Core Viewpoint - The public fund holdings in 2025 show a significant shift towards technology growth sectors, moving away from traditional consumer and financial sectors, with Ningde Times consistently ranking as the top heavy stock throughout the year [9][10]. Group 1: Changes in Top Holdings - Ningde Times maintained its position as the top heavy stock across all quarters, with a market value of 146.8 billion in Q1, 142.7 billion in Q2, 207.1 billion in Q3, and 181.9 billion in Q4 [3]. - Guizhou Moutai, a traditional consumer staple, saw a decline in its ranking and market value, dropping from second place at the beginning of the year to fifth by Q4 [10]. - Tencent Holdings remained relatively stable, fluctuating between second and fourth positions throughout the year [10]. - Notable rises in rankings were observed for technology stocks such as Zhongji Xuchuang and Xinyi Sheng, which entered the top ten in Q3 and Q4, indicating a strong demand driven by AI computing needs [10]. Group 2: Changes in Industry Holdings - The electronics sector consistently ranked as the top industry for public fund holdings across all four quarters, with investment values increasing from 518.9 billion in Q1 to 774.5 billion in Q4 [6]. - The food and beverage sector declined from second place in Q1 to seventh place by Q4, reflecting a shift in investor preference [12]. - The medical and biological sector maintained a strong presence in the first three quarters but was surpassed by the electric equipment and communication sectors in Q4 [12]. - The electric equipment sector rose from fourth place at the beginning of the year to second place by Q4, while the communication sector made a notable leap from outside the top ten to third place [12]. - Non-bank financial and banking sectors experienced an overall decline in rankings, while the non-ferrous metals sector entered the top six in Q4 [13].

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]

中际旭创成交额达200亿元，现跌6.28%。 ...

Core Viewpoint - The report highlights the strategic adjustments made by Xingquan Fund in its mixed securities investment fund, focusing on increasing positions in semiconductor-related stocks and emphasizing the potential of domestic storage manufacturers ahead of their anticipated IPOs in 2026 [1][3]. Group 1: Fund Performance - Xingquan He Run Mixed A achieved a profit of approximately 1.858 billion yuan, with a net loss of about 974 million yuan during the reporting period, resulting in a net asset value of approximately 21.688 billion yuan and a net asset value per share of 2.0802 yuan [2]. - Xingquan He Run Mixed C reported a profit of around 7.4413 million yuan, with a net loss of about 172.69 thousand yuan, leading to a net asset value of approximately 135 million yuan and a net asset value per share of 2.0717 yuan [2]. - The net asset value growth rate for Xingquan He Run Mixed A was -3.81%, while the benchmark return for the same period was -0.13% [2]. Group 2: Market Insights - The fourth quarter saw increased market volatility, with indices entering a fluctuating trend, yet opportunities remained abundant, particularly around AI-related sectors [2][3]. - The overseas computing power sector, exemplified by optical modules, continued to reach new highs due to increased orders from major clients and advancements in new technologies [2]. - Domestic supply chain leaders in optical modules and PCB are gaining greater influence on the international stage, while breakthroughs are being made in liquid cooling and power supply sectors [2][3]. Group 3: Investment Strategy - The fund maintained a high position during the reporting period and plans to continue tracking changes in core competitiveness over a longer cycle, aiming to uncover investment opportunities arising from technological transformations and sectoral reversals [3]. - The domestic semiconductor industry is experiencing heightened activity, particularly with the anticipated IPOs of domestic storage manufacturers in 2026, making domestic semiconductor equipment and consumables a focal point for investment [3].

Group 1 - The CPO concept stocks in the A-share market experienced a collective decline, with notable drops in companies such as Xinyisheng and Zhongji Xuchuang falling over 6% [1] - Other companies like Tianfu Communication and Hengtong Optics also saw significant declines, with drops exceeding 5% and 4% respectively [1] - The overall trend indicates a bearish sentiment in the CPO sector, impacting multiple stocks negatively [1] Group 2 - Specific stock performance data shows Xinyisheng down by 6.65% with a total market value of 380.1 billion, and a year-to-date decline of 11.24% [2] - Zhongji Xuchuang decreased by 6.12%, with a market capitalization of 647.8 billion and a year-to-date drop of 4.43% [2] - Tianfu Communication fell by 5.58%, holding a market value of 146.8 billion and a year-to-date decline of 6.99% [2]

Group 1 - The A-share market is experiencing a rotation of hotspots, with strength in new energy and non-ferrous metals, while AI hardware is undergoing a collective pullback [1] - The AI ETF Huaxia (159381) saw a significant inflow of funds, with a net subscription of 966 million yuan over the past 60 days, despite a midday drop of 0.68% [1] - The ETF tracks an index with half of its weight in optical module CPO, with the top three weighted stocks being Zhongji Xuchuang (15.64%), Xinyi Sheng (15.57%), and Tianfu Communication (6.85%) [1] Group 2 - The communication ETF Huaxia (515050) tracks the CSI 5G communication theme index, with a latest scale exceeding 8 billion yuan, focusing on electronic and communication computing hardware [2] - The index has a combined weight of over 76% in CPO and CPB concept stocks, ranking first in the entire market [2] - The top five weighted stocks in the communication ETF include Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, Industrial Fulian, and Zhaoyi Innovation [2]

Core Insights - The top holdings of active equity funds have shifted, with Zhongji Xuchuang and Xinyi Sheng surpassing CATL and Tencent as the top two positions [1][2] Group 1: Fund Holdings Changes - As of the end of Q4 2025, Zhongji Xuchuang (300308.SZ) and Xinyi Sheng (300502.SZ) have become the top two holdings in active equity funds, overtaking CATL (300750.SZ) and Tencent (00700.HK) [1] - Significant increases in holdings were noted, with the Invesco Great Wall Fund increasing its stake in Zhongji Xuchuang by 1.747 million shares, making it the fund's largest holding [1] - The GF Technology Pioneer Fund also increased its position in Zhongji Xuchuang by 1.076 million shares, marking its first investment in the stock [1] Group 2: Other Notable Changes - In Q4 2025, major reductions were observed in holdings of traditional leaders like CATL and Tencent, which fell to third and fourth positions respectively [2] - East Mountain Precision (002384.SZ) saw a substantial increase of 8.785 million shares, entering the top ten holdings of active equity funds [2] - The overall trend indicates a shift from traditional consumer internet stocks to AI hardware and semiconductor sectors, reflecting a structural rebalancing by institutions [3]

Group 1 - The main stocks with significant capital outflows include Xinyi Technology (-2.456 billion), Liou Co. (-2.357 billion), and Zhongji Xuchuang (-2.056 billion) [1] - The sectors affected by the capital outflows include communication equipment, internet services, consumer electronics, and computer equipment [2][3] - Notable declines in stock prices were observed, with Xinyi Technology down by 6.71%, Zhongji Xuchuang down by 6.1%, and China Great Wall down by 6% [2][3] Group 2 - Other companies experiencing capital outflows include Sanhua Intelligent Control (-1.467 billion), Huadian Co. (-1.095 billion), and Lixun Precision (-1.062 billion) [1] - The data indicates a trend of capital leaving the communication equipment and electronic components sectors, with significant outflows from companies like Tianfu Communication and Shenghong Technology [3] - The overall market sentiment appears negative, as reflected in the stock price declines across multiple sectors [2][3]

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index up by 0.27%, the Shenzhen Component Index up by 0.24%, and the ChiNext Index down by 0.17% as of midday trading [1][2] - The North Star 50 Index surged by 3.36%, with total trading volume in the Shanghai, Shenzhen, and Beijing markets reaching 19,136 billion yuan, an increase of 1,239 billion yuan compared to the previous day [1][2] Sector Performance - Key sectors that saw significant gains include photovoltaic equipment, precious metals, commercial aerospace, pharmaceutical retail, AI applications, horse racing, and battery industries [1][2] - Conversely, sectors that experienced declines include insurance, coal mining and processing, semiconductors, banking, and shale gas [1][2] Notable Stocks - Commercial aerospace and space photovoltaic sectors experienced a collective surge, with stocks like Jieli Suojue achieving three consecutive trading limits, while Zhongchao Holdings, Junda Co., and Western Materials recorded two consecutive limits [1][2] - The retail pharmacy sector performed well due to policy support for mergers and acquisitions, with stocks like Renmin Tongtai and Yifeng Pharmacy hitting trading limits [1][2] - International gold prices approached 5,000 USD, leading to a significant rise in gold stocks, with Baiyin Youse recording four consecutive trading limits [1][2] Market Dynamics - AI applications, battery, and chemical sectors showed notable activity during the trading session [1][2] - Some computing hardware stocks experienced a pullback, with Xinyi Sheng dropping over 6%, and stocks like Tianfu Communication, Zhongji Xuchuang, and Industrial Fulian also declining [1][2] - Several broad-based ETFs saw increased trading volumes, putting pressure on the three major indices [1][2]

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]