点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 市场表现综述： 大类资产方面，本周（下文如无特殊说明，本周均指代2025.2.2-2025.2.6）黄金价格上涨，国内权益市场 指数震荡下行。行业方面，本周食品饮料、美容护理、电力设备行业涨幅居前，有色金属、通信、电子行 业跌幅居前。基金市场方面，本周纯债型基金表现领先，权益型基金净值回撤。 基金产品发行情况： 基金产品表现跟踪： 长期行业主题基金指数表现来看，本周消费、新能源主题基金净值上涨，其余主题基金表现不佳，TMT主 题基金净值显著回撤。截至2026年2月6日，消费、新能源、金融地产、医药、国防军工、行业轮动、行业 均衡、周期、TMT主题基金本周净值涨跌幅分别为0.94%、 0.38%、-0.03%、-0.61%、-1 ...

资金流向方面，创业板50ETF（159949）近期呈现由净流出转为净流入的态势。截至2026年2月6日，该 ETF流通规模为231.48亿元。具体来看，近60个交易日资金净流出33.9亿元，近10个交易日净流出10.4 亿元，而近5个交易日则转为净流入1.9亿元。 机构观点方面，兴业证券指出，近期全球资产共振调整的本质更多在于借叙事消化情绪，而并非基本面 或政策路径出现实质性变化。随着前期调整释放一定风险，近期全球叙事变化对市场情绪冲击最大的时 刻或正在逐步过去，后续事件催化增多、"春节效应"等因素有望为市场修复创造良好环境，持股过节兼 具胜率与赔率。配置上可以逐步走出防守思维，重点布局春节行情。相对胜率看，春节后科技制造、资 源品&基建链明显占优。其中，结合前期涨跌幅以及景气等维度，重视以下三条线索：TMT：美股科技 率先企稳反弹，重视近期受海外映射影响较大的AI硬件的修复；高端制造：新能源、创新药等；涨价 链：可以率先关注国内逻辑主导方向的修复，包括化工、建材、钢铁等。 华西证券认为，尽管近期受海外AI相关预期扰动，中美科技板块短期承压，但随着2月6日美股科技股 止跌反弹，国内相关板块亦有望迎来修复。历史 ...

2026 年 2 月 9 日 基金产品发行情况：本周国内市场新成立基金 40 只，合计发行份额为 308.59 亿份。其中 FOF 基金 9 只、股票型基金 16 只、债券型基金 7 只、混 合型基金 8 只。全市场新发行基金 33 只，从类型来看，股票型基金 14 只、 混合型基金 7 只、FOF 基金 6 只、债券型基金 6 只。 基金产品表现跟踪：长期行业主题基金指数表现来看，本周消费、新能源主 题基金净值上涨，其余主题基金表现不佳，TMT 主题基金净值显著回撤。截 至 2026 年 2 月 6 日，消费、新能源、金融地产、医药、国防军工、行业轮 动、行业均衡、周期、TMT 主题基金本周净值涨跌幅分别为 0.94%、 0.38%、-0.03%、-0.61%、-1.37%、-2.23%、-2.56%、-4.60%、-5.74%。 ETF 市场跟踪：本周股票型 ETF 资金止盈节奏减缓，中小盘、大盘主题 ETF 合计流出 243 亿元，港股 ETF 资金净流入超百亿元，行业主题产品方面，被 动资金明显减仓周期主题 ETF、加仓 TMT 主题 ETF。 股票型 ETF 本周收益中位数为-1.75%，资金净流出 ...

来源：新浪证券-红岸工作室 2月6日，英方软件跌1.33%，成交额1.21亿元，换手率4.02%，总市值45.13亿元。 异动分析 华为欧拉+数据安全+云计算+数字经济+华为鲲鹏 1、2024年11月14日互动易：公司一体机支持华为欧拉操作系统，公司已加入openEuler社区，未来公司 将持续积极参与国产生态建设，与合作伙伴共同推动国产软件产业的创新与自主可控。 2、公司软件产品通常部署于客户的数据服务器，最为经典的应用场景为容灾备份，用于保障用户数据 的安全性、信息系统运行的连续性。公司是国内数据复制与保护的纯软件市场前三大供应商之一。 3、上海英方软件股份有限公司主要从事于为客户提供数据复制相关的软件、软硬件一体机及软件相关 服务。公司的软件产品类别包括容灾产品系列、大数据产品系列、云灾备产品系列、备份产品系列、统 一数据管理平台。 4、2023年2月13日公司互动：公司的数据复制软件产品以其优异的产品性能，成功应用于众多境内证券 公司及银行、保险公司、基金公司、资产管理公司等金融机构的核心业务系统。除金融领域外，公司产 品还广泛应用于党政机关、医疗机构、电信运营商等，在多个领域均打造了标杆项目，在保障 ...

智微智能所属申万行业为：计算机-计算机设备-其他计算机设备。所属概念板块包括：TMT、增持回 购、基金重仓、中盘等。 截至9月30日，智微智能股东户数4.88万，较上期增加27.30%；人均流通股2442股，较上期增加 25.36%。2025年1月-9月，智微智能实现营业收入29.73亿元，同比增长6.89%；归母净利润1.31亿元，同 比增长59.30%。 分红方面，智微智能A股上市后累计派现6005.69万元。 2月6日，智微智能盘中下跌2.25%，截至09:35，报52.10元/股，成交1529.50万元，换手率0.24%，总市 值131.42亿元。 智微智能今年以来股价涨1.94%，近5个交易日跌8.74%，近20日跌3.84%，近60日跌9.03%。 资料显示，深圳市智微智能科技股份有限公司位于深圳市南山区西丽街道兴科路66号乐普大厦东塔23 层，成立日期2011年9月7日，上市日期2022年8月15日，公司主营业务涉及主要从事教育办公类、消费 类、网络设备类、网络安全类、零售类及其他电子设备产品的研发、生产、销售及服务。主营业务收入 构成为：行业终端53.57%，ICT基础设施15.78%，智算业 ...

运营商财经网讯 在盛典期间，运营商财经网宣布，中国移动广西分公司的5G无人机助力工业园区实现低空领域智能化 获得"2025年度优秀政企业务创新项目"奖项，恭喜他们！ （责任编辑：付桢） 经过激烈的追逐，2026中国财经TMT"领秀榜"获奖名单已确定！在1月29日下午，运营商财经网召开了 颁奖仪式。 据悉，运营商财经网主办的财经TMT"领秀榜"评选活动已成功举办十届，该评选活动得到了运营商集团 公司、省公司、专业公司、研究院、地市公司的广泛关注和积极参与。 ...

2026-01-27 慢牛格局下资金再平衡，周期板块 配置逐步回暖 ——2025年四季度公募基金持仓 分析 长江证券研究所策略研究小组 research.95579.com 1 分析师 戴清 SAC执业证书编号：S0490524010002 SFC执业证书编号：BTR264 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% research.95579.com 2 目 录 01 仓位边际下滑，沪深300增配较多 02 重点板块持仓讨论 %% %% %% %% research.95579.com %% research.95579.com 3 总结 ➢ 总量层面看，2025年四季度基金持仓仓位边际下滑，基金配置沪深300比例明显上升。2025年四季度主动型基金整体仓位 边际小幅下滑，其中基金明显增配创业板，减配主板。从主要宽基指数的持仓看，沪深300、创业板指等边际上升明显。 %% %% %% %% 4 ➢ 行业层面看，2025年四季度公募基金增配周期，减配科技、消费、制造。超配比例看：2025年四季度电子、电信业务、金 属材料及矿业等行业超配比例靠前；配置比例变化看：2025年四季 ...

Group 1 - The core viewpoint of the news is that Aohong Electronics has experienced fluctuations in its stock price and trading volume, with a recent decline of 2.12% in its share price, currently at 31.41 CNY per share, and a market capitalization of 4.489 billion CNY [1] - As of January 26, 2025, Aohong Electronics has seen a year-to-date stock price increase of 2.92%, with a 1.23% decline over the last five trading days, a 3.15% increase over the last 20 days, and a 2.05% increase over the last 60 days [1] - The company, established on June 22, 2005, and listed on October 21, 2020, primarily engages in the research, production, and sales of printed circuit boards, with 89.10% of its revenue coming from this core business [1] Group 2 - As of September 30, 2025, Aohong Electronics reported a total revenue of 1.006 billion CNY, reflecting a year-on-year growth of 6.69%, and a net profit attributable to shareholders of 107 million CNY, also showing a growth of 6.45% [1] - The company has distributed a total of 229 million CNY in dividends since its A-share listing, with 172 million CNY distributed over the past three years [2] - As of September 30, 2025, the number of shareholders for Aohong Electronics increased by 7.36% to 14,600, while the average circulating shares per person decreased by 6.86% to 9,809 shares [1]

Core Viewpoint - The report from Industrial Securities indicates a slight decline in the management scale of active equity funds in Q4 2025, primarily due to significant redemption pressure from existing funds, which has hindered the continuation of growth seen in Q3 2025 [1][2]. Group 1: Fund Management Scale - In Q4 2025, the management scale of three types of active equity funds (ordinary stock, mixed equity, and flexible allocation) decreased by 189.8 billion yuan, with new active equity fund issuance at 56.2 billion yuan and net redemptions from existing funds at 165.6 billion yuan, alongside a decline of 80.4 billion yuan due to market fluctuations [1][2]. - The equity position of active equity funds decreased by 0.83 percentage points to 86.62% in Q4 2025, remaining at the second-highest historical level, just behind Q3 2025 [2]. Group 2: Sector Allocation Changes - In terms of sector allocation, the proportion of investment in the ChiNext board increased to 24.98%, up by 1.24 percentage points from Q3 2025, while the allocation to the Sci-Tech Innovation board decreased to 16.55%, down by 0.90 percentage points [3]. - The allocation to the main board fell to 58.21%, down by 0.30 percentage points, indicating a further increase in underweight positions [3][4]. Group 3: Style and Sector Adjustments - Active equity funds increased their positions in cyclical and financial real estate sectors while reducing exposure to technology growth and pharmaceuticals. The allocation percentages for technology growth, financial real estate, consumption, pharmaceuticals, and cyclical sectors were 52.27%, 4.47%, 14.28%, 8.18%, and 20.67%, respectively, with notable changes from the previous quarter [5]. - The funds increased their positions in non-ferrous metals, communications, and non-bank financial sectors, with increases of 2.26 percentage points, 1.85 percentage points, and 0.87 percentage points, respectively, while reducing positions in electronics and pharmaceuticals [6][7]. Group 4: TMT Sector Adjustments - The allocation to the TMT sector slightly decreased in Q4 2025, with the overall allocation dropping to 38.05% from a peak of 40% in Q3 2025. The internal structure showed increased positions in communication devices and components while reducing holdings in consumer electronics and semiconductors [11]. Group 5: Dividend Sector Recovery - The allocation to dividend low-volatility indices and the CSI Dividend Index showed signs of stabilization and recovery, with the allocation to the former rising by 1.7 percentage points to 4.3% and the latter increasing by 1.5 percentage points to 4.4% [12]. Group 6: Top Holdings and Changes - The top five stocks with increased holdings in active equity funds in Q4 2025 included Zhongji Xuchuang, Xinyi Sheng, Dongshan Precision, China Ping An, and Zijin Mining, with respective increases of 1.46 percentage points, 0.63 percentage points, 0.63 percentage points, 0.58 percentage points, and 0.40 percentage points [13]. - Conversely, the top five stocks with reduced holdings included Industrial Fulian, Yiwei Lithium Energy, Ningde Times, Luxshare Precision, and Focus Media, with respective decreases of 1.07 percentage points, 0.64 percentage points, 0.53 percentage points, 0.44 percentage points, and 0.33 percentage points [15].

Group 1 - The active equity fund management scale decreased slightly in Q4 2025, primarily due to significant redemption pressure from existing funds, resulting in a net redemption of 165.6 billion yuan [1] - The total management scale of three types of active equity funds (ordinary stock, mixed equity, and flexible allocation) decreased by 189.8 billion yuan, with new active equity fund issuance at 56.2 billion yuan [1] - The active equity fund's position in Q4 2025 decreased by 0.83 percentage points to 86.62%, remaining at the second-highest level in history [2] Group 2 - In terms of sector allocation, the proportion of the ChiNext board increased by 1.24 percentage points to 24.98%, while the main board and Sci-Tech Innovation board saw declines [5][8] - The allocation to the main board decreased by 0.30 percentage points to 58.21%, indicating a further increase in underweight [8] - Active equity funds increased their positions in cyclical and financial real estate sectors while reducing exposure to technology growth and pharmaceuticals [11] Group 3 - The active equity funds increased their allocation in the non-ferrous metals, communication, and non-bank financial sectors, with increases of 2.26 percentage points, 1.85 percentage points, and 0.87 percentage points respectively [13] - The funds reduced their positions in electronics, pharmaceuticals, media, power equipment, and computers, with reductions of 1.72 percentage points, 1.54 percentage points, and 1.16 percentage points respectively [13] - Excluding thematic/sector funds, the active equity funds still increased their positions in non-ferrous metals, communication, and non-bank financial sectors [14] Group 4 - The allocation to the TMT sector slightly decreased in Q4 2025, with the configuration coefficient at 1.48, indicating room for further improvement [29] - Within the TMT sector, active equity funds increased their holdings in communication equipment and components while reducing positions in consumer electronics and semiconductors [32] - The dividend sector's allocation stabilized and increased, with the low-volatility dividend index rising by 1.7 percentage points to 4.3% [37] Group 5 - The top five stocks in active equity funds in Q4 2025 included Zhongji Xuchuang, Xinyi Sheng, Dongshan Precision, China Ping An, and Zijin Mining, with respective increases in holding ratios [43] - The top ten holdings accounted for 4.83%, 4.01%, and 3.97% of the total market value of the funds [46] - The concentration of individual stocks in active equity funds increased slightly, while the concentration of industries showed a mixed trend [49] Group 6 - The Hong Kong stock allocation of active equity funds decreased to 15.98%, down from 19.09%, with a total holding value of 302.9 billion yuan [51] - The funds increased their positions in the healthcare, materials, and energy sectors while reducing exposure to consumer discretionary and information technology sectors [54] - Tencent maintained its position as the largest holding in Hong Kong stocks, with a market value of 57.3 billion yuan [56]