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 AI application ecosystem is deepening, with policies enabling computing power upgrades, as Alibaba's Qianwen App integrates with various services, marking a shift from technical capabilities to user-perceived commercial applications [1] - Walmart announced the integration of Google's generative AI chatbot Gemini into its shopping process, enhancing consumer experience in product discovery and purchasing [1] - OpenAI plans to test ChatGPT advertisements in the U.S. for free and entry-level subscription users, indicating a move towards monetizing AI capabilities [1] Group 2 - Guosen Securities is optimistic about GEO (AI-generated engine optimization) reshaping the traffic and content service ecosystem, suggesting investment opportunities in the media sector driven by AI applications [2] - Douyin's giant engine reported a peak daily consumption of 30 million in the comic drama sector, with a projected market size of 22 billion yuan by 2026, reflecting high industry vitality [2] - AI technology is deeply integrated into the comic drama pipeline, significantly reducing costs and increasing efficiency, while top AI dramas enhance commercial value through copyright distribution [2] Group 3 - As of January 23, 2026, the CSI Media Index rose by 2.71%, with the Media ETF (512980) increasing by 3.39%, indicating strong market performance [3] - The Media ETF saw a significant scale increase of 60.78 million yuan in the past week, with a notable share growth of 24.6 million shares [3] - The Media ETF closely tracks the CSI Media Index, which includes major GEO concept stocks, with GEO weight exceeding 32% [3]

Group 1 - Media concept stocks have strengthened, with Yanshan Technology and BlueFocus rising over 6%, Liou Co. increasing over 5%, and Kunlun Wanwei up over 4% [1] - The Media ETF has risen over 3% due to market influences [1] Group 2 - According to a brokerage, the media industry is expected to recover in terms of prosperity in the medium to long term, driven by gradual recovery in content supply, deepening AI technology empowerment, policy support, and expectations of consumer recovery [2] - Companies with strong performance in sectors such as film and television, gaming, and advertising marketing are recommended for attention, along with those involved in digital assets and AIGC-related technologies [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, there were five major highlights in the holdings of public - offering funds, including the contraction of active equity scale with eased redemption pressure, the differentiation of A/H - share positions, the continuation of the "passive > active" situation, the record - high position of resource products and the record - low position of consumer services, and no subscription or redemption operations of Huijin for ETFs [6]. - The stock positions of all mainland public - offering funds declined, and from both overall and median perspectives, the stock positions of active equity - biased funds in Q4 2025 also declined [6]. - From the perspective of the fund allocation side of stocks, the shareholding scale of index and "fixed - income +" products increased. Compared with Q3 2025, in Q4 2025, the number of top - holding stocks of mainland public - offering funds increased, the market value slightly shrank, and the concentration of the top 100 top - holding stocks decreased [6]. 3. Summary by Relevant Catalogs 3.1 2025Q4 Public - Offering Fund Holdings: Five Major Highlights - **Active equity scale contraction with eased redemption pressure**: In Q4 2025, the scale of active equity funds shrank, but the redemption pressure eased. The scale of active equity - biased funds was 3.9 trillion yuan, a 4% quarter - on - quarter contraction; the share was 2.65 trillion shares, a decrease of 71.6 billion shares quarter - on - quarter. The net redemption share was 125.6 billion shares, a contraction of 91.9 billion shares quarter - on - quarter [15]. - **Differentiation of A/H - share positions, reduction of Alibaba in Hong Kong stocks**: In Q4 2025, the A/H - share positions of mainland active equity - biased funds were differentiated. The A - share position slightly increased, while the Hong Kong - share position significantly declined. The active equity - biased funds held about 483.6 billion yuan of Hong Kong stocks, accounting for 23.4% of the scale of active equity - biased funds that could invest in Hong Kong stocks (a 3.9 - percentage - point quarter - on - quarter decrease). Tencent Holdings remained the largest Hong Kong - stock top - holding of mainland active equity - biased funds, with a reduction of 3.9 billion Hong Kong dollars in Q4. Alibaba and other software and hardware technology directions were under - allocated, with the largest under - allocation scale of Alibaba reaching 11.2 billion Hong Kong dollars [20]. - **Continuation of the "passive > active" situation, "fixed - income +"承接 residents' entry into the market**: In Q4 2025, the scale of "fixed - income +" funds reached 2.6 trillion yuan, a 9.8% quarter - on - quarter increase. Index funds became an important channel for funds to enter the market, and the gap between passive and active funds widened. The scale expansion of "fixed - income +" funds might be an important carrier for the transfer of residents' deposits [22][24]. - **Record - high position of resource products and record - low position of consumer services**: In Q4 2025, active equity - biased funds significantly increased their positions in resource products and reduced their positions in TMT. The position of resource products reached 13.3%, and the under - allocation margin narrowed to a record high; the position of consumer services was 9.8%, reaching a record low [29]. - **No subscription or redemption operations of Huijin for ETFs**: As of the end of Q4 2025, Huijin's holding shares of the 12 "preferred" ETFs were the same as those in H1 and Q3, with no subscription or redemption operations during the period [32]. 3.2 Mainland Public - Offering Fund Asset Allocation - **All mainland public - offering funds**: In Q4 2025, the stock positions of mainland public - offering funds declined, and the bond positions increased. The total asset value of mainland public - offering funds was 39.48 trillion yuan, a 3.5% quarter - on - quarter increase; the net asset value was 36.35 trillion yuan, a 2.7% quarter - on - quarter increase. The stock position was 22.87%, a decrease of 0.71 percentage points quarter - on - quarter [36]. - **Active equity - biased funds**: In Q4 2025, the net asset value and stock market value of active equity - biased funds declined compared with Q3, and the stock position decreased synchronously, while the A - share position slightly increased. The stock position of active equity - biased funds was 84.37%, a decrease of 1.41 percentage points quarter - on - quarter; the A - share position was 72.26%, an increase of 0.66 percentage points quarter - on - quarter [40]. - **"Fixed - income +" funds**: In Q4 2025, the net asset value of "fixed - income +" funds increased by 9.8%, the stock market value continued to grow, and both the stock and bond positions increased slightly. The stock position was 10.04%, an increase of 0.17 percentage points quarter - on - quarter; the bond position was 86.02%, an increase of 0.19 percentage points quarter - on - quarter [44]. - **Median of fund positions**: From the median perspective, in Q4 2025, the stock positions of active equity - biased and "fixed - income +" funds declined, while the position of index funds remained stable. The median stock position of active equity - biased funds was 87.90%, a decrease of 1.01 percentage points quarter - on - quarter [48]. - **Stock allocation side**: The shareholding scale of index and "fixed - income +" products increased. In Q4 2025, the stock market value of active equity - biased funds was 3.37 trillion yuan, a 5.2% quarter - on - quarter decrease; the stock market value of index funds was 4.70 trillion yuan, a 3.4% quarter - on - quarter increase; the stock market value of "fixed - income +" funds was 301.501 billion yuan, a significant 14.1% quarter - on - quarter increase [53]. 3.3 A - Share Top - Holding Stock Analysis of Mainland Public - Offering Active Equity - Biased Funds - **Overall situation**: Compared with Q3 2025, in Q4 2025, the number of top - holding stocks increased, the market value slightly shrank, and the concentration of the top 100 top - holding stocks decreased. The number of top - holding stocks was 2,429, an increase of 117 quarter - on - quarter; the market value was 1.61 trillion yuan, a 2.72% quarter - on - quarter decrease [58]. - **Sector allocation**: The over - allocation ratio of the GEM increased, and the under - allocation ratio of the main board expanded. In Q4 2025, the allocation ratios of the main board, GEM, STAR Market, and Beijing Stock Exchange were 58.5%, 24.8%, 16.5%, and 0.3% respectively [63]. - **Style allocation**: The allocation ratio of large - cap stocks continued to rise, while the positions of mid - and small - cap stocks declined. In Q4 2025, the allocation ratios of CSI 100 and CSI 300 increased by 1.35 and 1.87 percentage points quarter - on - quarter respectively, while those of CSI 500 and CSI 1000 decreased by 0.42 and 0.40 percentage points quarter - on - quarter respectively [66]. - **Large - category allocation**: The allocation ratio of TMT declined from a high level, while the allocation ratio of resource products increased significantly. In Q4 2025, the top three allocation ratios of active equity - biased funds among large - category industries were TMT (37.8%), mid - stream manufacturing (25.7%), and resource products (13.3%) [70]. - **First - level industry allocation**: The positions of cyclical products increased, while the positions of TMT decreased significantly. The top five industries with increased positions were non - ferrous metals, non - bank finance, basic chemicals, machinery and equipment, and food and beverages; the top five industries with decreased positions were electronics, media, computers, national defense and military industry, and communications [78]. - **Second - level industry allocation**: The positions of insurance and industrial metals increased significantly. After excluding the impact of stock prices, the positions of insurance, industrial metals, and auto parts increased, while consumer electronics, games, and batteries were relatively under - allocated [84]. - **Individual stocks**: Zhongji Innolight became the new top - holding stock of institutions. China Ping An, Dongshan Precision, and Baiwei Storage were significantly increased in position; Industrial Foresight, EVE Energy, and Ninebot were significantly reduced in position [88].

Group 1 - The core viewpoint of the article highlights a rebound in AI application concept stocks, particularly in the software and media sectors, with the Media ETF Huaxia (516190.SH) rising over 1% after a maximum drawdown of 11% from its peak [1] - Popular stocks include Liao Co., which saw its first trading day after two consecutive limit-downs, dropping 2% by 10:00, while Yidian Tianxia rose over 1% and Yingli Media increased by over 5% [1] - The Media ETF Huaxia (516190.SH) holdings show Zhejiang Wenlian hitting the daily limit, with a year-to-date increase of over 50%, alongside other stocks like Xinhua Net, Shenguang Group, Visual China, Oriental Pearl, and Tianxia Show also rising [1] Group 2 - Guosen Securities expresses optimism about GEO (AI-generated engine optimization) reshaping the traffic and content service ecosystem, accelerating the commercialization of AI applications, and suggests seizing investment opportunities in the media sector driven by AI, which is expected to enhance the overall valuation of the sector [1] - Key leaders in AI application-related subfields to watch include: 1) AI marketing: Zhejiang Wenlian, Huimai Technology [1] 2) AI corpus: Zhejiang Shuju Culture, Chinese Online [1] 3) AI comic drama: Chinese Online, Kunlun Wanwei, Bilibili [1] 4) Gaming and publishing sectors with strong performance and valuation: gaming stocks to focus on include Giant Network, Gibit, Kaiying Network, Xindong Company, 37 Interactive, Shunwang Technology, and Shengtian Network; publishing stocks include People’s Daily Online, Xinhua Net, and Southern Media [1]

1月23日，港股早盘高开，恒科指涨0.96%，阿里巴巴-W盘初涨超4%。据媒体援引知情人士报道，阿里 巴巴正准备推进旗下AI芯片制造企业"平头哥"独立上市。据悉，平头哥是阿里巴巴于2018年成立的半导 体芯片公司，由阿里集团从收购的中天微系统及阿里达摩院内部芯片团队整合而来，重点聚焦AI芯片 与RISC - V生态技术。 此外，小米集团-W涨超3%，1月22日，小米公告称，公司已与一家独立经纪商签订协议，该经纪商将 根据经纪协议所记载的预定参数在港交所回购不超过25亿港元小米集团的B类普通股。此项自动股份回 购计划将于1月23日正式启动。 哔哩哔哩-W、美团-W、快手-W、腾讯控股跟涨，港股AI核心资产——港股互联网ETF（513770）高开 高走，场内价格现涨1.27%。 AI主线继续活跃。阿里旗下芯片公司平头哥拟独立上市，有望为行情带来了新的催化剂。分析认为， 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。 值得注意的是，港股互联网板块近期获资金密集涌入。上交所数据显示，港股互联网ETF（513770）近 20日累计获资金净流入14 ...

Group 1 - The Hang Seng Tech Index has returned above the 20-day moving average, indicating a short-term bullish trend, with notable stock movements from major companies like Baidu, Alibaba, Bilibili, Kuaishou, SMIC, Hua Hong Semiconductor, and Li Auto [1] - Since October of last year, Hong Kong tech assets have been under pressure due to structural industry differences, negative impacts from delivery subsidies, and year-end liquidity constraints. However, these factors are expected to improve by 2026, driven by AI industry growth, a cycle of overseas interest rate cuts, foreign capital inflows, and the return of southbound funds, suggesting a potential rebound for undervalued Hong Kong tech stocks [1] - Year-to-date, southbound funds have seen a cumulative net inflow of nearly 68 billion HKD into the Hong Kong stock market. Looking ahead to 2026, domestic AI models like DeepSeek are expected to launch around the Chinese New Year, while major domestic companies are increasing capital expenditures to enhance overall model capabilities [1] Group 2 - The National Securities Hong Kong Stock Connect Technology Index includes biotech leaders such as BeiGene, Innovent Biologics, and WuXi Biologics, currently trading at a rolling P/E ratio of only 27 times, which is below the 50th percentile of the past decade, indicating significant mean reversion potential [2]

Group 1 - The market sentiment has improved significantly due to the easing of overseas geopolitical conflicts and trade friction, with US stocks rising and Chinese concept stocks performing well, particularly the Nasdaq China Golden Dragon Index which increased by 1.58% [1] - Alibaba has decided to support its subsidiary, Pingtouge, in pursuing an independent IPO, which is expected to have significant implications for both Alibaba and the Chinese semiconductor industry [1] - The Hong Kong stock market has shown volatility, with the Hong Kong Internet ETF (513770) experiencing a slight decline of 0.18%, but it has seen a net inflow of 1.425 billion yuan over the past 20 days, indicating strong buying interest [1] Group 2 - The commercialization of AI applications is accelerating, with Hong Kong internet stocks positioned as core beneficiaries, expected to receive ongoing catalysts [3] - Alibaba's Qianwen has integrated into the Taobao ecosystem to create a one-stop AI service application, while Kuaishou's AI model has surpassed 12 million active users, and Meituan has upgraded its app with AI search capabilities [3] - Analysts suggest that AI applications will become a core theme in the 2026 market, with a focus on internet platform companies that have traffic entry advantages [3] Group 3 - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with Alibaba-W being the largest weighted stock at 14.71%, and the top ten weighted stocks collectively accounting for nearly 77% of the index [3][5] - For investors looking to reduce volatility while still gaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, which combines high-growth tech stocks with stable dividend-paying companies [5]

海外地缘冲突与贸易摩擦风险缓和，市场情绪明显修复。美股周四走高，中概股表现不俗，纳斯达克中 国金龙指数上涨1.58%，阿里巴巴大涨逾5%，哔哩哔哩上涨4.53%。 消息面上，媒体披露，阿里巴巴集团已决定支持旗下芯片公司平头哥未来独立上市。平头哥是阿里巴巴 集团旗下全资芯片公司，2018年成立以来，在行业中非常低调，是阿里雪藏多年的"核武器"。平头哥上 市不仅对阿里意义重大，也将对中国半导体产业产生深远影响。 港股方面，近日整体延续震荡，港股AI核心资产——港股互联网ETF（513770）昨日高开回落，场内 价格收跌0.18%。但资金坚定逆行，上交所数据显示，港股互联网ETF（513770）近20日累计获资金净 流入14.25亿元，做多力量持续进场。 从板块机会看，AI应用商业化进程提速，港股互联网作为核心受益标的，有望持续受到催化。阿里巴 巴旗下千问接入淘宝生态，打造一站式AI办事应用；快手旗下视频生成大模型可灵AI月活跃用户数量 突破1200万；美团APP更新升级AI搜索功能，为用户提供准确的本地生活信息服务等。 银河证券表示，AI应用催化密集，商业化具备广阔发展空间，建议关注AI投入不断增加的港股互联网 ...

一、国际新闻 国际贵金属市场近日表现强劲，现货黄金价格持续攀升，接连突破多个关键关口，触及每盎司4940.78 美元的历史新高，日内涨幅达2.26%。纽约期金同步走高，突破4960美元/盎司，日内涨幅0.95%。 现货铂金和白银也创下历史新高，现货铂金突破2640美元/盎司，日内涨6.39%；现货白银突破96美元/ 盎司，纽约期银同步上涨3.71%。 与此同时，美国天然气期货价格波动显著，先涨超15%至5.607美元/百万英热，后跌超3%至4.861美元/ 百万英热。 原油价格承压，WTI原油失守59美元/桶，日内跌2.72%，布伦特原油失守63美元/桶，日内跌2.37%。 美股市场方面，三大股指收盘普涨，道指涨0.63%，纳指涨0.91%，标普500指数涨0.55%。特斯拉因宣 布无人监管的Robotaxi在奥斯汀开始测试，股价涨超4%；Meta涨超5%，美光科技涨超2%。 纳斯达克中国金龙指数收涨1.62%，阿里巴巴涨5.08%，哔哩哔哩涨4.55%。 不过，英特尔盘后股价跌幅扩大至9%，此前该公司公布第四季度营收136.7亿美元（预估134.3亿美 元），但第一季度营收指引低于预期。 企业动态方面，亚马 ...