【 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 ...

一、【早盘盘面回顾】 智通财经1月21日讯，市场早盘震荡拉升，创业板指低开高走一度涨超1%。沪深两市半日成交额1.63万 亿，较上个交易日缩量2169亿。盘面上热点快速轮动，全市场超2900只个股上涨。从板块来看，贵金属 概念持续爆发，湖南白银2连板。芯片产业链全线爆发，华天科技、龙芯中科、至正股份等十余股涨 停。锂矿概念震荡反弹，盛新锂能、大中矿业均涨停。下跌方面，大消费板块集体走弱，白酒、旅游酒 店方向领跌。煤炭板块下挫，大有能源跌近8%。截至收盘，沪指涨0.16%，深成指涨0.76%，创业板指 涨0.85%。 个股来看，今日早盘涨停数量为57家（不包括ST及未开板新股），封板率为73%，连板股数量为11家， 锋龙股份16连板，汉缆股份、广电电气4连板，铁流股份3连板，京基智农、盈方微、湖南白银、红墙股 份、浙文互联、白银有色、江化微2连板。 板块上，半导体板块全线爆发，龙芯中科、大港股份、至正股份、通富微电等涨停，海光信息、澜起科 技、灿芯股份、华峰测控等个股涨幅居前。 | 中信建投研报称，受AI需求爆发、供给侧收缩等多重因素影响，存储芯片正处于价格上升期，推动全 | 球存储产业链企业迎来业绩爆发。存储 ...

Core Viewpoint - Tsugami Machine Tool China (01651) has shown a significant increase in stock price, with a rise of approximately 3.66% to HKD 37.98, reflecting strong sales and profit growth driven by the automotive sector and emerging business opportunities in AI and robotics [1] Financial Performance - As of September 2025, Tsugami's sales revenue has increased by about 26.2% year-on-year, while net profit attributable to shareholders has grown by approximately 47.7% [1] - The automotive sector has been the main growth driver for the company over the past two years, with expectations for stable performance in the domestic automotive industry through 2026 [1] Industry Trends - The trend towards smaller components in the new energy vehicle parts sector is expected to enhance the company's market penetration [1] - The 3C industry is showing signs of recovery, benefiting from product updates and iterations by leading smartphone manufacturers [1] Emerging Business Opportunities - In the AI sector, the company’s automatic lathe products have a significant cost-performance advantage in processing rapid liquid cooling connectors, leading to a substantial increase in product shipments [1] - For the first half of the 2025-2026 fiscal year, the company has achieved sales of AI liquid cooling-related products amounting to CNY 120 million, with expectations to exceed 2,000 units sold in 2026, contributing approximately CNY 800 million to revenue [1] - In the robotics field, the company offers precision machining solutions for core components through its series of products, including heart machines, thread rolling machines, and external cylindrical grinding machines, showcasing strong product competitiveness [1]

Group 1 - The Robot ETF (562500) opened strong with a peak increase of 1.15%, currently priced at 1.107 yuan, reflecting a 0.73% rise from the opening price. Among the 66 constituent stocks, 23 showed gains, with Tianzhihang leading at 8.80% [1] - The trading volume for the Robot ETF reached 475 million yuan, with a turnover rate of 1.82%, indicating a high level of trading activity [1] - Analysts from NH Investment & Securities project that Boston Dynamics could significantly boost Hyundai Motor's valuation, estimating Boston Dynamics' valuation to reach 53.3 trillion won by 2027, potentially adding 14.4 trillion won to Hyundai's valuation [1] Group 2 - CITIC Construction Investment notes that the current market sentiment regarding automotive stimulus policies and production expectations for next year is weak, suggesting that the cyclical attributes of the automotive sector are diminishing. However, the focus remains on growth areas such as robotics and autonomous driving [2] - The Robot ETF (562500) is the only robot-themed ETF in the market with a scale exceeding 20 billion, covering various segments including humanoid robots, industrial robots, and service robots, facilitating investors' access to the entire robotics industry chain [2] - Following recent adjustments, the Robot ETF's tracked index has increased its humanoid robot content to nearly 70%, successfully removing underperforming stocks and incorporating quality candidates, achieving a "retain the strong, remove the weak" strategy [2]

Group 1 - The core viewpoint of the article highlights the strong growth of Tsunami Machine Tool China, with a nearly 5% increase in stock price and a significant rise in sales and net profit over the past six months [1] - The company reported a year-on-year sales revenue growth of approximately 26.2% and a net profit growth of about 47.7% as of September 2025, driven primarily by the automotive sector [1] - The domestic automotive industry is expected to maintain stability through 2026, with the trend of miniaturization in new energy vehicle components aiding the company's market penetration [1] Group 2 - The 3C industry is showing signs of recovery, benefiting from product updates and iterations by leading smartphone manufacturers [1] - In the emerging business layout, the company has a competitive advantage in AI with its automatic lathe products, particularly in the processing of rapid liquid cooling connectors [1] - The sales of AI liquid cooling-related products reached 120 million yuan in the first half of the 2025-2026 fiscal year, with expectations to exceed 2,000 units sold in 2026, contributing approximately 800 million yuan to revenue [1] Group 3 - In the robotics sector, the company offers precision machining solutions for core components through its series of products, including heart machines, rolling thread machines, and external cylindrical grinding machines, showcasing strong product competitiveness [1]

Group 1 - Shanghai Longhe Zhida Technology Co., Ltd. has been established with a registered capital of 16.67 million yuan [1] - The legal representative of the company is Huo Xu [1] - The business scope includes manufacturing of smart instruments and meters, research and development of intelligent robots, manufacturing and sales of industrial robots, and sales of artificial intelligence hardware [1] Group 2 - The company is jointly held by Shanghai Runquan Intelligent Technology Co., Ltd. and Baolong Technology's wholly-owned subsidiary, Shanghai Baolong Automotive Technology (Anhui) Co., Ltd. [1]

【国盛机械】重视 密封件是执行器、轴承等机器人核心环节必备部件。 【国盛机械】重视 密封件是执行器、轴承等机器人核心环节必备部件。 丰茂是密封件龙头，供货新昌核心谐波、轴承玩家，同时打入杭州ys供应链。 机器人主要应用于两个环节：谐波减速器的交叉滚子轴承+旋转电机高转速轴承，#随着V3旋转执行器数量大幅提 升、密封件asp有望提升至1000元以上。 全年利润1.5-2e，估值20x+，值得重视。 丰茂是密封件龙头，供货新昌核心谐波、轴承玩家，同时打入杭州ys供应链。 机器人主要应用于两个环节：谐波减速器的交叉滚子轴承+旋转电机高转速轴承，#随着V3旋转执行器数量大幅提 升、密封件asp有望提升至1000元以上。 全年利润1.5-2e，估值20x+，值得重视。 ...

Market Performance - The A-share market showed signs of recovery in the early session, with all three major indices rising: the Shanghai Composite Index increased by 0.17%, the Shenzhen Component Index rose by 0.54%, and the ChiNext Index climbed by 1.15% [1] - The Kweichow Moutai ETF (588000) surged by 3.46%, with the latest price at 1.614 yuan, and the intraday trading volume reached 2.121 billion yuan, resulting in a turnover rate of 2.67% [1] Semiconductor Sector - The semiconductor sector experienced a significant rally, with notable stocks such as Longxin Technology hitting the limit up, Haiguang Information rising by 14.07%, Lanke Technology increasing by 6.80%, Zhongwei Company up by 3.97%, and SMIC gaining 3.04% [1] - The domestic semiconductor equipment sector is witnessing dual catalysts: the successful launch of the first high-energy hydrogen ion implanter developed by China National Nuclear Corporation, breaking foreign monopolies in key semiconductor manufacturing processes, and TSMC's financial report indicating a projected 35% increase in net profit by Q4 2025 and a gross margin of 62% [1] Industry Outlook - The dual catalysts are expected to accelerate the localization of domestic equipment, combined with AI-driven technological upgrades and capacity expansion, suggesting that the industry may enter a "golden period" of expansion cycles and technological breakthroughs [1] - The Kweichow Moutai ETF (588000) tracks the Sci-Tech 50 Index, which has a 70.35% allocation in the electronics sector, aligning well with the current development trends in artificial intelligence and robotics [1] - The ETF also covers multiple sub-sectors, including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology, and investors optimistic about the long-term development prospects of China's hard technology are encouraged to continue monitoring [1]

Core Viewpoint - Haier Smart Home has announced a D-share repurchase plan, aiming to enhance its capital structure and reduce registered capital through the buyback of up to 1 million shares, with a total funding cap of 2 million euros [1][2] Group 1: D-Share Buyback Plan - The repurchase plan will commence around January 21 and continue until February 13, executed through the Frankfurt Stock Exchange and EU multilateral trading facilities [1] - The buyback is authorized by the 2024 annual general meeting, allowing the board to repurchase up to 30% of the total issued D-shares, with the current plan representing approximately 0.369% of D-share capital and 0.011% of total share capital [1][2] Group 2: Historical Context and Market Performance - Haier's D-shares were listed in October 2018 at a price of 1.05 euros per share, primarily to fund global R&D, market expansion, and supply chain optimization [2] - The D-share performance has been influenced by external market fluctuations, exchange rate changes, and industry cycles, with recent trends showing increased trading activity and a generally upward price movement [2] Group 3: Strategic Growth and Market Position - The company has maintained growth resilience in the North American market through local factory efficiency and capacity expansion, while also experiencing rapid growth in emerging markets such as South Asia and Southeast Asia [3] - Haier's strategy includes a high-end brand focus and global digital transformation, enhancing product structure and operational efficiency through a digital procurement platform [3] Group 4: Industry Outlook - Analysts predict that the home appliance industry will experience a balance of controlled domestic pressure and resilient growth in exports by 2026, with emerging markets being a key growth driver [4] - The easing of US-China tariffs and a recovering US real estate market are expected to create additional opportunities for global home appliance companies [4]

Summary of Key Points from Conference Call Records Industry Overview - The records primarily focus on the robotics and autonomous vehicle industry, highlighting advancements in technology and investment activities. Key Company Insights 1. **Uber's Robotaxi Service**: Uber's CEO announced plans to introduce robotaxi services in London either this year or next year, indicating a significant step towards autonomous transportation solutions [1][2][3]. 2. **Jiqing Intelligent's Autonomous Garbage Collection Robot**: The company launched China's first autonomous garbage collection robot, addressing regulatory challenges related to mixed waste transportation [3]. 3. **Investment in Robotics**: - The Ministry of Finance emphasized support for small and micro enterprises, particularly in key industries such as new energy, automotive, industrial robotics, medical equipment, and mobile communication devices [4]. - Mengjia Robotics held a招商大会 (investment promotion conference) in Wuhu, indicating active engagement in the robotics sector [5]. - Honghai and Guangyu invested 1.18 billion yuan in Belgium's Magnax to accelerate humanoid robot applications, showcasing international investment trends in robotics [5]. Financial Performance Highlights 1. **Han Yu Group**: Projected annual net profit between 228 million to 243 million yuan, with a change range of -2.61% to 3.80% [6]. 2. **Huachen Equipment**: Expected annual net profit between 182 million to 212 million yuan, with a growth range of 194% to 242% [6]. 3. **Xinzhi Group**: Plans to acquire a 5% stake in Zhejiang Xinzhi New Energy Technology Co., with the acquisition process reported as completed [6]. Additional Noteworthy Information - The records reflect a growing trend in the robotics industry, with significant investments and technological advancements aimed at enhancing operational efficiency and addressing regulatory challenges. - The focus on autonomous vehicles and robotics indicates a shift in urban transportation and waste management solutions, which could lead to broader implications for related industries and market dynamics.