【 导读 】 一批绩优基金四季报披露 中国基金报记者 曹雯璟 随着公募四季报陆续披露，一些绩优基金经理的调仓换股"跃然纸上"。 去年四季度，不少绩优基金聚焦人工智能、云计算、机器人等投资方向。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，科技产业仍将是结构性行情的重要方 向。 也有基金经理进行提示风险，科技板块具有高成长性和高波动率，应该先讲风险，再谈收 益，建议进行分散投资。 任桀：继续重点布局全球云计算产业 重点关注通信领域中的光通信及PCB方向 1月21日，由任桀管理的永赢科技智选披露四季报。该基金成立于2024年10月底，在2025 年度取得233.29%的单位净值增长率，不仅在主动权益基金业绩榜单上名列第一，更是摘得 年度公募基金全市场冠军，且领先优势明显。 最新季报显示，截至2025年四季度末，该基金规模达154.68亿元，环比增长34.26%。该基 金四季度股票仓位有所下降，从持仓情况看，其股票市值占基金总资产比例为78.76%，较三 季度末减少了13个百分点。 任桀在季报中表示，去年四季度，该基金继续聚焦全球云计算产业投资，在三季度判断的基 础上（基于2027年新技术的兑 ...

Group 1 - The core viewpoint of the news highlights the strong performance of the AI sector, with the CSI Artificial Intelligence Theme Index rising by 2.68% and significant gains in individual stocks such as Lanke Technology and Zhongke Shuguang [1] - The AI Artificial Intelligence ETF has seen continuous net inflows over the past week, totaling 802 million yuan, with a peak single-day inflow of 318 million yuan [1] - The storage chip sector is experiencing a strong upward trend, driven by rising prices and increased demand due to AI, with companies like SanDisk and Seagate receiving target price upgrades from Citigroup [2] Group 2 - CITIC Securities believes that regional friction provides a window for domestic semiconductor alternatives, with companies like Huawei and Cambricon rapidly improving their chip performance [2] - The CSI Artificial Intelligence Theme Index includes 50 companies involved in providing resources, technology, and application support for AI, with the top ten stocks accounting for 58.08% of the index [2] - The AI Artificial Intelligence ETF closely tracks the CSI Artificial Intelligence Theme Index, reflecting the overall performance of AI-related listed companies [2]

数据来源：国家统计局，智研咨询整理 2025年1-11月，计算机、通信和其他电子设备制造业企业数（以下数据涉及的企业，均为规模以上工业 企业，从2011年起，规模以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收 入2000万元）为30507个，和上年同期相比，增加了1377个，同比增长4.73%，占工业总企业的比重为 5.8%。 2016-2025年1-11月计算机、通信和其他电子设备制造业企业数统计图 上市公司：中国长城（000066），浪潮信息（000977），新大陆（000997），魅视科技（001229），智 微智能（001339），纳思达（002180），证通电子（002197），大华股份（002236），电科网安 （002268），中威电子（300270），智迪科技（301503），中润光学（688307），萤石网络 （688475），三未信安（688489） 相关报告：智研咨询发布的《2026-2032年中国通信设备行业市场行情监测及发展趋向研判报告》 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究 ...

2026年1月21日早盘，AI芯片、存储芯片等概念涨幅居前，截至10:04，中证人工智能主题指数(930713) 强势上涨2.07%，成分股澜起科技上涨10.26%，恒玄科技上涨5.29%，景嘉微上涨4.62%，芯原股份，中 科曙光等个股跟涨。人工智能ETF万家(159248)上涨2.22%。 人工智能ETF万家近3天获得连续资金净流入，最高单日获得649.16万元净流入，合计"吸金"1136.22万 元。 近期，AI基础设施建设加速推进，Meta正式成立"Meta Compute"新部门统筹全球数据中心群与供应商合 作，目标在本十年内建成数十吉瓦、最终达数百吉瓦级AI算力设施；与此同时，Cerebras斩获OpenAI超 100亿美元合作大单，承诺2028年前提供750兆瓦算力支持，凸显头部AI企业对异构算力供给的迫切需 求与长期投入决心。 政策面方面，工业互联网政策体系全面升级，"AI+制造"三大专项行动密集落地，涵盖《"人工智能+制 造"专项行动实施意见》《推动工业互联网平台高质量发展行动方案（2026—2028年）》《工业互联网 和人工智能融合赋能行动方案》，明确2027年推出1000个高水平工业智能 ...

Group 1: AI and Technology Integration - The 2026 Spring Festival Gala marks a significant transformation with ByteDance's Volcano Engine becoming the exclusive AI cloud partner, indicating a shift of cloud and AI technology from a supportive role to a core production platform for the event [1] - The technology architecture of Volcano Engine has evolved to an AI cloud-native stage, with daily usage reaching 63 trillion tokens, supporting a wide range of complex scenarios across major automotive brands and top brokerage firms [1] - The gala's AI cloud platform will handle key tasks such as intelligent content generation, personalized recommendations, and high-concurrency real-time rendering, establishing itself as the "technological backbone" of the event [1] Group 2: Hardware and Infrastructure Support - Runze Technology provides high-density cabinets and liquid cooling solutions that effectively support AI training and inference tasks, crucial for the gala's 8K live broadcast and real-time AI rendering [2] - Inspur Information's products are essential for supporting high-concurrency, low-latency AI tasks during the gala, with the company being a long-term server supplier for ByteDance [2] - Yacon's services ensure the AI cloud platform operates continuously under peak pressure, highlighting the importance of stability and low latency in the gala's technical infrastructure [2] Group 3: Consumer Engagement and Content Creation - Zhongke Lanyun's chips are widely used in smart devices, serving as the first hardware entry point for users to interact with the gala's AI cloud services [3] - Liou Co. is responsible for traffic operation and commercialization of interactive segments during the gala, utilizing AI-generated content to enhance audience engagement [3] - BlueFocus is pioneering the application of virtual human technology in large-scale events, providing integrated solutions that combine creativity, technology, and operations for the gala [4] Group 4: Market Trends and Consumer Behavior - The Spring Festival Gala's merchandise, including the "Four Horse Team" limited edition blind boxes, sold out rapidly, indicating a strong consumer demand and the effectiveness of the cultural content-IP commercialization model [6] - Companies with IP operation capabilities and flexible supply chains are expected to benefit from the long-term rise of national consumption, as demonstrated by the successful development of official merchandise for the gala [6] - The gala serves as a testing ground for advanced display and communication technologies, with implications for future commercial performances and urban light shows, indicating a potential growth trajectory for related industries [8] Group 5: Investment Opportunities and Industry Dynamics - The event highlights a shift in investment logic from theme-driven to fundamental value driven by scenario validation, with companies positioned to convert industry opportunities into specific growth momentum [8] - The success of cultural IP during the gala illustrates a new phase in national consumption, where companies that can transform traditional cultural resources into sustainable business assets will thrive [9] - Capital markets should recognize the dual nature of the "Spring Gala concept," balancing short-term event-driven attributes with long-term industry value, as companies with strong technological and operational capabilities will gain competitive advantages [9]

Core Viewpoint - As of January 19, the disclosure rate of annual performance forecasts for A-shares is 7.98%, with a peak expected in late January, where the final disclosure rate may reach around 55% [2][5]. Group 1: Performance Forecasts - The performance forecasts indicate that companies with significant net profit growth are primarily in sectors such as computing power, new energy, chemicals, pharmaceuticals, non-ferrous metals, and computers [6][10]. - By January 19, 447 A-share companies have released annual performance forecasts, with 144 companies expecting net profit growth exceeding 50%, mainly in computing power (semiconductors, communication equipment), new energy (batteries, photovoltaics), and chemicals [6][10]. Group 2: Market Reactions - As the performance forecasts enter their peak disclosure period, the correlation between stock prices and performance is expected to increase significantly in the latter half of January, with market sentiment returning to rationality [5]. - The market is likely to undergo a structural adjustment based on fundamentals, with previous hot sectors facing performance validation, while some low-performing but high-quality sectors may attract new capital inflows [5]. Group 3: Industry Insights - The sectors with upward revisions in profit forecasts since November include technology (especially in upstream computing hardware and downstream applications like consumer electronics and software), advanced manufacturing (new energy, military, automotive), and cyclical industries (building materials, non-ferrous metals, coal, steel) [12][13]. - The industries with lower performance growth since the last market rally include AI computing power, new energy, pharmaceuticals, and cyclical sectors like steel and glass fiber [14].

Core Viewpoint - The AI sector is experiencing significant investment interest, driven by developments in domestic AI models and supportive government initiatives aimed at fostering a robust AI industry cluster in China [1][2]. Group 1: Market Performance - As of January 20, 2026, the CSI Artificial Intelligence Theme Index (930713) showed mixed performance among its constituent stocks, with Lanke Technology leading at a 3.93% increase, while Xinyi Sheng fell by 6.20% [1]. - The AI Artificial Intelligence ETF (512930) was priced at 2.31 yuan, reflecting ongoing investor interest [1]. - The AI Artificial Intelligence ETF has seen continuous net inflows over the past six days, with a peak single-day inflow of 318 million yuan, totaling 774 million yuan and an average daily net inflow of 129 million yuan [1]. Group 2: Industry Developments - The "Pudong New Area Promotion of Zhangjiang AI Innovation Town Construction Work Plan" aims to focus on cutting-edge AI industry development, targeting breakthroughs in key technologies and the launch of high-end products, with a goal of creating a world-class AI industry cluster [1]. - By 2027, the plan anticipates the aggregation of over 800 AI application enterprises, the cultivation of 3 to 5 industry benchmark companies, the completion of over 100 large model registrations, and the establishment of more than 30 AI demonstration application scenarios, with the AI industry scale reaching 65 billion yuan [1]. Group 3: Investment Opportunities - According to Aijian Securities, the successful IPOs of domestic large model companies are expected to drive a new wave of growth in the domestic AI industry chain [1]. - There is a positive outlook on investment opportunities within the domestic AI industry chain, including upstream components like computing power chips, PCBs, optical modules, and downstream terminal equipment parts [1].

Core Viewpoint - The article discusses the performance and strategies of several funds heavily invested in the artificial intelligence (AI) sector, revealing both consensus and divergence among fund managers regarding future market trends and investment opportunities in this space [1][3]. Group 1: Fund Performance and Adjustments - Several high-performing funds have disclosed their fourth-quarter reports for 2025, showing significant gains attributed to their investments in the AI sector, with one fund, China Europe Digital Economy, achieving an annual increase of approximately 143.07% [3]. - Fund managers have made adjustments to their portfolios, with some increasing their holdings in AI-related stocks like Shengyi Technology and Inspur Information, while reducing positions in others like Zhongji Xuchuang and Xin Yi Sheng [3][4]. - The focus of these funds has shifted towards sectors such as optical communication and liquid cooling, indicating a strategic pivot in response to market conditions [4]. Group 2: Investment Opportunities and Risks - The AI sector is seen as entering a phase where investment opportunities are emerging alongside risks, with fund managers emphasizing the need to monitor technological advancements and business model validations [6][10]. - There is a growing interest in hardware investments closely tied to computing power, with expectations that components like optical modules and memory chips will see increased capital expenditure in 2026 [6]. - The demand for electricity driven by AI data centers is expected to outpace traditional grid expansion, potentially leading to an energy crisis, which presents both challenges and investment opportunities in the power infrastructure sector [7]. Group 3: Perspectives on Market Valuation - The debate over whether the AI sector is experiencing a bubble is ongoing, with some fund managers arguing that while valuations have risen, many leading companies do not exhibit bubble-like characteristics [9]. - Concerns about high valuations leading to increased volatility are highlighted, with the need for companies to deliver on performance expectations becoming more critical [10]. - The article suggests that the key issues are not whether a bubble exists, but rather the pace of technological progress and the ability of businesses to convert new capital into real revenue and profits [10].

Group 1 - The core viewpoint of the news highlights the performance of the AI sector, particularly the rise of the Zhongzheng AI Theme Index and the AI ETF, indicating a growing interest and investment in AI technologies [1][2] - The Zhongzheng AI Theme Index (930713) has shown mixed performance among its constituent stocks, with Beijing Junzheng leading at a 3.92% increase, while New Yisheng experienced the largest decline [1] - The AI ETF (512930) has seen significant net inflows, totaling 774 million yuan over six days, with a peak single-day inflow of 318 million yuan, reflecting strong investor interest in AI-related investments [1] Group 2 - The Zhongzheng AI Theme Index comprises 50 listed companies involved in providing foundational resources, technology, and application support for AI, with the top ten stocks accounting for 58.08% of the index [2] - The top ten weighted stocks in the Zhongzheng AI Theme Index include notable companies such as Zhongji Xuchuang, New Yisheng, and Cambricon, indicating a concentration of investment in key players within the AI sector [2] - Alibaba Health's AI product "Hydrogen Ion" has completed internal testing and is now available for download, targeting clinical and research applications, which enhances Alibaba's comprehensive AI strategy in the healthcare sector [1]

Group 1 - The core viewpoint of the news highlights the significant growth and investment interest in the AI application sector, with the AI application board being the leading sector in A-shares, showing a 19% increase since the beginning of the year [2] - The AI Artificial Intelligence ETF (512930) has seen continuous net inflows over the past six days, with a maximum single-day net inflow of 318 million yuan, totaling 774 million yuan, averaging 129 million yuan in daily net inflows [1] - The China Securities Artificial Intelligence Theme Index (930713) includes 50 listed companies involved in providing resources, technology, and application support for AI, reflecting the overall performance of AI-related stocks [2] Group 2 - The top ten weighted stocks in the China Securities Artificial Intelligence Theme Index as of December 31, 2025, include companies like Zhongji Xuchuang, Xinyi Sheng, and Hanwha Technology, accounting for 58.08% of the index [2] - The collaboration between Zhejiang Wenlian and ByteDance's Douyin Engine on the "Pai Zhi" digital human has achieved a cumulative consumption of over 250 million yuan by 2025, marking a fivefold year-on-year growth and indicating the maturity of digital humans in marketing applications [1] - The CES 2026 event has provided a crucial window for observing the future directions of AI application deployment, with hardware and software advancements expected to accelerate the adoption of AI technologies [2]