估值端上，机构认为以光模块为代表的通信板块仍有空间。国泰海通证券指出，通信板块估值处于历史 中枢偏上，但考虑板块有望持续受益AI基建、新联接等发展而保持较快业绩增长，逐步消化估值，行 业仍有显著增长空间。* AI应用方面，1月26日，阿里千问旗舰推理模型Qwen3-Max-Thinking正式上线，该模型综合性能已可对 标GPT-5.2与Gemini3Pro，成为目前最接近国际顶尖水平的国产大模型之一。中信证券表示，AI应用板 块成为2026年开年主线，后续AI应用催化仍多，AI应用加速落地趋势有望延续。* 周二（1月27日），算力+AI应用多点开花，创业板人工智能大涨超2.5%直逼前高，光模块龙头"易中 天"齐齐拉升。其中，协创数据领涨超9%，航宇微涨超8%，天孚通信涨超7%，中际旭创涨超4%，新易 盛涨超2.5%。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）场内全天走高，收涨2.76%逼 近前期高点，全天放量成交8.45亿元。 CPO光模块方面，国盛证券表示，光通信行业的旺盛需求已形成共识，市场正在消化过度拥挤的交易结 构。从长久来看，光模块龙头公司将凭借先发优势和交 ...

Core Viewpoint - The A-share market experienced fluctuations with a notable rebound in the semiconductor and AI hardware sectors, but faced selling pressure towards the end of the trading session, indicating a challenging short-term outlook for the market [1][2]. Group 1: Market Performance - The Shanghai Composite Index opened lower and approached the 4100-point mark but rebounded due to the activity in large-cap stocks like banks and semiconductors [1][2]. - Momentum funds increased selling pressure on resource stocks due to significant fluctuations in international gold and silver prices, leading to a decline in major indices [2]. - The KOSPI index in South Korea showed strong performance, reaching a historical high, which positively influenced the semiconductor sector in A-shares [2]. Group 2: Sector Analysis - The semiconductor sector saw a rapid rise as momentum funds shifted focus towards hard technology, driven by strong performance in the Asia-Pacific markets [2][4]. - AI hardware stocks, particularly those represented in the Sci-Tech 50 Index and ChiNext Index, also attracted capital inflows, enhancing market sentiment [2]. Group 3: Support and Resistance Levels - The 4100-point level is emerging as a strong support for the Shanghai Composite Index, with banks showing resilience when the index approached this level [3]. - Despite upward movements, there is a risk of selling pressure from large-cap ETFs, indicating that the market may face resistance if it rises too quickly [3]. Group 4: Investment Strategy - Momentum funds are gradually shifting towards hard technology and physical assets, recognizing the strategic value of commodities amid complex geopolitical dynamics [4]. - The focus should be on structural investment opportunities arising from the return of momentum funds to hard technology and other industrial turning points, rather than short-term index movements [4].

业绩不及预期，预示着光模 块进入泡沫破裂的状态 出品 | 妙投APP 作者 | 董必政 编辑 | 丁萍 头图 | AI制图 2025年，"易中天"（新易盛、中际旭创、天孚通信）不仅是A股AI算力赛道的图腾，更是无数股民口中津 津乐道的"财富密码"。 然而，进入2026年，风向变得有些诡谲。 虽然A股整体氛围依然躁动，但资金对"易中天"的态度却从"狂热"转向了"审视"。 开年以来，仅仅不到一个月，新易盛、中际旭创、天孚通信分别录得了11.11%、6.83%和4.10%的跌幅。 下跌本身并不可怕，可怕的是背后的逻辑支撑正在瓦解。 近日，天孚通信和剑桥科技相继发布的2025年业绩预告，像两盆冷水，浇在了还沉浸在"算力永不眠"美梦 中的投资者头上。 天孚通信预计2025年归母净利润18.81亿至21.5亿元，同比增长40%-60%。看似不错的增长，但中位数不仅 低于机构一致预期的21.45亿元，更重要的是，其隐含的四季度增速令人不安。 遗憾的是，故事正在露馅。 另一家光模块玩家剑桥科技更是不容乐观，预计全年净利2.52亿至2.78亿元，远低于预期的3.02亿元。 早在2025年12月9日，虎嗅妙投就在《"易中天"的" ...

◎记者 赵明超 AI题材正式走到了公募投资舞台中央。 对于基金经理来说，时代在快速发展，投资也要与时俱进。面对时代变革，基金经理的核心竞争力已从 单纯的择时选股，转向对产业趋势的深度洞察与持续学习能力，其视野必须超越财务报表的静态分析， 深入到技术路线的演进、产业政策的导向乃至全球竞争格局的变动中。在技术的快速迭代中，投资不再 仅仅是关于"价值"或"成长"的标签选择，而是关于如何在一个加速变化的世界里，识别出那些能够定义 未来、创造未来的企业和生态。 时代潮流滚滚向前，资本市场的天职是优化资源配置，让资金流向社会最需要、效率提升最显著、未来 潜力最大的方向。中际旭创成为公募基金头号重仓股，不仅是AI产业崛起的一个标志，更是中国经济 向创新驱动深刻转型在资本层面的回响。 根据最新披露的公募基金2025年四季报，截至2025年底，光模块龙头中际旭创首次登顶，成为公募基金 的头号重仓股。另一家光模块龙头公司新易盛紧随其后，位居公募基金第二大重仓股。与之相对应的 是，此前轮流坐头把交椅的宁德时代与腾讯控股，此番退居其后。与此同时，矿业巨头紫金矿业史无前 例地跻身重仓股前五，而寒武纪、东山精密、沪电股份、工业富联、天孚 ...

Core Viewpoint - The rapid growth of the global AI industry since 2025 has led to a surge in demand for computing power, resulting in a significant performance boost for optical module companies, particularly for the leading stock, Zhongji Xuchuang, which has seen its stock price increase over sevenfold since April 2025 [2][3]. Company Performance - Zhongji Xuchuang reported revenue of 25.005 billion yuan for the first three quarters of 2025, a year-on-year increase of 44.43%, and a net profit attributable to shareholders of 7.132 billion yuan, up 90.05% year-on-year [3]. - The company achieved a quarter-on-quarter revenue and net profit increase of 25.89% and 30.1% respectively in Q3 2025, showcasing strong growth stability [3]. - As of January 26, 2026, Zhongji Xuchuang's stock price reached 589.80 yuan, up from 67.20 yuan on April 9, 2025, marking an increase of over 700% [2][3]. Market Position - Zhongji Xuchuang has become the top holding stock for active equity funds, surpassing Ningde Times, with 1,273 active equity funds holding a total of 135 million shares, representing 12.24% of the circulating shares and a market value of 82.54 billion yuan as of Q4 2025 [3]. Institutional Actions - Some institutions have begun to reduce their holdings in Zhongji Xuchuang, citing concerns over high valuations. For instance, Yongying Technology and China Europe Digital Economy reduced their holdings by 17% and 33.42% respectively in Q4 2025 [5]. - The controlling shareholder, Shandong Zhongji Investment Holding Co., Ltd., completed a reduction of 5.5 million shares, amounting to 2.87 billion yuan, for personal funding needs between November 20, 2025, and January 15, 2026 [5]. Industry Outlook - The optical module industry is expected to maintain high demand, with predictions of a 35% year-on-year growth in the global Ethernet optical module market, reaching $18.9 billion in 2026 [6]. - The growth drivers include strong demand for AI infrastructure and advancements in optical interconnect technology [6]. - Analysts remain optimistic about the industry's future, with expectations of continued demand and supply shortages becoming the norm, particularly for 1.6T optical modules and silicon photonics technology [7].

截至2025年四季度末，公募基金持仓数据已随季报披露完毕。从整体配置看，科技成长与高端制造仍是基 金布局的核心方向，传统行业龙头及部分周期股也保持较高配置水平。 专题：聚焦2025基金四季报：AI应用、商业航天、核聚变，谁领2026投资主线？ 公募基金Top50重仓股：科技成长与高端制造核心方向 超千只基金持有宁德时代、中际旭创、紫金矿业 在持股市值排名前50的个股中，前十大重仓股多集中于通信、AI、电子等科技板块，包括中际旭创、新易 盛、寒武纪、立讯精密等龙头，体现出机构对科技创新与产业升级的持续看好。新能源方向以宁德时代、 阳光电源为代表；资源股如紫金矿业、洛阳钼业配置稳定，反映对周期板块的结构性布局。消费行业仍以 贵州茅台、美的集团为核心持仓；医药板块中恒瑞医药、药明康德持续入选，但持股基金数量有所波动。 | 公司代码 | 公司名称 | 基金持有总市值 (万元) | 占流通股比例 (%) | 持股数 (万股) | 持有该股的基金个数 | | --- | --- | --- | --- | --- | --- | | 300308 | 中际旭创 | 7842059.35 | 11.63 | 12,855. ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近日，公募基金2025年四季度报告已经披露完毕，基金重仓股也随之浮出水面。 公募基金作为 A股市场主要的机构投资者之一，其持股动向备 受市场关注 。（按照基金披露规则，公募基金季报只会披露前10大重仓股数据，中报和年报才会披露全部的持仓数据。） 根据公募基金四季报中披露的前10大重仓股数据（本文仅统计公募基金的A股持仓数据）统计发现， 2025年末， 公募基金共重仓持有 2976家 A 股公司，持股总市值约为 33572 亿元， 相比三季度末减少约 4292亿元 。 （ 点此领取公募基金最新持仓名单 ） 从基金2025年末的重仓股所属行业分布来看， 持股总市值最高的行业是电子行业，持股总市值约为 6897亿元，远高于其他行业； 但相比三季 度末持股市值减少了1000多亿元。 电力设备（新能源为主）、通信2个行业，基金持股市值也分别超3700亿元、3400亿元。此外，公募基金对有色金属、非银金融、食品饮料、医 药生物等4个行业的持股也均超2000亿元。 相比三季度， 基金对通信、有色金属、银行、非银金融等 4个行业的持股市值均增加了逾100亿元 ； ...

出品 | 妙投APP 作者 | 董必政 编辑 | 丁萍 头图 | AI制图 2025年，"易中天"（新易盛、中际旭创、天孚通信）不仅是A股AI算力赛道的图腾，更是无数股民口中 津津乐道的"财富密码"。 然而，进入2026年，风向变得有些诡谲。 虽然A股整体氛围依然躁动，但资金对"易中天"的态度却从"狂热"转向了"审视"。 开年以来，仅仅不到一个月，新易盛、中际旭创、天孚通信分别录得了11.11%、6.83%和4.10%的跌 幅。 下跌本身并不可怕，可怕的是背后的逻辑支撑正在瓦解。 近日，天孚通信和剑桥科技相继发布的2025年业绩预告，像两盆冷水，浇在了还沉浸在"算力永不眠"美 梦中的投资者头上。 天孚通信预计2025年归母净利润18.81亿至21.5亿元，同比增长40%-60%。看似不错的增长，但中位数不 仅低于机构一致预期的21.45亿元，更重要的是，其隐含的四季度增速令人不安。 另一家光模块玩家剑桥科技更是不容乐观，预计全年净利2.52亿至2.78亿元，远低于预期的3.02亿元。 早在2025年12月9日，虎嗅妙投就在《"易中天"的"泡沫"炒到2027年》一文中预警：资本市场已经透支 了光模块未来两年的业 ...

Monetary Policy and Economic Measures - The central bank governor Pan Gongsheng stated that a moderately loose monetary policy will continue in 2026, utilizing various tools such as reserve requirement ratio cuts and interest rate reductions to maintain ample liquidity [1] - The first batch of 936 billion yuan of ultra-long special government bonds has been allocated to support equipment renewal across various sectors, expected to drive total investment exceeding 460 billion yuan [2] - The central bank will conduct a 900 billion yuan MLF operation on January 23, net injecting 700 billion yuan into the market, marking the 11th consecutive month of increased operations [2] Consumer and Investment Trends - The six major state-owned banks collectively announced the implementation of personal consumption loan interest subsidy policies, allowing some high-quality clients to enjoy effective interest rates as low as 2%, even lower than current housing loan rates [1] - Public funds have focused their fourth-quarter 2025 positions on core sectors such as electronics and power equipment, with Zhongji Xuchuang becoming the largest holding stock [1] Market Performance - The A-share market saw a slight increase, with the Shanghai Composite Index rising 0.14% to 4122.58 points, and the Shenzhen Component Index increasing by 0.5% [3] - The Hong Kong stock market also experienced minor fluctuations, with the Hang Seng Index rising 0.17% to 26629.96 points, while southbound funds recorded a net purchase of 5.166 billion HKD [3] Corporate Developments - Alibaba Group has decided to support its chip subsidiary "Pingtouge" for independent listing, with plans for restructuring to establish it as a mixed-ownership enterprise [4] - Blue Arrow Aerospace's IPO status has changed to "inquired," aiming to raise 7.5 billion yuan to become the "first stock in commercial aerospace" [4] - Yuanqi Forest is reportedly considering a Hong Kong listing, although the company has stated there are currently no IPO plans [4] Regulatory and Policy Updates - The State Administration for Market Regulation has issued a red card for the first time in the public utility sector, prohibiting a merger case involving gas companies in Foshan [7] - Nine departments jointly issued opinions to promote high-quality development in the pharmaceutical retail industry, encouraging mergers and acquisitions among retail pharmacies [7] - The Ministry of Civil Affairs and the Ministry of Finance announced a subsidy program for elderly individuals with moderate to severe disabilities, set to be implemented nationwide starting January 1, 2026 [2]

Core Insights - The report highlights the contrasting trading strategies of long-term fund managers compared to the overall public fund adjustments in Q4 2025, indicating a unique approach to navigating the structural market conditions [1] Fund Manager Adjustments - In Q4 2025, Zhongji Xuchuang (300308) became the largest holding for public funds, with an increase of over 22 billion yuan, while many long-term fund managers chose to reduce their positions in this stock by over 40% [2] - Similar trends were observed with Xinyisheng (300502), where public funds increased holdings by over 9 billion yuan, yet long-term fund manager Yang Dong reduced his position by over 40% [3] Divergence in Stock Adjustments - There were notable differences among long-term fund managers regarding their adjustments in Xinyisheng, with some increasing their positions while others significantly reduced theirs [3] - Industrial Fulian (601138) exited the top ten holdings for public funds, while some fund managers drastically reduced their positions, with reductions exceeding 80% [3] - In contrast, Zijin Mining (601899) and Shengyi Technology (600183) saw overall increases in public fund holdings, but individual fund managers had varying strategies, with some increasing and others decreasing their stakes [3] Position Management - Many long-term fund managers opted to lower their stock positions in Q4 2025, with significant reductions noted, such as a drop from 78.70% to 62.74% in one fund [4] - Other funds also reported reductions in stock positions ranging from 1% to 10% [4] Portfolio Diversification - Long-term funds generally maintained a high concentration in their top ten holdings, but there was a noticeable decrease in concentration compared to Q3 2025, with some funds seeing reductions of over 25 percentage points [5][6] - The focus of many fund managers shifted towards diversified sectors, including AI, cyclical industries, and consumer sectors, indicating a broader investment strategy [6] Sector Focus - The cyclical sector became a popular area for public fund increases, with significant investments in non-ferrous metals and chemicals [7] - Consumer and social service sectors also saw increased attention from fund managers, with notable additions to top holdings in these areas [8] Major Changes in Top Holdings - Several funds underwent significant changes in their top ten holdings, with multiple stocks being replaced, indicating a strategic shift in investment focus [9] Outlook for 2026 - Fund managers expressed optimism for the A-share market in 2026, anticipating a potential upward trend driven by multiple positive factors [10] - AI applications are expected to be a core focus, with varying strategies among fund managers regarding their investment in AI-related sectors [11] - The cyclical sector is recognized for its investment potential, with expectations of improved performance in related industries [12]