截至发稿，单宽之累计任职时间1年246天，现任基金资产总规模266.14亿元，任职期间最佳基金回报 115.99%， 任职期间最差基金回报-9.99%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 数据显示，华夏基金旗下1只基金重仓航天发展。华夏国证航天航空行业ETF（159227）四季度持有股 数324.39万股，占基金净值比例为4.95%，位居第六大重仓股。根据测算，今日浮亏损失约162.19万 元。连续5天下跌期间浮亏损失1453.27万元。 华夏国证航天航空行业ETF（159227）成立日期2025年4月30日，最新规模21.64亿。今年以来收益 7.47%，同类排名1833/5569；成立以来收益46.06%。 华夏国证航天航空行业ETF（159227）基金经理为单宽之。 2月11日，航天发展跌1.75%，截至发稿，报28.00元/股，成交68.75亿元，换手率15.15%，总市值447.57 亿元 ...

博时中证2000ETF（159533）成立日期2024年5月28日，最新规模1161.67万。今年以来收益12.21%，同 类排名511/5569；近一年收益58.45%，同类排名452/4295；成立以来收益101.82%。 博时中证2000ETF（159533）基金经理为唐屹兵。 截至发稿，唐屹兵累计任职时间3年206天，现任基金资产总规模105.41亿元，任职期间最佳基金回报 101.48%， 任职期间最差基金回报-41.93%。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 2月11日，龙磁科技涨1.78%，截至发稿，报78.51元/股，成交3.47亿元，换手率5.36%，总市值93.62亿 元。龙磁科技股价已经连续3天上涨，区间累计涨幅6.24%。 资料显示，安徽龙磁科技股份有限公司位于安徽省合肥市政务区南二环路3818号天鹅湖万达广场1号楼 23层，成立日期1998年1月19日，上市日期2020年5 ...

Investment Rating - The industry investment rating is "Hold" [3] Core Insights - In Q4 2025, funds increased their allocation in the cement and glass sectors, while the overall allocation in the building materials sector remains low at 0.51%, with a low allocation of 0.49% [19][23] - The industry shows signs of profit recovery, with leading companies demonstrating resilience [23] - The fund's strategy continues to focus on core industries that counteract internal competition, particularly in waterproofing and glass [41] Fund Holdings Analysis - As of Q4 2025, the fund's allocation in the building materials sector is 0.51%, up by 0.046 percentage points from the previous quarter, indicating a low allocation compared to the overall market [19] - The allocation by sub-sector includes cement at 0.13%, glass at 0.07%, and other materials at 0.02% [23] - The fund increased its holdings in all sub-sectors except for consumer materials, new materials, and glass fibers [23] Individual Stock Performance - The top ten companies by fund holdings as of Q4 2025 include: - 菲利华 (44.5 billion RMB) - 东方雨虹 (22.4 billion RMB) - 三棵树 (20.5 billion RMB) - 中材科技 (16.1 billion RMB) - 海螺水泥 (13.7 billion RMB) [41] - The top ten companies by fund holding percentage include: - 菲利华 (8.68%) - 东方雨虹 (8.61%) - 三棵树 (6.00%) [41] Valuation and Financial Analysis - The report includes a detailed valuation and financial analysis of key companies in the building materials sector, with several companies rated as "Buy" based on their projected earnings and price-to-earnings ratios [7]

Investment Rating - The industry investment rating is "Leading the Market" [6] Core Insights - The report indicates that the consumer demand in 2026 is expected to improve, and given the low level of active equity fund holdings in the food and beverage sector, the rating of "Leading the Market" is maintained [6] Summary by Sections Overall Sector Performance - In Q4 2025, the active equity fund's heavy holdings in the food and beverage sector decreased slightly, with an overweight ratio increasing by 0.2 percentage points. The total market capitalization of the food and beverage sector was 43,559 billion, down 5.36% from Q3 2025, underperforming the CSI 300 index by 4.64 percentage points [6][8] Subsector Analysis - In Q4 2025, the heavy holdings in the liquor sector decreased, while the heavy holdings in the consumer goods sector increased. The heavy holdings in liquor were 2.93%, down 0.25 percentage points, while the consumer goods sector's heavy holdings were 1.12%, up 0.15 percentage points [6][19] Key Companies - Only Kweichow Moutai entered the top 20 heavy holdings of active equity funds in the food and beverage sector. The heavy holding ratio for Kweichow Moutai remained stable, while other liquor companies like Shanxi Fenjiu and Luzhou Laojiao saw decreases [6][36] Stock Connect Analysis - In Q4 2025, the food and beverage sector's holdings in the Stock Connect accounted for 5.4% of the total market value, down 0.92 percentage points, with an overweight ratio of +1.52 percentage points [6][39] Investment Recommendations - The report suggests that the food and beverage sector is positioned for potential growth, with a maintained rating of "Leading the Market" due to expected improvements in consumer demand and low fund holdings [6]

Group 1 - Jianghang Equipment's stock price increased by 1.54% to 16.52 CNY per share, with a trading volume of 462 million CNY and a turnover rate of 3.56%, resulting in a total market capitalization of 13.073 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 19.36% during this period [1] - Jianghang Equipment, established on December 28, 2007, and listed on July 31, 2020, specializes in aviation equipment and special refrigeration, with main business revenue composition being 69.45% from aviation products, 15.31% from special refrigeration equipment, and 15.24% from other sources [1] Group 2 - Changsheng Fund holds a significant position in Jianghang Equipment, with its Changsheng Aerospace Marine Mixed A Fund (000535) reducing its holdings by 263,300 shares in the fourth quarter, now holding 711,600 shares, which accounts for 2.99% of the fund's net value [2] - The fund has realized a floating profit of approximately 177,900 CNY today and a total of 1.907 million CNY during the four-day stock price increase [2] - The Changsheng Aerospace Marine Mixed A Fund was established on March 11, 2014, with a current size of 209 million CNY, achieving a year-to-date return of 10.51% and a one-year return of 64.02% [2]

Group 1 - The core viewpoint of the news is that Zhongxing Junye's stock has seen a continuous increase, with a total rise of 8.87% over three days, reflecting positive market sentiment towards the company [1] - As of the report date, Zhongxing Junye's stock price is 16.98 yuan per share, with a market capitalization of 6.677 billion yuan and a trading volume of 357 million yuan [1] - The company's main business involves the research, industrial cultivation, and sales of edible mushrooms, with the revenue composition being 63.04% from Agaricus bisporus, 35.32% from enoki mushrooms, and smaller contributions from other products [1] Group 2 - According to data, one of the funds under GF Fund has a significant holding in Zhongxing Junye, specifically the GF Quality Life Mixed A Fund, which holds 1.8337 million shares, accounting for 4.85% of the fund's net value [2] - The GF Quality Life Mixed A Fund has generated a floating profit of approximately 3.67 million yuan today, with a total floating profit of 2.536 million yuan during the three-day increase [2] - The fund manager, Wang Peng, has been in position for over 6 years, with the fund's total asset size at 1.092 billion yuan and a best return of 74.86% during his tenure [2]

Group 1 - The core point of the news is that Shanmei International's stock has experienced a decline of 6.1% over the past three days, with the current stock price at 10.63 yuan per share and a market capitalization of 21.074 billion yuan [1] - Shanmei International Energy Group Co., Ltd. is based in Taiyuan, Shanxi Province, and was established on November 20, 2000. It was listed on July 31, 2003. The company's main business includes new energy development, coal and coke industry investment, and logistics information consulting services [1] - The revenue composition of Shanmei International includes self-produced coal (36.87%), traded coal (24.93%), metallurgical coal (18.62%), thermal coal (18.25%), transportation (1.16%), and others (0.17%) [1] Group 2 - From the perspective of major fund holdings, Huiquan Fund has one fund heavily invested in Shanmei International. The Huiquan Smart Quantitative Stock Mixed A Fund (020922) held 92,900 shares in the fourth quarter, accounting for 1.87% of the fund's net value, making it the fifth-largest holding [2] - The estimated floating loss for the Huiquan Smart Quantitative Stock Mixed A Fund today is approximately 3,716 yuan, with a total floating loss of 64,100 yuan during the three-day decline [2] - The Huiquan Smart Quantitative Stock Mixed A Fund was established on August 6, 2024, with a latest scale of 22.6603 million yuan. Year-to-date, it has a loss of 0.03%, ranking 7,604 out of 8,874 in its category, while it has a one-year return of 10.22%, ranking 6,174 out of 8,124 [2]

Core Viewpoint - The stock of Chongqing Dengkang Oral Care Products Co., Ltd. increased by 5.14% on February 2, reaching a price of 41.90 yuan per share, with a total market capitalization of 7.214 billion yuan [1] Company Overview - Chongqing Dengkang Oral Care Products Co., Ltd. was established on December 14, 2001, and went public on April 10, 2023. The company specializes in the research, production, and sales of oral care products [1] - The revenue composition of the company includes: adult toothpaste (80.43%), adult toothbrushes (9.90%), children's toothpaste (4.54%), oral medical and beauty care products (2.44%), children's toothbrushes (1.76%), electric toothbrushes (0.81%), and others (0.11%) [1] Shareholder Information - Huabao Fund's Huabao Kang Consumer Goods Mixed Fund (240001) is among the top ten circulating shareholders of Dengkang Oral Care. In the third quarter, the fund increased its holdings by 80,000 shares, totaling 780,000 shares, which represents 1.81% of the circulating shares [2] - The fund has achieved a floating profit of approximately 1.599 million yuan as of the latest data [2] Fund Performance - The fund manager of Huabao Kang Consumer Goods Mixed Fund is Tang Hui, who has been in the position for 6 years and 153 days. The fund's total asset size is 1.296 billion yuan [3] - During Tang Hui's tenure, the best fund return was 164.58%, while the worst return was -30.5% [3] Fund Holdings - In the fourth quarter, Huabao Kang Consumer Goods Mixed Fund reduced its holdings in Dengkang Oral Care by 380,000 shares, now holding 400,000 shares, which accounts for 2.09% of the fund's net value [4] - The fund has a floating profit of approximately 820,000 yuan from its current holdings in Dengkang Oral Care [4]

Group 1: Market Overview - As of 4Q2025, the food and beverage sector's heavy stockholding ratio is 6%, a decrease of 0.3 percentage points (pct) from the previous quarter[9] - The food and beverage sector ranks 7th among all industries in terms of heavy stockholding ratio, falling one position[9] - The total net asset size of the sample funds is approximately 3.98 trillion yuan, with food and beverage holdings valued at 240 billion yuan[9] Group 2: Fund Allocation Changes - Both active and passive funds reduced their allocations to the food and beverage sector, with active equity funds decreasing by 0.2 pct to 3.9% and passive index funds decreasing by 0.6 pct to 8.4%[15] - The allocation to the liquor sector decreased by 0.4 pct to 5.1%, while the allocation to consumer goods increased by 0.1 pct to 0.9%[19] Group 3: Stock Performance - Among the top 20 heavy stockholdings, only Kweichow Moutai remains in the food and beverage sector, with its holding ratio decreasing by 0.08 pct to 2.97%[23] - The leading liquor brands, including Kweichow Moutai, Shanxi Fenjiu, Wuliangye, and Luzhou Laojiao, saw their holding ratios decline, while stocks in the consumer goods sector, such as Yurun Agriculture and Ximai Foods, experienced significant increases in holdings[27] Group 4: Investment Recommendations - The report suggests focusing on the restaurant supply chain and snack sectors, particularly during the Spring Festival period, which is expected to support industry improvement[29] - Key stocks to watch include those in the restaurant chain (e.g., Anjijia Foods, Angel Yeast) and snack sector (e.g., Wancheng Group, Wei Long) due to their potential for growth[29] Group 5: Risks - Risks include slower-than-expected recovery in consumer spending, increased competition in the food and beverage industry, and potential food safety issues that could impact company operations and brand reputation[30]

[Table_Page] 投资策略|点评报告 2026 年 1 月 30 日 证券研究报告 [Table_Title] 晨会精选 ——观点全追踪（1 月第 7 期） [Table_Summary] 报告摘要： | [分析师： Table_Author]许可 | | | --- | --- | | | SAC 执证号：S0260523120004 | | SFC CE No. BUY008 | | | 0755-88285832 | | | xuke@gf.com.cn | | | 分析师： | 符蓉 | | | SAC 执证号：S0260523120002 | | SFC CE No. BWC944 | | | 021-38003552 | | | furong@gf.com.cn | | [联系人： Table_Contacts] 毕露露 bilulu@gf.com.cn 972918116公共联系人2026-01-30 00:22:10 1 / 3 识别风险，发现价值 请务必阅读末页的免责声明 ⚫ 交通运输：美伊冲突对油运的潜在影响：供给扰动主导，运价具备上行 弹性。未来的发展存在三种可能性：1.极限施压 ...