Report Industry Investment Rating No information provided in the content Core Viewpoints - The stock positions of active equity - hybrid funds decreased in Q4 2025, mainly due to active reduction. The allocation in the ChiNext continued to increase, and the actively increased positions were in the non - ferrous metals, communication, and non - banking finance industries [1][4] Summary by Directory 1. Position Analysis: Stock Positions Declined, Mostly Due to Active Reduction - **Overall Stock Position Decline**: The overall position of public offering equity funds decreased slightly compared to Q3 2025. The weighted - average position of equity funds was 86.47%, a decrease of 0.77 percentage points from the previous quarter. The active reduction calculated by the CSI 800 index was also about 0.77%, indicating that the decline was mainly due to active reduction by fund managers [7] - **Nearly 60% of Funds Actively Reduced Positions**: In Q4 2025, about 42.53% of active equity - hybrid funds increased their positions, while 57.47% actively reduced positions [12] - **Public Offering Managers with Large Stock Position Changes**: Small and medium - sized public offering fund managers had large differences in overall positions. The top 5 heavy - position and light - position, and the top 5 position - increasing and position - reducing fund managers in Q4 2025 are listed in the report [14] 2. Heavy - Positioned Sector Analysis: ChiNext Allocation Continued to Increase - **ChiNext Allocation Increase**: Compared with the end of Q3 2025, the allocation of active equity - hybrid funds in the ChiNext increased by 1.32%, while the allocations in the main board, Science and Technology Innovation Board, and Beijing Stock Exchange decreased [17] - **Decline in Hong Kong Stock Allocation of Active Shanghai - Hong Kong - Shenzhen Funds**: As of December 31, 2025, the Hong Kong stock allocation of active Shanghai - Hong Kong - Shenzhen funds was about 26.67%, a decrease of 6.76 percentage points from the end of Q3 2025 [20] 3. Heavy - Positioned Stock Feature Analysis: Bias towards the Technology Sector, Considering Battery, Non - Ferrous Metals, and Liquor Industries - **Top 10 Heavy - Positioned Stocks**: The top 10 heavy - positioned stocks of active equity - hybrid funds at the end of Q4 2025 included technology stocks such as those related to the AI industry chain, as well as non - technology industry leaders like battery, non - ferrous metals, and liquor. The positions in some stocks decreased, while the holding values of optical module targets increased [23] - **Top 10 Stocks with Active Position - Increasing**: The top 10 stocks with active position - increasing in Q4 2025 were concentrated in high - end manufacturing fields such as electronics, power equipment, and optical modules, also considering non - technology sectors [27] 4. Heavy - Positioned Stock Style Analysis: "Herding" Degree Decreased, Tending towards Large - Cap Growth Style - **Decrease in "Herding" Degree**: The concentration of top stocks in terms of both holding value and heavy - position times decreased in Q4 2025, indicating a weakening of the "herding" effect [29] - **Tendency towards Large - Cap Growth Style**: Active equity - hybrid funds were more inclined to the large - cap growth style at the end of Q4 2025, with a slight decrease in the allocation of small - cap value assets [31] 5. Heavy - Positioned Industry Analysis: Actively Increase Positions in Non - Ferrous Metals, Communication, and Non - Banking, Reduce Positions in Media and Commerce and Retail - **Top Five Heavy - Positioned Industries**: At the end of Q4 2025, the top five heavy - positioned industries of active equity - hybrid funds were electronics, power equipment, communication, pharmaceutical biology, and non - ferrous metals. The proportion of electronics decreased, while those of communication and non - ferrous metals increased [32] - **Active Position - Adjustment in Industries**: Institutions actively increased positions in non - ferrous metals, communication, non - banking finance, etc., and reduced positions in media, commerce and retail, and pharmaceutical biology [33] 6. Large and Medium - Sized Public Offering Management Companies: Electronics Industry Becomes the Focus of Active Position - Increase and Reduction - **Industry Distribution of Heavy - Positioned Stocks**: The largest heavy - positioned industry of large and medium - sized public offering management companies at the end of Q4 2025 was still electronics. The power equipment and communication industries appeared 10 times, and the pharmaceutical biology and non - ferrous metals industries appeared 7 and 6 times respectively [37] - **Active Position - Adjustment by Companies**: In Q4 2025, large and medium - sized fund companies actively increased positions in non - ferrous metals, electronics, communication, and non - banking finance industries. The number of companies that first actively reduced positions in the electronics industry was the largest, indicating a large divergence among institutions on the electronics industry [39]

Group 1 - The stock position of actively managed equity funds decreased, while the A-share position continued to rise, with a total stock value of 3.39 trillion yuan at the end of Q4 2025, down by 0.19 trillion yuan from Q3 2025. The A-share market value was 2.91 trillion yuan, a decrease of 0.08 trillion yuan [2][8] - The stock allocation structure saw a decrease of 1.40 percentage points to 84.22%, remaining at a historically high level since 2005. The proportion of A-shares in asset allocation continued to rise, increasing by 0.66 percentage points to 72.18% [2][8] Group 2 - In Q4 2025, the allocation ratio for the ChiNext board increased from 23.62% to 24.83%, while the allocation ratios for other boards declined, with the Sci-Tech Innovation board down by 0.93 percentage points [12][13] - The large-cap style's holding value ratio increased by 1.24 percentage points, while the small-cap style decreased by 0.38 percentage points. Among the five major style indices, the cyclical style's holding value ratio rose by 3.23 percentage points [14][16] Group 3 - In terms of industry allocation, 18 primary industries saw an increase in holding value ratios, with notable increases in non-ferrous metals, communication, non-bank financials, basic chemicals, and machinery equipment, each rising by over 0.5 percentage points [17][20] - The top ten industries with increased holdings included communication equipment, industrial metals, insurance II, components, energy metals, general equipment, chemical products, minor metals, airport operations, and grid equipment [31][32] Group 4 - In the Hong Kong stock market, the allocation ratio for actively managed equity funds decreased to 16.10%, down by 3.09 percentage points from Q3 2025. The materials sector saw a significant increase in holding value ratio by 2.42 percentage points, while the financial sector increased by 2.33 percentage points [40][42] - The top five industries in the Hong Kong stock market included software services, medical biology, consumer discretionary retail, semiconductors, and non-ferrous metals, with respective holding values of 626 billion yuan, 430 billion yuan, 344 billion yuan, 237 billion yuan, and 213 billion yuan [45][46] Group 5 - The concentration of the top twenty stocks held by actively managed equity funds showed slight fluctuations, with 17 A-shares and 3 Hong Kong stocks. The number of stocks in the electronic and non-bank financial sectors increased by one, while those in the electric power equipment and medical biology sectors decreased by one [50][51]

证券研究报告 资源品仓位创历史新高 ——2025Q4公募基金持仓分析 证券分析师：陈刚 执业证书编号：S0600523040001 邮箱：cheng@dwzq.com.cn 执业证书编号：S0600525040004 邮箱：jiangjy@dwzq.com.cn 研究助理：林煜辉 执业证书编号：S0600124060012 邮箱：linyh@dwzq.com.cn 2026年1月23日 证券分析师：蒋珺逸 摘要： ✓ 2025Q4公募基金持仓5大看点： 风险提示：信息披露不足，数据统计存在滞后性。 2 ➢ 第一，主动权益规模收缩，但赎回压力有所缓解 ➢ 第二，A股仓位小幅回升，港股仓位显著回落、减配阿里 ➢ 第三，"被动>主动"局面延续，"固收+"承接居民入市 ➢ 第四，资源品仓位创历史新高，消费服务降至历史新低 ➢ 第五，汇金针对ETF无申赎操作 ✓ 全部内地公募基金口径下，股票仓位回落。 ✓ 从整体和中位数两个层面来看，2025Q4主动偏股型的股票仓位均回落。 ➢ 主动偏股型基金的资产净值、股票市值双双回落，股票仓位回落，其中A股仓位+0.66pct，港股仓位-2.04pct。 ➢ 基于中位数口径，主动偏 ...

融资担保比例提高后，交易型资金如何反应？ ——资金行为研究双周报（2026/01/09-2026/1/22） 证券研究报告/策略定期报告 2026 年 01 月 23 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740522050001 Email：wangyj09@zts.com.cn 1、《A H 股市场周度观察（1 月第 2 周）》2026-01-17 2、《从春节到两会，市场轮动的节奏 将如何演绎？》2026-01-17 3、《开年市场新高后或如何演绎？》 2026-01-11 请务必阅读正文之后的重要声明部分 报告摘要 分析师：王永健 市场资金流向概览：机构流出动能阶段性收敛，市场共识重新凝聚。1 月 12 日后机构 资金流出一度加速，但于 20 日后趋于收敛；散户资金对全 A 及创业板的流入在高位 后亦于 14 日起斜率放缓。全 A 与创业板资金加速度在 13 日及 21 日前后出现剧烈波 动，显示存量博弈依然活跃。截至 1 月 22 日，三大指数散户与机构净流入率差额显 著收窄并向零轴收敛，市场进入力量均衡期。 相 ...

Group 1 - The total margin financing balance in A-shares reached 27,249.13 billion yuan, an increase of 38.90 billion yuan from the previous trading day, accounting for 2.62% of the A-share circulating market value [1] - The margin trading volume on the same day was 2,686.14 billion yuan, which is an increase of 78.01 billion yuan from the previous trading day, representing 9.88% of the total A-share trading volume [1] Group 2 - Among the 31 primary industries, 18 industries experienced net financing inflows, with the electronics industry leading at a net inflow of 1.749 billion yuan [3] - Other industries with significant net financing inflows include telecommunications, non-bank financials, and basic chemicals [3] Group 3 - A total of 53 individual stocks had net financing inflows exceeding 100 million yuan, with China Ping An leading at a net inflow of 658 million yuan [3][4] - Other notable stocks with high net financing inflows include Zhongji Xuchuang, Runze Technology, Poly Development, Zhongchao Holdings, Longxin Technology, Xinyi Sheng, Kweichow Moutai, and Wolong Nuclear Materials [3][4]

公布业绩快报公司 | 代码 | 简称 | 业绩快报公布 | 营业收入（亿 | 营业收入同比 | 净利润（亿 | 净利润同比 | | --- | --- | --- | --- | --- | --- | --- | | | | 日 | 元） | （%） | 元） | （%） | | 600189 | 泉阳泉 | 01.08 | 12.73 | 6.24 | 0.15 | 147.89 | | 300824 | 北鼎股 份 | 01.15 | 9.50 | 26.04 | 1.11 | 59.05 | | 002028 | 思源电 气 | 01.16 | 212.05 | 37.18 | 31.63 | 54.35 | | 605016 | 百龙创 园 | 01.23 | 13.79 | 19.75 | 3.66 | 48.94 | | 600030 | 中信证 | 01.15 | 748.30 | 28.75 | 300.51 | 38.46 | | | 券 | | | | | | | 002415 | 海康威 视 | 01.21 | 925.18 | 0.02 | 141.88 | 18.46 | | 60 ...

1月22日融资客净买入金额排名 | 代码 | 简称 | 1月22日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 000066 | 中国长 城 | 9.43 | 66193.61 | 255104.98 | 4.06 | 计算机 | | 601318 | 中国平 安 | -1.59 | 65792.89 | 3216586.35 | 4.66 | 非银金 融 | | 300308 | 中际旭 创 | 6.72 | 55874.15 | 2349980.09 | 3.42 | 通信 | | 300442 | 润泽科 技 | 4.33 | 41303.50 | 329502.28 | 2.59 | 通信 | | 600048 | 保利发 展 | 1.23 | 40270.23 | 381419.51 | 4.84 | 房地产 | | 002471 | 中超控 | 10.04 | 33301.10 | 61206.15 | ...

融资担保比例提高后，交易型资金如何反应？ ——资金行为研究双周报（2026/01/09-2026/1/22） 证券研究报告/策略定期报告 2026 年 01 月 23 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 执业证书编号：S0740522050001 Email：wangyj09@zts.com.cn 1、《A H 股市场周度观察（1 月第 2 周）》2026-01-17 2、《从春节到两会，市场轮动的节奏 将如何演绎？》2026-01-17 3、《开年市场新高后或如何演绎？》 2026-01-11 请务必阅读正文之后的重要声明部分 策略定期报告 报告摘要 分析师：王永健 市场资金流向概览：机构流出动能阶段性收敛，市场共识重新凝聚。1 月 12 日后机构 资金流出一度加速，但于 20 日后趋于收敛；散户资金对全 A 及创业板的流入在高位 后亦于 14 日起斜率放缓。全 A 与创业板资金加速度在 13 日及 21 日前后出现剧烈波 动，显示存量博弈依然活跃。截至 1 月 22 日，三大指数散户与机构净流入率差额显 著收窄并向零轴收敛，市场进入力 ...

Report Industry Investment Rating No information provided in the content. Core Views of the Report - In 2025, the credit bond issuance interest rate center further declined. After the launch of the science - technology board in the bond market in May, the issuance of science - innovation bonds significantly increased. The continuous growth of industrial bond issuance drove the overall credit bond issuance to reach a new historical high. The net financing of credit bonds increased significantly year - on - year, with only a net financing gap in March [2]. - The financing differentiation pattern between urban investment bonds and industrial bonds intensified in 2025. Urban investment bond issuance continued to shrink, while industrial bond issuance increased significantly driven by the surge in central enterprise bonds. From the perspective of issuer qualifications, high - grade bonds expanded, while medium - and low - grade bonds contracted [2]. - In 2025, the industrial bond issuance scale grew steadily. Most industries saw an increase in industrial bond issuance, and the issuance was concentrated in a few industries. The issuance was also concentrated among leading enterprises, and large central enterprises contributed significantly to net financing [2][4]. - In 2025, urban investment bond issuance remained in a contraction trend, and the net financing gap widened year - on - year. Most regions saw a decline in issuance and an expansion of the net financing gap. The net financing gap of AA - rated urban investment bonds narrowed due to the decrease in maturity volume, but the net financing of medium - and high - grade urban investment bonds in some regions turned negative [4]. Summary According to Related Catalogs 1. Credit Bond Issuance in 2025 1.1 Overall Credit Bond Issuance - In 2025, the credit environment was loose, and the bond market yield was low. With policy dividends, industrial bond issuance increased significantly, driving the continuous expansion of credit bond issuance and a substantial increase in net financing. The total credit bond issuance was 13.9 trillion yuan, a year - on - year increase of 1.7%. The net financing was 2.3 trillion yuan, an increase of 4924 billion yuan year - on - year [7]. - The monthly issuance rhythm showed a "low - front, stable - back" characteristic. Most months had a year - on - year increase in issuance, and only March had a significant net financing gap due to interest rate hikes [12]. 1.2 Issuance Interest Rate - In 2025, the average credit bond issuance interest rate fluctuated at a low level, and the center moved down. The average issuance interest rate was 2.15%, a year - on - year decrease of 35.96bps. The main reasons were the loose monetary policy and the narrowing of credit spreads [15][16]. - Throughout the year, the issuance interest rates of major - term and all - grade credit bonds showed two rounds of rising and then falling. The interest rate was affected by factors such as the tightening of the capital market, policy adjustments, and the stock - bond seesaw effect [22]. 1.3 Issuance Term - In 2025, the weighted - average issuance term of credit bonds was 3.43 years, a year - on - year decrease of 0.17 years. It showed an upward trend in the first half of the year and a downward trend in the second half, mainly due to the increase in financing costs and the significant shortening of the issuance term of central enterprises [23]. 1.4 Cancellation of Issuance - In 2025, the scale of cancelled credit bond issuance was 276.16 billion yuan, a year - on - year increase of 0.34%. The cancellation was mainly due to market interest rate fluctuations and the adjustment of the financing strategies of central and local state - owned enterprises [28]. 2. Credit Bond Financing Structure in 2025 2.1 Financing Performance of Different - Grade Issuers - In 2025, the credit bond market showed a differentiation trend of high - grade expansion and medium - and low - grade contraction. The issuance of AAA - rated, AA + - rated, and AA - rated credit bonds was 9.80 trillion, 2.95 trillion, and 1.10 trillion yuan respectively [35]. 2.2 Financing Performance of Different - Nature Issuers - The credit bond market continued the differentiation trend of shrinking urban investment bond issuance and increasing industrial bond issuance. In 2025, the issuance of urban investment, industrial local state - owned enterprises, central enterprises, and private enterprises was 3.27 trillion, 5.44 trillion, 4.56 trillion, and 0.68 trillion yuan respectively [38]. 2.3 Financing Performance of Different Bond Types - In 2025, the bond types with large issuance scales were medium - term notes, ultra - short - term financing bills, private placement bonds, and general corporate bonds. The issuance of general corporate bonds and private placement bonds increased by more than 10% year - on - year [45]. - Low - grade issuers had a significantly higher proportion of private placement bond issuance. AAA - rated credit bonds were mainly issued in public - offering varieties, while AA + - rated and AA - rated credit bonds had a high proportion of private placement bonds [48][49]. 3. Industrial Bond Issuance in 2025 3.1 By Industry - In 2025, industrial bond issuance showed the characteristics of growth in most industries, contraction in some industries, and high industry concentration. Four industries had issuance exceeding one trillion yuan, and the public utility industry contributed the most to the increase in issuance [50]. 3.2 From the Issuer Dimension - Industrial bond issuance was concentrated among leading enterprises, and central enterprises became the core force of bond financing. The top 100 issuers contributed 43.6% of the issuance scale, and large central enterprises had a significant increase in issuance and net financing [55]. 4. Urban Investment Bond Issuance in 2025 4.1 Regional Financing Performance - In 2025, most regions saw a contraction in urban investment bond issuance and an expansion of the net financing gap. Only a few regions had an increase in issuance or positive net financing [61]. 4.2 Grade - Based Financing Performance - In 2025, the net financing of medium - and high - grade urban investment bonds in many places turned negative, while the net financing gap of AA - rated urban investment bonds narrowed due to the decrease in maturity volume [62].

● 本报记者 刘英杰 2026年伊始，全球低碳治理格局迎来标志性节点。欧盟碳边境调节机制（CBAM）正式全面实施，海南 自贸港同步启动全岛封关运作。国内外绿色规则的双向演进，正深刻重塑产业竞争格局与资本流动方 向。与此同时，中国ESG投资生态走向成熟，如何从被动筛选走向主动进行价值发现与创造，成为市场 参与各方共同关注的议题。 中国证券报记者日前专访了中国银河证券国际ESG中心主任、首席ESG分析师马宗明，围绕CBAM落地 影响、自贸港机遇、ESG尽责管理中的痛点以及新规则下的投资策略等热点，进行了深入解读。 规则演进加速产业与估值重构 欧盟CBAM的落地，被视为影响全球贸易流动的"绿色阀门"。马宗明认为，该机制覆盖了水泥、钢铁、 铝等六大行业，对这些行业的"走出去"中国企业而言，短期内增加了合规成本与负担。尽管允许用本国 已缴纳的碳价进行抵扣，但中欧碳价存在显著差距，将对企业构成实质性成本压力。更重要的是， CBAM规则倒逼出口企业建立自身碳核算体系，并加速供应链的绿色重构。 "影响是可控的，但行业转型趋势是明确的。"马宗明认为，一方面，CBAM目前主要针对大中型企业， 且有年度豁免门槛；另一方面，中国在C ...