1月21日，睿远基金、银华基金等基金公司披露旗下基金的2025年四季报，傅鹏博、李晓星等知名基金经理2025 年四季度调仓情况随之曝光。 傅鹏博减持了基本面趋势偏弱的公司，增持数据中心液冷、存力和算力的相关公司；李晓星则加仓了港股互联网 和消费股，减持了部分港股金融股。 傅鹏博表示，上市公司2025年年报预披露将于2026年1月底完成，景气度高的AI、有色金属、锂电材料等板块预 计会有较高增长，市场对此已有定价。 李晓星认为，2026年权益市场总体机会大于风险，AI仍是全球科技创新的主线，预计国内互联网大厂的业绩将保 持稳定的增长，港股科技巨头可能是产业趋势和基本面趋势共振的方向。 傅鹏博增持 数据中心液冷、存力和算力相关公司 1月21日，知名基金经理傅鹏博、朱璘管理的睿远成长价值披露2025年四季报。 2025年四季报显示，该基金的前十大重仓股变动较小，迈为股份代替中国移动新进入其前十大重仓股。此外，该 基金增持了寒武纪，减持了新易盛、胜宏科技、宁德时代、腾讯控股、东山精密、立讯精密、阿里巴巴、巨星科 技。 | 序 | 股票代码 | 股票名称 | 数量(股) | 公允价值(元) | 占基金资产净 | | - ...

Group 1 - The A-share market saw all three major indices rise on January 21, with the ChiNext 50 ETF (Hua Xia, 159367) increasing by 0.93%. Notable stocks included Sanhuan Group, which rose over 6%, Xiechuang Data, which increased over 5%, and Jingjia Micro, which gained over 4% [1] - The State Council's press conference highlighted a positive outlook for small and medium-sized enterprises (SMEs) in China by 2025, with key indicators showing significant growth: the added value of industrial SMEs increased by 6.9% year-on-year, and the SME export index has been in an expansion zone for 21 consecutive months [1] - The cultivation of specialized and innovative enterprises has yielded substantial results, with 17,600 "little giant" enterprises and over 140,000 specialized and innovative SMEs established, alongside more than 600,000 technology and innovation-oriented SMEs. The R&D intensity of "little giant" enterprises reached 7%, with an average of 26.6 invention patents per entity [1] Group 2 - The ChiNext 50 Index focuses on sectors such as information technology, new energy, financial technology, and pharmaceuticals, primarily consisting of leading technology companies in areas like optical modules, chips, new energy batteries, and innovative drugs. These sectors align with national policy directions and global technological trends, showcasing high growth potential and innovation [2] - The ChiNext 50 ETF (Hua Xia, 159367) offers two core advantages: a 20% price fluctuation limit, providing greater trading flexibility compared to traditional broad-based indices, and low management fees of 0.15% and custody fees of 0.05%, which effectively reduce investment costs [2]

Group 1 - The CPO concept saw active trading on the 21st, with Robotech rising over 12% to reach a historical high, Guanghe Technology hitting the daily limit, Lentech increasing by over 9%, and Xinyiseng rising nearly 5% [1] - Qwen App has officially announced full integration with Alibaba's ecosystem, becoming the world's first AI assistant capable of completing complex real-life tasks [1] - CITIC Securities believes that large models have been iterating for over three years, and CSP manufacturers have invested significant capital expenditures, with 2026 expected to be a pivotal year for AI applications [1] Group 2 - TSMC disclosed its latest financial report, with revenue, net profit, gross margin, and capital expenditure guidance exceeding market expectations [1] - The company's capital expenditure guidance was determined after extensive communication with clients, indicating strong future demand in the computing power sector [1] - The firm anticipates that computing power demand will continue to grow robustly through 2027, recommending sectors such as optical modules, liquid cooling, and fiber optic cables [1]

Core Insights - The performance of several funds heavily invested in the AI sector has been notable, with some achieving significant gains in 2025, but there are differing opinions among fund managers regarding future prospects [1][2]. Group 1: Fund Performance and Adjustments - The fund "China Europe Digital Economy" achieved a 143.07% increase in 2025, ranking high among active equity funds, with notable increases in holdings of companies like Shengyi Technology and Inspur Information in Q4 [2]. - The "Qianhai Kaiyuan Hong Kong-Shenzhen Enjoy Life" fund also saw significant growth, adjusting its top holdings to focus more on optical communication and liquid cooling sectors [3]. Group 2: Investment Opportunities and Risks - Fund managers are optimistic about hardware investment opportunities linked to computing power, with expectations that the share of "light" and "storage" in capital expenditures will increase by 2026 [4]. - There is a potential energy crisis due to the rapid construction of AI data centers outpacing traditional grid expansion, leading to investment opportunities in power infrastructure companies [5]. Group 3: Perspectives on Valuation and Market Sentiment - There is a debate among fund managers regarding the valuation of AI stocks, with some arguing that while valuations have recovered, they do not necessarily indicate a bubble [6]. - The concept of "bubble" is viewed as neutral, with the focus on whether technological advancements can sustain new applications and whether commercialization can convert capital into real income [7].

Investment Rating - The report maintains a "Buy" rating for several companies within the advanced packaging and domestic semiconductor sectors, indicating a positive outlook for these industries [6][16]. Core Insights - The advanced packaging industry is experiencing increased demand due to ongoing AI investments, with significant growth expected in the hardware supply chain [5][6]. - Domestic packaging companies are poised to benefit from both overseas and local demand, with expectations of price increases in advanced packaging services [6][10]. - The report highlights specific companies to watch, including Longi Technology, Tongfu Microelectronics, and Yinxin Electronics, as well as materials suppliers like Huahai Chengke and Lianrui New Materials [6][10]. Summary by Sections Advanced Packaging Sector - The report emphasizes the strong demand for advanced packaging, particularly from TSMC's CoWoS packaging, which is currently in short supply, leading to increased orders for domestic companies [5][6]. - Taiwanese companies are reportedly raising prices for packaging services by 5-30%, reflecting a bullish market sentiment [5][6]. Domestic Semiconductor Opportunities - The report identifies a favorable cycle for domestic packaging companies driven by AI investments, with a projected increase in advanced process releases in 2026 [6][8]. - Major domestic players are expected to capture a significant share of the growing demand, with ByteDance and Alibaba projected to invest heavily in domestic computing power [7][8]. Supply Chain Dynamics - The report notes that supply chain constraints, particularly in IC substrates due to upstream material shortages, are creating bottlenecks, which could benefit leading companies like Shenzhen Circuit and Pengding Holdings [10][12]. - The overall supply-demand balance in the optical module industry is also highlighted, with recommendations to focus on companies like Zhongji Xuchuang that are proactively managing supply chain challenges [12]. Investment Recommendations - The report suggests a diversified investment approach across various sectors, including consumer hardware, domestic computing power, and overseas CSP/ASIC supply chains, with specific stock picks provided [14][16].

Group 1 - The core viewpoint of the articles highlights the strong inflow of capital into the AI sector, particularly through the ChiNext AI ETF (159363), which has seen over 1.6 billion yuan in net inflows over the past five trading days, indicating high investor sentiment towards AI investments [1][2] - The fund manager of the ChiNext AI ETF, Cao Xuchen, suggests that short-term corrections do not alter the expectation of a strong performance in the A-share market for the first half of the year, with optical modules expected to be a favored sector during this correction period [1] - The optical module industry is currently in a high prosperity cycle, driven by the explosive demand for AI computing power, which is expected to lead to rapid growth in high-end optical module demand, with supply becoming a core issue [1] Group 2 - The ChiNext AI ETF (159363) and its associated off-market connection (023407) are positioned to benefit directly from the commercial explosion of AI technology, with approximately 60% of its portfolio allocated to computing power (optical modules + IDC) and about 40% to AI applications [2] - The articles emphasize that the ETF not only focuses on the core of "computing power" but also represents true "AI applications," reflecting the growing importance of AI in investment strategies [2]

Core Insights - The article discusses the current trends in the ETF market, highlighting the performance of various sectors and the influx of capital into specific ETFs, particularly those focused on technology and AI applications. Market Overview - As of January 16, 2026, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have ten-year price-to-earnings (P/E) percentile ranks of 99.79%, 93.82%, and 51.01% respectively, indicating a high valuation environment for the Shanghai market [14]. - The short-term market rotation shows positive performance in sectors such as electronics (+2.64%), machinery (+1.69%), and automobiles (+1.23%), while sectors like computing and media have seen declines [14][15]. Capital Flow Analysis - The top three sectors for capital inflow include electronics with a net inflow of 10.57 billion, machinery with 2.49 billion, and banking with 1.99 billion [15]. - Conversely, the sectors experiencing the largest outflows are computing (-13.66 billion), media (-9.53 billion), and non-ferrous metals (-4.74 billion) [15]. ETF Performance - The electronic ETF has shown a 6-month increase of 57.97%, while the intelligent manufacturing ETF has increased by 55.29% [15]. - The AI-focused ETF on the ChiNext has attracted significant capital, with a net inflow of 1.679 billion over the past five trading days, despite a recent 2% decline [17]. Sector Focus - The article emphasizes the potential of the AI data center industry, particularly in GPU light modules, as a key investment theme for 2026, which is being referred to as the "Physical AI Year" [17]. - The light module industry is expected to experience a high growth cycle driven by the demand for AI computing power, with major manufacturers ramping up production in mainland China and Thailand [17].

Core Insights - The article discusses the recent performance of the ChiNext AI sector, highlighting a 2% decline in the ChiNext AI index while significant capital inflows were observed, particularly into the ChiNext AI ETF (159363) which attracted nearly 1.7 billion yuan in a week [1][2]. Group 1: Market Performance - The ChiNext AI sector experienced a broad pullback, with stocks like Hand Information, BlueFocus, and Kunlun Wanwei dropping over 10% [1]. - Despite the overall decline, certain stocks in the computing power sector, such as LianTe Technology and TaiChen Guang, saw gains exceeding 5% [1]. - The ChiNext AI ETF (159363) recorded a weekly inflow of nearly 1.7 billion yuan, indicating strong investor interest [1][2]. Group 2: Sector Analysis - The article identifies three main reasons for the capital inflow into the ChiNext AI ETF: the sector's strong performance, expectations for computing power earnings, and superior product strength compared to peers [2][3]. - The ChiNext AI ETF has shown a cumulative increase of 34.66% over eight weeks, outperforming other AI-themed indices [1][2]. - The light module industry is highlighted as being in a high prosperity cycle, driven by the explosive demand for AI computing power, with expectations for significant earnings growth [2]. Group 3: Future Outlook - The article suggests that the current AI development is transitioning from computing power construction to application implementation, with the ChiNext AI ETF positioned to benefit from this growth [3]. - Approximately 60% of the ETF's holdings are in computing power (primarily light modules), while 40% are in AI applications, indicating a balanced approach to investment in both areas [3].

3、产品力显著优于同类标的！截至1月16日，创业板人工智能ETF华宝（159363）规模达58.93亿元创 新高，近6个月日均成交额近8亿元，规模、成交额在跟踪创业板人工智能指数的8只ETF中高居第一！ 此外，港交所显示，159363正式纳入互联互通标的，1月19日正式生效，为北向资金配置优选，可进一 步提升其场内交易活跃度。 综合分析来看，近17亿元资金选择159363布局创业板人工智能背后或有三大原因： 周五（1月16日），创业板人工智能下跌2%回踩五日线，资金大举涌入！AI应用概念股全线回调，汉 得信息、蓝色光标、昆仑万维等多股跌超10%。但光模块等算力赛道仍保持活跃，联特科技、太辰光、 致尚科技等多股涨超5%，长芯博创、天孚通信、光库科技、锐捷网络等多股涨超1%。 热门ETF方面，双线布局"算力+AI应用"的创业板人工智能ETF（159363）场内收跌1.81%回踩五日线， 成交额超12亿元。资金单周加速涌入创业板人工智能赛道，其中159363单周吸金近17亿元居首！ 1、创业板人工智能持续领跑！周度复盘看，前半周受AI应用爆发驱动，随后市场回切光模块等算力方 向，创业板人工智能ETF（159363） ...

Group 1 - A-shares are showing steady growth in 2026, with foreign institutions actively conducting research to seize investment opportunities, particularly in technology sectors like AI, semiconductors, and electronic devices [1] - As of January 15, 2026, foreign institutions have conducted a total of 70 research sessions on A-share listed companies, with Anji Technology receiving the most attention from 27 foreign institutions [1] - UBS Wealth Management indicates that despite strong performance in the Chinese stock market since 2025, valuations remain low compared to global peers, suggesting significant upside potential [1] Group 2 - Morgan Asset Management forecasts a potential slowdown in global economic growth in 2026, with a supportive low-interest-rate environment expected to bolster economic development [2] - The liquidity environment in China is anticipated to remain loose, with a clear supportive policy stance from the government, which is expected to benefit the stock market [2] - Key investment directions identified include AI-driven sectors, lithium battery industry, non-ferrous metals, machinery benefiting from overseas demand, and semiconductor fields focusing on domestic GPU and equipment [2] Group 3 - Fidelity Fund emphasizes the importance of the "super track" of artificial intelligence and three strong sectors: aerospace, low-altitude economy, and innovative consumer [3]