消息面上，美东时间25日周三，英伟达公布，在截至2026年1月31日的公司2026财年第四财季（"四季 度"），Q4总营收和数据中心收入创新高，营收达创纪录的681亿美元，同比大增约七成，贡献超九成 营收的核心业务数据中心也创单季收入新高，均较分析师预期水平高逾3%。 黄仁勋在电话会上直言，Agentic AI已达到拐点，算力直接转化为收入。黄仁勋认为没有算力就无法生 成token，没有token就无法实现营收增长，云服务商的巨额资本开支最终将直接转化为收入。此外，公 司证实接近达成与OpenAI的巨额基建合作，订单需求已排至2027年。 华西证券表示，目前AI发展阶段仍处于Scale up和Scale out的关键加速期，伴随相关算力芯片的供应体 系逐渐丰富，应用发展对于token需求量仍在加速增加，相关底层算力基建仍然还在扩张期。仍坚定看 好Scale up的柜内光升级，电源、液冷等产业领域，包括芯片、交换机、服务器等需求放量，以及CSP 厂商资本开支加速带来的算力租赁和AIDC相关市场机遇。 2月26日早盘，A股光纤、光通信、CPO概念股盘初高开，杰普特、中天科技、亨通光电等多股涨停， 天孚通信、源杰科 ...

截至2026年2月26日 09:32，中证人工智能主题指数(930713)上涨0.22%，成分股润泽科技上涨7.14%，星 宸科技上涨7.09%，芯原股份上涨2.58%，光环新网上涨2.13%，合合信息上涨1.29%。AI人工智能 ETF(512930)上涨0.22%，最新价报2.28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)。 消息面上，英伟达四季度营收681亿美元，同比增长73%；数据中心营收为623亿美元，市场预期为 606.2亿美元。 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，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能 ...

个股层面呈现普涨格局，全天共计4006只个股收涨，涨停股109只；1392只个股收跌，21只个股跌停。 从热门交易个股来看，日成交额超100亿元的个股共计4只。CPO概念股"易中天"组合表现亮眼：中际旭 创收涨4.33%报554元/股，天孚通信收涨12.65%报351.01元/股。此外，润泽科技涨逾13%。 31个申万一级行业中，传媒板块跌幅超过3%，计算机、商贸零售、食品饮料也收跌。 2月24日，A股迎来马年首个交易日，市场呈现"开门红"态势。全天成交额放量至2.22万亿元，超过4000 只个股上涨，市场氛围积极。受访人士指出，A股节后有望延续震荡上行格局，但行情性质与核心驱动 力或将发生切换。 石油等资源股爆发 2月24日，A股高开高走，指数、板块及个股收涨居多，沪指涨0.87%报4117.41点，创业板指涨0.99%报 3308.26点，深证成指涨1.36%。上证50、北证50微红，沪深300涨幅超1%，科创50微跌。 市场交投活跃度提升，成交额较前一交易日增加2193亿元，全天成交达2.22万亿元。值得注意的是，春 节前杠杆资金热度持续降温，截至2月13日，沪深北三市两融余额降至2.59万亿元。 A股 ...

Core Insights - The article provides an overview of the performance of various mutual funds, highlighting the top and bottom performers based on net asset value changes [1]. Group 1: Top Performing Funds - The top 10 mutual funds with the highest net value growth include: Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A (5.8790, +6.20%), Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed C (5.8180, +6.19%), and Dongfang Artificial Intelligence Theme Mixed A (2.0655, +5.79%) [2]. - Other notable funds in the top 10 are: Dongfang Artificial Intelligence Theme Mixed C, Jiashi Zhongzheng Rare Earth Industry ETF Link C, and Jiashi Zhongzheng Rare Earth Industry ETF Link A, among others [2]. Group 2: Bottom Performing Funds - The bottom 10 mutual funds with the lowest net value growth include: Changcheng Jiuxiang Mixed C (1.7937, -2.97%), Changcheng Jiuxiang Mixed A (1.8273, -2.97%), and Dongfang Innovation Growth Mixed A (1.2713, -2.78%) [3]. - Other funds in this category are: Dongfang Innovation Growth Mixed C, Yifangda Zhongzheng Overseas Internet 50 ETF Link (USD) C, and Jinxin Core Competitiveness Mixed A, among others [3]. Group 3: Market Overview - The Shanghai Composite Index opened high and closed with a small gain, while the ChiNext Index also experienced a similar trend, with a total trading volume of 2.48 trillion [5]. - Leading sectors included steel, mineral products, and non-ferrous metals, with gains exceeding 3%, while the advertising packaging sector lagged behind [5]. Group 4: Fund Strategy Analysis - The Qianhai Kaiyuan Hong Kong-Shenzhen Core Resource Mixed A fund has a significant focus on resource industries, with a top holding concentration of 62.30% [6]. - The top holdings include Zijin Mining, Xiamen Tungsten, and Northern Rare Earth, with notable price increases observed in these stocks [6]. - The fund's performance is characterized as outperforming the market, particularly in the rare resources sector [6]. Group 5: Fund Style and Changes - The fund's style has shifted from a focus on artificial intelligence to a more resource-oriented approach, as indicated by the recent changes in holdings [7]. - The current fund size is reported at 0.49 billion, reflecting a potential change in investment strategy [7].

2月25日早盘，A股走势分化，周期板块补涨，AI科技方向回调，光模块、CPO等算力方向盘初下 挫。同类费率最低创业板人工智能ETF华夏（159381）震荡走低，截至10:33止跌回升，跌幅收窄至 1.44%。持仓股中，致尚科技，首都在线领跌，光库科技、太辰光等回吐昨日部分涨幅。资金春节前后 加速布局AI高景气方向，近两日，创业板人工智能ETF华夏（159381）累计获得资金净流入超1.2亿 元，同类费率最低云计算ETF华夏（516630）吸金0.35亿元。 消息面上，2月24日，谷歌公司将在美国明尼苏达州建设一个新的数据中心，并与当地公用事业公 司Xcel Energy合作，加速创新能源解决方案的实施。为了在不将成本转嫁给当地用户的情况下加速清 洁能源的部署，两家公司在明尼苏达州设计了清洁能源加速收费（CEAC）。谷歌表示，Xcel Energy将 为新的数据中心供电，自己将承担所有与电力服务相关的费用。 创业板人工智能ETF华夏（159381）跟踪指数CPO权重近50%，同时覆盖国产软件+AI应用企业， 具备较高弹性。其中前三大权重股为中际旭创（15.64%）、新易盛（15.57%）、天孚通信（6.85%） ...

Group 1 - A-shares have seen a significant capital inflow after the Spring Festival, with margin financing returning 346 billion yuan on the first trading day after the holiday, indicating a shift in market sentiment [2][3] - The preference for leveraged funds has changed dramatically, with sectors that were previously sold off seeing substantial buying, particularly in technology-related stocks [4][5] - Despite the inflow of margin funds, main capital has continued to flow out, indicating a shift from high valuation sectors to cyclical and undervalued sectors [7][8] Group 2 - On February 24, 26 sectors received capital replenishment from leveraged funds, with significant inflows into electronics, computers, and defense industries, while sectors like utilities and oil & gas saw reductions [5][6] - The overall market sentiment has improved, with major indices showing gains, yet main capital has been net outflowing, particularly from high valuation sectors like media and computing [7][8] - Analysts suggest that the liquidity environment may remain loose post-holiday, with multiple factors such as household savings moving into the market and increased foreign investment potentially benefiting A-shares [9]

Report Industry Investment Rating No information provided in the report about the industry investment rating. Report's Core View The report analyzes the investment value of the Bank of China GEM 50 Index (026770/026771). It points out that the GEM 50 Index features high - tech growth and high - quality fundamentals, and performs well in growth - dominant environments and market rebounds. The Bank of China Fund, as the fund manager, has rich experience in managing passive index products [2]. Summary According to the Directory 1. Highlight the Characteristics of the Growth Enterprise Market and Focus on the Broad - based Index of New - Quality Productivity - **Index Compilation Method**: Composed of the 50 stocks with the largest average daily trading volume in the GEM market, it focuses on the liquidity of sample stocks and combines industry coverage, using free - float market capitalization weighting and adjusting every six months [5][6]. - **Index Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks. The weight is concentrated in the top ten constituent stocks, accounting for 65.27%. The average free - float market value is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan. Both are mainly concentrated between 2 billion and 5 billion yuan [7][10]. - **Index Industry Characteristics**: The constituent stocks are concentrated in the power equipment and communication industries, with a high degree of industry concentration. Compared with the GEM Index, it has more prominent high - tech growth attributes and is highly compatible with new - quality productivity [14][21]. - **Fundamental Characteristics**: The R & D investment as a proportion of operating income is close to 6%, higher than that of other broad - based indexes. The annual return on net assets from 2020 to 2024 is between 14% and 20%, showing high - quality characteristics [22][26]. 2. Index Investment Value Analysis: Prominent Growth Style and Elasticity - **Outstanding Performance in Growth - Dominant Environments**: The GEM 50 focuses on GEM stocks with high - tech growth attributes. In growth - dominant environments, its cumulative return far exceeds that of the Guozheng Growth Index, and the weekly average return since 2014 is 2.56% [27][31]. - **Superior Rebound Strength**: Due to the wider daily price limit of GEM constituent stocks, in several market rebounds since 2022, the GEM 50 Index shows high rebound strength, and the rebound interval returns generally exceed those of comparable indexes [35]. 3. Bank of China GEM 50 Index (026770/026771) It is an over - the - counter passive index product of the Bank of China Fund, which started raising funds on February 24, 2026, with a raising period until March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The management fee rate is 0.50%, and the custody fee rate is 0.10% [38]. 4. Fund Manager and Fund Manager Information - **Fund Manager Introduction**: The Bank of China Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products with a total scale of 10.043 billion yuan [40]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, and the total scale of her managed products is 299 million yuan. Mr. Yao Jin has 12 years of securities experience, and the total scale of his managed products is 278 million yuan [42][43].

春节前大幅离场后，A股节后的资金回流态势已成为市场关注焦点。 杠杆资金单日回流346亿元。 其中，前期累计涨幅较多的电子、电力设备、计算机、有色金属、通信等行业遭受资金明显减仓，融资 资金净卖出金额在33亿元～74亿元之间。 节后首个交易日，杠杆资金的持仓偏好截然相反。节前受到偏爱的行业出现大幅卖出，并流向节前遭到 减仓的行业。 根据Wind数据，2月24日，有26个行业获得杠杆资金回补仓位。电子、计算机、有色金属、电力设备、 通信、国防军工等板块获得融资资金大笔买入，净流入金额均超20亿元。而公用事业、石油石化、建筑 装饰、综合、煤炭5个行业遭到杠杆资金减仓。 这与当日的市场表现并不完全一致。24日，石油石化、煤炭行业领涨，建筑材料和公用事业也表现不 俗；有色金属行业涨幅居前，但计算机行业则处于跌势。25日，有色金属、建筑材料涨幅依旧居前，国 防军工、电子、电力设备行业涨幅超过1%，计算机和通信行业涨幅靠后，均微涨0.2%。 两融资金在春节前大幅净流出后，节后首个交易日大幅回流了346亿元，其中融资资金回流了338.89亿 元。杠杆资金的持仓偏好，春节前后也截然相反，此前大笔净卖出的行业在节后被大笔净买入。 ...

Market Performance - The Hong Kong stock market showed a positive performance during the Spring Festival, with the Hang Seng Technology Index rising over 3% and the overall Hang Seng Index increasing by 1.4% [1] - The A-share market also experienced a "New Year opening red," with the Shanghai Composite Index surpassing 4100 points [1] - Despite the initial positive performance, the Hong Kong market faced a downturn post-holiday, particularly in internet stocks, while sectors like materials, real estate, energy, and healthcare supported the market [1] Sector Performance - The performance of various sectors in the Hong Kong market is as follows: - Materials: +21.60% - Real Estate and Construction: +19.06% - Energy: +18.94% - Industrial: +16.70% - Healthcare: +10.39% - Financials: +6.10% - Information Technology: -8.77% [2] Investment Opportunities - There are significant investment opportunities in the Hong Kong market, particularly in sectors like industrial metals, high-end manufacturing, and innovative pharmaceuticals [3][16] - The influx of southbound capital has led to a change in pricing logic for Hong Kong stocks, making them more sensitive to changes in risk appetite from mainland investors [4] - The appreciation of the Renminbi since December 2024 has increased the attractiveness of Chinese assets, benefiting companies listed in Hong Kong that report earnings in Renminbi [5] Economic Factors - The Federal Reserve is in a rate-cutting cycle, and the expected changes in liquidity are limited, indicating a stable environment for the Hong Kong market [9] - The correlation between Hong Kong stocks and A-shares has strengthened, suggesting that Hong Kong stocks may experience passive increases alongside A-shares [4] Fund Management Insights - Fund manager Zhou Hanying, with extensive experience in global investments, is optimistic about sectors such as non-ferrous metals, AI, and innovative pharmaceuticals [3][16] - The upcoming fund, 景顺长城衡瑞精选混合, will focus on a balanced investment strategy, allowing for a maximum of 50% allocation to Hong Kong stocks to leverage Zhou's expertise [11]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The BOC GEM 50 Index (026770/026771) is an over - the - counter passive index product of BOC Fund, which focuses on the GEM, selects stocks with strong liquidity, and has prominent technology - growth attributes, high R & D investment, and high - quality fundamentals. It performs well in a growth - dominant environment and has an advantage in rebound strength. The fund manager, BOC Fund, has rich experience and management scale [2][39]. 3. Summary According to the Directory 3.1 Index Features - **Index Compilation Method**: The GEM 50 Index consists of 50 stocks with large average daily trading volume in the GEM market, focusing on sample stock liquidity and highlighting investment attributes. It selects stocks by considering the average daily trading volume in the past 6 months and industry coverage, using free - float market capitalization weighting and adjusting every six months [7][8]. - **Weight and Market Value Distribution**: As of January 31, 2026, the index has 50 constituent stocks, with the top ten constituent stocks accounting for 65.27% of the total weight. The weight is highly concentrated in stocks such as CATL, Zhongji Xuchuang, and Xinyisheng. The average free - float market value of constituent stocks is 9.0192 billion yuan, and the average total market value is 14.3456 billion yuan, mainly concentrated between 2 billion and 5 billion yuan [9][12]. - **Industry Characteristics**: The index has prominent technology - growth attributes and is highly in line with new - quality productivity. The constituent stocks are concentrated in the power equipment and communication industries, with 9 stocks in each, accounting for 31.03% and 24.91% respectively. Compared with the GEM Index, it excludes industries with less prominent technology attributes such as agriculture, forestry, animal husbandry, and fishery, and has stronger growth attributes [17][22]. - **Fundamental Characteristics**: The GEM 50 Index further strengthens the innovation - growth attribute on the basis of the GEM Index. The R & D investment as a proportion of operating income reaches nearly 6%, and the annual return on net assets from 2020 to 2024 is between 14% and 20%, surpassing other representative broad - based indices [23][27]. 3.2 Index Investment Value Analysis - **Outstanding Performance in a Growth - Dominant Environment**: The GEM 50 Index focuses on GEM stocks with technology - growth attributes and performs well in a growth - dominant environment. Its cumulative returns in a growth - dominant environment far exceed those of the GEM Index and the China Securities Growth Index. The weekly average return in a growth - dominant environment since 2014 is 2.56%, higher than other indices [28][32]. - **Advantage in Rebound Strength**: Affected by the sector attributes, the GEM 50 Index is unique in the environment of sharp rises or rebounds. In the rebounds in 2022.4, 2024.9, and 2025.4, it shows a high rebound strength, and the rebound interval returns generally exceed those of comparable indices [36]. 3.3 BOC GEM 50 Index (026770/026771) - It is an over - the - counter passive index product of BOC Fund, starting to be raised on February 24, 2026, with a raising period from February 24 to March 13, 2026. The current fund managers are Ms. Li Nian and Mr. Yao Jin. The fund closely tracks the underlying index, aiming to minimize the tracking deviation and tracking error, with a management fee rate of 0.50% and a custody fee rate of 0.10% [39]. 3.4 Fund Manager and Fund Manager Information - **Fund Manager Introduction**: BOC Fund is a Sino - foreign joint - venture fund management company jointly established by the Bank of China and BlackRock. It currently manages 14 passive index products, with a total scale of 1.0043 billion yuan [41]. - **Fund Manager Introduction**: Ms. Li Nian has 9 years of securities experience, with a total scale of 299 million yuan in managed products. Mr. Yao Jin has 12 years of securities experience, with a total scale of 278 million yuan in managed products [43][44].