Core Insights - The fund managed by Ren Jie, Yongying Technology Smart A, achieved an impressive year-to-date return of 239.78% as of December 30, 2025, securing the annual fund champion title ahead of its competitors [1][3][7] - This performance surpassed the previous record of 226.24% held by legendary fund manager Wang Yawei for 17 years, setting a new historical record [1][7] - Ren Jie, a relatively new fund manager who began managing public funds in late October 2024, successfully transitioned from a researcher to a fund manager overseeing over 10 billion yuan [1][12] Performance Metrics - As of December 30, 2025, Yongying Technology Smart A recorded a maximum drawdown of 27.04% and an annualized volatility of 47.42% [3] - In comparison, the average return for equity mixed funds during the same period was approximately 33%, with an average maximum drawdown of about 15% and an average annualized volatility of around 23% [6] Fund Characteristics - Yongying Technology Smart A was established on October 30, 2024, with an initial scale of approximately 10.32 million yuan, of which about 98% was subscribed by Yongying Fund and company employees [6] - By the end of the third quarter of 2025, the fund's scale surged to 11.52 billion yuan, achieving over a thousand-fold growth in just one year [6] Investment Strategy - The fund's significant performance was attributed to a strategic shift towards the "overseas computing power industry chain" in the second quarter of 2025, which was a key differentiating decision compared to many tech funds that were still focused on domestic developments [8][10] - Ren Jie emphasized the importance of capturing "changes" in the market, focusing on both performance changes validated by high-frequency data and valuation changes driven by market dynamics [14][21] Stock Selection and Concentration - The fund's holdings were heavily concentrated in leading stocks within the optical communication and PCB sectors, which demonstrated substantial performance, with many stocks rising over 75% in the latter half of 2025 [10] - The top ten holdings as of the end of the third quarter included companies like Xin Yi Sheng, Zhong Ji Xu Chuang, and Tian Fu Communication, all of which are key players in the overseas computing power industry chain [10] Market Context and Future Considerations - The fund's extreme performance is seen as a result of deep industry research, precise sector shifts, and favorable market conditions, but it also faces challenges related to high concentration, volatility, and limited capacity [20][21] - The phenomenon of "champion curse" suggests that funds with extreme high returns often experience significant drawdowns in subsequent years, raising questions about the sustainability of such performance [20]

Core Viewpoint - The ChiNext AI Index has shown significant growth, with a year-to-date increase of 107.21%, outperforming other AI-related indices [3][9]. Group 1: Market Performance - On December 30, the ChiNext AI Index rebounded by 1%, with many constituent stocks showing positive performance, particularly in AI applications and computing power sectors [1][7]. - The leading stock, BlueFocus, surged by 7%, while other notable gainers included Yidian Tianxia and Hand Information, both rising over 3% [1][7]. - The ChiNext AI ETF (159363) closed up 1.12% at a record high of 0.993 yuan, with a daily trading volume exceeding 500 million yuan and a net subscription of 36 million units [1][7]. Group 2: Industry Insights - The acquisition of AI application developer Manus by Meta for several billion dollars is expected to catalyze growth in the AI application sector, marking Meta's third-largest acquisition [4][11]. - Analysts predict a high degree of certainty in the large model's market in 2026, with competition for consumer traffic being a key focus for AI applications next year [4][11]. - The computing power sector is anticipated to enter a new growth phase, with leading optical module manufacturers accelerating production in mainland China and Thailand [4][11][5]. Group 3: Investment Recommendations - Companies are advised to focus on the first ChiNext AI ETF (159363) and its related funds, which have a significant allocation towards computing power and AI applications [5][12]. - The ETF's portfolio is heavily weighted towards computing power, with over 70% allocated to this sector and more than 20% to AI applications, allowing for effective capture of AI market trends [5][12].

| 代码 | 股票名称 | 成交额(亿元) | 换手率 | 涨跌幅 | 所属热门题材 | | --- | --- | --- | --- | --- | --- | | 000547.SZ | 航天发展 | 216.2 | 42.53% | -3.13% | 商业航天、军工信息化、 卫星通信 | | 600118.SH | 中国卫星 | 198.7 | 18.69% | -1.91% | 商业航天、卫星制造 | | 300308.SZ | 中际旭创 | 164.6 | 2.36% | 2.27% | CPO概念、光模块、AI算 力、800G/1.6T | | 002202.SZ | 金风科技 | 144.4 | 20.37% | -6.74% | 风电设备、新能源、储 | | | | | | | 能、氢能源 | | 002050.SZ | 三花智控 | 141.3 | 7.63% | 9.99% | 新能源汽车热管理、人形 机器人、特斯拉链 | | 600879.SH | 航天电子 | 132.7 | 20.42% | 0.52% | 航天电子信息、无人系 统、卫星导航 | | 688256.SH | 寒武纪 ...

Group 1 - A total of 88 stocks in the A-share market experienced block trading today, with a total transaction value of 2.359 billion yuan [1] - The top three stocks by transaction value were Giant Network at 302 million yuan, Muyuan Foods at 187 million yuan, and New Asia Electronics at 130 million yuan [1] - Among the stocks, 4 were traded at par, 4 at a premium, and 80 at a discount; the highest premium rates were for Shenghua Biotech at 8.2%, Vanke A at 2.6%, and Jinko Power at 1.07% [1] Group 2 - The top buying amounts from institutional special seats were led by Giant Network at 302 million yuan, followed by Changchuan Technology at 105 million yuan and Tuojing Technology at 103 million yuan [2] - The top selling amounts from institutional special seats were led by Jinko Power at 99.4 million yuan and Zhongji Xuchuang at 16.36 million yuan [2]

Group 1 - The communication equipment sector increased by 0.48% on December 30, with DingTong Technology leading the gains [1] - The Shanghai Composite Index closed at 3965.12, showing no change, while the Shenzhen Component Index closed at 13604.07, up by 0.49% [1] - Notable gainers in the communication equipment sector included DingTong Technology, which rose by 10.28% to a closing price of 129.61, and Dongfang Communication, which increased by 10.03% to 16.89 [1] Group 2 - The communication equipment sector experienced a net outflow of 2.781 billion yuan from institutional investors, while retail investors saw a net inflow of 2.513 billion yuan [2] - The top individual stock performers in terms of net inflow included Tianfu Communication with a net inflow of 3.55 million yuan from institutional investors [3] - DingTong Technology had a net inflow of 79.2142 million yuan from institutional investors, despite a net outflow from retail investors [3]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector saw a 4.21% increase in the 52nd week of 2025, ranking 8th among major industries in the Yangtze River region. Year-to-date, the sector has risen by 87.14%, ranking 1st [2][4]. - Nvidia has entered a non-exclusive licensing agreement with AI inference chip leader Groq, with a transaction value of $20 billion, significantly above Groq's September valuation of $6.9 billion. This acquisition enhances Nvidia's capabilities in inference processing [5]. - Alibaba's Tongyi Laboratory has launched a self-developed layered architecture image model, Qwen-Image-Layered, which optimizes computing power and enables precise image editing, facilitating the international expansion of domestic multimodal large models [6]. - The Long March 12 rocket successfully completed its first flight, marking a milestone for China's commercial aerospace sector, with new regulations facilitating the listing of rocket companies on the Sci-Tech Innovation Board [7]. Summary by Sections Market Performance - In the 52nd week of 2025, the communication sector increased by 4.21%, with a year-to-date rise of 87.14%, leading among major industries [2][4]. - Top gainers in the sector include Tongyu Communication (+30.7%), Yongding Co. (+28.1%), and Beidou Star (+27.3%), while China Telecom (-5.3%), Dekeli (-3.6%), and Shijia Photon (-3.6%) faced declines [4]. Key Developments - Nvidia's acquisition of Groq focuses on Groq's LPU architecture, which uses on-chip SRAM to enhance memory access speed, improving the overall inference processing ecosystem [5]. - Alibaba's Qwen-Image-Layered model breaks traditional diffusion model limitations, achieving element-level decoupling and precise editing, thus supporting the export of domestic multimodal models [6]. - The successful flight of the Long March 12 rocket represents a significant advancement in commercial aerospace, with new guidelines supporting the listing of rocket companies [7]. Investment Recommendations - Recommended operators include China Mobile, China Telecom, and China Unicom. - For optical modules, recommended companies are Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Shijia Photon, with attention to Taicheng Light and Yuanjie Technology. - In liquid cooling, the recommendation is for Yingweike, while for hollow core fibers, Fenghuo Communication, Hengtong Optic-Electric, and Zhongtian Technology are suggested, with a focus on Changfei Optical Fiber. - For domestic computing power, recommended companies include Runze Technology, Guanghuan New Network, Aofei Data, Huafeng Technology, Guangxun Technology, ZTE, and Unisplendour. - In AI applications, recommended firms are Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication, Meige Intelligent, and Guanghetong. - For satellite applications, recommended companies include Huace Navigation, Haige Communication, and Canqin Technology [8].

Core Viewpoint - The global technology giants, represented by Google, are systematically expanding AI computing power infrastructure through models, chips, and ecosystem initiatives, which provides strong long-term support for the demand for upstream high-speed optical modules [2]. Group 1: AI Computing Power Infrastructure Expansion - The model side is lowering the application threshold for enterprises by launching low-cost, high-performance inference models like Gemini 3 Flash, stimulating the demand for large-scale inference computing power [2]. - On the hardware side, the acceleration of computing cluster deployment is driven by increased orders for self-developed TPUs and collaboration with the industry chain, directly boosting the demand for high-speed internal interconnects in data centers [2]. - The ecosystem side is attracting a broader developer base through initiatives like "TorchTPU," expanding the customer base for computing power services [2]. Group 2: Market Trends and Predictions - The expansion of AI computing infrastructure is expected to lead to a surge in data center traffic, making 800G/1.6T high-speed optical modules essential components [2]. - According to industry research firm LightCounting, the global optical module market is projected to exceed $37 billion by 2029, with 1.6T optical modules expected to enter commercial use in 2025, with initial global demand estimated at 2.5 million to 3.5 million units [2]. - The transition between technology generations is anticipated to concentrate industry value in high-end segments [2]. Group 3: Investment Opportunities - The ChiNext AI ETF (159382.SZ) is highly focused on key segments like optical modules, with the top three constituent stocks accounting for nearly 39% of the index weight, positioning it to benefit directly from hardware upgrades and demand surges driven by AI computing infrastructure [2].

Core Viewpoint - The A500 ETF Southern (159352) is experiencing significant market activity and positive performance, reflecting a broader bullish sentiment in the Chinese stock market, particularly as it approaches key resistance levels like the 4000-point mark on the Shanghai Composite Index [1][2]. Group 1: A500 ETF Performance - As of December 30, 2025, the A500 ETF Southern (159352) increased by 0.48%, with a turnover rate of 18.06% and a total transaction volume of 8.405 billion yuan, indicating active market participation [1]. - In the past five trading days, the A500 ETF Southern saw net inflows on four occasions, totaling 6.774 billion yuan [1]. - The A500 ETF closely tracks the CSI A500 Index, which is recognized as a "barometer of China's new productive forces," covering approximately 90 sub-industries and focusing on industry leaders and ESG criteria [1]. Group 2: Index Composition and Strategy - The top ten weighted stocks in the CSI A500 Index include major companies such as CATL, Kweichow Moutai, and Ping An Insurance, highlighting the index's focus on significant market players [1]. - The index employs a unique construction logic that prioritizes industry leaders and excludes negative ESG performers, aligning with national strategic industries and providing a diversified investment vehicle [1]. - The A500 ETF Southern offers a low management fee of 0.15% and a custody fee of 0.05%, making it an attractive option for investors seeking high precision and low-cost investment channels [2]. Group 3: Market Outlook - Guotai Junan Securities predicts that the Chinese stock market will stabilize and surpass critical levels, with the potential for a "transformation bull market" as the Shanghai Composite Index reaches new highs [2]. - The A500 ETF Southern is noted for its low tracking error and significant excess return rates, reinforcing its position as a reliable investment tool in the current market environment [2].

Core Viewpoints - The report anticipates a continuation of high demand for AI computing power in 2026, driven by both domestic and international investment opportunities in the computing power supply chain [21][23] - The investment strategy focuses on three main lines: embracing AI computing power, new productive forces, and core assets [21][22] Group 1: AI Computing Power Chain - The report predicts a significant increase in demand for 800G and 1.6T optical modules in 2026, benefiting leading manufacturers and upstream material suppliers [21][23] - Domestic liquid cooling manufacturers are expected to accelerate their international expansion, leveraging China's manufacturing advantages to gain market share [21][23] - The report highlights the importance of super nodes in bridging the performance gap between domestic and foreign computing cards, with 2026 projected as a pivotal year for domestic super node deployment [21][23] Group 2: Core Assets - Despite a slowdown in revenue growth for the three major domestic telecom operators, improved operational efficiency and declining capital expenditures are expected to support steady profit and dividend growth [22][21] - The telecom operators are positioned to play a crucial role in AI transformation across various industries, adhering to prudent investment and project evaluation principles [22][21] Group 3: Emerging Industries - The "14th Five-Year Plan" outlines significant investment opportunities in emerging sectors such as commercial aerospace, low-altitude economy, and quantum technology [22][21] - The commercial aerospace sector is expected to accelerate due to favorable policies, increasing launch frequencies, and technological advancements in reusable rocket technology [22][21]

Group 1 - The main capital inflow occurred in sectors such as machinery, electronics, non-ferrous metals, automobiles, and defense industry, while there was a net outflow in utilities, transportation, non-bank financials, banking, and food and beverage sectors [1] - Specific stocks that saw significant net inflows include China Satellite Communications with 2.619 billion, Shanzi Gaoke with 1.953 billion, and Zhongji Xuchuang with 1.422 billion [1] - On the other hand, stocks that experienced notable net outflows include Tianji Co. with 1.506 billion, Shenghong Technology with 0.745 billion, and Kweichow Moutai with 0.727 billion [1]