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1场精彩直播，等你来看！ 免责声明 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19日 周五 14:00 主题： 《透视AI产业链 把握投资新趋势 》 出席嘉宾： 南方基金 赵卓雄、小池 星金 天天基金 南方基金 x (N southern asset management 周讲透 = a Ho ST LI 逐视AI产业链 把握投资新趋势 别 金融設 方上证科创板芯片FT及联接基金经 7 2033 直播时间 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 ...

Market Overview - The market experienced a significant drop in the afternoon despite the favorable news of a 25 basis point interest rate cut by the Federal Reserve, with the Shanghai Composite Index falling over 2% at one point [4][5] - By the end of the trading day, the Shanghai Composite Index closed down 1.15%, the Shenzhen Component Index down 1.06%, and the ChiNext Index down 1.64% [5] Market Performance - A total of 1,027 stocks rose, with 64 hitting the daily limit up, while 4,350 stocks declined [6] - The total trading volume reached approximately 31.67 billion CNY, with a total of 196.27 million shares traded [7] Sector Performance - Tourism stocks showed resilience, with Yunnan Tourism and Qujiang Cultural Tourism hitting the daily limit up [8] - CPO and other computing hardware stocks were active, with Dekeli and Changfei Fiber Optics also hitting the daily limit up [10] - Semiconductor stocks saw a brief surge before retreating, with companies like Zhongwei and Saiwei Microelectronics rising over 10% [12] Reasons for Market Movement - The initial market rally was attributed to the Federal Reserve's interest rate cut, but profit-taking occurred due to previous rapid gains [16] - Abnormal trading patterns were noted, particularly in brokerage stocks, which faced significant selling pressure [16]

Core Viewpoint - The article highlights the significant advancements and investments in the artificial intelligence (AI) sector, emphasizing the unstoppable trend of AI development and its implications for various industries and the economy as a whole [9][10]. Group 1: AI Sector Developments - The AI-related sector has seen a remarkable surge, with semiconductor ETFs rising over 4% and AI-focused ETFs increasing by more than 3% [3]. - The DeepSeek-R1 model, co-authored by Liang Wenfeng, has been recognized on the cover of the prestigious journal Nature, marking a milestone as the first mainstream large language model to undergo peer review [6][7]. - Elon Musk's xAI aims to achieve Artificial General Intelligence (AGI) through its GROK 5 model, with the Colossus 2 data center projected to be the world's first G-Watt level cluster [7]. Group 2: Market Trends and Predictions - Huawei predicts that by 2035, the total computing power in society will increase by 100,000 times, with AI storage capacity demand expected to grow by 500 times by 2025 [7]. - The Chinese AI industry is projected to exceed 700 billion yuan by 2024, maintaining a growth rate of over 20% annually [9]. - The World Trade Organization forecasts that AI applications could boost global trade by nearly 40% by 2040, with trade volumes expected to increase by 34% to 37% under favorable policies [9][10]. Group 3: Domestic Semiconductor Industry - Domestic semiconductor companies like SMIC are positioned to benefit from the ongoing shift towards local AI solutions, especially in light of recent restrictions on foreign technology [8]. - The approval of funding for companies like Cambricon and the opening of CPU interconnect buses by Haiguang Information signal a clear trend towards domestic computing solutions [8].

Core Viewpoint - The article discusses the impact of the Federal Reserve's interest rate cuts on various asset classes, including equities, bonds, and commodities, highlighting potential investment opportunities and market trends. Group 1: U.S. Stock Market - On September 17, U.S. stock indices showed mixed results, with the Dow Jones Industrial Average rising by 0.57%, while the S&P 500 and Nasdaq indices fell by 0.1% and 0.33% respectively [3] - Major tech stocks experienced varied performance, with the Nasdaq China Golden Dragon Index rising by 2.85%, and individual stocks like Baidu and Xunlei seeing gains over 11% [5][7] Group 2: Federal Reserve Actions - The Federal Reserve announced a 25 basis point cut in the federal funds rate, bringing it to a target range of 4.00% to 4.25% [14][16] - The Fed's projections indicate a potential further reduction of 50 basis points by the end of the year, with expectations of additional cuts in the following years [16] Group 3: Market Reactions - In a preventive rate cut environment, U.S. equities typically exhibit three characteristics: limited downward adjustments, strong performance in interest-sensitive sectors, and sustained trading activity for about three months post-cut [17] - The article notes that gold has historically performed well following rate cuts, with an 83% success rate in the first ten trading days after a cut since 1990 [18] Group 4: Commodities and Currency - International gold and silver prices fell, with COMEX gold futures down 0.82% to $3694.6 per ounce, and silver down 2.15% to $41.995 per ounce [10][11] - Oil prices also declined slightly, with light crude oil futures dropping to $64.05 per barrel, a decrease of 0.73% [12] Group 5: Chinese Market Implications - The weakening U.S. dollar and improved global liquidity are expected to drive capital towards emerging markets, particularly in Asia, which may benefit Chinese assets [22] - The potential for further monetary easing in China could support the A-share market, with expectations of a "golden September and silver October" rally [22]

周三，在多重利好刺激下，港股迎来爆发：恒生科技指数大涨超过 4% ，一举创下近四年新 高；恒生指数收涨 1.78% ，逼近 27000 点重要关口，也创四年多新高。 科技股全线上涨，成为昨日行情的主要引擎。截至收盘，商汤、百度均涨超 15% 。阿里巴巴 涨 5.28% ，创 2021 年 10 月以来新高，市值重回 3 万亿港元。阿里巴巴、腾讯等互联网 巨头持续创阶段新高再度引发市场热议。 消息面上，除了香港特区行政长官李家超发表 2025 年《施政报告》，提及多项金融和科技 发展举措，百度、阿里巴巴等互联网公司均在前沿人工智能方向有新的进展。 港股近期涨势能否延续？美联储领衔的降息周期开启，港股是否受益？还有哪些热点值得关 注？ 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！ 港股开始表现！ 当有投资者还在感慨 " 在港股躲牛市 " 时，港股已悄然走强。 受访基金公司普遍认为，港股估值不高、中美经贸谈判顺利、美联储降息预期、国内 AI 进展 加速，以及相对于 A 股的稀缺性等因素，共同驱动港股回暖。在新一轮降息周期中，港股有 望率先受益。虽然前 ...

在金融市场不断发展成熟的当下，标准化建设已成为推动证券期货行业规范运营、防范风险、保护投资者合法权益的重要基石。作为 证监 会批准的首批独立基金销售机构 ，天天基金深刻认识到标准实施宣传对于行业发展的关键意义，积极响应上级要求，全力做好标准宣传工作， 引导行业 "知标准、学标准、用标准"，共同营造良好的标准化工作氛围。 标准先行，为基金行业发展筑牢根基 01 证券期货业标准是行业运行的 "度量衡"，是规范市场秩序、提升服务质量的制度保障。近年来，证券期货业陆续发布了一系列重要标准，这些标准涵盖 了基金销售、产品运作、风险管理、信息披露等多个关键领域，为行业机构的生产、经营和管理提供了科学指引。 从基金销售环节来看，标准化的服务流程和信息披露要求，能够让投资者更清晰地了解基金产品的风险收益特征，有效避免销售误导，切实保护投资者知 情权；在产品运作方面，标准化的投资管理和估值核算规范，有助于保障基金资产的安全运作，提升基金业绩的透明度和可比性；而风险管理相关标准， 则为基金公司构建完善的风险防控体系提供了有力支撑，助力行业抵御各类市场风险，维护金融市场稳定。可以说，标准的基础性和制度性作用，贯穿于 基金行业运营的 ...

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].

Core Viewpoint - The Hong Kong stock market has experienced a significant surge, with major tech stocks like Baidu, NIO, Meituan, and JD Group seeing substantial gains, driven by positive sentiment and upgraded ratings from foreign investors [3][4][6]. Group 1: Market Performance - The Hang Seng Technology Index rose over 3.6%, while the Hang Seng Index increased by more than 1.4%, indicating a strong performance in the tech sector [3]. - Alibaba's stock opened 2.74% higher, reaching a nearly four-year high, contributing to the overall market capitalization of Hong Kong stocks exceeding HKD 3 trillion [4]. - The year-to-date performance of the Hang Seng Index has surpassed 30%, outperforming the S&P 500's less than 20% increase [8]. Group 2: Analyst Ratings and Forecasts - Citigroup maintained a buy rating for Tencent, setting a target price of HKD 735 per share, based on a comprehensive valuation method [6]. - Goldman Sachs raised Alibaba's cloud valuation from USD 36 to USD 43 per ADS, adjusting the target price for Alibaba's stock to USD 179 for U.S. shares and HKD 174 for Hong Kong shares, while maintaining a buy rating [7]. - Credit Suisse reiterated a strong buy rating for BYD's H-shares and A-shares, with target prices of HKD 140 and RMB 140, respectively, reflecting a positive outlook on the electric vehicle market [6]. Group 3: Market Sentiment and Trends - The Hong Kong stock market is characterized by a shift in the composition of major indices, with new economy companies now making up 70% of the MSCI China Index, while traditional sectors like finance and real estate have decreased in weight [9]. - The overall market turnover rate remains at 60%-70%, lower than that of A-shares and U.S. stocks, indicating potential for growth as liquidity conditions improve [10]. - Analysts suggest that the current market environment favors a bottom-up approach to stock selection, focusing on undervalued companies as institutional investors show increased interest in Chinese assets [10].