中信建投指出，汽车行业开始进入中报业绩密集披露期，前期预期相对低位的绩优汽零迎来估值上修行 情，乘用车销量及盈利改善预期强化后也有强劲股价表现（如长城、小鹏等）；此外，前期市场高关注 度的机器人板块在近期密集催化下已创新高。该机构认为，当前中报季在市场宽流动性状况下，汽车板 块不缺结构性行情，需重视中报预期上修及估值修复行情，低估值的绩优价值及强产业趋势的科创成长 优质个股具备alpha。 截至8月27日，恒生科技指数ETF（513180）标的指数的最新估值（PETTM）为22.3倍，处于指数2020 年7月27日发布以来约25.42%的估值分位点，即当前估值低于指数发布以来74%的时间。恒生科技当前 仍处于历史相对低估区间，在美联储降息预期升温、外部流动性有望改善的叙事下，高弹性、高成长等 特性使其具备更大的向上动能。 （文章来源：每日经济新闻） 8月28日早盘，港股三大指数集体低开。A股同赛道规模最大的恒生科技指数ETF（513180）跟随指数小 幅下跌，持仓股中，美团、小鹏汽车、阿里巴巴、蔚来、理想汽车、比亚迪股份等跌幅居前。 消息面上，乘联分会近期披露，8月1-24日，全国乘用车新能源市场零售72.7 ...

盘面消息 A股三大指数今日延续强势表现，沪指再创十年新高。截止收盘，沪指涨1.51%，收报 水皮杂谈 一家之言 兼听则明 偏听则暗 落袋为安 3883.56点；深证成指涨2.26%，收报12441.07点；创业板指涨3%，收报2762.99点。 沪深两市成交额史上第二次突破三万亿，今日达到31411亿，较上一交易日大幅放量5944 亿。 市场中不乏推波助澜、信口开河的情况，但作为投行，高盛此次如此 " 火上浇油 " 的行为较 为少见。不过，投资者并未失去理性，未完全听从高盛的建议，今 天 寒武纪的走势已充分体 现这一点。今 天 寒武纪成交量达 249.9 亿元，接近 250 亿元，虽未超过 8 月 12 日的成 交量，但相较于过往几次放量，多出约 100 亿元，这与其当前股价水平密切相关。目前寒武 纪股价与贵州茅台仅一步之遥，而市场流传着一个 " 魔咒 "—— 股价超过茅台的个股，往往 会面临不可预知的后果。 小水看盘 市场中，看得见的风险并非真正的风险。 今 天 三大指数跳空高开，收盘时上证指数上涨 1.57% ， 深成 指数上涨 2.26% ，创业板 指涨幅超 3% 。关键在于成交量放大至 3 万亿元左右 ...

Core Viewpoint - The A-share market is experiencing a significant bull market, with the Shanghai Composite Index reaching a nearly 10-year high and the total market value of A-shares surpassing 100 trillion yuan, indicating a strong upward trend in the market [2][3]. Group 1: Market Performance - As of August 18, 2023, the number of funds with over 100% returns has surged to 128, a significant increase from 21 at the end of June [3][5]. - The average daily addition of "doubling funds" is 6-7, with a record 21 new "doubling funds" on the day the Shanghai Composite Index hit a near 10-year high [2][3]. - The median return of non-monetary funds in the past year is 17%, with 125 funds achieving returns of 100% or more [2][3]. Group 2: Fund Types and Performance - Active equity funds dominate the "doubling fund" category, with 99 such products, accounting for nearly 80% of the total [5]. - Among active funds, 59 "doubling funds" are mixed equity funds, while flexible allocation, QDII, and stock funds (excluding index funds) have 16, 11, and 8 "doubling funds," respectively [5]. - Passive index funds have also shown strong performance, with 29 index funds achieving over 100% returns, representing 22% of the total [8]. Group 3: Sector Performance - The technology sector, particularly AI, robotics, and semiconductors, has seen a significant increase in "doubling funds," with 46 such funds in this category [10]. - The pharmaceutical and biotechnology sectors have produced 26 "doubling funds," driven by favorable policies and strong stock performance [11]. - The North Exchange and Hong Kong markets have also contributed to the rise of "doubling funds," with 20 and 25 funds, respectively, achieving over 100% returns [11][12]. Group 4: Fund Management and Strategy - Leading public fund companies have effectively captured structural opportunities, with over 60 products from firms like Huaxia, Fuguo, and E-Fund returning over 50% in the past year [13]. - Fund managers have demonstrated strong active management capabilities, allowing them to navigate market fluctuations and capitalize on sector rotations [14][15]. - The trend towards low-cost ETFs is increasing, as investors seek stable returns amid market volatility, further enhancing the appeal of these investment vehicles [15].

在主题型基金轮番登顶、热门板块快速切换的市场环境下，仍有基金经理始终锚定均衡配置的底层逻 辑，在攻守之间构筑起穿越波动的价值护城河。近日，证券时报记者采访了上银基金权益投研部投资副 总监、基金经理赵治烨。他同时覆盖消费、科技、周期等多个领域，始终以"安全边际"为核心构建组 合。 在赵治烨看来，热点驱动已成为A股的重要特征，投资者更需在攻守之间保持平衡。下半年，他认为顺 周期板块在产能出清和政策加码的推动下具备反转契机；科技领域有望受益于海外AI的正向循环以 及"十五五"规划的催化，迎来阶段性机会；而红利与消费板块将起到防御和平抑组合波动的作用。在他 看来，未来市场将以结构性行情为主，均衡配置才是穿越波动的关键。 坚持均衡型投资 赵治烨拥有14年证券从业经验和超10年的公募基金管理经验，是市场上少数同时覆盖消费、科技、周期 等多领域的灵活配置型主动权益基金经理，擅长在不同板块间动态平衡收益与风险。他在管的产品之一 ——上银新兴价值混合A自2014年5月6日成立以来至2025年6月30日，收益率达236.82%，为同期业绩比 较基准的2倍以上。 毕业于北京大学微电子专业的赵治烨，早期在中国银河证券任职，2014年 ...

本报记者 田 鹏 政策力度稳 筑牢市场发展根基 自去年9月份一系列政策"组合拳"推出以来，上证指数已从近2900点稳步攀升至超3700点。尤其是今年7 月份以来，市场动能进一步释放。近日，A股市场成交额连续多日突破2万亿元、两融余额时隔十年重 回2万亿元以上、上证指数创近十年新高……A股市场"升"机盎然，背后是我国宏观政策持续发力、精 准赋能所带来的强大动能。 随着宏观政策发力显效，中国经济展现出强劲韧性，并持续向资本市场传导，投资者信心稳步增强，资 金面与情绪面形成良性互动，市场内在稳定性显著提升，资产价值重估的坚实基础加速形成。从"政策 护航"到"经济韧性"，再到"市场稳定"乃至"价值重估"，一条清晰且环环相扣的正向循环链条已然形 成，为A股市场的持续健康发展注入深层动力。 去年9月24日，国新办发布会上宏观政策多箭齐发，涵盖了货币、地产、资本市场等多个维度；随后，9 月26日召开的中共中央政治局会议部署下一步经济工作，进一步释放了政策暖意。 此后，面对国内外经济环境的复杂局面与多重挑战，我国宏观政策始终锚定"稳中求进"总基调，通过货 币政策与财政政策的精准协同、跨周期调节与逆周期调节的有机结合，筑牢经济 ...

Core Insights - The securities advisory industry is experiencing a resurgence due to increased market activity and investor demand for professional services [1][4][6] - The number of clients seeking stock investment advice has significantly increased, with some firms reporting a doubling in client numbers [3][4] - The stock price of leading advisory firms, such as Jiufang Zhitu Holdings, has risen by 37% since early August, reflecting market optimism [3][4] Market Dynamics - Since August 13, A-share trading volume has consistently exceeded 2.1 trillion, with the Shanghai Composite Index stabilizing above 3700 points and aiming for 3800 points [2] - The active trading environment has prompted many individual investors to consider entering the stock market [2] Client Behavior and Needs - Investors are increasingly aware of the risks of self-directed trading and are seeking professional services for asset allocation and risk management [4][9] - The overwhelming amount of information available has led to "decision paralysis," with over 68% of investors struggling to determine the right timing for trades [9][12] Industry Response - Advisory firms are enhancing their research capabilities and utilizing AI tools to meet the rising demand for professional advice [5] - Firms like Yingmi Fund have reported over 500,000 signed clients and a total advisory scale exceeding 47 billion, with 66% in equity [6][7] Investment Strategies - The current market is characterized by structural differentiation and sector rotation, with only 30% of leading stocks continuing to perform well [12][13] - Advisory firms emphasize the importance of long-term investment strategies and discourage speculative trading [11][15]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View - Short - term market divergence is large. Today's stock market trend changed several times. Although the trading volume did not change significantly, the optimistic momentum of the stock market has clearly declined, and funds have shifted from small - cap stocks to large - cap stocks. The dividend index showed an overall oscillating and strengthening trend. In the context of significantly weakened optimism compared to the previous period, the market is expected to continue to oscillate and requires incremental information for stimulation. Without the drive of trading volume, the attractiveness of the structural market will also decline. Attention should be paid to the information released at the Jackson Hole meeting on Friday [6]. 3. Summary by Related Catalogs Market Review - Today, the stock index showed an oscillating trend, with large - cap and small - cap stocks performing differently. The large - cap index rose, while the small - and medium - cap index declined. The trading volume of the two markets increased by 15.823 billion yuan. In the futures index market, IF and IH rose with shrinking volume, IC fell with increasing volume, and IM fell with shrinking volume [4]. Important Information - Alibaba announced on August 21 that it plans to spin off Zebra Network Technology Co., Ltd. and list it independently on the main board of the Hong Kong Stock Exchange [5]. Strategy Recommendation - Insurance strategy: Hold spot and buy put options [7]. Futures Index Market Observation | | IF | IH | IC | IM | | --- | --- | --- | --- | --- | | Main contract intraday change (%) | 0.66 | 0.84 | - 0.06 | - 0.43 | | Trading volume (10,000 lots) | 12.1134 | 5.9612 | 12.1463 | 29.1091 | | Trading volume change compared to the previous period (10,000 lots) | - 0.9534 | - 0.3502 | 0.2219 | - 0.7631 | | Open interest (10,000 lots) | 25.8227 | 10.336 | 22.9052 | 39.0348 | | Open interest change compared to the previous period (10,000 lots) | - 0.8791 | - 0.3273 | 0.0694 | - 1.0277 | [7] Spot Market Observation | Name | Value | | --- | --- | | Shanghai Composite Index change (%) | 0.13 | | Shenzhen Component Index change (%) | - 0.06 | | Ratio of rising to falling stocks | 0.72 | | Trading volume of the two markets (billion yuan) | 242.4057 | | Trading volume change compared to the previous period (billion yuan) | 15.823 | [8]

Core Viewpoint - The current bull market in A-shares is characterized by significant participation from institutional investors, while retail investors remain hesitant, reflecting a complex psychological landscape shaped by past experiences [2][3][30]. Group 1: Market Overview - The Shanghai Composite Index reached a nearly ten-year high on August 18, indicating a strong bullish trend [2]. - Institutional investors, including the "national team," have injected over one trillion yuan into the market, while public funds have seen a resurgence of "doubling funds" [2]. - Quantitative funds have performed well, with an average profit of nearly 2 billion yuan per fund among 36 large quantitative firms [2]. Group 2: Retail Investor Sentiment - Retail investors currently account for over one-third of the market's holdings and 70% of trading volume, yet their participation is significantly lower than during previous bull markets [3][30]. - Many retail investors are hesitant to enter the market, with a significant portion remaining on the sidelines despite the potential for substantial gains [3][30]. - The psychological impact of past market experiences, such as losses during previous peaks, contributes to the current caution among retail investors [4][30]. Group 3: Individual Investor Stories - Individual narratives reveal a range of experiences, from significant losses due to high-risk strategies to cautious approaches that have yielded steady returns [6][11][20]. - Some investors express regret over past decisions, such as leveraging investments at market peaks, leading to long-term financial distress [6][7]. - Others have adapted their strategies to focus on risk management and steady growth, achieving satisfactory results without impacting their daily lives [20][24][28]. Group 4: Market Dynamics and Future Outlook - The current market environment is described as structurally bullish, yet the wealth effect has not fully permeated the broader retail investor base [30][31]. - The article emphasizes the need for improved financial literacy and risk awareness among investors to foster a more robust market participation [31][32]. - The ongoing bull market is seen as an opportunity for wealth generation, but it also presents challenges that require a shift in investor confidence and behavior [32].

Group 1 - The stock market is experiencing a bullish trend, with major indices continuing to rise and the Shanghai Composite Index reaching a nearly ten-year high on August 18 [1] - Institutional investors, including the "national team," have significantly supported the market, with over one trillion yuan invested in broad-based funds [1] - Retail investors are currently hesitant to participate, with their market participation rate at only one-third of levels seen during previous bull markets in 2015 and 2020 [2][30] Group 2 - Retail investors hold over one-third of the market shares and account for 70% of trading volume, indicating their significant presence despite their current reluctance to engage [2] - The article highlights various personal stories of retail investors, showcasing their struggles and experiences in the stock market, which reflect a broader sentiment of caution and fear among individual investors [3][30] - The narrative emphasizes that the current bull market is not yet a widespread celebration among retail investors, as many remain on the sidelines, reflecting on past losses and uncertainties [30][31]

Group 1 - The market is currently experiencing a bifurcation, with small-cap stocks performing well while blue-chip stocks remain stagnant [5] - Bank stocks are an exception but are showing signs of weakness recently [6] - The prevailing sentiment among some market participants is that being conservative is a sign of laziness, which can mislead new investors [7] Group 2 - The absence of a significant rise in the CSI 300 index indicates that a true bull market cannot be declared; the current situation is merely a structural market [8] - Small-cap stocks are perceived as performing well, but this is misleading as they have also faced significant declines in the past [10] - Comparing historical peaks, the CSI 2000 index has dropped 29.18% and the CSI 300 has dropped 21.21% since their 2015 highs, indicating that small-cap stocks have underperformed more severely [12] Group 3 - New investors are encouraged to engage in extensive reading and learning about investment principles, market history, and financial analysis [13] - The notion that stocks related to popular themes can sustain high valuations indefinitely is criticized as a form of indoctrination rather than genuine learning [13] - The primary reason for retail investors' losses is buying at high prices, which can be avoided by not chasing hot stocks [13]