人们相信，下一个GPT、下一个宇树随时可能涌现，英伟达也坐不稳市值的王座。在国内市场，AI更是 热闹非凡，摩尔线程、沐曦股份、智谱和MinMax争先点燃资本热情。 当然，无论从市值衡量，还是比较营收和利润，AI竞争大抵遵循竞争的"二八法则"，不同时期会跑出不 同的领军者。 但区别于前半程，在算法出圈、产品爆红之后，AI竞争正在向算力甚至电力等基础设施的后台演进， AI进入结构和系统性竞赛。 【#AI进入结构性和系统性竞赛#】达沃斯，世界经济论坛，AI无疑成为参会企业最热门的话题。 英伟达创始人#黄仁勋#语出惊人：人类历史上最大规模的AI基础设施建设已在进行，现在已经投入了 数千亿美元，还有数万亿美元需要建设。 最新消息显示，特斯拉创始人马斯克也会首次出席达沃斯，可能会与贝莱德CEO等嘉宾展开对话，考虑 他近期在AI尤其芯片领域的激进路线，话题必然还是绕不开AI。 腾讯集团高级执行副总裁汤道生的看法，代表了AI全球竞赛里中国"代表队"的思路，他说："当人们谈 论AI时，可能倾向于把它想象成一个庞大的超级系统，称之为AGI，但实际上，现实中却是多种不同的 模型，服务于不同的场景。" 过去几年，AI被大模型、人形机 ...

数据显示，公募基金2025年四季度仓位聚焦电子、电力设备等核心赛道，光模块龙头中际旭创和新易盛，超越 宁德时代和腾讯控股，成为主动权益基金前两大重仓股。 中际旭创登顶主动权益基金头号重仓股 天相投顾数据显示，截至2025年四季度末，中际旭创登顶主动权益基金头号重仓股，位列第二到第十大重仓股 的分别是新易盛、宁德时代、腾讯控股、紫金矿业、阿里巴巴-W、寒武纪-U、立讯精密、贵州茅台、东山精 密，覆盖AI、新能源、互联网、消费、电子等方向。 与2025年三季度末相比，光模块龙头中际旭创和新易盛，超越宁德时代和腾讯控股，成为主动权益基金前两大 重仓股。寒武纪-U、东山精密新进前十大重仓股，工业富联、中芯国际退出前十大重仓股。 从公募基金的全市场统计口径来看，个股层面，据Wind数据，公募基金2025年四季度末新进个股超600只，利 通科技、星图测控、超捷股份、大丰实业、力星股份、达意隆等个股，基金持股总量占流通A股比例均超 4%，其中星图测控、超捷股份1月以来股价涨幅均超两成，成为新进标的中的亮点。 增持与减持阵营均呈现规模化特征，四季度基金增持个股超1300只，恒勃股份、迈为股份、天华新能、普蕊 斯、斯菱智驱等个 ...

Group 1 - AI has become the hottest topic at the World Economic Forum, with significant investments already made and more needed for infrastructure development [1] - Elon Musk's upcoming attendance at Davos is expected to focus on AI, particularly in the chip sector, indicating a shift in discussions towards AI infrastructure [1] - Tencent's executive highlights the misconception of AI as a singular system, emphasizing the diversity of models serving various scenarios [1] Group 2 - The AI competition is evolving from algorithmic breakthroughs to a focus on computational power and infrastructure, indicating a structural and systemic race [2] - Musk and Huang's differing views on AI do not prevent them from recognizing the importance of AI infrastructure, with predictions of future currency being based on energy [2] - China's electricity consumption is projected to reach 10 trillion kilowatt-hours by 2025, making it the first country to achieve this, which is crucial for AI competition [3] Group 3 - The AI industry structure includes layers from energy to applications, suggesting a collective rise of multiple companies rather than a single dominant player [3]

2025年基金四季报披露完毕，根据天相投顾数据， 2025年四季度末，中际旭创位列公募基金第一大重仓股，公募基金持有市值达784.21亿元。 值得一提的是，2025年三季度末公募基金第一大重仓股为宁德时代，2025年二季度末公募基金第一大重仓股为腾讯控股。2025年三季度末，中际旭 创新进公募基金前十大重仓股， 2025年四季度末，中际旭创已成为公募基金第一大重仓股。 位列公募基金第二到第十大重仓股的分别是新易盛、宁德时代、腾讯控股、紫金矿业、阿里巴巴-W、寒武纪、立讯精密、贵州茅台、东山精密。 ...

平头哥自研PPU已成为中国新增AI算力市场的主力芯片之一。 芯片一直被认为是科技领域最难坑的骨头之一，而平头哥创立之前，阿里巴巴的硬件研发「履历」几乎空白，互联网公司造芯在国内更无先例，平头哥研发 芯片的难度不亚于阿里投入云计算。 虽然现实很骨感，但在这场技术和资本的游戏里，阿里的战略决心不亚于对阿里云的长期投入。 公司成立后，内部芯片研发的路线和模式非常清晰，即重点围绕云端数据中心场景开展一系列产品线，这与当时独立芯片公司研发标品芯片的模式大相径 庭，但这一模式也让平头哥成为芯片产业链里最大的黑马。 传统半导体厂商研发芯片，需要先调研客户、收集需求，然后才进入漫长的芯片定义和设计阶段，芯片研发的前期需要消耗大量时间。而平头哥背靠阿里 云，能更好地理解客户场景，以及云端算力的需求，这大幅缩短了平头哥芯片从设计到应用落地的周期。 2019年，成立一年的平头哥小试牛刀，推出了旗下第一颗芯片——AI推理芯片含光800，这是一颗针对场景深度定制的芯片，采用自研架构，推理性能达到 78563IPS，每秒可处理7万8千张图片，创造了当时同类芯片领域的性能和能效比的两项第一，该芯片逐步应用于双11淘宝主搜场景。 与此同时， ...

Core Insights - The article discusses how China's 15th Five-Year Plan will influence its industrial landscape, particularly focusing on AI and semiconductors as national priorities [1][5]. AI and Semiconductor Industry - AI is being integrated with manufacturing and energy systems, emphasizing the development of industry-specific large models rather than being treated as a standalone growth sector [6]. - Demand for computing power has shifted from being a discretionary choice to a foundational demand, benefiting sectors like optical communications, where companies like Zhongji Innolight and Eoptolink Technology have seen share price increases of 389.7% and 320% respectively over the past year [7][8]. - In semiconductors, the focus has shifted from comprehensive substitution to deployable capabilities, with SMIC's shares rising about 80% over the past year due to demand for mature-node processes and automotive chips [8][9]. AI Platforms and Market Dynamics - The competition in AI large models is transitioning from startups to major internet platforms, with Baidu and Alibaba facing investor skepticism despite their technological visibility [11][12]. - Tencent has shown stable market performance by embedding AI across its services, resulting in a share price increase of over 50% in the past year, indicating a preference for AI narratives that enhance cash flow quality [13]. Emergence of AI Agents - AI agents are evolving from general-purpose models to specific applications, marking a shift towards embedding AI in real-world workflows, as seen with ByteDance's Doubao [14][15]. - The U.S. tech giants focus on frontier model capabilities, while China emphasizes rapid deployment and monetization of AI technologies [16][17]. Robotics and Power Systems - Robotics is increasingly adopting a Robotics-as-a-Service (RaaS) model, which lowers adoption barriers for enterprises, with global installations of humanoid robots expected to reach approximately 16,000 units by 2025 [19][20]. - Companies like Ubtech have seen stock price increases of over 135% in the past year, while other industrial automation firms have also experienced gains of around 30% [21]. - Power and energy systems are being re-evaluated, with a focus on stability and efficiency, leading to a resurgence in interest for power electronics and energy storage companies [23][24]. - Share prices for companies like Sungrow Power Supply have more than doubled, reflecting a recovery in demand for energy storage solutions [24][25].

Core Viewpoint - The latest public fund report for Q4 2025 reveals significant changes in the top holdings, with a notable shift towards AI-related stocks and substantial increases in holdings for certain companies, particularly 中际旭创 (Zhongji Xuchuang) [1][4][6]. Group 1: Top Holdings and Changes - The top ten holdings of public funds as of Q4 2025 include 中际旭创, 新易盛, 宁德时代, 腾讯控股, 紫金矿业, 阿里巴巴-W, 寒武纪, 立讯精密, 贵州茅台, and 东山精密 [1]. - 中际旭创 has become the largest holding for public funds, surpassing 宁德时代, with a market value of 784.21 billion yuan [4]. - Compared to Q3 2025, 中际旭创 saw the highest increase in market value, with an increase of 226.02 billion yuan, marking its third consecutive quarter as the most increased stock [2][4]. Group 2: Sector Performance - In addition to technology stocks, sectors such as non-ferrous metals, chemicals, and electrical equipment also saw significant increases in public fund holdings [3][11]. - Stocks in the non-ferrous and chemical sectors, such as 云铝股份 and 天华新能, experienced substantial price increases of 61.65% and 118.53%, respectively, in Q4 2025 [11]. Group 3: Fund Manager Insights - Fund managers are increasingly embracing AI, with significant allocations to AI-related stocks in their portfolios, indicating a strong belief in the sector's growth potential [6][11]. - The overall market valuation for A-shares has risen, yet remains within a reasonable range, making equity assets attractive compared to other asset classes [12]. - The technology sector, particularly driven by AI, is viewed positively by fund managers, with expectations of continued investment opportunities in the coming period [12].

Core Insights - The AI Fund China Opportunity Stock A (001749) reported a profit of 2.8414 million yuan for Q4 2025, with a weighted average profit per fund share of 0.0198 yuan. The fund's net value growth rate for the reporting period was 1.04%, and the fund size reached 291 million yuan by the end of Q4 2025 [3][17]. Fund Performance - As of January 21, the fund's unit net value was 2.111 yuan. Over the past year, the fund achieved a cumulative net value growth rate of 48.66%, the highest among the two funds managed by the fund manager Li Huajian, who has maintained positive returns across both funds [3]. - The fund's performance rankings among comparable funds are as follows: 13.74% growth over the last three months (46/167), 44.99% over the last six months (22/167), and 22.95% over the last three years (81/156) [4]. Investment Strategy - The fund maintained a relatively high position during the reporting period, with an average stock position of 88.52% over the last three years, slightly above the industry average of 88.27%. The highest position reached was 93.14% in mid-2025, while the lowest was 79.84% in mid-2024 [15]. - The fund's investment focus includes sectors such as telecommunications, semiconductors, and electronics, while reducing exposure to media and pharmaceutical stocks. There is an increased allocation towards non-ferrous metals, power equipment, and commercial aerospace [3]. Market Outlook - The fund manager anticipates that the market will continue to experience an upward trend, with technology innovation being the core theme of the current bull market. The telecommunications sector is expected to benefit from the rapid development of the global AI industry, while the domestic semiconductor industry is poised to gain from favorable factors such as AI computing power and domestic production [3]. Top Holdings - As of Q4 2025, the fund's top ten holdings include companies such as Cambricon Technologies, Newyea, Zhongji Xuchuang, and others, indicating a strong focus on technology and innovation [20].

底层硬件方面，公司基于自主指令集，对标英伟达的TensorCore加速计算单元和NVlink卡间互联技术，原创 自主架构的GCU-CARE加速计算单元和GCU–LARE片间高速互连技术，相应架构不仅具有编程灵活性，而且 深度支持AI大模型高并行度加速计算。 核心技术领域，公司经过多年积累，形成了芯片及硬件、软件及编程平台和算力集群方案三大类，全方位、 立体化的核心技术体系。 据招股书，公司是我国云端AI芯片领域的领军企业之一，致力于成为"通用人工智能基础设施领军企业"。公 司坚持原始创新、自主研发的技术路线，构筑长期可持续发展的核心竞争力和护城河。成立近8年来，公司自 研迭代了四代架构5款云端AI芯片，构建了覆盖AI芯片、AI加速卡及模组、智算系统及集群和AI计算及编程 软件平台的完整产品体系。 软件平台层面，公司未跟随英伟达主导的CUDA生态，自研了包括驱动程序、编译语言与编译器、算子库、 工具链的全栈AI计算及编程软件平台"驭算TopsRider"，以链接公司硬件与人工智能应用程序，大大降低了基 于公司硬件的主流AI模型的编程开发难度和迁移成本，能够让公司硬件产品在应用场景中更好地释放性能。 算力集群方面 ...

Core Viewpoint - The 2025 Q4 public fund reports reveal a complex landscape characterized by "the strong getting stronger and the obscure emerging" [3] Group 1: Fund Performance - Over 40% of active equity products achieved positive quarterly returns, yet the overall fund profits still incurred losses exceeding 10 billion [4] - The top-performing fund, Yongying High-end Equipment Select A, reported a quarterly return of 56.42%, while some healthcare-themed funds experienced losses exceeding 23% [4] - Mini funds like Zhongou Cycle Select saw their scale surge from 0.36 billion to 15.75 billion, marking an increase of over 42 times [4] Group 2: Fund Manager Strategies - More than half of active equity funds opted to reduce stock positions, with over 10 products decreasing their positions by more than 20% [5] - The champion fund Yongying Technology Select A reduced its stock position from 94.41% to 80.34%, a decrease of over 14 percentage points [5] - Fund managers are showing caution towards AI hardware valuations, seeking relatively undervalued segments within the industry [9] Group 3: AI Bubble Debate - The debate over whether the AI sector has entered a bubble has intensified, with differing views among fund managers [10] - Some managers believe the AI industry is in the early stages of bubble formation, while others argue that valuations have returned to reasonable levels [11] - The core of the bubble debate revolves around the timing of technological advancements and the pace of commercial application [12] Group 4: Investment Opportunities - Fund managers are shifting their focus from beta to alpha, emphasizing the importance of stock selection [17] - In the innovative drug sector, opportunities are identified in the overseas expansion of the industry chain and domestic substitution of equipment [18] - The overall return levels in the equity market may decline, but significant structural excess return opportunities still exist [18]