Group 1 - The core viewpoint of the article highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors like AI, healthcare, consumer goods, and technology [2][4][6][10] Group 2 - Zhang Kun adjusted the structure of investments in the healthcare, consumer, and technology sectors while maintaining a stable position in top holdings, which include Tencent Holdings, Kweichow Moutai, and Alibaba-W [4][5] - Zhang Kun expressed confidence in the improvement of living standards and social security in China over the next decade, suggesting a narrowing gap with developed countries [4] - The AI wave is seen as a significant driver for innovation, with strong domestic demand expected to attract global resources and talent [4][5] Group 3 - Chen Hao focused heavily on AI-related sectors, increasing allocations in power equipment, new energy, non-bank financials, and chemicals, which yielded positive returns [7][8] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, emphasizing the importance of structural opportunities and the integration of AI with local applications [7][8] Group 4 - Xiao Nan reduced allocations in high-end and sub-high-end liquor sectors while increasing investments in the livestock industry, anticipating inflation-driven cost increases over the next two years [10] - The top holdings in Xiao Nan's consumer sector fund remained unchanged, including Kweichow Moutai and Midea Group [10]

新浪科技讯 1月22日下午消息，在2026腾讯云合作伙伴大会上，腾讯集团副总裁、政企业务总裁李强表 示，"AI是一场马拉松，具备全球竞争实力的头部模型厂商已逐步收敛，模型能力的代际差正在缩小， 下半场更加比拼长期主义的'耐力'，以及解决场景痛点的'实力'。" "AI大模型驱动的产业变革是一场考验长期主义、场景深耕能力的耐力角逐，对腾讯和合作伙伴而言， 下半场没有捷径可走，唯有以耐心拥抱变革、以协同深耕场景，才能在这场长跑中走得更稳、更 远。"李强表示。 新浪科技讯 1月22日下午消息，在2026腾讯云合作伙伴大会上，腾讯集团副总裁、政企业务总裁李强表 示，"AI是一场马拉松，具备全球竞争实力的头部模型厂商已逐步收敛，模型能力的代际差正在缩小， 下半场更加比拼长期主义的'耐力'，以及解决场景痛点的'实力'。" "AI大模型驱动的产业变革是一场考验长期主义、场景深耕能力的耐力角逐，对腾讯和合作伙伴而言， 下半场没有捷径可走，唯有以耐心拥抱变革、以协同深耕场景，才能在这场长跑中走得更稳、更 远。"李强表示。 据他介绍，过去一年，腾讯云产业生态建设实现"量质双升"。合作伙伴公有云收入实现同比两位数增 长。同时，Paa ...

又是一年春节时。 2014年1月10日，在距离当年春节还有不到一个月，腾讯内部组建的小团队开始研发微信红包功能，春 节前3天，微信悄悄上线了"微信红包"，一经推出就病毒式传播，几天之内上百万用户微信绑定银行 卡，500多万个红包被发出。一年后的2015年除夕，微信联合央视春晚推出了"摇一摇"抢红包，微信绑 定银行卡超过1亿。一夜之间，微信支付完成了支付宝花了10年才完成的事情，被马云称为"偷袭珍珠 港"。 10年前的春节，移动支付大战仍被屡屡提及，但当下的"AI超级入口"大战，已经成为大厂的新命题。 去年以来，AI路径的选择上，阿里以生态之势多线并行，雷厉风行；字节跳动是携流量优势，以"软件 定义硬件"做突围，扩大朋友圈；腾讯还是稳字诀，"以点带面"小步慢走，没有大招，反而有掉队的迹 象。 但围绕春节的拉新推广，各家已是暗流涌动。从去年11月开启公测到两个月后日活过亿，再到上周升级 全面接入阿里生态卡位智能体，千问的梅开二度，让阿里拿到了一张AI时代的宝贵船票。正如阿里 CEO吴泳铭在最新发布的2026新年家书中，提到千问App公测一周下载量破千万，这场大仗打得漂亮， 不只是单一业务的突破，更是阿里生态协同释 ...

专题：世界经济论坛年会_2026冬季达沃斯 新浪科技讯 1月22日午间消息，在达沃斯举行的世界经济论坛（WEF）上，腾讯集团高级执行副总裁、 云与智慧产业事业群CEO汤道生分享了腾讯在人工智能领域的战略观察与产业实践。他指出："我们的 云战略核心，就是支持各类不同的模型运行，为客户提供不依赖特定模型的工具和产品。我们认为，这 样才能够把选择合适模型的自主权交还给客户。" 目前，混元大模型已支持腾讯内部900多个业务场景提效，包括腾讯会议、微信、广告、游戏业务等。 AI正系统性地改造腾讯，并产生直接、可量化的收益。（文猛） 责任编辑：韦子蓉 专题：世界经济论坛年会_2026冬季达沃斯 新浪科技讯 1月22日午间消息，在达沃斯举行的世界经济论坛（WEF）上，腾讯集团高级执行副总裁、 云与智慧产业事业群CEO汤道生分享了腾讯在人工智能领域的战略观察与产业实践。他指出："我们的 云战略核心，就是支持各类不同的模型运行，为客户提供不依赖特定模型的工具和产品。我们认为，这 样才能够把选择合适模型的自主权交还给客户。" 当前，AI在中国正在加速落地，87%的中国企业计划增加AI投资，AI正成为生产力、韧性和长期竞争力 的核 ...

Core Viewpoint - Despite facing macroeconomic headwinds and the impact of advertising expenditure taxes, Tencent's revenue growth in Q4 is expected to remain robust, with a year-on-year increase of 13% driven by inventory release and AI empowerment [1] Group 1: Revenue Growth - Tencent's Q4 revenue is projected to grow by 13% year-on-year [1] - The growth is supported by inventory release and enhancements from AI technology [1] Group 2: Investment Rating and Target Price - The firm maintains a "Buy" rating for Tencent with a target price of 800 HKD [1] Group 3: Catalysts for Growth - Upcoming catalysts include the launch of multiple flagship new games in 2026 [1] - Continuous improvement in advertising efficiency driven by AI [1] - The introduction of AI-driven mini-program code development tools on WeChat [1]

Market Overview - The Hong Kong stock market indices opened high but experienced a decline, with the Hang Seng Index down 0.1% at 26,559.01 points, the Hang Seng Tech Index down 0.4% at 5,723.52 points, and the National Enterprises Index down 0.34% at 9,092.36 points [1] - The red-chip index increased by 0.52% to 4,225.58 points [1] Sector Performance - Technology stocks showed mixed performance, with Baidu's stock rising over 4% following the release of its Wenxin model 5.0, while Xiaomi's stock fell nearly 2%, hitting a new low [1] - Other tech stocks included Alibaba up 0.43%, Tencent down 0.83%, JD.com up 0.35%, NetEase down 1.44%, Meituan down 0.92%, Kuaishou down 0.06%, and Bilibili up 1.61% [1] - Oil stocks performed well, with China Petroleum, Sinopec, and CNOOC all rising over 3% [1] - Gold stocks generally declined, with Zhenfeng Gold down over 6% [1] - Lithium battery stocks faced significant declines, with CATL down over 4% [1] - Longqi Technology saw a first-day increase of over 4% after its listing [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Jingcheng Electromechanical (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025 due to intensified international trade frictions [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zhi Zi Cheng Technology (09911.HK) forecasts a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Furuire Medical Technology (01696.HK) signed a letter of intent with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) expects to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Stock Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Institutional Insights - Dongwu Securities notes that the Hong Kong stock market remains in a trend of upward oscillation but faces short-term challenges [13] - Guolian Minsheng Securities expresses strong optimism regarding the revaluation of AI in China, supported by a solid industrial catalyst timeline [14] - Morgan Stanley anticipates that the upward trend in A-shares and Hong Kong stocks will continue until the Lunar New Year, with earnings expectations being revised upwards [14] - Guojin Securities highlights the valuation advantages of Hong Kong stocks as the domestic economy recovers and global monetary policies shift towards easing [14]

将时间拉长，基金的业绩同样面临挑战。近一年，基金收益率为11.56%，不仅远低于偏股混合型基金 41.32%的平均收益，也跑输了沪深300指数23.23%的涨幅。近三年维度，基金净值累计下跌19.93%，而 同期市场同类产品平均上涨19.81%，沪深300指数上涨12.95%。从行业通行的四分位排名看，该基金在 近一年、近两年、近三年等多个关键阶段的业绩表现均被标记为"不佳"。 数据来源：Wind，截止 至20260121 数据来源：天天基金， 截止至20260121 临近春节，公募基金2025年四季报进入密集披露期。1月22日，市场瞩目的基金经理张坤，其管理的易 方达蓝筹精选等4只基金的四季度持仓与投资观点同步出炉。数据显示，张坤在管规模于四季度出现显 著回落，整体减少81.61亿元至483.83亿元。主力产品易方达蓝筹精选混合规模收缩最为明显，单季下降 64.77亿元，最新规模为310.21亿元。 数据来源：Wind，截止 至20260121 业绩短期承压，长期维度落后同行 从市场最为关注的业绩表现来看，张坤的代表作易方达蓝筹精选混合在四季度面临较大压力。数据显 示，该基金四季度单季净值下跌8.93%，表 ...

| 基金代码 | 基金简称 | 基金成立日 | | 2025四季度 区间净值超越 | 基金规模合计 | 成立以来回报 | | --- | --- | --- | --- | --- | --- | --- | | | | | 区间回报 | 基准收益率 | [亿元] | [%] | | | | | % | % | | | | 005827.OF | 易方达蓝筹精选 | 2018-09-05 | -8.93 | -6.29 | 310.21 | 9.03 | | 110011.OF | 易方达优质精选 | 2021-09-10 | -8.42 | -5.94 | 113.85 | -7.33 | | 009342.OF | 易方达优质企业三年持有 2020-06-17 | | -6.82 | -4.19 | 25.85 | -0.37 | | 118001.OF | 易方达亚洲精选 | 2010-01-21 | 4.53 | 0.52 | 33.92 | 2.43 | | 证券名称 | 占净值比 | 较上期 | 近3月涨幅 | | --- | --- | --- | --- | | 腾讯控股 | 6.93% : ...

Core Viewpoint - The report highlights the investment strategies of top fund managers, particularly focusing on Zhang Kun from E Fund, who has made adjustments in his portfolio amidst market fluctuations, maintaining a long-term optimistic outlook on China's economic transformation and the growth of the domestic market [1][10]. Fund Performance - As of the end of Q4 2025, Zhang Kun managed a total fund size of 48.383 billion yuan, which reflects adjustments from the previous quarter [1]. - Three of the funds primarily investing in A-shares reported negative quarterly returns, failing to outperform their benchmarks, while the E Fund Asia Select, which focuses on overseas Chinese stocks, achieved a positive return of 4.53%, significantly exceeding its benchmark [2][10]. Portfolio Adjustments - In Q4 2025, there was a reduction in holdings of key stocks such as Kweichow Moutai, Wuliangye, Shanxi Fenjiu, and Luzhou Laojiao, while maintaining a stable stock position overall [3][13]. - The adjustments focused on reallocating investments in sectors such as pharmaceuticals, consumer goods, and technology [3][13]. Economic Outlook - Zhang Kun expressed a long-term optimistic view on the macroeconomic environment, predicting significant improvements in living standards and social security in China over the next decade, narrowing the gap with developed countries [4][14]. - He emphasized the unique advantages of the Chinese market in the context of the global AI wave, noting that a strong domestic demand market is a crucial driver for technological innovation [4][14]. Investment Philosophy - The report addresses concerns regarding the long-term value of core assets, with Zhang Kun asserting that the underlying value remains intact and that current market pessimism has created attractive valuations for quality companies [5][15]. - He believes that the current low valuation of quality assets presents a rare opportunity for long-term investors [5][15]. Policy Context - The Central Economic Work Conference in December emphasized the importance of boosting consumption and expanding domestic demand as a key task for 2026, highlighting the government's commitment to enhancing consumer spending [6][16]. - The report notes that recent indicators show domestic consumption has been weak, particularly for companies focused on domestic demand compared to those reliant on exports [6][16]. GDP Growth Projections - According to the "14th Five-Year Plan," China aims to achieve a per capita GDP level comparable to that of middle-income developed countries by 2035, requiring a compound annual growth rate of 5.27% [7][17]. - The report suggests that the decline in housing prices over the past five years has negatively impacted consumer wealth and spending, but this trend may be reversing due to potential policy support and lower interest rates [7][17].

随着公募基金2025年四季报陆续披露，顶流基金经理的调仓动向与市场观点备受关注。1月22日，易方达基金副 总经理张坤管理的4只产品四季报全部公布。数据显示，截至2025年四季度末，张坤在管基金总规模为483.83亿 元，较上季度有所调整。其中，三只主投A股的产品季度收益告负，且未能跑赢业绩比较基准，而主投海外中国 股票的易方达亚洲精选则逆势取得正收益，显著超越基准。 | 基金代码 | 基金简称 | 基金成立日 | | 2025四季度 区间净值超越 | | 基金规模合计 成立以来回报 | | --- | --- | --- | --- | --- | --- | --- | | | | | 区间回报 | 基准收益率 | [亿元] | [%] | | | | | % | % | | | | 005827.OF | 易方达蓝筹精选 | 2018-09-05 | -8.93 | -6.29 | 310.21 | 9.03 | | 110011.OF | 易方达优质精选 | 2021-09-10 | -8.42 | -5.94 | 113.85 | -7.33 | | 009342.OF | 易方达优质企业三年持有 2 ...