Core Viewpoint - The Hong Kong government, led by Chief Executive John Lee, has introduced the "2025 Policy Address," which has received strong support from various regulatory bodies and institutions in Hong Kong, emphasizing measures to strengthen Hong Kong's position as a leading international financial center [2]. Group 1: Hong Kong Securities and Futures Commission (SFC) - The SFC welcomes measures in the Policy Address aimed at reinforcing Hong Kong's status as a global preferred listing venue and enhancing the stock market and listing system [4]. - Suggestions to include RMB counters and real estate investment trusts in the Stock Connect are expected to deepen ties between Hong Kong and mainland markets [4]. - The SFC highlights the importance of promoting bond issuance and establishing a commercial repurchase market to further develop the fixed income and currency markets, enhancing Hong Kong's attractiveness to global investors [4][5]. Group 2: Hong Kong Exchanges and Clearing (HKEX) - HKEX leadership expresses support for the Policy Address, noting that initiatives covering both primary and secondary markets will help sustain Hong Kong's development as an international financial center [6][7]. - The HKEX aims to enhance the diversity of financial products available in the market, including securities, fixed income, currency, commodities, and carbon markets [7]. Group 3: Hong Kong Insurance Authority - The Insurance Authority supports measures in the Policy Address that aim to enhance Hong Kong's status as an international financial center, particularly in specialized insurance and reinsurance [8][9]. - The establishment of a shipping risk pool is seen as a way to create new opportunities and improve resilience against emergencies [9]. Group 4: Hong Kong Chinese Fund Industry Association - The Association praises the Policy Address for its focus on strengthening the stock market and developing a leading bond market, which will attract global capital to Hong Kong [10]. - Proposals to shorten the stock settlement cycle to "T+1" and facilitate the return of Chinese concept stocks are expected to broaden investment channels for Chinese funds [11]. Group 5: Hong Kong Cyberport - Cyberport welcomes the Policy Address's emphasis on advancing artificial intelligence (AI) and data industries, aiming to position Hong Kong as an international hub for these sectors [12][13]. - Cyberport plans to support the development of an AI ecosystem and attract innovative enterprises to enhance Hong Kong's status as a technology center [13]. Group 6: Hong Kong Financial Development Council - The Financial Development Council supports the Policy Address's initiatives aimed at enhancing the competitiveness of Hong Kong's financial markets, including the promotion of reinsurance and the inclusion of real estate investment trusts in the connectivity mechanism [14]. Group 7: Hong Kong University of Science and Technology - The University expresses encouragement regarding the Policy Address's focus on AI development and plans to establish an AI research institute by 2026 [15][16]. - The University aims to collaborate with the government to enhance AI education and contribute to the development of the AI ecosystem [16].

Core Viewpoint - The stock ETF market in China has seen significant net inflows, with a total of 95 billion yuan on September 17, contributing to an overall inflow of over 400 billion yuan in September, indicating strong investor interest in various sectors [2][5][9]. Summary by Sections Market Performance - On September 17, all three major A-share indices rose, with the Shenzhen Component Index and the ChiNext Index reaching new highs, and total trading volume across the two markets was 2.38 trillion yuan [2]. ETF Fund Flows - The stock ETF market experienced a net inflow of 95 billion yuan on September 17, with 55 ETFs seeing net inflows exceeding 1 billion yuan. The top three ETFs by net inflow were the Guotai Securities ETF, E Fund Robotics ETF, and the Fuguo Hong Kong Internet ETF, each with inflows over 6.5 billion yuan [5][6]. - Inflows were particularly strong in sectors such as securities (19.9 billion yuan), robotics (19.0 billion yuan), and Hong Kong internet (12.7 billion yuan) [5][6]. ETF Size and Composition - As of September 17, the total size of the stock ETF market (including cross-border ETFs) reached 4.42 trillion yuan, with 1,209 ETFs in total [4]. Outflows from Specific ETFs - Despite the overall inflow, 15 ETFs experienced net outflows exceeding 1 billion yuan, with the Sci-Tech 50 ETF and the CSI A500 ETF among the most affected, losing nearly 10 billion yuan and 5 billion yuan respectively [9][11]. Fund Manager Insights - Fund managers from E Fund and Galaxy Fund expressed optimism about the domestic economic recovery and the potential for long-term investment value in A-shares and Hong Kong stocks, driven by supportive industrial policies and increased R&D investment [10].

【导读】电子、汽车板块狂掀涨停潮，工业富联午前涨停 中国基金报记者 晨曦 大家好！来一起关注上午的市场行情和最新资讯～ 9 月 18 日， A 股市场震荡走高，上证指数盘中逼近 3900 点。截至午间收盘，上证指数涨 0.45% ，深证成指涨 0.79% ，创业板指涨 0.49% 。 科创 50 指数盘中涨超 4.6% ，截至午间收盘涨 3.4% 。 | W | | | 科创50(000688) | | | | --- | --- | --- | --- | --- | --- | | | | | 09-18 11:30:03 | | | | 1417.05 | | 昨收 | 1370.43 | 成交额 829.64亿 | | | +46.62 | +3.40% | 今开 | 1385.50 | 成交量 9.63亿 | | | 上涨 | 496 | 平盘 | 3 | 下跌 | 90 | | 最高价 | 1433.57 | 市盈率 | 183.4 | 23.31% 近20日 | | | 最低价 | 1377.66 | 市净率 | 6.50 | 今年来 43.29% | | | સ્ત્રે | 五日 | 日K ...

| 最高: 29.23 | 今开:26.79 | 涨停:29.23 | 成交量: 60.08万手 | | --- | --- | --- | --- | | 最低:26.79 | 昨收:24.36 | 跌停: 19.49 | 成交额：16.84亿 | | 换手: 31.75% | 盘后量： -- | 量比： 6.45 | 总市值: 68.32亿 | | 振幅:10.02% | 盘后额:一 | 委比:100.00% | 流通值: 55.32亿 | | 市盈率(动)：亏损 | 市盈率(TTM): 亏损 | 每股收益: -0.19 | 股息(TTM): 0.05 | | 市盈率(静): 964.99 | 市净率：8.60 | 每股净资产:3.40 | 股息率(TTM): 0.17% | | 总股本：2.34亿 | 52周最高: 29.23 | 质押率:0.09% | 盈利情况:已盈利 | | 流通股：1.89亿 | 52周最低: 9.17 | 商誉/净资产:0.39% | 投票权:无差异 | | 注册制:是 | VIE架构: 否 | 货币单位: CNY | | 中国基金报 晨曦 9 月 18 日上午，华为昇腾概念股 ...

从板块来看，半导体板块震荡走强，汽车及汽车零部件板块走强，餐饮、零售、机器人等板 块表现活跃，而贵金属、多元金融、稀土等板块跌幅居前。 | Wind热门概念指数 | Wind中国行业指数 | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | GPU | 餐饮旅游 | 服务器 | 央企汽车 | 先进封装 | ASIC芯片 | 电脑硬件 | 半导体 | 摩托车 | 发电设备 | 2.84% | 2.13% | 2.02% | 1.18% | 2.13% | 2.10% | 2.68% | 1.97% | 1.88% | 1.19% | | 宇树机器人 | 海南自贸港 | 国家大基金 | 米号体 | 模拟芯片 | 汽车零部件 | 林木 | 工业机械 | 造纸 | 零售 | 1.53% | 1.52% | 1.12% | 0.72% | 0.70% | ...

电影《731》9月18日上映，根据猫眼专业平台数据，截至早上九点十二分，今日票房已超1.33亿元， 成为中国内地影史单片单日总场次冠军、中国内地影史首映日总场次冠军。 来源：第一财经 ...

货币政策委员会在声明中指出，受美国的经济政策和经济前景影响，全球环境仍然不确定。 因此，不同资产类别的行为和波动性受到影响，改变了全球金融状况。在地缘政治紧张局势 加剧的情况下，新兴市场经济体需要特别谨慎。 货币政策委员会认为，当前形势仍呈现预期动荡、通胀高于预期、经济活动韧性强劲及劳动 力市场承压等特征。为确保通胀在预期不稳定的环境下回归目标水平，需要在相当长一段时 间内实施显著紧缩的货币政策。因此，货币政策委员会决定暂停加息周期，将基准利率维持 在 15% 。 另外，声明提及，委员会继续关注美国对巴西征收关税的公告，以及国内财政政策的发展如 何影响货币政策和金融资产，从而在不确定性加剧的情况下加强其谨慎立场。 【导读】巴西央行连续 " 按兵不动 " ，维持基准利率 15% 不变 中国基金报记者 晨曦 一起关注海外央行最新动态。 当地时间 9 月 17 日，巴西中央银行货币政策委员会（ Copom ）宣布，将基准利率（ Selic ）维持在 15% 不变。此次维持基准利率不变的决定，获得了委员会成员的一致通过。 巴西央行此次维持基准利率不变，符合市场预期。对经济学家开展的调查显示，市场预期利 率将维持稳定至 ...

【导读】港股大涨，基金公司解读投资机会 中国基金报记者 张燕北 孙晓辉 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。 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？ 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。虽然前期上涨带来估值修复，但港股仍有一定吸引力 ...

【导读】香港金管局将基准利率下调 25 个基点至 4.50% 中国基金报记者 李智 9 月 18 日，香港金融管理局（以下简称香港金管局）将基准利率下调 25 个基点至 4.50% 。 香港金管局宣布降息 25 个基点 9 月 18 日，香港金管局将基准利率下调 25 个基点至 4.50% ，即时生效。 香港金管局表示，基本利率是用作计算经贴现窗进行回购交易时适用的贴现率的基础利率。 目前基本利率定于当前的美国联邦基金利率目标区间的下限加 50 基点，或隔夜及 1 个月香 港银行同业拆息的 5 天移动平均数的平均值，以较高者为准。 因应美国于 9 月 17 日（美国时间）调低联邦基金利率的目标区间 25 基点，当前的美国联 邦基金利率目标区间的下限加 50 基点是 4.5% ，而隔夜及 1 个月香港银行同业拆息的 5 天 移动平均数的平均值是 2.94% ，所以根据预设公式，基本利率设定于 4.5% 。 值得注意的是，这也是香港金管局今年以来首次降息。 | | 期末數字 | | | | | (年率) | | --- | --- | --- | --- | --- | --- | --- | | | | Liq ...

【导读】美联储如期降息 25 个基点，白宫官员呼吁应降息 50 个基点！中概股大涨！ 中国基金报记者 郭玟君 大家早上好！昨夜今晨，又有很多大事发生。 美国三大股指涨跌不一。美联储如期降息 25 个基点，白宫呼吁应降息 50 个基点！中概股大 涨！美债收益率集体上涨。 美联储降息靴子落地，白宫不满！ 备受关注的美联储联邦公开市场委员会（以下简称 FOMC ）议息会议，以 11 比 1 的投票结 果，将基准下调了 25 个基点，将隔夜资金利率目标区间降至 4.00% ～ 4.25% 。但白宫贸 易顾问纳瓦罗呼吁美联储应降息 50 个基点，并称当前利率至少高出 100 个基点。 备受关注的点阵图显示， 2025 年大多数点集中在 3.5% ～ 4.0% 附近，明显低于当前利率 水平，说明美联储官员们目前的中位预期是 2025 年还有两次各 25 个基点的降息。 不出意外，点阵图上也出现了刺眼的 " 白宫降息呼声 " 。毫无疑问，点阵图上最突兀的那个 点有极大概率来自新任理事斯蒂芬 · 米兰（ Stephen Miran ）。按照他的预期， 9 月降息 后，美联储应该在年内再额外进行至少 100 个基点的降息。 点 ...