未知机构：资金回归传统算力板块机构放量买入纯股基可转债基情绪大幅回落2026012-20260128

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the traditional computing power sector, with significant institutional buying in pure equity funds and a notable decline in sentiment towards convertible bond funds [1][2] - The precious metals market remains a key focus, with COMEX gold and silver experiencing volatility but recovering due to news of Zijin Mining's overseas acquisitions [2] Market Dynamics - The stock market experienced significant selling pressure early in the day, with over 4,500 stocks declining, but later recovered to close up 0.14% [1] - The overall trading volume decreased by 360 billion, falling to 2.92 trillion [1] - Growth sectors such as technology and emerging industries saw substantial gains, while traditional sectors like CPO, semiconductor, and storage rebounded sharply [1][2] Investment Trends - Institutional funds showed a continued increase in positions in equity assets, with a shift towards pure equity funds, indicating a potential influx of higher-risk capital [2][3] - The net subscription ratio for passive equity funds was reported at 1.61%, with significant buying from wealth management subsidiaries [3] - The net subscription ratio for active equity funds was slightly higher at 1.62%, with all institutions increasing their positions [3] Sector-Specific Insights - The automotive and machinery sectors received 40% of the inflows, followed by electronics, communications, and new energy [4] - The top sectors for increased investment included electronics, banking, automotive, new energy, and non-bank financials [5] - The convertible bond market saw a net subscription ratio of 0.27%, but overall buying volume significantly decreased compared to the previous two weeks [5] Risk Considerations - The convertible bond market is facing supply-demand imbalances, which could lead to significant volatility if demand weakens [2] - The lithium battery sector experienced a sharp decline due to a sudden drop in lithium carbonate prices, highlighting localized risks [2] Conclusion - The market is currently characterized by a return to traditional computing power investments, with a mixed sentiment in the convertible bond space and a focus on growth sectors. The overall trading environment remains cautious, with attention to sector-specific dynamics and potential risks.