2026 年 1 月 08 日 【今日关注】 周三 A 股震荡整理，收盘三大股指均小幅上涨，上证指数收盘 14 连阳， 深证成指和创业板均收出小阴线；沪深两市成交额超过 2.88 万亿元， 较前一个交易日放量 492 亿元。行业板块涨跌各半，煤炭、电子、通 信、机械设备、电力设备等行业上涨，两市上涨股票数量超 2100 多只， 上涨数量占四成左右。 盘面上，上证指数在节后的前两个交易大幅上涨后，周三盘面再创新 高，但阳线力度减小，双创指数方面，科创 50 指数由于光刻机板块的 带动，上涨幅度接近 1%，创业板指数上涨但日 K 线收出小阴线；短线 市场技术上隐现调整信号，并且从涨跌数量统计方面，当日市场下跌 数量超出上涨的数量，短期需注意市场的技术性调整，中线市场的走 势比较健康，可继续逢低关注年报业绩预期较高的成长股。 光刻机、存储芯片、CPO 板块市场热度较高，叠加技术迭代和需求旺盛， 算力板块的投资逻辑比较清晰，以上行业作为算力板块的核心行业市 场确定性较高；顺周期类品种如能源板块的可控核聚变和煤炭、碳酸 锂等板块也是近期的明星板块，从投资主线来看，科技主线和顺周期 主线市场连贯性较强，投资逻辑可继续沿着 ...

同花顺（300033）数据显示，陈龙曾先后在天相投资顾问、民生证券、中金公司等机构任职；2018年9月，他加入华宝基金并担任高级分析师，自2021年9 月2日起开始管理产品，基金经理累计任职时间为3年又62天。 任职回报方面，他在2024年4月9日卸任华宝绿色主题混合，2024年11月2日卸任华宝竞争优势混合，两只产品A份额的净值在他管理期间分别减少54.8%与 46.75%。他卸任华宝竞争优势混合的理由为"业务调整"，在他管理的最后6个月，该基金A份额净值涨近18%，并跑赢同期基准近11个百分点。继任者业绩 方面，石坚接管华宝竞争优势混合后，A份额2年又98天的任职回报为80.18%。从持仓看，陈龙管理期间主要重仓半导体等高科技企业，但相关板块在此 期间表现持续低迷，但他卸任后，半导体、国产替代等板块集体爆发，石坚接棒后还将算力板块作为核心配置，赶上了相应板块的行情。 而华宝绿色主题混合已于2024年4月9日清盘，清盘原因为连续60个工作日基金资产净值低于5000万元人民币，触发合同约定的规模清盘红线。因陈龙在管 期间业绩持续不佳，该基金规模从其接管时的约5600万元缩水至清盘时的1300万元。 据同花顺数 ...

随着液冷产业进入业绩兑现的第二发展阶段，订单和确定性成为关键，强者恒强的产业格局凸显。竞争 焦点上移，从部件竞赛到系统能力：液冷生态系统正从单一零件竞争，拓展为横跨服务器、机柜到机房 设备的完整热管理系统，价值不再局限于单一部件，而是冷板、CDU、控制与运维协同的系统能力， 客户对方案商依赖度提升。 强者恒强的产业格局：液冷产业长期确定性强，行业龙头在全链条布局、系统集成与交付、头部客户认 证等领域优势凸显。 液冷产业链布局领先，拥有全链条解决方案能力：液冷不再是代替风冷的单点技术，而涉及CSP、基础 设施商等多方协同合作。液冷龙头不只是提供单一部件，而是能够提供覆盖CDU、冷板、快接头、冷 却液等的整体方案，实现从部件到整体的完整布局。 系统集成与交付+运维能力：客户对液冷系统售前设计与售后运维的依赖加深，龙头厂商具备全链条自 研与系统协同、以及大规模、稳定可靠的生产交付能力，在全球交付经验、认证体系、客户协同等方面 具备天然优势。 智通财经APP获悉，国盛证券发布研报称，随着英伟达GB300放量及后续Vera Rubin平台的加速落地， 液冷产业正经历关键的阶段转换：从以概念和预期验证为主导的"第一发展阶 ...

Core Insights - The overall market has warmed up, leading to a general increase in the net value of active equity fund products this year [1] - Some previously underperforming funds, referred to as "Four Mao" and "Five Mao" funds, have successfully turned around, particularly those invested in sectors like optical modules and computing power [1] - A shift in investment strategy has been observed, with some funds reallocating towards sectors such as robotics and artificial intelligence, capitalizing on current market trends [1] Fund Performance - Despite the recovery in net value, there has not been a significant increase in fund shares, with many "Five Mao" funds experiencing limited or even declining share growth during their turnaround [1] - Analysts note that the "break-even" point is the most likely interval for fund redemptions, as many investors who faced significant losses choose to sell to stop losses or secure profits during the recovery [1]

Group 1 - A-shares opened higher on October 27, with the CPO concept gaining strength, leading stocks like Xinyi and Zhongji Xuchuang reaching historical highs, and Tianfu Communication rising over 4% [1] - The cloud computing ETF (517390) rose by 2.08% with a turnover rate exceeding 5%, showing active trading, and had a cumulative increase of over 10% over the five trading days from October 20 to October 24 [1] - The computer ETF (159998) saw a rise of over 1% during trading, with real-time transaction volume exceeding 100 million, leading among similar products, and several component stocks like Dahua and Jiangbolong also saw significant gains [1] Group 2 - The computer ETF (159998) tracks the CSI Computer Theme Index, which includes stocks from companies involved in information technology services, application software, system software, and computer hardware [2] - Under the backdrop of major power technology competition, there is a trend towards domestic core software and hardware, with domestic computing power expected to resonate with domestic software, promoting the construction of a domestic ecosystem [2] - The optical communication industry is entering a new phase driven by substantial demand for AI computing power, with a shift towards "ensuring delivery" amid shortages of core chips and raw materials, and sustained strong downstream demand [2]

Group 1 - The ChiNext Mid-Cap 200 Index fell by 2.6%, the ChiNext Index decreased by 4.0%, and the ChiNext Growth Index dropped by 4.6% [1] - Over the last three trading days, the ChiNext ETF (159915) saw a net inflow exceeding 2 billion yuan, bringing its latest scale to over 106 billion yuan [1] - CITIC Securities indicated that after concentrated trading in the computing power sector, market funds are gradually shifting towards other low-valuation growth sectors, suggesting a potential continuation of a slow bull market [1] Group 2 - In the context of a macroeconomic environment that has not fully recovered, structurally prosperous new sectors are expected to be key investment opportunities [1] - Focus areas include sectors with concentrated catalytic events such as semiconductors, new energy, humanoid robots, innovative pharmaceuticals, and non-ferrous metals [1]

Group 1 - The core viewpoint is that the National Day holiday typically sees liquidity contraction, which is often characterized as "emotional shrinkage" rather than a fundamental issue [1] - Historically, the market tends to experience a "post-holiday rally," with sustained gains in bull markets, especially when long holidays coincide with positive events [1] Group 2 - Recent market focus has shifted towards domestic policies and structural industry prosperity, with less attention on US-China relations, although there are signs of improvement in the latter since September [2] - Market funds are transitioning from concentrated trading in the computing power sector to other low-position growth sectors, indicating a potential continuation of a slow bull market [2] - In the context of a macroeconomic environment that has not fully recovered, sectors with structural prosperity are expected to be key investment areas, particularly in semiconductors, new energy, humanoid robots, innovative pharmaceuticals, and non-ferrous metals [2]

Core Insights - The report from CITIC Securities indicates that liquidity tends to contract before the National Day holiday, but this is often a result of "emotional shrinkage" rather than fundamental issues [1] - Historically, the market tends to experience a "post-holiday rally," with sustained gains during bull markets, especially when long holidays coincide with positive events [1] - Recent market focus has shifted towards domestic policies and structural industry prosperity, with less attention on US-China relations, which have shown signs of improvement since September and may be gradually priced in by the market in Q4 [1] Market Trends - After concentrated trading in the computing power sector, market funds are gradually shifting towards other low-position growth sectors, suggesting a continuation of a slow bull market in the medium term [1] - In the context of a macroeconomic environment that has not fully recovered, new sectors with structural prosperity are expected to be key determinants of investment success [1] Key Sectors to Watch - The report highlights several sectors with concentrated catalytic events that are worth monitoring: semiconductors, new energy, humanoid robots, innovative pharmaceuticals, and non-ferrous metals [1]

Core Viewpoints - The recent adjustment in the A-share market is seen as a "bull market pullback," with the underlying trend of a slow bull market remaining intact [2][4] - The A-share market has experienced a significant rise over the past five months, leading to profit-taking among investors, which is a common occurrence after substantial gains [2][3] - The acceleration of the market in August, driven by concentrated capital in the computing power sector, has increased volatility, with a notable rise in financing activities [3][4] Summary by Sections Recent Market Adjustment - From September 2 to September 4, the A-share market saw considerable fluctuations, with the Shanghai Composite Index dropping by 2.83% and the Wind All A Index falling by 4.62%, while trading volume decreased to below 3 trillion yuan [1] - The major indices, including the Sci-Tech 50 Index and the ChiNext Index, led the declines, with only the banking index showing an increase [1] Reasons for Market Adjustment - The A-share market has been on an upward trend for five months, with a cumulative increase of 32.17% from April 8 to September 1, leading to profit-taking as investors sought to realize gains [2] - The market's rise in August was characterized by a concentration of funds in leading stocks from the Sci-Tech and ChiNext boards, resulting in a record net inflow of financing funds amounting to 274.4 billion yuan [3] Market Outlook and Investment Strategy - The current pullback is viewed as a short-term correction within a broader bull market, supported by strong policy backing and a stable influx of long-term capital from insurance and pension funds [4] - The report suggests that the "slow bull" market still has ample space and opportunities, with sectors aligned with national strategies, such as innovative pharmaceuticals, solid-state batteries, energy storage, and robotics, expected to benefit from valuation premiums [4]

Core Viewpoint - A significant number of funds experienced substantial declines, with some dropping over 10% in a single day, primarily due to concentrated holdings in specific sectors that faced sharp declines [1][2][6]. Fund Performance and Holdings - The fund "Yongying High-end Manufacturing A" saw a drop of 10.84%, leading the market in losses, with other funds like "Qianhai Kaiyuan Cycle Selection A" and "E Fund Rui Xiang I" also experiencing declines of 10.76% and 10.43% respectively [2]. - The top three holdings of "Yongying High-end Manufacturing" all fell over 13%, indicating a high concentration in specific stocks [3]. - "Yongying High-end Manufacturing" had a high concentration of holdings, with the top 10 stocks accounting for over 67% of its portfolio [7]. Market Dynamics and Fund Manager Behavior - The recent market downturn was exacerbated by fund managers' strategies that mirrored stock trading behaviors, raising questions about the appropriateness of such practices in public funds, which are intended for long-term investment [5][17]. - The technology sector, particularly stocks related to optical modules and chips, faced significant corrections, with declines of up to 15.58% for key stocks like "Xinyiseng" [6][15]. - The phenomenon of funds heavily investing in popular stocks has led to a "herding" effect, where many funds are exposed to the same risks, resulting in collective downturns [18][22]. Regulatory and Long-term Implications - Regulatory bodies emphasize that public funds should serve as long-term capital rather than engage in short-term speculation, highlighting the need for a shift in fund management strategies [19][21]. - The current trend of concentrated investments in a few high-flying stocks raises concerns about the long-term health and stability of the market, as it may lead to inflated valuations and subsequent corrections [23][24].