融通先进制造混合A（014647）成立日期2022年2月22日，最新规模3.15亿。今年以来收益2.62%，同类 排名2165/8816；近一年收益79.03%，同类排名462/8081；成立以来收益45.91%。 融通先进制造混合A（014647）基金经理为王迪。 截至发稿，王迪累计任职时间7年203天，现任基金资产总规模7.89亿元，任职期间最佳基金回报 219.38%， 任职期间最差基金回报-6.17%。 1月6日，江南新材涨5.17%，截至发稿，报87.69元/股，成交6270.65万元，换手率2.48%，总市值127.80 亿元。 资料显示，江西江南新材料科技股份有限公司位于江西省鹰潭市月湖区鹰潭工业园区，成立日期2007年 7月26日，上市日期2025年3月20日，公司主营业务涉及主要从事铜基新材料的研发、生产与销售。主营 业务收入构成为：铜球系列78.30%，氧化铜粉系列17.26%，其他2.66%，高精密铜基散热片1.74%，其 他(补充)0.02%，铜材贸易0.01%。 从基金十大重仓股角度 数据显示，融通基金旗下1只基金重仓江南新材。融通先进制造混合A（014647）三季度持有股数19.7 ...

1月5日，江南新材涨5.1%，截至发稿，报82.89元/股，成交1.64亿元，换手率6.92%，总市值120.81亿 元。 长盛匠心研究混合A（014885）基金经理为郭堃。 截至发稿，郭堃累计任职时间10年60天，现任基金资产总规模60.78亿元，任职期间最佳基金回报 98.22%， 任职期间最差基金回报-8.39%。 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 资料显示，江西江南新材料科技股份有限公司位于江西省鹰潭市月湖区鹰潭工业园区，成立日期2007年 7月26日，上市日期2025年3月20日，公司主营业务涉及主要从事铜基新材料的研发、生产与销售。主营 业务收入构成为：铜球系列78.30%，氧化铜粉系列17.26%，其他2.66%，高精密铜基散热片1.74%，其 他(补充)0.02%，铜材贸易0.01%。 从基金十大重仓股角度 数据显示，长盛基金旗下1只基金重仓江南新材。长盛匠心研究混合A（014885）三季度持有股数2.55万 股，占基金净 ...

12月19日，江西江南新材（603124）料科技股份有限公司（以下简称"江南新材"）公告，公司拟以自有 或自筹资金在鹰潭高新技术产业开发区投资建设高端铜基核心材料研发及产业化项目，项目总投资金额 约3亿元，规划用地约320亩，项目拟建设智能制造厂房，购置先进的生产设备，并配套建设综合办公 楼、研发楼、宿舍楼、仓库等现代化制造设施，项目主要产品包括铜球系列、高精密铜基散热片系列 等。 江南新材表示，上述项目的实施将更好地优化公司铜基新材料产业布局，加快促进公司转型升级，满足 未来发展需求。 为了满足日益增长的市场需求，江南新材拟投资建设高端铜基核心材料研发及产业化项目，该项目的建 设将有利于提高公司研发能力和自动化智能化生产水平，进一步提升生产效率降低生产成本，提升规模 效益。 产品向高端化发展 铜球是一种电镀材料，主要功能是在铜电镀过程中作为阳极材料向镀液中补充铜离子。目前PCB制造是 铜球的最主要应用领域，也是对铜球产品技术要求最高的领域，例如要求铜球的晶粒尺寸细小均匀，同 时磷含量分布均匀，以保证阳极膜均匀，从而实现在相同电流和酸性环境条件下，Cu2+的电离以及结 合均匀，形成均一的镀膜。 面对下游行业的 ...

Group 1: Cooling and Communication Technologies - Hongsheng Co. has developed cooling distribution units (CDUs) and inter-row air conditioning systems that are now being applied in data center liquid cooling systems [2] - Tongding Interconnection focuses on the optical communication industry, having established a complete industrial chain covering preform rods, optical fibers, optical cables, communication cables, and equipment [2] - Longfly Fiber is a leading company in the global fiber optic cable industry, with advanced hollow core technology and successful bids in related projects [2] - Lian Technology specializes in the research, production, and sales of optical communication transceiver modules [2] - LightSpeed Technology is a leader in optical modules, with ByteDance as a significant client, and has launched a 1.6T silicon optical module [2] Group 2: Lithium Battery and Mining - Yichun has canceled 27 mining rights, leading to a surge in lithium carbonate futures [2] - Jinyuan Co. has established a circular economy system in the new energy materials sector, with lithium resource layouts in Tibet and Argentina, and has completed a production line capable of producing 2,000 tons of lithium carbonate annually [2] - Dazhong Mining's subsidiary has obtained a mining license for a lithium mine in Hunan, with a resource amount of 490 million tons, equivalent to approximately 3.2443 million tons of lithium carbonate [3] - Shengxin Lithium Energy's SDLA salt lake project in Argentina has an annual production capacity of 2,500 tons of lithium carbonate equivalent [3] Group 3: PCB and Electronic Materials - Ping An Electric's electronic cloth is widely used in automotive electronics, consumer electronics, smartphones, AI, and data centers [2] - Jiangnan New Materials produces core products including copper balls and copper oxide powder, which are used in PCB copper plating [2] - Shenzhen South Circuit is a leading domestic IC carrier board manufacturer, with a 37.75% year-on-year increase in net profit [2] Group 4: Consumer and Tourism - The Central Financial Office has prioritized expanding domestic demand as a key task for the coming year [2] - Nanjing Tourism Group's listed company focuses on tourism business, primarily through its subsidiary Qinhuai Scenic Area [2] - Qujiang Cultural Tourism is involved in the development of historical cultural scenic spots, including several national 5A scenic areas [2] Group 5: Aerospace and Robotics - Elon Musk hinted that SpaceX might conduct an IPO next year, with a potential valuation of $1.5 trillion [4] - Hong Kong Technology's subsidiary has signed a cooperation agreement for a South American project with a global satellite company [4] - The first mass production project for steer-by-wire technology is expected to begin in the second half of 2026, targeting L3+ smart driving vehicles [5]

Group 1 - Jiangnan New Materials experienced a decline of 0.60% on December 1, with a trading volume of 87.24 million yuan [1] - The financing data for Jiangnan New Materials on December 1 showed a financing purchase amount of 6.09 million yuan and a financing repayment of 8.09 million yuan, resulting in a net financing outflow of 1.99 million yuan [1] - As of December 1, the total balance of margin trading for Jiangnan New Materials was 95.80 million yuan, accounting for 4.46% of its circulating market value [1] Group 2 - As of September 30, Jiangnan New Materials had 9,904 shareholders, a decrease of 60.29% compared to the previous period, while the average circulating shares per person increased by 156.98% to 2,950 shares [2] - For the period from January to September 2025, Jiangnan New Materials reported an operating income of 7.57 billion yuan and a net profit attributable to shareholders of 165 million yuan, reflecting a year-on-year growth of 21.95% [2] - The company has distributed a total of 53.93 million yuan in dividends since its A-share listing [2] Group 3 - The top ten circulating shareholders of Jiangnan New Materials as of September 30, 2025, included several new institutional investors, with Huaxia Industry Prosperity Mixed A being the largest shareholder, holding 1.63 million shares [2] - Other notable new shareholders included Huaxia Excellent Growth Mixed A and Manulife Renaissance Mixed A, holding 847,000 shares and 805,000 shares respectively [2]

Core Viewpoint - Jiangnan New Materials experienced a stock price decline of 2.19% on November 19, with a current price of 79.62 CNY per share and a total market capitalization of 11.604 billion CNY [1] Financial Performance - For the period from January to September 2025, Jiangnan New Materials achieved a revenue of 7.569 billion CNY and a net profit attributable to shareholders of 165 million CNY, reflecting a year-on-year growth of 21.95% [2] Stock Market Activity - The stock has seen a year-to-date increase of 7.41%, but has declined by 3.47% over the last five trading days. The stock has appeared on the daily trading leaderboard 30 times this year, with the most recent appearance on October 14, where it recorded a net buy of -894.383 million CNY [1][2] Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 60.29% to 9,904, while the average number of circulating shares per person increased by 156.98% to 2,950 shares [2] Dividend Distribution - Jiangnan New Materials has distributed a total of 53.926 million CNY in dividends since its A-share listing [3] Major Shareholders - The top circulating shareholders include Huaxia Industry Prosperity Mixed A, Huaxia Excellent Growth Mixed A, and several other funds, all of which are new shareholders [3]

Group 1 - Jiangnan New Materials experienced a stock price increase of 5.44%, reaching 88.57 CNY per share, with a trading volume of 139 million CNY and a turnover rate of 5.60%, resulting in a total market capitalization of 12.909 billion CNY [1] - The company, established on July 26, 2007, is located in Yingtan City, Jiangxi Province, and specializes in the research, production, and sales of copper-based new materials [1] - The revenue composition of Jiangnan New Materials includes: copper ball series 78.30%, copper oxide powder series 17.26%, others 2.66%, high-precision copper-based heat sinks 1.74%, and copper material trading 0.01% [1] Group 2 - Rongtong Fund has a significant holding in Jiangnan New Materials, with the Rongtong Advanced Manufacturing Mixed A fund (014647) holding 197,200 shares, accounting for 5.1% of the fund's net value, making it the sixth-largest holding [2] - The Rongtong Advanced Manufacturing Mixed A fund was established on February 22, 2022, with a current size of 315 million CNY and has achieved a year-to-date return of 61.42%, ranking 497 out of 8140 in its category [2] - The fund manager, Wang Di, has a tenure of 7 years and 150 days, with the fund's total asset size at 1.204 billion CNY and a best return of 214.4% during his management period [2]

Group 1 - The report highlights that the stock-bond allocation value has retreated from historical extremes, with the equity risk premium (ERP) stabilizing below one standard deviation [1] - The overall A-share index PE valuation stands at 22.0, with most broad-based indices around the 60th percentile historically, indicating relatively low valuations [1][29] - Market trading indicators show a decline in trading heat, with turnover rates and transaction volumes decreasing compared to the previous month, suggesting a cooling market sentiment [1][29] Group 2 - The "15th Five-Year Plan" suggestions have been officially released, marking a new phase in China's modernization process, emphasizing the importance of building a modern industrial system and financial strength [2] - The report indicates that local governments are likely to draft their own five-year plans by the end of the year, following the central government's guidelines [2] - The AI infrastructure investment is expected to significantly increase, with companies like Microsoft planning to expand their global AI infrastructure spending to meet growing demand [2] Group 3 - The report identifies green methanol as a key alternative fuel, with a projected demand of approximately 6.79 million tons from new methanol-fueled vessels expected to launch in the coming years [5] - China's green methanol production capacity is anticipated to achieve scale ahead of other regions, with a significant portion of global projects being developed in China [5] - The report recommends focusing on green methanol producers and related equipment manufacturers, highlighting companies like Goldwind Technology and Donghua Technology [5] Group 4 - The report notes that the AI server and cloud computing business is experiencing rapid growth, with a significant increase in revenue and profitability for companies involved in AI infrastructure [4] - The demand for AI computing power continues to rise, with GPU server shipments increasing by over five times year-on-year [4] - The report emphasizes the importance of technological advancements and market demand in driving the performance of companies in the AI sector [4] Group 5 - The report discusses the transition from UPS to HVDC technology, with major companies like Meta and NVIDIA making significant advancements in this area [7] - The domestic market is expected to see sustained demand for HVDC technology driven by initiatives like "East Data West Computing" [7] - Investment recommendations include focusing on domestic leaders in HVDC technology and companies that can benefit from the transition from UPS to HVDC [7]

Investment Rating - The report assigns a "Buy" rating for Jiangnan New Materials (603124) with a target price of 112 CNY, based on its growth potential and position in the industry [6][40]. Core Insights - Jiangnan New Materials specializes in copper-based materials, focusing on products such as copper balls, copper oxide powder, and high-precision copper heat sinks, primarily serving the PCB and liquid cooling sectors [1][12]. - The company is transitioning its product structure towards higher-margin copper powder due to increasing demand for high-end PCBs, which require more precise manufacturing processes [30][33]. - The high-precision copper heat sinks are expected to significantly boost revenue in the first half of 2025, with a projected income of 84.11 million CNY, marking a 596% year-on-year increase [3][37]. Summary by Sections Overview - Jiangnan New Materials was established in 2007 and has developed a leading position in copper-based materials, with a focus on R&D and manufacturing [12][18]. - The company has a stable shareholding structure, with the chairman holding 39.06% of the shares, which supports long-term development [18]. Market Drivers - The growth in high-end PCB demand is driving the shift from copper balls to copper powder, which offers better process capabilities and efficiency [30][33]. - The liquid cooling market for servers is expected to create a second growth curve for the company, with significant revenue growth anticipated from high-precision copper heat sinks [3][36]. Financial Forecasts and Valuation - Revenue projections for 2025-2027 are 10.31 billion CNY, 12.44 billion CNY, and 14.82 billion CNY, with net profits expected to reach 284.75 million CNY, 465.85 million CNY, and 658.64 million CNY respectively [4][38]. - The report compares Jiangnan New Materials with peers in the PCB and liquid cooling sectors, suggesting a valuation of 35 times earnings for 2026, leading to a target price of 112 CNY [40][41].

Core Insights - Jiangnan New Materials experienced a stock price increase of 2.34% on October 29, with a trading volume of 267 million yuan [1] - The company reported a net financing outflow of 11.82 million yuan on the same day, with a total financing balance of 91.53 million yuan, accounting for 3.33% of its market capitalization [1][2] - For the period from January to September 2025, Jiangnan New Materials achieved a revenue of 7.569 billion yuan and a net profit attributable to shareholders of 165 million yuan, reflecting a year-on-year growth of 21.95% [2] Financing and Trading Data - On October 29, Jiangnan New Materials had a financing buy-in amount of 21.5164 million yuan and a financing repayment of 33.3405 million yuan [1] - The company had no short selling activity on the same day, with a short selling balance of 0 yuan [1] - As of October 29, the total margin trading balance was 91.53 million yuan [1] Shareholder and Institutional Holdings - As of September 30, 2025, Jiangnan New Materials had 9,904 shareholders, a decrease of 60.29% from the previous period [2] - The average number of circulating shares per shareholder increased by 156.98% to 2,950 shares [2] - The top institutional shareholders include Huaxia Industry Prosperity Mixed A, Huaxia Excellent Growth Mixed A, and others, all of which are new shareholders [2]