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四点半观市 | 机构：核心估值仍较合理 看好A股与港股市场机遇
Shang Hai Zheng Quan Bao·2025-10-14 10:38

Group 1: Bond Futures Market - On October 14, major bond futures contracts closed higher, with the 30-year bond futures (TL2512) closing at 114.760 yuan, up 0.390 yuan, a rise of 0.34% [1] - The 10-year bond futures (T2512) closed at 108.170 yuan, up 0.120 yuan, a rise of 0.11% [1] - The 5-year bond futures (TF2512) closed at 105.775 yuan, up 0.110 yuan, a rise of 0.10% [1] - The 2-year bond futures (TS2512) closed at 102.384 yuan, up 0.018 yuan, a rise of 0.02% [1] Group 2: ETF Market Performance - On October 14, ETF performance was mixed, with the Xinhua Dividend Low Volatility ETF (560890) rising by 2.85% and the Alcohol ETF (512690) increasing by 2.77% [1] - Conversely, the Sci-Tech Semiconductor ETF (588170) fell by 6.85%, and the Semiconductor Equipment ETF (159516) decreased by 6.81% [1] - The Easy Fund Semiconductor Equipment ETF (159558) also dropped by 6.74% [1] Group 3: Convertible Bonds and Indices - On October 14, the China Convertible Bond Index fell by 0.78%, closing at 479.83 points [1] - Notable gainers included the Wenke Convertible Bond, which rose by 4.52%, and the Bojun Convertible Bond, which increased by 4.28% [1] - Significant decliners included the Zhenhua Convertible Bond, which fell by 8.35%, and the New 23 Convertible Bond, which dropped by 7.61% [1] Group 4: Stock Market Insights - UBS's China equity strategy head, Wang Zonghao, noted that the MSCI China Index has risen approximately 36% since early April, with potential short-term profit-taking expected [2] - Wang expressed a preference for A-shares over H-shares, anticipating that the CSI 300 Index will show greater resilience [2] - In a volatile market environment, investment manager Jiang Shan emphasized the importance of identifying certain investment themes, remaining optimistic about both A-share and Hong Kong markets [2] Group 5: Gold Market Outlook - In the context of gold, strategist Zhao Yaoting from Invesco indicated that the upward trend in gold prices may continue to be supported [2] - Despite achieving double-digit returns in 2023 and 2024, investor participation through ETFs remains relatively low [2] - Strong performance in gold in 2025 has begun to attract investors back into the market, with positive ETF fund inflows potentially driving prices higher [2]