1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - In Q4 2025, active equity funds decreased their scale, with the scale dropping from about 4 trillion yuan in Q3 to about 3.85 trillion yuan, a decline of 4.14%. Meanwhile, the scale of index funds slightly increased. [10] - The performance of active equity funds in Q4 2025 significantly declined compared to the previous quarter, with about 42.8% of the funds achieving positive returns, and the median return rate was -1.02%. [15] - Active equity funds reduced their holdings in technology and pharmaceutical sectors in Q4 2025 and increased their positions in cyclical sectors. [1] 3. Summary According to Relevant Catalogs 3.1 Fund Four - Quarter Report Investment Outlook Keywords - Technology, consumption, and computing power were the key areas of focus for active equity fund managers in Q4. The trend keywords included "repair", "recovery", and "resilience"; industry - related keywords were "technology", "consumption", and "electronics"; theme - related keywords were "computing power", "robotics", and "new energy"; and event - related keywords were "interest rate cuts", "exports", and "tariffs". [7] 3.2 Performance and Scale Dimension - **Scale Change**: The scale of active equity funds decreased in Q4 2025, while the scale of index funds slightly increased. Fund companies such as Yongying and Guojin saw significant growth in their active equity management scale, with Yongying's active equity scale exceeding 100 billion yuan. [10][14] - **Performance**: The overall performance of active equity funds in Q4 2025 declined significantly. About 42.8% of the funds achieved positive returns, and the median return rate was -1.02%. The top - performing funds in Q4 mainly focused on industries such as military, non - ferrous metals, and communications. [15][17] - **Position and Heavy - Holding Stock Allocation**: The overall position of active equity funds decreased in Q4 2025, with the average stock position dropping to 87.70% (-1.05%), and the Hong Kong stock position also significantly decreasing. The heavy - holding stocks in Hong Kong decreased, while the allocation ratios of heavy - holding stocks in CSI 300, CSI 500, and CSI 1000 increased. [18][19] - **Large - Scale Funds**: The scale of some large - scale active equity funds decreased in Q4 2025, but some funds such as Yongying Ruixin and Yongying Technology Smart Selection saw an increase in their shares. [24] - **New Issuance and Continued Management**: Among active equity products, Yongying Pioneer Semiconductor Smart Selection and Yongying High - end Equipment Smart Selection had the highest estimated net subscription amounts. The new - issue fund Guangfa Quality Selection had the largest issuance scale this quarter. [25] 3.3 Fund Company Dimension - **Performance**: Among active equity fund management companies with a management scale of over 10 billion yuan, Caitong Fund had the best average performance in Q4 2025, with an average return rate of 4.22%. Other companies with good performance included Western Lide, Yongying Fund, and Huashang Fund. [27] - **Scale**: E Fund remained the largest active equity management company in Q4 2025, although its scale decreased slightly compared to the previous quarter. Yongying Fund saw significant growth in its active equity scale in Q4 2025. [30] - **Heavy - Holding Stock Allocation**: Caitong Fund, the top - performing company in Q4, under - allocated non - ferrous metals and other industries and over - allocated electronics, communications, and other industries. Leading fund companies generally over - allocated non - ferrous metals and chemicals and under - allocated pharmaceutical biology. [32] - **Industry Allocation of Leading Fund Companies**: Leading active equity fund management companies' industry over - and under - allocations were mainly concentrated in several popular industries. For example, E Fund significantly over - allocated communications and food and beverages and significantly under - allocated power equipment and pharmaceuticals. [34] - **Market Value and Valuation Style of Heavy - Holding Stocks**: Companies with a relatively large - market - value style in their holdings included Ruiyuan, Morgan, and Huifutianfu; those with a relatively small - market - value style included Yongying, Dacheng, and Nuoyan; companies with relatively high PE in their holdings included Yongying, Huashang, and E Fund; and those with relatively low PE included Ruiyuan, Dacheng, and ABC Fortune. [37]

Group 1 - Meta is elevating its focus on computing power to an unprecedented strategic level [39] - The company has undergone organizational restructuring, increasing its executive team from 148 to 167 members, with more individuals reporting directly to CEO Mark Zuckerberg [2][8] - The new project "Meta Compute" aims to establish tens of gigawatts of computing infrastructure within this decade, potentially expanding to hundreds of gigawatts [12][39] Group 2 - The leadership of "Meta Compute" includes Santosh Janardhan, a long-time Meta employee, and Daniel Gross, a recent hire with a strong AI background [10][25] - Meta's capital expenditure is projected to soar to $70 billion to $72 billion in 2025, nearly doubling from approximately $39 billion in 2024 [50] - The company has committed to investing over $600 billion in data center expansion in the U.S. by 2028, which supports the ambitious plans of "Meta Compute" [52] Group 3 - Meta is integrating AI chip capabilities by acquiring talent from the startup Rivos, which specializes in high-performance AI acceleration chips [41][47] - The company is also developing new AI models, with the first models expected to be delivered internally and launched in Q1 2026 [55][58]

Core Insights - The new chairman of China Mobile has initiated a series of management innovations, focusing on artificial intelligence and computing power [1][3] Group 1: Strategic Adjustments - The Jiutian Research Institute has been officially upgraded to Jiutian Company, integrating operations with the newly established Digital Intelligence Department. The aim is to achieve original innovation in AI core technologies and effective transformation of AI innovation results, positioning itself as a key player in the national AI landscape [1] - A "Computing Power Special Office" has been established at the group level, with Zhang Pingzong appointed as the director. This office will oversee the computing power strategy and layout across the group, addressing issues such as resource dispersion and cross-regional collaboration efficiency [3]

Core Viewpoint - The pre-calculation power sector is expected to experience continuous growth in 2025 due to ongoing Capex from major CSPs, increasing token demand, and enhanced product capabilities, with structural highlights in AI applications such as AI fintech, AI healthcare, and AI data [1][4] Revenue Side - The pre-calculation power sector is projected to maintain high growth in 2025, driven by sustained Capex from major CSPs and the release of token demand, with notable performance in AI applications across various fields [1][4] Profit Side - Profit growth in the pre-calculation power sector is expected to align with revenue growth in 2025, with some AI application companies showing high profit elasticity, and most previously loss-making companies either narrowing losses or turning profitable, indicating a significant improvement in overall profitability [2] 2026 Investment Outlook - The competition in domestic AI is transitioning from single-card performance to system-level capabilities, with super-node systems becoming crucial for future competition; the development of computing power is highly certain due to ongoing Capex investments and token demand [2] - AI applications are anticipated to reach a turning point, with model capability enhancements and new overseas opportunities, as domestic AI companies accelerate their international market presence [2] - Domestic policies are expected to continue supporting technology in sectors like satellites, healthcare, and consumer markets, marking a significant turning point for domestic AI [2]

Core Viewpoint - The report from CITIC Securities indicates that the computing power sector is expected to continue its growth into 2026, driven by sustained capital expenditures from major CSP companies, increasing token demand, and continuous product capability enhancements [1] Group 1: Computing Power Sector Outlook - The computing power sector's performance in 2025 is projected to remain strong due to ongoing capital expenditures from major CSP companies [1] - The demand for tokens is anticipated to keep increasing, contributing to the sector's growth [1] - Overall profitability in the sector is expected to improve significantly [1] Group 2: AI Application Highlights - AI applications are showing structural highlights, particularly in areas such as AI fintech, AI healthcare, and AI data, which are performing exceptionally well [1] - General agent applications are also experiencing resilient growth [1] - The AI application sector is poised to reach a turning point of opportunity [1]

Group 1: Investor Relations Activities - The company conducted an investor relations activity on January 23, 2026, with 53 institutional investors participating [1] - Activities included a company tour, production workshop visit, and a presentation on the company's development [1][2] Group 2: Company Performance and Strategy - The company aims to embrace AI and enhance its technological leadership in the global PCB manufacturing sector [1][3] - High-end products have significantly increased in proportion, driving rapid growth in company performance [3] Group 3: Production Capacity and Expansion - The company maintains a good order backlog and production capacity utilization, with ongoing expansion efforts [3][4] - Domestic production facilities in Huizhou are gradually being put into operation, while overseas facilities in Thailand and Vietnam are progressing as planned [3][4] Group 4: Product Development and Market Position - The company has achieved mass production capabilities for high-precision circuit boards and is advancing in the development of next-generation AI server products [3][4] - The company is actively involved in the research and development of new technologies and materials, collaborating closely with major clients [4] Group 5: Raw Material Supply and Pricing - The company has established stable relationships with key raw material suppliers, ensuring a steady supply [4] - Strategies are in place to mitigate the impact of raw material price fluctuations on product pricing [4] Group 6: Hong Kong Listing Progress - The company is in the process of issuing H shares and has submitted the application to the Hong Kong Stock Exchange [5] - The listing is subject to approval from regulatory authorities and market conditions, with ongoing updates to be provided [5]

2026.01. 23 ▲ 0.33% ▲ 0.79% ▲ 0.63% A股三大指数震荡走高,集体收涨。上证指数全天窄幅震荡,银行、保险等金融权重板块表现 疲软对指数形成压制,深证成指领涨市场,中小盘成长股成为推动力,创业板指技术面修复, 光伏设备、机器人等板块贡献主要涨幅。 $$3938\gtrapprox L{\mathrm{Mk}}$$ 13895 涨跌停比 市场呈现普涨态势,做多热情高涨。光伏产业链 全线爆发,商业航天概念股再度大涨,基本金属 板块掀涨停潮,半导体、算力等前期高位题材出 现获利了结,部分个股调整较大. 保险、银行等 权重板块表现相对平淡。 两市成交额 . 09 万亿元 ▲ 14.6% 两市成交额放量,市场活跃度进一步上升。深市 成交额及其增幅均高于沪市,光伏设备、商业航 天、基本金属等热点板块全天强势,AI应用、机 器人等题材也表现活跃,这些板块的炒作和轮 动带来了大量交易,是推高整体成交额的重要 动力。 资金情绪 主力资金净流出 散户情绪 散户资金净流入 极调仓,向政策确定性行业集中,资金从半导体、通信设备等领域出逃,流入光伏设备、能源金属。 散户积极入场,交易行为偏重题材和短期热点 ...

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

Core Viewpoint - The PCB industry is experiencing significant growth driven by the demand for AI computing infrastructure and the upgrade of consumer electronics, leading to positive earnings forecasts for related listed companies [1][4]. Company Summaries - **昊志机电 (Haozhi Electromechanical)**: The company expects a net profit of 128 million to 165 million yuan for 2025, representing a year-on-year increase of 54.4% to 99.03%. The growth is attributed to increased demand in the PCB market driven by AI computing infrastructure and consumer electronics upgrades, as well as accelerated domestic substitution and technological innovation [1]. - **胜宏科技 (Shenghong Technology)**: The company forecasts a net profit of 4.16 billion to 4.56 billion yuan for 2025, with a year-on-year growth of 260.35% to 295%. The growth is driven by the expansion of AI infrastructure and data center upgrades, with a focus on high-end products and global service capabilities [2][3]. - **金安国纪 (Jin'an Guoji)**: The company anticipates a net profit of 28 million to 36 million yuan for 2025, reflecting a year-on-year increase of 655% to 871%. The growth is due to improved market conditions for copper-clad laminates and increased sales volume and prices [3]. - **东威科技 (Dongwei Technology)**: The company expects its net profit to double in 2025, benefiting from the investment boom in Southeast Asia and the rapid development of AI and computing sectors [3]. Industry Insights - The rapid development of AI applications has significantly boosted the demand for high-end printed circuit boards (PCBs), pushing the industry into a high prosperity cycle. New fields such as AI servers and smart driving require higher standards for PCB layers, precision, and reliability, leading to increased demand for high-density interconnect (HDI) and multi-layer boards [4]. - According to Prismark, the global PCB market is projected to grow by approximately 5.8% in 2024 and 6.8% in 2025, with a compound annual growth rate of about 5.2% expected until 2029. The AI server-related HDI segment is predicted to grow at an average annual rate of 16.3% from 2023 to 2028, making it the fastest-growing category in the PCB market [5].

Group 1 - The communication ETF and software ETF showed recovery, with the communication ETF rising by 2.75% and the software ETF increasing by 1.52% after a significant decline [1] - NVIDIA's CEO Jensen Huang plans to visit China in January, focusing on key suppliers, highlighting the ongoing growth in the AI hardware sector, which has been thriving for over three years [3] - The market for optical modules is expected to double by 2026, with projections for 800G optical module shipments reaching 5-7 million units and 1.6T optical module shipments at 2.5-3 million units [3] Group 2 - Despite the booming hardware sector, the commercialization of AI software remains underdeveloped, with few companies achieving profitability in this area [3] - Alibaba announced a major update to its Qianwen app, transforming it into a digital assistant capable of executing tasks and connecting to real services, indicating a trend towards enhanced software capabilities [4] - The upcoming earnings disclosure period for overseas CSPs may lead to unexpected positive performance in the software sector, suggesting continued investment opportunities in AI [4]