- The report does not contain any quantitative models or factors for analysis, as it primarily focuses on the analysis of active equity funds' holdings, preferences, and structural changes in Q4 2025[3][6][7] - The report provides detailed insights into the number, scale, and allocation preferences of active equity funds, including their industry and sectoral adjustments, but does not include any specific quantitative models or factor construction methodologies[3][6][7] - The analysis highlights the changes in fund holdings and preferences, such as increased allocation to cyclical and financial sectors and reduced allocation to technology and healthcare, but no quantitative models or factors are discussed[44][48][49]

- The report discusses the market performance of various indices, highlighting that the CSI 500 Index performed well, while the SSE 50 Index and the CSI 300 Index declined by 0.69% and 0.45%, respectively[8] - The report also notes that the North Exchange 50 Index performed well, with a rise of 3.82%, and the CSI 500 Growth Index increased by 2.65%[8] - The report provides details on the performance of different sectors, with non-ferrous metals, defense, electrical equipment, machinery, and steel industries performing well, while communication, banking, coal, non-bank financials, and home appliances performed poorly[9] - The report includes data on market sentiment, indicating that 120 stocks hit the daily limit up, and 2 stocks hit the daily limit down, with a sealing rate of 82% and a continuous board rate of 23%[15][19] - The report provides information on the financing and securities lending balance, which stood at 27,249 billion yuan as of January 22, 2026, with a financing balance of 27,075 billion yuan and a securities lending balance of 174 billion yuan[21] - The report discusses the premium and discount rates of ETFs, noting that the steel ETF had the highest premium at 0.76%, while the game media ETF had the highest discount at 1.08%[26] - The report includes data on block trading, indicating that the average daily transaction amount of block trading in the past six months was 2.3 billion yuan, with a discount rate of 6.85% on January 22, 2026[29] - The report provides information on the annualized premium and discount rates of stock index futures, with the CSI 500 stock index futures having an annualized premium rate of 5.82% on January 23, 2026[31] - The report includes data on institutional research, noting that Runfeng Co., Ltd. was surveyed by 98 institutions in the past week[33] - The report provides information on the top ten stocks with net inflows and outflows from institutional seats and Northbound funds on January 23, 2026[39][40]

Core Viewpoint - The latest statistics indicate a significant shift in the top holdings of actively managed equity funds, with Zhongji Xuchuang replacing CATL as the largest holding, reflecting changing market dynamics and investment strategies [2][3]. Group 1: Changes in Top Holdings - As of the end of Q4 2025, the top ten holdings of actively managed equity funds are: Zhongji Xuchuang, Xinyi Semiconductor, CATL, Tencent Holdings, Zijin Mining, Alibaba-W, Cambrian Biologics-U, Luxshare Precision, Kweichow Moutai, and Dongshan Precision [3]. - The total market value of these top ten stocks held by actively managed equity funds is 76.8 billion, 63.8 billion, 63 billion, 57.4 billion, 36.8 billion, 31 billion, 29.1 billion, 28 billion, 25.8 billion, and 24.4 billion respectively [3]. - Notable changes from Q3 2025 include Zhongji Xuchuang rising from fourth to first, Xinyi Semiconductor from third to second, and Zijin Mining from eighth to fifth, while CATL and Tencent Holdings dropped to third and fourth respectively [3][6]. Group 2: Sector Allocation Adjustments - In Q4 2025, actively managed equity funds increased their allocations in sectors such as non-ferrous metals, communication, non-bank financials, chemicals, and machinery, while reducing exposure to electronics, pharmaceuticals, media, computers, and power equipment [2][8]. - The overall stock position of actively managed equity funds decreased to 84.4%, down 1.4 percentage points from the previous quarter, indicating a cautious approach amidst market volatility [7]. - The increase in allocation to sectors like non-ferrous metals and chemicals is attributed to supply constraints and recovering demand from new energy and AI applications, while the reduction in electronics and pharmaceuticals is linked to high valuations and weak short-term outlooks [8][9]. Group 3: Market Trends and Insights - The changes in top holdings and sector allocations reflect a shift in market focus towards technology, particularly in the communication sector, driven by the rapid development of the digital economy and AI [4][5]. - The strategic importance of communication infrastructure and chip manufacturing is highlighted, with ongoing policy support for industry upgrades creating new growth opportunities [5]. - The overall market sentiment is characterized by a balance between short-term gains and long-term strategic positioning, influenced by industry prospects and policy environments [9].

Core Viewpoint - Zhongbei Communication announced the establishment of a special account for raised funds to ensure proper management and usage of the funds, protecting the rights of the company and its investors [1] Group 1: Company Actions - The company will hold its fourth board meeting on December 5, 2025, to review the proposal for opening a special account for raised funds [1] - On January 23, 2026, the company signed a tripartite supervision agreement for the special fund account with China Minsheng Bank, Bohai Bank, Shanghai Pudong Development Bank, and the sponsor Guotai Junan Securities [1] Group 2: Regulatory Compliance - The actions taken by the company are in accordance with relevant laws, regulations, and normative documents to ensure compliance in the management of raised funds [1]

Group 1 - The core point of the article is that Zhongji Xuchuang has replaced CATL as the largest holding in actively managed equity funds as of Q4 2025, indicating a shift in market focus and investment strategies [1][3] - The top ten holdings of actively managed equity funds have changed significantly compared to Q3 2025, with Zhongji Xuchuang, Xinyi Semiconductor, and Zijin Mining moving up in rankings, while CATL and Tencent have dropped [3][4] - The total market value of the top ten holdings in actively managed equity funds is reported, with Zhongji Xuchuang at 76.8 billion, Xinyi Semiconductor at 63.8 billion, and CATL at 63 billion [3] Group 2 - Actively managed equity funds have increased their allocation in sectors such as non-ferrous metals, chemicals, and non-bank financials, while reducing exposure to electronics, pharmaceuticals, and media [9][10] - The overall stock position of actively managed equity funds has decreased to 84.4%, reflecting a cautious approach amid changing market conditions [8] - The analysis indicates that the shift in sector allocation is driven by a combination of cyclical recovery, technological optimization, and improved market activity in non-bank financials [9][10]

Overall Allocation: Scale Decline, Position Adjustment - In Q4 2025, the scale of actively managed equity funds slightly decreased, with the market value of holdings dropping by 5.21% to 33,843.12 billion yuan and total fund assets declining by 3.63% to 40,191.1 billion yuan. The proportion of circulating market value also fell from 3.72% in Q3 2025 to 3.44% [1][7] - The equity position was adjusted downwards, with the overall equity position decreasing by 1.40% to 84.21% from the overall perspective, and a decrease of 0.99% to 82.19% from the average perspective [9][10] Fund Reallocation Highlights in Q4 2025 - The overall scale fluctuation narrowed, and redemption pressure weakened. The impact of net value fluctuations on fund scale significantly decreased compared to Q3. The estimated redemption pressure in Q4 was approximately halved compared to Q3 [2] - The allocation to the ChiNext board saw a concentrated increase, reaching a new high since 2017. The fund's allocation to the ChiNext board increased while the allocation to the main board and the Sci-Tech Innovation board was adjusted downwards [2] - The main positions of AI and non-ferrous metals continued to strengthen. Despite fluctuations in risk appetite, AI and non-ferrous metals became the core focus of fund allocations, with significant investments in computing power and various sub-industries reaching historical peak levels [2][3] Industry Allocation - The marginal decline in industry concentration was noted, but the trend of reducing oligopoly remained strong. The allocation in the electronics sector decreased, leading to a slight reduction in industry concentration, yet it remained at historically high levels [3] - The overall allocation to TMT (Technology, Media, and Telecommunications) decreased, with a notable reduction in AI-related applications while maintaining a strong focus on core AI computing directions [3] Individual Stock Allocation - The concentration of holdings continued to rise, with TMT maintaining a high proportion. By the end of Q4 2025, the top 20, top 50, and top 100 stocks held by public funds saw their respective holding ratios change by 0.77%, 0.16%, and -0.44%, reaching 34.50%, 48.54%, and 61.02% [31] - The top five heavyweights included Zhongji Xuchuang, Xinyi Technology, CATL, Zijin Mining, and Cambricon, with Zhongji Xuchuang being the most significantly increased stock [31][32]

Group 1 - The active equity fund management scale decreased slightly in Q4 2025, primarily due to significant redemption pressure from existing funds, resulting in a net redemption of 165.6 billion yuan [1] - The total management scale of three types of active equity funds (ordinary stock, mixed equity, and flexible allocation) decreased by 189.8 billion yuan, with new active equity fund issuance at 56.2 billion yuan [1] - The active equity fund's position in Q4 2025 decreased by 0.83 percentage points to 86.62%, remaining at the second-highest level in history [2] Group 2 - In terms of sector allocation, the proportion of the ChiNext board increased by 1.24 percentage points to 24.98%, while the main board and Sci-Tech Innovation board saw declines [5][8] - The allocation to the main board decreased by 0.30 percentage points to 58.21%, indicating a further increase in underweight [8] - Active equity funds increased their positions in cyclical and financial real estate sectors while reducing exposure to technology growth and pharmaceuticals [11] Group 3 - The active equity funds increased their allocation in the non-ferrous metals, communication, and non-bank financial sectors, with increases of 2.26 percentage points, 1.85 percentage points, and 0.87 percentage points respectively [13] - The funds reduced their positions in electronics, pharmaceuticals, media, power equipment, and computers, with reductions of 1.72 percentage points, 1.54 percentage points, and 1.16 percentage points respectively [13] - Excluding thematic/sector funds, the active equity funds still increased their positions in non-ferrous metals, communication, and non-bank financial sectors [14] Group 4 - The allocation to the TMT sector slightly decreased in Q4 2025, with the configuration coefficient at 1.48, indicating room for further improvement [29] - Within the TMT sector, active equity funds increased their holdings in communication equipment and components while reducing positions in consumer electronics and semiconductors [32] - The dividend sector's allocation stabilized and increased, with the low-volatility dividend index rising by 1.7 percentage points to 4.3% [37] Group 5 - The top five stocks in active equity funds in Q4 2025 included Zhongji Xuchuang, Xinyi Sheng, Dongshan Precision, China Ping An, and Zijin Mining, with respective increases in holding ratios [43] - The top ten holdings accounted for 4.83%, 4.01%, and 3.97% of the total market value of the funds [46] - The concentration of individual stocks in active equity funds increased slightly, while the concentration of industries showed a mixed trend [49] Group 6 - The Hong Kong stock allocation of active equity funds decreased to 15.98%, down from 19.09%, with a total holding value of 302.9 billion yuan [51] - The funds increased their positions in the healthcare, materials, and energy sectors while reducing exposure to consumer discretionary and information technology sectors [54] - Tencent maintained its position as the largest holding in Hong Kong stocks, with a market value of 57.3 billion yuan [56]

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - The scale of public - offering active equity funds decreased, and the position in Hong Kong stocks declined. The scale of fixed - income funds increased, and the duration remained at a high level. FOF funds maintained a high issuance rhythm, and the scale recovered [1][2][3]. 3. Summary According to the Directory 3.1 Public Funds 2025Q4 Quarterly Report Highlights - Active equity funds: The scale decreased, and the position in Hong Kong stocks dropped. The number increased steadily, the scale decreased, and the position was at 86% [11][12]. - Active bond funds: The scale of fixed - income funds grew, and the duration remained high. The number increased continuously, and the scale increased by 1.1% compared with the previous period [13]. - FOF products: FOF funds maintained a high issuance rhythm, and the scale recovered. In Q4, 43 new FOF products were issued, and the total scale increased by about 16.9% compared with Q3 [14][15]. 3.2 Active Equity - Type Funds 3.2.1 Scale and Position Changes - The scale of public - offering active equity funds decreased, and the position decreased slightly. The number reached 4,679, with an increase of 59 compared with Q3. The current scale was 3.9 trillion yuan, a decrease of 4.13% compared with Q3. The position was at 86%, a decrease of about 1% compared with Q3 [19][21][24]. 3.2.2 Industry Allocation Changes - The most heavily held industries were electronics, communication, medicine, power equipment and new energy, and non - ferrous metals. The industries with the most increased allocation were non - ferrous metals, communication, basic chemicals, non - banking finance, and machinery. The industries with the most reduced allocation were medicine, media, computer, electronics, and commercial retail [25][26]. 3.2.3 Sector Allocation Changes - The concepts with the most increased allocation were resource stocks, optical modules, base stations, East - West Computing, pro - cyclical, IDC, optical communication, and communication equipment. The concepts with the most reduced allocation were dual - cycle, self - controllability, advanced manufacturing, 5G applications, and digital economy [29]. 3.2.4 Style Allocation Changes - In Q4, public funds increased their preference for high - elasticity and high - momentum stocks, and further increased their holdings of growth stocks. The volatility of holding stocks decreased significantly, and the number of holding concentrated stocks increased [30][32][33]. 3.2.5 Individual Stock Allocation Changes (A - shares) - The stocks with the highest holding ratio in Q4 were Zhongji Innolight, Xinyisheng, etc. The stocks with the most increased holdings were Zhongji Innolight, Ping An of China, etc., and the stocks with the most reduced holdings were Industrial Fubon, CATL, etc. [34][35]. 3.2.6 Individual Stock Allocation Changes (Hong Kong Stocks) - In 2025Q4, the position in Hong Kong stocks of public funds decreased. The total holding market value was about 305.2 billion yuan, and the weighted total position in Hong Kong stocks was 12.41%, a decrease of 2.04% compared with Q3. The stocks with the most increased holdings were Ping An of China, CNOOC, etc., and the stocks with the most reduced holdings were Alibaba - W, Tencent Holdings, etc. [36][40][41]. 3.2.7 Value - Type Fund Allocation and Views - Value - type funds preferred food and beverages, banks, home appliances, non - banking finance, and media. The newly added industries were non - banking finance, petroleum and petrochemicals, machinery, basic chemicals, and building materials [46]. 3.2.8 Growth - Type Fund Allocation and Views - Growth - type funds preferred electronics, communication, power equipment and new energy, machinery, and automobiles. In 2025Q4, they added positions in communication, non - ferrous metals, machinery, basic chemicals, and power equipment and new energy [49]. 3.3 Active Bond Funds 3.3.1 Scale and Quantity Changes - The scale of fixed - income funds increased, and the duration remained high. The total number was 4,293, an increase of 1.1% compared with Q3. The total scale was about 9.48 trillion yuan, an increase of 1.6% compared with the previous period [57]. 3.3.2 Bond Type Allocation Changes - The allocation ratio of bond - type funds changed little compared with Q3. They increased their holdings of medium - term notes, corporate bonds, and inter - bank certificates of deposit, while the proportion of financial bonds, treasury bonds, and corporate short - term financing bonds decreased [58]. 3.3.3 Duration Allocation Changes - In December 2025, the average duration of medium - and long - term pure bond funds was 4.11. In the market where the maturity yield of treasury bonds was declining but the downward space was relatively limited, the duration of bond - type funds remained at a high level [60]. 3.4 FOF Products 3.4.1 Scale and Quantity Changes - FOF funds maintained a high issuance rhythm, and the scale continued to recover. In Q4, 43 new FOF products were issued, and the total scale was about 218.794 billion yuan, an increase of about 16.9% compared with Q3 [65][68]. 3.4.2 Position Changes - They increased their holdings of active bond - type funds, and the proportion of passive bond - type funds and equity - type funds decreased [69][74]. 3.4.3 Target Preference Changes - FOF preferred equity - type funds with strong industry allocation and dynamic trading capabilities, mainly technology - manufacturing - oriented funds. For fixed - income funds, it preferred funds with strong credit management and term structure allocation capabilities [76][78].

Group 1 - The core viewpoint of the report emphasizes that the demand for AI computing power will continue to grow and diversify in 2026, extending from data centers to network edges and even internal terminals [8][13][27] - The report highlights the significant capital expenditure (Capex) growth driven by business revenue, with major cloud service providers like Google, Microsoft, and Amazon showing consistent revenue growth exceeding 20% year-on-year [27][31][35] - The report identifies the increasing importance of silicon photonics technology, particularly the 1.6T optical module, which is expected to maintain accelerated growth and enhance the global market share of domestic optical chips and devices [7][54][70] Group 2 - The report discusses the emergence of new technologies such as Scale-UP supernodes and their impact on optical link demand, indicating that these technologies will drive additional link requirements in 2026 [7][9][66] - It notes that the AI infrastructure is experiencing a high level of prosperity, with significant investments in data centers and AI capabilities expected to continue, particularly in the U.S. [47][49][53] - The report anticipates that the integration of silicon photonics will significantly increase its market penetration, projecting that by 2026, over half of optical module sales will come from silicon photonics solutions [70][75]

Group 1 - Jingzhida signed a sales contract for semiconductor testing equipment worth 1.311 billion yuan, which is expected to positively impact the company's future operating performance if the contract is fulfilled smoothly [1] - Tongyu Communication participated in the A1 round financing of Beijing Blue Arrow Hongqing Technology Co., Ltd., investing 30 million yuan to acquire 1.8293% equity after the capital increase [2] - ST Dongshi's actual controller Xu Xiong was sentenced to six years and six months in prison for manipulating the securities market, along with a fine of 170 million yuan, but this will not affect the company's normal operations [3] Group 2 - In the earnings forecast, China Merchants Bank expects a net profit of 150.181 billion yuan for 2025, a year-on-year increase of 1.21% [5] - Shen Gong Co., Ltd. anticipates a net profit of 90 million to 110 million yuan for 2025, representing a year-on-year growth of 118.71% to 167.31% [5] - Xiangnong Chip expects a net profit of 480 million to 620 million yuan for 2025, with a year-on-year increase of 81.77% to 134.78% [5] Group 3 - Zijin Mining's Jilong Copper Mine Phase II project has been completed, with an annual copper production capacity expected to increase to approximately 300,000 to 350,000 tons [6] - Zhengzhou Coal and Electricity announced that the Super Chemical Coal Mine resources are nearing depletion, leading to a halt in production [7] - Guanhao High-tech plans to shut down the production line of its subsidiary Hongta Renheng due to overcapacity and intensified competition [7]