points - The stock price of Lixing Co., Ltd. dropped by 2.03% on October 21, trading at 20.31 yuan per share with a total market capitalization of 5.972 billion yuan [1] - Year-to-date, Lixing's stock price has increased by 83.47%, with a 1.60% rise over the last five trading days and a 28.71% increase over the last 20 days [1] - The company has appeared on the trading leaderboard five times this year, with the most recent instance on September 25, where it recorded a net purchase of 14.5795 million yuan [1] Financial Performance - For the first half of 2025, Lixing achieved a revenue of 535 million yuan, representing a year-on-year growth of 4.53%, and a net profit attributable to shareholders of 37.5578 million yuan, up by 5.94% [2] - Cumulative cash dividends since the company's A-share listing amount to 499 million yuan, with 169 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, the number of shareholders for Lixing was 25,800, a decrease of 11.63% from the previous period, while the average circulating shares per person increased by 13.16% to 8,930 shares [2] - Among the top ten circulating shareholders, Guoshou Anbao Wisdom Life Stock A is the third largest, holding 3.6683 million shares, an increase of 100,000 shares from the previous period [3]

Group 1 - The core point of the news is that Lixing Co., Ltd. experienced a decline of 5.03% in its stock price, closing at 18.88 yuan per share, with a trading volume of 174 million yuan and a turnover rate of 3.94%, resulting in a total market capitalization of 5.551 billion yuan [1] - Lixing Co., Ltd. is based in Rugao City, Jiangsu Province, and was established on December 12, 2000. It was listed on February 17, 2015. The company's main business involves the research, production, and sales of precision bearing rolling elements [1] - The revenue composition of Lixing Co., Ltd. is as follows: steel balls account for 85.00%, rollers 13.25%, processing and packaging services 1.15%, waste sales 0.58%, ceramic balls 0.01%, and others 0.00% [1] Group 2 - Among the top ten circulating shareholders of Lixing Co., Ltd., a fund under China Life Asset Management holds a significant position. The fund, China Life Asset Management Smart Living Stock A (001672), increased its holdings by 100,000 shares in the second quarter, bringing its total to 3.6683 million shares, which represents 1.59% of the circulating shares [2] - The China Life Asset Management Smart Living Stock A (001672) was established on September 1, 2015, and has a current scale of 1.828 billion yuan. Year-to-date, it has achieved a return of 39.19%, ranking 1053 out of 4218 in its category; over the past year, it has returned 61.88%, ranking 410 out of 3865; and since inception, it has returned 226.82% [2]

Group 1 - The core viewpoint of the news is that Lixing Co., Ltd. has seen a significant stock price increase of 6.69%, reaching 16.75 yuan per share, with a total market capitalization of 4.925 billion yuan [1] - Lixing Co., Ltd. specializes in the research, production, and sales of precision bearing rolling elements, with its main business revenue composition being 85.00% from steel balls, 13.25% from rollers, and minor contributions from other services and products [1] Group 2 - The largest circulating shareholder of Lixing Co., Ltd. is the Guoshou Anbao Fund, which increased its holdings in the Guoshou Anbao Smart Life Stock A fund by 100,000 shares, now holding 3.6683 million shares, representing 1.59% of circulating shares [2] - The Guoshou Anbao Smart Life Stock A fund has achieved a year-to-date return of 41.6% and a one-year return of 97.17%, ranking 980 out of 4220 and 638 out of 3814 respectively [2]