Core Insights - Public fund institutions have significantly increased their research activities in January, focusing on AI computing power, high-end medical technology, and new energy as the three core investment themes [1][3][5] Group 1: Research Activity - A total of 156 public fund institutions participated in A-share research in January, covering 486 stocks across 17 industries, with a total of 3,992 research instances [1] - Leading institutions such as Bosera Fund, Huaxia Fund, and Penghua Fund conducted the most research, with Bosera Fund leading at 116 instances [2] - The most researched stocks included Zhongji Xuchuang in the communications sector with 61 instances, followed by Aipeng Medical and Xiangyu Medical in the medical sector with 57 and 47 instances respectively [2] Group 2: Industry Focus - The electronics industry was the most researched, with 603 instances covering 71 stocks, followed by the machinery equipment industry with 591 instances covering 67 stocks [2][3] - Other industries such as medical biology, electric equipment, and basic chemicals also saw significant research activity, each exceeding 276 instances [3] Group 3: Emerging Trends - Brain-computer interfaces have emerged as a key focus within the high-end medical sector, driven by technological breakthroughs and commercial progress [4] - Companies like Aipeng Medical and Meihai Medical are actively engaging in brain-computer interface developments, with Aipeng Medical discussing advancements in brainwave technology [4] - The year 2026 is anticipated to be pivotal for the commercialization of invasive brain-computer interfaces, with several companies already in clinical stages [4]

基金分析专题报告(深度) 证券研究报告 数说公募主动权益基金四季报 ——规模/份额双降、周期/金融配置权重上升 王子薇 分析师SAC执业编号：S1130524010001 王聃聃 分析师SAC执业编号：S1130521100001 2026/2/2 主动权益基金2025年四季报总结 ◼ 基金市场概况：2025年四季度A股在经历了近一年的上涨趋势后开始横盘震荡，宽基指数涨跌互现。风格上，大、中盘价值指数均显著跑赢成长，小 盘成长与价值收益差距不大，大盘价值领跑，反映机构资金在进攻与防守之间切换、风险暴露选择性收敛的同步推进；行业指数方面，四季度申万31 个行业除医药生物、美容护理等9个行业外，其余各行业指数均取得正收益，其中，资源和军工表现较好，医药整体偏弱。主动权益基金规模和份额 下降，发行数量和发行规模小幅提升。 ◼ 基金持仓情况：权益基金平均股票仓位小幅收缩，为88.05%；港股仓位也有所下降。重仓股板块配置方面，权益基金集中增持周期品方向，主要为 稳增长政策托底下宏观预期边际改善、顺周期盈利弹性重新获得资金定价，以及年末时点资金对组合确定性与波动控制要求提升的合力结果，机构在 周期与金融板块抬升配比，同 ...

以下文章来源于e公司 ，作者证券时报 赵黎昀 e公司 . e公司，证券时报旗下专注上市公司新媒体产品，立志打造A股上市公司资讯第一平台。提供7x24小时上市公司标准化快讯，针对可能影响上市公司股价的 主题概念、行业事件及时采访二次解读，从投资者需求出发，直播上市公司有价值的活动、会议。 2月2日晚间，多家上市公司披露回购进展。 美的集团（000333）曾公告，拟以集中竞价交易方式回购公司部分已发行的A股股份，用于实施股权激励计划及/或员工持股计划，回购价格为不超 过100元/股，回购金额为不超过30亿元且不低于15亿元，实施期限为自董事会审议通过回购股份方案之日起12个月内。 2月2日晚间，该公司披露的回购进展显示，截至2026年1月31日，公司通过回购专用证券账户，以集中竞价交易方式累计回购公司A股股份数量为 2694.37万股，占公司目前总股本的0.3545%，最高成交价为80.44元/股，最低成交价为69.5元/股，支付的总金额为19.98亿元（不含交易费用），本 次回购符合相关法律法规的要求，符合公司既定的回购方案。 同样，顺丰控股（002352）曾公告了2025年第1期A股回购股份方案，此后公司于2 ...

Liquidity - The issuance of equity mutual funds reached 327.9 billion units, with actively managed funds at 231.2 billion units, marking a new high since 2022[6] - Margin financing net outflow was approximately -71 billion, placing it in the 23rd percentile over the past three years[13] - Stock ETFs experienced a net outflow of -3168.2 billion, which is in the 1st percentile over the past three years[22] Market Trends - The total net outflow of broad-based ETFs exceeded 1 trillion, with significant outflows from the CSI 300 (-581.8 billion), CSI 1000 (-130.3 billion), and Shanghai Composite (-984 billion)[22] - The stock market showed high volatility, with the Shanghai Composite Index dropping over 2% on January 30, leading to increased search interest in A-shares on social media[67] Investor Sentiment - Retail investors saw a net inflow of 216.8 billion in A-shares, an increase of 969.7 billion from the previous value, placing it in the 95.6th percentile over the past five years[2] - The trend of public funds clustering has weakened, shifting towards growth and consumer sectors[2] Sector Performance - The trading heat for the photovoltaic sector increased by 25 percentage points to 79%, while the consumer electronics sector decreased by 9 percentage points to 59%[45] - The demand for equity financing expanded to 159 billion, ranking in the 69th percentile over the past three years, while the net reduction in industrial capital decreased to -81.8 billion, ranking in the 74th percentile[27][30]

券商2026年2月"金股"名单出炉。据中国证券报记者不完全统计，截至2月2日发稿时，已有超过200只A 股及港股标的入围券商2月"金股"名单。从推荐频次看，阿里巴巴-W、腾讯控股、紫金矿业 （601899）、中际旭创（300308）、中国平安等标的推荐频次居前。 作为港股市场明星标的，截至2月2日记者发稿，阿里巴巴-W已入围6家券商2月"金股"组合，是机构青 睐标的，看好的券商包括光大证券、华源证券、兴业证券、国盛证券（002670）、申万宏源证券 （000562）、国信证券。从推荐理由看，华源证券认为，阿里巴巴-W云业务高速增长，市场份额领 先；C端AI产品打通生态，用户量快速增长；大模型研发顺利，性能持续提升。 包括阿里巴巴-W在内，截至2月2日记者发稿时，已有201只A股及H股标的入围券商2月"金股"名单，腾 讯控股2月共获得5家券商联合推荐，看好的券商包括光大证券、中国银河（601881）、国盛证券、国联 民生（601456）、申万宏源证券；福斯特（603806）、中际旭创、紫金矿业均获得4家券商联合推荐， 关注度相对较高。 从券商2月"金股"行业分布情况看，电子行业继续成为含"金"量最高的板块，合计 ...

Core Insights - The report indicates that after a period of volatility, the market is expected to regain momentum in February, supported by a decrease in the volatility index from a peak of 102 to around 32, which is historically low [2][3] - The report emphasizes the importance of focusing on two main investment themes: technology growth and cyclical recovery, as funds are likely to rotate towards underperforming sectors [3][4] Investment Themes - **Technology Growth**: The AI industry is experiencing significant positive changes, with expectations for OAI listings and advancements in storage, CPU, and packaging sectors. The report highlights the importance of monitoring policy catalysts and industry developments, particularly in emerging sectors like aerospace, new materials, and quantum technology [6][6] - **Cyclical Recovery**: The report suggests that sectors such as chemicals, real estate, and core consumer assets are expected to see a rebound as market sentiment improves. The report notes that these sectors are currently at low points in their economic cycles, with potential for recovery as institutional positions are historically low [6][6] Recommended Stocks - **Jingsheng Electromechanical (300316.SZ)**: The company is positioned to benefit from increasing demand in space and overseas photovoltaic equipment, with a market cap of 58.3 billion and projected EPS growth from 0.95 in 2026 to 1.17 in 2027 [7][7] - **Nuwai Co., Ltd. (603699.SH)**: As a leading industrial valve manufacturer, the company is expected to see growth driven by LNG and marine vessel demand, with a projected EPS increase from 2.51 in 2026 to 3.00 in 2027 [7][7] - **Longjing Environmental Protection (600388.SH)**: The company is focusing on green electricity and energy storage, with a projected EPS growth from 1.20 in 2026 to 1.37 in 2027 [7][7] - **Chip Microelectronics (688630.SH)**: The company anticipates significant profit growth, with EPS expected to rise from 4.18 in 2026 to 6.08 in 2027 [7][7] - **AVIC High-Tech (600862.SH)**: The company is expected to benefit from the increasing demand for aerospace materials, with projected EPS growth from 1.17 in 2026 to 1.29 in 2027 [7][7] - **Ping An Insurance (601318.SH)**: The company is projected to maintain strong growth in new business value (NBV), with EPS expected to rise from 8.59 in 2026 to 9.74 in 2027 [7][7] - **Rabbit Baby (002043.SZ)**: The company is expected to see steady growth in the decorative board industry, with projected EPS growth from 1.05 in 2026 to 1.15 in 2027 [7][7] - **Wanhua Chemical (600309.SH)**: The company is expected to benefit from improving MDI and TDI market conditions, with projected EPS growth from 5.13 in 2026 to 5.79 in 2027 [7][7] - **Tianfu Communication (300394.SZ)**: The company is positioned to benefit from the demand for optical modules, with projected EPS growth from 4.10 in 2026 to 5.38 in 2027 [7][7] - **Shaanxi Tourism (603402.SH)**: The company is expected to see growth driven by its core tourism operations, with projected EPS growth from 6.65 in 2026 to 7.61 in 2027 [7][7]

Market Overview - The A-share market experienced a collective decline on February 2, with the Shanghai Composite Index falling by 2.48%, the Shenzhen Component Index by 2.69%, and the ChiNext Index by 2.46% [12] - The total trading volume across the three markets was 26,069.20 billion, a decrease of 2,558.2 billion from the previous day, with over 4,600 stocks declining [12][14] - The smart grid sector showed resilience, with several stocks such as Tongguang Cable and Baobian Electric reaching their daily limit [12] Sector Performance - The white wine sector rebounded, driven by rising consumption and increasing prices, with Moutai's wholesale price rising by 160 yuan to 1,770 yuan per bottle [12] - The commodity futures market saw significant declines, with precious metals and energy sectors experiencing sharp drops, including a more than 15% decline in gold [13] - The electronic industry faced the largest net outflow of funds, with Zhongji Xuchuang leading the outflow [25][26] Investment Insights - The current market conditions suggest a potential shift in investment styles, with discussions around inflation recovery and corporate profit recovery gaining traction [11] - The relative PE-TTM ratio of the CSI 1000 compared to the CSI 300 is at 3.55, indicating a high valuation level [11] - The market is characterized by crowded trades in certain sectors, necessitating significant fundamental changes for excess returns, while less crowded sectors may yield better returns with minor improvements [11] Key Stocks and Funds - Notable net inflows were observed in the electric power equipment, banking, and food and beverage sectors, while the electronic and non-ferrous metal sectors saw significant outflows [26] - Major stocks with net inflows included Xinye Technology and West Materials, while Zhongji Xuchuang and Zhaoyi Innovation faced the largest outflows [26][30]

2月2日，A股市场整体下跌。截至收盘，上证指数收报4015.75点，下跌2.48%，深证成指收报 13824.35点，下跌2.69%，创业板指收报3264.11点，下跌2.46%，北证50指数下跌2.03%。 1. A股市场全天资金净流出539.77亿元 今日A股市场主力资金开盘净流出143.2亿元，尾盘净流出157.11亿元，A股市场全天资金净流出 539.77亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | 净流入金额 开盘净流入 | | 尾盘净流入 超大单净买入 | | 2026-2-2 | -539.77 | -143. 20 | -157. 11 | -384. 36 | | 2026-1-30 | -595. 71 | -279.84 | -50. 70 | -303.01 | | 2026-1-29 | -602. 22 | -221.16 | -98.94 | -296. 09 | | 2026-1-28 | -274.87 | -58.90 | -29.34 | -118. 55 | | ...

Report Investment Rating - No specific investment rating for the industry is provided in the report Core Viewpoints - Last week (2026.01.26 - 2026.01.30), the A - share market was volatile and differentiated, with high trading volume, extreme differentiation, and rapid rotation. The market's driving logic shifted from macro - cycle trading to micro - performance verification, and it's advisable to focus on mid - stream industries with profitability repair and ROE improvement [2][3][11][12][13] - The bond market was volatile last week, and the current environment is favorable for the bond market. The 10 - year Treasury yield is expected to gradually decline towards 1.80%. In the context of increased volatility in the equity market, the relative value of bond coupon allocation has increased [4][14] - The China Securities Regulatory Commission released a draft for public comments on amending the information disclosure rules for public funds, aiming to guide the industry to focus on the concepts of "long - term investment and value investment" [5][17] Weekly Market Observation 1.1 Equity Market Review and Observation - Last week, the Shanghai - Shenzhen 300 rose 0.1%, the CSI 500 fell 2.6%, and the ChiNext fell 0.1%. The market was characterized by extreme differentiation and rapid rotation under high trading volume, with more stocks falling than rising [2][11] - Market funds were in a fierce game between inflation trading and the technology growth theme. "Price trends" were the guiding principle in the first half of the week, and later, policies and performance became the main drivers of style switching. The annual performance forecast disclosure was a key factor for individual stock trends [3][12] - The market's driving logic shifted from macro - cycle trading to micro - performance verification. Funds tended to seek more balanced and performance - supported allocations, and it's recommended to focus on mid - stream industries [13] 1.2 Pan - Fixed - Income Market Review and Observation - Last week, the bond market was volatile. The 1 - year Treasury yield rose 1.80BP to 1.30%, the 10 - year yield declined 1.86BP to 1.81%, and the 30 - year yield rose 0.19BP to 2.29%. The 10 - year yield is expected to gradually decline towards 1.80% [4][14] - The current environment is favorable for the bond market. The central bank maintains stable liquidity, and the cautious economic growth targets in many places ease the market's expectations of strong fiscal stimulus. The bond market sentiment is gradually improving [4][14] - Last week, the U.S. Treasury yield curve steepened. The 1 - year yield declined 5BP to 3.48%, the 2 - year yield declined 8BP to 3.52%, and the 10 - year yield rose 2BP to 4.26%. The appointment of Kevin Warsh as the Fed Chairman affected the U.S. Treasury yield curve [15] - The CSI REITs Total Return Index rose 0.47% last week, with municipal environmental protection and highways leading the gains. Ten new public REITs made progress in the primary market [15] 1.3 Public Fund Market Dynamics - On January 30, 2026, the China Securities Regulatory Commission released a draft for public comments on amending the information disclosure rules for public funds. The new rules require adding the medium - to - long - term performance of the past 7 and 10 years, no longer disclosing the past 1 - month performance, and adding disclosure requirements such as fair trading, employee fund - holding, and trading unit leasing [5][17] Fund Index Performance Tracking 2.1 Equity Strategy Theme - Based Index - **Active Stock Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. The core positions select active equity funds based on performance competitiveness and style stability, and balance the style according to the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index [21][22] 2.2 Investment Style - Based Index - **Value Stock Fund Selection**: It selects 10 funds of deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index [25] - **Balanced Stock Fund Selection**: It selects 10 relatively balanced and value - growth style funds. The performance benchmark is the CSI 800 [25][26] - **Growth Stock Fund Selection**: It selects 10 funds of active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index [29] 2.3 Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection**: It selects 15 funds with an average purity of no less than 60% in the pharmaceutical industry. The performance benchmark is the pharmaceutical theme fund index [32][33] - **Consumer Stock Fund Selection**: It selects 10 funds with an average purity of no less than 50% in the consumer industry. The performance benchmark is the consumer theme fund index [33][34] - **Technology Stock Fund Selection**: It selects 10 funds with an average purity of no less than 60% in the technology industry. The performance benchmark is the technology theme fund index [37] - **High - End Manufacturing Stock Fund Selection**: It selects 10 funds with an average purity of no less than 50% in the high - end manufacturing industry. The performance benchmark is the high - end manufacturing theme fund index [42][43] - **Cyclical Stock Fund Selection**: It selects 5 funds with an average purity of no less than 50% in the cyclical industry. The performance benchmark is the cyclical theme fund index [45][46] 2.4 Money - Market Enhancement Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management, pursues a curve that exceeds money - market funds and is smoothly upward. It mainly allocates money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index [48] 2.5 Pure Bond Index - **Short - Term Bond Fund Selection**: It selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return ability. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money - Market Fund Index [52] - **Medium - and Long - Term Bond Fund Selection**: It selects 5 medium - and long - term pure bond funds with both return and drawdown control, and adjusts the duration and the ratio of credit bond and interest - rate bond funds according to the market [54] 2.6 Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection**: The equity center is 10%. It selects 10 funds with an equity center of less than 15%. The performance benchmark is 10% CSI 800 Index+90% ChinaBond New Composite Full - Price Index [57] - **Medium - Volatility Fixed - Income + Selection**: The equity center is 20%. It selects 5 funds with an equity center between 15% - 25%. The performance benchmark is 20% CSI 800 Index+80% ChinaBond New Composite Full - Price Index [60] - **High - Volatility Fixed - Income + Selection**: The equity center is 30%. It selects 5 funds with an equity center between 25% - 35%. The performance benchmark is 30% CSI 800 Index+70% ChinaBond New Composite Full - Price Index [63] 2.7 Other Pan - Fixed - Income Index - **Convertible Bond Fund Selection**: It selects 5 convertible bond funds based on an evaluation system from multiple dimensions. The sample space requires a high proportion of convertible bond investment [66] - **QDII Bond Fund Selection**: It selects 6 QDII bond funds with stable returns and good risk control based on credit and duration [69] - **REITs Fund Selection**: It selects 10 REITs funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type [70]

Market Overview - The A-share market has experienced a significant adjustment, with the Shanghai Composite Index falling below the 4100-point mark, primarily due to the decline of resource cyclical stocks [3] - The Shenzhen Component Index has seen a substantial drop influenced by both technology and cyclical sectors, while the ChiNext Index is under pressure from high-valuation stocks [3] Sector Performance - The market is characterized by a broad decline, although some sectors remain active, such as the strong performance of ultra-high voltage concept stocks and the resilience of liquor stocks [3] - Other sectors like cultural media AI applications and film industry themes are also showing activity, while gold, non-ferrous metals, oil and gas, coal, steel, and chemical sectors are experiencing significant downturns [3] Trading Volume and Sentiment - The total trading volume in the two markets has decreased by 8.8%, indicating a reduction in trading activity as the Spring Festival approaches, leading to increased risk aversion and a strong wait-and-see sentiment among investors [5] - There is an adjustment demand within the market, with previously popular sectors facing profit-taking pressure, prompting a shift in funds from high-risk, cyclical sectors to more defensive and stable sectors [5] Fund Flow Dynamics - There has been a net outflow of 19.98 billion from institutional funds, while retail investors have seen a net inflow [6] - Institutions are reallocating funds away from sectors like electronics, semiconductors, and non-ferrous metals, directing them towards defensive sectors such as electric grid equipment, liquor, and food and beverage [7] Retail Investor Behavior - Retail investor sentiment is reported at 75.85%, indicating a relatively high level of engagement despite market volatility [8] - The current positioning shows 28.19% of retail investors increasing their holdings, while 19.85% are reducing their positions, with 51.96% choosing to hold their positions steady [10]