Group 1 - The total margin balance in the A-share market reached 25,406.82 billion yuan by December 31, 2025, representing a 36.26% increase compared to the same period in 2024, accounting for 2.58% of the A-share circulating market value [7] - The financing balance was 25,241.56 billion yuan, up 36.14% year-on-year, while the margin balance increased by 58.33% to 165.26 billion yuan [7] - In 2025, 27 out of 31 industries in the Shenwan first-level industry classification received net financing inflows, with 13 industries exceeding 10 billion yuan in net financing [7] Group 2 - The electronics industry led with a cumulative net financing inflow of 1,631.69 billion yuan, followed by power equipment, communication, machinery, non-ferrous metals, computers, automobiles, biomedicine, and national defense industries, all exceeding 300 billion yuan in net financing [7] - A total of 130 stocks had cumulative net financing inflows exceeding 1 billion yuan, with Xinyi Sheng being the most favored, attracting 177.36 billion yuan [7] - The top 10 stocks with the highest margin buying in 2025 all experienced price increases, with Shenghong Technology achieving the highest annual growth rate of 586.02% [7]

从夯到拉，给AI各环节排序 出品 | 妙投APP 作者 | 董必政 编辑 | 关雪菁 头图 | AI制图 | Wind代码 | 证券简称 | 2025年以来涨跌幅(%) | | --- | --- | --- | | 8841914.WI | AI陪伴指数 | 25.79% | | 884169.WI | AIPC指数 | 26.82% | （数据来源：wind） 妙投认为，AI算力的超额收益的本质在于确定性，且不断超预期。 资本、企业敢于对当下及未来的AI算力基础设施建设的确定性进行押注。比如：政策推动GPU的国产替 代，北美四大云厂商、中国BAT等互联网企业加大资本开支的投入。 而2025年大模型厂商仍看不到盈利的希望，AI手机、AI眼镜等端侧产品销量不旺，这些并未让资本市场看 到投资的确定性。 不过，全球科技巨头的资本开支正处于一个高强度、高增长的周期，并且普遍预期这一轮针对AI等核心技 术的投资热潮在未来几年仍将持续。 那么，2026年AI投资主线会是什么呢？ 展望2026年，妙投认为AI算力仍具备很强的确定性，有望继续成为科技主线。 随着AI基础设施建设与迭代 升级，算力（GPU）、运力（光模块）、 ...

Wind数据显示，截至2025年12月31日，A股市场融资余额为25241.56亿元，融券余额为165.26亿元，2025年融资余额增加6700.11亿元。 2025年，电子行业融资余额增加超1600亿元，融资净买入金额最大的股票为新易盛，净卖出金额最大的股票为牧原股份。 | 来源：Wind | | --- | 加仓新易盛超170亿元 从个股情况看，2025年融资客对130只股票加仓金额超10亿元，加仓金额居前的10只股票分别为新易盛、中际旭创、胜宏科技、宁德时代、阳光电源、寒 武纪-U、工业富联、三花智控、紫金矿业、中芯国际，分别净买入177.36亿元、154.62亿元、154.04亿元、151.90亿元、111.14亿元、110.73亿元、72.43亿 元、63.39亿元、52.61亿元、51.09亿元。从市场表现看，2025年融资客加仓居前十的股票全线上涨，涨幅最大的胜宏科技涨逾580%。 2025年融资净买入金额前十股 | 来源：Wind | | --- | 2025年融资客对288只股票减仓金额超1亿元，减仓金额居前的10只股票分别为牧原股份、东方财富、万科A、软通动力、泸州老窖、恒逸石化、中国石 ...

2026年1月5日，A股市场情绪向好，科技板块走强，截至14:41，创业板人工智能指数强势上涨3.03%，成分股蓝色光标涨停，易点天下、协创数据、铜牛信 息、北京君正等个股跟涨。热门ETF中，费率最低的创业板人工智能ETF华夏(159381)上涨3.05%，最新价报1.93元，盘中换手15.8%，成交3.09亿元，市场交 投活跃。 资金布局科技赛道热情高涨，拉长时间看，近8个交易日内有6日资金净流入，合计"吸金"1.38亿元。（数据来源：Wind） | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300308 | 中际旭创 | 2.36% | 20.87% | | 300502 | 新易盛 | -0.23% | 20.29% | | 300394 | 天孚通信 | 0.30% | 5.36% | | 300857 | 协创数据 | 10.55% | 2.99% | | 301236 | 软通动力 | 1.56% | 2.39% | | 300458 | 全志科技 | 3.40% | 2.28% | | 300454 | 深信服 | 4.44% | ...

来源：Wind 从个股情况来看，2025年融资客对130只股票加仓金额超10亿元，加仓金额居前的10只股票分别为新易盛、中际旭创、胜宏科 技、宁德时代、阳光电源、寒武纪-U、工业富联、三花智控、紫金矿业、中芯国际，分别净买入177.36亿元、154.62亿元、 154.04亿元、151.90亿元、111.14亿元、110.73亿元、72.43亿元、63.39亿元、52.61亿元、51.09亿元。从市场表现看，2025年 融资客加仓居前十的股票全线上涨，涨幅最大的胜宏科技涨逾580%。 2025年融资净买入金额前十股 | 证券代码 证券简称 | | | 2025年涨幅 融资融券余额 | 融资余额(万元) | 融资净买入额 | | --- | --- | --- | --- | --- | --- | | | | (%) | (万元) | | (万元) | | 300502. SZ | 新易盛 | 424. 03 | 2040713.97 | 2032550. 26 | 1773565. 47 | | 300308. SZ | 中际旭创 | 396. 38 | 2106550. 32 | 2100260.00 | ...

每经AI快讯，1月5日，新易盛成交额达100亿元，现跌2.52%。 （文章来源：每日经济新闻） ...

来源：新浪基金∞工作室 沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为24.56%，近一个月回报为2.38%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月5日，截止午间收盘，沪深300ETF中金（510320）涨1.28%，报1.263元，成交额326.07万元。沪深 300ETF中金（510320）重仓股方面，宁德时代截止午盘涨1.68%，贵州茅台涨2.72%，中国平安涨 5.56%，招商银行涨0.64%，紫金矿业涨1.91%，新易盛跌0.51%，中际旭创涨1.97%，美的集团涨 0.88%，东方财富涨1.81%，长江电力涨0.11%。 ...

光模块行业主要上市公司：光迅科技(002281.SZ);中际旭创(300308.SZ);新易盛(300502.SZ);博创科技 (300548.SZ);太辰光(300570.SZ);联特科技(301205.SZ);中天科技(600522.SH);长飞光纤(601869.SH);九联 科技(688609.SH);德科立(688205.SH);剑桥科技(603083.SH)等 5G拉动高速率光模块市场需求 5G 的规模化部署与业务拓展，正强力拉动高速率光模块的市场需求。作为 5G 网络数据传输的核心载 体，光模块需适配网络架构重构与带宽激增的需求。前传、中回传等不同场景对传输性能的差异化诉 求，推动光模块向更高速率演进，以支撑高清视频、工业互联等新兴业务的稳定运行。同时，5G 业务 的云化与边缘化部署，进一步放大了核心网及数据中心互联场景的流量需求，加速了高速率光模块的技 术迭代与应用渗透，使其成为通信产业链中增长潜力显著的核心环节。根据TD产业联盟的数据，2024 年全球5G基站部署总量达到637.6万座，同比增长23.3%，IDC及中国信通院：联合预测2025年全球5G基 站总量为850万座。 全球光模块厂商 ...

Core Viewpoint - In 2025, the A-share market experienced an upward trend, with major indices rising and the Shanghai Composite Index briefly returning to 4000 points. The favorable market conditions led to significant performance from actively managed equity funds, with 90% of funds achieving positive returns and 151 funds doubling their returns. The technology sector, particularly AI-related stocks, is expected to remain a key theme in 2026, although there are concerns about potential structural or phase-based corrections [1][3][6]. Fund Performance - By the end of 2025, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increased by 18.41%, 29.87%, and 49.57% respectively. Among 21,003 funds, 19,916 achieved positive returns, representing over 94%. Specifically, 7,685 actively managed equity funds saw 7,454 (96.99%) achieve positive returns, with 129 funds doubling their returns [3][4]. - The top ten performing funds were all actively managed equity funds, with the highest returns from Yongying Technology Select Mixed A/C at 233.29% and 231.21%, respectively, setting a new record for annual returns in the domestic public fund market [2][3]. Investment Themes - The top-performing fund manager, Ren Jie, highlighted "cloud computing" as a core focus, with significant holdings in stocks like Xinyi Technology and Zhongji Xuchuang, which saw increases of 424.03% and nearly 400% respectively in 2025 [4]. - The technology sector, particularly AI computing, is expected to remain a significant theme in 2026, with analysts predicting continued growth in sectors such as humanoid robot chips, semiconductor computing algorithms, and solid-state batteries [6][7]. Market Outlook - Analysts anticipate that the A-share bull market will continue into 2026, with a focus on fundamental improvements and verification of economic conditions. There is a cautionary note regarding potential corrections in the technology sector, while resource stocks may emerge as a new focal point [6][7]. - The market is expected to see increased liquidity and a shift of household savings into the capital market, potentially transitioning from a structural bull market to a comprehensive bull market, with more sectors experiencing growth [7].

Investment Rating - The report recommends a positive investment outlook for the technology sector, specifically highlighting key stocks for January 2026 [6]. Core Insights - The report identifies several key companies within the technology sector, including Eastcompeace, Jincheng Electronics, Xinyi Technology, Tax Friend, Haiguang Information, Giant Network, and Perfect World, as potential investment opportunities [6][8][9][10][11][12][13][14]. Summary by Category Electronics - **Eastcompeace**: The company is entering a growth phase driven by AI technology breakthroughs, leading to increased capital expenditure from cloud vendors and a surge in demand for data servers. The acquisition of Solstice Optoelectronics enhances its position in optical communication [8]. - **Jincheng Electronics**: The company reported a revenue of 889 million yuan in Q3 2025, a year-on-year increase of 25.4%. The semiconductor business is expected to grow significantly, with an order backlog of approximately 1.791 billion yuan [9]. Communication - **Xinyi Technology**: As a leading manufacturer of high-speed optical modules, the company has made significant inroads with major clients like Amazon and is expected to see substantial profit growth from 2025 to 2027, with projected net profits of 94.97 million yuan, 166.16 million yuan, and 217.76 million yuan respectively [10]. - **Huafeng Technology**: The company is positioned to benefit from the high demand for AI applications and is expected to see net profits grow from 3.53 million yuan in 2025 to 8.73 million yuan by 2027 [10]. Computer - **Tax Friend**: The company is a leader in the financial IT sector, leveraging AI and big data to provide comprehensive solutions for businesses. It aims to enhance its product offerings and customer engagement through innovative AI-driven solutions [11]. - **Haiguang Information**: The company is a key player in the domestic high-end CPU market, expected to benefit from the growing demand for AI computing power. It aims to establish a comprehensive AI computing platform [12]. Media - **Giant Network**: The company is experiencing stable commercialization with new game releases and updates expected to drive user engagement and revenue growth [13]. - **Perfect World**: The company is preparing for the launch of its new game "Yihuan," which has shown strong pre-launch interest, and is also focusing on expanding its esports business [14].