Group 1 - The event "Investment has Young" aims to bridge the gap between public funds and young investors, promoting financial literacy and rational investment among university students [1][9] - The activity featured interactive sessions where fund managers shared their investment experiences and explained complex financial concepts in relatable terms, enhancing students' understanding of public fund operations and A-share market risks [3][5] - A financial literacy interactive experience was included, allowing students to reflect on their risk preferences through scenario-based questions, with fund managers providing real-time feedback to encourage rational investment thinking [7] Group 2 - The event was organized by Jiashi Fund in collaboration with several other funds, emphasizing the importance of high-quality development in public funds as part of a broader initiative [1][9] - The initiative is part of a larger action plan to promote the high-quality development of public funds, aligning with the goals of the "New Era, New Fund, New Value" campaign [1] - Jiashi Fund plans to continue engaging with universities and industry partners to spread the message of rational investment and support young individuals in their wealth management and career planning journeys [9]

Group 1 - The total trading volume of the two markets reached 2.44 trillion yuan, an increase of 372.9 billion yuan compared to the previous day [2] - The net inflow of funds into the top three industries (according to Shenwan's first-level classification) includes: Banking (2.023 billion yuan), Power Equipment (4.519 billion yuan), and Automotive (3.400 billion yuan) [2] - The market is expected to maintain a range-bound fluctuation between 3700 and 3900 points in the short term, driven by profit-taking ahead of the holiday [2] Group 2 - The A50 ETF by Huabao focuses on the top 50 core leading companies, providing investors with a diversified option to invest in China [2] - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [4]

Group 1 - The gold market experienced a high-to-low trend influenced by the Federal Reserve's hawkish stance, but overall adjustments were limited due to persistent risk aversion amid political uncertainties [1][2] - The Federal Reserve lowered interest rates by 25 basis points as expected, but the guidance indicated only one rate cut in the following year, which was more hawkish than market expectations [2] - Strong retail sales data in the U.S. for August exceeded expectations, with a month-on-month increase of 0.6%, contributing to the Fed's hawkish outlook [2] Group 2 - Switzerland's gold exports to China surged by 253% in August, reaching 35 tons, while exports to the U.S. plummeted by 99% to only 0.3 tons, indicating a significant shift in global gold flows [3] - The BoShi Gold ETF and its linked funds allow investors to track the performance of gold prices in RMB through investments in Shanghai Gold Exchange's spot contracts, enhancing investment options for gold [3]

Group 1 - The Huazhong Entrepreneur Board 50 ETF has seen a net inflow of 510 million yuan over the past five trading days, while experiencing a net outflow of 3.73 billion yuan over the past 20 trading days, indicating fluctuating investor sentiment [1] - As of September 22, 2025, the circulating scale of the ETF is 25.97 billion yuan, with a total trading volume of 68.105 billion yuan over the last 20 trading days, averaging 3.405 billion yuan per day, showcasing strong liquidity compared to peers [1] - The top ten holdings of the ETF include leading companies such as CATL, Dongfang Wealth, and Mindray Medical, with varying performance in stock prices [1] Group 2 - The Huazhong Entrepreneur Board 50 ETF was established in June 2016 and tracks the Entrepreneur Board 50 Index, focusing on high liquidity stocks in sectors like information technology, new energy, and financial technology [2] - The fund manager highlighted that the index constituents are primarily growth stocks with good long-term investment value, positioning the ETF as a key tool for investing in China's technology growth sector [2] - The ETF closed at 1.476 yuan with a daily turnover rate of 13.11%, leading in trading volume among similar ETFs [2] Group 3 - Multiple institutions have expressed positive views on sectors covered by the Entrepreneur Board 50 Index, particularly in energy storage and technology, anticipating strong demand driven by policy support and overseas market growth from 2025 to 2030 [1] - Long-term investment strategies are recommended, such as dollar-cost averaging, while keeping an eye on the fundamentals of constituent stocks and industry policy changes [3]

海外方面，美联储9月FOMC重启降息25bp，鲍威尔定调为"预防式降息"。当前市场预期今年余下两次 FOMC各降息25bp。降息落地后全球股市普涨，恒生科技、纳斯达克涨幅领先。 国内方面，反内卷政策市场化推进以及出口放缓等多重因素共振下，8月经济活动数据有所走弱。市场 方面，A港股风险偏好仍较高，创业板继续领涨。 市场策略方面，债券方面，上周（9月15日-19日）债市震荡偏弱。尽管基本面数据走弱对债市带来支 撑，但税期资金面扰动加大，央行重启买债和赎回费改革意见征求情况等消息影响债市情绪，债市整体 表现震荡。债市波动加剧，建议逢调整适度配置，反向操作，及时止盈，做好流动性管理。重视高票息 资产和杠杆策略的价值。关注长债的配置价值。 本报告中的数据出处若未加特别说明，均来自Wind，彭博或博时基金。 本报告版权归博时基金管理有限公司所有。 投资有风险，请谨慎选择。 尊敬的投资者： A股方面，资产比价方面，港股短期性价比好于A股，主因前期港股相对滞涨，前期压制港股表现的流 动性矛盾短期有望缓解。结构方面，美联储降息落地利好利率敏感型的港股、金铜有色和成长类资产。 港股方面，美联储预防式降息后，港股通常显现较强弹性 ...

Group 1 - The "924 market" in A-shares is being reviewed one year after its occurrence, highlighting significant net redemptions in various ETFs [1] - From September 24, 2024, to September 22, 2025, the Huaxia Science and Technology Innovation 50 ETF experienced a net redemption of 61.2 billion yuan, indicating a trend of investors pulling out funds [1] - The Guolian An Semiconductor ETF and Huaxia Chip ETF also faced substantial net redemptions of 20.5 billion yuan and 16.7 billion yuan, respectively, reflecting a broader sentiment in the semiconductor sector [1]

Group 1 - The A-share market's "924行情" has seen significant net subscriptions of 865.3 billion yuan in non-currency ETFs from September 24, 2024, to September 22, 2025 [1] - The top-performing ETF is the FuGuo Hong Kong Stock Connect Internet ETF, which received a net subscription of 57.9 billion yuan, increasing its scale from 15 billion yuan to 94.5 billion yuan [1] - The second and third positions in net subscriptions are held by the Bosera Convertible Bond ETF with 32.1 billion yuan and the HaiFuTong Short-term Bond ETF with 31.4 billion yuan, respectively [1] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2]

Core Insights - The article highlights the performance of active equity funds in the A-share market one year after the "924 market" began, showing significant returns for many funds [1] - A total of 458 active equity funds doubled their returns, with the top performer, Debon Xinxing Value A, achieving a return of 282% [1][3] - The performance disparity among active equity funds is notable, with the best-performing fund outpacing the worst by 290% [1] Fund Performance Summary - Debon Xinxing Value A achieved a return of 282.09%, significantly exceeding its benchmark by 280.58% [3] - CITIC Construction Investment North Exchange Selected Two-Year Open A followed closely with a return of 271.48%, outperforming its benchmark by 224.56% [3] - China Europe Digital Economy A recorded a return of 262.27%, surpassing its benchmark by 181.61% [4] - Other notable funds include Huaxia North Exchange Innovation Small and Medium Enterprises Selected (260.68%) and Xin'ao Performance Driven A (255.70%) [4] Underperforming Funds - Dongcai Value Start A reported a loss of 8.13%, making it the worst performer [5][6] - Other underperformers include GF Value Advantage with a loss of 3.26% and GF Domestic Demand Growth A with a loss of 2.55% [5][6] - The performance of these underperforming funds indicates a significant gap in returns compared to the top performers [1]

Core Insights - The article highlights the performance of active equity funds in the A-share market, particularly noting the significant returns achieved over the past year, with 458 funds doubling their returns [1][3]. Fund Performance Summary - The top-performing fund is 德邦鑫星价值A, with a return of 282.09%, followed by 中信建投北交所精选两年定开A at 271.48%, and 中欧数字经济A at 262.27% [1][3]. - Other notable funds include 华夏北交所创新中小企业精选 at 260.68%, 信澳业绩驱动A at 255.70%, and 中航机遇领航A at 254.53% [4]. - The article also lists funds with negative returns, with 东财价值启航A experiencing the largest loss at -8.13%, followed by 广发价值优势 at -3.26% and 广发内需增长A at -2.55% [5][6].

Group 1 - The core viewpoint of the articles highlights the increasing interest in secondary bond funds as a stable investment option amidst fluctuating deposit rates and a recovering A-share market [1] - The new fund, China Europe Youli Bond Fund, is set to launch on October 9, aiming to balance risk and return by investing at least 80% in bonds and 5%-20% in equity assets [1] - The fund manager, Huang Hua, has 17 years of experience in the securities industry and has demonstrated strong performance in managing other funds, such as China Europe Shuangli A, which achieved a cumulative return of 41.77% since inception [2][3] Group 2 - The fund's strategy includes capturing enhanced returns during stock market recoveries while maintaining a stable income from bond investments [1] - Huang Hua anticipates structural valuation opportunities in the A-share market due to economic transitions and increased risk appetite, suggesting a shift from a previous downward trend in the bond market to a wider range of fluctuations [2] - The fund's flexible trading strategies and balanced asset allocation aim to seize structural opportunities amidst market volatility [2]