MACD金叉信号形成，这些股涨势不错！ "在当前市场环境下，多元化的资产配置策略日益成为共识。随着权益市场表现向好，以及债市利率中 枢持续下行，'固收+'基金或将持续处于相对有利的投资环境中。"张棪指出。 张棪表示，当前股债两市皆有布局机会。股市方面，2025年上半年我国GDP同比增长5.3%，超出设定 的全年目标，宏观经济显著回暖，加之"反内卷"、"扩内需"等政策持续推进、资本活水涌入市场，股市 具备一定支撑。债市方面，国内经济正向高质量发展转型，在适度宽松货币政策基调下，利率中枢确定 性下行，债"牛"逻辑仍未改变，债市依然存在较好配置机会。 他认为，近年来债市利率中枢趋势性下行，目前10年期国债收益率已进入"1时代"。在此背景下，"固收 +"基金在相对稳健的固收类资产筑底的基础上，因能配置一定比例的权益资产，有机会博取更为可观 的收益，其配置价值进一步凸显。 今年7月，居民存款减少1.11万亿元，而非银存款新增2.14万亿元。明显的资金迁徙趋势，是低利率环境 下投资者寻求更高收益的体现。 "固收+"基金凭借多元配置优势，正成为稳健理财投资的新宠。据中信证券统计，今年以来该类产品规 模稳步增长，截至二季度末 ...

Group 1 - The A-share market has experienced adjustments in September, reflecting a digestion of previous gains, while overall market sentiment remains positive [1] - Domestic "anti-involution" policies are gaining traction, leading to a recovery in resident risk appetite and a shift in capital allocation from deposit markets to capital markets [1] - The expectation of interest rate cuts by the Federal Reserve is increasing, suggesting a continuation of global liquidity easing [1] Group 2 - Investment opportunities to focus on include technology stocks with high earnings visibility and acceptable valuations in the overseas computing power sector, such as optical modules, PCBs, and liquid cooling [1] - Resource stocks, including gold, copper, and aluminum, present investment opportunities due to the anticipated weakening of the dollar following the Fed's rate cut expectations [1] - Dividend stocks and innovative pharmaceuticals that have been stagnant since August are also seen as having potential opportunities after recent adjustments [1]

记者从渠道处获悉，科创债ETF天弘（159111）已于今日结募，认购资金超29亿元，募集期为1天。资 金的踊跃认购，再次凸显了机构对债券ETF产品的青睐。 机构人士指出，科创债ETF的稀缺性以及填补债券投资工具上的空白领域，成为该类产品火爆销售背后 的核心因素。尤其是未来若公募赎回费率出现变动增加债基短期持有成本，则债券ETF类产品优势将更 加突出。 据了解，科创债ETF天弘（159111）具备T+0交易、0.2%最低档费率、高信用资质投资标的、高投资性 价比等多重特点。其跟踪指数为中证AAA科创债，该指数成分券主体评级AAA，隐含评级AA+及以 上；成分券中99%为央国企发行，央企占比超50%，单只个券权重不足1%，信用风险与集中度风险双重 可控。 收益表现上，Wind数据显示，截至2025年8月29日，该指数自2022年6月底以来年化收益率为4.37%，年 化波动率仅1.05%，最大回撤仅-1.41%，夏普比率达2.42。 市场有风险，投资需谨慎，观点仅供参考，不构成投资意见。指数基金存在跟踪误差。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：江钰涵 ...

注：场内T+0为交易所交易机制 风险提示：基金有风险，投资需谨慎。如需购买相关基金产品，请您关注投资者适当性管理相关规定， 提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。基金的过往 业绩并不预示其未来表现，基金管理人管理的其他基金的业绩并不构成基金业绩表现的保证。基金投资 需注意投资风险，请仔细阅读基金合同、基金招募说明书和产品资料概要等法律文件，了解基金的具体 情况。本基金可投资于境外证券市场，除需承担与境内证券投资基金类似的市场波动风险等一般投资风 险，还将面临汇率风险、境外证券市场风险等特殊投资风险。指数由恒生指数公司编制并发布，其所有 权归属恒生指数公司。恒生指数公司将采取一切必要措施以确保指数的准确性，但不对此作任何保证， 亦不因指数的任何错误对任何人负责。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 经过近日的回调整理，今日受政策面利好消息的催化，创新药板块整体回暖，相关产品恒生创新药ETF （520500）交投活跃。据悉2025年9月12日国家药监局发布实施《关于优化创新药临床试验审评审批有 关事项的公告》，增设创新药临床试验审评审批3 ...

【博时市场点评9月12日】沪深两市调整，创业板跌1.09% 每日观点 今日沪深三大指数温和调整，创业板跌1.09%，两市成交放量至2.54万亿。昨日两融余额继续放量近150 亿，杠杆资金突破前高后维持流入。美国公布8月最新通胀数据。其中CPI同比上升2.9%，环比上升 0.4%，环比增速超市场预期；核心CPI同比上升3.1%，环比上升0.3%。CPI同比与核心CPI均高于历史季 节性，8月的通胀环比走高与部分关税豁免到期有关，分项来看，食品和能源价格导致整体CPI走高， 关税影响在继续传导，但通胀数据暂时不影响美联储通过降息应对就业偏弱，目前市场预期美联储9月 降息25个基点的概率超九成，预期今年降息3次。当前通胀及就业数据引导的市场预期是对于美国经济 浅衰退的预防式降息，或将推动美国制造业企稳并周期向上，但幅度取决于降息的力度。 消息面 国务院日前印发《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》，同意自即日起2 年内开展北京城市副中心、苏南重点城市、杭甬温、合肥都市圈、福厦泉、郑州市、长株潭、粤港澳大 湾区内地九市、重庆市、成都市等10个要素市场化配置综合改革试点。 简评：深化要素市场化配置 ...

Core Viewpoint - The article discusses the high-quality development of public funds in Beijing, emphasizing the new era, new funds, and new values in the investment landscape [1] Group 1: Industry Insights - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [1]

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 责任编辑：石秀珍 SF183 ...

Core Viewpoint - The article discusses the high-quality development of public funds in Beijing, emphasizing the new era, new funds, and new values in the investment landscape [1] Group 1: Industry Insights - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [1]

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 2025年5月7日，中国证监会发布了《推动公募基金高质量发展行动方案》（以下简称"行动方案"），其 中核心措施之一是督促基金公司全面实施长周期考核机制。该方案明确要求基金公司三年以上中长期收 益考核权重不低于80%，基金业绩指标权重不低于50%，标志着公募基金行业考核体系将迎来重大变 革。 行业影响：多方面重塑生态格局 对基金经理而言，长周期考核将显著改变投资决策模式。以前基金经理每个季度都要面临排名压力，现 在可以更从容地贯彻其投资理念，这将有助于更好地把握优质企业的长期成长价值。 对基金公司而言，也正在加快调整产品线，更多注重布局适合长期持有的产品类型。指数增强型基金、 养老目标基金等产品受到重点关注。此外，符合新质生产力等国家战略方向的行业主题基金也成为布局 重点。长周期考核下，基金公司也会更加注重投资者陪伴和服务，帮助投资者树立长期投资理念。 展望未来：高质量发展新征程 随着长周期考核政策的落地实施，公募基金行业将迎来深刻变革。业内普遍认为，这将推动行业进一步 回归本源，聚焦投资管理能力建设，更好地发挥机构投资者作用，服务实体经济高质量发展 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation aimed at reforming the sales fee structure of public funds, marking the third phase of fee rate reform in the industry, which is expected to significantly lower investor costs and shift the focus back to fiduciary responsibilities [1][8]. Group 1: Fee Rate Adjustments - The maximum subscription and redemption fee rates for equity, mixed, and bond funds will be reduced to 0.8%, 0.5%, and 0.3% respectively, representing a decrease of 33%-67% from current standards [2]. - The redemption fee structure will be simplified from four tiers to three, with rates set at 1.5%, 1%, and 0.5% for holding periods of 7 days, 30 days, and 6 months, respectively, encouraging long-term investment [3]. Group 2: Sales Service Fee Regulations - The maximum sales service fee rates for different fund types will be reduced to 0.4% per year for equity and mixed funds, 0.2% for index funds, and 0.15% for money market funds, with no service fees for holdings over one year [4]. - Fund managers are prohibited from treating different investors unfairly by setting exclusive share classes or differential fee rates, promoting a more equitable sales environment [4]. Group 3: Client Maintenance Fee Adjustments - The client maintenance fee for individual investors will remain capped at 50%, while for institutional investors, it will be reduced from 30% to 15% for non-equity funds, encouraging a focus on equity investments [5]. Group 4: Prohibition of Double Charging and Interest Transfer - Fund managers must allocate all interest generated from fund sales settlement funds to the fund property, with sales institutions required to credit interest at no less than the benchmark interest rate set by the People's Bank of China [6]. Group 5: Establishment of Direct Sales Platforms - A unified direct sales service platform for institutional investors will be launched to reduce operational costs and enhance investment efficiency, transitioning the industry focus from channel-driven to product and service-driven [7][8]. - The implementation of the new sales fee management regulation is projected to save investors approximately 30 billion yuan annually, with cumulative savings exceeding 50 billion yuan over three phases of reform [8].