Market Overview - On September 18, A-shares opened lower with the Shanghai Composite Index down 0.01%, Shenzhen Component down 0.41%, and ChiNext down 0.88% [1] - By 9:42 AM, the Shanghai Composite Index slightly rebounded by 0.09% [1] Sector Performance - The STAR 50 Index increased by 2%, surpassing 1400 points, reaching a new three-year high, led by gains in semiconductor stocks [2] - Notable performers included Haiguang Information up over 7% and Cambrian up nearly 5% [2] - The Hang Seng Index opened down 0.17%, while the Hang Seng Tech Index remained flat, with mixed performances in the technology sector [2] Investment Recommendations - Goldman Sachs maintained an overweight rating on A-shares and H-shares, suggesting to buy on dips, particularly favoring leading private enterprises and themes like artificial intelligence [2] - Analysts indicated that profitability is essential for sustained market performance, but liquidity is also a necessary condition, suggesting a more stable "slow bull" market for A-shares [2] Global Market Context - Japanese and South Korean markets saw collective gains, with the Nikkei 225 Index opening up 0.27% and the KOSPI up 0.57% [2][4] - The Nikkei 225 Index reached a record high during the session, with 81 stocks rising and 137 falling [4] U.S. Federal Reserve Actions - The U.S. Federal Reserve announced a 25 basis point cut to the federal funds rate, bringing it to a target range of 4.00% to 4.25% [4][5] - This marks the first rate cut of 2025 and follows three cuts in 2024, with indications of potentially two more cuts by the end of the year [4][5] Economic Indicators - The Fed's decision was influenced by a weakening labor market, with the unemployment rate rising to 4.3%, the highest in nearly four years [5][6] - Inflation remains a concern, with the core PCE index rising 2.9% year-over-year as of July [5][6] Market Reactions - Following the Fed's announcement, the market reacted positively, with the dollar reversing its decline and treasury yields rising [6] - Analysts described the rate cut as a "risk management" approach, prioritizing employment concerns amid ongoing inflation pressures [6] Future Outlook - Fed Chair Powell indicated a cautious approach to future monetary policy, suggesting potential rate cuts in 2026 and 2027 [7] - The Fed's shift in focus from controlling inflation to stabilizing employment reflects the current economic and political landscape, which may have significant implications for global financial markets [7]
科创50指数扩大涨幅至2%，高盛维持对A股和H股的超配评级
2 1 Shi Ji Jing Ji Bao Dao·2025-09-18 02:05