Group 1 - The core focus of the article is on the performance and strategic adjustments of funds managed by Zhang Kun of E Fund, highlighting the significant differentiation in fund performance and his outlook on domestic consumption and investment opportunities [1][2][3] Group 2 - In Q4 2025, Zhang Kun's managed fund size decreased to 48.3 billion yuan, with a quarterly reduction exceeding 8 billion yuan [2][3] - The largest fund, E Fund Blue Chip Selection Mixed Fund (005827.OF), experienced a nearly 9% loss in Q4, underperforming its benchmark by over 6%, while the E Fund Asia Select Stock Fund (118001.OF) achieved a 4.5% positive return, outperforming its benchmark by over 2% and recording a nearly 42% increase for the entire year [2][3][4] Group 3 - Zhang Kun continued to reduce holdings in the liquor sector, albeit at a slower pace compared to Q3 2025, maintaining a near 10% position in leading liquor stocks like Kweichow Moutai and Wuliangye [4][5][6] - Significant reductions were also noted in pharmaceutical and media stocks, with JD Health seeing a cut of about half in holdings, alongside Tencent Holdings and Focus Media [5][6][7] Group 4 - In overseas investments, Samsung Electronics replaced Tencent Holdings as the top holding in the E Fund Asia Select, with Zhang Kun opting to take profits as stock prices surged [6][7][8] Group 5 - Zhang Kun expressed a strong belief in the future of domestic consumption, arguing that current consumer weakness is not a permanent state and will improve, supported by government goals for income growth and stabilization of housing prices [8][9][10] - He emphasized that a robust domestic consumption market is crucial for technological innovation, suggesting that increased consumer spending will benefit domestic AI companies and accelerate their development [10][11][12] - Zhang Kun remains optimistic about the long-term potential of Chinese consumption and economic growth, viewing current market valuations of quality companies as attractive for long-term investors [10][11][12]

Group 1 - Samsung Electronics plans to start production of the next-generation high bandwidth memory chip HBM4 next month and supply it to Nvidia, marking a significant breakthrough in advanced memory chips and potentially narrowing the gap with competitor SK Hynix [1][5] - Samsung has passed Nvidia's HBM4 qualification tests and is set to begin shipments in February, following previous delays in HBM supply that impacted its performance and stock price last year [1][5] - Following the announcement, Samsung's stock rose by 2.2%, while SK Hynix's stock fell by 2.9%. Both companies are expected to release their fourth-quarter financial reports this Thursday, which will likely provide more details on HBM4 orders [1] Group 2 - Nvidia's CEO Jensen Huang stated that the company's next-generation chip, the Vera Rubin platform, has entered "full production" and will be paired with HBM4 chips, scheduled for release later this year [4] - SK Hynix has maintained a leading position in the advanced memory chip sector, being the primary supplier for Nvidia's AI accelerators. The company completed negotiations for HBM supply with major clients last October [5] - SK Hynix plans to begin silicon wafer production of HBM chips at its new factory M15X in Cheongju, South Korea, next month, although it has not specified whether HBM4 will be part of the initial production [5]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index fell by 1.14% as of January 26, 2026, with mixed performance among constituent stocks, where Chipone Technology led with a 10.01% increase [1] - Samsung Electronics has raised the price of its NAND flash memory by more than 100% in the first quarter of this year, significantly exceeding market expectations, and is currently negotiating a new round of NAND pricing with clients for the second quarter, with expectations of continued price increases [1] - Zhongshan Securities forecasts that the AI-related industry will maintain a favorable outlook in 2026, with accelerated domestic production expected to create opportunities in the domestic semiconductor industry, and predicts over 40% growth in capital expenditure from cloud computing giants [1] Group 2 - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index as of December 31, 2025, include SMIC, Haiguang Information, Cambricon, and others, accounting for a total of 57.76% of the index [1] - The Sci-Tech Chip ETF (588200) tracks the Shanghai Stock Exchange Sci-Tech Innovation Board Chip Index, serving as a convenient tool for investing in the chip sector [2] - Investors without stock accounts can access investment opportunities in domestic chips through the Sci-Tech Chip ETF linked fund (017470) [3]

文字早评 2026/01/26 星期一 宏观金融类 股指 【策略观点】 近期政策更多是担心市场短期过热，慢牛才是政策的长期导向。中长期看政策支持资本市场的态度未变， 短期关注市场的节奏，策略上以逢低做多的思路为主。 【行情资讯】 国债 1、银河航天徐鸣：太空新基建迎万亿市场 2035 年全球太空经济将达 1.8 万亿美元； 2、星河动力总工李君：液体回收火箭智神星二号预计今年首飞； 3、AI：元宝官宣 2 月 1 号开启新春 10 亿红包活动；百度文心助手将发放 5 亿现金； 4、马斯克：星舰今年目标完全复用 进入太空成本将降至目前的 1%； 5、报道称三星电子将一季度 NAND 价格上调 100%。 期指基差比例： IF 当月/下月/当季/隔季：0.03%/0.14%/-0.32%/-1.18%； IC 当月/下月/当季/隔季：0.77%/0.79%/-0.13%/-1.15%； IM 当月/下月/当季/隔季：0.72%/0.54%/-1.23%/-2.97%； IH 当月/下月/当季/隔季：0.01%/0.19%/0.13%/-0.86%。 基本面看，12 月经济数据显示生产端有所回暖，外需方面出口数据超 ...

本周全球金融市场进入关键观察期，多重事件叠加形成重要时间窗口。美联储货币政策会议、科技巨头财报密集披露、存储芯片行业业绩发布以及美联储主 席人选预期，共同构成市场关注焦点。 美联储将于周三公布利率决议。根据CME美联储观察工具数据，利率期货交易员押注维持现有利率区间的概率达到98%。市场更为关注的是政策声明措辞及 鲍威尔新闻发布会释放的信号。摩根士丹利预计美联储可能采取"鸽派暂停"策略，即在暂停降息的同时保留后续宽松倾向。值得关注的是，关于下任美联储 主席人选，预测市场数据显示贝莱德全球固定收益首席投资官瑞克·里德胜选概率已升至54%，领先于其他候选人。 科技板块迎来财报密集披露期。苹果、微软、Meta、特斯拉四家占据美股主要指数高权重的科技企业将于本周发布业绩。同期，光刻机制造商阿斯麦、芯 片设备商泛林集团、德州仪器等产业链企业也将披露财务数据。更值得关注的是存储芯片行业，三星电子、SK海力士以及闪迪、西部数据、希捷科技等企 业的业绩发布，将为AI算力基础设施建设需求提供重要验证数据。 存储芯片板块近期表现突出。闪迪股价在过去五个月涨幅接近十倍，2026年以来累计上涨超过110%。分析师对其2026年每股收 ...

Market Overview - The Hang Seng Index (HSI) faces short-term resistance at 27,188 points, with expectations of two interest rate cuts in 2026 following the Federal Reserve's recent rate reduction of 0.25% [1] - The market anticipates increased monetary policy support from mainland China in early 2026, focusing on expanding domestic demand and achieving technological self-reliance [1] - Recent adjustments in financing margin ratios by the Shanghai and Shenzhen stock exchanges may lead to short-term market corrections, affecting the inflow of foreign capital into Hong Kong stocks [1] Sector Focus - The macroeconomic outlook indicates that China is reportedly considering tightening IPO standards for mainland companies seeking to list in Hong Kong, although this has been denied by local media [2][6] - Companies such as BYD have set ambitious overseas sales targets, aiming for 1.3 million vehicles this year, while China’s beverage manufacturer Dongpeng is looking to raise up to 10.1 billion RMB through its IPO [2] - The banking sector shows a slight profit increase for China Merchants Bank, reporting a 1.21% rise in net profit to 150.181 billion RMB [2] Economic Indicators - The U.S. Federal Reserve has adjusted its GDP growth forecast for 2026 to 2.3%, while inflation expectations have been slightly lowered to 2.4% [2] - The Chinese Ministry of Commerce reported a 20.5% increase in online retail sales of mobile phones and an 18% increase for smart robots in 2025 [6] - Foreign Direct Investment (FDI) in mainland China fell by 9.5% year-on-year in 2025, marking the lowest level since 2014, despite a 19.1% increase in the number of newly established foreign-invested enterprises [6] Company Performance - The insurance sector in Hong Kong saw a significant increase in gross premiums, totaling 637 billion HKD, a rise of 32.5% in the first three quarters of 2025 [7] - The performance of major tech companies like Tencent and Alibaba has shown mixed results, with Alibaba's stock price declining by 2.23% [3][4] - The recent price adjustments for Apple’s iPhone Air in mainland China indicate a significant discount of approximately 30% within three months of its launch [6] Global Market Trends - The U.S. stock market showed mixed results, with the Dow Jones falling by 0.6% while the S&P 500 and Nasdaq experienced slight gains [4] - The Japanese economy is projected to continue its moderate recovery, with the Bank of Japan maintaining its interest rate at 0.75% while adjusting growth and inflation forecasts [8] - The European Union has extended the suspension of retaliatory trade measures against the U.S. for an additional six months, reflecting ongoing trade negotiations [8]

Group 1 - The core investment strategy of Fidelity Funds Pacific Fund is to increase exposure to Japanese small-cap AI-related companies, which are perceived to be undervalued despite the rising demand for AI technology [1][2] - The fund, managed by Dale Nichols, has allocated 23% of its assets to the Japanese market, marking the highest single-country allocation for the fund, and has outperformed 96% of its peers over the past year [1] - Fujikura Holdings, a key holding in the fund, has seen its stock price increase by 80% over the past year, significantly outperforming the Tokyo Stock Exchange index [2] Group 2 - Fujikura Holdings generates approximately 45% of its revenue from polishing materials used in the manufacturing of smartphones, hard drives, and semiconductor products [2] - The current price-to-earnings ratio of Fujikura Holdings is around 20 times, which is slightly above the average for the Tokyo Stock Exchange but still below the Nikkei 225 index [2] - Despite the higher risk associated with small-cap stocks, the fund manager remains optimistic about the growth potential of Japanese small-cap companies within the AI sector [2][3]

2026 年 01 月 26 日 每日晨报 | 主要市场股指表现 | | --- | | 相关报告： | 金元晨报 股市回顾 国际要闻 2026.01.23 李景星 工作邮箱：zqyjsw@jyzq.cn 国内要闻 重要公告 研报推荐 【金元交运】自动驾驶加速发展—写在技术落地加速与商业化 元年之际 请务必仔细阅读本报告最后部分的免责声明 曙光在前 金元在先 -1- 每 日 晨 报 【金元交运】自动驾驶加速发展—写在 技 术 落 地 加 速 与 商 业 化 元 年 之 际 欧洲市场：德国DAX30指数涨0.18%，报24900.71点；法国CAC 40指数跌0.07%，报8143.05点；英国富时100指数跌0.07%，报10 143.44点 美股市场：道指跌0.58%，报49098.7点；标普500指数涨0.03%， 报6915.61点；纳指涨0.28%，报23501.24点 亚太市场：香港恒生指数收涨0.45%，报26749.51点；恒生科技 指数收涨0.62%，报5798.01点。日经225指数涨0.92%，报53846. 87点；韩国综合指数涨0.76%，报4990.07点 中概股行情：中概股多数下跌 ...

Group 1: Commodity Market Trends - The global commodity market is entering a new super cycle, driven by factors such as excessive monetary issuance, a credit crisis in the US dollar, technological innovation, and geopolitical conflicts affecting supply chains [1] - Fund managers are strategically increasing allocations to non-ferrous metals and basic chemicals, viewing them as essential to modern industry [1] Group 2: Gold Market Insights - International gold prices have surged over 14% this year, with significant increases in both gold and silver prices, leading institutions to raise their gold price forecasts [2] - Goldman Sachs has revised its gold price target for the end of 2026 from $4,900 to $5,400 per ounce, citing rising demand from private investors and central banks [2] Group 3: Investment Products and Risks - Gold structured deposits are gaining popularity due to their capital protection and yield flexibility, but some banks are experiencing tight product availability [2] - Experts warn that investing in copper bars carries risks due to an immature market structure and lack of a robust repurchase mechanism, making it difficult to sell [2] Group 4: Industry Developments - A breakthrough in the production of high-end materials, specifically polyolefin elastomers, has been achieved in China, reducing reliance on imports for strategic industries like photovoltaics [3] - The smart glasses market is projected to see a 77% year-on-year increase in shipments by 2026, indicating significant growth and industry chain upgrades [3] Group 5: Market Forecasts - The Chinese潮玩 (trendy toys) industry is expected to exceed 100 billion yuan in total value by 2026, with a projected annual growth rate of over 20% [4] - The domestic innovative drug sector is witnessing a transformation towards sustainable revenue models, with a record number of new drug approvals expected in 2025 [4] Group 6: Corporate Changes and Financial Performance - Nvidia's board member Persis Drell has resigned to pursue new career opportunities, with no operational disagreements reported [5] - Blackstone plans to sell a 45% stake in Leica, with the overall valuation of Leica estimated at approximately 1 billion euros [5] - Guanhua High-tech is shutting down two production lines due to continuous losses and industry overcapacity [8]

Core Viewpoint - Concerns are rising regarding the shortage of storage chips impacting the automotive industry, driven by the increasing demand for storage chips due to the proliferation of software-defined vehicles (SDVs) [1] Group 1: Supply and Demand Dynamics - The supply of storage chips is expected to shift towards the artificial intelligence (AI) market, leading to shortages in the automotive sector [1] - Analysts predict that the shortage of storage chips will increase prices, with expectations that prices may rise more than twofold [1] - UBS has indicated that the shortage of storage chips could pose significant risks to the global automotive industry, potentially causing financial pressure on both automotive semiconductor suppliers and manufacturers [1] Group 2: Price Trends and Market Impact - The demand for high-bandwidth memory (HBM) in AI servers is driving a continuous upward trend in memory chip prices, with DRAM prices having surged by 53% to 58% in Q4 of last year [1] - TrendForce forecasts that DRAM prices will increase by over 60% in Q1 of this year, with some products nearing a doubling in price [1] - The so-called "memory crisis" is affecting all sectors, including mobile devices, personal computers, and home appliances, and is likely to extend to the automotive industry [1] Group 3: Industry Adjustments - Major storage chip manufacturers like Samsung, SK Hynix, and Micron are expected to face capacity constraints until 2027, with tight automotive semiconductor supply anticipated to last one to two years [2] - The transition from traditional DDR4 to DDR5 memory is causing supply shortages, as demand is being diverted to the AI market [2] - Some automotive semiconductor companies may need to alter their designs due to the limited capacity of memory chip suppliers, which could impact the reliability verification process that is longer for automotive semiconductors compared to general semiconductors [2]