Group 1 - The semiconductor sector experienced a significant increase, with the sector index rising by 1.69% as of the report's publication [1] - Dongxin Co. saw a 20% limit-up, while Kangqiang Electronics, Jinhaitong, and Tuori New Energy also hit the limit-up, indicating strong market performance [3] - Several companies, including Xinyuanwei and Mingwei Electronics, saw their stock prices increase by over 15%, reflecting positive investor sentiment in the semiconductor industry [3] Group 2 - The stock performance of notable companies includes: - Dongxin Co. at a price of 153.23 with a 20.00% increase [4] - Xinyuanwei at 231.69 with a 15.84% increase [4] - Mingwei Electronics at 63.30 with a 15.93% increase [4] - Pushe Co. at 254.00 with a 14.30% increase [4] - Yuanjie Technology at 826.74 with a 12.48% increase [4] - Hengshuo Co. at 91.88 with a 12.25% increase [4]

Core Insights - The CPO concept experienced significant fluctuations, with notable gains in several companies, indicating a positive market sentiment towards this sector [2] Group 1: Company Performance - Yuanjie Technology saw its stock price increase by over 8%, reaching a historical high [2] - Zhongci Electronics approached the daily limit increase, reflecting strong investor interest [2] - Other companies such as Tianfu Communication, Kecuan Technology, Huilv Ecology, Guangku Technology, and Taicheng Light also experienced upward movement in their stock prices [2]

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

Quantitative Models and Construction Methods 1. Model Name: 250-Day New High Distance Model - **Model Construction Idea**: This model tracks the distance of stock prices or indices from their 250-day high to identify market trends and hotspots. It is based on the momentum and trend-following strategy, which has been validated by various studies[11][19]. - **Model Construction Process**: The 250-day new high distance is calculated as: $ 250 \text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days If the latest closing price reaches a new high, the distance is 0. If the price falls from the high, the distance is a positive value representing the degree of decline[11]. - **Model Evaluation**: The model effectively identifies stocks or indices with strong momentum and highlights market leaders, aligning with the principles of momentum investing[11][19]. 2. Model Name: Stable New High Stock Selection Model - **Model Construction Idea**: This model refines the momentum strategy by focusing on stocks with smooth price paths and consistent new highs, leveraging the "smooth momentum" effect[27]. - **Model Construction Process**: Stocks are selected based on the following criteria: - Analyst Attention: At least 5 buy or overweight ratings in the past 3 months - Relative Strength: Top 20% in 250-day price performance - Price Stability: - Price path smoothness: Ratio of price displacement to total price movement - Consistency of new highs: Average 250-day new high distance over the past 120 days - Trend Continuation: Average 250-day new high distance over the past 5 days The top 50 stocks meeting these criteria are selected[27][29]. - **Model Evaluation**: The model emphasizes stocks with stable momentum and consistent performance, which are less likely to experience sharp reversals, making it a robust enhancement to traditional momentum strategies[27][29]. --- Model Backtesting Results 1. 250-Day New High Distance Model - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 0.70% - Shenzhen Component Index: 0.00% - CSI 300: 1.84% - CSI 500: 0.00% - CSI 1000: 0.00% - CSI 2000: 0.00% - ChiNext Index: 1.15% - STAR 50 Index: 0.00%[12][13][34] 2. Stable New High Stock Selection Model - **Selected Stocks**: 50 stocks were identified, including Jiangbolong, Shengda Resources, and Yuanjie Technology. - **Sector Distribution**: - Cyclical Sector: 23 stocks, with the highest concentration in basic chemicals - Technology Sector: 18 stocks, with the highest concentration in electronics[30][35] --- Quantitative Factors and Construction Methods 1. Factor Name: 250-Day New High Distance - **Factor Construction Idea**: Measures the relative position of a stock's price to its 250-day high, capturing momentum and trend-following characteristics[11]. - **Factor Construction Process**: $ 250 \text{-day new high distance} = 1 - \frac{Close_t}{ts\_max(Close, 250)} $ Where: - $ Close_t $ is the latest closing price - $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11]. - **Factor Evaluation**: The factor is widely recognized for its ability to identify stocks with strong momentum and potential for continued outperformance[11]. 2. Factor Name: Price Path Smoothness - **Factor Construction Idea**: Quantifies the stability of a stock's price movement, favoring stocks with smoother trajectories[27]. - **Factor Construction Process**: - Price path smoothness is calculated as the ratio of price displacement to the total price movement over a given period[27]. - **Factor Evaluation**: This factor enhances the momentum strategy by reducing exposure to volatile stocks, improving risk-adjusted returns[27]. 3. Factor Name: Consistency of New Highs - **Factor Construction Idea**: Measures the persistence of a stock's new high performance over time, emphasizing sustained momentum[27]. - **Factor Construction Process**: - Average 250-day new high distance over the past 120 days is used as a proxy for consistency[27]. - **Factor Evaluation**: This factor ensures that selected stocks exhibit reliable momentum, reducing the likelihood of short-term reversals[27]. --- Factor Backtesting Results 1. 250-Day New High Distance Factor - **Indices' 250-Day New High Distance**: - Shanghai Composite Index: 0.70% - Shenzhen Component Index: 0.00% - CSI 300: 1.84% - CSI 500: 0.00% - CSI 1000: 0.00% - CSI 2000: 0.00% - ChiNext Index: 1.15% - STAR 50 Index: 0.00%[12][13][34] 2. Price Path Smoothness Factor - **Selected Stocks**: 50 stocks were identified, including Jiangbolong, Shengda Resources, and Yuanjie Technology. - **Sector Distribution**: - Cyclical Sector: 23 stocks, with the highest concentration in basic chemicals - Technology Sector: 18 stocks, with the highest concentration in electronics[30][35] 3. Consistency of New Highs Factor - **Selected Stocks**: Same as the Price Path Smoothness Factor, as it is part of the composite selection criteria[30][35]

Group 1 - The optical communication module sector experienced a decline, falling by 1.78% [1] - Tengjing Technology saw a significant drop of 6.24% [1] - Xinyi Technology decreased by 6.1% [1] - Zhongji Xuchuang fell by 5.25% [1] - Yuanjie Technology, Dongtianwei, and Guangku Technology all dropped over 3% [1]

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]

Core Viewpoint - The A-share market experienced fluctuations, particularly in the hard technology sector, with the Sci-Tech Chip 50 ETF (588750) reaching a new high during the trading session [1] Group 1: Market Performance - The Shanghai Stock Exchange Sci-Tech Chip Index (000685) fell by 0.07%, with constituent stocks showing mixed performance; Longxin Zhongke led with an increase of 8.81%, while Aiwai Electronics dropped by 4.23% [3] - The Sci-Tech Chip 50 ETF (588750) maintained a flat position, indicating resilience despite market volatility [1] Group 2: Semiconductor Pricing Trends - Following price increases in storage chips, CPU prices are also expected to rise by 10%-15% due to high demand from global cloud service providers, with Intel and AMD's server CPU capacities for 2026 already sold out [5] - The demand for CPUs is driven by the explosion of AI computing needs, with server CPU market demand significantly increasing due to the expansion of AI server shipments and traditional server upgrades [5] Group 3: Supply-Demand Dynamics - Intel anticipates that CPU shortages will peak in Q1 2026, as demand continues to exceed supply, with no plans to expand production capacity for current nodes [6] - The development of AI Agents is expected to significantly increase CPU demand, potentially making CPUs a bottleneck before GPUs [7] Group 4: Long-term Growth Projections - The number of active AI Agents is projected to rise from approximately 28.6 million in 2025 to 2.216 billion by 2030, leading to a substantial increase in CPU demand [8] - The domestic token consumption related to AI is expected to reach 10.95 trillion annually by 2024, indicating a strong market for CPUs in AI applications [9] Group 5: Investment Opportunities - The semiconductor equipment sector is maintaining high demand, with global semiconductor sales expected to reach $75.2 billion by November 2025, reflecting a year-on-year growth of 29.8% [10] - The Sci-Tech Chip 50 ETF (588750) focuses on high-tech segments of the semiconductor industry, showing strong growth potential and resilience compared to other indices [11][15]

Group 1 - The average stock price of the Sci-Tech Innovation Board is 48.64 yuan, with 99 stocks priced over 100 yuan, and the highest priced stock is Cambrian-U at 1353.00 yuan [2] - Among the stocks priced over 100 yuan, 36 stocks increased in price today, while 62 stocks decreased, with notable gainers including Tengjing Technology and Longxin Zhongke [2] - The average premium of the stocks priced over 100 yuan relative to their issue price is 520.72%, with the highest premiums seen in companies like Shuangwei New Materials and Anji Technology [2] Group 2 - The net outflow of main funds from the stocks priced over 100 yuan today totaled 35.58 billion yuan, with significant inflows into Zhenlei Technology and Tengjing Technology [3] - The total margin financing balance for stocks priced over 100 yuan is 126.28 billion yuan, with Cambrian-U and SMIC having the highest financing balances [3] - The margin balance for stocks priced over 100 yuan is 5.72 billion yuan, with Haiguang Information and Bawei Storage leading in margin balances [3] Group 3 - The stocks priced over 100 yuan are concentrated in the electronics, computer, and machinery equipment sectors, with 49, 13, and 12 stocks respectively [2] - The highest closing price among the stocks is Cambrian-U at 1353.00 yuan, followed by Yuanjie Technology at 763.00 yuan and Moer Thread-U at 628.60 yuan [3][4] - The stock performance today shows a mixed trend, with some stocks like Tengjing Technology experiencing a significant increase of 20% [5]

Group 1 - A number of high-performing funds have disclosed their quarterly reports, revealing their investment strategies focusing on AI, non-ferrous metals, dividends, and new consumption [2][5] - The AI industry is currently considered the most prosperous sector, with expectations for accelerated development in domestic computing power, models, and applications by 2026 [3][22] - The construction of global data centers is driving demand for commodities like copper and aluminum, influenced by ongoing investments in AI in North America [7][12] Group 2 - The fund "Hongtu Innovation Emerging Industry" reported a stock position of 87.85% as of the end of last year, with significant increases in holdings of stocks like Yuanjie Technology and Zhongji Xuchuang [5][6] - The fund achieved a net value growth rate of 148.64% in 2025, ranking third among actively managed equity funds [5] - The fund manager, Liao Xinghao, emphasized the impact of AI on the global economy and the expected recovery in the semiconductor and consumer electronics sectors due to supportive policies [7][12] Group 3 - The "Hengyue Advantage Select" fund reduced its exposure to certain sectors while maintaining a stock position of 92.20%, with significant increases in holdings of stocks like Dongshan Precision and Demingli [9][10] - This fund achieved a net value growth rate of 147.85% in 2025, ranking fourth among actively managed equity funds [12] - The fund manager, Wu Haining, noted the increasing influence of storage chip companies and the optimization of their profit models due to AI demand [12] Group 4 - The "Xinao Performance Driven" fund reported a net value growth rate of 143.09% in 2025, ranking fifth among actively managed equity funds [14] - The fund manager, Liu Xiaoming, highlighted the growing focus on AI-related sectors and the potential for investment opportunities in metals like gold and copper [16] - The fund reduced its holdings in stocks like Zhongji Xuchuang and New Yi Sheng, with a notable reduction of 32.10% in Zhongji Xuchuang [14] Group 5 - The "Huatai Bairui Quality Select" fund maintained a stock position of 89.56% and focused on overseas computing power leaders and upstream sectors [18][19] - This fund achieved a net value growth rate of 136.79% in 2025, ranking well among actively managed equity funds [21] - The fund manager, Chen Wenkai, expressed confidence in the domestic AI sector's growth trajectory and highlighted three promising sub-sectors: light industry brands going global, high-end manufacturing, and new consumption [22][23]

【 导读 】 一批绩优基金四季报披露 中国基金报记者 曹雯璟 随着基金四季报陆续披露，一些绩优基金的打法浮出水面。 去年四季度，不少绩优基金聚焦AI、有色、红利、新消费等投资方向。 多位基金经理表示， 国内的算力、模型、应用在2026年有望迎来加速发展。 廖星昊：AI产业仍是目前景气度最高的行业 1月22日，红土创新新兴产业发布2025年四季报。截至去年四季度末，该基金股票仓位为 87.85%，较去年三季度略有下降。 最新持仓显示，前三大重仓股为源杰科技、中际旭创、新易盛，持仓市值分别为7102.14万 元、7063.80万元、6769.99万元。 与去年三季度相比，源杰科技、中际旭创、新易盛、天孚通信、沪电股份获加仓，其中，源 杰科技获加仓幅度达78.33%。 东山精密、永鼎股份、长芯博创、胜宏科技、麦格米特新晋十大重仓股。 | 排名 | 证券代码 | 证券名称 | 持仓数量 | 持仓变动 | 持仓市值 | 持仓占比 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 688498.SH | 源杰科技 | 11.06万股 | 4.86万股 | 7102.1 ...