1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q4 2025, after nearly a year of upward trend, the A - share market started to move sideways and fluctuate, with wide - based indices showing mixed performance. Large and mid - cap value indices significantly outperformed growth indices, and the active equity fund scale and share decreased while the issuance quantity and scale slightly increased [3][8]. - The average stock position of equity funds slightly shrank, and the Hong Kong stock position also declined. Institutions increased the allocation in cyclical and financial sectors and adjusted the allocation in technology, medicine, and consumption sectors [3]. - The performance of theme funds in various industries was differentiated. Cyclical theme funds performed the best, while pharmaceutical theme funds performed the worst [3]. - Among the top 20 fund companies in terms of active equity fund scale, the scale changes compared to Q3 were mixed, with some companies' rankings changing [3]. - In Q4, the active equity fund most heavily held by FOF in terms of holding ratio and quantity was "Fuguo Steady Growth" [3]. 3. Summary by Related Catalogs 3.1 Fund Market Overview - **Performance Review**: In Q4 2025, the A - share market moved sideways and fluctuated after a year - long upward trend. Only the Shanghai Composite Index rose by 2.22% among wide - based indices, while others like the Shenzhen Component Index and the ChiNext Index declined. In terms of style, large and mid - cap value indices outperformed growth indices. The Hang Seng Index and related Hong Kong stock indices also declined [8]. - **Industry Index Performance**: Except for 9 industries such as medicine and beauty care, the remaining 22 industries in the Shenwan 31 - industry index achieved positive returns in Q4. Resources and military industries performed well, while the pharmaceutical industry was weak overall. The top 5 industries in terms of increase were non - ferrous metals (16.25%), petroleum and petrochemicals (15.31%), communication (13.61%), national defense and military industry (13.1%), and light industry manufacturing (7.53%) [11]. - **Equity Fund Performance**: In Q4 2025, ordinary stock - type funds, partial - stock hybrid funds, and flexible allocation funds declined by 1.94%, 1.60%, and 0.04% respectively, while balanced hybrid funds rose by 0.87%. In terms of risk, balanced hybrid funds with lower stock positions had the best drawdown performance, and flexible allocation funds showed better risk - return performance in the long - term [31]. - **Scale and Share**: By the end of Q4 2025, the total scale of active equity funds was 3.81 trillion yuan, a slight decrease of 4.53pct compared to the previous quarter, and the total share was 2.56 trillion shares, a decrease of 2.91pct. Among them, partial - stock hybrid funds had the largest scale, and balanced hybrid funds had the smallest scale [34]. - **Newly Issued Fund Situation**: In Q4, the number and scale of newly issued active equity funds slightly increased. A total of 100 funds were newly issued, with a total scale of 441.67 billion yuan, an increase of 4.72 billion yuan compared to the previous quarter. Partial - stock hybrid funds had the largest newly issued scale [36]. 3.2 Fund Holding Characteristics - **Stock/Hong Kong Stock Position**: In Q4 2025, the equity fund position slightly shrank, with the average stock position at 88.05%, a decrease of 0.88 percentage points compared to the end of the previous quarter. The Hong Kong stock position also decreased, with the average investment market value of Hong Kong stocks accounting for 11.62% of the net value, a decrease of 1.85 percentage points compared to the previous quarter [43]. - **Heavy - Holding Stock Sector Allocation**: In Q4, technology was the most heavily held sector by active equity funds. Except for cyclical, manufacturing, and financial sectors, the proportion of other sectors decreased. Institutions increased the allocation in cyclical and financial sectors and adjusted the allocation in technology, medicine, and consumption sectors [48]. - **Heavy - Holding Stock Industry Allocation**: The electronics industry was still the largest heavily - held industry by equity funds, but the allocation ratio decreased, and non - ferrous metals were significantly increased. The concentration of the top five industries slightly decreased from 58.58% in Q3 to 58.40% [50]. - **Individual Stock Level**: The top 10 individual stocks in terms of heavy - holding market value accounted for by equity funds were Zhongji Innolight, Xinyisheng, CATL, Tencent Holdings, Zijin Mining, Alibaba - W, Cambricon - U, Luxshare Precision, SMIC, and Kweichow Moutai. The market value proportion of Zhongji Innolight, Xinyisheng, and Ping An of China increased significantly, while that of Industrial Fuxing, Alibaba - W, and EVE Energy decreased relatively more [52]. - **Heavy - Holding Stock Market Value and Concentration**: The market value style of equity fund holdings continued to strengthen towards mid - and large - cap stocks. The concentration of the top 50, 100, and 200 heavy - holding stocks slightly decreased, but basically continued the previous trend [61]. 3.3 Fund Company Analysis - **Scale Ranking**: In Q4 2025, the scale changes of the top 20 fund companies in terms of active equity fund scale compared to Q3 were mixed. The top 5 institutions were E Fund, China Europe Asset Management, GF Fund, Fuguo Fund, and Huatai - PineBridge Fund. Among the companies ranked 6 - 20, the equity scale of Yongying Fund further increased, and its ranking rose by 2 places [64]. - **TOP20 Fund Company Heavy - Holding Industries**: The first - largest heavily - held industries of the top 20 fund companies were mainly electronics and medicine and biology. Dacheng Fund's first - largest heavily - held industry was non - ferrous metals, showing certain differences [65]. - **TOP20 Fund Company Heavy - Holding Stocks**: In Q4, the average concentration of the top three heavy - holding stocks of the top 20 fund companies in terms of active equity fund scale was 14.27%, and the concentration of the top five heavy - holding stocks was 21.04%, slightly increasing compared to the previous quarter. Xingquan Fund had the highest concentration of the top three heavy - holding stocks [67]. 3.4 Theme Fund Analysis - **Fund Performance**: In Q4, the performance of theme funds in various industries was differentiated. Cyclical theme funds performed the best, with a quarterly increase of 10.10%, followed by financial and manufacturing theme funds. Pharmaceutical theme funds had the worst performance, with a quarterly decline of 13.15% [71]. - **Pharmaceutical and Consumption Themes**: In pharmaceutical theme funds, the sub - sectors with a relatively high market value proportion in heavy - holding stocks were chemical preparations and other biological products. The sub - sectors with a relatively large increase in heavy - holding proportion were medical R & D outsourcing and traditional Chinese medicine. In consumption theme funds, the sub - sectors with a relatively high market value proportion were liquor and agriculture, forestry, animal husbandry, and fishery. The sub - sectors with a relatively large increase in heavy - holding proportion were food processing and social services [75]. - **Technology and New Energy Themes**: In technology theme funds, the sub - sectors with a relatively high market value proportion in heavy - holding stocks were artificial intelligence and consumer electronics industries. The sub - sectors with a relatively large increase in heavy - holding proportion were optical modules and IDC. In new energy theme funds, the sub - sectors with a relatively high market value proportion were energy storage and solid - state batteries. The sub - sectors with a relatively large increase in heavy - holding proportion were resource stocks and solid - state batteries [79]. 3.5 FOF Holding Analysis - **High - Holding - Ratio Funds**: In Q4 2025, the active equity fund with the highest holding ratio among FOF heavy - holding funds was "Fuguo Steady Growth", with a fund manager of Fan Yan. The fund's holding market value accounted for 2.53% of the total market value of all heavy - holding funds, an increase of 0.13% compared to the previous quarter [81]. - **High - Holding - Quantity Funds**: In Q4 2025, the active equity fund most heavily held by FOF in terms of quantity was still "Fuguo Steady Growth", followed by "Bodaojiu Hang" and "China Europe Dividend Premium Selection" [83]. - **Ratio/Quantity Changes**: In Q4 2025, the active equity funds with the largest increase in holding ratio and quantity among FOF heavy - holding funds were "Huatai - PineBridge Extended Growth Theme" and "China Europe Dividend Premium Selection" respectively [85]. - **New - Generation Fund Managers**: Among the active equity funds managed by new - generation fund managers with less than 3 years of management experience, the fund with the highest holding ratio among FOF heavy - holding funds in Q4 was "Rongtong Industrial Trend Selection", with a fund manager of Li Jin. The fund's holding market value accounted for 0.70% of the total market value of all heavy - holding funds, a quarter - on - quarter increase of 0.37% [87]. - **Holding Own Funds**: Different FOF institutions such as E Fund, China Europe Asset Management, Invesco Great Wall, Fuguo Fund, Huatai - PineBridge Fund, and Xingzheng Global Fund had different situations in holding their own equity funds, with different scales and top - held funds [89][91][94][96][98].

2月3日早盘，半导体设备板块强势上攻，表现亮眼。截至9时47分，表征板块的半导体设备ETF(561980)放量上涨 1.38%，盘中一度大涨2.45%。权重股中，设备龙头中微公司领涨，涨幅达3.55%，北方华创、中芯国际等亦同步上 扬。资金面上，该ETF持续获得市场青睐，数据显示，截至2月2日，其年初以来累计净流入已超过8.6亿元，创下历史 同期新高，反映出长线资金对该赛道坚定看好的态度。 分析指出， 今日板块的强势表现，核心驱动力来自全球存储巨头明确的资本开支信号与国内产业链成长的积极验 证： 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 全球产业趋势：存储巨头扩产计划为设备需求提供长期确定性。半导体行业风向标三星电子与SK海力士近期均计划 扩大尖端NAND闪存产能。这一战略性举动，直接印证了头部厂商对存储芯片中长期需求（尤其在AI服务器、高端消 费电子等领域）的乐观预期，也意味着新一轮的产线投资与设 ...

半导体ETF南方（159325）业绩比较基准为中证半导体行业精选指数收益率，管理人为南方基金管理股 份有限公司，基金经理为赵卓雄、何典鸿，成立（2024-10-31）以来回报为63.66%，近一个月回报为 9.52%。 2月3日，半导体ETF南方（159325）开盘涨0.79%，报1.660元。半导体ETF南方（159325）重仓股方 面，寒武纪开盘涨1.05%，中芯国际涨1.39%，海光信息涨1.94%，北方华创涨1.05%，兆易创新涨 3.75%，澜起科技涨3.86%，中微公司涨2.41%，豪威集团涨1.49%，拓荆科技涨2.02%，紫光国微涨 1.65%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 ...

2月3日，科创芯片ETF博时（588990）开盘涨0.81%，报2.749元。科创芯片ETF博时（588990）重仓股 方面，中芯国际开盘涨1.39%，海光信息涨1.94%，寒武纪涨1.05%，中微公司涨2.41%，澜起科技涨 3.86%，拓荆科技涨2.02%，芯原股份涨2.96%，华虹公司涨2.80%，沪硅产业涨1.36%，东芯股份涨 2.45%。 科创芯片ETF博时（588990）业绩比较基准为上证科创板芯片指数收益率，管理人为博时基金管理有限 公司，基金经理为李庆阳，成立（2024-08-08）以来回报为172.45%，近一个月回报为12.11%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 来源：新浪基金∞工作室 ...

全链布局国产芯片产业：重配"芯片设计+半导体材料与设备" 目前，以芯片产业为龙头的尖端硬科技领域，已成为大国角逐的核心战场。作为中国经济未来发展的战 略指引，已发布的"十五五"规划建议全文强调，采取超常规措施，全链条推动集成电路、工业母机、高 端仪器、基础软件、先进材料、生物制造等重点领域关键核心技术攻关取得决定性突破；明确推动量子 科技、生物制造、氢能和核聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点；要 求全面实施"人工智能+"行动，抢占人工智能产业应用制高点，全方位赋能千行百业。相关表述将中国 芯片产业成长空间强力推升到了"决定性突破"的新高度。TrendForce数据也显示，中国整体高阶AI芯片 市场规模预计将在2026年增长超过60%，其中本土AI芯片仍会朝向自主化发展，具备发展潜力的主要芯 片设计厂商有机会扩大市场占比至50%左右。 据上交所2月2日公布的最新数据，科创芯片ETF华宝（589190）当日最新基金份额达13.75亿份。按该 ETF当日最新基金净值0.9515元计算，该ETF2月2日最新估算规模已达13.08亿元。截至2月2日，科创芯 片ETF华宝份额最近3个交易日已连 ...

来源：新浪基金∞工作室 芯片ETF（159995）业绩比较基准为国证半导体芯片指数收益率，管理人为华夏基金管理有限公司，基 金经理为赵宗庭，成立（2020-01-20）以来回报为100.82%，近一个月回报为14.61%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 2月2日，芯片ETF（159995）开盘跌1.49%，报1.980元。芯片ETF（159995）重仓股方面，中芯国际开 盘跌1.28%，海光信息跌1.68%，寒武纪跌0.79%，北方华创跌0.75%，兆易创新跌4.47%，中微公司跌 0.99%，澜起科技跌0.47%，豪威集团跌0.51%，拓荆科技跌4.46%，长电科技跌2.10%。 ...

★ 宏观动态 ★ 中共中央 国务院：培育京津雄地区创新三角 中共中央 国务院批复同意《现代化首都都市圈空间协同规划（2023－2035年）》。其中提出，推动北京中心 城区与城市副中心主副结合、天津"津城"与"滨城"协同发展、河北雄安新区与保定中心城区联动发展，培育京 津雄地区创新三角。将京津走廊建设成为智力资源密集、高水平对外开放、联通国内国际双循环的综合创新走 廊。将京雄走廊建设成为功能疏解与承接、科技创新、制度创新的高质量发展走廊。产业协同圈要深入实施主 体功能区战略，强化分工协作，促进城乡要素双向流动，构建面向全国乃至全球的多层次协同开放格局。 上海启动收购二手住房用于保障性租赁住房工作 据新华社，上海收购二手住房用于保障性租赁住房项目工作实质性启动。上海市住建委有关负责人在签约活动 上表示，上海开展收购二手住房用于保障性租赁住房工作，是精准对接新市民、青年人、大学毕业生、各类人 才等群体的租赁需求，助力构建青年发展型城市的有力举措。上海市浦东新区、静安区、徐汇区作为首批试点 区。第一批拟收购房源将着重房型匹配、布局合理、配套成熟、交通便捷等特点，尽量精准匹配各领域人 才"职住平衡"需求，为更多青年人提 ...

腾讯控股：腾讯的AI应用元宝正式上线总规模约10亿元的春节现金红包活动。根据规则，用户进入元宝App后即可参与领取现金红包、完成任务获取额外抽 奖机会，部分奖励支持直接提现至微信支付账户，最高单笔红包金额达到万元级别，全国用户可通过预约入口和社交分享链路多种方式参与。目前，腾讯元 宝App已升至苹果商店免费App第一名。 小米集团：1月，小米汽车交付超39000台，同比大增95%。1月新增9家门店，全国139城已有484家门店；2月计划新增6家门店，预计覆盖2座新城市：江 门、周口；截至1月31日，全国已有270家服务网点，覆盖全国159城。 紫金矿业：美联储减息预期降温令美元骤强，触发近期升势凌厉的贵金属自上周五其遭大举抛售，目前跌势仍在继续。其中，现货黄金盘中跌至4586.16美 元/盎司，较上周四的5595.44美元历史高位回调18%；现货白银盘中跌至76.967美元/盎司，较上周四的121.6485美元历史高位大幅回调36.7%。 | | 沪股通 | | | | | --- | --- | --- | --- | --- | | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | 名称 | | 阿里 ...

AI 需求持续引领，先进晶圆代工有望大放异彩 半导体 -8% 9% 25% 42% 59% 76% 半导体 沪深300 分析师 唐佳 SAC 证书编号：S0160525110002 tangjia@ctsec.com 分析师 王雨然 SAC 证书编号：S0160524120003 wangyr01@ctsec.com 相关报告 1. 《AI 浪潮驱动存储量价齐升，国产设备 迎黄金替代机遇》 2026-01-04 2. 《瞄准尖端技术，中国半导体制造迈入新 阶段》 2025-02-17 3. 《海外半导体设备企业市值回落，国内仍 具较大进口替代空间》 2024-11-20 晶圆代工行业点评报告 核心观点 请阅读最后一页的重要声明！ 证券研究报告 行业点评报告 / 2026.02.02 投资评级:看好(维持) 最近 12 月市场表现 ❖ AI 相关芯片需求旺盛，推动晶圆代工龙头业绩持续高增：在人工智能算 力需求快速增长的带动下，全球晶圆代工行业持续景气。2025 年第四季度， 台积电营收达 1.05 万亿新台币，同比增长 20.45%，创下单季历史新高；全 年营收也实现 31.60%的显著增长，达到 3.81 万 ...

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]