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 divergence in stock selection amidst a volatile market environment [1][2]. Fund Manager Adjustments - In Q4 2025, Zhongji Xuchuang replaced Ningde Times as the top holding for public funds, with an increase in market value exceeding 22 billion yuan. However, several long-term fund managers chose to reduce their positions in Zhongji Xuchuang, with reductions exceeding 40% by managers like Mo Haibo and Shen Ai Qian [1][2]. - Similar trends were observed with another popular stock, Xinyi Semiconductor, where public funds increased holdings by over 9 billion yuan, yet long-term fund manager Yang Dong reduced his position by over 40% [2]. - Notably, Industrial Fulian exited the top ten holdings for public funds, while some long-term managers like Liu Yuanhai increased their positions, showcasing differing strategies among fund managers [3]. Portfolio Management - Many long-term fund managers opted to lower their stock positions in Q4 2025, aligning with the overall trend of reduced stock allocations in public funds. For instance, the stock allocation of Mo Haibo's fund dropped from 85.20% to 71.92%, a decrease of approximately 13 percentage points [4]. - The concentration of holdings among long-term funds remained high, with many funds having over 50% of their net asset value in the top ten holdings, although some funds showed a noticeable decrease in concentration compared to Q3 2025 [5]. Sector Allocation - Fund managers displayed a diversified approach in their sector allocations, favoring areas such as AI, cyclical stocks, and consumer sectors. For example, Yang Dong's fund gained excess returns by focusing on AI and robotics, while Liu Yuanhai's fund adjusted its AI allocations during Q4 2025 [6][7]. - The cyclical sector gained traction among fund managers, with significant investments in non-ferrous metals and chemicals. For instance, Li You's fund made substantial increases in holdings of companies like Zijin Mining and Yun Aluminum [6][9]. - In the consumer and social services sectors, managers like Mo Haibo and Miao Weibin focused on domestic demand-related stocks, indicating a strategic shift towards consumer resilience and emerging consumption trends [6][9]. Market Outlook - Looking ahead to 2026, long-term fund managers maintain an optimistic outlook for the A-share market, anticipating a potential upward trend driven by multiple positive factors, including corporate earnings recovery and improved liquidity [7][8]. - The AI sector remains a focal point, with managers emphasizing the importance of AI applications over hardware, suggesting a shift in investment focus towards practical applications of AI technology [8][9].

Group 1 - The core viewpoint is that foreign public funds have significantly increased their investments in China's technology sector, with many products achieving over 50% net value growth in 2025, driven by a focus on leading tech companies like Zhongji Xuchuang, Hanwha, and Xinyisheng [1][2] - In 2025, several foreign public fund products, such as BlackRock Advanced Manufacturing One-Year Holding Mixed A and Allianz China Select Mixed A, reported net value growth rates exceeding 50%, despite a fourth-quarter pullback in A-share tech growth stocks [2][3] - Foreign public funds maintained a "neutral to high" position in the fourth quarter of 2025, focusing on technology sectors including AI, high-end manufacturing, and low-carbon growth [3] Group 2 - Foreign public funds are optimistic about the A-share market for 2026, believing that high-quality tech assets will continue to lead, with a preference for "overweight equities" in their portfolio strategies [4] - Fund managers from Allianz and BlackRock expressed that A-shares are more attractive compared to RMB bonds, indicating a sustained focus on equities while dynamically adjusting their overweight positions based on market conditions [4] - The emphasis on technology assets as a core investment theme is expected to yield significant excess returns in 2026, as foreign public funds increase their allocation to Chinese tech assets [4]

■记者观察 对于资本市场来说，资金更愿意为未来买单，资本始终追逐着最具想象力的增长故事。过去几年来，宁 德时代多次成为公募基金头号重仓股，对应着新能源产业成为经济增长的新引擎。如今中际旭创的登 顶，标志着AI已从概念走向产业核心，正在成为驱动经济增长的新动能。 本质而言，每一次重仓股结构的重大调整，背后都是主导产业动能的切换，也是经济增长引擎的迭代。 中际旭创的登顶，标志着始于2023年的全球AI浪潮，已经从主题炒作、预期博弈，进入了以扎实业绩 和清晰产业趋势为支撑的"基本面投资"阶段。从某种程度看，公募基金以总计1190只产品、784亿元持 仓市值的集体选择，用真金白银下注，或许存在部分泡沫，但更多是对一条高景气、高增长黄金赛道的 集体确认，也宣告一个以人工智能为核心驱动力的新经济周期已然来临。 同AI概念股备受追捧形成鲜明对比的，是不少传统资产的黯淡。曾几何时，"喝酒吃药"是基金获取稳定 超额收益的不二法门，贵州茅台长期占据重仓股榜单前列。但在最新的基金前50大重仓股名单中，传统 定义的消费医药公司仅有11家上榜。在基金重仓股名单的更迭背后，则是宏观经济环境、产业生命周期 与投资者预期的深刻变化。在经济增 ...

Core Viewpoint - The report highlights the contrasting strategies of long-term fund managers in the fourth quarter of 2025, showcasing their unique approaches to portfolio adjustments amidst market trends, particularly in the context of popular stocks like Zhongji Xuchuang and Xinyi Sheng. Group 1: Fund Manager Strategies - Long-term fund managers are reducing their positions in popular stocks like Zhongji Xuchuang, despite it being the top holding for public funds, with some managers cutting their stakes by over 40% [2][3] - There is a notable divergence among fund managers regarding their positions in stocks like Xinyi Sheng, with some increasing their holdings while others significantly reduce them [2][3] - Fund managers are also moving away from high concentration holdings, opting for a more diversified portfolio approach, as seen in the significant reductions in the concentration of top holdings [4] Group 2: Sector Focus and Investment Trends - The AI industry remains a focal point for investment, but fund managers are diversifying their portfolios to include sectors such as commercial aerospace, robotics, and military [4] - There is a growing interest in cyclical sectors, with managers increasing their positions in aluminum, copper, and chemicals, indicating a shift in investment strategy [5] - The consumer and social services sectors are also seeing increased investment, with managers adding new positions in companies related to tourism and luxury goods [6] Group 3: Market Outlook for 2026 - Fund managers express optimism for the market in 2026, anticipating a potential upward trend driven by profit recovery and liquidity [7] - The focus on AI applications is expected to shift from foundational infrastructure to practical applications, with specific attention on AI-driven technologies [7] - Investment in cyclical sectors is expected to remain valuable, with managers highlighting the potential for recovery in aluminum and copper prices [7]

AI正式走到了投资舞台的中央。 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。另一家光模块龙头新易盛紧随其后，位居公募基金第二大重仓 股。 在公募基金前五十大重仓股名单中，还包括工业富联、寒武纪、沪电股份、东山精密、胜宏科技、深南电路、生益科技、兆易创新等AI相关 概念股。与之相对应的是，不少传统行业明星股，正在持续淡出公募重仓股名单。此前多年霸屏公募"最爱"的贵州茅台，险些跌出公募持仓前 十名。 一粒沙里看世界。基金重仓股的此消彼长，折射了社会产业变迁。对于基金经理来说，时代在快速发展，与时俱进方有未来。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。 一份颠覆性榜单 最新披露的公募基金季报显示，一大批"AI新贵"成为基金经理的"座上宾"。 天相投顾数据显示，截至2025年底，公募基金前五十大重仓股，主要分布在信息技术、消费品及服务、投资品等行业。其中，属于信息技术行 业的高达18只。 | 所号 | | 基金持有总市值 占流通股比例 | | 持有该股的 | | --- | ...

Core Insights - The number of "trillion-yuan cities" in China has increased to 29, with notable cities like Shanghai, Beijing, and newly added cities such as Wenzhou and Dalian [1][2][3] Group 1: Economic Growth and City Rankings - Dalian has achieved a GDP of 1,000.21 billion yuan in 2025, marking it as the first "trillion-yuan city" in Northeast China [2][13] - Wenzhou's GDP is projected to surpass 1 trillion yuan, making it the third "trillion-yuan city" in Zhejiang province [2][12] - Shanghai's GDP is expected to reach 56,708.71 billion yuan in 2025, while Beijing's GDP is projected at 52,073.4 billion yuan, both showing a growth rate of 5.4% [5][6][7] Group 2: Regional Distribution and Characteristics - The 29 "trillion-yuan cities" include 4 municipalities, 11 provincial capitals, 4 separately planned cities, and 10 prefecture-level cities, with a majority located in southern China [3][4] - Jiangsu and Guangdong are the provinces with the highest number of "trillion-yuan cities," with 5 and 4 cities respectively [3][4] Group 3: Economic Strategies and Innovations - Shanghai is focusing on industrial growth, with significant increases in sectors like transportation equipment and electrical machinery [7][8] - Beijing is emphasizing quality over quantity in its economic development, particularly in the information technology sector [9] - Guangzhou is investing heavily in advanced manufacturing, with industrial investment rising from 103 billion yuan in 2020 to 171.1 billion yuan in 2024 [10][11] Group 4: Future Prospects for Emerging Cities - Cities like Xuzhou, Shenyang, and Shaoxing are nearing the "trillion-yuan" threshold, with Xuzhou's GDP projected to grow by 5.8% and Shenyang's GDP at 9,027.1 billion yuan [18][19] - The transition from 800 billion to 1 trillion yuan requires a focus on innovation and industrial integration, aiming for a comprehensive enhancement of urban competitiveness [20]

AI正式走到了投资舞台的中央。 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。另一家光模块龙头新易盛紧随其后，位居公募基金第二大重仓 股。 在公募基金前五十大重仓股名单中，还包括工业富联、寒武纪、沪电股份、东山精密、胜宏科技、深南电路、生益科技、兆易创新等AI相关 概念股。与之相对应的是，不少传统行业明星股，正在持续淡出公募重仓股名单。此前多年霸屏公募"最爱"的贵州茅台，险些跌出公募持仓前 十名。 一粒沙里看世界。基金重仓股的此消彼长，折射了社会产业变迁。对于基金经理来说，时代在快速发展，与时俱进方有未来。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。 一份颠覆性榜单 最新披露的公募基金季报显示，一大批"AI新贵"成为基金经理的"座上宾"。 天相投顾数据显示，截至2025年底，公募基金前五十大重仓股，主要分布在信息技术、消费品及服务、投资品等行业。其中，属于信息技术行 业的高达18只。 | 序号 | | 基金持有总市值 占流通股比例 | | 持有该股的 | | --- | ...

Macro Economic Overview - The report indicates that the Shanghai Composite Index fell by 0.62% this week, with the CSI 300 index futures down by 0.10% [1][12] - The report maintains the asset allocation order as stocks > commodities > bonds > currency [3][4] Economic Growth and Policy Recommendations - The economic growth target for 2025 was successfully achieved, with a GDP growth of 5%. For 2026, a coordinated effort between fiscal and monetary policies is deemed necessary to stabilize growth [2][22] - The report emphasizes the need for the optimization and continuation of existing growth policies, such as the "two new" policies, and suggests increasing institutional openness to solidify China's position in international trade [2][22] Asset Performance - The report notes that the ten-year government bond yield decreased by 1 basis point to 1.83%, while the active ten-year government bond futures rose by 0.12% [1][12] - The report highlights that the commodity futures index increased by 10.07% this week, with specific declines in coking coal and iron ore futures by 3.38% and 2.82%, respectively [1][12] Stock Market Insights - The report identifies that the leading index this week was the CSI 500, which rose by 4.34%, while the lagging index was the SSE 50, which fell by 1.54% [39][40] - It also notes that the construction materials sector led the industry gains with a rise of 9.18%, while the banking sector saw a decline of 2.69% [39][40] Bond Market Analysis - The report states that the ten-year government bond yield is expected to fluctuate around 2%, with a low allocation recommendation for bonds due to potential short-term impacts from stock-bond dynamics [4][44] - The credit spread decreased by 1 basis point to 0.40%, indicating a slight improvement in credit market conditions [44] Commodity Market Trends - The report indicates that the social inventory of construction materials remained stable at 5.84 million tons, while coal inventory at major ports was also stable at 69.39 million tons [28][29] - The report suggests that the implementation of fiscal policies will be crucial for the commodity market's performance in the coming weeks [4][39] Currency and Foreign Exchange - The report notes that the seven-day annualized yield of money market funds, such as Yu'ebao, remained stable at 1.00% [1][12] - The report highlights that the Chinese economy's fundamentals support a wide fluctuation in the exchange rate, maintaining a standard allocation for foreign exchange assets [4]

盈利预测 投资要点 Q4 受汇兑损失短期承压，全年业绩整体预增2025 年度，公司高速光模块业务受益于人工智能和全球数 据中心建设提速带来的旺盛市场需求，通过嘉善新生产基地投产、马来西亚生产基地产能爬坡及国内外 基地规划扩产的持续性产能布局，订单规模与发货数量同比均大幅增长。随着高速率、高毛利光模块占 比显著提升，整体销售毛利率也进一步改善。其中Q4 香港上市融资款项主要以港元外汇形式留存，受 港元汇率跟随美元汇率同步下跌影响，汇兑净损益由盈转亏，预计2025 年度汇兑损失约为8,161 万元， 对Q4 业绩增长产生一定负面影响，但未改变业绩整体预增的趋势。 聚焦硅光技术，上游物料供应储备充足 剑桥科技发布2025 年度业绩预增公告：预计 2025 年实现归母净利润2.52 亿元至2.78 亿元，同比增长 51.19%至66.79%，实现扣非归母净利润2.49 亿元至2.75 亿元，同比增长64.62%至81.81%。 公司光模块产品布局完善，包括Retimed1.6T2×DR4/DR8、1.6T2×FR4、OSFPDR8 及Gearbox800GDR4 等型号，同时涵盖LPO/LRO 相关机种，且以硅光技术 ...

Group 1 - Anhui Tongyuan Environmental Energy Saving Co., Ltd. announced a share transfer agreement involving its controlling shareholder Yang Ming and his associates, transferring a total of 13,220,000 unrestricted circulating shares to Wang Xiaodong and Longkou Dongqi Investment Service Partnership [1] - After the transfer, both Wang Xiaodong and Longkou Dongqi Investment Service Partnership will hold 5.02% of the company's shares each [1] - Following the announcement, the company's stock price surged from 27.7 yuan per share on January 9 to 54.65 yuan per share on January 23, marking a cumulative increase of 111.74% [4] Group 2 - Wang Xiaodong, one of the transferees, is the son of Wang Weixiu, the actual controller of Zhongji Xuchuang Co., Ltd., and the investment is a personal action unrelated to Zhongji Xuchuang [6] - Zhongji Xuchuang is a professional provider of high-speed optical module solutions, maintaining good revenue performance and capital operation capabilities, and is expanding into the automotive intelligent systems sector in 2023 [6][8] - Wang Weixiu, the actual controller of Zhongji Xuchuang, has seen his wealth increase from 195 billion yuan in 2024 to 680 billion yuan in 2025, ranking 73rd on the 2025 Hurun Rich List [10]