Group 1 - The article emphasizes the importance of financial education and consumer protection in the financial sector, highlighting the upcoming Financial Education Promotion Week scheduled for September 15-21, 2025 [1] - It outlines a structured approach for investors to assess their suitability for financial services, categorized into five risk levels from R1 (lowest risk) to R5 (highest risk) [2] - The article provides a matching framework between investor risk profiles (C1 to C5) and financial service risk levels, indicating which profiles are suitable for which risk levels [2]

由天天基金独家播出的 《一周讲透AI赛道》 直播栏目已经上线！ AI产业正成为科技革命的核心驱动力！ 本期直播栏目邀请了来自 5家基金公司的行业专家分享实战经验 ， 深度解析AI技术前沿趋势、应用场 景爆发点及产业链投资逻辑。本周还有两场精彩直播，等你来看！ 扫描二维码 或 点击文末阅读原文 在天天基金APP参与直播互动，更有 指定AI赛道基金18元抵扣券、 5 0元 京东卡、盲盒、水杯等 超多好礼等你来抽~ 9月18日 周四 14:00 主题： 《AI算力仍是主线吗？后续怎么挖掘机遇？ 》 出席嘉宾：信达澳亚基金 刘小明 9月19日 周五 14:00 主题： 《透视AI产业链 把握投资新趋势 》 免责声明 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 观点均来自相关机构或公开媒体渠道，不代表天天基金的观点。天天基金不对观点的准确性 和完整性做任何保证 投资者据此操作 风险自担 市场有风险 定投有风险 投资需谨 ↓ 点击"阅读原文" 预约查看直播 还有好礼等你赢！ 分享、点赞、在看 顺手三连越 ...

Core Viewpoint - The humanoid robot industry in A-shares is experiencing a surge due to multiple factors, including the open-sourcing of models by Yushu Technology, Elon Musk's purchase of Tesla stock, and Tesla's "Macro Plan," with 2025 expected to be the year of mass production for humanoid robots [3][6]. Group 1: Industry Trends - The humanoid robot industry is anticipated to be a key development area over the next decade, with a focus on components such as sensors, lead screws, and reducers that possess significant value and barriers to entry [7]. - Recent policies aimed at equipment upgrades and economic stimulation are expected to drive the recovery of general machinery and tools [7]. Group 2: Investment Opportunities - The humanoid robot sector is seeing a rise in stock prices, with companies like Lihexing and Haoneng shares hitting the daily limit [6]. - Investment firms are highlighting three core logic points for humanoid robots: new technology focusing on cost reduction and lightweight design, the importance of application scenarios for market potential, and the division of the robot market into equipment and data/visualization segments [8]. Group 3: Key Players and Products - Key players in the humanoid robot supply chain include companies involved in actuators, body manufacturing, reducers, motors, and sensors, such as Sanhua Intelligent Control, Huichuan Technology, and Dazhong Power [4][6]. - Tesla's Optimus robot is making significant progress, with plans for technical evaluations and meetings regarding AI and production systems, indicating a positive outlook for the sector [6]. Group 4: Fund Performance - Several funds focused on the robotics sector have shown impressive returns, with the Huaan National Robot Industry Index Fund achieving a 100.54% return over the past year, and the E Fund Robot ETF Connector C showing a 96.31% return [5].

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 发飙了！ 今天，港股突然迎来大爆发！百度集团盘中一度大涨超16%，蔚来大涨近10%，美团飙升超6%，京东集团、 中芯国际、阿里巴巴等涨幅都非常大。恒生科技指数盘中大涨超3.6%，恒生指数大涨超1.4%。 分析人士认为，一方面，科技股的估值逻辑可能发生变化，不少外资今天大幅提升一些大蓝筹的评级；另一方 面，近期阿里巴巴、腾讯等上市公司利好不断。 大爆发 港股今天的表现显然超过A股，恒生科技早盘持续走强。 知名港股更是全线大涨。特别值得一提的是，阿里巴巴高开2.74%续创近4年新高，港股总市值重回3万亿港 元，盘中涨幅一度超过5%。从昨天晚上开始，关于阿里创始人马云的消息就不断刷屏。 | 序 | 代码 | 名称 | * ● | 最新 | 招聘课堂 | 涨跌 | 总量 | 现量 | 换手% | 金额 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 088860 | 自度集团-SW # | | 131.4 ...

Capital Market Developments - Hong Kong will assist mainland technology companies in financing and explore shortening the stock settlement cycle to T+1 [4] - The government aims to optimize the main board listing and issuance mechanisms for structured products, and promote more overseas companies to list in Hong Kong [4] - The Hong Kong Monetary Authority and the Securities and Futures Commission will encourage more companies to issue bonds in Hong Kong, enhancing the bond market's liquidity [4][5] Wealth Management and Investment - Hong Kong is expected to become the largest cross-border wealth management center globally, with the number of accounts for mainland investments in Hong Kong wealth products increasing from 25,000 to 110,000 [5] - The government will optimize tax incentives for funds and family offices to attract more funds to establish in Hong Kong [5] - A new capital investor entry plan will allow investments of at least HKD 30 million, with adjustments to property investment calculations [8] AI and Technological Development - The government will promote AI development across various industries to enhance social efficiency and has launched a HKD 3 billion support plan for cutting-edge technology research [6] - A European leading aviation service company is set to establish operations in Hong Kong, creating new jobs and boosting related industries [6] Healthcare and Clinical Trials - Hong Kong will attract pharmaceutical companies for clinical trials of rare disease drugs and advanced therapies, establishing a clinical trial talent training platform [7] - The government plans to set up a drug and medical device regulatory center to enhance its status as an authoritative regulatory body [7] Commodity Trading and Gold Market - The government will establish a Commodity Strategy Committee to enhance the policy design for commodity trading [10] - Initiatives to develop the gold market include expanding gold storage facilities and establishing a central clearing system for gold transactions [11][12]

Core Viewpoint - The semiconductor sector is experiencing a significant surge, driven by advancements in AI technology and favorable market conditions, leading to substantial stock price increases for key players in the industry [3][4][5]. Group 1: Market Performance - Semiconductor stocks in A-shares saw a notable rise, with companies like SMIC increasing over 10% and reaching historical highs [4]. - The semiconductor ETF also experienced a rise of over 2%, indicating strong investor interest in the sector [3]. Group 2: Key Drivers - The surge in semiconductor stocks is attributed to several factors, including positive news regarding lithography machines, which are crucial for chip manufacturing [5]. - The 2025 Tencent Global Digital Ecosystem Conference announced the company's commitment to fully open its AI capabilities, which will enhance the application of domestic chips across various industries [5]. - TrendForce reported that Western Digital plans to increase prices for all HDD products due to unprecedented demand levels, indicating a robust market for storage solutions [5]. Group 3: Industry Trends - The global semiconductor manufacturing industry is projected to grow at a compound annual growth rate (CAGR) of 7% from the end of 2024 to 2028, reaching a monthly capacity of 11.1 million wafers [7]. - Advanced process capacity is expected to grow from 850,000 wafers per month in 2024 to 1.4 million in 2028, with a CAGR of approximately 14% [7]. - The demand for advanced semiconductor technology is further driven by AI applications in personal assistants, VR/AR devices, and humanoid robots [7]. Group 4: Technological Advancements - Lithography technology remains a cornerstone for mass production in advanced processes, with ongoing improvements in resolution and efficiency through software optimization [7]. - The production of chips below 14nm relies heavily on DUV and EUV lithography machines, with increasing complexity and costs associated with multi-patterning techniques [7]. Group 5: Domestic Industry Developments - The domestic lithography machine industry is making progress due to policy support and continuous investment from national funds, with the global lithography equipment market expected to grow from $29.57 billion in 2024 to $37.81 billion by 2029, at a CAGR of 5% [8]. - By the end of 2026, China's 12-inch wafer fab capacity is projected to increase from 2.17 million wafers per month in 2023 to over 4.14 million [8]. - The ongoing development of AI is significantly boosting the demand for advanced process capacity domestically, with lithography machine costs constituting 21%-23% of total equipment investment [8].

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ "到2035年，人工智能将助力预防超过80%的慢性病；超过90%的中国家庭将拥有智能机器人；人 类将逐渐进入全息生活空间的时代。" 9月16日，华为发布智能世界2035系列报告，展望了未来十年的关键技术趋势以及这些技术对教 育、医疗、金融、制造、电力等行业带来的改变和影响。 华为预测,到2035年 9000 亿 全球Al智能体数量将达到 10 万倍 全社会算力需求提升 500倍 Al存储容量提升 通信联接数量提升 50 % 新能源发电量占比超过 华为常务董事汪涛发表了"探索未知，跃见未来"的主题演讲。汪涛表示："每一次文明的跃迁都源 自人类对未知的不断探索。这份深植于人类基因的探索精神，推动我们不断突破认知与技术的边 100倍 界，走向更加繁荣的智能文明。生成式人工智能正在以我们从未想象过的方式，重新定义未来的可 能性。因此，我们比以往任何时候都更需要前瞻的视野，更需要依靠科技的愿景与假设来指引前 路。" 在华为看来，未来十年， AGI、智能体、自动驾驶、算力 等十大关键技术，将发展成什么样子呢？ ...

Core Viewpoint - The market is betting on the Federal Reserve to restart interest rate cuts, with a 96.1% probability of a 25 basis point cut in the upcoming meeting [3][4]. Economic Data Summary - The U.S. August CPI rose by 2.9% year-on-year, matching market expectations, while core CPI also held steady at 3.1% [4][5]. - Non-farm payrolls increased by 22,000, significantly below the expected 75,000, and the unemployment rate rose to 4.3% [4][5]. Market Expectations - Experts suggest that the Federal Reserve is likely to prioritize employment data over inflation, leading to a probable 25 basis point rate cut [5][6]. - The market anticipates two to three rate cuts within the year, totaling around 50 to 75 basis points [9][10]. Long-term Projections - The Federal Reserve may enter a sustained rate-cutting cycle, potentially lowering rates by 200 basis points over the next year, bringing rates to between 2.25% and 2.5% [10][11]. - The long-term trajectory of interest rates remains uncertain due to factors such as globalization trends and fiscal deficits [10][11]. Political Influences - The political landscape is increasingly affecting the Federal Reserve's decisions, with recent appointments reflecting a mix of influences from both the Trump and Biden administrations [14][15]. - The potential for a more aggressive rate-cutting approach may arise if new political pressures are applied following recent appointments [15][16].

Core Viewpoint - The article emphasizes the importance of standardization in the securities and futures industry as a foundation for regulatory operations, risk prevention, and investor protection [2][3]. Group 1: Importance of Standardization - Standardization serves as a "yardstick" for the securities and futures industry, ensuring market order and enhancing service quality through a series of important standards covering fund sales, product operations, risk management, and information disclosure [2][3]. - The implementation of standardized service processes and information disclosure requirements allows investors to better understand the risk-return characteristics of fund products, effectively avoiding sales misguidance and protecting investors' right to know [3]. - Risk management standards provide robust support for fund companies to build comprehensive risk prevention systems, helping the industry withstand various market risks and maintain financial market stability [3]. Group 2: Promotion of Standardization - The company actively explores diverse promotional methods to ensure that standard knowledge reaches every industry practitioner and investor, utilizing online platforms such as the company website and WeChat official account for dissemination [3]. - The vitality of standards lies in their implementation, and the company integrates standardization concepts into all aspects of production, operation, and management, recognizing it as a fundamental requirement for compliance and a pathway to enhance core competitiveness and achieve sustainable development [3][4]. Group 3: Future Directions - The company has compiled a list of standards published in the past two years to facilitate industry institutions in their benchmarking and compliance efforts, aiming to promote steady progress in the fund industry along the path of standardization [4]. - Future efforts will focus on increasing the promotion and implementation of standards, innovating promotional methods, and improving benchmarking mechanisms to make standards a powerful engine driving high-quality development in the fund industry [4].

文章封面图来源于AI， 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确 性和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构 成投资建议 转引的相关观点均来自相关机构或公开媒体渠道 不代表天天基金的观点 天 国投证券研报认为，随着AI技术的迅猛发展，算力作为AI基础设施的重要组成部分，国产算力 已经实现从模型—芯片—代工等多个核心环节的突破性进展。展望未来，国内大模型应用将 加快落地，带动推理需求持续增长，同时，互联网巨头、国企、地方政府等持续加大AI投入， 为国产芯片提供了广阔市场。 华安证券策略团队认为，近期，算力股业绩强劲、估值健康，符合机构投资偏好，抱团行为 继续加深。向。 从交易拥挤度来看，兴业证券策略团队指出，当前电子+通信成交占比25.6%，基本已达到 2023年以来历轮行情的最高水平，不过，如果考虑到市值增长，计算两者的成交占比/自由 流通市值之比，当前这一指标在1.49，相比过去几轮1.7以上的极值并不极端。进一步看，用 行业内部成交额前20%个股的成交占比，计算通信和电子行业内部的拥挤度，当前这一指标 在通信行业为70%，在电子行业为68%，近期有所 ...