苏天醒累计任职时间4年267天，现任基金资产总规模37.02亿元，任职期间最佳基金回报35.05%， 任职 期间最差基金回报-0.66%。 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。 国寿安保创精选88ETF（159804）成立日期2020年3月4日，最新规模1.37亿。今年以来收益24.05%，同 类排名1996/4208；近一年收益13.62%，同类排名2852/3972；成立以来收益40.55%。 国寿安保创精选88ETF（159804）基金经理为李康、苏天醒。 截至发稿，李康累计任职时间10年250天，现任基金资产总规模78.89亿元，任职期间最佳基金回报 45.79%， 任职期间最差基金回报-48.35%。 资料显示，浙江南都电源动力股份有限公司位于浙江省杭州市西湖区文二西路822号，成立日期1997年 12月8日，上市日期2010年4月21日，公司主营业务涉及专注于新型电力储能、工业储能、民用储能等全 系列产品和系统的研发、制造、销售、服务等,及环保型资源 ...

Core Viewpoint - Nandu Power experienced a decline in stock price and significant net outflow of funds, reflecting market challenges despite a year-to-date price increase of 19.33% [1][2]. Financial Performance - For the period from January to September 2025, Nandu Power reported a revenue of 5.911 billion, a year-on-year decrease of 24.80%, and a net profit attributable to shareholders of -220 million, a decrease of 189.22% [2]. - Cumulative cash dividends since the A-share listing amount to 684 million, with 56.102 million distributed over the last three years [3]. Shareholder Structure - As of September 30, 2025, the number of shareholders decreased by 6.02% to 115,000, while the average circulating shares per person increased by 6.42% to 7,415 shares [2]. - The second-largest circulating shareholder is Qianhai Kaiyuan Public Utilities Stock, holding 18.948 million shares, while Hong Kong Central Clearing Limited is the sixth-largest, holding 9.099 million shares, down by 1.2013 million shares from the previous period [3]. Market Activity - On November 19, Nandu Power's stock fell by 2.03%, trading at 19.26 per share with a total market capitalization of 17.303 billion [1]. - The stock saw a net outflow of 19.876 million in principal funds, with significant selling pressure compared to buying [1].

Core Viewpoint - Nandu Power experienced a 3.46% increase in stock price on November 11, with a trading volume of 2.284 billion yuan, indicating positive market sentiment towards the company [1] Financing Summary - On November 11, Nandu Power had a financing buy-in of 282 million yuan and a repayment of 212 million yuan, resulting in a net financing purchase of approximately 69.77 million yuan [1] - The total financing and securities balance for Nandu Power reached 1.193 billion yuan, with the financing balance accounting for 6.42% of the circulating market value, which is below the 50th percentile level over the past year, indicating a relatively low financing level [1] - In terms of securities lending, 19,600 shares were repaid, and 4,500 shares were sold, with a selling amount of approximately 92,800 yuan, while the remaining securities lending volume was 168,500 shares, with a balance of 3.4745 million yuan, also below the 50th percentile level over the past year [1] Business Performance - As of September 30, Nandu Power reported a total of 115,000 shareholders, a decrease of 6.02% from the previous period, while the average circulating shares per person increased by 6.42% to 7,415 shares [2] - For the period from January to September 2025, Nandu Power achieved an operating income of 5.911 billion yuan, a year-on-year decrease of 24.80%, and a net profit attributable to the parent company of -220 million yuan, a significant year-on-year decrease of 189.22% [2] Dividend and Shareholding Structure - Since its A-share listing, Nandu Power has distributed a total of 684 million yuan in dividends, with 56.1024 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Qianhai Kaiyuan Public Utilities Stock as the second-largest shareholder with 18.9477 million shares, a new addition, while Hong Kong Central Clearing Limited, the sixth-largest shareholder, reduced its holdings by 1.2013 million shares to 9.0985 million shares [3] - Southern CSI 1000 ETF ranked seventh among the top ten circulating shareholders with 8.2114 million shares, a decrease of 70,600 shares from the previous period, while Huashang Credit Enhanced Bond A, a new addition, ranked tenth with 5.5368 million shares [3]

Core Insights - Nandu Power is a leading global player in the energy storage industry, focusing on battery product research and manufacturing, with integrated supply chain and technological advantages [1] Group 1: Business Performance - For Q3 2025, Nandu Power reported revenue of 5.911 billion yuan, ranking 3rd in the industry, with the top competitor, Tianneng Co., achieving 33.402 billion yuan [2] - The main business composition includes lithium-ion battery products at 1.994 billion yuan (50.83%), lead-acid battery products at 0.843 billion yuan (21.49%), and recycled lead products at 0.759 billion yuan (19.35%) [2] - The net profit for the same period was -0.239 billion yuan, ranking 10th in the industry, with the leading company, Tianneng Co., reporting a profit of 1.386 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Nandu Power's debt-to-asset ratio was 79.01%, up from 73.26% year-on-year, significantly higher than the industry average of 38.83% [3] - The gross profit margin for Q3 2025 was 11.71%, an increase from 10.26% year-on-year, but still below the industry average of 17.75% [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.02% to 115,000, while the average number of circulating A-shares held per shareholder increased by 6.42% to 7,415.16 [5] - New significant shareholders include Qianhai Kaiyuan Public Utility Stock and Huashang Credit Enhanced Bond A, while Huaxia CSI 1000 ETF exited the top ten circulating shareholders [5] Group 4: Management and Compensation - The chairman and general manager, Zhu Baoyi, received a salary of 1.8008 million yuan in 2024, unchanged from 2023 [4] Group 5: Future Outlook - Aijian Securities initiated coverage on Nandu Power with a "buy" rating, projecting net profits for 2025-2027 to be 0.04 billion, 0.62 billion, and 0.96 billion yuan, respectively [6] - Key growth areas identified include power storage and data center businesses, with Nandu Power ranking second in battery shipments for global base stations/data centers among Chinese companies [6] - Expected revenue growth rates for power storage business are 74%, 100%, and 20% for 2025-2027, while communication and data center storage business are projected at 45%, 73%, and 20% [6]

Group 1 - The core viewpoint of the news is that Nandu Power has seen a significant increase in its stock price, rising 5.01% to 18.87 CNY per share, with a total market capitalization of 16.949 billion CNY and a trading volume of 784 million CNY [1] - Nandu Power has experienced a cumulative increase of 5.71% over the past four days, indicating positive market sentiment [1] - The company specializes in the research, manufacturing, sales, and service of a full range of products and systems related to new energy storage, industrial storage, and residential storage [1] Group 2 - The main revenue sources for Nandu Power include lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [1] - Among the top ten circulating shareholders, a fund under Southern Fund has increased its holdings in Nandu Power, acquiring an additional 1.759 million shares, bringing its total to 8.282 million shares, which represents 0.97% of the circulating shares [2] - The Southern CSI 1000 ETF has achieved a year-to-date return of 27.01% and a one-year return of 24.44%, ranking 2080 out of 4216 and 1925 out of 3877 respectively in its category [2]

Core Viewpoint - Nandu Power has shown a mixed performance in stock price and financial results, with a notable increase in stock price recently but a significant decline in revenue and profit year-on-year [1][2]. Financial Performance - As of June 30, 2025, Nandu Power reported a revenue of 3.923 billion yuan, a year-on-year decrease of 31.67% [2]. - The company experienced a net profit loss of 232 million yuan, representing a year-on-year decline of 225.48% [2]. - Cumulative cash dividends since the A-share listing amount to 684 million yuan, with 56.1 million yuan distributed over the past three years [3]. Stock Market Activity - On October 28, Nandu Power's stock price increased by 2.11%, reaching 17.88 yuan per share, with a trading volume of 333 million yuan and a turnover rate of 2.21% [1]. - The total market capitalization of Nandu Power is 16.06 billion yuan [1]. - Year-to-date, the stock price has risen by 10.78%, with a 3.05% increase over the last five trading days, a 6.44% decrease over the last 20 days, and a 17.02% increase over the last 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders is 122,400, a decrease of 8.78% from the previous period [2]. - The average number of circulating shares per shareholder is 6,968, an increase of 9.66% [2]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, with notable increases in their holdings [3]. Business Overview - Nandu Power, established on December 8, 1997, and listed on April 21, 2010, focuses on the research, manufacturing, sales, and service of new energy storage products, including lithium-ion batteries and lead-acid batteries [1]. - The revenue composition includes lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [1]. - The company operates within the electric equipment industry, specifically in the battery sector, and is associated with various concept sectors such as digital energy and major tech companies [1].

Core Viewpoint - The stock price of Nandu Power has experienced fluctuations, with a recent decline of 2.02% and a year-to-date increase of 11.15% [1][2]. Company Overview - Nandu Power, established on December 8, 1997, and listed on April 21, 2010, is located in Hangzhou, Zhejiang Province. The company focuses on the research, manufacturing, sales, and service of a full range of new energy storage products, including industrial and residential storage systems, as well as integrated environmental resource recycling [2]. - The main revenue sources for Nandu Power are lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [2]. Financial Performance - For the first half of 2025, Nandu Power reported a revenue of 3.923 billion yuan, a year-on-year decrease of 31.67%, and a net profit attributable to shareholders of -232 million yuan, a year-on-year decrease of 225.48% [2]. - The company has distributed a total of 684 million yuan in dividends since its A-share listing, with 56.102 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Nandu Power was 122,400, a decrease of 8.78% from the previous period, with an average of 6,968 circulating shares per person, an increase of 9.66% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.2998 million shares, and Southern CSI 1000 ETF, which holds 8.282 million shares, both showing increases in holdings compared to the previous period [3].

Core Viewpoint - Nandu Power has shown a mixed performance in stock price and financial results, with a notable increase in stock price year-to-date but a significant decline in revenue and net profit for the first half of 2025 [1][2]. Group 1: Stock Performance - As of September 23, Nandu Power's stock price increased by 2.15% to 19.52 CNY per share, with a trading volume of 210 million CNY and a turnover rate of 1.28%, resulting in a total market capitalization of 17.533 billion CNY [1]. - Year-to-date, Nandu Power's stock price has risen by 20.94%, with a slight decline of 0.76% over the last five trading days, a 15.64% increase over the last 20 days, and a 24.97% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Nandu Power reported a revenue of 3.923 billion CNY, representing a year-on-year decrease of 31.67%, and a net profit attributable to shareholders of -232 million CNY, a decline of 225.48% compared to the previous year [2]. Group 3: Shareholder and Institutional Holdings - As of June 30, 2025, the number of shareholders for Nandu Power was 122,400, a decrease of 8.78% from the previous period, with an average of 6,968 circulating shares per shareholder, an increase of 9.66% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 10.2998 million shares, an increase of 1.013 million shares from the previous period, and Southern CSI 1000 ETF, holding 8.282 million shares, an increase of 1.759 million shares [3].

Core Viewpoint - The news highlights the recent trading performance and financial metrics of Zhejiang Nandu Power Supply Co., Ltd., indicating a decline in revenue and net profit, alongside significant trading activity in its stock. Group 1: Trading Performance - On September 17, Nandu Power's stock rose by 1.17% with a trading volume of 1.922 billion yuan [1] - The financing buy-in amount for Nandu Power on the same day was 213 million yuan, while the financing repayment was 229 million yuan, resulting in a net financing outflow of 15.41 million yuan [1] - As of September 17, the total balance of margin trading for Nandu Power was 1.386 billion yuan [1] Group 2: Financial Metrics - For the first half of 2025, Nandu Power reported a revenue of 3.923 billion yuan, a year-on-year decrease of 31.67% [2] - The net profit attributable to shareholders for the same period was -232 million yuan, reflecting a year-on-year decline of 225.48% [2] Group 3: Shareholder and Dividend Information - Since its A-share listing, Nandu Power has distributed a total of 684 million yuan in dividends, with 56.1 million yuan distributed over the past three years [3] - As of June 30, 2025, the number of shareholders for Nandu Power was 122,400, a decrease of 8.78% from the previous period [2] - The average number of circulating shares per shareholder increased by 9.66% to 6,968 shares [2]

Company Overview - Nandu Power, established on December 8, 1997, and listed on April 21, 2010, is located in Hangzhou, Zhejiang Province. The company focuses on the research, manufacturing, sales, and service of a full range of new energy storage products and systems, including industrial and residential storage, as well as integrated recycling of environmentally friendly resources [1][2]. Financial Performance - As of June 30, 2025, Nandu Power reported a revenue of 3.923 billion yuan, a year-on-year decrease of 31.67%. The net profit attributable to shareholders was -232 million yuan, reflecting a significant year-on-year decline of 225.48% [2]. - The company has cumulatively distributed 684 million yuan in dividends since its A-share listing, with 56.102 million yuan distributed over the past three years [3]. Stock Performance - On September 15, Nandu Power's stock price increased by 2.06%, reaching 20.34 yuan per share, with a trading volume of 1.023 billion yuan and a turnover rate of 5.96%. The total market capitalization stood at 18.269 billion yuan [1]. - Year-to-date, the stock price has risen by 26.02%, with a 7.62% increase over the past five trading days, a 14.21% increase over the past 20 days, and a 36.69% increase over the past 60 days [1]. Shareholder Structure - As of June 30, 2025, the number of shareholders decreased to 122,400, a reduction of 8.78%. The average number of circulating shares per person increased by 9.66% to 6,968 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest, holding 10.2998 million shares, an increase of 1.013 million shares from the previous period. Southern CSI 1000 ETF and Huaxia CSI 1000 ETF are also among the top shareholders, with increases in their holdings [3]. Business Segments - Nandu Power's main business revenue composition includes lithium-ion battery products (50.83%), lead-acid battery products (21.49%), recycled lead products (19.35%), and lithium battery materials (8.33%) [1]. - The company operates within the electric equipment industry, specifically in the battery sector, and is involved in various concept sectors such as solid-state batteries, energy interconnection, flying cars, battery recycling, and sodium batteries [1].