规模接近5.63万亿元，其中7只规模超千亿 按指数看，跟踪沪深300的ETF今年前三季度规模增长了2110.22亿元，其中主要增长动力来自产品净值 上涨；三季度末相关ETF产品总规模已超过万亿，接近1.2万亿元。挂钩中证A500的ETF规模为2159.49 亿元，挂钩上证50、中证500、科创50、中证1000等指数的ETF规模超过千亿元。 深圳商报记者 詹钰叶 单只产品方面，目前市场共有7只千亿级ETF产品。其中，排名前四的ETF均挂钩沪深300，分别是华泰 柏瑞沪深300ETF、易方达沪深300ETF发起式、华夏沪深300ETF与嘉实沪深300ETF，规模分别为 4255.77亿元、3047.96亿元、2280.61亿元与1996.94亿元。 近年指数化投资热度持续上升，今年以来ETF份额与规模更是显著增长。今年三季度末我国ETF的份额 超过2.85万亿份，规模接近5.63万亿元，创下历史新高。跟踪沪深300的ETF规模具有明显优势，其中包 括了多只千亿级产品。 据同花顺（300033）数据，至今年三季度末，我国ETF数量达到1325只，总份额超过2.85万亿份，环比 年中增加近11%、同比去年末增加近2 ...

Core Viewpoint - The article discusses the impact of liquidity improvements on market performance, highlighting a significant rise in the CSI 300 index in the third quarter, driven by enhanced liquidity conditions [2][3]. Group 1: Market Performance - The CSI 300 index recorded a cumulative increase of 18.7% in the third quarter, outperforming emerging markets which rose by 10.9% [2]. - Despite a lackluster performance in the first half of the year, the market has shown resilience due to rapid liquidity improvements [2]. Group 2: Liquidity Outlook - The expectation of continued liquidity support is anticipated to drive stock market performance in the fourth quarter, with potential benefits from a loosening monetary policy by the Federal Reserve [3]. - There is a consensus in the market regarding the weakness of the fundamentals, but optimism regarding potential policy support may offset these concerns [3]. Group 3: Earnings Forecast - The company maintains its earnings growth forecast for the CSI 300 index at 2.8% and 6.7% for 2025 and 2026, respectively, amid increasing pressure on bank profitability [4]. - Revenue growth is projected at 4.5% and 5.3% for the same periods, reflecting a cautious outlook on macroeconomic growth [5]. Group 4: Investment Strategy - The article suggests an investment strategy focusing on sectors with confirmed growth potential, advocating for a shift from dividend stocks to technology growth sectors [6]. - Key themes for investment include "aesthetic overseas" through new consumption trends and high-end intelligent manufacturing, with a focus on industries such as electronics, appliances, automotive, and military [6].

港股高股息为何成为机构首选？ 数据揭示了一个明显趋势：港股红利资产正成为机构的优先选择。截至 2025 年 9 月 29 日，今年恒生高股息率指数累计上涨 21% ，超越中证红利全收益 18% 的涨幅。 "港红利"的三大优势难以忽视： 首先，更高的股息率构成核心吸引力。 港股恒生高股息指数的股息率达 6.27% ，明显高于中证红利指数的 4.66% 。即使扣除 20% 分红税，税后收益依然 优于 A 股同类资产（如下图所示）。 近期市场风格快速轮动，以银行、煤炭、公用事业为代表的红利资产出现明显回调，让不少投资者心生疑虑：红利策略是否已经失效？还是市场赐予的又 一次布局良机？ 机构为何持续青睐红利资产 在全球流动性宽松与结构性转型的关键节点，红利资产作为兼具防御性与收益性的特殊资产类别，正迎来战略价值的重估。 保险资金的配置动向最能说明问题。 2025 年险资举牌明显加速，截至 9 月 18 日举牌已达 30 次，其中 24 次为港股举牌，覆盖 16 家港股企业。这一现象 背后实则是保险资金正在通过配置高股息资产来应对市场利率下行的压力和解决期限错配风险。 值得注意的是，随着普通型保险产品预定利率最高值降至 ...

Group 1: Gold Market Performance - During the National Day and Mid-Autumn Festival holiday, international gold prices surged, with New York futures gold breaking the $4000 per ounce mark for the first time, up over 50% year-to-date [1][3] - The price of gold jewelry in Shenzhen's Shui Bei market rose from approximately 796 yuan per gram in early September to 926 yuan per gram by October 8, reflecting a significant increase of 130 yuan [1][2] - Consumer demand for gold jewelry remained strong despite rising prices, particularly during the traditional wedding season in September and October, with many consumers exhibiting a "buy high, sell low" mentality [2][3] Group 2: Investment Trends in Chinese Assets - The Nasdaq Golden Dragon China Index reached a five-year high of 8945 points during the holiday, with a year-to-date increase of 40%, indicating strong performance of Chinese stocks [6][7] - Foreign investment in Chinese stocks saw a net inflow of $4.6 billion in September, the highest monthly figure since November 2024, reflecting renewed confidence in Chinese assets [6][7] - Major foreign institutions, including Morgan Stanley and Standard Chartered, expressed optimism about Chinese stocks, particularly in the technology sector, with significant target price increases for companies like Alibaba and Tencent [7][8] Group 3: Real Estate Market Dynamics - The real estate market experienced a promotional peak during the holiday, with developers offering significant discounts and incentives to boost sales, particularly in core cities [9][10] - In Shenzhen, new housing policies led to a notable increase in sales, with some projects selling nearly three times the number of units compared to the previous month [10][11] - The overall sentiment in the real estate market is expected to improve in the fourth quarter, driven by developers' efforts to meet annual sales targets and supportive government policies [11][12] Group 4: Robotics and Rental Market Growth - The popularity of robot performances during the holiday season has significantly boosted the rental market, with high demand for robot rental services leading to a doubling of inquiries compared to normal periods [13][15] - The rental prices for robots have seen dramatic fluctuations, with some prices dropping from 20,000 yuan per day to 6,000 yuan, indicating a need for business model optimization in the sector [16][15] - The long-term growth of the robot rental market is expected to depend on expanding application scenarios beyond entertainment, such as industrial inspections and medical assistance [15][16]

"双节"假期期间中概股表现出色，科技股再次成为海外投资者关注的重点。港股恒生指数和恒生科技指 数同样在长假期间创下5年新高。外资机构表示，全球投资者对中国资产的兴趣明显增加。 "长假过去，黄金一克涨了38元！" 国庆中秋长假期间，国际金价的表现尤为抢眼，纽约期金历史首次突破每盎司4000美元整数大关，年内 大涨逾50%。10月8日，伦敦现货黄金价格也首次站上每盎司4000美元整数关口。 国庆中秋长假，黄金消费市场也迎来小高潮。证券时报记者走访深圳水贝市场和多家品牌金饰门店发 现，国际金价强势上行的影响迅速传导至消费端，品牌金饰的"一口价"产品成为热销品种。 国庆中秋长假初期，证券时报记者走访深圳水贝市场发现，金饰价格已经达到每克888元。与此对比的 是，9月初水贝市场的金饰价格在每克796元左右。而到了10月8日，水贝市场的金饰价格已经攀升到每 克926元。 "我们也没想到金价越涨越高。"一位水贝市场金饰柜台的负责人表示，"留深和来深过节的人越来越 多，最近几天来买黄金的顾客就有不少是来深旅游的外地游客，每年9月、10月是传统婚庆旺季，也是 婚庆金饰购买的高峰期，婚庆金饰是'刚需'，而且大多数消费者都是买涨不 ...

"双节"假期期间中概股表现出色，科技股再次成为海外投资者关注的重点。港股恒生指数和恒生科技指数同样在长假期间创下5年新高。外资机构 表示，全球投资者对中国资产的兴趣明显增加。 "长假过去，黄金一克涨了38元！" 国庆中秋长假初期，证券时报记者走访深圳水贝市场发现，金饰价格已经达到每克888元。与此对比的是，9月初水贝市场的金饰价格在每克796元左右。而到了 10月8日，水贝市场的金饰价格已经攀升到每克926元。 "我们也没想到金价越涨越高。"一位水贝市场金饰柜台的负责人表示，"留深和来深过节的人越来越多，最近几天来买黄金的顾客就有不少是来深旅游的外地游 客，每年9月、10月是传统婚庆旺季，也是婚庆金饰购买的高峰期，婚庆金饰是'刚需'，而且大多数消费者都是买涨不买跌的心理，所以生意暂时还没有受到高金 价的影响。不过，还是有一些消费者处于观望状态，毕竟金价的涨势太猛了"。 也有消费者表示"后悔"，自己一直抱着观望心态，但没想到金价再度迅速走高。"一个长假过去，一克黄金就涨了38元。" 有银行工作人员对记者表示，最近一段时间积存金业务的咨询量大增。相较于黄金期货投资，各大银行的积存金投资更为稳定。"客户在银行的积存 ...

Group 1 - Major overseas stock markets performed well during the National Day and Mid-Autumn Festival holidays, with indices in Japan, South Korea, and the US reaching historical highs [1] - The Nasdaq China Golden Dragon Index hit a 5-year high of 8945 points on October 2, with a year-to-date increase of 40% [1] - The Hang Seng Index and Hang Seng Tech Index also reached 5-year highs during the holiday period, with sectors like non-ferrous metals and biomedicine gaining attention [1] Group 2 - Morgan Stanley reported a net inflow of $4.6 billion into the Chinese stock market in September, marking the highest monthly inflow since November 2024, indicating a recovery in global investor confidence towards Chinese assets [1] - Passive funds have seen a cumulative inflow of $18 billion year-to-date, surpassing the total of $7 billion for the entire previous year, driven by the expansion of international indices tracking A-shares [1] Group 3 - Several foreign institutions, including Standard Chartered and Goldman Sachs, expressed optimism about Chinese assets, with Goldman noting the highest activity of global hedge funds in China's stock market in recent years [2] - The technology sector, particularly companies like Alibaba, Tencent, and Baidu, received significant attention, with target prices being raised due to advancements in AI infrastructure and applications [2] - Investment strategies suggested by institutions include a "barbell strategy," focusing on growth leaders in AI and high-end manufacturing while also investing in high-dividend blue-chip stocks in sectors like finance and non-ferrous metals [2]

Group 1: Gold Market Insights - International gold prices have surged, with New York futures surpassing $4000 per ounce for the first time, marking a year-to-date increase of over 50% [4][6] - The price of gold jewelry in Shenzhen's Shui Bei market rose from approximately 796 yuan per gram in early September to 926 yuan per gram by October 8, reflecting a significant increase of 130 yuan [4][5] - Consumer demand for gold remains strong despite rising prices, particularly during the traditional wedding season in September and October, with many buyers exhibiting a "buy high, not low" mentality [5][6] Group 2: Investment Trends in Chinese Assets - During the recent holiday period, major overseas stock markets, including Japan, South Korea, and the US, reached historical highs, with the Nasdaq China Golden Dragon Index hitting a five-year high of 8945 points, reflecting a year-to-date increase of 40% [8][9] - Foreign investment in Chinese stocks saw a net inflow of $4.6 billion in September, the highest monthly figure since November 2024, indicating a renewed confidence among global investors in Chinese assets [8][9] - The technology sector, particularly semiconductor and AI-related companies, has become a focal point for foreign investment, with significant target price increases for major firms like Alibaba and Tencent [9][10] Group 3: Real Estate Market Dynamics - The recent holiday period saw a notable increase in new home sales, particularly in Shenzhen, where promotional strategies led to a significant uptick in transactions [12][14] - Developers are actively offering discounts and incentives to stimulate sales, with some projects reporting sales that are three times higher than the previous month [12][13] - The overall sentiment in the real estate market is optimistic, with expectations for a stronger fourth quarter driven by both developer promotions and favorable government policies [14] Group 4: Robotics and Rental Market Growth - The demand for robot rentals has surged, particularly during the holiday season, with many rental platforms reporting full bookings for robot performances [18][20] - The rise in interest for robotic performances is enhancing public awareness and interest in robotics, potentially leading to sustained growth in the rental market [20][21] - Despite a cooling off from the initial frenzy, the robotics rental market is expected to evolve towards more practical applications beyond entertainment, such as industrial inspections and medical assistance [21]

Group 1 - During the National Day and Mid-Autumn Festival holidays, major overseas stock markets performed well, with indices in Japan, South Korea, and the United States reaching historical highs [1] - The Nasdaq China Golden Dragon Index hit a 5-year high of 8945 points on October 2, with a year-to-date increase of 40% [1] - The Hang Seng Index and Hang Seng Tech Index also reached 5-year highs during the holiday period, with sectors like non-ferrous metals and biomedicine gaining attention [1] Group 2 - Morgan Stanley reported a net inflow of $4.6 billion into the Chinese stock market in September, marking the highest monthly inflow since November 2024, indicating a recovery in global investor confidence towards Chinese assets [1] - Passive funds have seen a cumulative inflow of $18 billion year-to-date, surpassing last year's total of $7 billion, driven by the expansion of international indices tracking A-shares [1] - Several foreign institutions, including Standard Chartered and Goldman Sachs, expressed optimism about Chinese assets, particularly in the technology sector, with significant target price increases for companies like Alibaba, Tencent, and Baidu [2]

今年以来，从美国及主要亚洲市场的股市表现来看，中国股市是表现最佳的市场之一。近期美银在欧洲机构路演中 表示，不少投资者看好中国股市的反弹将会持续到年底。 据追风交易台消息，美林在9月29日的报告中表示，其最新调研显示，欧洲投资者对中国股市信心显著回升。巴黎小 组会上近70%的投资者以及伦敦小组会上近100%的投资者预计中国股市反弹将持续至年底。 欧洲具备 "全新视角" 的新入场投资者，更看好中国股市相对偏低的估值、持续释放的创新活力，以及 "政策看跌期 权" 带来的风险缓冲。他们提出一个新颖看涨逻辑，与2015年A股反弹期间类似，在目前经济环境下，中国股市或将 迎来向好契机。 尽管一些新兴市场基金对于中国股市已从低配转向中性至超配，但迄今为止外部资本流入似乎有限。全球基金仍维 持低配或在中国持有少量头寸，一些基金今年因为专注于欧洲而错过了中国，今年以来中国股市成为表现最佳的市 场之一，全球基金更愿意在市场层面和特定主题/板块（如全球金融/科技基金）增加中国配置。 美银建议投资者重点关注中国家庭存款持续流入股市推动市场重定价、股市正面财富效应扭转消费与CPI进而提振消 费股。 关于对中国股市的投资策略，美银在报 ...