Group 1: US Macroeconomic Data - In August, US retail sales unexpectedly increased by 0.6% month-on-month, surpassing the expected 0.2% and matching the previous value [1] - Retail sales excluding automobiles rose by 0.7%, exceeding both the expected 0.4% and the previous value of 0.4% [1] - New housing starts in August fell significantly by 8.5% month-on-month, lower than the expected decline of 4.4% and the previous increase of 3.4%, totaling 1.307 million units [1] - Building permits in August also fell by 3.7%, not meeting the expected increase of 0.6% and worsening from the previous decline of 2.2%, with a total of 1.312 million permits issued [1] Group 2: Major Index Performance - For the week of September 15-19, the S&P Oil & Gas Index decreased by 0.11%, while the Nasdaq 100 Index increased by 2.22% and the S&P 500 Index rose by 1.22% [2] - Among the 11 sectors covered by the S&P 500, 5 sectors saw gains, with communication equipment leading at 3.37%, while real estate experienced a decline of 1.42% [2] Group 3: Investment Direction - Following the recent interest rate meeting, a new round of rate cuts is anticipated, with US stocks rising as a result [4] - The dot plot indicates that among 19 voting members, 9 expect one more rate cut this year, while another 9 anticipate two cuts, aligning with current market expectations [4] - The US economy may remain resilient, supported by strong AI sector investments and potential fiscal spending resuming in October, with traditional demand in manufacturing and real estate likely to respond quickly to monetary easing [4]

- The Hang Seng Hong Kong Stock Connect High Dividend Yield Index aims to reflect the overall performance of Hong Kong-listed securities with high dividend yields that can be traded through the Hong Kong Stock Connect[4][10] - The index was launched on November 18, 2019, with a base date of December 31, 2014, and a base point of 3000 points[4][10] - The index selects the top 50 securities with the highest average net dividend yield over the past three years as constituents[46] - The net dividend yield is calculated as post-tax dividends per share divided by the closing price on the dividend data cut-off date[46] - The index constituents are selected from eligible Hang Seng Composite Index stocks that can be traded under the Stock Connect scheme[46] - The index has a buffer zone where existing constituents ranked below 60 are removed, and new constituents ranked above 40 are added to maintain the number of constituents at 50[46] - The index has shown superior long-term performance compared to the Hang Seng Index, Hang Seng Composite Index, and Hang Seng Stock Connect Index[43][71] - The Hang Seng Hong Kong Stock Connect High Dividend Yield Index has a high dividend yield, with the past 12 months' dividend yield exceeding 6%, compared to other common Hang Seng broad-based indices which mostly range between 2% to 5%[47][49] - The index's annualized volatility is generally lower than other common Hang Seng broad-based indices, with most years since 2018 having an annualized volatility below 24%[76][77] - The index's top ten constituents include companies like COSCO Shipping Holdings, Orient Overseas International, Yancoal Australia, SITC International, Yanzhou Coal Mining, PCCW, Hang Lung Properties, China Feihe, China Hongqiao, and Henderson Land Development[65] - The index's top ten constituents have a combined market capitalization of approximately HKD 10325.86 billion, with a weighted PE (TTM) of 10.05, weighted ROE of 7.62%, and weighted dividend yield of 8.97% over the past 12 months[65] - The index's constituents are mainly distributed in industries such as industrials, financials, energy, real estate, utilities, and telecommunications[55][56] - The index's constituents are primarily large-cap stocks, with 34 out of 50 constituents having a market capitalization above HKD 1000 billion[61][62] - The index's constituents have shown stable growth prospects, with expected revenue growth of 6.58% in 2025 and net profit growth of 4.16% in 2026[67][68][69][70] - The Bosera Hang Seng Hong Kong Stock Connect High Dividend Yield ETF (513690) closely tracks the index, aiming to minimize tracking deviation and tracking error[11][78] - The ETF was listed on May 20, 2021, and is a passive index fund that primarily invests in the index constituents and eligible stocks under the Stock Connect scheme[81] - The ETF's management fee rate is 0.50%, and the custodian fee rate is 0.10%[83]

Group 1 - The current chairman of Bosera Fund, Jiang Xiangyang, is set to transition to a new role at China Merchants Group's wholly-owned subsidiary, China Merchants Finance Leasing Co., Ltd. The current general manager and party secretary, Zhang Dong, is expected to be promoted to chairman [1] - Under Jiang Xiangyang's leadership for the past ten years, Bosera Fund's management scale has grown from 302.7 billion to 1.61 trillion yuan, covering a wide range of fund types including equity, bond, mixed, and QDII funds [1][4] - Zhang Dong has extensive experience in the banking sector, having worked at China Merchants Bank for nearly 30 years, and is expected to leverage his wealth management expertise to drive innovation at Bosera Fund [2][3] Group 2 - Bosera Fund, established in 1998, is one of the earliest public fund managers in China, with several subsidiaries including Bosera Fund (International) Co., Ltd. and Bosera Capital Management Co., Ltd. [4] - As of the end of 2024, Bosera Fund reported total assets of 13.421 billion yuan and a net profit of 1.515 billion yuan, with a slight increase in net profit to 763 million yuan in the first half of 2025 [4] - By the second quarter of 2025, Bosera Fund's public fund assets reached 1.13 trillion yuan, ranking among the top ten in the industry, with significant strengths in bond investments [5]

Group 1 - The A-share market's "924行情" has seen significant net subscriptions of 865.3 billion yuan in non-currency ETFs from September 24, 2024, to September 22, 2025 [1] - The top-performing ETF is the FuGuo Hong Kong Stock Connect Internet ETF, which received a net subscription of 57.9 billion yuan, increasing its scale from 15 billion yuan to 94.5 billion yuan [1] - The second and third positions in net subscriptions are held by the Bosera Convertible Bond ETF with 32.1 billion yuan and the HaiFuTong Short-term Bond ETF with 31.4 billion yuan, respectively [1] Group 2 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [2]

Group 1 - The stock price of Jingda Co., Ltd. increased by 5.23% on September 23, reaching 9.46 CNY per share, with a trading volume of 1.797 billion CNY and a turnover rate of 9.24%, resulting in a total market capitalization of 20.331 billion CNY [1] - Jingda Co., Ltd. has seen its stock price rise for four consecutive days, with a cumulative increase of 6.26% during this period [1] - The company, established on July 12, 2000, and listed on September 11, 2002, specializes in the manufacturing and sales of enameled wire, bare copper wire, electrical cables, and drawing dies [1] Group 2 - The main revenue composition of Jingda Co., Ltd. includes enameled wire (72.24%), automotive and electronic wires (14.36%), special conductors (4.85%), others (3.30%), bare copper wire (3.13%), and copper and aluminum rods (2.13%) [1] - According to data from the top ten holdings of funds, Bosera Fund has a significant position in Jingda Co., Ltd., with its Bosera Selected Mixed A Fund (050004) reducing its holdings by 4.1718 million shares in the second quarter, now holding 6.7747 million shares, which accounts for 3.78% of the fund's net value [2] - The Bosera Selected Mixed A Fund has achieved a year-to-date return of 42.05%, ranking 1613 out of 8172 in its category, and a one-year return of 56.86%, ranking 2624 out of 7995 [2]

Group 1: Gold Market Performance - Spot gold has surpassed the $3750 per ounce mark, reaching a new historical high of $3758.17 on September 23, 2023, before slightly retreating to $3753.85, reflecting a 0.21% increase [2] - COMEX gold futures rose by 2.07%, reaching $3782.40 per ounce [2] - Domestic gold jewelry prices have also increased, with Lao Miao gold priced at 1097 yuan per gram, up from 1084 yuan per gram the previous day [4] Group 2: Market Influences and Outlook - The gold market experienced fluctuations due to hawkish statements from the Federal Reserve, but overall adjustments were limited due to persistent risk aversion [6] - Long-term perspectives indicate that the increasing risk of stagflation in the U.S. economy, along with a potential shift to a rate-cutting cycle by the Federal Reserve, could favor gold as an asset [6] - Global geopolitical uncertainties and ongoing international tensions are expected to elevate demand for gold, supporting its price [6][7] - The Federal Reserve's recent decision to cut rates by 25 basis points aligns with market expectations, and further rate cuts are anticipated in the remaining meetings of the year [7]

Core Viewpoint - Zhongjuxin Technology Co., Ltd. experienced a 5.1% decline in stock price, closing at 9.12 CNY per share, with a total market capitalization of 13.473 billion CNY as of September 23 [1] Company Overview - Zhongjuxin was established on December 25, 2017, and went public on September 8, 2023. The company is based in Quzhou, Zhejiang Province, and specializes in the research, production, and sales of electronic wet chemicals, electronic specialty gases, and precursor materials [1] - The revenue composition of Zhongjuxin is as follows: electronic wet chemicals account for 76.63%, electronic specialty gases and precursors for 21.25%, and other sources for 2.12% [1] Shareholder Information - Among the top ten circulating shareholders of Zhongjuxin, Bosera Fund's Bosera SSE STAR 100 ETF Linked A (019857) increased its holdings by 867,000 shares in Q2, bringing its total to 4.1924 million shares, which represents 0.73% of the circulating shares [2] - As of the latest data, the fund has incurred an estimated floating loss of approximately 2.0543 million CNY [2] Fund Performance - The Bosera SSE STAR 100 ETF Linked A (019857) was established on December 1, 2023, with a current size of 383 million CNY. Year-to-date, it has achieved a return of 48.25%, ranking 598 out of 4220 in its category. Over the past year, the return is 104.32%, ranking 469 out of 3814, and since inception, the return is 33.48% [2]

Market Overview - As of September 22, the total ETF margin balance in the two markets reached 114.726 billion, an increase of 3.705 billion from the previous trading day [1] - The financing balance was 106.89 billion, up by 3.66 billion, while the securities lending balance was 7.836 billion, increasing by 45.067 million [1] - In the Shanghai market, the ETF margin balance was 80.089 billion, rising by 3.379 billion, with a financing balance of 73.173 billion, up by 3.331 billion [1] - The Shenzhen market's ETF margin balance was 34.638 billion, increasing by 326 million, with a financing balance of 33.716 billion, up by 330 million [1] ETF Margin Balance - The top three ETFs by margin balance on September 22 were: - Huaan Yifu Gold ETF (7.25 billion) - E Fund Gold ETF (5.945 billion) - Fortune China Bond 7-10 Year Policy Financial Bond ETF (4.334 billion) [2] - The detailed top 10 ETFs by margin balance are provided in the table [2] ETF Financing Buy Amount - The top three ETFs by financing buy amount on September 22 were: - Hai Fudong China Bond Short-term ETF (3.516 billion) - Fortune China Bond 7-10 Year Policy Financial Bond ETF (2.679 billion) - Huatai-PB Southbound Hang Seng Technology Index (1.536 billion) [3][4] ETF Financing Net Buy Amount - The top three ETFs by financing net buy amount on September 22 were: - Fortune China Bond 7-10 Year Policy Financial Bond ETF (1.575 billion) - Bosera China Bond 0-3 Year National Development Bank Bond ETF (404 million) - Huatai-PB Southbound Hang Seng Technology Index (305 million) [5][6] ETF Securities Lending Sell Amount - The top three ETFs by securities lending sell amount on September 22 were: - Southbound China 500 ETF (41.520 million) - Huatai-PB Shanghai and Shenzhen 300 ETF (23.913 million) - Huaxia Shanghai 50 ETF (19.792 million) [7][8]

Group 1 - The second batch of Sci-Tech Innovation Bond ETFs will be listed on September 24, with 14 public funds participating in the issuance, following the first batch launched on July 17 [1] - The total issuance scale of the second batch of 14 Sci-Tech Innovation Bond ETFs reaches 40.786 billion yuan, with 13 of them exceeding 2.9 billion yuan each [1] - The total scale of Sci-Tech Innovation Bond ETFs has surpassed 170 billion yuan, while the overall scale of bond ETFs has exceeded 600 billion yuan for the first time [1] Group 2 - The largest bond ETFs include Convertible Bond ETF at 59.218 billion yuan, Short-term Bond ETF at 58.516 billion yuan, and Policy Financial Bond ETF at 45.615 billion yuan [3] - Other notable bond ETFs include 30-Year Treasury Bond ETF at 30.895 billion yuan and City Investment Bond ETF at 24.767 billion yuan [3] - The newly launched Sci-Tech Innovation Bond ETFs are expected to enhance the liquidity and market presence of bond ETFs [8] Group 3 - According to Guotai Junan Securities, the ticket interest strategy will dominate from 2025 onwards, with Sci-Tech Innovation Bond ETFs showing resilience during market adjustments [7] - The performance of actively managed pure bond funds indicates that short-term bonds outperform medium to long-term bonds, and credit bonds are favored over interest rate bonds [7] - The liquidity of bond ETFs is expected to improve as the current market environment gradually stabilizes [7] Group 4 - The new sales fee regulations by the China Securities Regulatory Commission are anticipated to create greater development opportunities for bond ETFs [8] - The proposed changes in redemption fees may lead to a shift in institutional investment from interest rate bond funds to bond ETFs, enhancing their attractiveness [8]

Core Viewpoint - Shijin Technology's stock has experienced a decline of 5.05% on September 23, with a total market value of 2.931 billion yuan, indicating a cumulative drop of 4.81% over three consecutive days [1] Group 1: Company Overview - Shijin Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on April 11, 2005. The company went public on July 22, 2021 [1] - The main business involves the research, production, and sales of process pollution control equipment and end-of-pipe pollution treatment equipment, classified as a high-tech enterprise [1] Group 2: Revenue Composition - The revenue composition of Shijin Technology is as follows: - Process pollution control equipment: 51.18% - Photovoltaic products: 41.71% - Material sales: 3.47% - Other (supplementary): 2.72% - Third-party testing services: 0.38% - Managed operation services: 0.34% - End-of-pipe pollution treatment equipment: 0.20% - Remote online monitoring systems: 0.00% [1] Group 3: Shareholder Information - Among the top ten circulating shareholders, one fund from Bosera Fund holds 6.5598 million shares of Shijin Technology, representing 3.25% of the circulating shares, with a floating loss of approximately 5.0511 million yuan during the recent three-day decline [2] - The fund, Bosera Huixing Return One-Year Holding Mixed Fund (011056), was established on January 14, 2021, with a current scale of 5.455 billion yuan and a year-to-date return of 42.96% [2] - The fund manager, Wu Wei, has a tenure of 11 years and 280 days, with the best fund return during his tenure being 209.29% [2]