【导读】一批绩优基金四季报披露 随着公募四季报陆续披露，一些绩优基金经理的调仓换股"跃然纸上"。 去年四季度，不少绩优基金聚焦人工智能、云计算、机器人等投资方向。多位基金经理表示，展望2026年，对资本市场整体环境保持相对乐观，科技产业 仍将是结构性行情的重要方向。 也有基金经理进行提示风险，科技板块具有高成长性和高波动率，应该先讲风险，再谈收益，建议进行分散投资。 1月21日，由任桀管理的永赢科技智选披露四季报。该基金成立于2024年10月底，在2025年度取得233.29%的单位净值增长率，不仅在主动权益基金业绩 榜单上名列第一，更是摘得年度公募基金全市场冠军，且领先优势明显。 最新季报显示，截至2025年四季度末，该基金规模达154.68亿元，环比增长34.26%。该基金四季度股票仓位有所下降，从持仓情况看，其股票市值占基金 总资产比例为78.76%，较三季度末减少了13个百分点。 任桀在季报中表示，去年四季度，该基金继续聚焦全球云计算产业投资，在三季度判断的基础上（基于2027年新技术的兑现），结合全球AI产业前沿模 型和商业化进展进行投资应对。 具体来看，前十大重仓股中，生益科技、中际旭创、沪电股份 ...

Investment Rating - The report maintains an "Outperform" rating for the AI industry [1] Core Insights - The capital expenditure (Capex) guidance from major overseas companies is optimistic, with a continuous upward trend in computing power expected through 2026. The total Capex for Microsoft, Google, Amazon, and Meta is projected to reach $406.5 billion in 2025 and $596.4 billion in 2026, representing year-on-year growth of 46% and 47% respectively [3][5][22] - The demand for AI-related infrastructure is driving significant upgrades in interconnects, cooling, and power supply sectors, indicating a long-term growth cycle distinct from previous technology cycles [3][4] Summary by Sections 1. Overseas Major Companies' Capex Guidance - Major companies like Microsoft, Google, Amazon, and Meta are expected to increase their Capex significantly, with projections of $186.4 billion, $139.5 billion, $162.5 billion, and $108 billion respectively for 2026 [6][7][14][18][21] - The overall Capex for these four companies is expected to account for 62% of the global AI-related Capex, which is projected to reach $960 billion by 2026 [22][23] 2. Interconnect Sector: Optical Modules and PCBs - The interconnect sector is experiencing a fundamental shift in demand due to AI server cluster construction, leading to simultaneous upgrades in computing boards, switches, and optical modules, which will increase both demand and pricing [3][4] - The deployment of 800G technology is expected to accelerate, with 1.6T technology entering the introduction phase [3] 3. Cooling Sector: Liquid Cooling Demand - The power density of AI GPU racks is projected to rise from 130 kW in 2024 to over 1 MW by 2029, making liquid cooling technology essential [3][4] 4. Power Supply Sector: AIDC Power Distribution Evolution - The evolution of AIDC power distribution methods is crucial, with a focus on HVDC and SST technologies to enhance system efficiency and reduce energy losses [3][4] 5. Investment Recommendations - The report suggests focusing on specific companies within various sectors: - Computing power: Haiguang Information - Interconnects - Optical modules: LightSpeed Technology, Huagong Technology - Interconnects - PCBs: Shenghong Technology, Shennan Circuits, and others - Cooling: Invec - Power supply: Magpow [3][4]

Group 1 - The core point of the article highlights that Yongying Fund's manager Ren Jie achieved a remarkable annual return of 233.29% for the Yongying Technology Smart A fund in 2025, breaking a 17-year record in the public fund industry [1] - The fund significantly reduced its equity investment from 91.59% in Q3 to 78.76% by the end of Q4 2025, reallocating assets to bank deposits and clearing out bond investments [2] - The top ten holdings of the Yongying Technology Smart A fund saw changes, with new additions including Dongshan Precision, Jingwang Electronics, Industrial Fulian, and Cambridge Technology, while previous holdings like Taicheng Light, Lanke Technology, and Shijia Light did not appear in the top ten [2][3] Group 2 - The fund manager emphasized a continued focus on global cloud computing investments, particularly in the optical communication and PCB sectors, while also acknowledging the potential for mean reversion after valuation expansion cycles [1][4] - The Yongying Hong Kong Stock Connect Technology Smart fund also underwent significant changes, with major reductions in holdings of Tencent Holdings and Bilibili-W, both exceeding 20% [5][7] - The performance of the Yongying Hong Kong Stock Connect Technology Smart A and C shares showed a net value growth rate of -22.02% and -22.14% respectively, underperforming their benchmarks by 7.88 and 8.00 percentage points [7]

Core Viewpoint - The company has been exporting products to certain EU member states, although the export proportion is relatively small [1] Group 1: Export and Sales Information - The company meets the high-quality requirements of well-known international enterprises such as Siemens, Avery Dennison, and others [1] - The revenue from the EU market constitutes a minor portion of the company's overall operating income [1] - Sales to the EU market are primarily conducted through direct exports from domestic entities, rather than through subsidiaries or third-party traders [1]

1月20日，生益科技盘中下跌2.00%，截至09:54，报68.60元/股，成交6.33亿元，换手率0.38%，总市值 1666.38亿元。 资金流向方面，主力资金净流出3876.31万元，特大单买入3752.83万元，占比5.93%，卖出3243.13万 元，占比5.12%；大单买入1.41亿元，占比22.27%，卖出1.85亿元，占比29.19%。 生益科技今年以来股价跌3.94%，近5个交易日涨3.94%，近20日涨13.52%，近60日涨17.26%。 截至9月30日，生益科技股东户数9.47万，较上期增加26.08%；人均流通股25277股，较上期减少 19.91%。2025年1月-9月，生益科技实现营业收入206.14亿元，同比增长39.80%；归母净利润24.43亿 元，同比增长78.04%。 分红方面，生益科技A股上市后累计派现129.11亿元。近三年，累计派现45.47亿元。 机构持仓方面，截止2025年9月30日，生益科技十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股1.18亿股，相比上期减少4899.00万股。华泰柏瑞沪深300ETF（510300）位居第五大流通 股东， ...

Group 1 - Resonac announced a price increase of over 30% for copper-clad laminates (CCL) and adhesive films starting March 1, due to tight supply and soaring raw material prices [1] - The CCL industry is experiencing a tight supply-demand balance, with AI industry driving high-end material demand, leading to a potential increase in both volume and price [1] - Shengyi Technology has initiated a price increase in October 2025, with expectations of further price adjustments in Q1 2026 due to rising upstream copper prices and material costs [1] Group 2 - Shengyi Technology plans to expand high-performance CCL production with an investment of 4.5 billion [2] - Defu Technology's subsidiary signed a cooperation agreement with a leading domestic CCL company to supply high-end electronic circuit copper foil products for the 2026 fiscal year [2]

Group 1 - SMIC (688981) is the largest and most advanced wafer foundry in mainland China, mastering 14nm FinFET technology and maintaining the highest capacity in 28nm mature process domestically, providing foundry services for storage chips [1][40] - The company has received multiple rounds of funding from the National Integrated Circuit Industry Investment Fund, playing a key role in breaking overseas dependence in the domestic storage chip manufacturing sector [1][41] - SMIC also participates in setting multiple industry standards in the domestic semiconductor manufacturing field, consolidating its core voice in the industry chain [1][41] Group 2 - North Huachuang (002371) is a leading semiconductor equipment company in Beijing, providing a full range of equipment for storage chip manufacturing, including etching machines and cleaning machines [2][40] - The company has successfully entered the supply chains of domestic storage manufacturers like Yangtze Memory Technologies and Changxin Memory Technologies, breaking the monopoly of foreign manufacturers [2][41] - With the accelerated expansion of domestic storage chip capacity, North Huachuang's equipment orders continue to grow, and it is establishing new production bases in Tianjin and Yixing [2][41] Group 3 - Hua Hong Semiconductor (688347) focuses on specialty process wafer foundry and is a key player in the domestic storage chip sector, specializing in mature processes like 90nm and 55nm [3][40] - The company provides stable foundry services for domestic storage chip design companies and is expanding its specialty process production lines with support from the National Integrated Circuit Industry Investment Fund [3][41] - Hua Hong has also achieved IATF16949 certification for automotive-grade storage chip processes, enhancing its capabilities in the automotive sector [3][41] Group 4 - Zhongwei (688012) is a global leader in semiconductor etching equipment, with its 5nm etching equipment already in commercial application [4][40] - The company has entered the supply chains of major domestic storage manufacturers and has also penetrated the supply chains of international giants like TSMC and Micron [4][41] - Zhongwei's R&D team comprises over 70% of its workforce, and it holds more than a thousand patents, continuously increasing its market share in the etching equipment sector [4][41] Group 5 - Zhaoyi Innovation (603986) is a leading domestic NOR Flash company, ranking among the top three globally, and is one of the few domestic companies involved in DRAM chip design [5][40] - The company has achieved mass production of 19nm DRAM chips, filling a technology gap in the domestic market, and has established deep cooperation with Changxin Memory Technologies [5][41] - Zhaoyi Innovation has received support from the National Integrated Circuit Industry Investment Fund, focusing its R&D investments on high-end storage chips [5][41] Group 6 - Shengyi Technology (600183) is a leading domestic copper-clad laminate manufacturer, playing a crucial role in the localization of basic materials for the storage chip industry [6][40] - The company has entered the supply chains of major domestic storage packaging companies and provides raw materials to international giants like Samsung and SK Hynix [6][41] - Shengyi is expanding its production capacity in Shaanxi and Jiangsu, with its performance steadily growing alongside the increasing demand for domestic storage chips [6][41] Group 7 - Lanke Technology (688008) is a global leader in memory interface chips, with a market share exceeding 40% for DDR4/DDR5 memory interface chips [7][40] - The company has developed solutions for DDR5 memory interfaces in collaboration with Changxin Memory Technologies, promoting the commercialization of domestic storage modules [7][41] - Lanke's R&D investments focus on cutting-edge fields, extending its product layout into storage control chips [7][41] Group 8 - Shennan Circuits (002916) is a leading domestic printed circuit board manufacturer, focusing on high-end PCB and packaging substrate manufacturing [8][40] - The company has developed storage packaging substrates that meet high reliability and density requirements, entering the supply chains of major domestic storage manufacturers [8][41] - Shennan is also expanding its high-end packaging substrate production lines in Wuxi to further meet the needs of the storage industry [8][41] Group 9 - Jiangbolong (301308) is a leading domestic storage module company, focusing on promoting the application of domestic storage chips in various fields [9][40] - The company has established deep cooperation with domestic storage chip manufacturers and has launched products equipped with domestic storage chips [9][41] - Jiangbolong has acquired the global storage brand Lexar to leverage its overseas channels, increasing its international market presence [9][41] Group 10 - Xian Yicai-U (688783) is a key player in the domestic silicon wafer sector, focusing on the production of 12-inch polished wafers and epitaxial wafers [10][40] - The company has achieved mass production of 12-inch wafers, breaking the monopoly of foreign manufacturers [10][41] - Xian Yicai has received multiple rounds of investment from the National Integrated Circuit Industry Investment Fund, continuously releasing production capacity [10][41] Group 11 - Tuo Jing Technology (688072) is a leading domestic thin film deposition equipment manufacturer, with a market share exceeding 60% for PECVD equipment in domestic storage chip manufacturing [11][40] - The company has entered the supply chains of major domestic storage manufacturers and has also supplied equipment to overseas storage companies [11][41] - Tuo Jing's R&D investment exceeds 30%, continuously launching new equipment suitable for advanced 3D NAND processes [11][41] Group 12 - Shengmei Shanghai (688082) is a leading domestic semiconductor cleaning equipment manufacturer, developing advanced cleaning technologies for storage chip manufacturing [12][40] - The company has entered the supply chains of major domestic storage manufacturers and has also penetrated the supply chains of international giants [12][41] - Shengmei is building a new production base in Shanghai to further meet the equipment needs of storage chip manufacturers [12][41] Group 13 - Huarun Micro (688396) is a leading domestic power semiconductor company, providing packaging and testing services for storage chips [13][40] - The company has expanded its production lines for power semiconductors and storage packaging in Chongqing, enhancing its capabilities in the storage sector [13][41] - Huarun Micro's industrial-grade storage chips have achieved AEC-Q100 certification, enabling them to enter the automotive electronics market [13][41] Group 14 - Changchuan Technology (300604) is a leading domestic semiconductor testing equipment manufacturer, focusing on testing equipment for storage chips [14][40] - The company has entered the supply chains of major domestic storage manufacturers and has received investment from the National Integrated Circuit Industry Investment Fund [14][41] - Changchuan has acquired Singapore's STI company to enhance its competitiveness in the storage testing field [14][41] Group 15 - Changdian Technology (600584) is a global leader in semiconductor packaging and testing, providing high-end packaging services for domestic storage chip design companies [15][40] - The company has established R&D centers in Singapore and South Korea, taking on packaging orders from international giants [15][41] - Changdian has received support from the National Integrated Circuit Industry Investment Fund, continuously expanding its advanced packaging capacity [15][41]

Core Viewpoint - In 2025, the A-share market showed an overall upward trend, with the Silver Hua Small and Medium Cap Select Fund achieving a remarkable net value increase of 64.38%, significantly outperforming its benchmark by over 40 percentage points, ranking among the top in active equity funds [1][4]. Fund Performance - The Silver Hua Small and Medium Cap Select Fund, established in June 2012, aims for long-term asset appreciation by investing in competitive and high-growth small and medium-cap stocks while effectively controlling investment risks [2]. - As of January 15, 2026, the fund's long-term performance is impressive, with a cumulative net value growth rate exceeding 1000%, outperforming its benchmark by over 800 percentage points, and ranking 4th out of 308 in its category [4]. Investment Strategy - The fund's investment strategy focuses on sectors such as AI, semiconductors, and robotics, with a particular emphasis on domestic computing chips, low-altitude economy, military trade, commercial aerospace, and robotics [9]. - As of the end of Q3 2025, the fund's stock investments accounted for 90.38% of total assets, with the top ten holdings representing 66.38% of the fund's net asset value [6]. Top Holdings - The top five holdings of the fund as of Q3 2025 include Industrial Fulian, Shengyi Technology, Jinghe Integration, Huahong Semiconductor, and Shenzhen South Circuit, with significant investments in each [8]. - The fund's management team has made strategic adjustments, adding nine new major holdings in Q3, primarily in the technology sector [7].

Core Viewpoint - Shengyi Technology's stock price has shown fluctuations, with a recent increase of 2.00% to 68.18 CNY per share, while the company has experienced a year-to-date decline of 4.52% [1] Company Overview - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sales of copper-clad laminates, bonding sheets, printed circuit boards, ceramic electronic components, LCD products, electronic-grade glass cloth, epoxy resin, copper foil, flexible electronic materials, display materials, packaging materials, and insulation materials [1] - The main business revenue composition includes: copper-clad laminates and bonding sheets (65.96%), printed circuit boards (28.63%), comprehensive utilization of waste resources (3.37%), and others (2.04%) [1] Financial Performance - For the period from January to September 2025, Shengyi Technology achieved an operating income of 20.614 billion CNY, representing a year-on-year growth of 39.80%. The net profit attributable to the parent company was 2.443 billion CNY, with a year-on-year increase of 78.04% [2] - The company has distributed a total of 12.911 billion CNY in dividends since its A-share listing, with 4.547 billion CNY distributed in the last three years [3] Shareholder Information - As of September 30, 2025, Shengyi Technology had 94,700 shareholders, an increase of 26.08% from the previous period. The average circulating shares per person decreased by 19.91% to 25,277 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 118 million shares (a decrease of 48.99 million shares), and several ETFs with varying holdings [3]

Core Viewpoint - Shengyi Technology's stock price has shown volatility, with a recent increase of 2.08% but a year-to-date decline of 5.66% as of January 14. The company operates in the electronic components sector, focusing on printed circuit boards and related materials [1][2]. Company Overview - Shengyi Technology, established on June 27, 1985, and listed on October 28, 1998, is located in Dongguan, Guangdong Province. The company specializes in the design, production, and sale of copper-clad laminates, printed circuit boards, and various electronic materials [1]. - The main revenue sources for Shengyi Technology are copper-clad laminates and bonding sheets (65.96%), printed circuit boards (28.63%), and other segments [1]. Financial Performance - For the period from January to September 2025, Shengyi Technology reported a revenue of 20.614 billion yuan, reflecting a year-on-year growth of 39.80%. The net profit attributable to shareholders was 2.443 billion yuan, marking a significant increase of 78.04% [2]. - The company has distributed a total of 12.911 billion yuan in dividends since its A-share listing, with 4.547 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders increased by 26.08% to 94,700, while the average number of circulating shares per person decreased by 19.91% to 25,277 shares [2]. - The top ten circulating shareholders include significant institutional investors, with Hong Kong Central Clearing Limited holding 118 million shares, a decrease of 48.99 million shares from the previous period [3].