【博时市场点评10月27日】沪指逼近4000点，创业板涨近2% 每日观点 今日沪深三大指数上涨，涨幅均超1%，沪指逼近4000点。今日两市成交放量至2.35万亿，上周五两融 余额放量61亿元。推迟发布的美国CPI数据出炉，9月CPI同比增3%，高于前值，但略低于预期，其中能 源价格反弹对其形成带动，核心CPI增速较上月放缓，整体来看，9月美国通胀数据仍在回升，但幅度 有一定温和化趋向。同时，美国就业市场下行风险仍在，消费者信心指数仍然处于较低位。受此影响， 本周FOMC会议继续降息25bp的概率较大，今年共降息75bp仍是当前市场多数预期。中美吉隆坡经贸磋 商举行，就解决各自关切的安排达成基本共识。从我方表述来看，双方沟通的问题包括造船和海事物流 关税、延长对等关税暂停期等等，"就稳妥解决多项重要经贸议题形成初步共识"，"美方表达立场是强 硬的，中方维护利益是坚定的"，本周关注双方领导人会否在韩国见面。 消息面 当地时间10月25日至26日，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝 森特和贸易代表格里尔在马来西亚吉隆坡举行中美经贸磋商。双方以今年以来两国元首历次通话重要共 识为引领， ...

上周国内权益市场呈现反弹走势，万得全A周涨幅超过3%，在二十届四中全会提出的加快高水平科技 自立自强，引领发展新质生产力的提振下，前期跌幅较大的科技板块大幅反弹，上证综指收盘也创出了 本轮反弹的新高，接近4000点整数关口，创业板指和科创50领涨。 10月20日至23日，中国共产党第二十届中央委员会第四次全体会议在北京顺利召开，通过了《中共中央 关于制定国民经济和社会发展第十五个五年规划的建议》。这是新时代以来党中央制定的第三个五年规 划建议，也是全面建设社会主义现代化国家新征程上的第一个五年规划建议。未来五年，建设现代化产 业体系，巩固壮大实体经济根基和加快高水平科技自立自强，引领发展新质生产力是国家战略的重点发 力方向。科技方面，随着ChatGPT的横空出世，以及DeepSeek的算法优化，中美两国正在人工智能领域 的设计、制造、应用等全产业链条加大投入，你追我赶。泓德基金表示，在此过程中，受益于海外与国 内AI建设的产业链公司，以及未来AI在应用端的最终落地，相关上中下游的产业链上市公司均会大幅 受益，是值得高度关注的领域。 从债券市场看，上周债市呈现多空拉锯格局，收益率整体区间震荡，方向性突破尚未形成 ...

Core Insights - The A-share market has shown significant profit-making effects this year, boosting the "fixed income +" fund sector and driving the growth of traditional equity firms' "fixed income +" businesses [1][4] - In particular, the performance of Invesco Great Wall's "fixed income +" funds has been outstanding, with an average return of 6.83% year-to-date, significantly outperforming various bond indices [1][4] Fund Performance - In the secondary bond fund sector, the Invesco Great Wall Jingyifengli fund has achieved a return of 20.73% this year, ranking 9th out of 502 in the past year and 1st out of 421 over the past two years [1][2] - The Invesco Great Wall Ningjing fund, managed by Dong Han and Li Xunlian, has employed a barbell strategy, achieving a return of 13.05% this year, with strong rankings in the past three years [2] - The Invesco Great Wall Stable Income fund, managed by Li Xunlian and He Jiangbo, has focused on convertible bonds, achieving a return of 9.75% this year, ranking 10th out of 267 in the past year [3] Risk Management and Strategy - The average maximum drawdown for the 24 "fixed income +" funds is -2.34%, which is lower than the average drawdown of -3.28% for similar funds [3] - Invesco Great Wall emphasizes the diversity of enhancement strategies across its "fixed income +" products, tailoring strategies to different fund managers' styles and client risk preferences [3][4] Overall Investment Capability - Invesco Great Wall ranks first among large fixed income fund companies in absolute returns over the past two, three, and five years, according to a report by Guotai Junan Securities [4] - The company's strong equity investment capabilities complement its fixed income performance, contributing to the overall success of its "fixed income +" funds [4]

Group 1 - The core viewpoint of the news highlights the strong performance of the non-ferrous metal sector, particularly the Non-Ferrous Metal Leader ETF (159876), which saw a peak increase of 2.96% and a current rise of 2.16%, indicating active trading with a transaction volume exceeding 520 million yuan [1] - Technical analysis indicates that the ETF has recovered its 10-day moving average, suggesting that short-term bullish forces are in control, and if this recovery is accompanied by increased trading volume, it signals stronger market confidence [1] - Key constituent stocks such as Xiamen Tungsten, Huayu Mining, and Jiangxi Copper have shown significant gains, with Xiamen Tungsten hitting the daily limit and others rising over 5% [1] Group 2 - Recent U.S. economic data shows that the September CPI was lower than expected, providing solid support for the Federal Reserve to consider further interest rate cuts, which could positively impact non-ferrous metal prices [3] - The relationship between Fed rate cuts and non-ferrous metal prices is explained through three points: rate cuts lead to currency devaluation, making metals cheaper in dollar terms; lower interest rates reduce borrowing costs for companies, boosting demand for industrial metals; and overall, non-ferrous metals are positioned as key players in the current commodity bull market [3] - The outlook for non-ferrous metals is optimistic, driven by long-term capital expenditure cycles and increasing global manufacturing investment, alongside a recovery in domestic macroeconomic conditions [3] Group 3 - The Non-Ferrous Metal Leader ETF (159876) and its linked funds provide a diversified investment approach across various non-ferrous metals, including copper, gold, aluminum, rare earths, and lithium, with respective weightings of 27.6%, 14.5%, 13.1%, 10.4%, and 8.4% [5] - This diversified strategy helps mitigate risks associated with investing in a single metal sector, making it suitable for inclusion in investment portfolios [5]

这位从公司内部成长起来的高管，从其丰富的任职经历可以看出华宝基金及其股东方对其培养的持续投 入。 近日，华宝基金管理有限公司发布高管变更公告，宣布任命欧江洪为公司副总经理，任职日期为2025年 10月24日。 此次任命发生在行业转型与公司调整的关键节点。今年以来，华宝基金已历经副总经理吕笑然 1 月离 任、原董事长黄孔威 6 月退休等变动，新任董事长夏雪松此前明确提出 "巩固优势 + 产品创新" 的双线 战略，重点布局主题 ETF 与 "固收 +" 业务。 | 董事长 | | | | | | --- | --- | --- | --- | --- | | 姓名 | 即多 | 任职日期 | 高职日期 | 任职时长 | | 買智松 | 苗事长 | 2025-08-22 | | | | 育孔威 | 画面长 | 2022-07-02 | 2025-08-22 | 3年2月 | | 姓名 | में सिरे | | 任职日期 | 十 案职日期 | | 吕笑然 | 副总经理 | | 2025-01-09 | 2025-06-27 | 深耕体系多年 复合型履历适配转型需求 公告履历显示，欧江洪拥有丰富的集团内部任职经历。 ...

Core Insights - The choice of stock trading software has become a complex decision in the digital investment era, impacting information acquisition speed and investment efficiency [1] - By 2025, the monthly active users of securities apps in China are expected to exceed 166 million, with an online penetration rate of 15.46% [1] - The top ten stock trading software in 2025 includes Sina Finance APP, Tonghuashun, Eastmoney, Xueqiu, and Dazhihui [1] Group 1: Software Rankings - The 2025 stock trading software rankings are led by Sina Finance APP with a comprehensive score of 9.56, followed by Tonghuashun and Eastmoney both scoring 9.16 [4][3] - Xueqiu and Dazhihui rank fourth and fifth with scores of 8.66 and 8.36 respectively [5] Group 2: Evaluation Dimensions - The evaluation of stock trading software is based on five core dimensions: data coverage, information quality, intelligent tools, trading experience, and community ecology [6] - Sina Finance APP leads in data coverage with a score of 9.8, covering over 40 global markets and providing real-time updates at a speed of 0.03 seconds [7] - In information quality, Sina Finance APP scores 9.7, providing timely analysis of major events [9] - The intelligent tool "Xina AI Assistant" of Sina Finance APP scores 9.6, offering concise summaries of lengthy reports [11] - In trading experience, Tonghuashun scores 9.6, while Sina Finance APP follows closely with 9.5 [12] - Xueqiu excels in community ecology with a score of 9.5, fostering active user engagement [13] Group 3: User Preferences - Investors should choose trading platforms based on their investment styles, with Sina Finance APP recommended for cross-market investors due to its extensive market coverage [15][16] - Short-term traders may prefer Tonghuashun for its advanced trading tools and quick order execution [17] - Learning investors can benefit from Eastmoney's community features and fund services [18] - For investors focused on Hong Kong and US stocks, Futu NiuNiu offers free access to deep market data [20] Group 4: Future Outlook - The demand for ETFs and cross-border investments is expected to drive further functionality and ecosystem integration among leading trading software [21] - AI-driven intelligent advisory services are evolving to provide personalized investment strategies [22] - The right tools can help investors navigate information overload and enhance decision-making confidence [23]

Core Viewpoint - The Hong Kong stock market is experiencing strong performance in the AI sector, particularly with the Hong Kong Internet ETF (513770) showing significant gains and attracting substantial capital inflows [1][3]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) saw a price increase of over 2% during the afternoon session, currently up by 1.84%, indicating strong buying interest [1]. - Over the past three days, the Hong Kong Internet ETF has recorded a net capital inflow of 365 million CNY [1]. - The ETF's latest scale has surpassed 10 billion CNY, with an average daily trading volume exceeding 600 million CNY this year [8]. Group 2: Key Holdings and Sector Analysis - The top three holdings in the Hong Kong Internet ETF are Alibaba-W, Tencent Holdings, and Xiaomi Group-W, with weightings of 18.11%, 16.16%, and 11.067% respectively, collectively accounting for over 72% of the ETF [3]. - The China Securities Index for Hong Kong Internet stocks has shown a significant outperformance compared to the Hang Seng Technology Index, highlighting the sector's resilience [5]. - The current price-to-earnings (P/E) ratio for the Hong Kong Internet Index is 23.69, which is lower than both the historical average and the P/E ratio of the Hang Seng Technology Index [6]. Group 3: Future Outlook and Strategic Initiatives - Citigroup's recent report is optimistic about Kuaishou's performance during the Double Eleven shopping festival and its potential for AI monetization [3]. - The policy direction emphasizes technological self-reliance and the upgrading of industries, which is expected to benefit emerging sectors like the internet [3]. - Investors are advised to closely monitor upcoming U.S. policy changes and the financial results of Chinese tech companies to identify structural recovery opportunities [3].

财通证券认为，我国货币基金中长期看仍具发展潜力和空间。因为我国的财富管理市场仍在发展之中， 可供普通投资者选择的、兼具低波动与良好流动性的理财产品并不多。货币基金因独特的产品特性，正 成为政策引导下的潜在受益者，对低风险偏好的投资者吸引力较大，在政策和市场需求的双重驱动下， 预计将继续受益。此外，线上支付场景深度绑定，平台构筑"活钱入口"与"支付即理财"的生态闭环，大 幅提升了货基的竞争优势。 事实上，尽管收益率持续下行，货币基金的规模却在逆势增长。中国证券投资基金业协会数据显示，截 至2025年8月31日，我国货币基金总规模为14.81万亿元，较6月底增长约5800亿元，较年初增长了约1.2 万亿元。这组数据表明，货币基金作为闲钱理财工具仍具备相当的生命力，未来在广大普通投资者的理 财体系里，依然有望扮演重要的角色。 近日，中美关税博弈再起波澜，市场对外需不确定性的担忧加剧。对此，多家机构认为，四季度货币 宽松或超预期。伴随政策利率不断向下，货币基金收益率规模性"破1%"或是大势所趋，但仍具扩容潜 力。 10月17日，银河证券研报认为，四季度货币宽松或超预期。原因在于美国对中国加征关税可能给中国出 口带来一 ...

Group 1 - The overall domestic economic fundamentals are stable, and a key policy window is emerging, while external environments, particularly the China-US trade relationship, are complex and becoming a significant market focus [1] - The A-share market's future performance is uncertain due to increased external disturbances, prompting a need for careful observation of investment opportunities in the pharmaceutical industry [1] Group 2 - There is an expectation for a second wave of opportunities in the pharmaceutical sector, influenced by the outcomes of China-US trade negotiations and upcoming economic meetings [2] - The focus will also be on the progress of the robotics industry and the potential reversal in consumer spending [2] Group 3 - The integration of technology innovation and the pharmaceutical industry presents promising investment opportunities, particularly in AI healthcare, despite a lackluster performance in the third quarter [3] - The ongoing development of AI infrastructure is expected to enhance applications in medical diagnostics, innovative drug development, and brain-computer interfaces [3] Group 4 - Attention will be directed towards the progress of overseas licensing for innovative drugs, with a focus on success rates and potential returns [4] - The market is anticipated to maintain a risk appetite, with industry rotation likely to continue, influenced by quarterly earnings reports and market sentiment [4]

Group 1 - The core viewpoint of the news highlights the strong performance of electronic stocks, particularly in the semiconductor and consumer electronics sectors, with a notable increase in the electronic ETF (515260) [1][5] - The electronic sector has attracted significant capital inflow, with a net inflow of 9.64 billion yuan on the day of reporting, and cumulative inflows of 63.8 billion yuan, 110.3 billion yuan, and 415.3 billion yuan over the past 5, 20, and 60 days respectively [3] - Notable stocks include WenTai Technology, which reported a 279.29% year-on-year increase in net profit for Q3 2025, reaching 1.04 billion yuan, and a record revenue of 4.43 billion yuan [3] Group 2 - A breakthrough in China's photoresist technology has been achieved, significantly reducing defects in chip lithography, which may enhance the domestic semiconductor industry's capabilities [4] - A recent high-level meeting emphasized the importance of technological self-reliance and innovation, with a notable increase in mentions of "technology" from 2 to 10 times compared to previous meetings, indicating its strategic significance in the new five-year plan [4] - The electronic ETF (515260) is designed to track the electronic 50 index, focusing on sectors like semiconductors and consumer electronics, with major holdings in leading companies such as Luxshare Precision and SMIC [4][5]