| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002636 | 金安国纪 | 25.63 | 10.00% | 81.12万 | 20.51亿 | | 603920 | 世运电路 | 65.71 | 9.99% | 43.29万 | 27.81亿 | | 300903 | 科翔股份 | 26.22 | 8.39% | 60.25万 | 15.50亿 | | 688539 | 高华科技 | 49.89 | 4.77% | 10.34万 | 5.14亿 | | 300657 | 弘信电子 | 31.45 | 3.97% | 49.60万 | 15.67亿 | | 603175 | 超颖电子 | 73.68 | 3.14% | 6.63万 | 4.83亿 | | 600563 | 法拉电子 | 117.56 | 2.72% | 5.89万 | 6.88亿 | | 661Z00 | *ST东晶 | 10.20 | 2.41% | 3.20万 | 3233.08万 | | 920491 | 圆迪威 | ...

深南电路今日跌6.97%，成交额37.73亿元，换手率2.27%，盘后龙虎榜数据显示，深股通专用席位买入 3.37亿元并卖出5.83亿元，1家机构专用席位净买入7491.81万元，有4家机构专用席位净卖出4.44亿元。 ...

Group 1 - The core viewpoint of the article highlights the impressive performance of fund manager Ren Jie, who achieved a 233% annual return in 2025, and his latest portfolio reveals new investments and adjustments in holdings [1][2] - Ren Jie's top ten holdings include new positions in Dongshan Precision, Jingwang Electronics, Industrial Fulian, and Cambridge Technology, while he increased stakes in Shengyi Technology, Huadian Shares, Xinyi Technology, Shenzhen South Circuit, and Tianfu Communication, and reduced his position in Zhongji Xuchuang [1][2] - The report indicates that Ren Jie remains optimistic about AI, focusing on global cloud computing investments, and notes the performance of various indices during the fourth quarter of 2025 [2] Group 2 - The AI industry is experiencing a significant leap due to the launch of new multimodal models by leading companies, showcasing unique advantages in model iteration efficiency and application capabilities [3] - The application ecosystem is transitioning from scale expansion to structural upgrades, with a focus on user segmentation, differentiated capabilities, and deeper service offerings in high-barrier verticals like healthcare and enterprise-level applications [4] - The global AI model industry is in a phase of continuous capability enhancement and expanding application scenarios, indicating strong sustainability and certainty in development [5]

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]

Market Overview - US stock market continues to rise, with Dow Jones up 0.63%, Nasdaq up 0.91%, and S&P 500 up 0.55% [1] - Meta shares increased by 5.66%, marking the largest single-day gain since July 31 [1] - Tesla shares rose by 4.15%, while Microsoft and Amazon saw increases of at least 1.31% [1] Company Developments - Intel's Q1 guidance is disappointing, leading to a post-market drop of over 10% [2] - Nvidia completed a $5 billion investment in Intel in Q4 [2] - Tesla plans to sell humanoid robots to the public by the end of this year or next year [3] - OpenAI is quietly developing humanoid robots with a team of 100 in San Francisco [4] - Meta's Threads platform has surpassed 400 million monthly active users and is launching ads globally [5] Commodity Insights - Goldman Sachs raised its gold price target to $5,400, indicating that wealthy individuals are competing with central banks for limited physical reserves [6] - COMEX gold futures rose by 1.97%, while silver futures increased by 4.05%, both reaching historical highs [7] - US natural gas futures prices surged by 81% within three days, reaching the highest level since December 2022 [7] Regulatory and Policy Updates - The People's Bank of China (PBOC) Governor Pan Gongsheng stated there is still room for further interest rate cuts and reserve requirement ratio reductions this year [8] - The Ministry of Commerce and other departments encourage horizontal mergers and acquisitions in the pharmaceutical retail sector [12] - The State Council's Food Safety Office is drafting national standards for prepared dishes and will seek public opinions soon [12] Industry Trends - The semiconductor industry is seeing significant developments, with Alibaba's T-HEAD planning for an independent IPO [10] - The prepared food sector is undergoing a transformation, with a focus on quality and safety in the supply chain [11] - The retail pharmacy industry is expected to accelerate consolidation, with a projected decrease in the number of pharmacies by nearly 20,000 since Q4 2024 [13] Financial Projections - Zhaoyi Innovation expects a net profit of approximately 1.61 billion yuan for 2025, a 46% increase year-on-year [17] - Shengmei Shanghai anticipates revenues between 6.68 billion and 6.88 billion yuan for 2025, reflecting a growth of 18.91% to 22.47% [18] - Runtu Co. forecasts a net profit of 600 million to 700 million yuan for 2025, representing a growth of 181.05% to 227.89% [18]

Group 1 - The core point of the article highlights that the Yongying Technology Smart Selection fund, managed by Ren Jie, achieved an impressive annual return of 233.26% in 2025, breaking the 18-year record for the highest annual return previously held by Wang Yawei [1] - The fund significantly outperformed its benchmark, with net asset values for its A and C shares at 3.7795 yuan and 3.7523 yuan respectively by the end of Q4 2025, reflecting growth rates of 13.18% and 13.01%, while the benchmark recorded a return of -2.39% [1] - The fund's equity investment allocation decreased from 91.59% in Q3 to 78.76% in Q4, with increased holdings in bank deposits and clearing reserves, and a complete exit from previous bond investments [1] Group 2 - In Q4 2025, the top ten holdings of the Yongying Technology Smart Selection fund included companies such as Shengyi Technology, Zhongji Xuchuang, and Hushan Electronics, among others [2] - Compared to Q3 2025, the fund increased its positions in several stocks including Hushan Electronics and Shengyi Technology, while reducing its stake in Zhongji Xuchuang by 17% [3] - The fund continued to focus on global cloud computing investments, leveraging insights from the AI industry and advancements in new technologies [3] Group 3 - The Gemini model has been gaining market share in the consumer sector, while other model companies are also experiencing healthy growth and increasing investments to enhance their capabilities [4] - The application ecosystem is transitioning from rapid user growth to structural upgrades, with a focus on differentiated capabilities and service depth in various sectors, including healthcare and enterprise applications [4] - The global AI model industry is in a phase of continuous capability enhancement and expanding application scenarios, indicating strong sustainability and certainty in its development [5] Group 4 - The architecture of computing power is evolving to meet the changing demands of models and applications, with innovations such as CPO/NPO and orthogonal backplane technologies being introduced [5] - Companies that engage early with leading manufacturers in research and supply chain collaboration are expected to gain significant industry benefits as penetration rates increase [5] - The fund will continue to prioritize investments in the global cloud computing sector, particularly in optical communication and PCB directions [5]

Core Insights - The report highlights a significant expansion in the scale and positioning of equity funds as the 2025 quarterly reports are disclosed, with over 3,300 funds having completed their disclosures by January 21 [1] - More than 40% of actively managed equity funds reported positive returns for the quarter, outperforming benchmarks, driven by a structural market rally influenced by debt reduction policies, expectations of preventive interest rate cuts by the Federal Reserve, and marginal improvements in corporate earnings [1] - The technology and non-ferrous metals sectors led the market, contributing to substantial excess returns for funds heavily invested in these areas [1] Fund Performance and Trends - The fund managed by Ren Jie, Yongying Technology Smart Selection A, achieved a cumulative return of 233.29% for the year, with a total scale reaching 15.468 billion yuan, a quarter-on-quarter increase of 34.26% [2] - A total of 45 funds doubled their scale in a single quarter, with some "mini funds" experiencing scale increases exceeding 40 times, showcasing a typical characteristic of smaller funds being more agile [3] - The rapid scale increase of these funds is attributed to three common factors: small initial scale allowing for performance elasticity, concentrated industry allocation focusing on AI computing power, semiconductor equipment, and copper-aluminum sectors, and decisive actions by fund managers to quickly build positions at the onset of market rallies [3] Challenges and Adjustments - The significant scale growth poses management challenges, leading some funds to limit purchases to control rapid growth and avoid strategy capacity exceeding limits, which could dilute returns [4] - In terms of industry allocation, the technology sector remains the most consensus-driven core line among fund managers, with some funds reducing positions in previously high-performing stocks that have reached reasonable valuation levels, while increasing allocations to second-tier stocks and upstream equipment materials [5] Specific Fund Adjustments - For instance, Yongying Technology Smart Selection A reduced its stock position from 94.41% to 80.34%, a decrease of over 14 percentage points, showing caution towards the core stock "Yizhongtian" [5] - The fund manager Feng Ludan's China Europe Digital Economy also exhibited similar adjustments, slightly reducing stock positions while increasing holdings in Dongshan Precision and Shennan Circuit, and significantly reducing positions in Zhongji Xuchuang and Xinyi Sheng [6] Investment Strategy Insights - The report emphasizes the importance of analyzing "invisible heavy stocks" in quarterly reports, as the real insights may lie in the 11th to 20th largest holdings, which can indicate a shift in fund manager strategies [8] - Tracking changes in "institutional investor share ratios" can serve as a barometer for smart money, with significant increases indicating recognition from long-term funds, which can stabilize future fund redemptions and enhance net value stability [8] - The operational analysis section of the reports is crucial for understanding fund managers' strategies, with key phrases indicating recognition of misjudgments, warnings about current valuations, and adjustments in holdings [9]

Core Viewpoint - The PCB sector in A-shares is experiencing a strong upward trend driven by the explosive growth of AI applications, with significant performance improvements expected in the industry [1][3]. Group 1: Industry Performance - As of January 21, 2026, the PCB sector index has seen a cumulative increase of over 8% since the beginning of the year, with a daily rise of 3.77% on January 21 [1][4]. - The demand for high-end circuit boards, particularly HDI and high-layer boards, is being driven by the rapid penetration of AI servers and smart driving technologies [3]. - The global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, reaching an estimated value of about $94.661 billion by 2029, with a compound annual growth rate of around 5.2% [3]. Group 2: Financial Performance - As of January 20, 2026, PCB concept stocks have seen a net financing inflow of 1.674 billion yuan, with nine stocks, including Xingsen Technology and Yongda Photonics, having net purchases exceeding 100 million yuan [4]. - Among nearly 50 PCB stocks in A-shares, 37 companies reported year-on-year profit growth or reduced losses in the first three quarters of 2025, indicating a strong recovery in the industry [4]. - Jin'an Guoji expects a net profit of 280 million to 360 million yuan for 2025, representing a year-on-year increase of 655.53% to 871.40%, driven by improved market conditions and optimized product structure [5]. Group 3: Company Developments - Shenghong Technology anticipates a net profit of 4.16 billion to 4.56 billion yuan for 2025, reflecting a year-on-year growth of 260.35% to 295%, supported by large-scale production in AI computing and data center sectors [5]. - Shenzhen South Circuit achieved a net profit of 2.326 billion yuan in the first three quarters of 2025, setting a record for annual net profit since its listing, and is actively expanding production capacity [6]. - The entire PCB supply chain is benefiting, with Inno Laser reporting nearly 90 million yuan in orders for PCB forming equipment since 2025, indicating a prosperous industry landscape [6].

Group 1 - The A-share market saw active trading in PCB concept stocks, with notable gains in several companies [1] - Tian Tong Co., Ltd. and Jin An Guo Ji both reached the daily limit up, while Xian Feng Holdings also showed significant growth [1] - Other companies like Da Zhu CNC and Si Hui Fu Shi experienced increases of over 9%, indicating strong market interest [1] Group 2 - Tian Tong Co., Ltd. had a price increase of 10.03%, with a total market capitalization of 16.2 billion [2] - Jin An Guo Ji rose by 10.01%, bringing its market value to 17 billion, and has a year-to-date increase of 39.44% [2] - Xian Feng Holdings increased by 9.97%, with a market cap of 4.328 billion and a year-to-date growth of 12.33% [2] - Da Zhu CNC saw a rise of 9.37%, with a market capitalization of 75.1 billion and a year-to-date increase of 48.57% [2] - Si Hui Fu Shi's stock price increased by 9.14%, with a market cap of 7.305 billion and a year-to-date growth of 19.20% [2] - Baiyin Youse and Zhongjing Electronics both experienced gains of over 6%, with market caps of 67.8 billion and 7.952 billion respectively [2] - Guanghe Technology and Chongda Technology saw increases of over 5%, with market caps of 43 billion and 18.8 billion respectively [2]

Group 1 - The A-share market saw active trading in PCB concept stocks on January 22, with notable gains in several companies [1] - Tian Tong Co., Ltd. and Jin An Guo Ji both reached the daily limit up, while Xian Feng Holdings increased by nearly 10% [1] - Other companies such as Dazhu CNC and Sihui Fushi rose over 9%, indicating strong market interest in the PCB sector [1] Group 2 - Tian Tong Co., Ltd. had a market cap of 16.2 billion and a year-to-date increase of 0.30% [2] - Jin An Guo Ji reported a market cap of 17 billion with a significant year-to-date increase of 39.44% [2] - Xian Feng Holdings had a market cap of 4.328 billion and a year-to-date increase of 12.33% [2] - Dazhu CNC's market cap was 75.1 billion with a year-to-date increase of 48.57% [2] - Sihui Fushi had a market cap of 7.305 billion and a year-to-date increase of 19.20% [2] - Baiyin Youse's market cap was 67.8 billion with a year-to-date increase of 56.58% [2] - Zhongjing Electronics had a market cap of 7.952 billion and a year-to-date increase of 6.57% [2] - Guanghe Technology's market cap was 43 billion with a year-to-date increase of 23.74% [2] - Chongda Technology had a market cap of 1.88 billion and a year-to-date increase of 12.74% [2]