>>>>> ETF早知道 >>>>> ETF早知道 下目记录 品 A wabao WP cess >>>>> HIFT 202 Sep ETF星知道 大盘30ETF EFERR 认购代码 520563 今日重磅首发 <<<< 市场温度计 >>>>> ETFEFAX 中长期信号 ·投资看温度 7596 75% 7596 25% 25% 25% ETF軍冠酒 eces -0.12% J -0.43% -1.09% L 上证指数 溢证成指 创业板指 注： 温度计水银条由对应指数的近十年市叠平分位数表示，总值为100%。数据来源： iFind，截至 2025.9.12，上证指数、深证成指、创业板指的近十年市盈率分位数分别为97.41%、81.16%、47.55% ETFE 9 0 e @ FIFA BAYA ETFERI <<<< 短期轮动走向 · 观九宫热力值 +1.96% +1.51% +1.41% 有色金属 钢铁 房地产 F 星 知 +1.16% -1.52% +0.96% 美容护理 建筑装饰 电子 -1.52% -1.95% -2.13% 银行 综合 通信 cere 数据来源:iFind,截至2025.9.1 ...

在南向资金流入港股呈现加速之势推动下，港股再度成为全球资本配置中国资产的焦点选择。截至2025 年9月12日，今年内南向资金净流入合计已达10728.86亿港元，助力港股行情持续向上。截至同日收 盘，恒生指数年内累计涨幅达31.55%，恒生国企指数年内累计涨幅达28.46%。千亿规模ETF大厂——华 宝基金今日（9.15）火线启动全市场首只香港大盘30ETF（认购520563/上市520560）全网发售，该ETF 跟踪标的指数为恒生中国（香港上市）30指数，由香港上市内地公司中市值最大的30只个股构成成份股 组合，将为投资者参与把握港股"中国核心资产"投资机遇提供又一创新ETF工具。 特色标的指数：集中度更高、波动率偏低 近年来，高层明确提出巩固和提升香港国际金融中心地位，并从政策扶持到资源调配，将维护香港国际 金融中心地位视作重中之重，全方位给予坚定支撑。港股投资的底层逻辑从"离岸市场化"转向"在岸市 场化"，投资风格更多元化，盈利模式从"确定性溢价、价值红利"进一步扩散到"成长溢价"，这为港股 行情的可持续性提供了重要支撑。 恒生中国（香港上市）30指数成份股集中于头部上市公司，前十大成份股权重合计占比达 ...

Core Viewpoint - The Hong Kong stock market is experiencing a rebound, driven primarily by large technology companies, with Alibaba and Tencent leading the gains, indicating a strong performance in the tech sector [1][4]. Group 1: Market Performance - The Hang Seng Index rose over 1%, reaching a new high, with Alibaba-W increasing by over 6% and closing up more than 5%, marking a nearly four-year high [1]. - The Hong Kong Internet ETF (513770) saw a price increase of over 2%, reaching a historical high, with a daily trading volume of 606 million yuan, indicating increased market activity [2][9]. Group 2: Company Developments - Alibaba and Baidu have begun using self-designed chips to train their AI models, reducing reliance on Nvidia chips, showcasing the rise of China's AI capabilities [3]. - Alibaba's Tongyi Qianwen launched the next-generation model architecture Qwen3-Next, achieving significant computational efficiency with only 3 billion active parameters compared to its flagship model with 235 billion parameters [4]. Group 3: Investment Trends - There is a notable influx of southbound funds into major internet companies, with Alibaba, Tencent, and Meituan being the top three in net buying over the past 20 days, indicating strong investor interest [5]. - The Hong Kong Internet ETF has seen a net inflow of 2.792 billion yuan over the past 20 days, reflecting high investor enthusiasm for tech stocks [5][7]. Group 4: Future Outlook - The easing of monetary policy by the Federal Reserve is expected to attract foreign capital back to Hong Kong stocks, with analysts optimistic about the growth potential of sectors like AI, software, and innovative pharmaceuticals [4][5]. - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index by over 10 percentage points, highlighting its strong performance and potential for continued growth [9].

周五（9月12日），前一日暴涨的创业板人工智能回调蓄势，指数收跌逾2%。算力"黑马"光模块龙头普 遍杀跌，天孚通信领跌6%，新易盛跌超5%，中际旭创跌超4%。但存储芯片、算力租赁、云计算等方向 逆市活跃，北京君正领涨超14%，金信诺、易华录均大涨超10%。 热门ETF方面，前一日暴涨近9%后，同类规模最大、流动性突出的创业板人工智能ETF（159363）场内 回调2.24%，资金逢跌抢筹，全天净申购8600万份！交投方面，创业板人工智能ETF（159363）单周日 均成交约16亿元，资金交易情绪延续高涨。 【光模块行情是否到顶？机构吵翻了】 光模块龙头集体大跌除了与前期获利盘兑现有关，或也受到一则研报扰动。消息面上，摩根士丹利一份 研报昨晚突然来袭。该行表示，在过去几个月中，光模块龙头股价出现了显著的上涨，大多数基本面上 的积极因素已经得到了反映，建议在共识情绪保持乐观之际获利了结。 不过，并不是所有的大行都跟大摩持相同观点，市场仍有多家机构坚定看多光模块。 花旗近期上调"易中天"目标价。该行表示，中国光模块股价在年初以来大幅上涨后，获利回吐在所难 免，但鉴于2027年需求可见度显著增强，整体叙事依旧强劲，光 ...

创新药多头继续反击！9月12日，A+H创新药大面积回暖，重仓A股创新药的药ETF（562050）、创新 药纯度100%的港股通创新药ETF（520880）盘中双双冲高逾1%。 资金面充分反映多头势力，港股通创新药ETF（520880）全天溢价交易，早盘震荡区间溢价率持续飙 高。昨日海外利空传闻引发创新药剧烈波动，超1.6亿元资金逢跌增仓，至此520880已连续8日吸金。 从港股通创新药ETF（520880）成份股表现来看，大权重集体回血，康方生物涨超6%，中国生物制 药、百济神州、石药集团等齐涨超2%。此外，诺诚健华、和黄医药大涨超10%。 9月8日新进"超级黑马"药捷安康-B再飙惊人涨幅，盘中一度疯涨超130%，最终收涨77.09%，本周股价 累涨逾205%！消息面，日前公司核心产品替恩戈替尼乳癌II期试验获批。 | 序号 | 代码 | 名称 | 现价 | 涨跌幅 ▼ | 估量极重 | 总市值 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 2617 | 药捷安康-B | 192.500 | 77.09% | 0.08% | 764Z | | 2 | ...

Core Insights - The competitive landscape among top fund sales institutions in China remains stable, with Ant Fund, China Merchants Bank, and Tiantian Fund occupying the top three positions, but showing significant differences in growth rates [1][3]. Fund Sales Data Summary - Ant Fund leads in equity fund holdings with a total of 822.9 billion yuan as of mid-2025, reflecting an increase of 11.38% from the end of 2024 [2]. - China Merchants Bank ranks second with equity fund holdings of 492 billion yuan, achieving the highest growth rate of 19.85% among the top five institutions [2]. - Tiantian Fund holds the third position with 349.6 billion yuan, showing minimal growth of only 0.09% compared to the previous year [2]. - Industrial and Commercial Bank of China (ICBC) and China Construction Bank (CCB) are fourth and fifth, with holdings of 339.9 billion yuan and 263.8 billion yuan, respectively [2]. Non-Money Market Fund Holdings - In terms of non-money market fund holdings, Ant Fund also leads with 1,567.5 billion yuan, followed by China Merchants Bank at 1,041.9 billion yuan and Tiantian Fund at 637.4 billion yuan [3]. - ICBC and CCB experienced slight declines in this category, with decreases of 1.34% and 3.01%, respectively [3]. Growth in Index Funds - Stock index funds emerged as the fastest-growing category in the first half of 2025, with China Merchants Bank achieving a growth rate of 26.29% and ICBC at 39.78%, indicating a significant preference for passive investment products among investors [3]. - Ant Fund holds the largest scale in this category with 391 billion yuan, reflecting a growth rate of 22.15% [3]. Market Trends - Overall, the fund sales market in the first half of 2025 shows a growth trend, but there is a clear differentiation among institutions [3]. - Independent third-party sales institutions maintain a leading position, while bank-affiliated institutions are making notable strides in equity funds, with index fund products becoming a new growth point in the market [3].

责任编辑：张恒星 9月13日，国融基金管理有限公司发布公告称，公司的控股股东国融证券股份有限公司已于2025年9月11 日完成股权变更手续，公司实际控制人已变更为陕西投资集团有限公司。本次实际控制人变更不涉及公 司注册资本变更、不涉及公司股权结构变更。 ...

Group 1 - The core viewpoint of the news highlights a significant rebound in the A+H innovative pharmaceutical sector, with both the A-share and Hong Kong ETF for innovative drugs showing gains of over 1% [1] - The Hong Kong ETF (520880) has seen a continuous inflow of capital, attracting over 1.6 billion yuan in new investments during recent market fluctuations [1][3] - Major stocks within the Hong Kong ETF have rebounded strongly, with notable increases such as a 130% surge in the stock of Yaojie Ankang-B, which ultimately closed up 77.09% [3][4] Group 2 - The recent rebalancing of the Hong Kong ETF index has excluded CXO companies, focusing solely on innovative drug development, which is expected to enhance the index's ability to reflect industry trends accurately [5] - The index's adjustments allow for the inclusion of smaller-cap potential stocks, such as Yaojie Ankang-B, which has shown remarkable performance since its inclusion [5][6] - China's innovative drug development is gaining momentum, with the country now holding over 20% of the global pipeline for new drugs, positioning it as the second-largest in the world [6]

Market Overview - The Hong Kong stock market continues to rebound, with the Hang Seng Index rising over 1% to reach a new high for the current phase, driven by major technology leaders [1] - Alibaba's stock surged over 6% at one point, closing up more than 5%, marking a nearly four-year high [1] - Other tech stocks such as Tencent, Kuaishou, Bilibili, and Xiaomi also saw gains of over 2% [1] Performance of Key Stocks - Alibaba-W (9988) closed at 151.1, up 7.8, a 5.44% increase [2] - Tencent Holdings (0700) and Kuaishou (1024) both saw increases of over 2% [1][2] - The Hong Kong Internet ETF (513770) reached a historical high, with a daily trading volume of 606 million yuan, reflecting increased market activity [2] AI and Technology Developments - Alibaba and Baidu have begun using self-designed chips to train their AI models, partially replacing Nvidia's chips, indicating the rise of China's AI capabilities [3] - Alibaba's Tongyi Qianwen released the next-generation model architecture Qwen3-Next, achieving significant breakthroughs in computational efficiency [4] - The supply of chips and model iterations are seen as core foundations for accelerating cloud computing and are crucial for the valuation reassessment of the internet sector [4] Investment Trends - Southbound funds have returned to aggressively purchase internet leaders, with Alibaba, Tencent, and Meituan being the top three net buyers [5] - As of September 11, Alibaba has seen net purchases from southbound funds for 15 consecutive trading days, totaling over 37.1 billion HKD [5] - Analysts suggest that the internet sector's leading companies are poised to benefit from the AI industry's growth [5] ETF Performance - The Hong Kong Internet ETF (513770) has shown strong performance, with a cumulative net inflow of 2.792 billion yuan over the past 20 days [5] - The ETF's underlying index has outperformed the Hang Seng Tech Index by over 10 percentage points in terms of cumulative returns [8] - The ETF's latest scale has surpassed 10 billion yuan, achieving a historical high, with an average daily trading volume of nearly 600 million yuan [9]

Group 1 - The food and beverage sector experienced a pullback on September 12, with the Food ETF (515710) declining by 1.23% by the end of the trading day [1] - Key stocks in the sector, such as liquor and dairy products, saw significant declines, with Guizhou Moutai dropping 5.28% and Shede Liquor down 3.09% [1] - The overall market sentiment is influenced by recent consumption stimulus policies introduced in various regions, which are expected to boost domestic consumption during the Mid-Autumn Festival and National Day [3][5] Group 2 - Analysts from Dongxing Securities are optimistic about the recovery of the consumer sector in the second half of the year, particularly in the restaurant industry, driven by tourism and sports economies [3] - The Food ETF manager noted that the current low valuation of the food and beverage sector presents a good investment opportunity, with a price-to-earnings ratio of 21.52, which is at the 11.76% percentile of the past decade [4] - The white liquor sector is expected to see a recovery as multiple policies are anticipated to improve demand, especially during the upcoming holidays [5][6] Group 3 - The white liquor sector faced significant challenges in the second quarter due to policy impacts, but there are signs of recovery as consumer scenarios improve [6] - The Food ETF (515710) is strategically positioned with approximately 60% of its holdings in leading high-end and mid-range liquor stocks, and nearly 40% in other beverage and dairy segments [6]