Core Viewpoint - The Federal Reserve has lowered interest rates by 25 basis points, leading to a re-evaluation of the "subsequent easing pace" in the market. The Hong Kong stock market has shown volatility, with the Hang Seng Index and Hang Seng Tech Index experiencing fluctuations, while major tech stocks have displayed mixed performance [1][3]. Group 1: Market Performance - The Hong Kong stock market experienced a volatile session, with the Hang Seng Index and Hang Seng Tech Index initially rising, but later closing lower. The Hang Seng Tech Index briefly surpassed 27,000 points before retreating [1]. - Major tech stocks such as Tencent Holdings and Kuaishou saw declines of over 2%, while Bilibili dropped more than 3%. In contrast, Meituan managed to close in the green [1]. - The Hong Kong Internet ETF (513770), a key tool for AI investments, reached a historical high before closing down 2.15%, with a trading volume of 1.264 billion yuan, indicating significant market activity [1]. Group 2: Investment Insights - Huatai Securities suggests that the Hong Kong stock market does not need to fear high valuations, as it has transformed compared to the past. The market is expected to benefit from abundant liquidity, potentially leading to a new round of increases [3]. - In the medium to long term, improvements in supply-demand dynamics and economic stabilization may signal a turning point for demand and corporate earnings [3]. - The AI narrative is gaining traction, with Alibaba's PPU chip reportedly matching NVIDIA's H20 chip in key parameters, and Tencent announcing the opening of its AI technology through Tencent Cloud [3][4]. Group 3: Capital Flows - Southbound capital has been a significant driver of the AI market in Hong Kong, with Alibaba receiving a net inflow of 54.89 billion yuan over 19 consecutive trading days [4]. - The Hong Kong Internet ETF (513770) and its related funds heavily invest in leading tech stocks, with Tencent and Alibaba being the top two holdings, accounting for 15.61% and 13.37% of the index, respectively [4]. Group 4: Performance Metrics - The Hong Kong Internet ETF (513770) has outperformed the Hang Seng Tech Index by over 15 percentage points in terms of cumulative returns this year, highlighting its strong performance [5]. - The price-to-earnings (P/E) ratio of the Hong Kong Internet ETF stands at 25.25, significantly lower than that of both U.S. and A-share tech stocks, indicating a favorable valuation [6]. - The ETF's total assets have surpassed 11 billion yuan, reaching a historical high, with an average daily trading volume of nearly 600 million yuan, reflecting strong liquidity [6].

| | (2025-01-02日) - 4 2025-09-09日) (170日) | | | --- | --- | --- | | 涨跌幅 | 120.19% 年化收益率 | 219.24% | | 行业对比 2 | - 最大回散 2 | -29.27% | | 涨跌 | 1602.84 开盘价 | 1332.85 | | 收盘价 | 2936.42 最高价 | 2986.61 | | 均价 | 1936.32 最低价 | 1230.69 | | 振 幅 | 131.67% 阳 线 | | | 成交额 | 2.24万亿 阴 线 | 77 | | 成交量 | 1559.30亿 平线 | 0 | | 区间换手 | 179.30% 最大量 | 21.21亿 | | 日均换手 | 1.05% 最小量 | 1.06亿 | 近期调整是什么原因？见顶信号，还是"倒车接人"？ 港股通创新药ETF（520880）基金经理丰晨成最新 解读来了！ 近两周时间，创新药板块接连调整，截至9月18日，创新药含量100%的港股通创新药ETF（520880）近 9个交易日中，仅有1日微涨0.15%报收。 1、创新药缘何涨势暂歇？ 近期生 ...

Group 1: Market Performance - The food and beverage sector experienced a significant pullback on September 18, with the Food ETF (515710) dropping over 2% during intraday trading before closing down 1.41% [1] - Major liquor stocks, including Shede Liquor, Yanghe Brewery, and Luzhou Laojiao, saw declines exceeding 2%, while leading brands like Kweichow Moutai and Wuliangye fell over 1% [1] Group 2: Investment Trends - Despite the recent pullback, there has been a notable influx of capital into the food and beverage sector, with the Food ETF (515710) recording a net subscription of 24.1 million CNY over the past five trading days [1] - The food and beverage sector is currently viewed as having a favorable valuation, with the Food ETF's underlying index PE ratio at 21.12, placing it at a low point historically [4] Group 3: Industry Outlook - Kweichow Moutai ranked third in the Kantar BrandZ Most Valuable Chinese Brands 2025 list, with a brand value of 80.023 billion USD, marking its sixth consecutive year in the top three [3] - Analysts suggest that as policy pressures ease, there is potential for a weak recovery in demand for liquor, particularly with the upcoming holiday season expected to improve sales [3][6] - The liquor industry is seen as being at a low valuation point, with expectations for gradual improvement in fundamentals as the market stabilizes [4][6]

作为行情旗手，金融科技成为市场博弈的主要阵地，分析来看，资金越跌越买或有两大重要驱动。 周四（9月18日），A股午后"变脸"突发放量跳水，大金融压盘引发市场关注。兼具"金融+科技"属性的 金融科技板块下挫逾3%，成份股大面积飘绿。其中，大智慧尾盘逼近跌停，收盘仍大跌8.83%，银之 杰、指南针同样跌超8%，财富趋势、同花顺、东方财富、金证股份等多股跌超4%。 热门ETF方面，同类规模超百亿、流动性断层第一的金融科技ETF（159851）午后跌幅扩大，场内收跌 3.4%失守两根均线，全天小幅缩量成交16.83亿元。资金继续布局金融科技板块，159851单日再获净申 购2.77亿份，此前两日已累计吸金超6亿元。 东吴证券认为，伴随政策发力、经济企稳、券商数字化转型需求持续加速，金融科技市场逐步进入上行 通道。中短期来看，资本市场的活跃度仍然是最大的支撑因素，看好政策的持续性及政策落地效果。长 期来看，宏观环境的稳中向好，以及资本市场改革深化将推动证券科技及券商IT行业ROE中枢稳步抬 升，板块长期投资价值逐渐凸显。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、 ...

9月18日，A股冲高回落，早盘三大指数均创阶段新高，沪指一度兵临3900点。然而午后风云突变，三 大指数集体跳水跌逾1%，创指日内振幅近4%，全天超4300股下跌。市场成交时隔15个交易日再度突破 3万亿，达3.17万亿元，环比放量三成。 "牛市双旗手"首当其冲，300亿顶流券商ETF（512000）、百亿金融科技ETF（159851）场内分别下跌 2.97%、3.4%。不过盘中持续高频溢价，低吸资金涌动。近期两只核心标的资金面尤为火爆，512000连 续15日吸金合计52亿元，159851近两日狂揽6.32亿元后，今日再获2.77亿份净申购。 变局之中，硬科技仍站稳脚跟，相关宽基双创龙头ETF（588330）续刷4年新高！芯片自主可控逻辑持 续演绎，中芯国际再创历史新高，一键双拼"芯片+果链"的电子ETF（515260）盘中冲击5%迭创新高， 场内逆市收涨2.77%！资金提前埋伏，近5日大举"扫货"逾2.48亿元。 | | 序号 代码 - 类型 名称 | | 现价 | | 振幅 | 滑折率 | 成交额 | | --- | --- | --- | --- | --- | --- | --- | --- | | ...

消息面上，电子板块利好迭出，目不暇接： 1、华为全联接大会2025召开 9月18日，华为全联接大会在上海举办，聚焦ICT、云计算、人工智能等领域技术进展。华为披露了接 下来三年的昇腾芯片规划和演进方向。与此同时，基于中国可获得的芯片制造工艺，华为还打造"超节 点+集群"解决方案，以满足市场对算力芯片的需求。 今日（9月18日）电子板块领涨两市，覆盖半导体+苹果产业链的电子ETF（515260）场内价格一度飙涨 超4.6%，最终逆市收涨2.77%，继续刷新上市以来的高点！上交所数据显示，电子ETF（515260）近5日 累计吸金2.48亿元，反映资金看好板块后市，提前进场布局！ 成份股方面，中微公司领涨超11%，闻泰科技、瑞芯微盘中触板，后分别收涨9.6%、7.29%，拓荆科 技、沪电股份、大华股份涨超6%。值得关注的是，中芯国际、海光信息、北方华创、工业富联等个股 齐创历史新高。 | 全部股票 | Wind概念板块 | Wind主题行业 | 申万-级行业 | 申万二级行业 | | | | --- | --- | --- | --- | --- | --- | --- | | 44883 | 名称 | 涨跌幅 ...

Core Viewpoint - The recent market volatility has led to a collective decline of over 1% in the three major stock indices, with the Hongli Low Volatility ETF (512890) experiencing a drop of 1.87% but maintaining long-term net inflows, indicating investor confidence in the strategy [1][3][6]. Group 1: ETF Performance - The Hongli Low Volatility ETF (512890) closed at 1.153 yuan, with a trading volume of 6.68 billion yuan and a turnover rate of 3.32% [1][2]. - Over the past 60 trading days, the ETF has seen a net inflow of 1.79 billion yuan, reflecting a long-term positive sentiment among investors despite short-term fluctuations [1][3]. - The ETF has maintained strong liquidity, with a cumulative trading amount of 90.42 billion yuan over the last 20 trading days, averaging 4.52 billion yuan per day [2]. Group 2: Fund Flow Dynamics - Recent fund flow data indicates a mixed trend, with short-term outflows of 1.2 billion yuan over the last 5 trading days, while long-term inflows of 1.79 billion yuan over 60 trading days suggest strategic positioning by investors [3][6]. - As of September 16, the ETF's circulating scale was 20.293 billion yuan, ranking it among the top in its category, showcasing market recognition of the low volatility strategy [3]. Group 3: Holdings and Market Sentiment - The top ten holdings of the Hongli Low Volatility ETF include major banks and infrastructure companies, all of which have experienced varying degrees of adjustment recently [4][5]. - Goldman Sachs has maintained an overweight rating on A-shares and H-shares, advising investors to buy on dips, particularly favoring themes like shareholder returns and artificial intelligence, aligning with the ETF's focus [5][6].

尽管通胀亦有所上升，但当前美联储的政策天平更倾向于呵护就业。 本次决议投票中，仅新就职理事Miran投下反对票，其认为应降息50bp，鸽派明显。 美联储经济展望： 美联储预期本轮降息将较为有效地提振经济增长、促进就业，进一步暗示本轮"预防式降息"周期的幅 度或有限。 专题：美联储如期降息25个基点 鲍威尔坚称通胀仍处相对高位 9月美联储议息会议如期降息25bp，华安基金表示，政策天平倾向于呵护就业，点阵图指示年内仍有2次 降息。但联储主席在发布会上的表态偏鹰，导致大类资产走势反复，美元指数和美债利率走出V型，黄 金先涨后跌，美股也是下跌后有所反弹。（数据来源：Wind，截至2025/9/18） 决议声明： 美联储如期降息25BP，至4.0%-4.25%的利率区间。 强调就业的下行风险，在声明中表示"就业增长有所放缓，失业率有所抬升但仍较低"。 GDP预测上修：2025-2027年的预测均上修。 失业率预测上修：2026、2027年的预测均下修0.1%。 通胀预测基本不变：仅2026年的PCE预测上修0.2%。 鲍威尔发布会表态： 鲍威尔指出本次降息是一次"风险管理式"降息，表述整体偏鹰，未来降息决策仍取决于后 ...

专题：2025金融教育宣传周：保障金融权益 助力美好生活 基金行业在行动 保障金融权益 助力美好生活 2025年金融教育宣传周 理性投资防风险，权益保护记心间 公司最新动态 青骊投资 青骊投资提醒您- 防非防骗，维 护权益 青骊投资（上海）有限公司关于办 /\ Til, I.I 16n \r 1 MACD金叉信号形成，这些股涨势不错！ 责任编辑：郭栩彤 ...

专题：2025金融教育宣传周：保障金融权益 助力美好生活 基金行业在行动 当前洗钱手段隐蔽性越来越高，不断提升反洗钱意识，不仅是维护金融秩序的需要，更是守护个人财产 与法治安全的关键一步。随着反洗钱监管政策持续加码，体现了国家对打击洗钱犯罪的坚定决心，旨在 通过完善规章制度、强化监管执行，提升金融机构的反洗钱能力，从而更好地保障普通民众的财产安 全，维护金融秩序与社会稳定。 案例一：快递包裹里的"洗钱流水线" 山东李女士因轻信"投资导师"能助其亏损"翻身"，购买了30万元黄金寄往外地。骗子假借投资黄金的 名义，实则是将她的资金以实物方式套现。整个过程，李女士既是受害者，又是洗钱链条上的"搬运 工"。 云南王女士则被"老同学"以人情欺骗，帮忙网购了黄金寄送到指定地址。这些黄金被转卖给正规金店 套现，资金最终流入赌博平台。警方追查时，王女士的快递单竟成了"洗白"资金的关键证据。 常见洗钱套路与识别方法 尽管洗钱手法不断翻新，但其核心步骤仍可归纳为： 放置阶段，即把非法资金投入经济体系，如分批存入银行或购买贵重物品，这也是洗钱过程中犯罪者 最容易被侦查到的阶段； 离析阶段，也叫培植阶段，通过用复杂多层的金融交易（如 ...