格隆汇APP·2025-09-30 10:19Core Insights - The article discusses the significant fluctuations in global asset prices during September, highlighting the volatility in A-shares, Hong Kong stocks, and U.S. markets, with various sectors experiencing dramatic rises and falls [2][5]. Market Performance - Despite a general slowdown in macroeconomic data, the market is focusing on structural growth areas such as computing power, semiconductors, and innovative drug development, which continue to attract capital [7]. - The precious metals sector, particularly gold and silver, saw substantial gains, with A-shares like Western Gold rising over 50% and some Hong Kong gold stocks increasing by more than 300% year-to-date [8][9]. Sector Highlights - Top Gainers: - Precious Metals: Gold prices reached historical highs, driven by expectations of a Federal Reserve rate cut and geopolitical tensions, leading to increased demand for safe-haven assets [8][10]. - Battery and Energy Metals: The battery supply chain gained attention due to solid-state battery production and rising demand in the energy storage market, leading to a valuation recovery in lithium and other energy metals [10][12]. - Wind Power: The wind power sector experienced a turnaround with significant new installations and improved profit expectations, with domestic wind power installations increasing by 99% year-on-year [13]. - Semiconductors: The semiconductor sector thrived due to the AI boom, with companies like SMIC and Hua Hong Semiconductor seeing substantial stock price increases [14]. Declining Sectors - Military Stocks: Following a peak driven by policy expectations and military trade themes, military stocks experienced significant declines, with some stocks dropping over 40% in September [17][18]. - Banking Stocks: Traditionally seen as stable investments, banking stocks faced a collective decline as funds shifted towards more popular sectors, with several banks experiencing over 20% drop in stock prices [19][22]. - Food and Beverage: The food and beverage sector continued to struggle, with a significant drop in stock prices due to weak consumer demand and poor sales performance during peak seasons [23][25]. - Traditional Consumer Goods: Other traditional consumer sectors like tourism and home appliances also saw declines, attributed to insufficient recovery in macroeconomic demand [33][35]. Technology Giants - In the tech sector, major players like Alibaba and Tencent saw significant stock price increases, with Alibaba rising by 53% in September, while the U.S. tech giants also performed well, with Nvidia and Tesla showing notable gains [37][39]. Overall Market Outlook - The article concludes that the global stock market performance in September reflects a broader trend of liquidity easing and capital inflow into emerging markets, suggesting potential structural opportunities in the upcoming months [42].