最后说贵州茅台，业绩"稳"就是最大的亮点。三季度预告里，营收同比增10%-12%，净利润增11%-13%，增速和二季度差不多，但细节里有惊喜——直销渠 道营收增了25%，占比提到38%，比二季度高了2个百分点，这意味着利润率还能往上走，毕竟直销比经销赚得多。机构持仓方面，社保基金和险资基本没 动，持仓比例和二季度持平，北向资金也只是小幅调了1%，这种"大机构稳拿不动"的状态，正好符合咱们把它当"底仓"的需求，不用怕市场震荡出幺蛾 子。 各位朋友，我是帮主郑重，知道大家看金股不光看逻辑，更要"业绩实不实、机构认不认"——这就把中芯国际、药明康德这些核心标的，近期业绩预告和机 构持仓变化扒得明明白白，咱们看长线也能更踏实。 先看中芯国际，业绩预告里藏着"稳信号"。最新三季度预告显示，营收同比增12%-15%，净利润增8%-10%，虽然增速不算特别猛，但关键在"超预期"—— 市场原本预估净利润增速顶多5%，能超预期靠的就是28nm成熟制程产能拉满，这部分业务营收占比已经提到42%，比二季度又高了3个百分点，说明之前说 的"订单排到2026年"不是虚的。再看机构持仓，三季度公募基金增持了1.2亿股，社保基金也加了20 ...

各位朋友，我是帮主郑重，知道大家开盘前想把券商金股的逻辑摸得更透——这13家券商选的票不少，但咱们做中长线不用全看，挑出"逻辑硬、基本面 稳"的核心标的就行，我帮大家捋了4个关键板块里最值得关注的，咱们一个个说。 其实这13家券商的金股逻辑，本质上和咱们做长线的思路一致——不追热点，只看"业绩有没有支撑、行业有没有前景"。上面这几家，都是在各自领域有核 心优势的，哪怕今天开盘后有回调，只要基本面没变化，反而可能是加仓的机会。 需要我把这些公司的近期业绩预告和机构持仓变化再整理一下，帮你更精准判断基本面吗？ 再到医药板块，药明康德被8家券商放进金股名单，逻辑也很清晰。一方面是全球医药研发的需求在回暖，跨国药企的外包订单最近多了不少，药明康德作 为CXO领域的龙头，能直接"喝汤"；另一方面，它在国内的创新药服务业务也在扩，比如和多家生物科技公司合作开发肿瘤新药，这部分业务增速能到30% 左右。对咱们来说，医药板块本来就适合长线布局，这种有全球业务支撑的公司，抗风险能力比小公司强得多。 然后是新能源板块，虽然昨天稀土、有色有点分化，但宁德时代还是被7家券商看好。核心逻辑有两个：一是最近锂电池实施出口许可证管理，看似 ...

原标题：欧美顶级VC大佬组团来中国实地考察，一周后，竟然绝望了…… 2025年7月的中国，盛夏炎炎。一辆普通商务车，载着8位在欧美资本圈呼风唤雨的顶级风险投资人，穿行在中国东部沿海的超级工业带上。车内异常安 静，与车窗外那个热火朝天的世界形成了鲜明对比。这些手握数亿美金、习惯于用资本逻辑丈量世界的VC们，此刻正经历着一场前所未有的"认知海 啸"。 他们来自Kompas VC、Planet A Ventures、Extantia Capital等知名机构，此行的目的并非寻找投资标的，而是亲眼丈量一下，西方引以为傲的清洁技术初创 公司，与中国的产业巨兽之间，那道传说中的鸿沟，究竟有多深。 一周后，他们带着晒黑的皮肤和沉重的心情回家；一同带回的，还有一份在内部迅速流传开来的"不投资清单"。彭博社的一篇深度报道，将这次旅程的内 核公之于众，其核心论调近乎悲观： "在某些领域，追赶已经没有意义，游戏已经结束了。" 01 一场"规模"与"速度"的现场教学 这趟旅程从一开始就充满了现实主义色彩：没有安排任何旅游景点，行程单上密密麻麻地标注着工厂、研发中心和工业园区。 这群VC想要看到的，是一个卸去所有滤镜，最真实、最粗粝， ...

Summary of CATL Conference Call Company Overview - **Company**: CATL (Contemporary Amperex Technology Co., Limited) - **Industry**: New Energy Vehicles and Energy Storage Key Points Industry and Market Trends - **Electric Vehicle Demand**: Expected to grow by 25% in 2025, reaching 22.6 million units, with corresponding battery demand growth exceeding 50% [2][3] - **Battery Sales Growth**: Anticipated sales growth of over 60% year-on-year for batteries, with future growth rates for batteries projected at around 30%, outpacing the growth of electric vehicles [2][3] - **Energy Storage Demand**: Despite the cancellation of mandatory storage policies, demand remains strong, particularly in data centers and renewable energy projects, leading to a supply shortage [2][5] Company Performance - **Market Share**: CATL holds approximately 42% of the domestic market share, with a slight year-on-year decline, while global market share reached 37.5% as of July, showing a slight increase [2][5] - **Profitability**: In Q2, the net profit per watt-hour was approximately 0.1 RMB, with net cash flow from operations being 1.5 to 2 times the profit, indicating strong profitability [2][6] - **Sales Projections**: Expected sales of 600-700 GWh in 2025, with net profit projected to exceed 65 billion RMB. For 2026, sales could reach 800-900 GWh, with net profit potentially exceeding 80 billion RMB, and possibly reaching 100 billion RMB considering price increases [2][6] Technological Advancements - **Battery Technology**: CATL continues to lead in battery technology with products like the Shenxing supercharging battery, Kirin battery, and Xiaoyao battery, which are expected to capture more high-end market share [4][7] - **Solid-State Battery Development**: A dedicated R&D team of over 1,000 people has been established to focus on solid-state battery technology, with confidence in maintaining a competitive edge in the next 5-10 years [8] Pricing Strategies - **Price Adjustments**: Recent price increases in the battery sector include adjustments in commercial vehicle pricing, recovery of customer rebates, and cost transfers due to export tax policy changes [11] - **Energy Storage Pricing**: Domestic energy storage cell prices remain stable, while overseas prices are rising, with expectations for energy storage cell sales to increase from over 90 GWh to at least 130 GWh in 2025 [11] Competitive Positioning - **Supply Chain Integration**: CATL's strong supply chain capabilities enhance its competitive edge, attracting new equipment and material suppliers [9][10] - **Differentiated Competition**: In the energy storage sector, CATL focuses on integrated solutions overseas while primarily selling bare cells domestically, which is expected to improve ASP (average selling price) [10][13] Future Outlook - **Core Catalysts**: Key future developments include advancements in solid-state battery technology and the introduction of sodium-lithium hybrid batteries, which are expected to improve market share [15][16] - **Market Dynamics**: The ongoing supply shortages in the industry may lead to price increases in the energy storage segment, while the valuation of CATL remains attractive at around 20 times earnings, indicating no bubble risk [17] Conclusion - **Investment Recommendation**: Given the strong competitive position, growth potential, and current valuation, CATL is considered a key investment opportunity in the new energy sector, with projected profits for 2026 expected to reach at least 80-85 billion RMB, and potentially exceeding 90 billion RMB in optimistic scenarios [17]

创新区研究，就在TOP研究院。TOP研究院专注于全球创新区的一体化研究，从Talent(个人), Organization(组织), Place(区域)三大维度出发，通过"研究/连接/ 分享"，探索中国创新区的实践路径。 文 ｜ 彭博社+TOP 来源｜ TOP创新区研究院（ID：TOP_Lab） 封面来源 ｜ 视觉中国 真正的壁垒， 是一个国家、一个产业集群的系统性效率。 以下文章来源于TOP创新区研究院 ，作者彭博社+TOP TOP创新区研究院 . 2025年7月的中国，盛夏炎炎。一辆普通商务车，载着8位在欧美资本圈呼风唤雨的顶级风险投资人，穿行在中国东部沿海的超级工业带上。车内异常安静， 与车窗外那个热火朝天的世界形成了鲜明对比。这些手握数亿美金、习惯于用资本逻辑丈量世界的VC们， 此刻正经历着一场前所未有的"认知海啸"。 他们来自Kompas VC、Planet A Ventures、Extantia Capital等 知名机构 ，此行的目的并非寻找投资标的，而是一场 "敌后侦察"——亲眼丈量一下，西方引 以为傲的清洁技术初创公司，与中国的产业巨兽之间，那道传说中的鸿沟，究竟有多深。 一周后，他们带着晒 ...

Group 1 - The latest overseas institutional research shows that 57 companies were visited by foreign institutions in the past 10 trading days, with a focus on companies like Shenzhen South Circuit and Zhongkong Technology [3][5] - Shenzhen South Circuit received attention from 29 overseas institutions, highlighting its capacity expansion through technology upgrades and new projects in Nantong and Thailand [3] - Zhongkong Technology was visited by 20 overseas institutions and recently won two major projects from Sinopec, which are expected to significantly increase annual output and revenue [3] Group 2 - The lithium battery sector is experiencing strong performance, with various sub-sectors such as sodium-ion batteries and solid-state batteries showing significant gains [2] - The lithium battery electrolyte index increased by 6.67% with a year-to-date growth of 65.17%, indicating robust market demand [2] - The average stock price of companies that received overseas institutional research rose by 3.11% over the past 10 trading days, with notable gains from companies like Demingli and Jingzhida [5][6] Group 3 - The funding situation shows that over half of the companies that received overseas institutional research saw an increase in financing, with several companies receiving net purchases exceeding 100 million yuan [5][6] - Notable net purchases include Zhongchuang Zhiling with 342 million yuan, indicating strong investor interest [6] - The overall market sentiment remains positive, particularly in sectors related to technology and lithium batteries, driven by ongoing developments and institutional interest [1][2]

Market Overview - The Shanghai Composite Index opened lower but rebounded, while the ChiNext Index rose nearly 3% at one point [1] - The lithium battery sector showed strong upward momentum, with various sub-sectors like sodium-ion batteries and solid-state batteries leading the gains [2][3] Lithium Battery Sector - The lithium battery electrolyte index increased by 6.67%, with a trading volume of 14 billion, marking a year-to-date increase of 65.17% [3] - The Ministry of Industry and Information Technology is working on the "14th Five-Year" new battery industry development plan to promote high-quality development in the lithium battery sector [3] Overseas Institutional Research - A total of 421 companies were investigated by institutions in the last 10 trading days, with 57 companies receiving attention from overseas institutions [4] - Deep South Circuit was the most focused company, receiving visits from 29 overseas institutions, highlighting its capacity expansion through technology upgrades and new projects [4] Stock Performance - Stocks that received overseas institutional research saw an average increase of 3.11% over the last 10 trading days, with Demingli leading with a cumulative increase of 56.95% [7] - Financing activities showed that over half of the stocks investigated by overseas institutions received net purchases exceeding 100 million [7][8] Notable Stocks - Zhongchuang Zhiling received 3.42 billion in net purchases, with a price increase of 7.55% over the last 10 trading days [8] - Keda Xunfei and Juguang Technology also saw significant net purchases, with increases of 5.30% and 29.06%, respectively [8]

盘面上，券商股午后大幅拉升，广发证券、华泰证券等多股涨停；电池板块爆发，麒麟电池、刀片电池及固态电池方向领涨，万润新能、科达利等多股涨 停；氟化工板块活跃，多氟多涨停；金价突破3800美元，贵金属、黄金板块走高，招金黄金领涨；锂矿概念、钢铁及PEEK材料板块涨幅居前。另外，教育 板块下挫，中国高科逼近跌停；培育钻石板块走弱，潮宏基跌逾5%；猪肉概念、煤炭及快手概念等跌幅居前。(格隆汇) | 涨幅榜 | 资金净流入 | 5日涨幅を | | --- | --- | --- | | 券商 | 贵金属 | 基本金 | | +4.89% | +4.30% | +3.289 | | 精细化工 | 工程机械 | 电工电! | | +3.07% | +3.05% | +2.989 | | 上证指数 | 深证成指 | 北证5C | | --- | --- | --- | | 3862.53 | 13479.43 | 1539.4 | | +34.43 +0.90% +270.43 +2.05% +10.50 +0 | | | | 科创20 | 创业板指 | 万得全/ | | 1470.41 | 3238.01 | 6310.0 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 早盘锂电池概念整体强势上行，钠离子电池、麒麟电池、刀片电池、固态电池等细分领域涨幅居 前，截至发稿，锂电池ETF（561160）盘中涨幅达4.34%，科创板新能源ETF（588960）盘中涨幅达 2.85%。其中锂电池ETF成分股中湖南裕能涨超13%，多氟多涨停，天奈科技涨超10%，阳光电源涨超 7%。 锂电池领域催化不断，工信部正研究编制《"十五五" 新型电池产业发展规划》，统筹产业布局并 引导区域差异化发展，推进锂电池产业高质量发展。同时，清华大学团队日前在锂电池聚合物电解质研 究领域取得重要进展，为高安全性、高能量密度固态锂电池实用化提供技术支撑，相关成果已在线发表 于《自然》（Nature）。 锂电池ETF（561160）紧密跟踪中证电池主题指数（931719），指数精选沪深两市50只成分股，涉 及动力电池、储能 ...

Group 1 - The ChiNext Index rose by 3% on September 29, indicating a strong performance in the market [1] - The battery sector experienced a collective surge, with significant gains in blade batteries, Kirin batteries, solid-state batteries, and power battery recycling concepts [1] - Contemporary Amperex Technology Co., Ltd. (CATL) saw its stock price increase by over 4%, reflecting positive investor sentiment in the battery industry [1]