在资本市场，真金白银的流向，是最具穿透力的市场语言。 随着公募基金2025年四季报全部披露完毕，其最新的持仓图谱清晰地展现在市场面前。仓位变动的背 后，揭示了在复杂宏观环境下，大资金对确定性机会的共识性追逐。 可以看到，市场的核心主线正在急剧收缩与凝聚，从过去数年的多线开花转向围绕以AI算力为核心 的、少数高景气赛道的深度博弈。 特别值得注意的是，在这一聚焦过程中，如中国平安（601318.SH/2318.HK）等兼具低估值安全边际、 高股息现金流与宏观景气修复预期的资产，成为资金重点加码的方向。 | 序号 | 股票代码 | 股票名称 | Q4增持市值(亿元) | Q4持股市值(亿元) | | --- | --- | --- | --- | --- | | 1 | 601318.SH | 中国平安 | 68 | 168 | | 2 | 002384.5Z | 东山精密 | 67 | 244 | | 3 | 300390.5Z | 天华新霞 | 37 | 38 | | 4 | 000807.SZ | 坚据股份 | 35 | ਟੇ ਕੇ | | 5 | 300751.SZ | 迈为股份 | 34 | 38 | | ...

Group 1 - Dongshan Precision's stock increased by 5.12%, reaching 76.85 yuan per share, with a trading volume of 3.925 billion yuan and a turnover rate of 3.79%, resulting in a total market capitalization of 140.759 billion yuan [1] - The company, established on October 28, 1998, and listed on April 9, 2010, is located in Suzhou, Jiangsu Province, and specializes in manufacturing and servicing precision sheet metal parts, precision castings, and electronic manufacturing [1] - The revenue composition of Dongshan Precision includes 65.23% from electronic circuit products, 17.98% from touch panels and LCD modules, 13.93% from precision components, 1.69% from LED display devices, and 1.17% from other sources [1] Group 2 - Tianhong Fund holds a significant position in Dongshan Precision, with Tianhong Cultural New Industries Stock A (164205) owning 75,500 shares, accounting for 3.51% of the fund's net value, making it the fourth-largest holding [2] - The fund has achieved a return of 13.36% year-to-date, ranking 653 out of 5,548 in its category, and a one-year return of 34.01%, ranking 2,187 out of 4,285 [2] - Since its inception, Tianhong Cultural New Industries Stock A has delivered a return of 249.01% [2]

[Table_Reportdate] 2026年01月27日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260127 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.药品零售新政出台，赋能行业高质量发展——医药生物行业周报（2026/01/19- 2026/01/25） ➢ 2.2026年全球AI服务器出货同比有望增超28%，AI相关芯片涨价持续——电子行业周报 2026/1/19-2025/1/25 ➢ 1.商务部：将优化实施消费品以旧换新，促进家电等大宗耐用商品消费 ➢ 2.上期所调整白银、锡期货相关合约交易限额 ➢ 3.香港特别行政区行 ...

随着2025年基金四季报披露收官，公募基金行业年度业绩正式揭晓。Wind数据显示，截至2025年四季度末， 公募基金市场总规模接近37万亿元，创历史新高。其中，ETF规模突破6万亿元，成为公募基金增长新引擎。与此 同时，2025年全年，公募基金为投资者带来的利润突破2.6万亿元，刷新了历史纪录，反映出投资者对公募产品配 置价值的认可以及公募基金在居民财富积累中的核心功能持续强化。 2025年四季度，公募基金（统计全部份额）单季整体亏损1122亿元，但由于2025年前三季度盈利积累，2025 年全年仍实现盈利2.6万亿元，刷新了历史纪录。回顾1998年至2025年的发展轨迹，公募基金行业已累计为基金持 有人创造超过7.9万亿元的投资利润，公募基金在居民财富积累与资产配置中的核心功能正在持续强化。 其中，在2025年四季度利润排名前10的基金产品中，有色金属ETF占据了7个席位。其中，华安基金的黄金 ETF以82.18亿元的利润排名第一；其后是黄金ETF博时，利润36.37亿元；华夏基金的上证50ETF以盈利33.88亿元 公募基金规模达36.76万亿元 近年来，公募基金市场规模保持稳步增长。Wind数据显示，2 ...

Investment Rating - The report maintains a "Recommendation" rating for the industry, indicating that the industry index is expected to outperform the benchmark index by more than 10% [7]. Core Insights - The humanoid robot concept index increased by 3.00% from January 18 to January 23, 2026, outperforming the CSI 300 index by 3.62 percentage points. Year-to-date, the humanoid robot index has risen by 9.68%, also surpassing the CSI 300 index by 8.11 percentage points [2][13]. - UTree Technology announced that its actual shipment of humanoid robots exceeded 5,500 units in 2025, with a production line output of over 6,500 units. This figure excludes other types of robots [5][23]. - The report highlights significant advancements in the humanoid robot industry, including the establishment of a humanoid robot lab by OpenAI and the launch of an automated production line for robot joints by Yiyou Technology [22][24]. Weekly Market Review - The humanoid robot index saw a weekly increase of 3.00%, with notable stock performances: Jingji Zhino increased by 29.47%, while Dongshan Precision saw a decline of 9.00% [19][20]. Weekly Hotspot Review Policy Developments - The Shenzhen Municipal Financial Management Bureau released a draft action plan to support technological innovation and industrial development in the insurance sector, encouraging research in humanoid robots and other advanced technologies [3][22]. - The Ministry of Industry and Information Technology plans to publish guidelines for the standardization of humanoid robots and embodied intelligence [3][22]. Product and Technology Iteration - OpenAI has established a humanoid robot lab, significantly expanding its scale since its inception [23]. - UTree clarified its shipment data, confirming over 5,500 units sold in 2025, which reflects actual sales to end customers [23]. - Yiyou Technology launched its first automated production line for robot joints, aiming to meet the growing demand for humanoid robots [24]. Investment and Financing - Zhejiang Humanoid Robot Innovation Center completed a Pre-A round financing of 450 million yuan, raising a total of 2.2 billion yuan over the past year and a half [26]. - Beijing Zhizai Wujie Technology Co., Ltd. underwent a capital increase, with new investors joining the company [26]. Key Company Announcements - Shuangyi Technology has provided humanoid robot joint product samples for customer prototype development [27]. - Taili Technology is expanding its security materials into the humanoid robot sector [27]. - Zhiwei Intelligent announced the mass production of a domain controller based on NVIDIA's Thor chip, enhancing its capabilities in the humanoid robot industry [27].

工业行业周报、月报 2026 年 01 月 26 日 [Table_Title] 宇树人形机器人出货超 5500 台，马斯 克计划明年面向公众销售 Optimus ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2026 年 1 月 18 日至 1 月 23 日,人形机器人概念指数上涨 3.00%,相 较沪深300指数跑赢 3.62pct;年初至今累计涨跌幅来看,人形机器人概 念指数上涨 9.68%,相较沪深 300 指数跑赢 8.11pct。 [Table_Main] 行业研究|工业 证券研究报告 A 股人形机器人指数（iFinD 概念）相关个股中，京基智农周涨幅 最大（+29.47%），东山精密周跌幅最大（-9.00%)。 周度热点回顾 政策端，深圳市地方金融管理局发布《深圳市关于保险业助力科技创 新和产业发展的行动方案（2026—2028 年）（征求意见稿）》；工信部 将发布人形机器人与具身智能综合标准化体系建设指南。 产品技术迭代方面，OpenAI 已建立人形机器人实验室；2025 全年， 宇树科技人形机器人实际出货量超 5500 台；意优科技在张江建设其 首条（也是 ...

截至2026年1月26日 13:10，中证消费电子主题指数(931494)成分股方面涨跌互现，芯原股份领涨 6.92%，澜起科技上涨3.09%，环旭电子上涨2.75%；蓝思科技领跌。消费电子ETF(561600)最新报价1.28 元。 泡泡玛特PUCKY"电子木鱼"搪胶毛绒挂件盲盒上线即售罄，主打情绪解压功能，被广泛称为"电子木 鱼"，二手平台出现溢价；同期公司完成约3.5亿港元回购，并推进星星人情人节系列销售。 消费电子ETF紧密跟踪中证消费电子主题指数，中证消费电子主题指数选取50只业务涉及元器件生产、 整机品牌设计及生产等消费电子相关的上市公司证券作为指数样本，以反映消费电子主题上市公司证券 的整体表现。 数据显示，截至2025年12月31日，中证消费电子主题指数(931494)前十大权重股分别为立讯精密、寒武 纪、工业富联、中芯国际、京东方A、兆易创新、澜起科技、东山精密、豪威集团、生益科技，前十大 权重股合计占比54.35%。 消费电子ETF(561600)，场外联接(平安中证消费电子主题ETF发起式联接A：015894；平安中证消费电 子主题ETF发起式联接C：015895；平安中证消费电子主题E ...

Group 1 - The core viewpoint of the articles highlights the significant presence of mutual funds in the stock market, with 2,977 stocks listed as heavy holdings by funds, and 107 stocks having a fund ownership ratio exceeding 10% [1][2] - Among the stocks with a fund ownership ratio over 10%, 42 stocks are held by more than 100 funds, with Ningde Times being the most held stock by 2,056 funds, representing an ownership ratio of 11.63% [2][3] - The stocks with the highest fund ownership ratios include Xinyi Sheng at 32.67%, Hengbo Co. at 28.02%, and Bei Ji Shen Zhou-U at 26.20% [1][2] Group 2 - In the fourth quarter, 56 stocks saw an increase in fund holdings, with the largest increases in Shen Gong Co. (59020.96%), Tianhua New Energy (15808.35%), and Maiwei Co. (959.13%) [1][2] - Conversely, 48 stocks experienced a decrease in fund holdings, with the largest reductions in Nuo Cheng Jian Hua-U (43.91%), Kai Te Co. (41.04%), and Ke Da Li (39.95%) [1][2] - Three new stocks entered the fund holdings list, with the highest ownership ratios for Bai Ao Sai Tu (21.55%), Li Tong Technology (12.60%), and Xing Tu Ce Kong (10.03%) [1][2] Group 3 - The industry distribution of heavily held stocks is primarily concentrated in electronics, biomedicine, and power equipment, with 28, 20, and 11 stocks respectively [2][3] - Among the stocks that provided 2025 earnings forecasts, 18 are expected to see profit increases, while 4 anticipate declines, and 2 expect losses, with Bai Wei Storage projecting the highest profit growth at 473.71% [2][3] - The performance of stocks in the fourth quarter shows a mix of increases and decreases in fund holdings, indicating varying investor sentiment across different sectors [1][2]

作为以追求超额收益为主要目标的基金品类，主动权益基金的相关动向备受市场关注。随着公募基金 2025年四季报披露完毕，主动权益基金的规模、收益、重仓行业等最新情况一一揭晓。 整体来看，2025年第四季度，主动权益基金维持较高的股票仓位运作，价值风格的主动权益基金表现更 优。持仓A股方面，电子、医药生物和电力设备为主动权益基金前三大重仓行业，中际旭创、新易盛、 宁德时代为其前三大重仓个股。 价值风格表现更优 天相投顾统计数据显示，截至2025年末，主动权益基金（积极投资股票基金、偏股混合基金、灵活配置 混合基金）规模为3.91万亿元。其中，偏股混合基金在产品数量和产品规模上均占据主导地位，产品数 量为2770只（按主份额统计），产品规模达2.41万亿元，在主动权益基金总规模中占比超61%。 相较于2025年三季度末，2025年末主动权益基金规模缩水1657亿元。结合新发基金数据来看，主动权益 基金整体规模的缩水或与权益市场的波动有关。2025年第四季度，主动权益基金新发产品112只，新发 产品规模为570.83亿元，与2025年三季度新发基金数量和规模基本持平。其中，偏股混合基金仍是"主 力军"，新发产品数量和规 ...

去年四季度，基金加仓大周期板块，权重仅次于科技类板块。多位基金经理表示，展望2026年，对资本 市场整体环境保持相对乐观判断。基金经理对科技产业与大周期板块的配置仍有分歧。鹏华基金基金经 理袁航分析，市场总体仍处于大的上行周期，虽然在持续上涨后难免出现阶段性震荡，股指中枢中长期 还是会进一步抬升，"价值—成长—价值"交替上行。伴随稳增长政策加码、多项产业政策推进，低估值 公司的基本面及业绩都将得到提振。 "国家队"调仓传闻被四季报证实 2025年基金四季报日前披露完毕。数据显示，截至2025年年底，全市场公募基金资产净值（含估算基 金）合计超过37.64万亿元，规模续创历史新高。近期，A股市场多只宽基ETF（交易型开放式指数基 金）上演天量成交和份额缩水引发了市场对"国家队"调仓的传闻，基金四季报印证了这一传言。 （全文1594字，阅读需要5分钟） 记者｜ 朱开云 编辑｜朱开云 实习生｜袁聪 权益类基金整体维持较高 仓位 2025年四季度，尽管A股市场整体呈现震荡态势，但是指数基金规模的持续增长为A股市场带来源源不 断的增量资金。权益类基金整体维持较高仓位，部分基金在四季度继续加仓。从仓位分布看，据兴业证 券 ...