申万宏源指出，短期关税暂停、供给扰动、降息预期强化下铜价偏强，长期看家电补贴持续、电网投资 增长等，叠加铜供给相对刚性，价格中枢有望抬升。 今日（9月26日）揽尽有色金属行业龙头的有色龙头ETF（159876）逆市活跃，场内价格盘中涨超2%， 现涨0.88%，冲击日线3连阳。拉长时间来看，该ETF自本轮低点（4月8日）以来，累计上涨57.80%， 大幅跑赢沪指（24.44%）、沪深300（27.97%）等主要宽基指数。 成份股方面，腾远钴业涨超6%，西部超导涨逾5%，江西铜业、贵州铂业、兴业银锡等个股跟涨。 数据来源：中证指数公司、沪深交易所等，统计区间： 2025.4.8-2025.9.25 。注：中证有色金属指数近 5 个完整年度的涨跌幅为： 2020 年， 35.84% ； 2021 年， 35.89% ； 2022 年， -19.22% ； 2023 年， -10.43% ； 2024 年， 2.96% 。指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。 消息面上，重点关注铜和锂方向： 1、铜方面，全球第二大铜矿Grasberg发生泥石流事故，已暂停生产。Freeport ...

Group 1 - The real estate sector showed strong performance, with the CSI 800 Real Estate Index rising by 2.68% as of 10:49 AM on September 26 [1] - Leading stocks included China Merchants Shekou, which surged by 5.53%, followed by Binjiang Group at 4.58%, and New Town Holdings at 3.26% [1] - The only ETF tracking the CSI 800 Real Estate Index, the real estate ETF (159707), saw an increase of 3.01%, with a trading volume exceeding 67 million yuan and a net subscription of 18 million units [1] Group 2 - A new round of housing market regulation in Shanghai has shown significant short-term effects, with new home transaction volumes increasing by over 30% in the first week and a total increase of 19% compared to the previous month [1] - According to Zhongyin Securities, structural policy relaxations in major cities like Beijing, Shanghai, and Shenzhen may lead to a short-term rebound in the real estate market [3] - The real estate ETF (159707) tracks the CSI 800 Real Estate Index, which includes 13 leading real estate companies, demonstrating a high concentration of top-tier firms with over 90% weight in the top ten constituents [3]

Core Viewpoint - The defense and military industry sector is experiencing significant activity, with a notable rise in the defense military ETF (512810) and strong performance from key stocks, indicating a potential upward trend in the sector [1][3]. Group 1: Market Activity - On September 26, the defense military sector saw a rapid increase, with the ETF (512810) rising over 1% and trading volume exceeding 57 million yuan [1]. - Key stocks such as Xiangdian Co. reached a daily limit increase, while other companies in the AVIC system, like AVIC Aviation Power, rose over 5% [1]. Group 2: Company Developments - On September 18, AVIC Shenyang Aircraft Corporation completed a 4 billion yuan private placement to expand its military aircraft manufacturing facility, which will significantly enhance the production efficiency of fifth-generation fighter jets [3]. - The J-20 fighter jet was showcased for the first time at the Changchun Aviation Expo on September 16, highlighting China's advancements in aviation technology [3]. Group 3: Industry Outlook - According to AVIC Securities' military group, the defense and military industry is expected to undergo structural rotation, with a positive outlook for the fundamentals as the "14th Five-Year Plan" concludes and the "15th Five-Year Plan" begins [3]. - The sector is characterized by clear and orderly rotation among major themes such as low-altitude economy, commercial aerospace, deep-sea technology, large aircraft, and military trade, indicating resilience and vitality [3]. - The ETF (512810) passively tracks the CSI Military Index, with its top ten weighted stocks including China Shipbuilding, Guangqi Technology, AVIC Shenyang, and others [3].

Group 1 - The Hong Kong stock market for innovative pharmaceuticals opened significantly lower, with the Hong Kong Stock Connect Innovative Drug ETF (520880) dropping over 2.5% [1][3] - Out of 37 constituent stocks, 35 experienced declines, with Kelun-Bio falling over 5%, and major stocks like BeiGene, Innovent Biologics, and 3SBio dropping more than 3% [1][3] - The recent announcement by U.S. President Trump regarding a new round of high tariffs on various imported products, including a 100% tariff on pharmaceutical products, has negatively impacted pharmaceutical stocks in Japan and Australia [3][4] Group 2 - Analysts suggest that the tariff policy will mainly affect multinational pharmaceutical companies reliant on the U.S. market and those exporting brand or patented drugs to the U.S. [4] - Chinese pharmaceutical companies are expected to be less affected, particularly innovative drug research firms, as they primarily utilize IP transfer models and have a low export ratio to the U.S. [4] - The significant adjustment in the Hong Kong Stock Connect innovative drug sector may be more influenced by market sentiment, presenting potential buying opportunities for quality innovative drug companies [4][6] Group 3 - The Hong Kong Stock Connect Innovative Drug ETF (520880) has seen a strong inflow of funds, with net subscriptions exceeding 640 million yuan over the past 20 trading days [6] - The fund manager indicated that the innovative drug investment has entered an alpha phase, where stock selection factors are becoming more significant than market trends [6] - The ETF focuses exclusively on innovative drug research companies, excluding CXO firms, and has shown a cumulative increase of 119.75% year-to-date, outperforming other innovative drug indices [6][7]

责任编辑：石秀珍 SF183 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 MACD金叉信号形成，这些股涨势不错！ ...

隔夜美联储降息大消息，引发美股三大指数集体收跌。港股今早（9月26日）跟随低开，大型科技龙头 多数回调，港股AI核心工具——港股互联网ETF（513770）场内价格一度跌逾2%，现跌1.68%，盘中 持续宽幅溢价，实时溢价率超0.4%，显示买盘资金逢跌积极介入。 | · 95 61 日帰 開始 | | | | | | F9 盘前盘后 最加 九和 面线 工具 @ 2 > | | | | | | 港股直联网ELE ① | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.669 | | | | 513770(港股互取网ETF) 10:11 价 0.643 涨跌 -0.011(-1.68%) 均价 | | | | 1 | | 0 643 -0.011 -1.68% | | | 513770 | | | | | | | | | | | | | SSE CNY 10:11:28 交膜中 | | | T40 | | | | | | | | | | | | | 净值速度 华宝 ...

责任编辑：石秀珍 SF183 MACD金叉信号形成，这些股涨势不错！ 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 ...

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 公募基金公司实现行业的高质量发展，要全面提升资产配置与管理能力，满足不同投资者日益丰富多元 的需求，其中产品结构的不断丰富与优化至关重要，针对公募基金行业产品布局的现状，投资者的期待 以及未来的发展机遇等问题，我们访谈了长盛基金量化投资部兼产品开发部总经理梁洁琼女士，详情如 下： 记者：国内公募产品总规模已突破35万亿，在满足投资者 财富管理需求等方面发挥了重要作用， 请介绍一下公募产品布局的状况，与发达市场相比，我们的产品分类上是否还有优化的空间？ 梁洁琼：国内公募基金行业已迈入规模化、多元化发展新阶段，产品数量突破1.3万只，35万亿的资产 管理规模位居国内公募资管领域规模榜首。公募产品品类和矩阵层次清晰、维度丰富，结合国际成熟市 场，我们看到国内公募产品品类创新与边界拓展持续深化： 第一，产品分类颗粒度逐步深化细化。分类标准、风格定位不断拓展深度与广度，依托目前业绩比较基 准体系梳理和投资风格归因优化等工作，主动权益类分类持续优化； 第二，国际通行分类的兼容和引用。境外以策略、风险、场景为核心的分类逻辑，目前国内正在结合投 资者需求，在上述维 ...

Core Insights - The public fund industry is transitioning from scale-driven growth to value-driven high-quality development, influenced by global asset management adjustments and domestic capital market reforms [1] - The core competitiveness of public funds lies in their ability to balance long-term investor returns, optimize capital market resource allocation, and support national strategic implementation [1][2] - A systemic transformation is required, focusing on cognitive restructuring, capability upgrading, and ecological co-construction to address deep-seated development challenges [1][2] Cognitive Restructuring - Public funds serve as a professional bridge between capital and assets, with value creation rooted in a profound understanding of industry fundamentals [2] - Long-termism is essential for value creation, as public funds should focus on stabilizing market fluctuations and capturing long-term benefits from economic transitions [2] - The lack of investor satisfaction stems from some institutions deviating from long-termism, leading to a focus on short-term performance [2][3] Trust Rebuilding Mechanism - Establishing a symbiotic interest mechanism is crucial for rebuilding trust, emphasizing risk-sharing and profit-sharing [3] - A focus on management fees over returns erodes investor trust and hinders sustainable industry growth [3] - Professional value encompasses a comprehensive system of asset allocation, risk control, and investor education, essential for navigating market complexities [3] Capability Upgrading - Public funds must transition from scale advantages to value advantages through systematic innovations in service, mechanisms, and research [4] - Service upgrades should shift from product-centric to investor-centric approaches, focusing on empowering investors with long-term knowledge [4][5] - Mechanism reforms are necessary to align interests between managers and investors, promoting long-term assessments and market-driven fee structures [5] Long-term Development Pillars - Healthy ecosystems are vital for the high-quality development of public funds, with compliance as a baseline, culture as a core, and collaboration as a pathway [6] - Compliance ensures a balance between risk and value, necessitating transparent processes and innovative practices within regulatory frameworks [6] - A culture of long-termism and professional integrity should be cultivated to unify value consensus across the industry [6][7] Collaborative Development Path - The public fund ecosystem should foster a win-win community rather than a zero-sum competition, emphasizing value over price [7] - The future of the industry lies in enhancing value quality rather than merely expanding scale, focusing on protecting residents' wealth and stabilizing capital markets [7] - Public funds are encouraged to align with national strategies, ensuring that financial resources effectively support the core needs of the real economy [7]

Group 1: Core Insights - The China Securities Regulatory Commission (CSRC) has introduced the "Action Plan for Promoting the High-Quality Development of Public Funds," emphasizing the role of public funds in serving the real economy and national strategies, and guiding the future development of the industry [1][2] - The series of policies aimed at encouraging long-term capital, such as insurance funds and public funds, to enter the market is expected to enhance the stability of the capital market [2][3] - The low interest rate environment in China is driving a shift in asset allocation, with funds moving towards equity and alternative assets, making index funds an important tool for both institutional and individual investors [3][4] Group 2: Company Strategy - Guoshou Anbao Fund is leveraging policy guidance and market trends to develop a multi-layered and systematic approach around index funds, aiming to provide quality allocation tools for long-term capital [4][5] - The company is integrating its index fund business into the comprehensive financial service system of China Life, enhancing its ability to meet the allocation needs of long-term capital [5][7] - Guoshou Anbao Fund is focusing on creating a differentiated index product system that aligns with national strategies and the preferences of long-term capital [6][7] Group 3: Product Development - The company is optimizing its passive index products while also combining active management with passive tools to create a differentiated risk-return product matrix [8] - Guoshou Anbao Fund is exploring the application of artificial intelligence and large model technology in index funds to enhance product competitiveness and achieve sustainable excess returns [9] - The firm aims to strengthen its index product layout and risk control, promoting deep integration of business and technology to advance on the path of high-quality development [9]