Core Insights - The equity funds have shown remarkable returns in early 2026, with 74 funds achieving over 20% returns, primarily driven by sectors like AI applications and commercial aerospace [1][3][4] Fund Performance - As of January 15, 2026, 41 mixed funds lead the performance, with the top fund, Shenwan Lingshin, achieving a 38.57% return, while several others surpassed 30% [1][3][4] - Active equity funds outperformed passive index funds, with 48 of the 74 high-performing funds being actively managed [4] Investment Trends - The surge in fund performance is attributed to a combination of industry trends, capital flow, and fundamental improvements, particularly in AI and related growth sectors [6] - Despite recent market corrections, many fund managers remain optimistic about AI as a key investment direction for 2026, focusing on areas like overseas computing power and AI large models [9][10] Market Outlook - The A-share market is expected to enter a phase of improved overall conditions and deepening structural characteristics, driven by global liquidity and the acceleration of AI trends [9] - The food and beverage sector is also gaining long-term investment appeal after a five-year adjustment period, alongside promising segments in service consumption and new consumption [10] Fund Allocation Strategy - A balanced investment strategy is recommended, combining core growth-style funds focused on AI and semiconductors with satellite investments in cyclical and high-dividend stocks to mitigate risks [6][7]

Investment Rating - The industry investment rating is "Positive" (首次) [3] Core Insights - Traditional construction is under pressure due to funding constraints, while chemical and specialized engineering sectors are performing relatively well. In 2025, local government special bonds are expected to reach 4.59 trillion yuan, a year-on-year increase of 14.7%. However, the proportion of these bonds allocated to broad infrastructure has decreased to about 30% from 45% in 2024. Overall, project funding availability remains insufficient, impacting construction rates and progress, leading to a projected profit decline of 10-20% for construction companies. The real estate sector is also facing challenges, with significant declines in property sales and new construction starts, resulting in an expected profit drop of 5-10% for the housing construction industry. The domestic steel structure and traditional engineering sectors are experiencing intensified price competition, with short-term profit improvements unlikely. However, leading companies may see profit growth due to scale advantages and overseas market expansion. The chemical engineering sector is expected to see profit growth of 5-15% due to strong order backlogs. The landscaping and decoration industries face demand shortages, but leading firms are gradually recovering profitability due to improved cash flow and project quality [1][2] Summary by Sections Traditional Construction - The traditional construction sector is facing significant challenges due to funding constraints and a decrease in project funding availability, leading to a projected profit decline of 10-20% [1] Real Estate Sector - The real estate market is experiencing a downturn, with property sales and new construction starts down by 7.8% and 19.9% respectively, resulting in a profit decline of 5-10% for housing construction [1] Chemical and Specialized Engineering - The chemical engineering sector is expected to see profit growth of 5-15% due to strong order backlogs, while specialized engineering sectors are benefiting from emerging industries like AI and semiconductors [1] Steel Structure and Traditional Engineering - The domestic steel structure and traditional engineering sectors are facing intense price competition, with short-term profit improvements unlikely, although leading companies may benefit from overseas market expansion [1] Investment Recommendations - The report suggests focusing on undervalued high-dividend state-owned enterprises such as China State Construction and Sichuan Road & Bridge, as well as leading steel structure companies like Honglu Steel Structure and Jinggong Steel Structure. Additionally, companies involved in emerging industries like China Chemical and Zhengzhong Design are also recommended for investment [2]

Core Viewpoint - Meili Xin (301307) is a qualified supplier for leading semiconductor companies, providing major components for semiconductor equipment, with expanding cooperation and positive progress [1] Group 1 - The company is recognized as a qualified supplier in the semiconductor industry [1] - The cooperation scale with clients is gradually increasing [1] - The progress of collaboration with customers is reported to be good [1]

Group 1 - Huaseng Tiancheng's revenue from AI-related business currently accounts for a low proportion of the company's overall operating income [1] - Xinhua Department Store has no plans to inject assets related to semiconductors, integrated circuits, or chips into the company [1] - Triangle Tire plans to invest 3.219 billion yuan to establish a new project in Cambodia with an annual production capacity of 7 million high-performance radial tires [1] Group 2 - Tianhong Co., Ltd.'s subsidiary has won a bid for an AI service procurement project from AVIC Technology [1] - Xinghua New Materials intends to acquire at least 51% of Tian Kuan Technology's shares [1] - Luxshare Precision plans to repurchase company shares worth between 1 billion to 2 billion yuan [1] Group 3 - Rui Zhi Pharmaceutical's Liang Yufeng and Yu Xianwen plan to collectively reduce their holdings by no more than 6% [1] - Tian Sheng New Materials plans to raise no more than 253 million yuan through a private placement to Rongsheng Zhizhi [1] - Zhongchuang Zhiling intends to issue convertible bonds to raise no more than 4.35 billion yuan for investment in high-end components for the new energy vehicle industry [2]

- The report tracks the market trend by monitoring stocks, industries, and sectors that have reached new highs, using a 250-day high distance metric[11] - The 250-day high distance is calculated as follows: $ 250 \text{ day high distance} = 1 - \frac{Closet}{ts\_max(Close, 250)} $ where Closet is the latest closing price and $ ts\_max(Close, 250) $ is the maximum closing price over the past 250 trading days[11] - As of January 16, 2026, the 250-day high distances for major indices are: Shanghai Composite Index 1.52%, Shenzhen Component Index 0.60%, CSI 300 1.23%, CSI 500 0.20%, CSI 1000 1.49%, CSI 2000 1.77%, ChiNext Index 0.81%, and STAR 50 Index 1.63%[12][13] - The report identifies 1204 stocks that reached a 250-day high in the past 20 trading days, with the highest numbers in the machinery, electronics, and basic chemicals industries[19] - The highest proportions of new high stocks are in the defense, non-ferrous metals, and petrochemical industries[19] - The report also tracks "stable new high stocks" based on analyst attention, relative strength, trend continuity, price path stability, and new high sustainability[23][26] - The screening criteria for stable new high stocks include: at least 5 buy or hold ratings in the past 3 months, top 20% in 250-day price change, and top 50% in price path smoothness and new high continuity metrics[26] - The report lists 50 stable new high stocks, with the highest numbers in the cyclical and technology sectors, particularly in non-ferrous metals and electronics industries[27]

该基金的投向聚焦半导体、新能源、AI、航空航天等工业科技、战略型新兴产业链未上市企业，通过 被投企业上市、并购等合法方式实现退出。 人民财讯1月16日电，苏大维格（300331）1月16日公告，为加快推动公司在半导体等战略新兴产业链领 域的布局，公司全资子公司维格投资与苏州顺融泽实管理咨询合伙企业(有限合伙)等签署《苏州顺融泽 实二期创业投资合伙企业(有限合伙)之有限合伙协议》，维格投资作为有限合伙人拟出资2000万元，认 购投资基金10.2302%份额。 ...

Market Performance - The Sci-Tech 100 Index increased by 4.5%, the Sci-Tech Composite Index rose by 2.9%, the Shanghai Sci-Tech 50 Component Index went up by 2.6%, and the Shanghai Sci-Tech Growth Index saw a rise of 0.9% this week [1][3]. Industry Developments - A significant breakthrough in the development of new semiconductor materials was achieved by a team from the University of Science and Technology of China, which successfully constructed a programmable, atomically flat "mosaic" heterojunction in two-dimensional ionic soft crystal materials. This technology overcomes the challenges of traditional processes that tend to damage soft crystal structures, paving the way for the development of high-performance light-emitting and integrated devices [1]. Index Composition - The Shanghai Sci-Tech 100 Index consists of 100 stocks with medium market capitalization and good liquidity, focusing on small and medium-sized tech enterprises, with over 80% of its composition in the electronics, biopharmaceuticals, computer, and power equipment sectors [5]. - The Shanghai Sci-Tech Composite Index covers all market securities, focusing on core frontier industries such as artificial intelligence, semiconductors, new energy, and innovative pharmaceuticals, encompassing all 17 primary industries listed on the Sci-Tech Board [5]. - The Shanghai Sci-Tech Growth Index is composed of 50 stocks with high growth rates in revenue and net profit, with over 95% of its composition in high-growth sectors like electronics, power equipment, biopharmaceuticals, and automotive [5]. ETF Tracking - There are currently 19 ETFs tracking the Shanghai Sci-Tech 50 Component Index, 13 ETFs for the Shanghai Sci-Tech 100 Index, 15 ETFs for the Shanghai Sci-Tech Composite Index, and 4 ETFs for the Shanghai Sci-Tech Growth Index, with varying fee rates and tracking errors [5].

Market Overview - The market experienced fluctuations this week, with the Shanghai Composite Index maintaining above 4100 points and an average daily trading volume exceeding 34 trillion yuan [1] - In the first half of the week, sectors such as commercial aerospace and AI applications showed strong performance, while the latter half focused on semiconductor and optical module sectors [1] Index Performance - The Shanghai Shenzhen 300 Index decreased by 0.6%, while the CSI A500 Index increased by 0.1%. The ChiNext Index rose by 1.0%, and the STAR Market 50 Index increased by 2.6%. The Hang Seng China Enterprises Index saw a rise of 1.9% [1][3] - The rolling price-to-earnings (P/E) ratios for the indices are as follows: Shanghai Shenzhen 300 Index at 14.3 times, CSI A500 Index at 17.4 times, ChiNext Index at 43.1 times, STAR Market 50 Index at 175.3 times, and Hang Seng China Enterprises Index at 10.8 times [3] Historical Performance - Over the past month, the cumulative performance of the indices is as follows: Shanghai Shenzhen 300 Index up 3.3%, CSI A500 Index up 6.7%, ChiNext Index up 5.8%, STAR Market 50 Index up 14.2%, and Hang Seng China Enterprises Index up 4.3% [7] - Year-to-date performance shows the Shanghai Shenzhen 300 Index up 2.2%, CSI A500 Index up 4.4%, ChiNext Index up 4.9%, STAR Market 50 Index up 12.6%, and Hang Seng China Enterprises Index up 3.4% [7] Sector Composition - The Shanghai Shenzhen 300 Index consists of 300 stocks with good liquidity across 11 primary industries. The CSI A500 Index includes 500 securities from 93 tertiary industries, covering 89 of them [4] - The ChiNext Index is composed of 100 stocks with high market capitalization and liquidity, with a significant focus on strategic emerging industries, particularly in power equipment, communications, and electronics, which together account for nearly 60% [4] - The STAR Market 50 Index features 50 stocks with high market capitalization and liquidity, prominently including semiconductor companies, which make up over 50% of the index, along with medical devices, photovoltaic equipment, and software development industries, which together account for nearly 75% [4] - The Hang Seng China Enterprises Index includes 50 actively traded stocks of Chinese companies listed in Hong Kong, with a broad industry coverage where consumer discretionary, information technology, finance, and energy sectors account for nearly 85% [4]

Group 1 - The company announced that its wholly-owned subsidiary, Weige Investment, has signed a partnership agreement with Suzhou Shunrongze Management Consulting Partnership and other limited partners [1] - Weige Investment will invest 20 million yuan, acquiring a 10.2302% stake in the investment fund [1] - The fund focuses on investing in unlisted companies within industrial technology and strategic emerging industries, including semiconductors, new energy, AI, and aerospace [1]

Core Insights - Vietnam has initiated the construction of its first semiconductor manufacturing plant, aiming to become a high-tech economy [1] - The plant, operated by Viettel, will support various industries including aerospace, telecommunications, automotive, and medical devices [1] - Vietnam has engaged in five out of six major stages of semiconductor production but has yet to complete the most complex manufacturing phase [1] Group 1 - The semiconductor plant will help complete the entire semiconductor production process in Vietnam [1] - Viettel plans to begin trial production by the end of 2027 and will focus on optimizing production processes over the next three years [1] - The plant covers an area of 27 hectares and has the potential for future expansion [1] Group 2 - Vietnam aims for at least 10% economic growth by 2026 and aspires to become a developed country by 2045, with high-tech investment as a key strategy [2] - The government has established a national semiconductor prototype support center to create a complete semiconductor ecosystem from design to commercialization [2] - By 2030, Vietnam targets having at least 100 chip design companies, one manufacturing plant, and around 10 assembly, packaging, and testing facilities, with an industry revenue goal of $25 billion [2] Group 3 - Vietnam's manufacturing sector currently relies on low to medium-skilled labor, and the government seeks to elevate its manufacturing capabilities [2] - Vietnam is already a major production base for Samsung, with hardware exports projected to reach $132 billion in 2024 [2] - The semiconductor sector in Vietnam has over 170 foreign-invested projects with a total investment of nearly $11.6 billion, primarily in chip design and packaging/testing [2]