● 本报记者 谭丁豪 刘英杰 1月30日，随着A股1月最后一个交易日结束，券商1月"金股"组合收益情况随之出炉，个股盈利效应充 足，仅少数组合表现不及预期。2月行情将至，多家券商已发布最新"金股"组合，标的布局呈核心集 中、多点分散特征，行业配置呈现出鲜明的结构性特征。机构普遍看好2月春季行情，认为市场将迎核 心做多窗口，建议锚定科技与周期双主线布局，节前宜保持稳健策略，持股过节把握节后行情机遇。 1月超六成"金股"收益为正 1月以来，在A股市场整体表现回暖的背景下，券商"金股"组合表现亮眼。统计显示，36个万得券商"金 股"组合中，有34个组合在1月份实现正收益，实现正收益的组合占比超九成。 个股层面，1月份券商"金股"的整体盈利效应同样显著。数据显示，当月42家券商合计推荐"金股"249 只，从盈利分布来看，共有165只个股实现上涨，85只个股出现下跌，上涨个股占比超六成，盈利效应 相对充足。 具体到标的表现，多只"金股"在1月迎来大幅上涨。华龙证券1月推荐的卓易信息涨幅尤为抢眼，当月累 计涨幅超98%，近乎翻倍，成为当月券商"金股"中的"涨幅王"；国联民生证券推荐的宏景科技、国信证 券推荐的圣晖集成涨幅 ...

Group 1 - The report indicates that the recent market adjustment does not warrant panic, as the spring rally may continue, with small-cap stocks outperforming large-cap stocks in the current environment [2][12][35] - There has been a significant net outflow from broad-based ETFs, particularly from the CSI 300 ETF, which is not seen as a signal to exit the market but rather as a healthy market behavior [3][14][20] - The report highlights that in a bullish market, changes in trading volume often trigger a style switch favoring small-cap stocks, which tend to outperform large-cap stocks when average daily trading volume increases [4][27][28] Group 2 - The investment strategy suggests maintaining a positive outlook on the market, with a focus on technology and cyclical sectors as dual drivers of growth [5][35] - Specific industry allocations are recommended, including technology sectors such as AI hardware, military, media (gaming), and cyclical sectors benefiting from PPI improvements [36][35] - The report emphasizes the importance of monitoring the changes in institutional positions within the AI sector and the transition of new themes in the first year of the 14th Five-Year Plan, such as commercial aerospace and brain-computer interfaces [5][36]

Group 1 - The core viewpoint of the articles highlights the active repositioning of large private equity firms in the A-share market, with significant changes in their holdings as they adapt to market conditions [1][2][3] - As of October 29, 31 large private equity firms were listed among the top ten shareholders of 117 A-share companies, with a total holding value of 37.68 billion yuan [1] - In the third quarter, large private equity firms increased their holdings in 12 companies, reduced their stakes in 25, and maintained their positions in 46, while entering 34 new companies, indicating a proactive adjustment strategy [1][2] Group 2 - The investment focus of large private equity firms in the third quarter prominently featured a "technology" and "cyclical" dual-drive strategy, with the computer industry being the top sector with a holding value of 10.67 billion yuan [2] - The non-ferrous metals industry followed closely, with a holding value of 6.47 billion yuan, while the telecommunications sector ranked third with 5.10 billion yuan [2] - Other sectors such as electronics, basic chemicals, coal, and building materials also saw significant investments, with holdings exceeding 1 billion yuan in each sector [3] Group 3 - Notable new investments included high-profile entries into companies like Beixin Materials and Dongfulong, reflecting a balanced approach between cyclical and growth sectors [3][4] - High Yi Asset significantly increased its stake in Ruifeng New Materials, while Rui Jun Asset heavily invested in the electronics company Yangjie Technology, showcasing a preference for technology and cyclical recovery themes [4] - The overall strategy of large private equity firms in the third quarter revolved around the dual themes of "technology + cyclical" investments [3] Group 4 - Looking ahead to the last two months of 2025, many leading private equity firms maintain a positive outlook on the A-share market, citing favorable macroeconomic factors [8] - There is a consensus among private equity firms that while the technology sector remains a long-term investment focus, short-term pricing may be overheated, suggesting a need to explore lower-valued sectors for potential opportunities [8] - Strategies proposed include a "dumbbell" structure, balancing investments in high-growth technology sectors with undervalued sectors like finance and resources to mitigate overall risk [8]

Core Insights - The latest holdings of large private equity firms in A-shares reveal a clear investment strategy focused on "technology" and "cyclical" sectors, with significant adjustments in their portfolios during the third quarter of 2025 [1][2][3] Group 1: Holdings Overview - As of October 29, 31 large private equity firms appeared among the top ten shareholders of 117 A-share listed companies, with a total holding value of 37.68 billion yuan [1] - In the third quarter, these firms increased their positions in 12 companies, reduced holdings in 25, and maintained positions in 46, while entering 34 new companies [1][2] - The computer industry emerged as the largest sector by holding value at 10.67 billion yuan, followed by non-ferrous metals at 6.47 billion yuan, and telecommunications at 5.11 billion yuan [1] Group 2: Sector Focus - Besides the top three sectors, large private equity firms also made significant investments in electronics, basic chemicals, coal, and building materials, with holdings exceeding 1 billion yuan in each sector [2] - The electronics sector saw a broad interest with 16 companies attracting investments, while the basic chemicals sector had 12 companies receiving over 2.7 billion yuan [2] - Notably, the coal sector had a concentrated investment in China Shenhua, with one firm holding over 2 billion yuan, indicating a focus on quality cyclical resource stocks [2] Group 3: Notable New Investments - High Yi Asset made new investments in Beixin Building Materials and Dongfulong, balancing between cyclical and growth sectors [2] - Abama Investment entered positions in Yuntu Holdings, Tianneng Heavy Industry, and Zhongtai Chemical, diversifying across basic chemicals and power equipment [2] - Other significant new investments included Dinglong Co., Dong'e Ejiao, and Haitong Development [2] Group 4: Investment Strategies and Market Outlook - The sentiment among large private equity firms remains positive for the last two months of 2025, with macroeconomic factors becoming increasingly favorable [4][5] - There is a consensus on the long-term investment focus on the technology sector, but short-term overheating signals have been noted, suggesting a need for strategic adjustments [4][5] - Recommendations include adopting a "dumbbell" strategy, balancing investments between high-growth technology sectors and undervalued financial and resource sectors [5][6]