Group 1 - The article highlights the behavior of margin traders, indicating that investors are looking for investment opportunities through their activities [1] - On December 30, a total of 3,757 stocks received margin buying funds, with the top three stocks being Sanhua Intelligent Controls at 2.296 billion, Zhongji Xuchuang at 2.293 billion, and Xinyi Sheng at 1.910 billion [1] - Among the stocks with significant margin buying, 10 stocks had a margin buying amount that exceeded 30% of their total trading volume [1] Group 2 - The top stocks by margin buying amount and their respective trading volumes and percentages are detailed, with notable mentions including Qingtang City at 24.35 million and Daya Shengxiang at 12.86 million [2] - The data shows that the margin buying percentage for several stocks is high, with Qingtang City at 43.09%, Daya Shengxiang at 40.80%, and Guangming Meat Industry at 35.66% [1][2] - The article provides a comprehensive table listing various stocks, their margin buying amounts, total trading amounts, margin buying percentages, and daily price changes [1][2]

此外，腾讯控股以每月近7家券商推荐的超高人气，成为年度最热门金股。 战绩斐然 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合收益率超50%（收益率计算规则：将券商推荐的月度金股等权编制成指数，每 月调仓）。 具体来看，2025年券商金股组合收益率最高的是国元证券，2025年收益率高达83.73%；东北证券、开源证券分别以67.47%、67%的收益率排名第 二、第三；东兴证券、华鑫证券、招商证券2025年金股组合的收益率超60%；此外，光大证券、东莞证券、国泰海通、长城证券的金股组合收益 率也在50%以上。 2025年已临近收官，券商金股也在波澜壮阔的行情中交出亮眼"成绩单"。 数据显示，今年有10家券商的金股组合在全年取得了超50%的亮眼收益率。较早地在低位挖掘大牛股，并持续推荐，是不少券商斩获超额战绩的 秘诀。例如，有券商自低位连续4个月推荐新易盛，完整吃到了该股超4倍的涨幅。 若单看A股，则每月最热门金股榜首各有不同，显示出券商一致观点的变化。一季度最热门的公司往往是大型科技企业，如中兴通讯、宁德时 代；二季度则消费企业受到关注，青岛啤酒、珀莱雅等公司成为最热；三季度则金融板块热度上升 ...

来源：证券时报 作者：许盈 | | 券商金股组合2025年收益排名 | | | --- | --- | --- | | | (截至12月29日) | | | 排名 | 存商 | 累计收益率 | | 1 | 国元证券月度金股 | 83.73% | | 2 | 东北证券月度金股 | 67.47% | | 3 | 开源证券月度金股 | 67.00% | | ব | 东兴证券月度金股 | 61.53% | | 5 | 华鑫证券月度金股 | 60.67% | | 6 | 招商证券月度金股 | 60.31% | | 7 | 光大证券月度金股 | 55.50% | | 8 | 东莞证券月度金股 | 51.82% | | ਰੇ | 国泰海通月度金股 | 51.62% | | 10 | 长城证券月度金股 | 50.95% | 证券时报记者 许盈 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合年内录得了超过50%（收益率计算规 则：将券商推荐的月度金股等权编制成指数，每月调仓）的收益率。 具体来看，来自国元证券的金股组合收益率最高，为83.73%；东北证券、开源证券的金股组合以 67.47%、67%的收益率分 ...

证券时报记者 许盈 2025年收官在即，券商金股也在一波三折的年度长阳行情中脱颖而出。 数据显示，截至12月29日，今年有10家券商的金股组合取得了超过50%的亮眼收益。提早在低位挖掘相关个股并 持续向市场推荐，是不少券商斩获超额战绩的秘诀。比如，某券商自低位起连续4个月推荐新易盛，完整地吃到了 该股超4倍的涨幅。 值得一提的是，腾讯控股以每月获7家左右券商推荐的超高人气，荣登年度最热门金股。 10家券商金股收益率超50% 每市APP显示，截至12月29日收盘，共有10家券商推荐的金股组合年内录得了超过50%（收益率计算规则：将券商 推荐的月度金股等权编制成指数，每月调仓）的收益率。 具体来看，来自国元证券的金股组合收益率最高，为83.73%；东北证券、开源证券的金股组合以67.47%、67%的 收益率分列第二、三名；东兴证券、华鑫证券、招商证券的金股组合也都取得了超过60%的收益率。此外，光大 证券、东莞证券、国泰海通、长城证券的金股组合，收益率均在50%以上。 近几年，经过加码发展，券商金股已成为多家券商研究所一项成熟的金牌业务——以每月一期（通常为10只股 票），展示券商最为看好的标的。作为券商月度策略 ...

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]

| 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 ...

Event Summary - The annual report disclosure schedule for 2025 has been released, with ChipGuide Technology being the first to disclose on February 3, 2026, and *ST Huawang on February 13, 2026 [1] Industry Insights - Key sectors expected to show improved or sustained high growth in annual report performance include "price-increasing commodities," "new energy and high-end manufacturing," "export-oriented sectors," and "TMT sectors with strong or improving demand" [1] - In the "price-increasing commodities" category, items with price increases exceeding 200% include black tungsten concentrate, VC, and lithium hexafluorophosphate, while those with increases over 100% include platinum and cobalt [4] - The new energy and high-end manufacturing sector is benefiting from high growth in military equipment orders and expanding demand for industrial robots and energy storage [6] - The export sector has seen significant growth, with high-tech and electromechanical product exports increasing by 7.7% and 9.7% year-on-year, respectively [6] Company Performance - A list of companies expected to see net profit growth exceeding 50% for the year has been compiled, based on preliminary quarterly report data [8] - Notable companies include Yuanjie Technology, with a projected net profit increase of 1726.36%, and Runze Technology, with an increase of 262.73% [9] - The semiconductor industry is projected to grow by 13.7% in sales in 2025, driven by strong demand for memory chips [7]

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]

从基金十大重仓股角度 数据显示，九泰基金旗下1只基金重仓新易盛。九泰天奕量化价值混合A（008077）三季度持有股数600 股，占基金净值比例为7.51%，位居第三大重仓股。根据测算，今日浮盈赚取约2814元。 12月30日，新易盛涨1.06%，截至发稿，报449.19元/股，成交23.45亿元，换手率0.59%，总市值4464.99 亿元。 资料显示，成都新易盛通信技术股份有限公司位于四川省成都市双流区黄甲街道物联大道510号，成立 日期2008年4月15日，上市日期2016年3月3日，公司主营业务涉及光模块的研发、生产和销售。主营业 务收入构成为：25G以上98.86%，25G以下0.87%，其他0.26%，PON0.00%。 九泰天奕量化价值混合A（008077）成立日期2020年5月29日，最新规模167.73万。今年以来收益 34.08%，同类排名2586/8087；近一年收益30.39%，同类排名2814/8085；成立以来收益48.06%。 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 ...