近日，由证券时报社主办的第十九届上市公司价值评选专家评审会在深圳顺利召开。来自上海证券交易 所、深圳证券交易所、北京证券交易所、中证中小投资者服务中心、中国上市公司协会，以及买方机构 与卖方研究所的专家评委出席会议。各位评委从市值、成长性、投资者回报、公司治理、高管诚信、舆 情风险等维度，对候选公司审慎检视，提出有益建议。 多位参会专家表示看好中国资产重估。南方基金副总裁、基金经理史博认为，海外中长期资金增加对中 国资产的配置比例处于起始阶段，增配空间很大，中国资产值得全球投资者长期重视。红土创新基金总 经理冀洪涛认为，赴港上市热潮有望推动中国核心资产估值修复，推动科技股估值水平与国际接轨。参 会专家还围绕各行业"反内卷"行动下的投资机会等多个议题进行深入讨论。 专家评审会是"上市公司价值评选"体现科学性、专业性和公信力的重要环节。作为资本市场一年一度的 盛事，上市公司价值评选活动已成功举办至第十九届，见证了资本市场的跌宕起伏与蓬勃发展。价值评 选活动始终坚守初心，致力于挖掘治理透明、业绩突出、运营高效、成长卓越的优质企业，为投资者提 供投资参考，促进资本市场繁荣发展。 在专家研讨会环节，参会评委围绕去年"9 ...

Core Viewpoint - The Asia-Pacific Selected ETF (159687) has shown strong performance after the holiday, with a current increase of 2.6% to 1.576 yuan and a trading volume of 30.45 million yuan, reflecting positive sentiment in the market driven by favorable overseas news and strong performance in global risk assets [1] Group 1: Market Performance - The ETF rose nearly 3% during intraday trading after the holiday, indicating robust investor interest [1] - The trading volume reached 30.45 million yuan, showcasing active market participation [1] Group 2: Positive Market Sentiment - Overseas markets displayed positive trends during the holiday, with major global risk assets such as US stocks, Japanese stocks, and gold reaching historical highs [1] - Huaxi Securities suggests that the Chinese technology industry is at a critical breakthrough point, which may lead to more "DeepSeek" moments across various sectors, reinforcing the revaluation logic of Chinese assets [1] Group 3: ETF Composition - The Asia-Pacific Selected ETF is the only ETF tracking the Asia-Pacific Selected Index, covering 11 countries and regions in the Asia-Pacific [1] - The ETF includes high-quality dividend assets from the region, such as Toyota, Tencent, Alibaba, and Mitsubishi Group, as well as leading semiconductor companies like TSMC, Samsung, Tokyo Electron, and MediaTek [1] Group 4: Strategic Partnerships - NVIDIA announced a partnership with Japanese telecom and computer manufacturer Fujitsu to jointly build a full-stack AI infrastructure, indicating a growing focus on AI technologies in the region [1]

Core Viewpoint - The Asia-Pacific Select ETF (159687) has shown strong performance after the long holiday, with a current increase of 2.6% to 1.576 yuan and a trading volume of 30.45 million yuan, reflecting positive sentiment in the market [1] Group 1: Market Performance - The Asia-Pacific Select ETF (159687) rose nearly 3% during intraday trading after the long holiday, indicating robust market activity [1] - The ETF's current price is 1.576 yuan, with a trading volume of 30.45 million yuan [1] Group 2: Market Sentiment - During the holiday, overseas market news was generally positive, with major global risk assets, including US stocks, Japanese stocks, and gold, reaching historical highs [1] - Huaxi Securities believes that the Chinese technology industry is at a critical breakthrough point, suggesting a potential for further upward movement in various sectors [1] Group 3: ETF Composition - The Asia-Pacific Select ETF is the only ETF tracking the Asia-Pacific Select Index, covering 11 countries and regions in the Asia-Pacific [1] - The ETF includes high-quality dividend assets from the Asia-Pacific region, such as Toyota, Tencent, Alibaba, and Mitsubishi Group, as well as leading semiconductor companies like TSMC, Samsung, Tokyo Electron, and MediaTek [1] Group 4: Strategic Partnerships - NVIDIA announced a partnership with Japanese telecommunications and computer manufacturer Fujitsu to jointly build a full-stack AI infrastructure, which may enhance the technological landscape in the region [1]

历经四年的艰难筑底，中国资本市场在2025年迎来历史性转变。政策底逐步夯实、风险溢价回落、人民 币贬值预期逆转，叠加科技企业在全球竞争力持续提升，一场关于中国资产价值重估的浪潮悄然涌向远 方。 近日，华泰证券机构业务委员会主席梁红在接受证券时报记者专访时指出，在资本市场深刻变革的背景 下，研究实力将成为头部券商核心竞争力的重要组成部分。在华泰证券，研究员正在从传统的"股票分 析师"转型为真正的"产业专家"，以深度研究重塑投行价值。 预期逆转：从低配中国到中国资产重估的大幕初启 过去四年间，中国资本市场遭遇了多重挑战：房地产风险外溢、经济增长放缓、地缘政治博弈加剧，海 外投资者持续低配中国或规避中国资产，国内机构也不得不持续营销固收产品，来对抗权益产品的赎回 影响。 去年此时，海外投资者对中国资产配置意愿下降。当所有坏消息都被计入价格时，反弹的种子已然埋 下。去年三季度以来，一系列政策措施为经济企稳提供支持。随后，10年期国债利率一度跌破1.6%， 无风险收益率大幅降低，引发投资者风险偏好的抬升。对利差损的担忧，也使得保险资金明显加大了对 红利股等资产的配置。 "原本市场认为只有中国有较高的风险溢价，后来发现美 ...

国庆假期才刚开始，全球市场却已经上演了一出"抢跑大戏"！A股还在休假，海外市场却像被点燃的烟 花，噼里啪啦一路冲上天。美股再度刷新高点，纳斯达克欢腾一片，科技股狂欢；亚洲市场接力上涨， 韩国综指直接冲破历史峰值，创下有史以来新高！我国台湾加权指数也不甘示弱，同步站上历史新高舞 台。港股更是火力全开——周四恒生指数收涨1.61%，而代表新经济的恒生科技指数更是飙涨3.36%， 气势如虹！ 这熟悉的剧情是不是让人又爱又恨？每逢A股休市，全球市场就"懂事"地集体表演上涨，仿佛在 说："你们先歇会儿，我们先涨为敬！"过去几年，总是一波外围上涨后，等到A股开门前夜，外资又悄 悄撤退，留下一地鸡毛。不少人调侃：老外这是"专坑老实人"！但今年，风向似乎悄然变了。 风险提示：文中的看法仅供交流，不构成你的投资建议。投资有风险，入市需谨慎！谢谢点赞、转发与 收藏，祝您收益长虹！ 再说高端制造，这才是咱们的"拿手好戏"。从家电到光伏，从锂电池到新能源车，几乎每一个赛道，我 们都上演过"弯道超车"的经典剧本。宁德时代港股市值已逼近2.7万亿港元，比A股市场的贵出近四成！ 别小看这个溢价，它背后是国际资金用真金白银投出的信任票。同样 ...

外资大举回流，中国资产迎来"黄金时刻"？ 当华尔街的基金经理们开始重新审视中国市场的投资价值时，这个信号远比任何政策宣言都更具说服 力。 彭博社最新报道犹如一记惊雷，在全球资本市场掀起波澜——国际资本正在以前所未有的速度重 返中国。 资金面的变化更值得玩味。央行数据显示，今年前六个月的外资净流入量已超过去年全年的60%。国家 外汇管理局副局长李斌的发言更添了一把火：8月份境外投资者"总体上净买入"中国股票和债券。这种 官方确认的积极信号，往往预示着更持久的趋势。 但投资者最关心的莫过于：这轮行情能走多远？ 光大证券的观点颇具代表性：国庆后市场有望延续升 势。历史数据显示，节后资金回流是大概率事件，更何况当前A股估值仍处于合理区间。中国银河则把 目光投向了即将召开的二十届四中全会，认为"十五五"规划的酝酿可能成为新的催化剂。 华泰证券的提醒则更为理性：节前市场可能维持震荡，但节后随着政策窗口打开，交投热情有望重燃。 这种审慎乐观的态度，恰恰反映了专业机构对市场节奏的精准把握。兴业证券张启尧的论断则直指本 质：当前行情已从估值修复转向盈利驱动，后续走势将取决于经济复苏的成色。 站在全球视角观察， 中国资产的这轮重 ...

外资重估中国资产。 当地时间9月29日，纳斯达克中国金龙指数涨2.03%，热门中概股集体上涨，哔哩哔哩、阿里巴巴、新东方涨 超4%，理想汽车、京东涨超3%。 全球基金经理正重返中国市场 美东时间9月29日，据彭博社报道，全球基金经理正重返中国市场，这源于在全球范围内领先的股市反弹和中 国高科技产业的进步。 高盛指出，全球对冲基金上个月在中国境内股票市场的活跃度为近年来最高。 Pacific Investment Management Co.表示，投资者现在更担心错失良机，而不是风险。官方数据显示，外资正在 流入中国各类资产，这种同步增长的现象过去十年仅出现过三次。 根据彭博汇编数据，截至9月19日当周，在投资新兴市场的美国上市交易所交易产品中，追踪中国香港和中国 内地股票和债券的产品资金流入规模最大。 摩根士丹利表示，截至8月底，外国多头基金的资金流入规模已达10亿美元，去年则流出170亿美元。 报道称，目前全球基金对中国股市的配置处于"低配"状态，意味着仍有大量空间可以加仓。根据摩根士丹利本 月早些时候发布的报告，全球基金对中国资产的配置仍低配1.3个百分点。 据彭博社最新报道，全球基金经理正重返中国市场。 ...

| 恒生ETF易方达 | | | 513210 | | --- | --- | --- | --- | | 跟踪恒生指数 | | | | | 该指数由恒生综合大中型股指 | | | | | 数成份股中市值大、成交活跃、 | 令日 | 该指数 | 该指数自2002年 | | 行业代表性强的股票组成,指 | 该指数涨跌 | 滚动市留率 | 以来估值分位 | | 数行业覆盖较为广泛,金融、 可选消费、信息技术行业合计 | 1.9% | 11.8倍 | 54. 5% | | 占比近80% | | | | | HIGETF | | | 510900 | | 跟踪恒生中国企业指数 | | | | | 该指数由在港上市中国内地企 | | | 该指数自2002年 | | 业中50只市值大、成交活跃的 | マ日 该指数涨跌 | 该指数 滚动市盈率 | | | 股票组成,指数行业覆盖较为 | | | 以来估值分位 | | 广泛,可选消费、金融、信息 技术、能源行业合计占比超 | 1.6% | 10.6倍 | 65.0% | | 85% | | | | | 105 港股通100ETF | | | 159788 | | 眼踪中证港股 ...

Core Viewpoint - The article discusses the recent trend of residents shifting their savings from bank deposits to the stock market and mutual funds, driven by a recovering market and declining deposit interest rates. The public fund industry has seen significant growth, with the total net asset value reaching 35.08 trillion yuan, an increase of 2.25 trillion yuan from the previous year [6][9][20]. Group 1: Market Performance - The Shanghai Composite Index has surpassed 3,800 points, marking a ten-year high, while the Hang Seng Index has crossed 26,000 points with a year-to-date increase of nearly 33% [6][9]. - As of September 15, 2023, the public fund scale was 33.92 trillion yuan, a decrease of 1.16 trillion yuan from the end of July [19]. - In 2023, 98% of mutual funds have reported profits, with 2,582 funds yielding over 30% returns, and 39 funds exceeding 100% returns [9][10]. Group 2: Fund Manager Performance - Star fund managers like Zhang Kun and Ge Lan have seen significant changes in their fund management scales, with Zhang's scale dropping from 1,019.35 billion yuan to 550.47 billion yuan [16]. - Ge Lan's fund, which focused on the pharmaceutical sector, experienced a cumulative decline of over 65% from July 2021 to September 2024, but has recently rebounded by 52.37% in the past year [14][16]. - The article highlights a shift in investor sentiment, with many choosing to exit funds once they break even, reflecting a "holding paradox" in the mutual fund industry [19]. Group 3: Investment Trends - The article notes that the current market is characterized by a "slow bull" phase, with many investors returning to their accounts to find that their funds have recovered or gained value [8][10]. - The trend of residents moving their savings into the stock market and mutual funds is expected to continue, especially as deposit rates decline and the capital market strengthens [20][22]. - Analysts predict that the issuance of new funds will increase in the second half of the year, enhancing market activity [21].

今年以来，A股交投活跃，两融余额持续增加，市场迎来一轮稳健上涨。数据显示，4月8日以来，截至 9月22日收盘，上证指数累计上涨23.64%，深证成指累计上涨40.51%，创业板指累计上涨71.97%。 中金公司（601995）研究部国内策略首席分析师李求索在接受中国证券报记者专访时表示，当前市场在 宏观经济韧性强、企业盈利向好、全球估值吸引力提升及流动性改善支撑下，中长期向好趋势已然确 立。值得关注的是，市场资金结构显著优化，两融余额虽创历史新高但其健康度远胜往昔，同时外资回 流与国内投资者信心形成正向循环。从中长期看，可聚焦科技创新、出海优势及优质红利三大主线。 市场中长期韧性凸显 "今年4月初为A股市场阶段性底部，可能为全年指数低点，回顾来看也是今年难得的买点。今年A股呈 现较强韧性，全年来看上行机会大，下行风险小。"李求索在谈及今年以来市场表现时表示，A股市场 表现强势主要来自四个方面的支撑： 首先，在宏观环境上，年初以来全球宏观形势发生诸多变化，我国经济在内部结构调整与外部贸易摩擦 的双重挑战下韧性凸显，经济数据表现相对稳健，制造业韧性成为重要贡献点，AI、创新药等领域突 破令全球重新认识中国的创新能 ...