【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].

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 在中国特色金融发展道路上，公募基金应当始终坚持金融工作的政治性和人民性，同时要具备卓越的投 资与风险管理能力，能够为投资者创造可观的长期回报，并以多元化的解决方案和持续创新能力为投资 者提供全方位的优质服务。我们要深刻理解金融服务实体经济的重大意义，准确把握《行动方案》的核 心要义，坚守"人民金融"初心，牢记金融强国使命，加快推进公募基金行业的高质量发展。 鹏扬基金坚持金融服务实体经济的根本方向，以国家的重大战略需求为导向，不断提升金融服务的质量 和效率，充分发挥金融服务的功能性作用。公司秉承受托责任的核心理念，致力于提升投资者长期回 报，不断强化投资研究与管理能力。公司在科技金融、绿色金融、普惠金融、养老金融和数字金融全面 发力，做好"五篇大文章"，以更加坚定的责任感和使命感，为建设金融强国贡献力量。 在科技金融领域，公司以科技创新助力投研核心能力建设，提升风险管理水平。公司自主研发了基于大 数据的智能投研和风控平台，激活数据要素，赋能新质生产力，将投资决策与风险管理流程深度融合， 提升资产配置决策的科学性，提高风险管理效率，确保在追求卓越投资回 ...

Group 1 - The overall performance of A-shares and Hong Kong stocks remains strong, with the Hang Seng Index surpassing the 26,000-point mark, indicating a robust upward trend [1] - A-shares have entered a period of consolidation after a rapid rise, but the current market rally is supported by policies and capital inflows, suggesting a prolonged slow bull market rather than a short-term surge [1][2] - The willingness of external funds to enter the market is strong, with the emergence of "daylight funds" indicating a shift of household savings into equity funds, validating predictions of a significant capital market influx [2] Group 2 - The current market is still in its early stages, as evidenced by the limited occurrence of "daylight funds" and the relatively low fundraising limits, indicating that investor confidence is still recovering [2] - The decline in deposit rates below 1% at major banks is driving investors to seek higher returns in the capital markets, enhancing the attractiveness of quality stocks with dividend yields exceeding bond returns [2] - The overall valuation of A-shares and Hong Kong stocks remains relatively low, increasing their appeal to investors [2] Group 3 - The current market environment is characterized by strict regulations on margin financing to prevent excessive leverage, contrasting with the rapid bull market of 2015 [3] - The balance of margin financing has reached a historical high of 2.3 trillion yuan, yet the ratio of margin financing to market capitalization remains low compared to previous peaks, indicating manageable leverage levels [3] - Investors are advised to adopt a medium to long-term perspective in this market cycle, avoiding excessive leverage to mitigate risks associated with market volatility [3] Group 4 - The U.S. stock market is at historical highs with elevated valuations, and while there are expectations for interest rate cuts by the Federal Reserve, these may not provide significant stimulus due to already high valuations [4][5] - A significant influx of foreign capital into A-shares and Hong Kong stocks has been observed, with over $10 billion entering A-shares in the first half of the year, and this trend is expected to accelerate [4] Group 5 - Recent U.S. economic data, including lower-than-expected non-farm payrolls and manageable CPI growth, supports the likelihood of multiple interest rate cuts by the Federal Reserve, which may influence global monetary policy [5] - The anticipated rate cuts are expected to support gold prices, which have recently reached new highs, reinforcing the long-term bullish outlook for gold as a hedge against dollar depreciation [5] Group 6 - Investors in Hong Kong stocks are focusing on two main areas: low-valuation high-dividend sectors for stable returns and technology growth sectors for high growth potential [6] - Low-valuation high-dividend sectors, such as banking and utilities, are expected to outperform during market corrections, while technology stocks may carry higher risks if they fail to deliver on growth expectations [6][7] - The macroeconomic outlook suggests potential for growth-stimulating policies in the fourth quarter, which could bolster consumer confidence and investment, further supporting the stock market [7]

Group 1 - The core viewpoint of the news highlights the significant growth and interest in domestic AI chip companies, particularly in the context of the ongoing geopolitical tensions and the push for self-sufficiency in technology [3][4][5] - The domestic AI industry is experiencing a surge, with the Sci-Tech Innovation Artificial Intelligence ETF (589520) showing a notable increase of 3.78% during trading, indicating strong market interest and activity [1][5] - Key stocks in the ETF, such as Chip Origin Technology and Cambricon, have seen substantial gains, with Chip Origin hitting a daily limit up and Cambricon rising over 8% [1][4] Group 2 - Alibaba and Baidu have begun using self-designed chips for training their AI models, reducing reliance on NVIDIA chips, which reflects a strategic shift towards cost control and performance optimization [3] - The urgency for domestic chip alternatives is increasing due to U.S. restrictions on advanced chip exports to China, emphasizing the importance of supply chain security and the need for independent chip design and production [3][4] - The domestic AI chip sector has shown promising results in training and inference, supported by favorable policies, indicating a potential for large-scale deployment and growth opportunities in the industry [3][4] Group 3 - The Sci-Tech Innovation Artificial Intelligence ETF is positioned to benefit from the current market dynamics, with a focus on companies that are leaders in their respective segments of the AI industry [5][6] - The ETF's structure allows for lower entry barriers for investors, with a high concentration in semiconductor stocks, which constitute over 54.1% of the top holdings [5][6] - The ETF's performance is bolstered by recent positive developments in the industry, including significant order growth for companies like Chip Origin Technology, which reported a record high of 30.25 billion yuan in orders [4][5]

另一方面，在芯片定制服务方面，拥有RISC-V CPU IP将使芯原股份能够更好地满足客户对于不同架构 芯片的需求，尤其是在那些对成本、功耗和灵活性有较高要求的领域，RISC-V架构的优势将得到充分 发挥。 平安证券指出，在美国限制先进芯片出口中国，以及打压国产算力芯片、国产大模型的行业大背景下， 国产算力替代的紧迫性持续提升。中长期看，芯片安全的问题将持续受到政治博弈的扰动，我国独立设 计、流片再到量产高端AI芯片是大势所趋。国产算力芯片在Al训练、推理中已取得良好效果，叠加政 策层面的支持，国产算力有望获得大规模部署应用，相关产业链迎来发展机遇。 今日（9月12日）国产AI强势冲锋！重点布局国产AI产业链的科创人工智能ETF（589520）场内涨幅盘 中上探3.78%，现涨2.8%，冲击日线3连阳！值得关注的是，该ETF场内宽幅溢价，买盘资金强势！ 成份股方面，寒武纪午后涨超9%，股价突破1520元，反超贵州茅台，重夺"股王"宝座。芯原股份20CM 涨停封板，云天励飞涨超3%，复旦微电、芯海科技等个股跟涨。 | | | 分時 多日 1分 5分 15分 30分 60分 日 周 月 更多 | | | | | ...