Market Overview - A-shares experienced a strong rebound in early trading, with the ChiNext index recovering from a dip and the Sci-Tech 50 index rising over 4%, reaching a three-year high [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.7 trillion yuan, an increase of 157.4 billion yuan compared to the previous trading day [1] Sector Performance - The robotics sector continued its strong performance, with over 20 stocks hitting the daily limit, including Shoukai Co., which achieved 11 consecutive limit-ups in 12 days, and Wanxiang Qianchao, which recorded 4 consecutive limit-ups [1] - The semiconductor industry chain saw significant gains, with Tianpu Co. achieving 12 consecutive limit-ups after resuming trading, and companies like SMIC, Haiguang Information, and Northern Huachuang reaching historical highs [3] - The computing power concept stocks also showed a recovery, with Industrial Fulian hitting the daily limit and setting a new historical high [3] - In contrast, the non-ferrous metals sector experienced a collective decline, with Xiaocheng Technology suffering a significant drop [3] Index Performance - By the end of the trading session, the Shanghai Composite Index rose by 0.45%, the Shenzhen Component Index increased by 0.79%, and the ChiNext Index gained 0.49% [3]

2025.09.18 本 文字数：2301，阅读时长大约4分钟 作者 | 第一财经 后歆桐 美联储如期公布9月利率决议，降息25个基点，点阵图并暗示年内还有两次降息，完全符合市场预期。 虽然点阵图预示明年或仅降息1次，随后等到2027年再降息一次，2028年停止降息，但美联储主席鲍威 尔表示，点阵图显示为个人预测并非计划，政策未设定预设路径。 中金公司发布研报称，美联储9月降息25个基点，符合市场预期。美联储较好回应了市场的关切，但也 保持了克制。此前期待的降息50个基点并未出现，决策者对于下一步降息存在较大分歧。由于就业数据 过于疲软，预计联储或将于10月再次降息，但在这之后，通胀升温将使降息门槛越来越高，货币宽松空 间也将受限。当前美国经济的症结并非需求不足，而是成本上升。 据芝商所"美联储观察"（CME Fedwatch）分析，美联储10月维持利率不变的概率为12.3%，降息25个基 点的概率为87.7%。美联储12月维持利率不变概率为1.1%，累计降息25个基点的概率为19.0%，累计降 息50个基点的概率为79.9%。 日股再创历史新高 日经225指数18日开盘即快速拉涨，截至9点半左右，已上涨0. ...

Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut in September, aligning with market expectations, and indicated two more potential cuts by year-end [1] - The dot plot suggests only one rate cut in the following year, with further cuts not expected until 2027, but Chairman Powell emphasized that the dot plot reflects individual forecasts rather than a set plan [1] - Market analysis indicates a high probability (87.7%) of a 25 basis point cut in October, while the likelihood of maintaining rates in December is only 1.1% [1] Group 2: Japanese Stock Market Performance - The Nikkei 225 index reached a historical high, driven by gains in the real estate and technology sectors, with Resonac Holdings leading with an 11% increase [3] - Economists expect the Bank of Japan to maintain stable policy rates during its meeting, but a potential rate hike of 25 basis points is anticipated in October [3] - The resignation of Prime Minister Shinto Abe may create opportunities for the Japanese stock market if a new leader adopts more expansionary fiscal and monetary policies [3] Group 3: South Korean Stock Market Trends - The KOSPI index rose by 0.84%, nearing its historical peak, with significant contributions from major companies like SK Hynix and Hanwha Aerospace [4] - The South Korean government stated that the impact of the Federal Reserve's rate cut on Korea is limited, while monitoring trade negotiations and household debt [4] - Ongoing corporate governance and capital market reforms are contributing to the upward trend in the South Korean stock market [4] Group 4: Asian Market Overview - The MSCI Asia-Pacific index reached a four-year high, with a year-to-date increase of over 20%, outperforming the S&P 500 index [6] - Analysts from T. Rowe Price and Franklin Templeton warn that the market may be underestimating the impact of tariffs on corporate profits, which could suppress exports in the coming months [6][7] - Concerns are raised regarding the potential risks to the Asian technology sector, particularly in semiconductor industries, due to reliance on exports [7]

Market Overview - The Shanghai Composite Index rose by 0.37% to close at 3876.34 points, with a daily high of 3882.67 points. The Shenzhen Component Index increased by 1.16% to 13215.46 points, reaching a peak of 13226.2 points. The ChiNext Index saw a rise of 1.95%, closing at 3147.35 points, with a maximum of 3152.31 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 23975.35 billion yuan, with a financing balance of 23806.13 billion yuan and a securities lending balance of 169.22 billion yuan. This represents an increase of 127.27 billion yuan compared to the previous trading day. The Shanghai market's margin balance was 12213.99 billion yuan, up by 39.55 billion yuan, while the Shenzhen market's balance was 11761.35 billion yuan, increasing by 87.71 billion yuan. A total of 3448 stocks had margin buying, with Shenghong Technology, SMIC, and Dongfang Fortune being the top three in terms of buying amounts, at 45.81 billion yuan, 44.12 billion yuan, and 37.86 billion yuan respectively [2] Fund Issuance - Four new funds were launched yesterday, including Tianhong Hang Seng Technology ETF, Guotai Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence ETF, Penghua Shanghai Stock Exchange Science and Technology Innovation Board Composite Index Enhanced A, and Penghua Shanghai Stock Exchange Science and Technology Innovation Board Composite Index Enhanced C [3][4] Top Net Purchases on the Dragon and Tiger List - The top ten net purchases on the Dragon and Tiger list included Huijin Co., Ltd. with a net purchase of 316.94 million yuan, Shanghai Construction with 309.74 million yuan, and Hengbao Co., Ltd. with 246.03 million yuan. The respective closing prices were 17.05 yuan, 3.53 yuan, and 26.62 yuan, with percentage changes of 19.82%, 9.97%, and 6.44% [5]

Core Viewpoint - The semiconductor sector is experiencing a significant surge, driven by advancements in AI technology and increasing demand for smart devices, with a positive outlook for growth in 2025 [1][2]. Group 1: Market Performance - As of September 18, 2025, the Guozheng Semiconductor Chip Index (980017) rose by 5.13%, with notable increases in constituent stocks such as Zhongwei Company (688012) up 10.77%, and Ruixinwei (603893) up 10.00% [1]. - The Semiconductor ETF (159813) also saw a rise of 5.25%, marking its seventh consecutive increase, with the latest price reported at 1.14 yuan [1]. Group 2: Industry Drivers - The growth in the semiconductor industry is attributed to multiple factors including rapid AI computing power demand, accelerated smart device adoption, recovery in automotive electronics, and deepening domestic substitution [1]. - According to Tianfeng Securities, the semiconductor sector is expected to maintain a structural prosperity in 2025, with a continuation of optimistic growth trends driven by AI [1]. Group 3: Key Stocks - As of August 29, 2025, the top ten weighted stocks in the Guozheng Semiconductor Chip Index include Cambricon (688256), SMIC (688981), and Haiguang Information (688041), collectively accounting for 70.69% of the index [2].

Group 1 - The consumer electronics sector is expected to be one of the first areas where AI applications will be implemented, particularly with the advancement of AI glasses from companies like Meta, ByteDance, and Alibaba [1] - As of September 18, 2025, the CSI Consumer Electronics Theme Index (931494) rose by 1.48%, with notable increases in stocks such as Rockchip (10.00%), Chipone (5.82%), and Unisoc (4.44%) [1] - The Consumer Electronics ETF (561600) has shown a strong performance, increasing by 10.32% over the past week, ranking in the top 1/5 among comparable funds [1] Group 2 - The CSI Consumer Electronics Theme Index tracks 50 listed companies involved in component production and brand design in the consumer electronics sector, reflecting the overall performance of these companies [2] - As of August 29, 2025, the top ten weighted stocks in the CSI Consumer Electronics Theme Index accounted for 54.8% of the index, with companies like Cambricon (688256) and Luxshare Precision (002475) leading the list [2] Group 3 - The detailed performance of key stocks within the CSI Consumer Electronics Theme Index includes Luxshare Precision (0.23% increase, 8.06% weight) and SMIC (3.77% increase, 8.04% weight) among others [4] - The Consumer Electronics ETF has various linked products, including those from Ping An, which provide additional investment options in the sector [4]

Group 1 - The Hang Seng Technology Index rose over 1.5%, driven by strong performance in the robotics and semiconductor sectors [1] - Key stocks in the Hang Seng Technology Index ETF (513180) include Hua Hong Semiconductor, ASMPT, SMIC, Horizon Robotics, Baidu, and Meituan, with Hua Hong Semiconductor up over 12% and SMIC up over 7% [1] - Southbound funds recorded a net inflow of HKD 9.44 billion on September 17, with SMIC and Hua Hong Semiconductor attracting net purchases of HKD 407 million and HKD 237 million respectively, indicating continued investor interest in self-sufficiency in technology [1] Group 2 - The Federal Reserve's decision to cut interest rates by 25 basis points is seen as beneficial for technology growth sectors in both A-shares and Hong Kong stocks, as it is expected to enhance valuation and reduce financing costs [1] - The semiconductor sector is regaining market focus following TSMC's upward revision of annual performance guidance and optimistic outlooks from SMIC and Hua Hong Semiconductor regarding future orders [1] - The Hang Seng Technology Index has surpassed the 6300-point mark, with expectations of continued inflows from southbound funds and a potential revaluation of technology assets driven by AI narratives [2]

责任编辑：小浪快报 太平科创精选混合发起式A（019575）成立日期2024年1月30日，最新规模1136.04万。今年以来收益 21.77%，同类排名4187/8172；近一年收益55.28%，同类排名2839/7980；成立以来收益25.56%。 太平科创精选混合发起式A（019575）基金经理为杨行远。 截至发稿，杨行远累计任职时间2年154天，现任基金资产总规模1226.75万元，任职期间最佳基金回报 24.29%， 任职期间最差基金回报-28.99%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月18日，中芯国际涨5.04%，截至发稿，报123.31元/股，成交116.64亿元，换手率4.78%，总市值 9863.88亿元。中芯国际股价已经连续3天上涨，区间累计涨幅8.27%。 资料显示，中芯国际集成电路制造有限公司位于上海市浦东新区张江路18号,香港中环康乐广场8号交易 广场1期29楼，成立日期2000年4月3日，上市日期2020年7月16日，公司主营 ...

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00% to 4.25% on September 17 [1] - The A-share and Hong Kong stock markets reacted positively, with all three major indices turning red, and the Sci-Tech Innovation 50 Index rising over 4% [1] - Over 2100 stocks in the Shanghai, Shenzhen, and Beijing markets saw gains [1] Group 2 - The semiconductor industry chain experienced significant gains, with companies like SMIC and Haiguang Information both rising over 6% and reaching historical highs [2] - Other semiconductor stocks such as Ruixin Micro and Huicheng Shares saw increases of over 10% [2][5] - The Sci-Tech Innovation 50 Index rose over 3%, with constituent stocks like Zhongwei Company and Haiguang Information increasing by over 8% and 7% respectively [3] Group 3 - The Hang Seng Index surpassed the 27,000-point mark, reaching its highest level since July 2021 [4]

Group 1 - Semiconductor Manufacturing International Corporation (SMIC) saw its A-shares rise over 7%, with trading volume exceeding 10 billion yuan, and its market capitalization surpassing 1 trillion yuan [1] - The formation of a MACD golden cross signal indicates a positive trend for certain stocks [3]