东方阿尔法产业先锋混合A（011704）基金经理为周谧。 截至发稿，周谧累计任职时间7年359天，现任基金资产总规模53.02亿元，任职期间最佳基金回报 112.22%， 任职期间最差基金回报14.11%。 2月24日，深圳新星涨5.17%，截至发稿，报26.06元/股，成交1.60亿元，换手率2.97%，总市值55.01亿 元。 资料显示，深圳市新星轻合金材料股份有限公司位于广东省深圳市宝安区观光路公明镇高新技术产业园 新星厂区A栋，成立日期1992年7月23日，上市日期2017年8月7日，公司主营业务涉及铝晶粒细化剂的 研发、生产和销售。主营业务收入构成为：铝箔坯料53.96%，铝晶粒细化剂33.53%，其他产品7.92%， 六氟磷酸锂4.19%，其他(补充)0.40%。 从深圳新星十大流通股东角度 数据显示，东方阿尔法基金旗下1只基金位居深圳新星十大流通股东。东方阿尔法产业先锋混合A （011704）三季度新进十大流通股东，持有股数165.14万股，占流通股的比例为0.78%。根据测算，今 日浮盈赚取约211.38万元。 东方阿尔法产业先锋混合A（011704）成立日期2021年7月21日，最新规模7. ...

Core Viewpoint - Shenzhen New Star's stock price has experienced a decline of 4.64% year-to-date, with a notable drop of 2.07% on January 9, 2025, indicating potential concerns among investors regarding the company's performance and market conditions [1]. Financial Performance - For the period from January to September 2025, Shenzhen New Star achieved a revenue of 2.324 billion yuan, representing a year-on-year growth of 25.54% [2]. - The company reported a net profit attributable to shareholders of -61.83 million yuan, which reflects a year-on-year increase of 37.02% [2]. Stock Market Activity - As of January 9, 2025, Shenzhen New Star's stock was trading at 26.93 yuan per share, with a total market capitalization of 5.685 billion yuan [1]. - The stock experienced a trading volume of 272 million yuan on January 9, with a turnover rate of 4.69% [1]. - The stock has seen a net outflow of 37.77 million yuan in principal funds, with significant selling pressure observed [1]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shenzhen New Star increased by 3.62% to 16,500 [2]. - The average number of circulating shares per shareholder decreased by 3.49% to 12,830 shares [2]. Dividend Information - Since its A-share listing, Shenzhen New Star has distributed a total of 42 million yuan in dividends, with no dividends paid in the last three years [3]. Institutional Holdings - As of September 30, 2025, the eighth largest circulating shareholder is the Dongfang Alpha Industry Pioneer Mixed Fund A, holding 1.6514 million shares as a new shareholder [3].

Core Viewpoint - Shenzhen New Star has shown a mixed performance in financing activities and stockholder metrics, with significant revenue growth but a negative net profit for the recent period [2][3]. Financing Activities - On January 6, Shenzhen New Star had a financing buy-in amount of 68.63 million yuan and a financing repayment of 81.12 million yuan, resulting in a net financing outflow of 12.49 million yuan [1]. - The total financing and securities balance for Shenzhen New Star as of January 6 is 327 million yuan, which accounts for 5.32% of its market capitalization, indicating a high level compared to the past year [1]. - There were no shares sold or repaid in the securities lending market on January 6, with a total securities lending balance of 0, also reflecting a high level compared to the past year [1]. Company Overview - Shenzhen New Star Light Alloy Materials Co., Ltd. was established on July 23, 1992, and went public on August 7, 2017. The company specializes in the research, production, and sales of aluminum grain refiners [1]. - The main revenue components for Shenzhen New Star include aluminum foil raw materials (53.96%), aluminum grain refiners (33.53%), lithium hexafluorophosphate (4.19%), and other products [1]. Financial Performance - For the period from January to September 2025, Shenzhen New Star reported an operating income of 2.324 billion yuan, representing a year-on-year growth of 25.54% [2]. - The net profit attributable to the parent company for the same period was -61.83 million yuan, showing a year-on-year increase of 37.02% [2]. Shareholder Information - As of September 30, 2025, the number of shareholders for Shenzhen New Star increased to 16,500, a rise of 3.62% from the previous period [2]. - The average number of circulating shares per shareholder decreased by 3.49% to 12,830 shares [2]. - The company has cumulatively distributed 42 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3].

Group 1 - Shenzhen New Star increased by 5.06% on December 23, reaching a stock price of 27.00 CNY per share, with a trading volume of 199 million CNY and a turnover rate of 3.58%, resulting in a total market capitalization of 5.7 billion CNY [1] - Shenzhen New Star Light Alloy Materials Co., Ltd. specializes in the research, production, and sales of aluminum grain refiners, with its main business revenue composition being: aluminum foil raw materials 53.96%, aluminum grain refiners 33.53%, other products 7.92%, lithium hexafluorophosphate 4.19%, and others 0.40% [1] Group 2 - The top circulating shareholder of Shenzhen New Star includes the Oriental Alpha Fund, which entered the top ten shareholders in the third quarter, holding 1.6514 million shares, accounting for 0.78% of circulating shares, with an estimated floating profit of approximately 2.1468 million CNY [2] - The Oriental Alpha Industry Pioneer Mixed A Fund (011704) was established on July 21, 2021, with a latest scale of 800 million CNY, achieving a year-to-date return of 36.41% and a one-year return of 35.06% [2]

Core Viewpoint - Shenzhen Xinxing's stock price has shown significant volatility, with a year-to-date increase of 96.24% but a recent decline of 6.29% over the past five trading days [2] Group 1: Stock Performance - As of December 3, Shenzhen Xinxing's stock price was 30.24 CNY per share, with a market capitalization of 6.383 billion CNY [1] - The stock has experienced a 96.24% increase year-to-date, with a 6.29% decline in the last five trading days [2] - The stock has been on the "龙虎榜" three times this year, with the latest instance on November 10, where it saw a net buy of 121 million CNY [2] Group 2: Financial Performance - For the period from January to September 2025, Shenzhen Xinxing reported revenue of 2.324 billion CNY, representing a year-on-year growth of 25.54% [3] - The net profit attributable to shareholders was -61.83 million CNY, showing a year-on-year increase of 37.02% [3] Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, the number of shareholders increased by 3.62% to 16,500, with an average of 12,830 circulating shares per person, a decrease of 3.49% [3] - The company has distributed a total of 42 million CNY in dividends since its A-share listing, with no dividends paid in the last three years [4] - Among the top ten circulating shareholders, 东方阿尔法产业先锋混合A holds 1.6514 million shares, marking it as a new shareholder [4]

Group 1 - Shenzhen New Star experienced a 5.3% increase in stock price, reaching 33.98 CNY per share, with a trading volume of 227 million CNY and a turnover rate of 3.24%, resulting in a total market capitalization of 7.173 billion CNY [1] - Shenzhen New Star Light Alloy Materials Co., Ltd. specializes in the research, production, and sales of aluminum grain refiners, with its main business revenue composition being: aluminum foil raw materials 53.96%, aluminum grain refiners 33.53%, other products 7.92%, lithium hexafluorophosphate 4.19%, and others 0.40% [1] Group 2 - The top circulating shareholder of Shenzhen New Star is the Oriental Alpha Fund, which entered the top ten circulating shareholders in the third quarter, holding 1.6514 million shares, accounting for 0.78% of circulating shares, with an estimated floating profit of approximately 2.8239 million CNY [2] - The Oriental Alpha Industry Pioneer Mixed A Fund (011704) has achieved a year-to-date return of 40.36%, ranking 1342 out of 8130 in its category, and a one-year return of 41.84%, ranking 1340 out of 8054 [2]

Company Overview - Shenzhen New Star Light Alloy Materials Co., Ltd. is located in Bao'an District, Shenzhen, Guangdong Province, and was established on July 23, 1992. The company was listed on August 7, 2017. Its main business involves the research, production, and sales of aluminum grain refiners [2] - The revenue composition of the company includes: aluminum foil raw materials 53.96%, aluminum grain refiners 33.53%, other products 7.92%, lithium hexafluorophosphate 4.19%, and others 0.40% [2] - The company belongs to the non-ferrous metals industry, specifically in the metal new materials sector, and is associated with concepts such as lithium hexafluorophosphate, fluorine chemicals, non-ferrous aluminum, PVDF concepts, and small-cap stocks [2] Financial Performance - For the period from January to September 2025, Shenzhen New Star achieved operating revenue of 2.324 billion yuan, representing a year-on-year growth of 25.54%. The net profit attributable to the parent company was -61.83 million yuan, showing a year-on-year increase of 37.02% [2] - Since its A-share listing, the company has distributed a total of 42 million yuan in dividends, with no dividends distributed in the last three years [3] Stock Market Activity - As of November 25, Shenzhen New Star's stock price decreased by 2.01%, trading at 31.20 yuan per share, with a total market capitalization of 6.586 billion yuan [1] - The stock has seen a year-to-date increase of 102.47%, with a recent decline of 5.77% over the last five trading days, and increases of 23.91% over the last 20 days and 78.90% over the last 60 days [1] - The company has appeared on the daily trading leaderboard three times this year, with the most recent appearance on November 10, where it recorded a net purchase of 121 million yuan [1]

Group 1 - Shenzhen New Star experienced a decline of 5.34% on November 14, with a stock price of 36.55 CNY per share, a trading volume of 993 million CNY, a turnover rate of 12.33%, and a total market capitalization of 7.715 billion CNY [1] - Shenzhen New Star Light Alloy Materials Co., Ltd. was established on July 23, 1992, and listed on August 7, 2017. The company's main business involves the research, production, and sales of aluminum grain refiners [1] - The revenue composition of Shenzhen New Star includes: aluminum foil raw materials 53.96%, aluminum grain refiners 33.53%, other products 7.92%, lithium hexafluorophosphate 4.19%, and others 0.40% [1] Group 2 - Among the top ten circulating shareholders of Shenzhen New Star, the Oriental Alpha Fund has entered the list with its fund, Oriental Alpha Industry Pioneer Mixed A (011704), holding 1.6514 million shares, accounting for 0.78% of circulating shares [2] - The estimated floating loss for Oriental Alpha Industry Pioneer Mixed A today is approximately 3.4019 million CNY [2] - Oriental Alpha Industry Pioneer Mixed A was established on July 21, 2021, with a latest scale of 800 million CNY. Year-to-date returns are 56.04%, ranking 752 out of 8140 in its category, while the one-year return is 46.32%, ranking 784 out of 8056 [2]

Core Viewpoint - Shenzhen New Star has shown significant stock price growth and strong financial performance in recent months, indicating a positive market sentiment and potential investment opportunities [1][2]. Group 1: Stock Performance - On November 14, Shenzhen New Star's stock price increased by 2.38%, reaching 39.53 CNY per share, with a trading volume of 327 million CNY and a turnover rate of 4.05%, resulting in a total market capitalization of 8.345 billion CNY [1]. - Year-to-date, Shenzhen New Star's stock price has risen by 156.52%, with a 12.27% increase over the last five trading days, an 87.08% increase over the last 20 days, and a 134.18% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on November 10, where it recorded a net purchase of 121 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Shenzhen New Star achieved a revenue of 2.324 billion CNY, representing a year-on-year growth of 25.54%, while the net profit attributable to shareholders was -61.83 million CNY, reflecting a year-on-year increase of 37.02% [2]. - The company's main business revenue composition includes aluminum foil raw materials (53.96%), aluminum grain refiners (33.53%), lithium hexafluorophosphate (4.19%), and other products [2]. Group 3: Shareholder Information - As of September 30, 2025, Shenzhen New Star had 16,500 shareholders, an increase of 3.62% from the previous period, with an average of 12,830 circulating shares per shareholder, a decrease of 3.49% [2]. - The company has distributed a total of 42 million CNY in dividends since its A-share listing, with no dividends distributed in the last three years [3].

Core Insights - Lithium hexafluorophosphate (LiPF6) is the most commercially developed and widely used lithium salt, accounting for 12%-14% of electrolyte mass but contributing nearly half of the cost [1] - The electrolyte, while only comprising 10%-15% of the total battery cost, is essential for lithium ion flow, likened to "blood" in the battery [1] Company Summaries Chengxing Co., Ltd. - Chengxing Co., Ltd. is a fine phosphorus chemical enterprise with a high degree of refinement, diverse product types, and mature technology, listed on June 27, 1997 [1] - The company’s product line includes phosphorus ore, phosphoric acid, phosphates, and yellow phosphorus, widely used in daily chemicals and electronics [1] - In 2024, Chengxing achieved total revenue of 3.356 billion, a year-on-year increase of 8.22%, with a five-year compound annual growth rate (CAGR) of 1.7% [3] Shida Shenghua - Shida Shenghua, listed on May 29, 2015, focuses on carbonate solvents, lithium salts, additives, and silicon-based anode materials for lithium batteries [5] - The company’s products are used in chemical products, new energy vehicles, fluorine chemicals, and lithium batteries [5] - In 2024, Shida Shenghua reported total revenue of 5.547 billion, a year-on-year decrease of 1.56%, with a five-year CAGR of 5.51% [9] Shenzhen New Star - Shenzhen New Star is the only manufacturer in the industry with a complete industrial chain for aluminum grain refiners and has produced 5,800 tons/year of lithium hexafluorophosphate [8] - The company, listed on August 7, 2017, has a product line that includes aluminum grain refiners and lithium battery materials [10] - In 2024, Shenzhen New Star achieved total revenue of 2.563 billion, a year-on-year increase of 62.32%, with a five-year CAGR of 26.98% [12] Lianhua Technology - Lianhua Technology, listed on June 19, 2008, produces pharmaceutical and agricultural intermediates, primarily sold to the US, Europe, and Japan [13] - The company’s product line includes herbicides, insecticides, fungicides, and pharmaceutical intermediates [15] - In 2024, Lianhua reported total revenue of 5.677 billion, a year-on-year decrease of 11.88%, with a five-year CAGR of 4.38% [17] Yongtai Technology - Yongtai Technology, listed on December 22, 2009, is a leader in fluorobenzene fine chemicals and a producer of lithium hexafluorophosphate [19] - The company’s products are used in industrial manufacturing, pharmaceutical research, and agriculture [19] - In 2024, Yongtai reported total revenue of 4.589 billion, a year-on-year increase of 11.18%, with a five-year CAGR of 7.39% [21] Duofu Du - Duofu Du ranks among the top two globally in lithium hexafluorophosphate market share and is the first domestic company to commercialize sodium hexafluorophosphate [23] - The company, listed on May 18, 2010, focuses on high-performance inorganic fluorides and electronic chemicals [23] - In 2024, Duofu Du achieved total revenue of 8.207 billion, a year-on-year decrease of 31.25%, with a five-year CAGR of 17.92% [25] Tianci Materials - Tianci Materials is a global leader in electrolytes and ranks among the top two in lithium hexafluorophosphate market share [27] - The company, listed on January 23, 2014, specializes in fine chemical new materials [27] - In 2024, Tianci reported total revenue of 12.518 billion, a year-on-year decrease of 18.74%, with a five-year CAGR of 32.03% [29] Tianji Co., Ltd. - Tianji Co., Ltd. focuses on the research and production of lithium hexafluorophosphate and new lithium salts, listed on May 28, 2015 [31] - The company’s product line includes various lithium salts and fluorinated salts, widely used in new energy vehicles and consumer electronics [31] - In 2024, Tianji reported total revenue of 2.055 billion, a year-on-year decrease of 6.32%, with a five-year CAGR of 28.96% [35]