Group 1: AI Computing Sector Performance - The AI computing sector has rebounded for the second consecutive day, with the cloud computing ETF Huatai (159273) rising by 1.18% and achieving a trading volume exceeding 240 million yuan [1] - Continuous capital inflow has been observed for five days, accumulating over 120 million yuan [1] Group 2: Market Reactions to Greenland Crisis - The U.S. government announced a framework agreement regarding the Greenland issue, which is expected to benefit the U.S. and all NATO member countries [3] - Following this announcement, U.S. stock markets surged, with all three major indices rising by over 1% [3] Group 3: Cloud Computing ETF Performance - The majority of the weighted stocks in the Huatai cloud computing ETF showed positive performance, with notable gains from companies such as Zhongji Xuchuang (up nearly 7%) and Runze Technology (up over 4%) [4] - The trading volume for Zhongji Xuchuang reached 24.275 billion yuan, while Alibaba-W had a trading volume of 9.837 billion yuan [5] Group 4: Supply and Demand Dynamics in Domestic Computing Power - Domestic computing power is experiencing steep growth due to high supply and demand, driven by increased AI application in mobile devices and policy support for energy-efficient computing hardware [6] - The scaling law for large models continues to enhance training demand, while domestic GPU performance is improving, facilitating the adaptation of local CSP manufacturers [6] Group 5: Future Projections for Domestic Computing Power - The intelligent computing capacity in China is projected to maintain a compound annual growth rate of 57% from 2020 to 2028 [7] - Domestic general-purpose GPUs are advancing from "usable" to "highly usable," significantly narrowing the performance gap with international competitors [7] Group 6: Light Module Demand Forecast - Nomura Oriental predicts that the demand for optical modules will remain strong due to increased investment in AI infrastructure and supply chain constraints, with significant growth expected through 2026 and beyond [8] - The upgrade of 1.6T optical modules and silicon photonics technology is identified as a key growth driver for the industry [8]

Market Overview - The Shanghai Composite Index closed at 4122.58 points, up 0.14%, with a trading volume of 1201.8 billion yuan [1] - The Shenzhen Component Index closed at 14327.04 points, up 0.5%, with a trading volume of 1489.968 billion yuan [1] - The ChiNext Index closed at 3328.65 points, up 1.01%, with a trading volume of 686.176 billion yuan [1] - The STAR Market 50 Index closed at 1541.64 points, up 0.41%, with a trading volume of 114.5 billion yuan [1] - The total trading volume of the Shanghai and Shenzhen markets was 2691.768 billion yuan, an increase of 91.051 billion yuan compared to the previous trading day [1] Sector Performance - Strong sectors included construction materials, defense and military, oil and petrochemicals, telecommunications, coal, steel, chemicals, and environmental protection [2] - Active concepts included oil and gas services, helium, aircraft carriers, nanomaterials, commercial aerospace, 6G, glyphosate, controlled nuclear fusion, and marine economy [2] - Weak sectors included beauty and personal care, non-ferrous metals, precious metals, pharmaceuticals and biotechnology, insurance, and automotive [2] Individual Stock Performance - A total of 3373 stocks rose, while 1696 stocks fell, with 107 stocks remaining flat and 7 stocks suspended [2] - Among the stocks that hit the daily limit, 92 stocks rose to the limit, while 5 stocks fell to the limit [2] - The stock with the most consecutive limit-ups was Fenglong Co., with 17 consecutive limit-ups [5] Capital Flow - The net outflow of main funds in the Shanghai and Shenzhen markets was 10.442 billion yuan [6] - The communication sector saw the highest net inflow of main funds, amounting to 7.884 billion yuan [6] - The defense and military, non-bank financial, and machinery sectors also experienced significant net inflows of 2.916 billion yuan, 1.371 billion yuan, and 689 million yuan, respectively [6] Notable Stocks - 132 stocks received net inflows of over 1 billion yuan, with Xinyi Sheng receiving the highest net inflow of 2.193 billion yuan [8] - The stocks with the highest net outflows included Sanhua Intelligent Control, with a net outflow of 2.431 billion yuan [11] - Institutional investors net bought 16 stocks, with Hunan Baiyin being the most purchased stock at approximately 363.341 million yuan [14]

沪指今日收盘上涨0.14%。资金面上看，沪深两市全天特大单净流出75.16亿元，共计2144股特大单净流 入，2799股特大单净流出。 从申万一级行业来看，今日有16个行业特大单资金净流入，通信特大单净流入规模居首，净流入资金 87.51亿元，该行业指数今日上涨2.83%，其次是国防军工，今日上涨3.23%，净流入资金为50.38亿元， 净流入资金居前的还有建筑材料、机械设备等行业。 两市全天特大单净流出75.16亿元，其中67股特大单净流入超2亿元，中际旭创特大单净流入27.95亿元， 特大单净流入资金居首。 特大单净流入资金排名 | 代码 | 简称 | 收盘价（元） | 涨跌幅（%） | 特大单净流入（亿元） | 行业 | | --- | --- | --- | --- | --- | --- | | 300308 | 中际旭创 | 621.00 | 6.72 | 27.95 | 通信 | | 300502 | 新易盛 | 409.70 | 3.77 | 24.89 | 通信 | | 000066 | 中国长城 | 19.50 | 9.43 | 19.28 | 计算机 | | 300394 | 天孚通信 ...

证券之星消息，1月22日通信设备板块较上一交易日上涨2.94%，高新兴领涨。当日上证指数报收于 4122.58，上涨0.14%。深证成指报收于14327.05，上涨0.5%。通信设备板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300098 | 高新兴 | 7.13 | 7.70% | 241.56万 | 17.21亿 | | 688283 | 坤恒顺维 | 48.26 | 7.27% | 2.39万 | + 1.13亿 | | 300308 | 中际旭创 | 621.00 | 6.72% | 40.19万 | 242.75亿 | | 600105 | 永鼎股份 | 27.80 | 6.39% | 181.52万 | 49.55 Z | | 300394 | 天孚通信 | 199.98 | 5.96% | 50.81万 | 100.19亿 | | 301191 | 菲菱科恩 | 112.08 | 5.35% | 3.27万 | 3.61亿 | | 688387 | 信科移 ...

Market Performance - On January 22, the A-share market experienced a morning surge followed by a pullback, with the three major indices closing in the green, and the ChiNext Index rising nearly 1% [1][6] - The ChiNext 50 ETF (159949) increased by 1.04%, closing at 1.558 yuan, with a turnover rate of 5.20% and a transaction volume of 1.299 billion yuan, ranking first among similar ETFs [1][6] Liquidity and Trading Data - As of January 22, the ChiNext 50 ETF (159949) recorded a cumulative transaction amount of 38.006 billion yuan over the last 20 trading days, with an average daily transaction amount of 1.900 billion yuan; since the beginning of the year, the cumulative transaction amount over 14 trading days was 27.332 billion yuan, with an average daily transaction amount of 1.952 billion yuan [2][7] - The circulating scale of the ChiNext 50 ETF was 24.900 billion yuan as of January 21, 2026 [2][7] Fund Holdings and Performance - The latest quarterly report indicates that the top ten holdings of the ChiNext 50 ETF (159949) showed mixed performance, including stocks like CATL, Zhongji Xuchuang, and Mindray Medical [3][8] - The fund manager noted that the fourth quarter saw a return to structural market trends, with significant divergence in the ChiNext, particularly in sectors like AI and new energy [10] Investment Outlook - The ChiNext 50 ETF is viewed as a convenient tool for long-term investors interested in China's technology growth sector, with a three-year return of 35.16%, outperforming its benchmark and ranking 526th among 1,633 similar products [5][11] - Recommendations for investors include adopting a dollar-cost averaging strategy or phased investment to smooth out short-term volatility while closely monitoring the performance of constituent stocks and relevant policy developments [5][11]

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]

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]

【 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 ...

1月22日，沪深两市成交额合计2.69万亿元，较上一交易日放量约910.31亿元。其中，沪市成交额1.2万 亿元，深市成交额1.49万亿元。中际旭创成交额居首，为242.75亿元。其后是澜起科技、航天电子、新 易盛、通富微电，成交额分别为194.57亿元、189.3亿元、176.14亿元、162.47亿元。 ...