近期披露完毕的2025年公募基金四季报显示，中际旭创（300308）、宁德时代（300750）、新易盛 （300502）、紫金矿业（601899）、寒武纪-U、立讯精密（002475）、贵州茅台（600519）、东山精 密（002384）、美的集团（000333）、中国平安（601318）成为主动基金的前十大重仓股。 纵观过去的公募基金重仓股名单，不难发现市场的热点赛道在不断变化。2024年三季度前，贵州茅台长 期稳坐公募基金重仓股第一的"宝座"。之后，随着新能源产业的崛起，宁德时代取代了贵州茅台，并连 续4个季度成为公募基金第一重仓股。直到现在，AI行业兴起，中际旭创成为基金重仓股。可以预见的 是，以AI算力基础设施、AI芯片、AI应用等领域为代表的AI相关产业链将继续成为未来一段时间内市 场关注的焦点。但与此同时，在科技成长风格持续主导的背景下，投资者需要关注相关行业短期估值水 平和业绩增长情况，避免过度追高。 从重仓股排行可以看出，主动权益类公募基金的持仓结构发生了明显变化，AI等科技成长股成为"重点 关注对象"。事实上，科技行业上市公司比重增加不仅体现在公募基金前10大重仓股上，也体现在整体 的持仓变 ...

证券研究报告 | 行业策略 gszqdatemark 2026 01 29 年 月 日 计算机 2026 年度策略：锚定 AI 未来，共启科技新篇 金融科技：新工具+新货币，重塑金融新范式。1）新工具：牛市先锋，优 选炒股软件。2026 年全球流动性合理充裕，国内保持适度宽松基调；同 时，险资兜住下行风险，存款搬家也有望成为重要增量。2026 年我们看好 指数继续上攻，炒股软件是牛市先锋，成交活跃下选择肌肉记忆票，牛市 有望持续受益，建议关注同花顺、东方财富、九方智投、指南针等。2）新 货币：数字人民币与人民币国际化双轮驱动。数字人民币 2.0 在 1 月 1 日 正式实施，从 M0 到 M1 的货币属性跃迁。同时，人民币国际化持续推进， 《人民币跨境支付系统业务规则》将自 2026 年 2 月 1 日起施行，加大拓 展 CIPS 网络力度是工作重点。数字人民币建议关注收单方、清算机构以 及银行做数币支付系统厂商，如新大陆、新国都、拉卡拉等；人民币国际 化核心受益方包括 CIPS 相关厂商。 AI 应用：C 端看巨头起舞，B 端是最后一公里的赛跑。1）在即将到来的 2026，模型端的进步仍然值得期待：采用 s ...

寒武纪-U是一家AI芯片公司，专注于云端和边缘计算的人工智能芯片研发。作为国内AI芯片领域 的领先企业，其股价此前曾一举超过贵州茅台成为A股"股王"。早在2024年四季度，寒武纪-U就跻身基 金重仓股第8位，之后除了在2025年三季度掉出前20名外，一直在10名左右徘徊。在AI应用的快速发展 带动下，寒武纪-U在2025年四季度一举升至基金重仓股第5位。 从重仓股排行可以看出，主动权益类公募基金的持仓结构发生了明显变化，AI等科技成长股成 为"重点关注对象"。事实上，科技行业上市公司比重增加不仅体现在公募基金前10大重仓股上，也体现 在整体的持仓变化上。Wind数据显示，公募基金2025年四季度对科技行业上市公司的持仓已经从2024 年一季度的25%上升到40%。与此同时，新能源、消费、金融行业的占比有所下降。这一变化反映了市 场对科技行业特别是AI行业发展的高度关注。 近期披露完毕的2025年公募基金四季报显示，中际旭创、宁德时代、新易盛、紫金矿业、寒武纪- U、立讯精密、贵州茅台、东山精密、美的集团、中国平安成为主动基金的前十大重仓股。 在人工智能（AI）产业的投资浪潮下，科技成长风格成为主导。其中，中际 ...

Core Viewpoint - The event "Praise for China's Economy - Entrepreneur Night" highlighted the achievements and future prospects of various companies and entrepreneurs, emphasizing the importance of innovation and resilience in driving economic growth. Group 1: Mining Industry - Chen Jinghe, founder of Zijin Mining, expressed confidence in the company's future, stating that their complete technical capabilities and strong exploration abilities position them favorably against Western companies [6]. - Zijin Mining's overseas gold segment is set to be spun off and listed in Hong Kong by the end of September 2025, with the gold segment currently valued at over 580 billion RMB in the market [6]. - Chen emphasized that the company's growth potential is significantly underestimated, asserting that it is difficult not to profit from Zijin's promising trajectory [6]. Group 2: Child Development Initiatives - Lu Mai, former vice chairman of the China Development Research Foundation, called for attention to rural child development, particularly for children aged 0 to 3, highlighting a funding gap of 30 million RMB needed for initiatives [12]. - He emphasized the urgency of addressing the lack of support for rural children, stating that without immediate action, the future is concerning [12]. Group 3: Dairy Industry - Cold Youbin, chairman of China Feihe, reiterated the company's commitment to producing high-quality infant formula that closely resembles breast milk, focusing on thorough research and fresh ingredients [16]. - Feihe has achieved 100% self-sufficiency in 11 core raw materials and established five large-scale production lines to ensure quality control [18]. Group 4: Biotechnology and Assistive Technology - Han Bicheng, CEO of Zhejiang Qiangnao Technology, aims to use advanced technology to help individuals with disabilities regain mobility through brain-machine interface technology [23]. - The company showcased a bionic hand that can be controlled intuitively, demonstrating its potential to significantly improve the lives of disabled individuals [25]. Group 5: AI and Technology - Liu Debing, chairman of Zhiyuan, stated that the company's goal is to enable machines to think like humans, reflecting a long-term vision in the pursuit of artificial general intelligence (AGI) [29]. - The company aims to reach the ultimate level of intelligence in its exploration of AGI [29]. Group 6: Autonomous Vehicles - Peng Jun, CEO of Pony.ai, expressed the vision of making transportation safer and more efficient through autonomous driving technology, with aspirations for widespread adoption [35]. - The company demonstrated its latest autonomous vehicle during the event, showcasing its capabilities in real-world scenarios [37]. Group 7: Aviation and Transportation - Zhao Deli, founder of Huitian, announced that the company is the largest flying car R&D firm in Asia, with plans to start mass production by the end of 2025 and has already received 7,000 orders [51]. - The company aims to lead the low-altitude economy and flying car market, leveraging China's industrial and supply chain advantages [51]. Group 8: Real Estate and Lifestyle - Ma Yin, founder of Anaya, emphasized the importance of creating spaces that foster community and aesthetic appreciation, focusing on quality of life rather than just economic metrics [60]. - He expressed a commitment to addressing deeper societal issues through his projects, aiming to enhance the human experience [60]. Group 9: Semiconductor Industry - Representatives from the "China Chip Infrastructure" group highlighted the significance of AI chips as the cornerstone of modern technology and digital economy, with a focus on building a self-sufficient computing foundation by 2025 [66]. - The group aims to support rapid development in emerging fields such as artificial intelligence and high-performance computing [66]. Group 10: Entertainment and Media - Du Hua, founder of Lehua Entertainment, discussed the company's transformation into a comprehensive entity that integrates robotics and AI into its operations, aiming to enhance emotional value for consumers [72]. - The company is exploring new business models that combine entertainment with technological innovation [72].

Company News - Tesla announced the gradual discontinuation of Model X and Model S, with plans to launch a new sports car in April and introduce a third-generation humanoid robot this quarter. The company plans to invest a record over $20 billion in capital expenditures this year for Cybercab, humanoid robots, and other areas [1][1][1] - SK Hynix is projected to achieve an operating profit of 47.21 trillion Korean won in the 2025 fiscal year, surpassing Samsung Electronics to become the new profit leader in the global memory chip industry. Employee year-end bonuses are expected to reach approximately 690,000 RMB, with a focus on deepening HBM4 business to capture market leadership [1][1][1] - Alibaba's Pingtouge officially announced the launch of its self-developed high-end AI chip "Zhenwu 810E," which has been deployed in multiple ten-thousand-card clusters on Alibaba Cloud, achieving a full-stack layout from large models, cloud services to chips [1][1][1] - Porsche China announced a reduction in the number of dealerships to 80 by 2026, down nearly 30% from 114 in 2025. This channel optimization has led to dissatisfaction among some car owners regarding maintenance packages due to store closures, resulting in a crisis of brand trust [1][1][1] - Muyuan Foods disclosed its Hong Kong stock issuance plans, with a maximum issuance price of 39 HKD per share. The public offering in Hong Kong started on January 29 and is expected to end on February 3, aiming to raise over 10 billion HKD for global expansion and technology research and development [1][1][1] - Mingyang Smart Energy released a performance forecast for 2025, expecting a year-on-year increase in net profit attributable to shareholders of 131.14% to 188.92% for the period from January to December 2025 [1][1][1] - Efort Intelligent Equipment decided to optimize the pricing of certain industrial robot products starting February 1, 2026, with price adjustments ranging from 5% to 12% [1][1][1]

Market Overview - The three major A-share indices collectively declined, with the Shanghai Composite Index down 0.09% to 4132 points, the Shenzhen Component Index down 0.85%, and the ChiNext Index down 0.91% [1] - The total market turnover reached 3.28 trillion yuan, an increase of 162.5 billion yuan compared to the previous trading day, with over 3700 stocks declining [1] Sector Performance - Precious metals and gold concepts surged, with multiple stocks such as Xiaocheng Technology, Western Gold, and Hunan Silver hitting the daily limit [1] - The outbreak of the Nipah virus in India led to a rise in the biopharmaceutical sector, with stocks like Cap Bio also hitting the daily limit [1] - The non-ferrous metals sector saw gains, with stocks like Xingye Silver and Tin also reaching the daily limit [1] - The oil, insurance, and influenza sectors performed well, showing significant gains [1] - Conversely, the commercial aerospace and satellite internet sectors experienced a sharp decline, with stocks like China Satellite and Aerospace Development hitting the daily limit [1] - The 6G concept sector fell, with Yaguang Technology dropping over 13% [1] - The military industry sector also declined, with stocks like Chaojie Co. falling over 10% [1] - Sectors such as LiDAR, AI chips, and humanoid robots faced significant losses [1] Fund Inflow and Performance - The top sectors by net fund inflow included oil and gas (+7.30%), precious metals (+5.03%), and basic materials (+2.72%) [2] - Other sectors showing positive performance included coal (+2.61%), energy equipment (+2.36%), and the internet sector (+1.89%) [2]

从减持侧来看，宁德时代被减持幅度达23%，持仓市值从28亿元降至21亿元；腾讯控股被减持18%，持 仓市值降至15亿元；此外，新易盛、胜宏科技、东山精密、立讯精密等消费电子产业链公司均遭减持。 这些公司2025年涨幅普遍超50%，估值处于历史高位。 来源：经济参考报 随着2025年公募基金四季报密集披露，睿远基金傅鹏博、银华基金李晓星两位顶流基金经理的调仓路径 清晰呈现。 傅鹏博大幅减持宁德时代、腾讯控股等昔日重仓股，转而增持迈为股份、寒武纪等硬科技标的；李晓星 则反向加仓腾讯、阿里、美团等互联网平台，同时增配中芯国际。 由此看来，两位管理规模均超300亿的明星基金经理，在科技股内部出现显著分歧：一边看好制造环节 的技术突破，一边押注应用端的流量变现。这种分歧不仅反映个人投资哲学差异，更折射出2026年科技 产业链机会的多元化。 傅鹏博300亿基金"弃旧迎新" 傅鹏博管理的睿远成长价值混合基金2025年末规模达312亿元，四季度股票仓位仍维持92%的高位，其 调仓动作体现明显转向。 两位基金经理思路的分歧，本质上是其投资期限与风险偏好的差异。傅鹏博偏向3-5年长期布局，更看 重技术壁垒的战略价值；而李晓星偏向 ...

通信 业 2026 年 01 月 25 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -26% 0% 26% 53% 79% 106% 2025-01 2025-05 2025-09 通信 沪深300 相关研究报告 《重视硅光和 CPO 链投资机会—行 业点评报告》-2026.1.21 《台积电和谷歌表现亮眼，重视硅光 链和谷歌链—行业周报》-2026.1.18 《光、液冷、国内 AIDC 迎新变化— 行业周报》-2026.1.11 重视边际变化：卫星和国产 AI 链 蒋颖（分析师） 陈光毅（联系人） 雷星宇（联系人） jiangying@kysec.cn 证书编号：S0790523120003 chenguangyi@kysec.cn 证书编号：S0790124020006 leixingyu@kysec.cn 证书编号：S0790124040002 海内外太空建设加速，重视商业航天和卫星链 2026 年 1 月 22 日，蓝箭航天空间科技股份有限公司（简称"蓝箭航天"）科 创板 IPO 审核状态变更为"已问询" ，此次 IPO 公司拟募资 75 亿元，用于可 重复使用火箭产能提升项目、可重复使用 ...

以下文章来源于第一财经YiMagazine ，作者一财君 第一财经YiMagazine . 这里是《第一财经》杂志（前身《第一财经周刊》）读者俱乐部，我们为你发掘精彩的商业价值，也邀请你一起探寻明亮的商业世界。 在《第一财经》杂志内部，研报长期被视为一种"静态报道"。 所谓静态，不追逐当下热度，不围观股价起伏；看长线、看基本面，看那些暂时不喧哗但真正重要的变量。 而它们往往不会是社交媒体上最热闹的那一批，过去6册《公司的秘密》几乎都遵循了这一逻辑。 在即将发布的第7册里，这个规律被打破了。 《公司的秘密7》年度研报合集 "穿越热点，看到秘密" 预售已开启 2026年1月25日之后开始发货 △ 点击即可预订《公司的秘密7》 当然，这些公司之所以能被《第一财经》杂志选中成为研报对象，并不是因为声量，而是因为足够 重要 和 有趣 。 和以往一样，编辑和记者做的，并不是复述新闻、放大情绪，而是持续做一件"有点反直觉"的事：从财报、采访和公开数据里，挖掘那些被常规商业报道有意或无 意忽略的信息。 寒武纪，在夏天一度超越茅台，成为中国 A 股市值第二 泡泡玛特出海业绩增长超 400%，Labubu 成为全球级网红 霸王茶 ...

Group 1: Market Performance - The Hong Kong market's 30 ETF (520560) saw an intraday price increase of over 1.1%, currently up by 0.75% [1][7] - Major constituents include Pop Mart leading with over 7% increase, followed by Alibaba, Xiaomi, and Lenovo with gains exceeding 2% [1][7] Group 2: Technology Sector - Alibaba is preparing to advance its AI chip subsidiary, Pingtouge, towards an independent listing, having launched several AI chip series [2][8] - The self-developed CPU chip, Yitian 710, and AI inference chip, Hanguang 800, have been deployed on Alibaba Cloud at scale [2][8] - The entry of Alibaba and Baidu aligns with the current trend of IPOs in the AI chip sector [2][8] Group 3: Consumer Sector - The Chinese government has optimized the implementation of personal consumption loan interest subsidy policies, which is expected to lower consumer credit costs and stimulate large purchases [2][8] - Pop Mart released a limited edition Valentine's Day blind box series, indicating ongoing recovery trends in the consumer sector driven by policy stimulus and market competition [2][8] Group 4: Future Outlook - CITIC Securities anticipates that the Hong Kong market will benefit from the domestic "14th Five-Year Plan" and external economic policies of fiscal and monetary easing [3][9] - The market is expected to experience a second round of valuation recovery and performance resurgence by 2026, supported by a complete domestic AI industry chain and the influx of quality A-share companies listing in Hong Kong [3][9][10] Group 5: ETF Strategy - The Hong Kong 30 ETF (520560) employs a "technology + dividend" strategy, combining high-growth tech stocks like Alibaba and Tencent with stable dividend-paying stocks such as China Construction Bank and Ping An [3][10] - This ETF supports T+0 intraday trading, making it an ideal long-term investment tool for the Hong Kong market [3][10]