A股2025年行情收官，据Choice金融终端，年度涨幅前十的板块/概念分别为：光通信模块涨156.02%， F5G概念涨128.33%，CPO概念涨124.50%，空间站概念涨115.95%，PCB涨112.11%，富士康涨 黄金概念大涨的核心是美联储降息周期开启压低实际利率与美元走弱，叠加全球地缘政治冲突升级、央 行持续购金与去美元化趋势下的避险及资产配置需求共振，推动国际金价创50余次历史新高、全年涨幅 超64%。 111.69%，英伟达概念涨104.45%，黄金概念涨97.35%，机器人涨86.54%，新型工业化涨83.86%。 其中，光通信模块、CPO概念的大涨主要由AI算力需求爆发、技术迭代、国产替代加速及政策资金支持 等多重因素驱动。PCB、富士康及英伟达概念的大涨也是因为AI算力需求爆发式增长，AI服务器带动高 频高速板、高阶HDI板等高端产品量价齐升，叠加新能源汽车、消费电子需求共振，行业业绩集体创历 史新高。 机器人板块爆发的原因是具身智能与AI大模型深度融合推动人形机器人技术快速突破，特斯拉Optimus V3适配量产等海外进展+国内整机与核心零部件企业商业化落地提速，叠加宇树机器人线下 ...

其中，光通信模块、CPO概念的大涨主要由AI算力需求爆发、技术迭代、国产替代加速及政策资金支持 等多重因素驱动。PCB、富士康及英伟达概念的大涨也是因为AI算力需求爆发式增长，AI服务器带动高 频高速板、高阶HDI板等高端产品量价齐升，叠加新能源汽车、消费电子需求共振，行业业绩集体创历 史新高。 机器人板块爆发的原因是具身智能与AI大模型深度融合推动人形机器人技术快速突破，特斯拉Optimus V3适配量产等海外进展+国内整机与核心零部件企业商业化落地提速，叠加宇树机器人线下门店落地、 机器人马拉松赛事催化行业热度。(格隆汇) A股2025年行情收官，据Choice金融终端，年度涨幅前十的板块/概念分别为：光通信模块涨156.02%， F5G概念涨128.33%，CPO概念涨124.50%，空间站概念涨115.95%，PCB涨112.11%，富士康涨 111.69%，英伟达概念涨104.45%，黄金概念涨97.35%，机器人涨86.54%，新型工业化涨83.86%。 | | | 2025年A股涨幅最大的10个板块/概念 | | --- | --- | --- | | 序号 | 板块/概念 | 涨幅 | | l ...

Core Insights - The fund managed by Ren Jie, Yongying Technology Smart A, achieved an impressive year-to-date return of 239.78% as of December 30, 2025, securing the annual fund champion title ahead of its competitors [1][3][7] - This performance surpassed the previous record of 226.24% held by legendary fund manager Wang Yawei for 17 years, setting a new historical record [1][7] - Ren Jie, a relatively new fund manager who began managing public funds in late October 2024, successfully transitioned from a researcher to a fund manager overseeing over 10 billion yuan [1][12] Performance Metrics - As of December 30, 2025, Yongying Technology Smart A recorded a maximum drawdown of 27.04% and an annualized volatility of 47.42% [3] - In comparison, the average return for equity mixed funds during the same period was approximately 33%, with an average maximum drawdown of about 15% and an average annualized volatility of around 23% [6] Fund Characteristics - Yongying Technology Smart A was established on October 30, 2024, with an initial scale of approximately 10.32 million yuan, of which about 98% was subscribed by Yongying Fund and company employees [6] - By the end of the third quarter of 2025, the fund's scale surged to 11.52 billion yuan, achieving over a thousand-fold growth in just one year [6] Investment Strategy - The fund's significant performance was attributed to a strategic shift towards the "overseas computing power industry chain" in the second quarter of 2025, which was a key differentiating decision compared to many tech funds that were still focused on domestic developments [8][10] - Ren Jie emphasized the importance of capturing "changes" in the market, focusing on both performance changes validated by high-frequency data and valuation changes driven by market dynamics [14][21] Stock Selection and Concentration - The fund's holdings were heavily concentrated in leading stocks within the optical communication and PCB sectors, which demonstrated substantial performance, with many stocks rising over 75% in the latter half of 2025 [10] - The top ten holdings as of the end of the third quarter included companies like Xin Yi Sheng, Zhong Ji Xu Chuang, and Tian Fu Communication, all of which are key players in the overseas computing power industry chain [10] Market Context and Future Considerations - The fund's extreme performance is seen as a result of deep industry research, precise sector shifts, and favorable market conditions, but it also faces challenges related to high concentration, volatility, and limited capacity [20][21] - The phenomenon of "champion curse" suggests that funds with extreme high returns often experience significant drawdowns in subsequent years, raising questions about the sustainability of such performance [20]

机构：中邮证券 研究员：万玮/吴文吉 投资要点 推出SesameX 多维具身智能计算平台，助力机器人从"可运行"走向"可成长"。全球机器人产业向复杂任 务演进，传统"模块割裂、静态部署"架构难以应对真实环境挑战，需一套稳定、可演进、可规模化的智 能计算基础。公司推出SesameX 多维智能计算平台，平台包含Kalos、Aura、Liora 三款自研计算模组 （适配不同复杂度机器人），高度集成硬件组件，兼容主流接口，提供量产级硬件基础；支持单机、集 群与边云协同。从行业生态来看，公司通过模块化设计、统一接口兼容主流生态，降低机器人厂商与算 法伙伴的系统集成复杂度；从商业价值角度看，覆盖从移动到操作、从服务到人形的全场景机器人需 求，提供从研发到量产的全链路支持，成为机器人商业化落地的核心合作伙伴。目前公司与均胜电子的 战略合作拓展至机器人领域，共同研发、验证与落地新一代具身智能机器人控制系统及行业解决方案； 与湖北华中电力科技共同探索具身机器人在电力行业的落地应用。 风险提示 技术迭代和研发投入不及预期的风险；行业竞争格局加剧风险；客户合作稳定性风险；自动驾驶渗透率 提升不及预期。 布局"光电共封装"，聚焦辅助 ...

Core Insights - The report indicates a strong rebound in the A-share market, with the Shanghai Composite Index recovering the 3900-point mark and the ChiNext Index showing a gain of over 2% [2][9] - The increase in market activity is attributed to a significant easing of global liquidity concerns, driven by a lower U.S. core CPI of 2.6% year-on-year, the lowest since March 2021, which has led to increased bets on earlier interest rate cuts in 2026 [2][9] - The report highlights the potential for structural and policy-driven investment opportunities in the upcoming cross-year market, despite underlying economic growth constraints due to declining fixed asset investment [2][9] Market Overview - On the trading day, the three major indices opened strongly, with the Shanghai Composite Index returning to the 3900-point level. Key sectors such as Hainan Free Trade Zone, optical communication modules, and semiconductor equipment saw significant gains [5][6] - The overall market sentiment was positive, with a total trading volume approaching 1.9 trillion yuan, indicating a release of market energy [6][9] Sector Analysis - The Hainan Free Trade Zone concept stocks experienced a substantial rise following the official launch of the free trade port operations on December 18, which is seen as a significant step towards high-level openness in China [7] - Optical communication module stocks also surged, driven by their critical role in modern communication networks, including 5G and data centers. The sector is expected to remain in a high prosperity cycle, supported by advancements in AI computing and data center upgrades [8] Investment Strategy - The report suggests maintaining a consistent investment approach, focusing on sectors with strong earnings support, including technology growth areas (semiconductors, AI themes, robotics), cyclical industries (solar, batteries, chemicals), and dividend stocks (banks, utilities) [3][10] - Investors are advised to avoid high-valuation stocks lacking earnings support and to consider opportunities in sectors that are expected to perform well in the current market environment [10]

Core Viewpoint - Emerging market stocks are expected to outperform developed market stocks for the first time in five years, driven by a weaker dollar and high valuations in the U.S. stock market, leading to renewed interest in these markets [2][4][6]. Group 1: Market Performance - As of the end of November, the MSCI Emerging Markets Index rose 27% in USD terms and 25% in local currency terms, outperforming the MSCI Developed Markets Index, which increased by 19% and 16% respectively [4]. - The Bovespa Index in Brazil and the FTSE/JSE Top 40 Index in South Africa both saw a 50% increase in 2025, highlighting significant gains in emerging markets [6]. - The South Korean Composite Stock Price Index increased by 60% when converted to USD, despite the KRW/USD exchange rate remaining stable [6]. Group 2: Investment Trends - Investors are becoming sensitive to their low holdings in emerging market stocks and are beginning to shift funds towards these markets [8]. - Technology stocks are driving the rise in emerging market equities, with significant gains seen in companies like China's Zhongji Xuchuang, which increased over fourfold due to its products being used in NVIDIA's GPU servers [8]. - Other notable performers include SK Hynix in South Korea and PT Dian Swastatika Sentosa Tbk in Indonesia, which tripled in value amid rising energy demands [8]. Group 3: Economic Outlook - The monetary easing policies across various countries are expected to positively impact economies and corporate performance in the future, with diversification into U.S. assets being a mid-term theme [9]. - Emerging market companies account for over 30% of global corporate revenues, indicating significant growth potential despite their representation in global indices being only about 10% [9]. - Analysts suggest that undervalued small-cap stocks in emerging markets, which have lower correlation with developed markets, present attractive diversification opportunities [9].

Market Overview - The A-share market is experiencing a structural divergence, with the Shanghai Composite Index closing down while the Shenzhen Component and ChiNext indices saw significant gains, indicating a "strong technology, weak large-cap" market structure [3][8] - The overall trading volume remains low, with total turnover at 17,833 billion, reflecting insufficient new capital inflow and a general lack of market enthusiasm [5][8] Sector Performance - The technology sector, particularly semiconductor chips, AI themes, and robotics, is highlighted as a key area for investment, alongside cyclical industries such as photovoltaics, batteries, and chemicals [3][9] - Consumer stocks, especially in food and beverage and retail, have shown strong performance, supported by government policies aimed at boosting consumption [6][8] - The pharmaceutical sector, including pharmaceutical commerce and innovative drugs, is noted for its potential rebound, driven by aging demographics and previous price declines that have already factored in policy impacts [7][8] Investment Strategy - The report suggests a focus on individual stocks rather than indices, advocating for a balanced allocation strategy and opportunistic buying during market dips [3][9] - Investors are encouraged to select stocks with strong earnings support while avoiding high-valuation stocks lacking performance backing [3][9]

Core Viewpoint - The A-share market shows a mixed performance with technology stocks like optical communication modules experiencing significant gains, leading to a stronger performance in the Shenzhen market compared to Shanghai. The overall trading volume has decreased, indicating a cautious market sentiment influenced by external factors and internal pressures [1][2][9]. Market Performance - The Shanghai Composite Index closed down 0.15% at 3864.18 points, while the ChiNext Index rose 2.14% to 3044.69 points. The Shenzhen Component Index increased by over 1% [2][4]. - The total trading volume dropped to 1.8 trillion yuan, with a slight inflow of leveraged funds, bringing the margin balance to 2.46 trillion yuan as of November 25 [2][4]. Sector Performance - The optical communication module, CPO (Co-Packaged Optics), and other technology-related sectors such as semiconductor and electronic components saw substantial gains. The communication sector rose by 4.64%, with notable stocks like Zhongji Xuchuang increasing by 13.25% [4][6][8]. - Conversely, sectors like banking and military defense faced declines, with the defense sector dropping by 2.25% [6][7]. Investor Sentiment - Investor sentiment remains cautious due to significant pressure from trapped positions and slow foreign capital inflows. There is a notable divergence between domestic and foreign investors, leading to a prevalent wait-and-see attitude [1][9]. - Analysts suggest maintaining a balanced portfolio with a 50% position, focusing on strong sectors like communication while also investing in defensive sectors such as banking and pharmaceuticals to hedge against risks [1][11]. Key Events to Watch - Investors are advised to closely monitor three critical events: developments in the China-Japan conflict, the Federal Reserve's stance on interest rate cuts in December, and the upcoming Central Economic Work Conference, which will set the tone for economic policies in the coming year [10][11].

Market Overview - A-shares exhibited a mixed performance, with technology stocks such as optical communication modules driving gains in the Shenzhen market, leading to a rise of over 2% in the ChiNext Index [1][2] - The market saw a slight decrease in trading volume, with total turnover shrinking to 1.8 trillion yuan, and 3,593 stocks closing lower [1][3] Sector Performance - The communication sector surged by 4.64%, with notable stocks like Zhongji Xuchuang (300308) rising by 13.25% to 543.22 yuan per share, and other companies such as Tefa Information (000070) and Shida Group (600734) hitting the daily limit [5][8] - Conversely, the defense and military sector led the declines with a drop of 2.25%, showing significant stock divergence [6][7] Investment Sentiment - Investor sentiment remains cautious due to significant pressure from trapped positions and slow foreign capital inflow, leading to a pronounced wait-and-see attitude [1][10] - Analysts suggest maintaining a balanced portfolio with a recommended position of around 50%, focusing on strong sectors like communication while also including defensive sectors such as banking and pharmaceuticals to hedge against risks [11][12] Key Events to Watch - Investors are advised to closely monitor three major events: developments in the China-Japan conflict, the Federal Reserve's stance on interest rates in December, and the upcoming Central Economic Work Conference [11][12] - The market is expected to maintain a strong oscillating trend in the short term, with potential for further gains in 2026 as liquidity expectations improve and key support levels are tested [12]

Market Overview - The A-share market showed strong recovery momentum after a dip, with expectations for continued rebound, although there are concerns about sustainability due to external uncertainties and insufficient trading volume [1][9][10] - The total trading volume of the two markets was 18,121 billion, with the Shanghai Composite Index closing at 3,870.02 points, up 0.87% [5] Sector Analysis - The technology growth sectors, including semiconductor chips, AI themes, and robotics, are highlighted as potential investment opportunities, alongside cyclical industries such as photovoltaics, batteries, and chemicals [2][4][9] - The gaming sector experienced significant gains, driven by advancements in AI applications, which are expected to enhance content production and industry growth [6][7] - The light communication module sector is anticipated to remain in a high prosperity cycle, supported by AI computing power and data center upgrades [6] Investment Strategy - Investors are advised to focus on stocks with performance support while avoiding high-valuation stocks lacking earnings backing, emphasizing a balanced approach to sector rotation [2][9] - The report suggests that software development will be a key application area for AI, benefiting from increased efficiency and becoming a new revenue growth driver [8]