基金研究周报：美股新高，黄金续涨（9.15-9.19）

Market Overview - The A-share market exhibited a structurally differentiated pattern driven by policy expectations and technology themes from September 15 to September 19, with the Shanghai Composite Index and Shanghai 50 under pressure, while the ChiNext Index and STAR 50 showed strong performance, indicating continued market preference for technology sectors [2] - The ChiNext 50 led with a 2.84% increase, and the STAR 50 rose by 1.84%, reflecting concentrated capital allocation in areas like new energy batteries, energy storage, and semiconductors [2] - The Shanghai Composite Index fell by 1.30%, while the Shenzhen Index rose by 1.14%, and the ChiNext Index increased by 2.34% [2] Industry Performance - The average decline across Wind's primary sectors was 0.57%, with 60% of the Wind Top 100 concept indices showing gains [2] - Coal, electric equipment, and electronics performed relatively well, with increases of 3.51%, 3.07%, and 2.96% respectively, while non-bank financials, non-ferrous metals, and banking sectors saw significant declines of 3.66%, 4.02%, and 4.21% respectively [2] Fund Issuance - A total of 55 funds were issued last week, including 27 equity funds, 6 mixed funds, 21 bond funds, and 1 QDII fund, with a total issuance of 748.28 billion units [3][15] Global Market Review - Global asset classes showed a structurally active pattern, with U.S. stock indices continuing their strong performance; the Nasdaq rose by 2.21%, the S&P 500 surpassed 6500, and the Dow Jones reached 46000, reflecting optimism about the resilience of tech giants' earnings and a soft landing for the economy [3] - European stock markets displayed mixed results, while most Asian markets closed higher, with the Hang Seng Tech Index leading with a 5.09% increase, benefiting from marginal improvements in China's internet sector policies [3] Commodity Market - Gold prices on COMEX reached a new high of $3700 per ounce, driven by rising expectations of interest rate cuts by the Federal Reserve, while silver prices also increased [4] Domestic Fund Market - Market sentiment remained active, with trading volumes fluctuating; the average daily trading volume was approximately 2.3 trillion yuan, slightly down from previous levels [7]