1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report analyzes the current economic situation from the perspectives of production, demand, CPI, and PPI. It points out that there are seasonal fluctuations in production, low - base effects affect the real - estate market, and there are price changes in various commodities due to multiple factors such as supply - demand relationships, policies, and geopolitical events [5]. 3. Summary by Directory 3.1 Economic Growth: Low - base Supports the Real - estate Market's Year - on - Year and Month - on - Month Increase 3.1.1 Production: Seasonal Decline in Power Plant Daily Consumption - Power plant daily consumption shows a seasonal decline. On February 3, the average daily consumption of 6 major power - generating groups was 81.4 million tons, a 5.7% decrease from January 27. On January 30, the daily consumption of power plants in eight southern provinces was 222.0 million tons, a 7.5% decrease from January 22. With the approaching of the Spring Festival and rising temperatures, power plant daily consumption may further decline [5][12]. - The blast furnace operating rate remains at a high level. On January 30, the national blast furnace operating rate was 79.0%, a 0.4 - percentage - point increase from January 23, while the capacity utilization rate was 85.5%, a 0.1 - percentage - point decrease. The blast furnace operating rate of Tangshan steel mills was 89.8% on January 30, a 0.9 - percentage - point decrease from January 23. Due to the Spring Festival, demand is almost stagnant, but steel mills' production remains relatively high, leading to accelerated inventory accumulation [16]. - The tire operating rate remains stable. On January 29, the operating rate of all - steel truck tires was 62.4%, a 0.2 - percentage - point decrease from January 22, and the operating rate of semi - steel car tires was 74.8%, a 0.3 - percentage - point increase from January 22. The operating rate of looms in the Jiangsu and Zhejiang regions has a seasonal decline. On January 29, the operating rate of polyester filament in the Jiangsu and Zhejiang regions was 84.2%, a 2.5 - percentage - point decrease from January 22, and the operating rate of downstream looms was 42.4%, an 8.8 - percentage - point decrease from January 22 [18]. 3.1.2 Demand: Low - base Supports the Real - estate Market's Year - on - Year and Month - on - Month Increase - The sales volume of new homes in 30 cities has a passive increase due to the low - base effect. From February 1 - 3, the average daily sales area of commercial housing in 30 large and medium - sized cities was 18.7 million square meters, an 181.0% increase from the same period in January, a 1615.3% increase from the same period in February last year, a 32.1% decrease from the same period in February 2024, and a 42.6% decrease from the same period in February 2023. Sales areas in first - tier, second - tier, and third - tier cities increased by 4474.6%, 1028.3%, and 2830.0% year - on - year respectively [23]. - The auto market is weakening. In January, retail sales decreased by 28% year - on - year, and wholesale sales decreased by 35% year - on - year. The change in the auto trade - in policy has affected consumers' purchasing willingness [27]. - Steel prices are fluctuating weakly. On February 3, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil decreased by 0.9%, increased by 1.1%, decreased by 0.6%, and decreased by 0.3% respectively compared with January 27. Steel inventory is accumulating more slowly than in previous years [33]. - Cement prices are hitting new lows. On February 3, the national cement price index decreased by 0.8% compared with January 27. Cement demand is weak in different regions due to weather and other factors, but the year - on - year decline in prices is narrowing [34]. - Glass prices remain stable. On February 3, the active glass futures contract price was 1073 yuan/ton, the same as on January 27. The month - on - month decline in glass prices has occurred, and the year - on - year decline is narrowing [39]. - The decline in container shipping freight rate indices has further expanded. On January 30, the CCFI index decreased by 2.7% compared with January 23, and the SCFI index decreased by 9.7%. Due to the long holiday in Asian countries during the Spring Festival and reduced expected shipments before the Spring Festival, there is an oversupply of shipping capacity in the short - term, and freight rates are under pressure [42]. 3.2 Inflation: Intensified Fluctuations in Industrial Product Prices 3.2.1 CPI: Pork Prices Turn Downward - Pork prices turn downward. On February 3, the average wholesale price of pork was 18.6 yuan/kg, a 0.5% decrease from January 27. Although it is the pre - festival stocking peak, the short - term support from consumption is limited, and the supply pressure is still large [49]. - The agricultural product price index is fluctuating. On February 3, the agricultural product wholesale price index decreased by 0.3% compared with January 27. Different agricultural products have different price trends. Since February, the agricultural product wholesale price index has increased year - on - year and month - on - month [53]. 3.2.2 PPI: Oil Prices Rise and Then Fall - Oil prices rise and then fall. On February 3, the spot prices of Brent and WTI crude oil were 69.9 and 63.2 US dollars/barrel respectively, a 0.5% and 1.3% increase from January 27. Geopolitical factors have led to significant fluctuations in international oil prices, and short - term volatility will continue [57]. - Copper prices rise while aluminum prices fall. On February 3, the prices of LME 3 - month copper and aluminum increased by 2.5% and decreased by 2.0% respectively compared with January 27. The domestic commodity index has a month - on - month decline [64]. - Industrial product prices have different month - on - month trends. Since February, the prices of wire rod, coking coal, coke, and steam coal have increased month - on - month, while other industrial products have decreased, with rebar and cement having relatively large declines. The year - on - year decline in most industrial product prices is narrowing [68].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The issuance of science and technology innovation bonds (KeChuang bonds) has been continuously active. Although the overall demand for KeChuang bonds has continued to recover, the subscription enthusiasm is still lower than that of non - KeChuang credit bonds. The performance of KeChuang bonds is expected to be mainly volatile before the holiday. For accounts with unstable liability ends, it is recommended to give priority to high - quality KeChuang bonds within 3 years as investment targets [2][3][35] 3. Summary by Directory 3.1 2.0% of KeChuang Bonds: How to View 3.1.1 Primary Issuance Scale and Structure - The primary market has continued the strong supply trend since the beginning of the year. The new supply scale in the week from January 26 to January 30, 2026, reached 58.96 billion yuan, with the issuance of over - 5 - year varieties in the inter - bank market increasing significantly. The overall demand for new KeChuang bonds has continued to recover, but the subscription enthusiasm is still lower than that of non - KeChuang credit bonds, indicating limited willingness of investors to pay a premium for the "science and technology innovation label" [2][11] 3.1.2 Secondary Trading Activity and Pricing - Rating distribution: The ratings of outstanding KeChuang bonds are highly concentrated. Bonds with an implied rating of AA+ and above account for 73.7%, and AA - rated medium - quality individual bonds account for 22.0%, reflecting the financing needs of some small and medium - sized science and technology innovation entities [3][19] - Industry distribution: The industry distribution is dominated by traditional industries. Bonds in the building decoration, public utilities, and comprehensive industries account for 38.9%. There is an excess spread of over 13bp in the textile and apparel, communication, and non - bank financial industries compared to all credit bonds in the same industries [3][19] - Liquidity: In the past two weeks, the weekly trading volume of KeChuang bonds has returned to over a thousand transactions, and the turnover rate in the latest week has risen to 2.17%, higher than that of urban investment bonds and industrial bonds [3][26] - Yield: Due to the marginal slowdown of the net outflow pressure of KeChuang bond ETF funds and the warming of the bond market sentiment, the market of KeChuang bonds has been supported. This week, high - grade medium - and short - term KeChuang bonds have performed well. The average yields of 1 - 3 - year and 3 - 5 - year exchange - listed AAA KeChuang bonds have decreased by 6.3bp and 7.5bp respectively [3][31] - Internal price comparison of KeChuang bond varieties: Recently, the spread between the constituent bonds and non - constituent bonds of the KeChuang bond index has remained above 20bp, and the spread between inter - bank varieties and constituent bonds has widened to 10.1bp. For the 1 - 3 - year segment, there is still 18bp of compression space between inter - bank varieties and index constituent bonds [3][35]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of $10.27 billion for Q4 2025, representing a year-on-year increase of 34%, with a GAAP net profit of $1.511 billion, up 213% year-on-year [2]. - The data center business remains robust, with Q4 2025 revenue reaching $5.38 billion, a 39% increase year-on-year. The company anticipates continued growth in this segment, projecting a revenue growth rate exceeding 60% over the next 3-5 years [3]. - The company expects Q1 2026 revenue to be around $9.8 billion, reflecting a 32% year-on-year increase but a 5% decrease quarter-on-quarter, primarily due to seasonal factors in consumer electronics [3]. Summary by Relevant Sections Performance Review - For Q4 2025, the company achieved a GAAP gross margin of 54% and a Non-GAAP gross margin of 57%. The Non-GAAP net profit for the same quarter was $2.519 billion, a 42% increase year-on-year [2]. Business Analysis - The company forecasts that both data center GPU and CPU revenues will grow quarter-on-quarter in Q1 2026, driven by strong demand for data center CPUs. The company also expects significant revenue from the MI400 series products in the second half of 2026 [3]. - The company is optimistic about the CPU market, anticipating high double-digit growth in 2026, driven by the demand for high-performance CPUs for AI workloads [3]. Profit Forecast and Valuation - The company is projected to achieve GAAP net profits of $7.715 billion, $10.970 billion, and $14.377 billion for the years 2026, 2027, and 2028, respectively [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Insights - The company reported a revenue of $10.27 billion for Q4 2025, representing a year-on-year increase of 34%, with a GAAP net profit of $1.511 billion, up 213% year-on-year [2]. - The data center business remains robust, with Q4 2025 revenue reaching $5.38 billion, a 39% increase year-on-year. The company anticipates continued growth in this segment, projecting a revenue growth rate exceeding 60% over the next 3-5 years [3]. - The company expects Q1 2026 revenue to be around $9.8 billion, reflecting a 32% year-on-year increase but a 5% decrease quarter-on-quarter, primarily due to seasonal factors in consumer electronics [3]. Summary by Relevant Sections Performance Review - For Q4 2025, the company achieved a GAAP gross margin of 54% and a Non-GAAP gross margin of 57%. The Non-GAAP net profit for the same quarter was $2.519 billion, a 42% increase year-on-year [2]. Business Analysis - The company forecasts that both data center GPU and CPU revenues will grow quarter-on-quarter in Q1 2026, driven by strong demand for data center CPUs. The company is optimistic about the CPU market, expecting high double-digit growth in 2026 [3]. - The company anticipates significant revenue from the MI400 series products in the second half of 2026, with the MI500 series expected to launch in 2027 [3]. Profit Forecast and Valuation - The company is projected to achieve GAAP net profits of $7.715 billion in 2026, $10.970 billion in 2027, and $14.377 billion in 2028, reflecting substantial growth rates [4][9].

Investment Rating - The report indicates a positive investment outlook for the technology sector, particularly in AI and cloud computing, with significant capital expenditures from major players like Meta, Microsoft, and Alibaba [6][31]. Core Insights - Major tech companies are increasing capital expenditures to enhance AI capabilities, with Meta's projected spending reaching between $115 billion and $135 billion for the year [5][31]. - AI demand remains strong, with companies like OpenAI and Anthropic accelerating their growth and preparing for IPOs, indicating a robust market for AI applications [4][11]. - The report highlights a shift in pricing strategies among cloud service providers, with Google Cloud and Amazon AWS raising prices for data transmission and machine learning services, marking a departure from the long-standing trend of price reductions [20][21]. Industry Frontiers - OpenAI has raised over $100 billion in funding, with a valuation of $830 billion, and is preparing for an IPO in Q4 2026 [4][11]. - Anthropic has revised its revenue projections, expecting a threefold increase in sales this year, potentially reaching $18 billion, and over $55 billion next year [11][12]. - ByteDance is set to release a new AI model in mid-February, aiming to capture a larger share of the AI market in China [12][27]. Capital Trends - Google Cloud announced a price increase for global data transmission services effective May 2026, with Amazon AWS also raising prices for its machine learning services by approximately 15% [5][20]. - Meta has secured a $6 billion long-term supply agreement with Corning for fiber optic cables, emphasizing the importance of infrastructure in AI development [21]. - Alibaba is considering increasing its investment in AI infrastructure and cloud computing from 380 billion to 480 billion yuan over the next three years [25][26]. Weekly Perspectives - The report notes that AI investments are yielding positive results for companies like Meta, with improved user engagement and advertising performance [31][32]. - The demand for AI infrastructure is expected to surge, driven by the increasing need for advanced computing capabilities [32]. - The report anticipates a significant growth in the number of ASIC chips required for AI applications, projecting a boom in demand from 2026 to 2027 [32]. Industry Chain Data Updates - In December, China's smartphone market saw a significant decline in sales, with Huawei maintaining the largest market share [34]. - The PC market experienced a mixed performance, with desktop sales increasing while laptop sales declined [35].

Report's Investment Rating for the Industry - Not available in the provided content Core Viewpoints of the Report - The gold and silver market will become more volatile due to factors such as the frequency of global black - swan events, rising US re - inflation pressure, and the rapid transmission of AI's generalized cost [2][4] - The recent sharp decline in gold and silver is mainly due to large - scale profit - taking after long - term sharp rises, and their pricing is influenced by liquidity, AI narrative, and cryptocurrency funds [7][11] - Kevin Warsh's nomination as the next Fed Chair doesn't change the dovish policy expectation, and the Fed's decision on interest rates depends more on economic performance and Trump's political will [14] - The US stock market is under pressure of intensified K - shaped differentiation, facing risks from fiscal policy, price increases in production materials, and the sustainability of the AI narrative [29] Summary by Relevant Sections I. The Turbulent Gold and Silver Market - The recent sharp decline of gold and silver has no essential causal relationship with Warsh's nomination but is mainly due to profit - taking after sharp rises. In 2025 and 2026, the upward cycle of gold was compressed, leading to a subsequent sharp correction [7] - Gold and silver show obvious "MEME - like" features, with their prices driven by liquidity, AI narrative, and influenced by cryptocurrency funds. Silver is more volatile than gold [11] - The current market's upward momentum is related to the strength of the AI trend. Gold, silver, and the US stock market are boosted by the AI narrative, while cryptocurrencies are under pressure [13] II. Kevin Warsh's Nomination: A Two - way Attraction between Speculation and Pragmatism - Warsh's nomination doesn't change the dovish policy expectation. The Fed's interest - rate decision depends on economic performance and Trump's political will. Trump wants a controllable Fed Chair to address the "affordability problem" [14] - It's uncertain how much of Warsh's "interest - rate cut + balance - sheet reduction" is based on his true judgment of the macro - economy, considering his past inaccurate inflation and policy stances [21] - Warsh's balance - sheet reduction proposal faces "objective" constraints. From a quantitative and qualitative perspective, the current US dollar liquidity is only slightly above the sufficient level, and excessive balance - sheet reduction may lead to a repeat of the 2019 repo crisis [24] - For the Trump administration, an interest - rate cut is urgent, while balance - sheet reduction is an idealized long - term goal [28] III. The US Stock Market under Pressure of Intensified K - shaped Differentiation - The sharp decline in gold and silver warns assets relying on liquidity and the AI narrative. The US stock market is facing intensified K - shaped differentiation, with the lower end of the "K" being more vulnerable [29] - During the earnings season, the performance of US stocks varies. Investors' focus has shifted to liquidity. The Fed is likely to ensure stock - market stability and provide sufficient liquidity for the AI narrative [29] - Fiscal risks, such as the potential government shutdown due to political conflicts over immigration regulation, are destabilizing factors for the US stock market. Price increases in production materials like electricity and storage chips may lead to re - inflation and squeeze corporate profits [29][30] - The continuation of the AI narrative depends on continuous monetary and fiscal support and the absence of a significant economic recession. The economic "K - shaped" gap is widening, as shown by the profit growth of AI - related industries and the increasing corporate layoffs [31] - The future of the US stock market depends on Warsh's ability to balance inflation and political expansion needs after taking office in June. If fiscal risks and inflation rebound resonate, the current calm in the US stock market may be broken [35]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for price appreciation in the next 6-12 months [3]. Core Views - The company demonstrates resilience amid significant fluctuations in gold prices, with strong consumer demand leading to queues at retail locations, suggesting a robust brand value recognition [2]. - The company has sufficient inventory due to a recent capital raise, which positions it well for margin recovery as it has already adjusted prices [3]. - The company is focusing on high-end market expansion and refined customer management, with a notable increase in loyal membership, indicating potential for sustained growth [3]. Summary by Relevant Sections Operational Analysis - The company has seen a surge in consumer interest, with queues forming at retail locations despite a drop in gold prices, indicating strong brand loyalty and consumer confidence in future price increases [2]. - The value of the company's gold products is attributed to material, design, and brand value, with consumers willing to purchase even during price corrections [2]. Financial Projections - Revenue is projected to grow significantly from 3,180 million RMB in 2023 to 43,238 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 145.67% to 18.31% over the forecast period [8]. - Net profit is expected to increase from 416 million RMB in 2023 to 8,518 million RMB in 2027, with a notable growth rate of 340.40% in 2024 [8]. - The earnings per share (EPS) is forecasted to rise from 2.36 RMB in 2023 to 48.19 RMB in 2027, indicating strong profitability growth [8]. Valuation Metrics - The company's stock is currently valued at a price-to-earnings (P/E) ratio of 24 for 2025, decreasing to 14 by 2027, suggesting an attractive valuation as earnings grow [3]. - The report anticipates a gradual recovery in gross margins, supported by adequate inventory levels and recent price adjustments [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for price appreciation in the next 6-12 months [3][12]. Core Insights - The company's brand resilience has exceeded expectations amid significant fluctuations in gold prices, with high demand leading to queues at retail locations [2]. - The company has a robust inventory strategy, with a substantial portion of its recent capital raise allocated to stock reserves, which is expected to support margin recovery [3]. - The company is focusing on high-end market expansion and refined customer management, with a notable increase in loyal membership [3]. Financial Performance Summary - Revenue projections show significant growth, with expected revenues of 26.27 billion RMB in 2025, representing a growth rate of 208.83% from 2024 [8]. - Net profit is projected to reach 4.90 billion RMB in 2025, reflecting a growth rate of 232.40% compared to 2024 [8]. - The diluted earnings per share (EPS) is forecasted to be 27.70 RMB in 2025, with a corresponding price-to-earnings (P/E) ratio of 24.20 [8][3]. Market Position and Strategy - The company operates over 40 self-owned stores in major cities, focusing on high-end shopping centers, indicating significant room for domestic and international expansion [3]. - The establishment of a high customer management department aims to enhance customer engagement and loyalty, with a membership increase of 13,000 in the first half of 2025 [3]. Valuation Metrics - The report projects a gradual recovery in gross margins, with expectations of improvement following price adjustments made in late 2025 [3]. - The company's stock is currently valued at a P/E of 24 for 2025, decreasing to 14 by 2027, suggesting a favorable valuation trend [3].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q4 2025, after nearly a year of upward trend, the A - share market started to move sideways and fluctuate, with wide - based indices showing mixed performance. Large and mid - cap value indices significantly outperformed growth indices, and the active equity fund scale and share decreased while the issuance quantity and scale slightly increased [3][8]. - The average stock position of equity funds slightly shrank, and the Hong Kong stock position also declined. Institutions increased the allocation in cyclical and financial sectors and adjusted the allocation in technology, medicine, and consumption sectors [3]. - The performance of theme funds in various industries was differentiated. Cyclical theme funds performed the best, while pharmaceutical theme funds performed the worst [3]. - Among the top 20 fund companies in terms of active equity fund scale, the scale changes compared to Q3 were mixed, with some companies' rankings changing [3]. - In Q4, the active equity fund most heavily held by FOF in terms of holding ratio and quantity was "Fuguo Steady Growth" [3]. 3. Summary by Related Catalogs 3.1 Fund Market Overview - **Performance Review**: In Q4 2025, the A - share market moved sideways and fluctuated after a year - long upward trend. Only the Shanghai Composite Index rose by 2.22% among wide - based indices, while others like the Shenzhen Component Index and the ChiNext Index declined. In terms of style, large and mid - cap value indices outperformed growth indices. The Hang Seng Index and related Hong Kong stock indices also declined [8]. - **Industry Index Performance**: Except for 9 industries such as medicine and beauty care, the remaining 22 industries in the Shenwan 31 - industry index achieved positive returns in Q4. Resources and military industries performed well, while the pharmaceutical industry was weak overall. The top 5 industries in terms of increase were non - ferrous metals (16.25%), petroleum and petrochemicals (15.31%), communication (13.61%), national defense and military industry (13.1%), and light industry manufacturing (7.53%) [11]. - **Equity Fund Performance**: In Q4 2025, ordinary stock - type funds, partial - stock hybrid funds, and flexible allocation funds declined by 1.94%, 1.60%, and 0.04% respectively, while balanced hybrid funds rose by 0.87%. In terms of risk, balanced hybrid funds with lower stock positions had the best drawdown performance, and flexible allocation funds showed better risk - return performance in the long - term [31]. - **Scale and Share**: By the end of Q4 2025, the total scale of active equity funds was 3.81 trillion yuan, a slight decrease of 4.53pct compared to the previous quarter, and the total share was 2.56 trillion shares, a decrease of 2.91pct. Among them, partial - stock hybrid funds had the largest scale, and balanced hybrid funds had the smallest scale [34]. - **Newly Issued Fund Situation**: In Q4, the number and scale of newly issued active equity funds slightly increased. A total of 100 funds were newly issued, with a total scale of 441.67 billion yuan, an increase of 4.72 billion yuan compared to the previous quarter. Partial - stock hybrid funds had the largest newly issued scale [36]. 3.2 Fund Holding Characteristics - **Stock/Hong Kong Stock Position**: In Q4 2025, the equity fund position slightly shrank, with the average stock position at 88.05%, a decrease of 0.88 percentage points compared to the end of the previous quarter. The Hong Kong stock position also decreased, with the average investment market value of Hong Kong stocks accounting for 11.62% of the net value, a decrease of 1.85 percentage points compared to the previous quarter [43]. - **Heavy - Holding Stock Sector Allocation**: In Q4, technology was the most heavily held sector by active equity funds. Except for cyclical, manufacturing, and financial sectors, the proportion of other sectors decreased. Institutions increased the allocation in cyclical and financial sectors and adjusted the allocation in technology, medicine, and consumption sectors [48]. - **Heavy - Holding Stock Industry Allocation**: The electronics industry was still the largest heavily - held industry by equity funds, but the allocation ratio decreased, and non - ferrous metals were significantly increased. The concentration of the top five industries slightly decreased from 58.58% in Q3 to 58.40% [50]. - **Individual Stock Level**: The top 10 individual stocks in terms of heavy - holding market value accounted for by equity funds were Zhongji Innolight, Xinyisheng, CATL, Tencent Holdings, Zijin Mining, Alibaba - W, Cambricon - U, Luxshare Precision, SMIC, and Kweichow Moutai. The market value proportion of Zhongji Innolight, Xinyisheng, and Ping An of China increased significantly, while that of Industrial Fuxing, Alibaba - W, and EVE Energy decreased relatively more [52]. - **Heavy - Holding Stock Market Value and Concentration**: The market value style of equity fund holdings continued to strengthen towards mid - and large - cap stocks. The concentration of the top 50, 100, and 200 heavy - holding stocks slightly decreased, but basically continued the previous trend [61]. 3.3 Fund Company Analysis - **Scale Ranking**: In Q4 2025, the scale changes of the top 20 fund companies in terms of active equity fund scale compared to Q3 were mixed. The top 5 institutions were E Fund, China Europe Asset Management, GF Fund, Fuguo Fund, and Huatai - PineBridge Fund. Among the companies ranked 6 - 20, the equity scale of Yongying Fund further increased, and its ranking rose by 2 places [64]. - **TOP20 Fund Company Heavy - Holding Industries**: The first - largest heavily - held industries of the top 20 fund companies were mainly electronics and medicine and biology. Dacheng Fund's first - largest heavily - held industry was non - ferrous metals, showing certain differences [65]. - **TOP20 Fund Company Heavy - Holding Stocks**: In Q4, the average concentration of the top three heavy - holding stocks of the top 20 fund companies in terms of active equity fund scale was 14.27%, and the concentration of the top five heavy - holding stocks was 21.04%, slightly increasing compared to the previous quarter. Xingquan Fund had the highest concentration of the top three heavy - holding stocks [67]. 3.4 Theme Fund Analysis - **Fund Performance**: In Q4, the performance of theme funds in various industries was differentiated. Cyclical theme funds performed the best, with a quarterly increase of 10.10%, followed by financial and manufacturing theme funds. Pharmaceutical theme funds had the worst performance, with a quarterly decline of 13.15% [71]. - **Pharmaceutical and Consumption Themes**: In pharmaceutical theme funds, the sub - sectors with a relatively high market value proportion in heavy - holding stocks were chemical preparations and other biological products. The sub - sectors with a relatively large increase in heavy - holding proportion were medical R & D outsourcing and traditional Chinese medicine. In consumption theme funds, the sub - sectors with a relatively high market value proportion were liquor and agriculture, forestry, animal husbandry, and fishery. The sub - sectors with a relatively large increase in heavy - holding proportion were food processing and social services [75]. - **Technology and New Energy Themes**: In technology theme funds, the sub - sectors with a relatively high market value proportion in heavy - holding stocks were artificial intelligence and consumer electronics industries. The sub - sectors with a relatively large increase in heavy - holding proportion were optical modules and IDC. In new energy theme funds, the sub - sectors with a relatively high market value proportion were energy storage and solid - state batteries. The sub - sectors with a relatively large increase in heavy - holding proportion were resource stocks and solid - state batteries [79]. 3.5 FOF Holding Analysis - **High - Holding - Ratio Funds**: In Q4 2025, the active equity fund with the highest holding ratio among FOF heavy - holding funds was "Fuguo Steady Growth", with a fund manager of Fan Yan. The fund's holding market value accounted for 2.53% of the total market value of all heavy - holding funds, an increase of 0.13% compared to the previous quarter [81]. - **High - Holding - Quantity Funds**: In Q4 2025, the active equity fund most heavily held by FOF in terms of quantity was still "Fuguo Steady Growth", followed by "Bodaojiu Hang" and "China Europe Dividend Premium Selection" [83]. - **Ratio/Quantity Changes**: In Q4 2025, the active equity funds with the largest increase in holding ratio and quantity among FOF heavy - holding funds were "Huatai - PineBridge Extended Growth Theme" and "China Europe Dividend Premium Selection" respectively [85]. - **New - Generation Fund Managers**: Among the active equity funds managed by new - generation fund managers with less than 3 years of management experience, the fund with the highest holding ratio among FOF heavy - holding funds in Q4 was "Rongtong Industrial Trend Selection", with a fund manager of Li Jin. The fund's holding market value accounted for 0.70% of the total market value of all heavy - holding funds, a quarter - on - quarter increase of 0.37% [87]. - **Holding Own Funds**: Different FOF institutions such as E Fund, China Europe Asset Management, Invesco Great Wall, Fuguo Fund, Huatai - PineBridge Fund, and Xingzheng Global Fund had different situations in holding their own equity funds, with different scales and top - held funds [89][91][94][96][98].

Group 1 - As of January 31, 2026, over 3,006 listed companies in A-shares disclosed their performance forecasts for 2025, representing 55.1% of all A-shares, slightly higher than 53.4% in 2024 [10][12] - The forecasted positive performance rate for 2025 is 36.7%, an increase of 3.3 percentage points from 2024, while the negative performance rate decreased from 66.2% in 2024 to 63.3% [14][15] - The proportion of companies expecting profit increases has risen significantly, with the share of profit-increasing companies reaching 21.1%, indicating a potential recovery in profit growth [15][18] Group 2 - The performance forecast rates for major indices such as CSI 300, ChiNext, and CSI 500 are around 60%, primarily driven by profit increases, indicating a recovery trend among large and mid-cap companies [18][19] - In contrast, the CSI 1000 index has a positive performance rate of only 37%, with a high proportion of companies still facing losses, reflecting weaker overall profitability [18][19] - The non-bank financial sector shows a high positive performance rate of 88%, with 72% of companies expecting profit increases, while the real estate sector has a low positive performance rate of only 18% [22][24] Group 3 - The analysis of performance changes indicates that AI, overseas exports, anti-involution, and price increases are the core growth drivers for over 40% of high-performing companies [22][24] - The performance of companies benefiting from AI is expanding beyond the tech sector into midstream manufacturing, while more industries are starting to gain from overseas exports [22][24] - The performance of companies in the anti-involution sector is expected to be a key area of focus for 2025, as they show a higher proportion of exceeding performance forecasts [22][24] Group 4 - The distribution of performance growth rates shows a rightward shift in the "U" shape curve, indicating an increase in companies experiencing recovery from difficulties [24][29] - The overall net profit growth rate for A-shares is projected to reach 29.6% year-on-year, with a median growth rate of 12.4%, suggesting a solidifying trend in profitability [29][32] - The fourth quarter of 2025 is expected to maintain high resilience in net profit growth, contrasting with the declines seen in previous years [29][32]