Core Insights - The number of "trillion-yuan cities" in China has increased to 29, with cities like Shanghai and Beijing leading the way in GDP growth [1][2][4] - The economic scale of these cities enhances their ability to mobilize resources and drive development [1][2] Group 1: Overview of "Trillion-Yuan Cities" - Dalian has officially entered the "trillion-yuan city" category with a GDP of 1,002.1 billion yuan in 2025, marking it as the first in Northeast China [2][12] - Wenzhou has also crossed the trillion-yuan threshold, becoming the third in Zhejiang province after Hangzhou and Ningbo [2] - The list of 29 "trillion-yuan cities" includes 4 municipalities, 11 provincial capitals, 4 sub-provincial cities, and 10 prefecture-level cities, showcasing a diverse geographical distribution [2][3] Group 2: Economic Performance and Growth Rates - Shanghai's GDP is projected to reach 56,708.71 billion yuan in 2025, while Beijing's is expected to be 52,073.4 billion yuan, both growing at a rate of 5.4% [4][5] - The growth rates of Shanghai and Beijing exceed the national GDP growth rate of 5% [5] - Wenzhou's GDP is anticipated to grow by 6.1%, reflecting strong economic resilience [11] Group 3: Sectoral Contributions and Innovations - Shanghai's industrial output is expected to grow by 5.0%, with significant contributions from sectors like transportation equipment manufacturing, which grew by 15.8% [7][8] - Beijing focuses on information technology and digital economy, achieving substantial growth despite a reduction in traditional manufacturing [9] - Shenzhen's GDP is projected to approach 4 trillion yuan by 2025, driven by advanced manufacturing and innovation [10] Group 4: Future Prospects for Emerging Cities - Cities like Xuzhou, Shenyang, and Shaoxing are nearing the trillion-yuan mark, with Xuzhou's GDP growth expected around 5.8% [17][18] - The focus for these cities is on innovation, industrial upgrades, and enhancing overall competitiveness to achieve high-quality development [19]

Core Insights - The active equity public funds have seen a significant shift in their top holdings, with Zhongji Xuchuang surpassing Ningde Times to become the largest holding, indicating a transition in investment focus from new energy to AI hardware [2][3][10] Group 1: Company Performance - Zhongji Xuchuang's market capitalization reached 825.40 billion yuan, while Ningde Times held a market cap of 818.28 billion yuan, indicating a close competition for the top position [2] - Zhongji Xuchuang's stock price surged from 70 yuan to 585 yuan within nine months, reflecting a sevenfold increase and a total market value nearing 650 billion yuan [7][9] - The company reported a revenue of 14.79 billion yuan in the first half of 2025, a year-on-year increase of 36.95%, and a net profit of 3.995 billion yuan, up 69.40% [9] Group 2: Market Trends - The shift in top holdings reflects a broader trend where institutional funds are reallocating from traditional sectors like new energy to emerging sectors such as AI hardware [10] - The global market for Ethernet optical modules is projected to grow significantly, with a forecasted increase of 35% to 18.9 billion USD in 2026, driven by the demand for data center infrastructure [9] Group 3: Fund Holdings - As of the end of Q4 2025, the top ten holdings of active equity funds included Zhongji Xuchuang, Ningde Times, and Xinyi Technology, highlighting the dominance of AI-related stocks [4] - Zhongji Xuchuang was held by 1,273 active equity funds, with a total holding of 135.31 million shares, representing 12.24% of its circulating shares [3][4]

作者丨易妍君 编辑丨张星 机构最新统计数据显示，截至2025年4季度末，中际旭创代替宁德时代成为主动权益基金（包括主动股 票基金、偏股混合基金、灵活配置基金）第一大重仓股。 截至1月23日收盘，中 际旭创 股价报585元，总市值6500亿元。 公募主动权益基金第一大重仓股有了"新面孔"。 同时，主动权益基金第二大至第十大重仓股排序均较上一季度发生变化，如新易盛取代腾讯控股成为基 金第二大重仓股，紫金矿业从第八大重仓股晋级为第五大重仓股，寒武纪-U升为第七大重仓股；而宁 德时代、腾讯控股分别退为第三、第四大重仓股，中芯国际退出了前十大重仓股队列。 另外，主动权益基金在行业配置层面也有调整。据机构统计，2025年4季度，主动权益基金增配较多的 行业包括有色金属、通信、非银、化工、机械；主要减配了电子、医药生物、传媒、计算机、电力设备 等行业。 "从宏观角度看，市场资金在追求短期收益与长期战略配置之间寻求平衡，对行业发展前景与政策环境 的综合考量导致了资金流向的调整。"受访人士向21世纪经济报道记者指出。 重仓股排序更迭 截至2026年1月22日，公募基金2025年第4季度报告基本披露完毕，主动权益基金前十大重仓股 ...

Core Insights - The public fund's top holdings have shifted, with Zhongji Xuchuang and Xinyi Sheng replacing CATL and Tencent as the first and second largest holdings respectively, reflecting a significant change in investment focus within the technology sector [1][4]. Group 1: Fund Holdings Overview - As of the end of Q4 2025, the top ten holdings of actively managed equity funds included Zhongji Xuchuang, Xinyi Sheng, CATL, Tencent, Zijin Mining, Alibaba-W, Cambricon, Luxshare Precision, Kweichow Moutai, and Dongshan Precision [1]. - Zhongji Xuchuang emerged as the largest holding with a total market value of 78.42 billion yuan, representing 11.63% of the circulating shares, and a quarterly increase of 51.26% [2][5]. - Xinyi Sheng followed with a market value of 65.70 billion yuan, accounting for 17.23% of circulating shares, and a quarterly increase of 17.8% [2][5]. Group 2: Changes in Holdings - The top five holdings experienced varying degrees of reduction in shares held by equity funds, with Zhongji Xuchuang seeing a decrease of 970.14 million shares, a 7.02% decline from the previous quarter [4]. - Despite the reduction in shares, the market value of Zhongji Xuchuang held by funds increased from 55.81 billion yuan to 78.42 billion yuan due to a significant rise in stock price [4]. - China Ping An was noted as a new entrant into the top twenty holdings, moving up from 41st to 15th place, indicating a growing interest in the insurance sector [4]. Group 3: Sector Focus - The information technology sector saw substantial increases in fund holdings, with four out of the top five increased holdings belonging to this sector, alongside significant investments in the insurance sector, particularly in China Ping An [1][4]. - The top stocks that received the most significant increases in holdings were primarily concentrated in the information technology, non-ferrous metals, and chemical sectors [4]. Group 4: Performance of Stocks - Several stocks that doubled in price during Q4 2025 received considerable increases in fund holdings, including Tianhua New Energy, which surged by 118.53%, leading to a rise in the number of funds holding the stock from 2 to 93 [7]. - Maiwei Co. also saw a significant increase in fund interest, with its stock price rising by 107.34% and the number of funds holding it increasing from 8 to 54 [7]. Group 5: Reduction in Holdings - Notable reductions in holdings were observed in several major stocks within the Hang Seng Technology Index, including Alibaba-W, Tencent, and SMIC, reflecting a broader trend of fund managers reducing exposure to these tech giants [8][9]. - The top ten stocks with the largest reductions in holdings included Alibaba-W, Industrial Fulian, CATL, and Tencent, indicating a strategic shift away from these previously favored stocks [9].

Market Analysis - The A-share market is experiencing a volatile upward trend with significant trading volume, as the Shanghai Composite Index closed at 4136.16 points, up 0.33%, and the Shenzhen Component Index rose 0.79% to 14439.66 points, with a total market turnover of 3.12 trillion, an increase of approximately 400 billion (+14.8%) from the previous trading day [2][5][7] - The market is characterized by a broad-based rally, with 3938 stocks rising and 1389 falling, indicating a strong profit-making effect [2] Sector Performance - The photovoltaic equipment sector led the market with a significant increase of 9.95% in the photovoltaic selection index, driven by new market hotspots in space photovoltaics, following support from Tesla's CEO Elon Musk at the World Economic Forum [5][9] - The commercial aerospace sector also showed strength, with several stocks hitting the daily limit, supported by upcoming events and the launch of China's first commercial manned spacecraft [5][9] - Conversely, the financial sector faced pressure, with the optical module and insurance selection indices declining by 2.24% and 1.81%, respectively, reflecting a continued shift in market style [5][7] Policy and Market Trends - The market is currently driven by a dual engine of policy and industry trends, with high trading volumes indicating active capital flow from undervalued financial sectors to high-growth sectors, particularly in small and mid-cap growth stocks [7][13] - The report suggests focusing on sectors such as photovoltaics (including space photovoltaics and HJT technology), commercial aerospace, and precious metals (gold and silver), while being cautious of pure concept stocks that may face delisting risks [7][13] Bond Market - The bond market saw a slight increase in government bond futures, with the 30-year main contract rising by 0.07% to close at 112.30 yuan, supported by a net liquidity injection of 1 trillion yuan by the central bank this month [7][9] - The central bank's actions indicate a clear expectation of continued monetary easing, which is expected to support bond prices [7][9] Commodity Market - The commodity market is maintaining an upward trend, with the Nanhua Commodity Index rising by 1.14%, driven by precious and new energy metals, while some sectors like energy and agricultural products faced localized pressure [7][9] - Silver prices are approaching the $100 mark, with the main contract closing at 24,965 yuan/kg, reflecting strong demand driven by both financial and industrial factors [7][9] Trading Hotspots - Recent hot sectors include AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-computer interfaces, robotics, and consumer goods, with a focus on policy support and technological advancements [10][13] - The report emphasizes the importance of monitoring developments in these sectors, particularly in terms of application scenarios and project progress [10][13]

1月23日下午，山东省政府新闻办召开新闻发布会，介绍山东2025年全年经济社会运行情况。 根据地区生产总值统一核算结果，2025全年山东省生产总值为103197亿元，按不变价格计算，比上年增长5.5%。山东成为全国第三个、北方第一个过10 万亿元省份。 分产业看，第一产业增加值6775亿元，比上年增长4.0%；第二产业增加值40541亿元，比上年增长5.0%；第三产业增加值55881亿元，比上年增长6.1%。 来源：人民日报 责编：李丹 校对：冉燕青 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 罚单创"史上最重"！证监会严查私募机构瑞丰达 丨 大爆发！601012，午后涨停 丨 电力设备板块，涨停潮！ 丨 鼎益丰案最新！隋广义马小秋等50人，被提起公诉！ 丨 突发！TikTok官宣美国方案！ 丨 深 夜，全线大涨！重磅数据发布 ...

Group 1 - The communication ETF and software ETF showed recovery, with the communication ETF rising by 2.75% and the software ETF increasing by 1.52% after a significant decline [1] - NVIDIA's CEO Jensen Huang plans to visit China in January, focusing on key suppliers, highlighting the ongoing growth in the AI hardware sector, which has been thriving for over three years [3] - The market for optical modules is expected to double by 2026, with projections for 800G optical module shipments reaching 5-7 million units and 1.6T optical module shipments at 2.5-3 million units [3] Group 2 - Despite the booming hardware sector, the commercialization of AI software remains underdeveloped, with few companies achieving profitability in this area [3] - Alibaba announced a major update to its Qianwen app, transforming it into a digital assistant capable of executing tasks and connecting to real services, indicating a trend towards enhanced software capabilities [4] - The upcoming earnings disclosure period for overseas CSPs may lead to unexpected positive performance in the software sector, suggesting continued investment opportunities in AI [4]

Group 1 - The core viewpoint of the news is that the public fund's top holdings have significantly shifted, with Zhongji Xuchuang becoming the largest holding, surpassing traditional heavyweights like Ningde Times and Tencent [1] - As of the end of Q4 2025, the top ten holdings of public funds include Zhongji Xuchuang, New Yisheng, Ningde Times, Tencent, Zijin Mining, Alibaba-W, Cambrian, Luxshare Precision, Kweichow Moutai, and Dongshan Precision, covering key sectors such as AI, new energy, internet, and consumer electronics [1] - Zhongji Xuchuang's market value increased by 22.602 billion yuan in Q4, reaching a total market value of 78.421 billion yuan, marking its third consecutive quarter as the top stock in terms of public fund increases [1] Group 2 - Zhongji Xuchuang specializes in the R&D, production, and sales of high-end optical communication transceiver modules, benefiting from the global AI infrastructure upgrade wave [2] - The company's revenue for 2022-2024 is projected to be 9.642 billion yuan, 10.718 billion yuan, and 23.862 billion yuan, with year-on-year growth rates of 25.29%, 11.16%, and 122.64% respectively [2] - In the first three quarters of 2025, Zhongji Xuchuang achieved revenue of 25.005 billion yuan, a year-on-year increase of 44.43%, and a net profit of 7.132 billion yuan, exceeding the total for 2024 with a growth rate of 69.40% [2] Group 3 - New Yisheng, another player in the optical module sector, has become the second-largest holding for public funds, benefiting from strong industry demand and capacity release [3] - In the first three quarters of 2025, New Yisheng reported revenue of 16.505 billion yuan, a year-on-year increase of 221.7%, and a net profit of 6.327 billion yuan, with a growth rate of 284.37% [3]

Investment Rating - The report assigns a rating of "Buy" with a target price of 161 CNY [6][13]. Core Insights - Cambridge Technology is a global leader in optical connectivity, broadband, and wireless solutions, actively investing in high-end optical modules to capitalize on the rapid development of AI [3][17]. - The optical module business is expected to exceed expectations due to significant investments from North American cloud vendors, with the global optical module market projected to reach approximately 13 billion USD by 2025 and 16 billion USD by 2026 [18][67]. - The company has strengthened its North American presence through strategic acquisitions, enhancing its R&D and sales capabilities, which positions it well for future growth [17][30]. Financial Summary - Total revenue is projected to grow from 3,087 million CNY in 2023 to 18,079 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 64.4% [5]. - Net profit attributable to shareholders is expected to increase from 95 million CNY in 2023 to 3,307 million CNY by 2027, with a significant growth rate of 86.7% in 2027 [5]. - Earnings per share (EPS) is forecasted to rise from 0.27 CNY in 2023 to 9.38 CNY by 2027 [5]. Business Overview - The company has three main product lines: telecommunications broadband products, wireless networks and small base stations, and high-speed optical modules, with broadband products contributing the largest revenue share [31]. - The company has established a global footprint with production and R&D facilities in various regions, including the U.S., Europe, and Malaysia, to meet the demands of its international customer base [46][50]. Market Trends - The North American market is experiencing a surge in capital expenditure driven by AI, with significant growth expected in the optical module sector as cloud vendors increase their investments [56][59]. - The demand for high-speed optical modules is anticipated to grow rapidly, with the company being one of the early developers of 400G/800G modules, positioning it favorably in the market [18][22]. Revenue Forecast - Revenue from high-speed optical components and modules is projected to grow significantly, with estimates of 11.26 billion CNY in 2025 and 137.69 billion CNY by 2027, reflecting a year-on-year growth rate of 534% in 2026 [23][24].

通信ETF华夏（515050）跟踪中证5G通信主题指数，最新规模超80亿元，深度聚焦电子（芯片、PCB、 消费电子）+通信（光模块、服务器）算力硬件。同花顺数据显示，该指数CPO+CPB概念股权重合计 超76%，位居全市场第一。前5大权重股分别为中际旭创、新易盛、立讯精密、工业富联、兆易创新。 场外联接(A类：008086；C类：008087)； 创业板人工智能ETF华夏（159381）跟踪指数一半权重在光模块CPO，其中前三大权重股为中际旭创 （15.64%）、新易盛（15.57%）、天孚通信（6.85%）。为一半权重在AI软件应用（计算机、传媒、 电子、军工），具备较高弹性和代表性。目前该ETF规模达20亿元，场内综合费率仅0.20%，位居同类 最低。场外联接（A类：025505；C类：025506） 每日经济新闻 1月22日，公募基金2025年四季报披露完毕，偏股型基金四季度重仓股出炉。天相投顾数据显示，去年 四季度，"易中天"三大巨头中的中际旭创、新易盛分别取代宁德时代、腾讯控股，位列公募基金第一、 第二重仓股，宁德时代、腾讯控股分别退居第三、第四大重仓股。值得一提的是，中际旭创成为公募基 金2025 ...