Group 1 - The domestic equity market remained strong last week, with the Wind All A index rising by 2.12% and an average daily trading volume of 2.5 trillion yuan, reaching a new high in this round of rebound [1] - The TMT sector performed well, driven by significant capital expenditure increases in the AI field by US tech giants, with electronics, media, and computer sectors rising by 5.98%, 4.44%, and 4.26% respectively [1] Group 2 - The macroeconomic data for August indicates stable domestic economic performance, with a year-on-year increase of 3.5% in total goods trade value, amounting to 3.87 trillion yuan, and a foreign trade surplus of nearly 790 billion USD, marking a year-on-year increase of over 28% [2] - The core CPI rose by 0.9% year-on-year in August, marking the fourth consecutive month of increase, while the PPI remained flat month-on-month and decreased by 2.9% year-on-year, with the decline narrowing by 0.7 percentage points from the previous month [2] - M1 stock growth accelerated to 6% year-on-year, the highest since January 2023, while M2 stock growth remained steady at 8.8%, indicating improved liquidity and economic activity [2] Group 3 - The ongoing market reversal since September 24, 2022, is characterized by themes of artificial intelligence and overseas expansion, reflecting the strong external demand compared to domestic demand and the robust competitive advantage of China's manufacturing sector [3] - Long-term bond yields have generally risen since June 24, with the 10-year government bond yield around 1.79% and the 30-year yield at 2.08%, indicating a steepening yield curve driven by market transactions and positive long-term fundamentals [3] - The current positioning in the bond market is seen as more attractive for allocation, especially in the context of banks lacking quality credit assets [3]
泓德基金：上周国内权益市场保持强势，TMT板块表现亮眼
Xin Lang Ji Jin·2025-09-15 09:13