Core Viewpoint - The market experienced increased volatility in Q4 2025, with A-shares and Hong Kong stocks showing mixed performance, while sectors like AI computing and semiconductors thrived, contrasting with weaker performances in real estate and pharmaceuticals [1] Group 1: Market Performance - The Shanghai Composite Index rose by 2.22% in Q4 2025, while the Hang Seng Index fell by 4.56% [1] - The technology growth sector, particularly AI computing and semiconductors, showed significant gains, while industries such as real estate and pharmaceuticals faced challenges [1] Group 2: Fund Manager Performance - Star fund managers like Fu Pengbo and Li Xiaoxing achieved over 60% returns in 2025, focusing on AI computing and semiconductors [2] - Balanced allocation funds, such as Zhu Shaoxing's, demonstrated stability with a 20% annual return, benefiting from diversified investments across various sectors [3][14] Group 3: Investment Strategies - Fu Pengbo's fund increased its allocation to data center cooling and computing-related companies, with a top ten stock concentration of 70.38% [5] - Li Xiaoxing emphasized AI hardware innovation and semiconductor investments, with a focus on domestic advancements in the semiconductor industry [6] Group 4: Traditional Value Investments - Fund managers like Zhang Kun and Liu Yanhun maintained positions in traditional sectors like consumer goods and pharmaceuticals, despite facing net value pressures [8][12] - Liu Yanhun's fund experienced a 5.85% decline in Q4, reflecting the challenges faced by traditional value sectors [12] Group 5: Policy and Market Outlook - Fund managers noted the impact of "anti-involution" policies on corporate fundamentals, suggesting a shift towards supply-side optimization [17] - Despite market rebounds, equity assets are still viewed as attractive, with a focus on high-quality listed companies as scarce income-generating assets [18]

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 30.81 亿元 | -1.01 亿元 | | 中芯国际(00981) | 19.73 亿元 | -3957.24 万元 | | 腾讯控股(00700) | 18.66 亿元 | +1.67 亿元 | | 中国海洋石油(00883) | 18.60 亿元 | -2.47 亿元 | | 长飞光纤光缆(06869) | 13.52 亿元 | +2.98 亿元 | | 紫金矿业(02899) | 13.17 亿元 | +10.13 亿元 | | 泡泡玛特(09992) | 10.25 亿元 | +2.45 亿元 | | 小米集团-W(01810) | 8.56 亿元 | -5105.41 万元 | | 华虹半导体(01347) | 7.52 亿元 | +4528.36 万元 | | 金山云(03896) | 6.63 亿元 | +1.65 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 50.18 亿元 | -8 ...

蓝筹股方面，腾讯控股涨2.31%，收报621港元；香港交易所涨2.04%，收报439.2港元；中国移动涨 3.06%，收报80.9港元；汇丰控股涨2.23%，收报137.5港元。 责任编辑：袁浩 香港本地股方面，长实集团涨1.63%，收报46.2港元；新鸿基地产涨3.57%，收报124.7港元；恒基 地产涨3.57%，收报31.32港元。 中资金融股方面，中国银行涨3.55%，收报4.67港元；建设银行涨3.35%，收报8.03港元；工商银行 涨3.62%，收报6.59港元；中国平安涨1.79%，收报70.95港元；中国人寿涨3.17%，收报35.18港元。 新华社香港1月28日电 香港恒生指数28日涨699.96点，涨幅2.58%，收报27826.91点。全日主板成交 3615.23亿港元。 石油石化股方面，中国石油化工股份涨3.61%，收报5.45港元；中国石油股份涨4.99%，收报9.25港 元；中国海洋石油涨4.85%，收报24.66港元。 国企指数涨267.36点，收报9512.24点，涨幅2.89%。恒生科技指数涨145.44点，收报5900.16点，涨 幅2.53%。 ...

证券简称成交金额净买入额收盘价涨跌幅腾讯控股 0070049.15亿港元12.09亿港元621.00港元23.10%泡泡玛特 0999229.14亿港元7.34亿港元231.40港元70.30%长飞光纤光缆 0686913.52亿港元2.98亿港元75.20港元154.30%中国海洋石油 0088353.86亿港元2.86亿港元24.66港元48.50%金山云 038966.63亿港元1.65亿港元7.81港元34.40%云知声 0967819.62亿港元0.74亿港元382.00港元737.90%华虹半导体 013477.52亿港元0.45亿港元122.70港元74.40%小米集团－Ｗ 0181027.27亿港元-0.59亿港元36.32港元21.40%中芯国际 0098158.16亿港元-3.79亿港元79.30港元35.20%中国移动 0094132.78亿港元-7.48亿港元80.90港元30.60%紫金矿业 0289944.92亿港元-8.54亿港元44.76港元31.30%阿里巴巴－Ｗ 0998880.99亿港元-9.45亿港元173.50港元21.20%盈富基金 0280031.73亿港元-23 ...

（编辑 王雪儿） 证券日报网讯 1月28日，兴图新科在互动平台回答投资者提问时表示，公司核心视频高压缩技术可在画 质无损前提下实现90%存储容量缩减，相关超存引擎产品序列可在不更换现有系统、设备和不增加硬盘 的情况下，实现4-10倍近无损压缩，综合存储成本降低50%以上，可有效对冲存储设备涨价压力。具体 产品包括超存引擎（32路-1500路）、DPU零载加速卡和超存智算一体机等。公司联合长江计算、神州 数码、中国移动、中国电信打造存储解决方案和产品，可广泛适配华为、中兴、长江计算、超聚变、同 泰怡、攀升等品牌服务器。 ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, with a rise of 12.82% compared to +2.06% for the Shanghai Composite Index [8]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8]. - The capital expenditure of major North American cloud providers reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [8]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Various sub-sectors within the communication industry saw significant gains, with cable and network connection sectors increasing by 22.05% and 19.44% respectively [15]. Industry Tracking - The global ICT market is expected to grow from $5.9 trillion in 2025 to $7.6 trillion by 2029, with a CAGR of 7.0% [39]. - The Chinese enterprise ICT market is projected to reach approximately $314.7 billion in 2025, growing at a rate of 14.3% year-on-year [39]. - The telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, reflecting a 0.9% year-on-year increase [48]. Telecom Industry Insights - As of November 2025, the number of 5G mobile phone users in China reached 1.193 billion, accounting for 65.3% of total mobile users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total broadband users [52]. Investment Recommendations - The report suggests focusing on companies involved in optical chips, optical devices, and optical modules, such as SourceJ, Shijia Photon, and Tianfu Communication [9]. - It also highlights the potential of AI smartphones and telecom operators like China Mobile, China Telecom, and China Unicom as key investment opportunities [9].

Core Viewpoint - Southbound capital saw a significant increase in trading volume today, reaching approximately HKD 137.85 billion, but still experienced a net outflow of about HKD 34.27 billion, marking a continuous outflow trend over the past four trading days totaling approximately HKD 64.88 billion [2][3]. Trading Activity - Southbound trading accounted for 38.13% of the total turnover of the Hang Seng Index today, with a notable net outflow from the Shanghai-Hong Kong Stock Connect of approximately HKD 47.72 billion and a net inflow from the Shenzhen-Hong Kong Stock Connect of about HKD 13.45 billion [2]. - Major stocks with significant net inflows included Tencent Holdings (HKD 1.21 billion), Pop Mart (HKD 734 million), Yangtze Optical Fibre (HKD 298 million), and CloudWalk Technology (HKD 74 million) [3]. - Conversely, stocks with substantial net outflows included Alibaba (HKD 945 million), Zijin Mining (HKD 854 million), China Mobile (HKD 748 million), and SMIC (HKD 379 million) [3]. Stock Performance - Tencent Holdings increased by 2.31%, with a cumulative reduction of approximately 80,000 shares over the past five days, but has seen a return of capital in the last three days [4]. - Pop Mart surged by 7.03%, with an increase of 19.44 million shares over the past five days, indicating a continued inflow trend [5]. - Yangtze Optical Fibre rose by 15.43%, despite a reduction of 6.78 million shares in the previous five days, suggesting a short-term outflow [5]. - CloudWalk Technology experienced a significant increase of 73.79%, with an addition of 440,000 shares over the past five days, indicating accelerated inflow [5]. - Alibaba saw a rise of 2.12%, with an increase of 27.08 million shares over the past five days, maintaining a short-term inflow trend [5]. - Zijin Mining increased by 3.13%, but has seen a reduction of 49.81 million shares over the past five days, indicating a short-term outflow [5]. - China Mobile rose by 3.06%, with a reduction of 21.9 million shares over the past five days, continuing the outflow trend [5]. - SMIC increased by 3.52%, with an addition of 44.02 million shares over the past five days, indicating a short-term inflow trend [5].

Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 34.27 billion HKD from northbound trading, with significant movements in individual stocks, indicating investor sentiment and market dynamics. Group 1: Northbound Trading Summary - Northbound trading saw a net sell of 34.27 billion HKD, with the Shanghai Stock Connect contributing a net sell of 47.72 billion HKD and the Shenzhen Stock Connect a net buy of 13.45 billion HKD [1] - The most bought stocks included Tencent (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Zijin Mining (02899) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a buy amount of 20.87 billion HKD and a sell amount of 29.31 billion HKD, resulting in a net outflow of 8.44 billion HKD [2] - Tencent (00700) recorded a net buy of 12.09 billion HKD, supported by the announcement of a cash red envelope event worth up to 1 billion HKD [4] - Pop Mart (09992) saw a net buy of 7.33 billion HKD, with plans for expansion into North American shopping centers [5] - Yangtze Optical Fibre and Cable (06869) had a net buy of 2.97 billion HKD, benefiting from a long-term supply agreement with Meta for fiber optic cables [5] - The Tracker Fund of Hong Kong (02800) faced a net sell of 23.16 billion HKD, influenced by market sentiment regarding the US dollar [7] - Other notable net sells included China Mobile (00941) with 7.48 billion HKD, Zijin Mining (02899) with 8.54 billion HKD, and Alibaba-W (09988) with 9.44 billion HKD [8]

河北是农业大省，算力赋能也为乡村振兴注入了科技动能。河北省政协委员、中国农业大学涿州教学实 验场场长段刘伟说，依托算力资源，目前已开发奶牛方面的"孺子牛大模型"、数字渔业方面的"范蠡大 模型"，下一步将围绕智能育种，研发更丰富的模型。 河北省人大代表、中国移动通信集团河北有限公司董事长秦红军说，聚焦增强通信算力智能服务的全栈 供给，目前已构建覆盖数据、生产、生活、治理的智能服务体系。如参建的雄安新区低空经济运营平 台，涵盖了30多个城市治理的场景；参与开发的"肿瘤病理诊断大模型"，诊断准确率超过95%；参与开 发的河北省民政智能体，使民众办事平均时长缩短了40%；参建的食品安全监管平台，纳管了餐饮单位 超过6万家。 综合算力指数全国第一 河北用算力赋能千行百业 中新社石家庄1月28日电 (记者 陈林 艾广德)算力是数字经济发展的"底座"，河北的综合算力指数连续两 年位居全国第一。2026年河北两会，中新社记者专访多位代表、委员，了解该省如何用算力赋能千行百 业。 河北是中国第一钢铁大省，产能约占全国五分之一。河北省政协委员、河北东海特钢集团有限公司总工 程师杨晓江说，河北钢铁产能全国第一，综合算力指数也是全国 ...

Core Viewpoint - The communication services sector experienced a 1.5% increase on January 28, with the stock of Erli San leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4151.24, up 0.27% [1] - The Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Erli San's stock price rose by 6.00% to 6.89, with a trading volume of 3.3151 million shares and a transaction value of 2.301 billion [1] Group 2: Individual Stock Performance - The top gainers in the communication services sector included: - Erli San (6.00% increase) [1] - ST Tongmai (4.99% increase) [1] - China Telecom (2.95% increase) [1] - Other notable gainers included Guanghuan Xinwang (2.90% increase) and Mengwang Technology (2.33% increase) [1] Group 3: Capital Flow - The communication services sector saw a net inflow of 1.568 billion in main funds, while retail investors experienced a net outflow of 1.503 billion [2] - Major stocks with significant capital inflows included: - China Telecom with a net inflow of 6.98 billion [3] - China Unicom with a net inflow of 6.82 billion [3] - Erli San with a net inflow of 4.51 billion [3]