Group 1 - The A-share market experienced fluctuations at relatively high levels in Q4 2025, with a slight decrease in overall equity positions of public funds compared to Q3 2025 [1][2] - The average equity positions for stock and mixed funds were 89.06% and 81.05%, respectively, showing a minor decline from the previous quarter [2] - Major holdings in public funds included leading light module companies, with Zhongji Xuchuang and Xinyi Sheng surpassing Ningde Times and Tencent Holdings to become the top two heavyweights [1][4] Group 2 - Several actively managed equity funds significantly increased their positions, with notable examples including Bosera Huixing and GF Chengxiang, which raised their equity positions by 12.31 and 10.3 percentage points, respectively [2] - Fund managers expressed optimism about the A-share market for 2026, citing potential dual benefits from domestic and international liquidity [3][9] - The focus on technology sectors continued, with managers identifying investment opportunities in storage chips, solid-state batteries, and humanoid robots [7][10] Group 3 - The top 50 heavyweights in public funds were primarily concentrated in information technology, consumer goods, and investment sectors, with 18 stocks in the information technology sector [4][6] - AI-related stocks gained prominence, with Zhongji Xuchuang, Xinyi Sheng, and Hanwujing entering the top seven heavyweights due to the AI boom [4][6] - The number of innovative drug companies in the top 50 heavyweights decreased from eight to five by the end of Q4 2025, indicating a shift in investment focus [5] Group 4 - Fund managers anticipate that the AI investment theme will continue to be a primary focus, with expectations for rapid growth in AI applications in the coming years [9][10] - The investment strategy is shifting towards AI applications, including smart driving, edge AI, and humanoid robots, as the industry matures [9][10] - The overall sentiment among fund managers is that the AI-driven technology market will remain a significant area of investment for the next several years [9][10]

Core Insights - The establishment of health management companies by major insurers like PICC and China Life highlights a strategic shift towards integrating health services with insurance offerings [1][2] - The trend is driven by declining interest rates and the need for insurers to enhance their market competitiveness by offering health and wellness services alongside traditional insurance products [3] Group 1: Company Developments - PICC Health Management Co., established with a capital of 200 million yuan, is the first non-financial subsidiary approved by the National Financial Regulatory Administration [1] - China Life's health management company, with a registered capital of 323 million yuan, focuses on various elder care and health services, expanding its previous health management initiatives [1][2] - PICC Health Management aims to provide a stable health service module for the group's diverse insurance sectors, emphasizing the integration of AI and digital technology in health management [2] Group 2: Industry Trends - Insurers are increasingly investing in health management to address the changing consumer demand for health security rather than just financial compensation [3][9] - The competitive landscape is shifting from merely having health services to the quality and efficiency of those services, prompting insurers to optimize their resource allocation [3][10] - Different insurers are adopting varied strategies in health management, with some focusing on building comprehensive ecosystems while others leverage external partnerships and technology [4][7] Group 3: Strategic Models - The "closed-loop" model, utilized by leading insurers like Taikang and China Life, integrates various health services into a cohesive ecosystem, positioning insurers as both service providers and asset owners [4][5] - The "integrative" model, adopted by companies like PICC and Fosun, emphasizes flexibility and resource connectivity, allowing for a broader range of health management services [7][8] - Taikang's recent shift towards a mixed asset approach in its health services indicates a trend towards more adaptable business models in the industry [5][6]

Group 1 - The core focus of the news is the shift in the top holdings of public funds, with Zhongji Xuchuang and Xinyi Sheng replacing CATL and Tencent as the top two holdings [1][5] - In the fourth quarter of last year, the information technology sector saw significant increases in fund holdings, with four out of the top five increased stocks belonging to this sector [1][6] - Zhongji Xuchuang's market value held by public funds increased from 55.81 billion to 78.42 billion, despite a reduction in shares held [5][9] Group 2 - The top ten holdings of public funds at the end of the fourth quarter included Zhongji Xuchuang, Xinyi Sheng, CATL, Tencent, Zijin Mining, Alibaba-W, Cambricon, Luxshare Precision, Kweichow Moutai, and Dongshan Precision [2] - The increase in holdings for Zhongji Xuchuang was the highest at 22.6 billion, followed by China Ping An and Dongshan Precision, both exceeding 10 billion [9] - Several stocks that saw significant price increases in the fourth quarter, such as Tianhua New Energy and Maiwei Co., also experienced substantial increases in fund holdings [9] Group 3 - The fourth quarter saw a reduction in holdings for major tech stocks, including Alibaba-W, Tencent, and SMIC, indicating a trend of public funds reducing exposure to these stocks [10][11] - The top ten stocks with reduced holdings included Alibaba-W, Industrial Fulian, CATL, and Tencent, with significant decreases in their market values held by funds [11] - The overall trend indicates a shift in investment focus towards sectors like information technology, non-ferrous metals, and chemicals, reflecting fund managers' latest strategies [6][9]

【导读】偏股型基金四季度末重仓股榜单出炉 在持续一年多的科技股牛市推动下，公募基金头号重仓股的宝座也让位于光模块巨头。 1月22日，公募基金2025年四季报披露完毕，偏股型基金四季度重仓股也随之出炉。天相投顾数据显 示，去年四季度，"易中天"三大巨头中的中际旭创、新易盛分别取代宁德时代、腾讯控股，位列公募基 金第一、第二重仓股，宁德时代、腾讯控股分别退居第三、第四大重仓股。 新易盛的情况类似，尽管偏股型基金小幅减持，持股市值仍然在股价上涨的带动下大幅增长，从而推动 座次上升。 中国平安是唯一挤入前二十大重仓股的"新面孔"，从三季度末的第41名升至四季度末的第15名。 最新数据显示，信息技术板块在去年四季度获得基金较多增持。在偏股型基金增持榜前五名中，有4只 个股属于信息技术板块，保险板块中的中国平安也获得较大力度的加仓。 中际旭创登顶偏股型基金第一大重仓股 数据显示，截至去年四季度末，纳入统计的5458只积极投资偏股型基金的前十大重仓股分别为中际旭 创、新易盛、宁德时代、腾讯控股、紫金矿业、阿里巴巴-W、寒武纪、立讯精密、贵州茅台、东山精 密。 | | | 偏股型基金四季度末前五十大重仓股 | | | | | ...

Core Viewpoint - The article highlights the significant changes in the top holdings of equity funds at the end of the fourth quarter, with Zhongji Xuchuang and Xinyi Sheng replacing CATL and Tencent as the top two holdings, reflecting a shift towards technology stocks driven by a prolonged bull market in the sector [2][3][8]. Group 1: Top Holdings - As of the end of the fourth quarter, the top ten holdings of 5,458 actively managed equity funds included Zhongji Xuchuang, Xinyi Sheng, CATL, Tencent, Zijin Mining, Alibaba-W, Cambricon, Luxshare Precision, Kweichow Moutai, and Dongshan Precision [4][8]. - Zhongji Xuchuang emerged as the largest holding with a market value of 78.42 billion yuan, despite a reduction in shares held by 970,140 shares, a decrease of 7.02% from the previous quarter [5][8]. - Xinyi Sheng also saw a similar trend, with a slight reduction in holdings but a significant increase in market value due to stock price appreciation [8]. Group 2: Sector Trends - The information technology sector received substantial increases in fund allocations, with four out of the top five increased holdings belonging to this sector, alongside significant investments in the insurance sector, particularly in China Ping An [2][10]. - The article notes that the top five increased holdings in equity funds were Zhongji Xuchuang, China Ping An, Dongshan Precision, Xinyi Sheng, and others, indicating a strong preference for technology and financial sectors [11][12]. Group 3: Fund Activity - The article reports that the fourth quarter saw a general trend of reduced holdings in major tech stocks, with Alibaba-W, Tencent, and others being among the most significantly reduced [16][18]. - The reduction in holdings for these stocks was attributed to their poor performance in the Hang Seng Tech Index, with Alibaba-W and Tencent seeing reductions of 183.46 million yuan and 106.18 million yuan, respectively [17][18]. - Conversely, several stocks that doubled in price during the fourth quarter, such as Tianhua New Energy and Maiwei, experienced significant increases in fund holdings, reflecting a shift in investment strategy towards high-growth potential stocks [14].

Core Insights - The AI Fund West China Gain Hong Kong Stock Connect New Opportunities Mixed A (008861) reported a profit of 762,100 yuan for Q4 2025, with a weighted average profit per fund share of 0.0342 yuan [3] - The fund's net asset value growth rate for the reporting period was 4.58%, and the fund size reached 15.5946 million yuan by the end of Q4 [3] - The fund manager highlighted that the Hong Kong stock market experienced adjustments in Q4 due to fluctuating expectations of interest rate cuts and tariffs, with notable performance in the Hang Seng materials, finance, and energy sectors [3] Fund Performance - As of January 21, the fund's three-month cumulative net asset value growth rate was 9.77%, ranking 542 out of 1,286 comparable funds [4] - The fund's six-month cumulative net asset value growth rate was 22.31%, ranking 624 out of 1,286 comparable funds [4] - The fund's one-year cumulative net asset value growth rate was 58.35%, ranking 213 out of 1,286 comparable funds [4] - The fund's three-year cumulative net asset value growth rate was -5.88%, ranking 1,088 out of 1,286 comparable funds [4] Risk Metrics - The fund's three-year Sharpe ratio was 0.2164, ranking 1,022 out of 1,275 comparable funds [9] - The maximum drawdown over the past three years was 50.65%, ranking 1,201 out of 1,264 comparable funds [12] - The largest single-quarter drawdown occurred in Q1 2022, at 28.84% [12] Investment Strategy - The fund maintained an average stock position of 81.95% over the past three years, compared to a peer average of 72.57% [15] - The fund reached its highest stock position of 90.04% by the end of Q3 2025, with a lowest position of 72.27% in the first half of 2023 [15] - The fund's top ten holdings include major companies such as Ping An Insurance, China Life, Alibaba, and Tencent [19]

1、特朗普：已就格陵兰岛问题形成了协议框架 有关关税不会生效 美国总统特朗普在社媒上表示，根据我与北约秘书长马克·吕特进行的一次非常富有成效的会谈， 我们已经初步搭建了关于格陵兰岛乃至整个北极地区的未来协议框架。如果该方案最终达成，将对美国 及所有北约成员国都是一个重大利好。基于这一理解，我将不会执行原定于2月1日生效的关税。关于格 陵兰岛与"金穹"（The Golden Dome）项目，也正在进行进一步讨论。随着谈判的推进，将会提供更多 信息。副总统万斯、国务卿鲁比奥、特使威特科夫及其他相关人员将负责此次谈判——他们将直接向我 汇报。 1月22日下午消息，接近市场人士称，阿里巴巴集团已决定支持旗下芯片公司平头哥未来独立上 市。 平头哥是阿里巴巴集团旗下全资芯片公司，2018年成立以来，在行业中非常低调，是阿里雪藏多 年的"核武器"。如今平头哥芯片正式浮出水面。阿里方面对此消息未作评论。（新浪科技） 4、中国政府只在特殊情况下批准购买 H200芯片？商务部回应 1月22日，商务部举行例行新闻发布会。有媒体提问：有报道称，知情人士透露中国政府告知一些 科技公司，只有在特殊情况下才会批准他们购买 H200芯片，请 ...

Group 1 - The core point of the article indicates that Bank of New York Mellon Corp has reduced its long position in the H-shares of China Ping An Insurance (Group) Company Limited from 5.75% to 4.27% as of January 20 [1]

Core Viewpoint - As of January 22, 2026, the disclosure rate of active equity funds' quarterly reports reached 100%, with a slight decrease in overall positions but remaining at historically high levels [2][3] Fund Positioning - Active equity funds' positions decreased by 0.83 percentage points to 86.6%, still the second highest level after Q3 2025, with ordinary stock, mixed equity, and flexible allocation funds decreasing by 0.5, 0.8, and 0.9 percentage points respectively [3] - The ChiNext board saw an increase in positions by 1.2 percentage points to 25.0%, while the Sci-Tech Innovation board decreased by 0.9 percentage points to 16.6%, and the main board decreased by 0.3 percentage points to 58.2% [3] Sector Allocation - The sectors with the highest increases in positions were non-ferrous metals (+2.3 percentage points), communication (+1.9 percentage points), and non-bank financials (+0.9 percentage points), with non-ferrous metals increasing for four consecutive quarters and communication for three [3] - The sectors with the largest decreases were electronics (-1.7 percentage points), pharmaceuticals and biology (-1.5 percentage points), and media (-1.2 percentage points) [3] Sub-sector Insights - In the secondary industry, the sectors with the highest increases were communication equipment (+1.9 percentage points), industrial metals (+1.2 percentage points), and insurance (+0.9 percentage points), while the largest decreases were in consumer electronics (-1.9 percentage points), batteries (-1.3 percentage points), and chemical pharmaceuticals (-1.0 percentage points) [3] Stock Performance - The stocks with the highest increases in positions included Zhongji Xuchuang, Xinyi Technology, Dongshan Precision, China Ping An, and Zijin Mining, while the stocks with the largest decreases included Industrial Fulian, Yiwei Lithium Energy, CATL, Luxshare Precision, and Focus Media [3] Hong Kong Market Overview - In the Hong Kong market, the active equity positions decreased by 3.1 percentage points to 16.0%, with increases in financials, materials, and energy sectors, while decreases were seen in non-essential consumer, information technology, and healthcare sectors [3] - The most increased stocks were China Ping An H, CNOOC H, and China Life H, while the most decreased stocks were Alibaba, Tencent Holdings, and SMIC [3]

Group 1: Report's Industry Investment Rating - There is no information provided about the industry investment rating in the report. Group 2: Report's Core View - In December 2025, the bond supply scale was at a relatively low level, with the bond custody balance's year - on - year growth rate dropping by 1.8 percentage points compared to November, and the monthly new custody scale being 819.2 billion yuan, a low level in 2025. The supply of credit bonds increased while that of inter - bank certificates of deposit decreased. In terms of institutions, asset management accounts had insufficient bond - allocation power, while insurance institutions increased their holdings. Looking ahead, the government bond issuance in Q1 may be fast, and banks are expected to be the main force in absorbing government bond supply. Insurance institutions' bond - allocation scale may be supported by high yields and supply, while the non - bank bond - allocation power of asset management accounts may be weak [3]. Group 3: Summary by Relevant Catalogs 1. Bond Supply in December 2025 - The bond custody balance's year - on - year growth rate in December 2025 was 11.6%, 1.8 percentage points lower than in November. The new custody scale was 819.2 billion yuan, a low level in 2025 [3][4]. 2. Bond Supply by Type - Treasury bonds, local government bonds, and inter - bank certificates of deposit had less - than - seasonal increases of 42.4 billion yuan, 175.9 billion yuan, and 1.3 trillion yuan respectively. Credit bonds and ABS had more - than - seasonal increases of 596.8 billion yuan and 165.5 billion yuan respectively. In December 2025, the new supply of treasury bonds was 358.2 billion yuan, and that of local bonds was 431 billion yuan, both at relatively low levels. The net supply of inter - bank certificates of deposit was - 622.4 billion yuan, at a low level in 2025, while the net supply of corporate credit bonds was 377.1 billion yuan, rising against the season [3][8][11]. 3. Bond - Allocation by Institutions in December 2025 - **Banks**: After adjustment for repurchase, the actual bond - buying scale was 385.6 billion yuan, in line with the season. They mainly increased their holdings of policy - financial bonds and treasury bonds. The adjusted government - bond - buying scale was 432.5 billion yuan, accounting for 55% of the new government - bond custody scale, indicating a seasonal weakening of bond - allocation power [23]. - **Insurance institutions**: They increased their holdings by 304.7 billion yuan, 204.6 billion yuan more than the season, mainly increasing their holdings of credit bonds and local government bonds, possibly due to low bond - allocation in November and year - end bond - grabbing [26]. - **Asset management accounts**: They increased their holdings by 221.3 billion yuan, 358.5 billion yuan less than the season, mainly reducing their holdings of inter - bank certificates of deposit and increasing their holdings of credit bonds, possibly due to the stock - bond seesaw effect and low issuance of debt - biased funds [29]. - **Foreign investors**: They reduced their holdings by 115.5 billion yuan, 147.3 billion yuan less than the season, mainly reducing their holdings of inter - bank certificates of deposit, possibly due to the unsustainability of risk - free carry - trade and insufficient new supply of inter - bank certificates of deposit [35]. - **Securities firms**: They reduced their holdings by 504 million yuan, 178.5 billion yuan less than the season, mainly reducing their holdings of credit bonds, possibly for year - end profit - taking [35]. 4. Outlook - **Bond supply**: With the front - loaded fiscal policy, the government bond issuance in Q1 may be fast, and the supply of local government bonds is expected to be higher than last year [38]. - **Banks**: They are expected to be the main force in absorbing government bond supply. With stable deposit growth and slowing loan growth, banks still have large bond - allocation space, but attention should be paid to the structural restrictions on bond - allocation caused by deposit transfer and activation [41]. - **Insurance institutions**: High yields and supply may support their bond - allocation scale. In January, they continued to have strong bond - allocation power, possibly affected by the premium "good start" effect. The wide spread between ultra - long - term local government bonds and insurance's predetermined interest rate is still attractive [44]. - **Asset management accounts**: Under the pressure of stock - market diversion, the non - bank bond - allocation power is expected to be weak. The bond - allocation power of wealth management products and debt funds has not increased significantly, possibly due to funds flowing into bank deposits, the equity market, and insufficient issuance of inter - bank certificates of deposit [46].