近期披露完毕的2025年公募基金四季报显示，中际旭创（300308）、宁德时代（300750）、新易盛 （300502）、紫金矿业（601899）、寒武纪-U、立讯精密（002475）、贵州茅台（600519）、东山精 密（002384）、美的集团（000333）、中国平安（601318）成为主动基金的前十大重仓股。 纵观过去的公募基金重仓股名单，不难发现市场的热点赛道在不断变化。2024年三季度前，贵州茅台长 期稳坐公募基金重仓股第一的"宝座"。之后，随着新能源产业的崛起，宁德时代取代了贵州茅台，并连 续4个季度成为公募基金第一重仓股。直到现在，AI行业兴起，中际旭创成为基金重仓股。可以预见的 是，以AI算力基础设施、AI芯片、AI应用等领域为代表的AI相关产业链将继续成为未来一段时间内市 场关注的焦点。但与此同时，在科技成长风格持续主导的背景下，投资者需要关注相关行业短期估值水 平和业绩增长情况，避免过度追高。 从重仓股排行可以看出，主动权益类公募基金的持仓结构发生了明显变化，AI等科技成长股成为"重点 关注对象"。事实上，科技行业上市公司比重增加不仅体现在公募基金前10大重仓股上，也体现在整体 的持仓变 ...

寒武纪-U是一家AI芯片公司，专注于云端和边缘计算的人工智能芯片研发。作为国内AI芯片领域 的领先企业，其股价此前曾一举超过贵州茅台成为A股"股王"。早在2024年四季度，寒武纪-U就跻身基 金重仓股第8位，之后除了在2025年三季度掉出前20名外，一直在10名左右徘徊。在AI应用的快速发展 带动下，寒武纪-U在2025年四季度一举升至基金重仓股第5位。 从重仓股排行可以看出，主动权益类公募基金的持仓结构发生了明显变化，AI等科技成长股成 为"重点关注对象"。事实上，科技行业上市公司比重增加不仅体现在公募基金前10大重仓股上，也体现 在整体的持仓变化上。Wind数据显示，公募基金2025年四季度对科技行业上市公司的持仓已经从2024 年一季度的25%上升到40%。与此同时，新能源、消费、金融行业的占比有所下降。这一变化反映了市 场对科技行业特别是AI行业发展的高度关注。 近期披露完毕的2025年公募基金四季报显示，中际旭创、宁德时代、新易盛、紫金矿业、寒武纪- U、立讯精密、贵州茅台、东山精密、美的集团、中国平安成为主动基金的前十大重仓股。 在人工智能（AI）产业的投资浪潮下，科技成长风格成为主导。其中，中际 ...

Group 1 - The core viewpoint of the articles highlights the increasing demand for AI-driven cloud computing services, leading to a tightening supply-demand dynamic in the computing power sector, which is reflected in rising prices from major cloud providers [8][11]. - The "算力ETF" (Computing Power ETF) has seen significant inflows, with over 1.4 billion yuan accumulated in the last ten days, indicating strong investor interest in the sector [1]. - Major tech companies like Microsoft, Meta, and others have reported impressive cloud revenue, with Microsoft achieving $50 billion in cloud revenue for the second fiscal quarter, surpassing analyst expectations [4]. Group 2 - Clawdbot, an open-source AI assistant, has gained significant attention, with deployment support from Tencent Cloud and Alibaba Cloud, indicating a shift towards more personalized AI applications [3][6]. - The pricing strategies of leading cloud providers, such as Google and AWS, have been adjusted upwards, reflecting the increased costs associated with AI training and inference demands [8][9]. - The computing power supply chain is experiencing inflation, with projections indicating significant price increases for DRAM and NAND storage, as well as CPU products, driven by AI demand [9][10]. Group 3 - The rapid growth in token usage for AI models, particularly from OpenAI and Google, suggests a burgeoning market for AI applications across various sectors, with daily token calls reaching unprecedented levels [10]. - The anticipated rise in AI model applications is expected to further drive demand for computing resources, benefiting companies involved in hardware, cloud services, and AI development [11]. - The computing power ETF, 汇添富 (159273), is positioned to capture the growth opportunities in the AI-driven cloud computing market, covering a wide range of sectors including hardware, IT services, and data center operations [12].

截至2026年1月29日 13:29，中证人工智能主题指数(930713)成分股方面涨跌互现，科大讯飞领涨 7.52%，昆仑万维上涨6.89%，三六零上涨3.96%；北京君正领跌。AI人工智能ETF(512930)最新报价2.37 元。 AI人工智能ETF(512930)，场外联接(平安中证人工智能主题ETF发起式联接A：023384；平安中证人工 智能主题ETF发起式联接C：023385；平安中证人工智能主题ETF发起式联接E：024610)。 流动性方面，AI人工智能ETF盘中换手4.89%，成交1.67亿元。拉长时间看，截至1月28日，AI人工智能 ETF近1月日均成交2.41亿元。规模方面，AI人工智能ETF最新规模达34.06亿元，近半年份额增长2.24亿 份，实现显著增长。 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the optical communication industry, specifically focusing on two companies: Eoptolink and ZhongjiInnoLight. Key Points - Eoptolink and ZhongjiInnoLight received regulatory guidance to delay their earnings forecasts compared to their original plans. This decision aims to facilitate a smoother and gradual upward trend in the market [1][2]. - The guidance provided by regulators is not due to concerns that either company may fail to meet profit expectations, but rather for the purpose of market rhythm control [2][3]. Additional Important Information - The regulatory intervention indicates a proactive approach to managing market conditions, suggesting that authorities are closely monitoring the performance and expectations of companies within the optical communication sector [1][2].

2026 年 01 月 28 日 华夏中证科创创业 50ETF 投资价值 分析 ——指数基金产品研究系列报告之二百六十七 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 A0230521070001 shensy@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ETP 研 究 - ⚫ 华夏中证科创创业 50ETF 于 2021 年 6 月 24 日成立，截至 2025 年末规模 50 亿元， 费率 0.15%，目前由徐猛和王欣薇两位基金经理共同管理。 ⚫ 当前，中国经济发展的核心驱动力正在发生深刻变革。推动产业转型升级、培育经济增长 新动能，关键在于以科技创新驱动新质生产力的发展。国家明确将统筹各方力量坚决打赢 关键核心技术攻坚战。特别是在面向未来的"十五五" ...

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes the transition to the "SuperNode" era in computing infrastructure, driven by the increasing computational demands of AI models, which are evolving from pre-training to multi-faceted scaling [14][17] - The SuperNode architecture relies on enhanced interconnectivity, integrating multiple computing chips into a logical "super GPU/ASIC" to overcome the limitations of traditional single-server setups [39] - The report identifies three main investment themes: "Network End + AIDC + Computing End" and four key sectors: "Optical + Liquid Cooling + Power Supply + Chips" [7] Summary by Sections 1. Transition to SuperNode Era - The evolution of AI models necessitates a shift in computational infrastructure, with demands for higher performance and efficiency [14] - The report highlights the rapid growth in model parameters and training data, indicating a need for advanced computational clusters [14] 2. SuperNode Architecture - SuperNode clusters are defined as large-scale GPU/ASIC systems that expand from thousands to millions of computational units, utilizing both Scale Up and Scale Out strategies [17] - The architecture includes components such as computing nodes, switch trays, and power supply units, which are essential for the operation of SuperNode systems [80] 3. Upgrades in Key Components - The report notes that the increasing penetration of SuperNode servers will drive demand for high-power supplies, liquid cooling systems, and optical communication technologies [5][80] - Specific companies are highlighted as beneficiaries in the sectors of optical modules, liquid cooling, server power supplies, and exchange chips [7] 4. Domestic SuperNode Development - The report discusses the progress of domestic SuperNode solutions, particularly Huawei's Atlas 900 A3 and Atlas 960, which are designed to enhance the performance of domestic AI clusters [6][112] - The performance of domestic chips is shown to improve significantly when deployed in SuperNode configurations, effectively compensating for individual chip limitations [112]

融资融券周报 主要指数多数上涨，两融余额继续上升 ――融资融券周报 | 分析师：王雪莹 | SAC NO：S1150525020001 2026 年 1 月 28 日 | | --- | --- | | 证券分析师 | 核心观点： | | 王[Table_IndInvest] 雪莹 | | |  022-23839121 | 市场概况 | | wangxy4430@bhzq.com | | |  | 上周（1 月 21 日-1 月 27 日）A 股市场主要指数多数上涨，其中科创 50 | | | 涨幅最大，上涨了 4.92%；上证 50 跌幅最大，下跌了 0.59%。此外， | | | 上证综指上涨 0.64%，深证成指上涨 1.23%，创业板指上涨 1.97%，沪 | | | 深 300 下跌 0.28%，中证 500 上涨 3.65%。 | |  | 1 月 27 日，沪深两市两融余额为 27,144.35 亿元，较上周增加 140.53 | | | 亿元。其中融资余额为 26,969.49 亿元，较上周增加 139.05 亿元；融 | | | 券余额为 174.86 亿元，较上周增加 1.48 亿 ...

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 | | ...

上证报中国证券网讯（刘禹希 记者 徐蔚）截至1月27日，A股两融余额为27233.91亿元，较上一交易日减少20.5亿元，占A股流通市值比例为2.61%。当日两 融交易额为2794.96亿元，较上一交易日减少319.11亿元，占A股成交额的9.56%。 截至1月27日，A股两融余额为27233.91亿元，较上一交易日减少20.5亿元，占A股流通市值比例为2.61%。当日两融交易额为2794.96亿元，较上一交易日减 少319.11亿元，占A股成交额的9.56%。 | 序号 | | | | | --- | --- | --- | --- | | | 证券代码 ◆ | 证券简称 = | 交易日期( | | 1 | 300394.SZ | 天孚通信 | 2026-01-27 | | 2 | 601615.SH | 明阳智能 | 2026-01-27 | | 3 | 601899.SH | 紫金矿业 | 2026-01-27 | | ব | 300502.SZ | 新易盛 | 2026-01-27 | | 5 | 688981.SH | 中芯国际 | 2026-01-27 | | 6 | 300077.SZ | 国民 ...