每日市场观察-20250915

Market Overview - On September 12, the market reached a nearly ten-year high of 3892 points after a short-term consolidation, indicating a potential direction choice as it approaches long-term resistance levels[1] - The three major indices closed lower, with the Shanghai Composite Index down 0.12%, Shenzhen Component down 0.43%, and ChiNext down 1.09%[2] Fund Flow - On September 12, net inflows were 13.986 billion CNY for the Shanghai Stock Exchange and 4.313 billion CNY for the Shenzhen Stock Exchange[4] - The top three sectors for net inflows were semiconductors, industrial metals, and components, while the top three sectors for outflows were batteries, liquor, and communication equipment[4] Economic Policy - The Ministry of Finance emphasized maintaining policy continuity and stability, enhancing flexibility and foresight to support high-quality economic development[5] - During the "14th Five-Year Plan" period, national fiscal strength significantly increased, with public budget revenue expected to reach 106 trillion CNY, a growth of approximately 19% compared to the previous five-year period[6] Industry Trends - Canalys predicts a 51% year-on-year increase in foldable smartphone shipments in 2026, driven by new product releases and technological advancements[9] - The global shipment of wearable devices reached 49.2 million units in Q2 2025, marking a 12.3% year-on-year growth[12] Investment Trends - The number of private equity firms managing over 100 billion CNY has increased to 91, with quantitative private equity firms making up 49.45% of this group[13] - In August, inflows into ETFs for Hong Kong stocks from mainland investors exceeded 10 billion USD for the first time, setting a record for monthly inflows[14]