Source: Fund Group of the Company's Research Office

Text: Xuemei

On February 21, the three markets of Beijing, Shanghai and Shenzhen jointly rose in volume. On the day, the best-performing sub-index was the STAR 50, which rose 5.97% on the day. The Science and Technology Innovation Composite Index also rose 4.38%, with a turnover of 214.169 billion.

After a lapse of two months, the trading volume of the Shanghai and Shenzhen markets exceeded 2 trillion yuan again.

According to some analysts, the biggest reason for the rise of A-shares on the day was Alibaba's annual report.

According to the financial report, Alibaba will achieve revenue of 280.15 billion yuan in the fourth quarter of 2024, a year-on-year increase of 8%; net profit was 46.434 billion yuan, a year-on-year increase of 333%. Among them, the revenue of AI-related products has maintained triple-digit growth for six consecutive quarters, which is a clear signal of high prosperity.

At the earnings conference, Alibaba Group CEO Wu Yongming said that Alibaba will release a deep inference model based on Qianwen Qwen2.5-MAX in the near future. He also said that in the next three years, the company is expected to invest more in cloud and AI infrastructure than in the past decade combined.

Previously, Morgan Stanley issued a report pointing out that Alibaba's financial report will be the first catalyst for reviewing domestic AI investment trends. Alibaba's business guidance has directly ignited the market's expectations for a new round of computing power "arms race".

Last night, Alibaba's U.S. stock rose 8.09%, with the biggest intraday gain of more than 14%.

Today, Alibaba's Hong Kong stock surged 14.56% and closed almost at its highest price.

Under the demonstration of Alibaba's rising effect, domestic cloud concepts and computing power stocks also went up in groups, which directly led to the increase in the volume of the science and technology innovation board index to break through the high point of last year's 9.24 market. Technically, this means that the sector started its main upward wave in late September last year.

On the first trading day after the Spring Festival, the company's research office released the outlook of the top 30 fund company equity investment champions for the market in 2025.

At present, the Science and Technology Innovation Board has undoubtedly become the leader of the A-share spring market.

According to the data, since February, as of the close of trading on February 21, the Science and Technology Innovation 50 has risen by 14.62%, and the Science and Technology Innovation Composite Index has risen by 14.69%, and many big bull stocks have emerged in the entire science and technology innovation board market.

According to industry analysts, with the issuance and listing of the first batch of 13 science and technology composite index ETFs, the science and technology innovation board will usher in 26 billion incremental funds, which will undoubtedly help the science and technology innovation board continue to attack.

According to Choice data, the company's research office found that excluding the new stocks listed after New Year's Day, as of the close of February 21, among the top 10 listed companies on the Science and Technology Innovation Board this year, the largest increase was Qingyun Technology (688316. SH), up 192.54%; UCD (688158. SH), An Biping (688393. SH) followed with 167.53% and 120.22%, respectively; The rest of the stocks have risen less than 100% during the year.

It is worth noting that these stocks are not only the top 10 gainers of the year, but also the top gainers of the month. Among them, the year's increase and the top 5 stocks in the month completely coincided.

In addition, Covestro Technology, which has the sixth monthly increase, is the ninth largest annual increase; Huafeng Technology, Lingyunguang, and Maixinlin, among the top 10 annual gainers, ranked 11th, 13th, and 14th in monthly gains, respectively; Fengshao Technology rose 41.92% in the month, ranking 38th on the Science and Technology Innovation Board.

Such a coincidence is no accident, this is the so-called strong Hengqiang in the capital market!

From the perspective of main business, the top 10 listed companies on the Science and Technology Innovation Board during the year are mainly engaged in the business of TMT, and Anbiping is an exception, mainly engaged in in in vitro diagnosis. However, no matter what kind of business you are engaged in, almost all of them are closely related to the main line of artificial intelligence, which is popular in the secondary market.

From the perspective of the core themes of the secondary market, among the top 10 stocks on the Science and Technology Innovation Board during the year, there are 4 DeepSeek concept stocks, 3 semiconductor chip concepts, and the other 3 are AI pharmaceuticals, Zhipu AI and copper high-speed connection.

All in all, they all belong to the upstream and downstream of the AI industry chain and the surrounding industries.

In other words, these stocks are all mainstream concept stocks in the spring market, and they are all sought after by market funds, so it is no wonder that the annual and monthly increases can be in the forefront!

From the perspective of institutional holdings, perhaps because of the small share capital, some of the current performance is average, and individual stocks even lose money, so on the whole, the top 10 stocks on the science and technology innovation board during the year are not considered heavy stocks of the fund.

According to the data of the third quarter report of the listed company last year and the fourth quarter report of the public fund last year, the company's research office has made statistics on the heavy institutions in these stocks, and the following is the details of the institutions that rank first in the position.

According to the data, 4 of the top 10 stocks on the Science and Technology Innovation Board during the year were heavily held by private equity investment funds, and 6 stocks were held by public funds in the fourth quarter of last year.

Among them, the Southern CSI 1000 ETF holds 4.322 million shares, Bosera Military Theme Stock A holds 4.597 million shares of Yongxin Zhicheng, Xinhua Preferred Dividend Mixed holds 1.468 million shares of Huafeng Technology, Bodao CSI 500 Enhanced A holds 279,800 shares of Maixinlin, Cathay Intelligent Automobile Stock A holds 1.749 million shares of Fengshao Technology, and Bosera Innovative Economy Mixed A holds 988,500 shares of Lingyunguang.

From this point of view, although passive investment funds, especially ETFs, were popular in the second half of last year, some equity investment funds still actively participated in the investment of listed companies on the Science and Technology Innovation Board.

According to the analysis of industry insiders, since the fourth quarter of last year, some active equity funds are very optimistic about the prospects of a new round of industrial revolution with artificial intelligence as the main line, so they have actively laid out various markets in A-shares, especially listed companies related to the Growth Enterprise Market and the Science and Technology Innovation Board, which is also an important reason why the performance of active equity funds has been relatively high in the ranking of all open-end funds since the beginning of this year.