这轮行情是从六月底开始启动，到现在已经持续了近三个月的时间，并且这轮行情成交量持续放大，现 在已经连续超过20个交易日全A日成交量突破2万亿，这表明市场的交投已然非常活跃，而这轮行情有 望延续较长时间，而不是短期的脉冲式行情。只有一轮慢牛长牛行情，才能真正让大部分投资者在市场 上赚到钱，快牛疯牛往往使很多投资者最终出现亏损，甚至有些投资者在熊市亏小钱，牛市亏大钱，那 就是没有把握好市场的节奏，没有配置好方向。尽管近期市场在逼近3900点整数关口时出现一定震荡反 复，但市场成交量依然维持在高位，投资者交投意愿依然比较活跃，场外资金也有陆续入场的势头。居 民存款向资本市场大转移的趋势已经出现，7月份新开股票账户数达到200万户，居民存款下降1.1万 亿，而同期非银存款则增加了2.14万亿。很多投资者通过直接开户入市，也有一部分通过买基金入市， 近期新基金发行明显回暖，甚至出现了"日光基金"，也就是一日售罄的基金，这说明市场的赚钱效应已 经开始吸引场外资金入场。当然，与当年市场高点动辄一天销售上百亿规模的基金相比，现在仍处于行 情初期阶段，只是比上半年低迷时期有所回暖而已。 这轮行情有六路资金加持。第一路，是以险资 ...

Core Viewpoint - The Chinese fund distribution market is undergoing significant reshuffling, with a pronounced "Matthew Effect" where stronger institutions continue to gain market share while weaker ones fall behind [1][12]. Market Overview - As of mid-2025, the total equity fund holding scale of the top 100 distribution institutions reached 5.14 trillion yuan, a quarter-on-quarter increase of 7.12% [1]. - The non-monetary market fund holding scale surpassed 10.21 trillion yuan, with a quarter-on-quarter growth of 7.86% [1]. - The stock index fund scale rose to 1.95 trillion yuan, marking a substantial quarter-on-quarter increase of 17.39%, becoming a key driver for overall growth [1]. Institutional Performance - Among 57 brokerage distribution institutions, a significant divergence in performance is observed, with some institutions rising strongly while others are lagging [1]. - Leading brokerages such as CITIC Securities, Huatai Securities, and Guotai Junan Securities consistently rank in the top three across equity funds, non-monetary market funds, and stock index funds [4][11]. Growth Rates - Guotai Junan Securities reported a remarkable quarter-on-quarter growth of 78.47% in equity funds, 77.15% in non-monetary market funds, and 86% in stock index funds [6][7]. - China International Capital Corporation (CICC) and CITIC Jianan Securities also demonstrated strong growth, with CICC's non-monetary market funds increasing by 61.04% and CITIC Jianan's equity funds growing by 25.9% [7][11]. Declining Institutions - Eight brokerages showed a decline across all three core indicators, indicating a worrying trend for their competitiveness [7][11]. - Dongxing Securities experienced a significant drop in non-monetary market funds by 18.99%, alongside declines in equity and stock index funds [8][9]. Structural Changes - A notable structural change in the brokerage industry is observed, where the growth rate of non-monetary market funds outpaces that of equity funds for most institutions [11]. - The concentration in the stock index fund sector remains high, with 23 securities companies having over 10 billion yuan in scale, and six exceeding 50 billion yuan [11]. Future Outlook - Analysts suggest that the ongoing public fund reforms will further strengthen the market dominance of large internet platforms and leading brokerages, while smaller firms that fail to adapt may face increased pressure [12].

在上半年市场行情向好的驱动下，投资者信心显著增强，资金入场步伐加快，推动百强代销机构整体保 有规模稳步增长。当前，中国基金代销市场持续洗牌，行业分化加剧，"强者恒强"的马太效应愈发凸 显。 Wind数据显示，截至2025年中报，全市场100家代销机构权益基金保有规模合计达5.14万亿元，环比增 长7.12%；非货币市场基金保有规模突破10.21万亿元，环比增长7.86%；股票指数基金规模升至1.95万 亿元，环比大幅增长17.39%，成为拉动整体规模增长的重要引擎。 至2025年中报 从整体格局来看，头部券商地位稳固。中信证券、华泰证券和国泰海通证券在权益基金、非货币市场基 金和股票指数基金三大指标上均居行业前三。 | 数据来源：Wind 截止 | | --- | 至2025年中报 | 序号 | 基金代销机构 | 权益基金保有规模 | 环比变动 | ■货币市场基金保 | 环比变动 | 股票指数基金保有 | 环比变动 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | (1/27G) | | 有规模(亿元) | | 规模(亿元) | | | 31 ...

Group 1 - The focus on the information technology self-controllable sector is highlighted by the performance of the Xinchuang ETF fund (562030), which saw an intraday increase of 1.96% and a current rise of 1.61% [1] - Major stocks such as Zhongke Shuguang experienced significant gains, with a rise of over 7% and a net inflow of over 3.4 billion yuan, leading the A-share market in capital attraction [1] - The development of the Xinchuang industry is emphasized as a crucial method for ensuring national security, driven by multiple factors including policy support and external disturbances [3] Group 2 - The Xinchuang industry is transitioning from a policy-driven model to a dual-driven approach involving both policy and market, with significant growth expected in the market size, projected to exceed 2.6 trillion yuan by 2026 [4] - The opening of the CPU interconnect bus by Haiguang Information is expected to address the current fragmentation in domestic computing chip technology and enhance performance [3] - The Xinchuang ETF fund tracks the CSI Xinchuang Index, which encompasses core segments of the Xinchuang industry chain, indicating high growth and elasticity potential [7]

国务院印发《关于全国部分地区要素市场化配置综合改革试点实施方案的批复》。自即日起，2年内开 展北京城市副中心等10个要素市场化配置综合改革试点。围绕深化要素协同配置、提升要素配置效率、 探索新型要素配置方式、优化新业态新领域要素保障、促进服务业高质量发展等目标，聚焦重点领域和 关键环节推进改革试点。 未来政策及国内经济数据展望层面，我国央行自5月降准、降息等宽松举措后，政策一直处于观察期。 近期美国就业等数据表现大幅低于预期，美联储降息概率明显提升，同时美国经济的回落将向全球传 导，从而可能影响我国出口数据的韧性。在外部金融环境宽松和经济动能放缓的背景下，我国央行或将 迎来新的宽松窗口。 责任编辑：石秀珍 SF183 风险提示： 本资料所引用的观点、分析及预测仅为个人观点，是其在目前特定市场情况下并基于一定的假设条件下 的分析和判断，并不意味着适合今后所有的市场状况，相关指数、行业等的过往表现不代表未来表现， 也不代表本公司旗下基金的业绩表现，不构成对阅读者的投资建议。基金过往业绩不代表未来表现，基 金管理人管理的其他基金的过往投资业绩不预示基金的未来表现。过去持仓不代表现在持仓，也不代表 未来持仓预测，不作 ...

化工板块今日（9月16日）早盘持续下探，午后有所回升。反映化工板块整体走势的化工ETF （516020）早盘场内价格一度跌超2%，午后跌幅收窄，截至发稿，跌0.8%。 成份股方面，锂电、钾肥、氟化工等板块部分个股跌幅居前。截至发稿，天赐材料大跌超3%，藏格矿 业、宝丰能源、鲁西化工跌超2%，三美股份、多氟多、盐湖股份等多股跌超1%。 | 序号 | 证券代码 | 证券简称 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | | | | | [区间首日] 2025-7-1 [区间尾日] 2025-9-15 [車位] % | | | 1 | 000813.CSI | 细分化工 | | 23.2947 | | 2 | 000001.SH | 上证指数 | | 12.0797 | | 3 | 000300.SH | 沪深300 | | 15.1668 | 注：细分化工指数近5个完整年度收益率分别为2020年：51.68%；2021年：15.72%；2022 年：-26.89%；2023年：-23.17%；2024年：-3.83%。标的指数成份股构成根据该指数编制规则适时调 整，其回测 ...

Group 1 - Financial technology sector showed resilience with stocks like Yinzhijie rising over 5% and others like Ronglian Technology and Geling Shentong increasing by over 2% [1] - The financial technology ETF (159851) experienced a positive trend, with a real-time trading volume of nearly 400 million CNY, indicating strong market interest [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 1.5 trillion CNY for the 44th consecutive trading day, reflecting a robust trading environment [1][3] Group 2 - Dongwu Securities highlighted that the financial technology sector is currently at a low valuation, presenting significant investment opportunities as policies support economic stabilization and digital transformation in brokerage firms [3] - The financial technology ETF (159851) has surpassed 10 billion CNY in size, with an average daily trading volume of over 1.3 billion CNY in the past month, leading among similar ETFs in terms of scale and liquidity [3] - The ETF covers a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications, making it a comprehensive investment vehicle [3]

9月16日，大盘短暂冲高后回落震荡，"旗手"早盘随市回调，后企稳向上，午后成功翻红，300亿顶流券 商ETF（512000）场内价格现涨0.17%，早盘一度下跌0.83%，实时成交额超7亿元，交投活跃。 | 分时 多日 1分 · F9 盘前盘后 静加 九林 画线 工图 (0 )> | | | | | | 弊商ETF O | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 512000[药商ETF] 13:08 价 0.604 涨跌 0.001(0.17%) 均价 0.6. 0.608 | | | 0.604 +0.001 +0.17% | | | 512000 | | | | | | | SSE CNY 13:08:32 交易中 | | | | | 19 14 10 14 | | 0.606 | 0.42% | | | 净值走势 华宝中证全指证券公司E 今年 | | 7.86% 120日 | 14.29% | | | | | 委托 | 9.26% 委员 | | -285039 5日 | 1.34% 250日 | | 57.70% | ...

Group 1 - The food and beverage sector performed poorly on September 16, with the Food ETF (515710) experiencing a decline of 0.78% as of the report time [1][2] - Major consumer goods stocks, including several liquor companies, saw significant declines, with stocks like Sanquan Foods, Haitian Flavoring, Luzhou Laojiao, and Kweichow Moutai dropping over 1% [1][2] - The China Liquor Market Prosperity Index for the first half of 2025 was reported at 47.14, indicating a weak recessionary state in the market, suggesting that consumer demand is still recovering [3] Group 2 - The current valuation of the food and beverage sector is at a low point, with the Food ETF (515710) P/E ratio at 21.24, which is in the 10.37% percentile of the last decade, indicating a favorable long-term investment opportunity [3] - The second quarter of 2025 saw a significant impact on the liquor sector due to policy changes, leading to a noticeable decline in demand, but there are signs of recovery as consumer behavior begins to normalize [4] - The Food ETF (515710) tracks the CSI Sub-Industry Food and Beverage Index, with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in beverage, dairy, seasoning, and beer sectors [5]

16日午后，互联网金融异动拉升，中证金融科技主题冲高逾2%，成份股大面积飘红。银之杰领涨超 6%，指南针涨超5%，税友股份、财富趋势、安硕信息等多股涨超2%。 数据来源：沪深交易所等。 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期为 2017.6.22，该指数2020-2024年年度涨跌幅分别为：10.46%、7.16%、-21.40%、10.03%、31.54%，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。文中指数成份股仅作 展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的持仓信息和交易动向。基 金管理人评估的该基金风险等级为R3-中风险，适宜平衡型（C3）及以上投资者。任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人 须对任何自主决定的投资行为负责。另，本文中的任何观点、分析及预测不构成对阅读者任何形式的投 资建议，亦不对因使用本文内容所引发的直接或间接损失负任何责任。基金投资有风险，基金的过往业 绩并不代表其未来表现，基金管理人管理的其他基 ...