去年四季度，基金加仓大周期板块，权重仅次于科技类板块。 证券时报记者 吴琦 2025年基金四季报1月22日披露完毕。 天相投顾数据显示，截至2025年年底，全市场公募基金资产净值（含估算基金）合计超过37.64万亿元，规模续创 历史新高。主动权益基金前十大重仓股分别为中际旭创、新易盛、宁德时代、腾讯控股、紫金矿业、阿里巴巴- W、寒武纪-U、立讯精密、贵州茅台、东山精密。 2025年四季度，尽管A股市场整体呈现震荡态势，但是指数基金规模的持续增长为A股市场带来源源不断的增量资 金。权益类基金整体维持较高仓位，部分基金在四季度继续加仓。 从仓位分布看，据兴业证券统计，主动权益基金2025年四季度末的仓位虽然比三季度末下降，但仍处于历史第二 高水平。 分行业看，据国信证券统计，在2025年四季报披露的持仓中，主动权益基金加仓居前的三个行业为有色金属、基 础化工、非银金融，分别加仓1.22、1.13、0.81个百分点；计算机、传媒、国防军工行业减仓居前，分别减仓 1.34、0.98、0.75个百分点。 多位基金经理表示，展望2026年，对资本市场整体环境保持相对乐观判断。基金经理对科技产业与大周期板块的 配置仍有分 ...

Core Viewpoint - Zhang Kun, a well-known fund manager, has disclosed the latest holdings and layout views of his four funds, indicating a reduction in management scale despite positive performance over the past year [1][2]. Fund Performance - The four funds managed by Zhang Kun reported respective increases of 6.86%, 8.46%, 11.75%, and 41.87% in 2025 [2]. - The total management scale of Zhang Kun's funds decreased to approximately 48.38 billion yuan, a decline of 14.43% from the previous quarter and 17.91% from the end of 2024 [2]. Stock Holdings - The funds have slightly increased their equity investment ratios by 1% to 3% in the fourth quarter of 2025 [2]. - Significant reductions were made in holdings of major liquor stocks such as Kweichow Moutai, Wuliangye, and Luzhou Laojiao, with a reduction of around 5% in the fourth quarter compared to a 10% reduction in the third quarter [2][3]. Sector Adjustments - Zhang Kun has adjusted the structure of investments in sectors such as pharmaceuticals, consumer goods, and technology, while maintaining positions in companies with strong business models and competitive advantages [4]. - The stock market showed significant differentiation in the fourth quarter, with sectors like oil and gas, defense, and non-ferrous metals performing well, while real estate, pharmaceuticals, and computers lagged [4]. Consumer and Housing Market Insights - Domestic consumption has remained weak in recent years, but Zhang Kun believes that the decline in housing prices in major cities is nearing its end, which could lead to an improvement in consumer sentiment [5][6]. - The long-term outlook suggests that both the actual living standards and social security levels of the population will significantly improve over the next decade, narrowing the gap with developed countries [6]. AI and Innovation - A strong domestic demand market is seen as crucial for promoting technological innovation, with the potential to attract global resources, talent, and capital [7]. - Zhang Kun expressed confidence in the business models and cash flow capabilities of the companies in his portfolio, emphasizing that the challenges faced are temporary and that the market will recognize the investment potential in domestic companies [7].

Group 1 - The core viewpoint of the article is that Jishi Media (601929) has won a bid for the "Vehicle-Road Cloud Integration" application pilot project in Changchun, which is considered a routine business-related project and does not require disclosure under the Shanghai Stock Exchange's listing rules [1] Group 2 - The project is part of the company's regular operations and does not trigger any disclosure obligations as per the relevant regulations [1]

Market Overview - On January 22, Hong Kong stocks opened high but closed lower, continuing to fluctuate, with the Hang Seng Index and Hang Seng Tech Index slightly up [1][8] - The Hong Kong Internet ETF (513770) experienced a slight decline of 0.18% despite showing a wide premium throughout the day, indicating positive buying sentiment [1][8] - Over the past 20 days, the Hong Kong Internet ETF has seen a net inflow of 1.361 billion yuan, suggesting ongoing capital entry [1][8] AI Sector Developments - The commercialization of AI applications is accelerating, with Hong Kong Internet stocks as key beneficiaries [3][10] - Alibaba's Qianwen has integrated into the Taobao ecosystem to create a one-stop AI service application [3][10] - Kuaishou's AI model has achieved over 12 million monthly active users, while Meituan has upgraded its app to enhance local search functionalities [3][10] Capital Inflows and Stock Performance - Southbound funds are actively buying leading internet stocks, with Alibaba-W receiving a significant net purchase of 1.078 billion HKD on the latest trading day, marking its eighth consecutive day of increased holdings [3][10] - In the past week, Alibaba-W topped the net purchase list with 5.63 billion HKD, followed by Tencent Holdings, Xiaomi Group-W, and Kuaishou-W among the top ten [3][10] ETF Composition and Strategy - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with Alibaba-W as the largest weight at 14.71%, and the top ten stocks collectively accounting for nearly 77% of the index [4][11] - For investors seeking to reduce volatility while maintaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) is recommended, combining high-growth tech stocks with stable dividend-paying companies [12]

格隆汇1月22日｜浙文互联公告，公司股票于2026年1月20日、1月21日、1月22日连续三个交易日内日收 盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。公司生产经营情况正常，市场环境、行 业政策未发生重大变化，不存在应披露而未披露的影响股价异常波动的重大信息。公司未发现对公司股 票交易价格可能产生重大影响的媒体报道或市场传闻或热点概念事项等。公司最新动态市盈率为 128.50，显著高于传媒行业平均水平。 ...

Core Insights - The report highlights that as of January 22, 2025, the disclosure rate of active equity public funds is 95.6%, with a notable increase in A-share holdings and a decrease in Hong Kong stock holdings [2][11] - The report indicates a strategic shift towards large-cap and dividend stocks while reducing exposure to small-cap stocks [2][11] - There is a clear preference for cyclical and consumer sectors, with increased allocations to these areas and a reduction in growth stocks [2][11] - In terms of industry allocation, there is an increase in exposure to non-ferrous metals, telecommunications, and machinery, while reducing allocations to defense, media, and electronics [2][11] Fund Position Changes - As of Q4 2025, the stock position of active equity public funds stands at 86.45%, reflecting a decrease of 0.97 percentage points from the previous quarter. A-share holdings increased by 1.07 percentage points, while Hong Kong stock holdings decreased by 2.05 percentage points [3][12] Sector Allocation Broad Indices - The report notes an increase in allocation to the CSI 300 index, with a holding ratio of 60.12%, and an over-allocation of 14.51% to the CSI 300 and 3.68% to the CSI 500. There is a tendency to reduce exposure to the CSI 1000 index [4][15] Listed Sectors - The report indicates a decrease in Hong Kong stock holdings, with an increased allocation to the ChiNext board. The Hong Kong stock position decreased by 0.68 percentage points, while the ChiNext allocation increased by 1.09 percentage points [4][20] Style Preferences - The report shows an increase in allocations to cyclical and consumer sectors, with cyclical stocks seeing an increase of 1.58 percentage points and consumer stocks an increase of 0.66 percentage points. Conversely, growth stocks saw a decrease of 2.48 percentage points [4][24] Industry Distribution First-Level Industries - The report highlights increased allocations to non-ferrous metals, telecommunications, and machinery, while reducing allocations to defense, media, and electronics. The top five industries with increased allocations include non-ferrous metals (+0.95 percentage points), telecommunications (+0.93 percentage points), and machinery (+0.63 percentage points) [4][27][30] Second-Level Industries - The report identifies increased allocations to semiconductors, internet e-commerce, batteries, chemical pharmaceuticals, and biological products. The top five industries with increased holdings include semiconductors (+0.57 percentage points) and batteries (+3.86 percentage points) [4][34][38] Individual Stock Allocation - The concentration of the top 10 holdings (CR10) in active equity public funds remains stable at 13%. The top 20 stocks with increased market value are primarily in the power equipment, electronics, and non-ferrous metals sectors, while companies like CATL, Industrial Fulian, and Alibaba have seen significant declines in their market values [5][42]

证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交9.35亿元，其中，买入成交额为5.32亿 元，卖出成交额为4.03亿元，合计净买入1.28亿元。 具体来看，今日上榜的营业部中，沪股通为第一大买入营业部及第四大卖出营业部，买入金额为1.85亿 元，卖出金额为7773.44万元，合计净买入1.07亿元。 近半年该股累计上榜龙虎榜5次，上榜次日股价平均涨3.06%，上榜后5日平均跌1.28%。 融资融券数据显示，该股最新（1月21日）两融余额为14.53亿元，其中，融资余额为14.49亿元，融券余 额为402.29万元。近5日融资余额合计增加9293.46万元，增幅为6.86%。融券余额合计增加26.62万元， 增幅7.09%。 浙文互联(600986)今日上涨7.35%，全天换手率32.06%，成交额51.83亿元，振幅13.56%。龙虎榜数据显 示，沪股通净买入1.07亿元，营业部席位合计净买入2107.54万元。 2025年10月31日公司发布的三季报数据显示，前三季度公司共实现营业收入56.05亿元，同比增长 0.12%，实现净利润1.27亿元，同比下降19.68%。（数据宝） 上交所公开信息显示 ...

Market Overview - The Hong Kong stock index opened high but closed lower, with the Hang Seng Index up 0.17% at 26,629.96 points, the Hang Seng Tech Index up 0.28% at 5,762.44 points, the National Enterprises Index down 0.09% at 9,114.3 points, and the Red Chip Index up 0.48% at 4,223.84 points [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7%, with net profit expected between RMB 60 million and RMB 100 million [2] - JD Health saw a significant decline, with shares dropping over 2% [1] - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [3] - Bubble Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [3] Sector Performance - Major tech stocks showed mixed performance, with Alibaba up 0.98% and Tencent down 0.83% [1] - Semiconductor stocks faced declines, with Zhaoyi Innovation down over 8% [1] - Military stocks strengthened, with China Shipbuilding Defense up over 3% [1] - Internet healthcare stocks were among the biggest losers, with JD Health down over 2% [1] Analyst Insights - Dongwu Securities noted that the Hong Kong market is in a long-term upward trend but faces short-term challenges, with strong consensus on domestic fundamentals but mixed views on overseas factors [5] - Guolian Minsheng Securities expressed optimism about the revaluation of Chinese AI, citing a solid industry catalyst timeline [6] - Morgan Stanley predicted that the upward trend in A-shares and Hong Kong stocks will continue until the Lunar New Year, with earnings expectations being revised upward, particularly in materials and communication services [6] - Guojin Securities highlighted that the valuation advantages of the Hong Kong market will become more pronounced as the domestic economy recovers and overseas monetary policies turn accommodative [7]

Core Viewpoint - The company is actively embracing AI technology to enhance its business operations and content creation efficiency, particularly in the field of AI-generated content (AIGC) [1] Group 1: AI Integration and Content Creation - The company is leveraging mainstream large model capabilities and vast digital content resources to empower AIGC digital content creation, significantly improving the efficiency of self-produced content [1] - The company has successfully produced over 800 AI short dramas, achieving viewership in the tens of millions, and has received multiple awards at national-level competitions such as the Bay Area International Micro Short Drama Competition and Beijing Animation Week [1] Group 2: Technological Advancements - The self-developed "Cloud 3D Visual Model" can convert 2D video content into 3D in real-time, which will be applied in the China Telecom ecosystem to enhance user experience in smart home audiovisual services [1] - The company is constructing an "AI + Quantum Encryption" smart travel ecosystem through its Tianyi Travel service, which includes the launch of the "Travel PLUS" service and the development of generative AI agents for intelligent itinerary planning [1] Group 3: Event Management and Applications - The company is widely applying AI navigation, metaverse exhibition halls, and digital human technology in its Tianyi Exhibition services, successfully hosting high-profile events such as the Digital China Construction Summit, MWC, and Cloud Ecology Conference [1]

Group 1: Strategy Observation - The report highlights the strengthening of AI hardware demand and the continuation of technology manufacturing overseas, with the semiconductor industry experiencing further improvement due to increased AI penetration and export growth in power equipment [4] - Prices of lithium carbonate have surged significantly due to supply constraints and improved downstream demand expectations, while pork prices have also seen improvements supported by consumption policies [4] - Traditional real estate and durable goods sectors continue to face pressure, with a notable decline in retail sales of passenger vehicles [5] Group 2: Industry Tracking - Consumer Electronics - Domestic companies are making breakthroughs in powder metallurgy processes, particularly in nuclear fusion materials, which are expected to benefit from a surge in downstream demand [8] - Tian Gong International, a leader in powder metallurgy, has set ambitious performance targets, indicating strong growth confidence [8] - The company is focusing on high-boron steel and advanced low-activation steel for nuclear fusion applications, leveraging its powder metallurgy technology for cost advantages [9] Group 3: Industry Research - Cement Manufacturing - Uganda is identified as a key market for cement exports, with a rapidly growing economy and increasing cement demand driven by urbanization [12] - The country has a favorable supply structure with only three clinker production lines, leading to a competitive market landscape [13] - Despite high cement prices, profitability remains challenging due to high production costs and logistical issues [14] Group 4: Industry Research - Consumer Discretionary - The smart glasses industry is entering a growth phase, with companies like Mingyue Lens expected to benefit from collaborations with leading brands [16] - The introduction of new smart glasses models, such as Ray-Ban Meta, is anticipated to enhance user experience and expand market applications [17] - The supply chain for AI glasses is broadening, with various players from different sectors entering the market, indicating a significant expansion of the industry [18] Group 5: Company Coverage - BAIC Blue Valley - The company is positioned as a pioneer in China's new energy vehicle sector, with a dual-brand strategy driving revenue growth [21] - Projected revenues for 2025, 2026, and 2027 are estimated at 290 billion, 582 billion, and 889 billion CNY respectively, with a focus on autonomous driving technology [21][22] - The company has seen a significant increase in sales volume, with expectations for continued growth through new model launches [23] Group 6: Company Tracking - Hikvision - The company is expected to achieve a net profit of 141.88 billion CNY in 2025, reflecting a year-on-year growth of 18.46% [40] - Hikvision's strategic shift towards high-quality, sustainable profit growth has led to improved operational efficiency and profitability [41] - The integration of AI into its product offerings is anticipated to drive long-term growth [42] Group 7: Company Tracking - Anfu Technology - The company is focusing on expanding its market presence in the semiconductor sector while maintaining strong performance in its core battery business [45] - Projected earnings per share for 2025 to 2027 are expected to show significant growth, driven by strategic acquisitions and market expansion [45] - The company is leveraging its established brand to enhance its competitive position in the charging market [46] Group 8: Overseas Report - Netflix - The company is projected to achieve revenues of 51.1 billion, 57.6 billion, and 64.6 billion USD from 2026 to 2028, with a focus on expanding its content offerings [48] - Netflix's advertising revenue is expected to double, contributing significantly to its overall financial performance [51] - The acquisition of Warner Bros. is anticipated to enhance content diversity and production capabilities [51]