1月30日，中国证监会发布《境内企业境外发行证券和上市备案情况表(首次公开发行及全流通)(截至2026年1月30日)》，其中，新济医药、翼菲科技、导远 科技、车联天下、唯迈医疗、景旺电子（603228）、君赛生物、主线科技拟香港IPO获中国证监会接收材料；老乡鸡(间接境外上市)拟香港IPO备案状态为征 求意见；芯迈半导体拟香港IPO备案状态为补充材料。 | 境内企业境外发行证券和上市备案情况表(首次公开发行及全流通) | | --- | | (截至2026年1月30日) | | 企业名称 | 申报类型 | 申报主体 | 拟上市证券交易 | 中介机构 | | | --- | --- | --- | --- | --- | --- | | | | | 册 | 保荐人/主承销商 | 境内律师 | | 广州新济医药股份有限公司 | 直接境外上市 | 1 | 香港联交所 | 国泰君安融资有限公司 | 广东信达律师 | | 浙江翼菲智能科技股份有限公司 | 直接境外上市 | 1 | 香港联交所 | 农银国际融资有限公司 | 北京国枫律师 | | 广东导远科技股份有限公司 | 直接境外上市 | 1 | 香港联交所 | 中国 ...

| 代码 | 名称 | | 涨幅%↑ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 600105 | 永鼎股份 | | -8.63 | 359亿 | -2.19 | | 600498 | 烽火通信 | | -4.80 | 512亿 | 17.52 | | 002579 | 中京电子 | | -4.63 | 69.35 Z | -7.06 | | 688102 | 斯瑞新材 | 1 | -3.91 | 305亿 | 1.55 | | 300964 | 本川智能 | - | -3.79 | 42.63 乙 | -0.81 | | 300548 | 长芯博创 | 1 | -3.49 | 434亿 | 4.72 | | 300303 | 聚长堆 | | -3.37 | 97.48亿 | 0.58 | | 002156 | 通富微电 | 1 | -3.26 | 756亿 | 32.07 | | 000938 | 紫光股份 | | -2.94 | 708亿 | 0.69 | | 603306 | 华懋科技 | | -2.55 | 234亿 | 12.9 ...

应用生态正从规模扩张走向结构升级。过去三年，主流模型产品依托快速的用户渗透实现了用户规模的高速增长。随着覆盖率逐步到位，模型公司正进入以 用户分层、能力差异化和服务深度为核心的第二发展阶段。具体应用方向包括医疗等高壁垒垂直领域（如 OpenAI Health）、企业级与行业级 B 端应用、以 Agent 与多模态为代表的复杂应用形态，以及在电商、广告等互联网场景和头部科技公司主业中的深度融合。这些应用的落地与放量，有望成为模型公司商 业化指标改善的重要驱动。算力架构在适应模型和应用需求的变化。MoE、长上下文、多 Agent、PD 分离等不同维度的特点，显著提升了集群内部的数据 交换与状态管理复杂度，使通信与存储开销在算力系统中的重要性快速上升。为应对带宽、时延与能效约束，新一代算力集群正加速引入 CPO/NPO、 OCS、正交背板等架构级创新技术。伴随新技术从方案设计走向规模化部署，早期深度参与头部厂商研发与供应链协同的企业，有望在渗透率提升过程中获 得更为显著的产业红利。 总体来看，全球 AI 模型仍处于能力持续提升与应用场景不断扩展的阶段，产业发展具备较强的持续性和确定性。因此，我们将继续重点布局全球云 ...

Core Insights - The 2025 annual performance of AI-themed funds has drawn market attention, with significant adjustments in their holdings during the reporting period [1] - There is a divergence among fund managers regarding investment opportunities in the AI sector for 2026, despite some funds experiencing substantial net value increases due to their investments in AI application stocks [9] Fund Adjustments - The top-performing active equity funds have made considerable adjustments to their AI asset holdings, with some funds increasing their positions in leading companies while others have reduced their stakes [1][4] - For instance, the fund Yongying Technology Select increased its holdings in Dongshan Precision, Jingwang Electronics, and others, while reducing its stake in Zhongji Xuchuang [1][4] - The fund Zhongou Digital Economy has also shifted its focus, increasing investments in domestic AI and AI infrastructure while reducing exposure to smart driving and edge AI [1][6] Sector Consensus and Divergence - There is a consensus among high-performing funds regarding the PCB sector, with several funds increasing their positions in companies like Dongshan Precision and Shengxin Technology [5][6] - However, there are notable divergences in the strategies of different funds regarding specific AI sub-sectors, such as the varying approaches to Zhongji Xuchuang [4][5] Future Outlook - Fund managers are considering how to capitalize on the expanding AI market, with a focus on the potential for significant breakthroughs in AI applications and the ongoing competition in the large model sector [10][11] - Some managers emphasize the importance of balancing growth potential with safety margins, while others highlight the need for diversified investments to mitigate risks associated with high valuations in the AI sector [12]

2025年A股以全年超18%的涨幅收官，而任桀管理的永赢科技智选以233.26%的年度收益率表现，摘得 2025年公募基金冠军。这不仅是公募基金行业再次出现年度收益翻倍的"两倍基"，更一举打破了由王亚 伟保持了18年之久的冠军收益率纪录。 应用生态正从规模扩张走向结构升级。过去三年，主流模型产品依托快速的用户渗透实现了用户规模的 高速增长。随着覆盖率逐步到位，模型公司正进入以用户分层、能力差异化和服务深度为核心的第二发 展阶段。具体应用方向包括医疗等高壁垒垂直领域(如OpenAI Health)、企业级与行业级B端应用、以 Agent与多模态为代表的复杂应用形态，以及在电商、广告等互联网场景和头部科技公司主业中的深度 融合。这些应用的落地与放量，有望成为模型公司商业化指标改善的重要驱动。 永赢科技智选披露的2025年四季报显示，该基金大幅度跑赢同期业绩比较基准，2025年四季度末，永赢 科技智选A、C基金份额净值分别为3.7795元、3.7523元，去年四季度永赢科技智选A、C基金份额净值 增长率分别为13.18%、13.01%，同期业绩比较基准收益率为-2.39%。 算力架构在适应模型和应用需求的变化。Mo ...

随着2025年公募基金四季报披露步入高峰，权益类产品的规模扩张与仓位调整路径逐渐清晰。Wind最新统计显示，截至1月21日，全 市场已有逾3300只基金完成四季报披露，披露进度显著提速。 在已披露的主动权益型基金中，超四成产品实现单季度正收益，显著跑赢基准的资金虹吸效应凸显。这一成绩背后，是2025年四季度 A股市场在化债政策落地、美联储预防性降息预期升温及企业盈利边际改善三重共振下，结构性行情持续演绎的结果。科技与有色金 属板块领涨市场，为重仓该方向的基金贡献了主要超额收益。 其中任桀管理的永赢科技智选A全年获得233.29%的累计回报，最新合计规模达到154.68亿元，环比增长34.26%。 2025年度度基金业绩排名top20 | 数据来源：Wind 区 | | --- | 间：2024.12:31-2025.12.31 受益于净值增长与增量资金的双重驱动，45只基金规模单季翻倍，部分"迷你基"凭借锐度十足的业绩爆发，规模增幅甚至突破40倍， 呈现出"船小好掉头"的典型特征。这些规模跃升的产品普遍呈现三个共性：一是前期规模基数较小，具备业绩弹性释放空间；二是行 业配置高度集中，精准卡位AI算力、半导体设 ...

Group 1 - The article discusses the recent policy measures issued by Guangdong province aimed at promoting high-quality development in transportation through artificial intelligence [4][5] - The policy encourages enterprises to focus on core technology breakthroughs and innovation in areas such as end-to-end remote driving, intelligent decision-making, and precise prediction and control [4][5] - The initiative aims to create high-quality data sets, toolchains, and algorithm libraries to facilitate the application of large models in autonomous driving [4][5] Group 2 - The article lists various companies involved in the development of key technologies related to autonomous driving, including 威帝股份, 凯众股份, and 大华股份 [6] - It highlights the importance of advanced systems such as steer-by-wire systems, vehicle-mounted cameras, and heads-up displays (HUD) in the context of intelligent driving [6]

Group 1 - The core viewpoint of the articles highlights the optimistic outlook of fund managers on the technology sector, particularly in artificial intelligence, cloud computing, and robotics, as key investment directions for the upcoming years [1][3][12] - Fund managers are emphasizing the importance of risk management in the technology sector, which is characterized by high growth potential and volatility, advocating for diversified investment strategies [2][21] Group 2 - Fund manager Ren Jie focuses on global cloud computing investments, with a notable performance of the fund achieving a unit net value growth rate of 233.29% in 2025, ranking first among active equity funds [3][4] - The fund's latest quarterly report indicates a decrease in stock positions, with a stock market value proportion of 78.76%, down by 13 percentage points from the previous quarter [3][4] - The top ten holdings include companies like Shengyi Technology and Zhongji Xuchuang, with significant annual growth rates of 205.82% and 396.38% respectively [3][4] Group 3 - Fund manager Li Jin expresses a strong interest in artificial intelligence computing-related assets, focusing on sectors with the best growth potential, including technology, new energy, and pharmaceuticals [8][12] - The fund's top three holdings are Zhongji Xuchuang, Xinyi Technology, and Huamao Technology, with substantial increases in positions for companies like Dongshan Precision and Industrial Fulian [9][10] Group 4 - Fund manager Yan Siqian emphasizes the investment opportunities in manufacturing and low-carbon technologies, highlighting the importance of intelligent manufacturing and technological innovation for sustainable development [13][15] - The fund's top holdings include Wuzhou Xinchun and Zhenyu Technology, with significant increases in positions for companies like Beite Technology and Sili Technology [14][15] Group 5 - Fund manager Feng Ludan notes that the artificial intelligence industry is in the early stages of forming a bubble, suggesting a cautious approach to investment while monitoring technological advancements and business model validations [16][21] - The fund's latest report shows a stock position of 86.04%, with significant increases in holdings for companies like Huadian Technology and Tencent Holdings [18][19]

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]