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]

Core Viewpoint - The domestic AI industry is experiencing a strong upward trend, driven by significant developments in chip technology and strategic partnerships, leading to increased investment opportunities in the sector [1][4]. Group 1: Market Performance - The domestic AI-focused ETF (589520) saw a peak intraday increase of 3.78% and closed with a gain of 2.47%, marking three consecutive days of gains [1]. - The total trading volume for the ETF reached 63.51 million yuan, indicating active trading [1]. - Key stocks within the ETF, such as Chip Origin Technology, reached a daily limit increase, while Cambricon Technologies rose over 7%, leading the A-share trading list with a total transaction volume of 28.695 billion yuan [1]. Group 2: Industry Developments - OpenAI signed a massive cloud computing contract worth up to 300 billion dollars with Oracle, marking a significant milestone in global AI computing demand [3]. - Alibaba and Baidu are reportedly using self-designed chips to train their AI models, partially replacing NVIDIA's chips [3]. - Chip Origin Technology announced plans to acquire 97% of Chip Lai Semiconductor Technology, aiming to enhance its ASIC competitiveness and fill gaps in RISC-V CPU IP [3]. Group 3: Policy and Strategic Insights - The AI sector is expected to benefit from favorable policies, with AI becoming a leading sector in the current market environment [4]. - The importance of information and industrial security has increased amid technological friction, emphasizing the need for self-controlled AI technologies [4]. - The ETF's structure allows for low-threshold investment and high efficiency during market surges, with over 70% of its top ten holdings concentrated in the semiconductor sector [5].

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。 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，光模块公司值得重估至20倍以上市盈率。 此外，高盛8月底也上调了中际旭创和新易盛目标价。 国盛证券也指出，海外AI算力领域的大额订单与强劲需求表明，光模块行业的基本面依然稳固，AI驱 动的算力扩张周期远未结束。短期市场的情绪化调整反而为投资者提供了更优质的配置时机，中长期依 旧坚定看好 ...

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！ ...

投资中国就是投资未来。9月8日-11日，由中国商务部主办的的第二十五届中国国际投资贸易洽谈会在 厦门圆满举行。作为全球最具影响力的国际投资盛会之一，本届投洽会以"携手中国，投资未来"为年度 主题，聚焦"投资中国""中国投资""国际投资"三大板块，发挥高水平开放平台作用。作为资产管理行业 领军者，博时基金受邀参会，向来自各个国家的与会嘉宾展现中国资管机构的开放实力与创新实践。 国际业务：构建千亿级跨境资管枢纽 随着我国对外开放进程加深，叠加一众企业屹立于世界企业之林，投洽会成为全球共享的国际公共投资 平台。今年以来，外有关税战扰动之下的国际环境之变，内有产业转型升级的高质量发展需求，作为全 球开放合作的"金钥匙"，投洽会在促进国内国际双循环、内外贸一体化发展、扩大高水平对外开放的作 用日益凸显。 面对企业出海的时代潮流，博时基金勇于争当资本市场对外开放的先行者，以稳健与创新书写国际化篇 章。 全球布局，构建四大洲战略纵深立体图谱。作为博时基金国际化战略核心平台，子公司博时国际历经十 五年发展，已形成横跨亚洲、北美、欧洲、非洲四大洲的业务网络，资产管理规模突破1000亿港元，服 务全球数十家主权重磅机构。 创新为 ...