一、证券市场回顾 南财金融终端数据显示，昨日（1月27日，下同）上证综指日内上涨0.18%，收于4139.9点，最高4158.8点；深证成指日内上涨0.09%，收于14329.91点，最高 14403.6点；创业板指日内上涨0.71%，收于3342.6点，最高3366.68点。 二、融资融券情况 昨日沪深两市的融资融券余额为27144.35亿元，其中融资余额26969.49亿元，融券余额174.86亿元。两市融资融券余额较前一交易日减少20.86亿元。分市场 来看，沪市两融余额为13772.62亿元，相较前一交易日减少12.4亿元；深市两融余额13371.73亿元，相较前一交易日减少8.46亿元。 四、龙虎榜情况 昨日龙虎榜营业部净买入额前10详情见下表： | 证券代码 | 证券简称 | 龙虎榜净买入额(万元) | | --- | --- | --- | | 000592.SZ | 平潭发展 | 93131.93 | | 688110.SH | 东芯股份 | 78225.8 | | 002185.SZ | 华天科技 | 61389.88 | | 301396.SZ | 宏景科技 | 37077.65 | | ...

从融资买入额占当日总成交金额比重来看，有4只个股融资买入额占比超30%。其中众鑫股份、湖南黄 金、深圳机场融资买入额占成交额比重排名前三，分别为44.19%、43.8%、33.28%。 从融资净买入金额来看，有41只个股获融资净买入超亿元。其中，天孚通信、明阳智能、紫金矿业融资 净买入金额排名前三，分别获净买入7.56亿元、5.71亿元、3.4亿元。 A股1月27日共有3767只个股获融资资金买入，有604股买入金额超亿元。其中，中际旭创、紫金矿业、 新易盛融资买入金额排名前三，分别获买入32.53亿元、26.84亿元、26.71亿元。 ...

Core Viewpoint - The A-share market shows a significant loss effect, with over 4,400 stocks in the red during early trading, but major indices managed to close slightly higher due to the support from heavyweight stocks [1][14]. Market Performance - A total of 3,454 stocks closed lower, while the Shanghai Composite Index rose by 0.18% to 4,139.9 points, and the ChiNext Index increased by 0.71% to 3,342.6 points [5][12]. - The market's trading volume decreased by 359.3 billion yuan compared to the previous trading day, totaling 2.92 trillion yuan [5][12]. - Margin trading balance in the Shanghai and Shenzhen markets increased to 2.73 trillion yuan as of January 26 [5]. Sector Performance - The semiconductor, communication equipment, and aerospace sectors saw significant activity, with storage chips, optical communication modules, and automotive chips each rising over 3% [6][11]. - The coal and agriculture sectors experienced declines, with coal dropping over 2% [6][12]. - Notable gainers included electronic stocks, with several companies reaching their daily limit up, such as Dongxin Co. and Shengke Communication, both up by 20% [8][10]. Investment Sentiment - The market reflects a strong divergence, with heavyweight stocks supporting the index while small-cap stocks face significant outflows [14][19]. - Investors are advised to focus on sectors benefiting from "anti-involution" policies and to monitor changes in policy and capital flow closely [4][16]. - The current market environment is characterized by a cautious sentiment, with many investors adopting a wait-and-see approach ahead of the Spring Festival [4][14]. Recommendations - Investment strategies should prioritize sectors with strong earnings visibility, such as industrial resources and technology stocks with solid order support [17][18]. - It is recommended to avoid high-valuation stocks without fundamental support and to consider defensive positions in the current market volatility [18][19].

Group 1 - The report indicates a slight decrease in the total share of active equity funds, with a total of 26,662.1 billion, reflecting a reduction of 727.8 billion from the previous quarter, although the rate of decline has narrowed [7][8] - The performance of active equity funds in Q4 showed a slight retreat, with the active stock index down by 3.04% and underperforming the CSI 300 by nearly 3 percentage points [12][13] - The allocation to cyclical sectors has increased, with significant additions in materials, chemicals, and oil sectors, while technology and consumer sectors have seen a reduction in allocation [24][20] Group 2 - Fund managers are optimistic about the market outlook for Q1 2026, expecting a continuation of a "slow bull" market supported by economic recovery, liquidity easing, and policy support [28][24] - The report highlights a focus on sectors such as AI, semiconductors, and renewable energy, indicating a shift towards balanced growth and value stocks complementing growth stocks [28][24] - The top holdings in active equity funds include Zhongji Xuchuang, with significant increases in positions in China Ping An, Meituan, and Dongshan Precision [28][24]

300394 天孚通信 7.20 7.64 112440.70 300502 新易盛 2.73 4.68 96888.52 002115 三维通信 10.00 15.23 77633.23 沪指1月27日上涨0.18%，申万所属行业中，今日上涨的有8个，涨幅居前的行业为电子、通信，涨幅分 别为2.27%、2.15%。通信行业位居今日涨幅榜第二。跌幅居前的行业为煤炭、农林牧渔，跌幅分别为 2.27%、1.95%。 资金面上看，两市主力资金全天净流出463.99亿元，今日有5个行业主力资金净流入，电子行业主力资 金净流入规模居首，该行业今日上涨2.27%，全天净流入资金89.01亿元，其次是通信行业，日涨幅为 2.15%，净流入资金为43.08亿元。 主力资金净流出的行业有26个，有色金属行业主力资金净流出规模居首，全天净流出资金145.23亿元， 其次是电力设备行业，净流出资金为113.67亿元，净流出资金较多的还有医药生物、基础化工、计算机 等行业。 通信行业今日上涨2.15%，全天主力资金净流入43.08亿元，该行业所属的个股共124只，今日上涨的有 72只，涨停的有4只;下跌的有51只，跌停的有1只。以资 ...

Market Overview - The market showed signs of recovery with all three major indices turning positive, and the ChiNext index rising over 1% at one point. The total trading volume in the Shanghai and Shenzhen markets was 2.89 trillion, a decrease of 353.2 billion from the previous trading day. However, over 3,400 stocks in the market experienced declines [2]. Capital Flow Analysis - On January 27, the main capital inflow was directed towards high-growth technology sectors such as electronics and communications, while there was a notable outflow from previously popular sectors like electric equipment and biomedicine [3]. - The top five sectors for capital inflow were dominated by technology, with the electronics sector leading with a net inflow of 31.928 billion. Other sectors like communications and machinery also saw significant increases. Conversely, the top five sectors for capital outflow included electric equipment, non-bank financials, and biomedicine [5]. Stock Performance - The top five stocks with the highest capital inflow were primarily in the communications and electronics sectors, with Zhongji Xuchuang leading at a net inflow of 3.413 billion. Other notable stocks included Tianfu Communication and Dongxin Co., which also saw substantial inflows. The outflow was mainly from heavyweight stocks and previously popular sectors, indicating a clear trend of capital withdrawal [6]. Market Highlights - On January 27, a total of 59 stocks hit the daily limit up, with the semiconductor sector being the biggest winner, accounting for 11 of those stocks [7]. - The sectors with the most stocks hitting the limit up included chips, photovoltaic, and gold, indicating strong market interest in these areas [8]. Sector Movements - Gold stocks experienced a resurgence, with many reaching new highs. The semiconductor and AI computing supply chains showed strength, particularly in memory and CPO directions. In contrast, coal, basic metals, and retail sectors faced declines, while vaccine and lithium battery themes weakened [9][10]. - The recent statements by Tesla CEO Elon Musk regarding space photovoltaics have sparked increased activity in related concepts. Musk announced plans for SpaceX and Tesla to build a total of 200GW of photovoltaic capacity in the U.S. over the next three years, primarily for ground data centers and space AI satellites [10]. Future Outlook - According to Open Source Securities, the release of a hundred GW-level space computing market, combined with the high unit value of space photovoltaic batteries, is expected to open new growth opportunities for the photovoltaic industry [11]. - Guotai Junan Securities also noted that the upcoming dense launch period for low-orbit satellites and the clear trend of commercializing space computing will effectively drive the demand for photovoltaic expansion, with core equipment manufacturers likely to benefit first [12].

Investment Rating - The report indicates a strong performance of public actively managed equity funds in 2025, with a notable increase in the allocation to non-ferrous metals and non-bank financials, while reducing exposure to media and electronics sectors [1][3][40]. Core Insights - Public actively managed equity funds showed robust excess returns in 2025, with the mixed equity fund index (885001.WI) rising by 33.19%, outperforming major broad-based indices [1][14]. - The allocation to Hong Kong stocks decreased significantly, while the proportion of investments in the ChiNext board increased [2][30]. - There was a substantial increase in allocations to non-ferrous metals and non-bank financials, while reductions were seen in media and electronics sectors [3][42]. Summary by Sections Fund Performance - As of Q4 2025, the total scale of public actively managed equity funds is approximately 3.90 trillion, reflecting a quarter-on-quarter decrease of 4.10% [1][12]. - The share of public actively managed equity funds decreased by 2.53% in Q4 2025 [18]. Sector Allocation Changes - The allocation to non-ferrous metals increased to 8.03%, up by 2.14 percentage points from the previous quarter, marking a continuous rise over four quarters [42]. - The allocation to the electronics sector decreased to 23.78%, down by 1.85 percentage points [43]. - The proportion of investments in the ChiNext board rose from 23.72% in Q3 to 24.91% in Q4 2025 [2][30]. Top Holdings - The top individual stock in public fund allocations is Zhongji Xuchuang, with a holding ratio of 4.04%, primarily due to its price increase rather than new acquisitions [4][40]. - The most actively increased holdings include China Ping An (+0.43 percentage points) and Dongshan Precision (+0.41 percentage points) [4].

继续进攻有色。 作者 | 市值风云基金研究部 编辑 | 小白 2025年第四季度，A股市场呈现震荡分化格局，主要宽基指数表现不一，而港股市场则出现明显回 调。 在此背景下，主动偏股型公募基金进行了一系列显著的仓位调整和结构优化，值得各位关注。 整体仓位高位微降，港股大撤退 2025年四季度末，主动偏股型基金持有的股票总市值约为3.39万亿元，较三季度末减少0.19万亿元。 其中，投资于A股的市值为2.91万亿元，环比减少0.08万亿元。这一变化导致基金的整体股票仓位由 三季度末的85.62%下降1.4个百分点至84.22%。 尽管有所回落，但超过84%的仓位水平仍处于2005年以来的历史高位区间，表明公募基金对权益市场 的整体配置意愿依然强烈。 值得注意的是，港股市场的配置比例出现显著下滑，普通股票型基金和偏股混合型基金的港股仓位分 别下滑了1.1和2.54个百分点，为11.89%和14.56%。 （来源：国信证券研究所） 这反映出在四季度港股市场表现疲软的背景下，基金经理更倾向于将资金集中于资金面、想象力都更 好的A股市场。 A股持仓结构剧变：周期风格崛起，科技与消费承压 四季度公募基金在A股内部的调仓换股 ...

今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 电子 | 2.27 | 89.01 | 石油石化 | -0.61 | -7.85 | | 通信 | 2.15 | 43.08 | 房地产 | -0.93 | -8.49 | | 银行 | -0.08 | 19.02 | 商贸零售 | -0.90 | -9.02 | | 国防军工 | 1.65 | 12.64 | 钢铁 | -1.34 | -10.18 | | 农林牧渔 | -1.95 | 0.21 | 公用事业 | -0.79 | -12.23 | | 美容护理 | -1.22 | -1.33 | 建筑装饰 | -0.81 | -15.45 | | 综合 | 0.23 | -1.71 | 传媒 | 0.48 | -16.27 | | 轻工制造 | -0.40 | -4.16 | 非银金融 | -0.18 | -19.97 | | 纺织服饰 | -0.71 | -4.54 | 汽车 | 0.03 | -32 ...

基金季报 sHuangjin 权益仓位小幅下降，增配有色金属、通信；减配电子、医药生物 ――公募权益类基金 2025 年四季报持仓分析 分析师：宋旸 SAC NO：S1150517100002 2026 年 1 月 27 日 证券分析师 宋旸 songyang@bhzq.com 022-28451131 张笑晨 SAC NO：S1150525070001 zhangxc@bhzq.com 022-23839033 相关研究报告 《公开募集证券投资基金业 绩比较基准指引》正式发布 —公募基金周报 2026.01.26 首只千亿黄金 ETF 诞生，宽 基指数资金大幅流出―公募 基金周报 2026.01.19 市场成交火热，华泰柏瑞沪 深 300ETF 分红创历史新高 ——公募基金周报 2026.01.12 券 研 究 报 请务必阅读正文之后的免责声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 14 基 金 研 究 证 告 基 金 季 报 核心观点： ⚫ 规模方面：被动指数基金增速放缓。截至 2025 年四季度末，全市场共有权益类基 金（不含 ETF 联接基金和 FOF 基金）7583 只，较 202 ...