“聪明钱”持仓逼近历史高位：高配科技股、“偏爱”这些粤企

Group 1 - As of the end of 2025, the northbound capital holdings in A-shares reached 2.59 trillion yuan, marking the second-highest level in history, just below the 2.76 trillion yuan recorded in 2021 [2] - Over half of the stocks in the Stock Connect program received increased holdings from northbound capital during the year, with at least 2,110 out of 3,774 stocks experiencing an increase [4] - The electronic industry had the highest representation among the stocks that received increased holdings, with 263 companies, followed by machinery, pharmaceuticals, and power equipment [4] Group 2 - Guangdong-listed companies emerged as the most favored by northbound capital, with holdings valued at 613.78 billion yuan, accounting for over 20% of total northbound holdings, reflecting a 6% increase from 579.02 billion yuan at the end of 2024 [8] - Notable companies in Guangdong that received significant increases in northbound holdings include Tapa Group, which saw an increase of 11.26 percentage points, and Dazhong Laser and Aohai Technology, which received increases of 8.26 and 6.03 percentage points, respectively [8] - The trend indicates a clear preference for technology-related sectors, aligning with the current market focus on high-tech industries rather than traditional sectors [4][8]