商品ETF是以商品类指数作为跟踪标的的ETF基金产品，通过复制指数的方式，以市场上某一商品指数 为业绩基准构建一篮子商品组合。 国内商品ETF可以根据运作方式不同细分为有实物支撑的ETF和非实物支撑ETF。前者通过持有实物资 产或仓单的方式运作，如黄金ETF；后者则主要包括商品期货ETF，其以持有商品期货合约为主要策 略，以跟踪商品期货价格指数为投资目标。 无论哪种运作方式，商品ETF相较于其他资产类别ETF都有独特之处，具体包括但不限于： 商品ETF通过将商品投资模式设计成证券投资基金参与，通过投资商品ETF的形式，投资者仅需按照常 规场内基金的投资方式就能间接参与大宗商品交易，大大提高了个人投资者参与商品配置与交易的便利 性。 此外，ETF参与门槛低，交易便利，既可以在二级市场像买卖股票一样买卖基金份额，也可以在一级市 场申购赎回。 选自深圳证券交易所基金管理部编著的《深交所ETF投资问答》（中国财政经济出版社2024年版） （文章来源：证券日报） 商品ETF与其他大类资产相关性低，可分散风险；与其他大类资产投资互补性强，有效优化组合的收益 风险比；商品ETF的发展为资产配置提供了多样化选择，对于丰富市场 ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 内容综合自： 摩根资产管理ETF 来源：雪球 相信很多人还记得，去年"924行情"的波澜壮阔，wind数据显示，"924行情"至今，AH整体仍有亮眼表现。"924行情"一周年之际，看看A 股"924行情"以来有何变化，当下行情又到哪儿了？ 01 表现亮眼！"924行情"以来AH涨超全球主要指数 去年"924行情"以来，AH主要指数表现可以说是领涨全球主要市场指数。 "924行情"以来全球主要指数表现（%） 数据来源：wind，数据区间2024.9.24-2025.9.22 A股成交额再超3万亿元！但仍低于924行情峰值 Wind数据显示，9月18日 A股单日成交额再超3万亿元，单日成交额位列A股历史第4。 924以来A股成交额及区间换手 指数的过往表现并不预示其未来表现，也不构成对指数基金业绩表现的保证。 02 24157亿元！两融余额创2015年来新高 Wind数据显示，9月22日，作为市场情绪指标之一的两融余额创2015年来新高，达到24157亿元！ 两融余额占A股流通市值看，9月2 ...

Group 1: Forum Overview - The "2025 China Securities Industry Wealth Brokerage Summit Forum" was held on September 24 in Beijing, focusing on the transformation paths and ecological construction of wealth management in the securities industry under new policies [1] - The forum gathered over a hundred industry elites from more than 60 securities firms, discussing the significant opportunities in asset allocation, product innovation, and customer service due to the implementation of new policies and the active A-share market [1] Group 2: Key Insights from Speakers - The Vice President of Securities Times highlighted that the wealth management business of securities firms is entering a "beautiful time" due to the warming capital market and expanding wealth management needs of Chinese residents [2] - Future success in wealth management relies on four key aspects: customer-centric approach, embracing financial technology, enhancing internal and external collaboration, and ensuring compliance [2] - The president of Guolian Minsheng Securities emphasized the importance of sustainable returns through professional asset allocation and the role of technology in optimizing client service [3] Group 3: Roundtable Discussions - Two roundtable discussions were held, focusing on collaborative empowerment in wealth management and innovations in buy-side advisory service models [4] - Key industry figures participated in these discussions, exploring value resonance paths in wealth management ecosystems [4] Group 4: Awards Announced - The "2025 China Securities Industry Wealth Brokerage Jun Ding Award" winners were announced during the forum, recognizing leading figures and firms in wealth management [6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24]

Core Viewpoint - The forum emphasized the transformation path and ecological construction of wealth management in the securities industry, highlighting significant opportunities for development in asset allocation, product innovation, and customer service due to the implementation of new policies and the recovery of the capital market [2][3]. Group 1: Forum Overview - The "2025 China Securities Industry Wealth Brokerage Summit Forum" was held in Beijing, focusing on the theme "Intelligent Wealth Together, Win the Future" [1]. - Over 100 industry elites from more than 60 securities companies attended the forum, discussing the future of wealth management in the context of ongoing capital market reforms and the acceleration of medium to long-term capital inflows [2]. Group 2: Key Insights from Speakers - Securities Times' Deputy Editor-in-Chief highlighted that the wealth management business of securities firms is entering a "beautiful time" due to the warming of the capital market and the expanding demand for wealth management among Chinese residents [2]. - The future of wealth management relies on four key aspects: maintaining a customer-centric approach, embracing financial technology, enhancing internal and external collaboration, and ensuring compliance to safeguard against risks [2]. - South Fund's Deputy General Manager emphasized the importance of collaboration between fund companies and securities firms to effectively connect the real economy with residents' wealth [3]. Group 3: Trends in Wealth Management - The president of Guolian Minsheng Securities discussed the new trend of wealth management transformation driven by AI and buyer advisory services, focusing on sustainable returns for investors [3]. - The importance of asset allocation and the need to navigate market cycles were stressed, with a call for wealth management institutions to evolve from mere product distributors to providers of a healthy wealth ecosystem [4]. Group 4: Awards and Recognition - The forum also announced the results of the "2025 China Securities Industry Wealth Brokerage Awards," recognizing outstanding contributions in various categories, including wealth management leadership and retail wealth services [6][7][11].

................. 3 天天基金 | 链接您与财富 A股"924" 行情一周年 超1400只A股翻倍 集中在这些板块 始于2024年9月24日的这轮牛市行情，已经持续一年时间了。数据显示, A股行业板块均实现上涨，1400余只个股股价翻倍,在5324只个股中占比 超26%。其中翻倍股主要集中在电子、机械设备、电力设备、计算机、汽 车等行业。 | 行业名称 | 924以来涨幅 | 翻倍股数量 | 部分翻倍股 | | --- | --- | --- | --- | | | (%) | | | | 通信 | 124.09 | 49 | 仕佳光子、长芯博创、长飞光纤 | | 电子 | 121.05 | 204 | *ST宇顺、胜宏科技、芯原股份 | | 综合 | 108.05 | 5 | 东阳光、粤桂股份、漳州发展 | | 计算机 | 82.15 | 121 | 联迪信息、汇金股份、开普云 | | 机械设备 | 80.80 | 231 | 长盛轴承、中坚科技、必得科技 | | 传媒 | 80.60 | 22 | ST华通、巨人网络、果麦文化 | | 电力设备 | 71.98 | 128 | 电气风电、 ...

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Group 1 - The core mission of wealth management institutions is to help investors achieve sustainable returns through professional asset allocation and service capabilities [1] - Major factors influencing clients' long-term investment mindset include significant drawdowns and unrealistic expectations [1] - The key lies in bridging the gap between allocation capabilities and client service, with technology empowerment expected to optimize and accelerate this process [1]

每经记者｜吴永久 每经编辑｜闫峰峰 美联储9月18日如预期降息25个基点，全球瞩目的"靴子"终于落地。降息当日，贵金属板块率先走强，自9月19日来白银主力合约累计上涨近5%，成为当下 市场最亮眼的明星品种。 图文数据来源：博易大师 市场普遍认为，此次降息意味着宽松周期正式开启，流动性改善让避险资产再度受到资金追捧。白银的率先上行或许只是序幕，在降息环境下，工业品价格 波动往往更大、机会也更多。 期货市场的魅力就在于它的 T+0交易、保证金制度、双向操作，能够灵活捕捉上涨和下跌行情。同时市场覆盖金融、贵金属、有色、黑色、农产品等140+期 货、期权品种，机会丰富多元。 如果你想在降息周期优化资产配置、把握市场波动，快来参与每日经济新闻联合中粮期货举办的 "经·粮杯—全国期货模拟争霸赛"吧！ 现在报名，立即解锁交易新技能 报名参赛即可获赠100万模拟本金，"零成本试错、高收获成长"，大赛设置周赛+月赛双评比机制，多重奖励等你来拿！ 市场不会等待任何人。在A股这个高位震荡的关键时刻，学会掌握衍生品工具将成为你交易生涯的重要转折点。 现在报名即可先享受"新客专享礼"，还可获得独家"研报洞察礼"，解读节后市场走势。 打 ...

Group 1 - Gold prices have reached new historical highs, with London gold spot prices hitting $3748.88 per ounce and New York futures surpassing $3770 per ounce on September 22, 2023 [2] - As of September 23, 2023, gold prices continued to rise, with London gold reaching $3759.16 per ounce and Shanghai gold trading at 850 yuan per gram [2] - Since 2025, international gold prices have increased by nearly 43%, while domestic gold prices have risen approximately 38% [3] Group 2 - The primary driver of rising gold prices is the Federal Reserve's shift to a rate-cutting cycle, leading to a weaker dollar and a potential upward trend in gold prices [6][7] - Geopolitical conflicts, such as the Russia-Ukraine war and Middle Eastern tensions, have increased demand for gold as a safe-haven asset [8] - Central banks around the world have significantly increased their gold reserves, with global central bank purchases exceeding 1000 tons annually over the past three years, nearly double the previous decade's average [11] Group 3 - The current economic environment, characterized by a weak U.S. labor market and ongoing geopolitical tensions, supports a favorable outlook for gold prices [14] - Investment strategies for ordinary investors include diversifying into gold through paper gold or gold ETFs, rather than purchasing physical gold due to high storage and transaction costs [18][20] - Silver prices have also reached a near 14-year high, with prices hitting $43.788 per ounce on September 22, 2023 [23]

Core Insights - The wealth management business of brokerage firms has undergone significant changes over the past year, driven by a more rational investment approach from a new generation of investors and a shift from "scale expansion" to "value creation" [1][3][8] Group 1: Market Trends - The A-share market has seen a recovery since the implementation of the "9·24" financial policy, with daily trading volume stabilizing above 2 trillion yuan [1] - Investors are increasingly favoring ETFs (Exchange-Traded Funds) for their low costs and risk diversification, with a notable increase in participation among individual investors [3][4] - The proportion of new investors under 30 years old has risen by 10 percentage points to nearly 30%, with over 25% of new investors engaging in ETF trading, which is 10 percentage points higher than older investors [4] Group 2: Investor Behavior - Investors are transitioning from a "chasing gains" mentality to a more structured "asset allocation" approach, characterized by "indexing," "institutionalization," and "configuration" [3] - New investors exhibit a stronger awareness of financial planning, with a higher allocation to fixed-income products compared to older clients, indicating a focus on stability and diversification [4] Group 3: Service Model Challenges - The growth in investor numbers presents challenges for brokerage firms in terms of meeting diverse and evolving client needs, necessitating a shift towards more intelligent, personalized, and scenario-based services [6][7] - Social media has raised client expectations for service, requiring firms to balance online convenience with offline trust-building [6] Group 4: Business Transformation - Many brokerage firms are transitioning to a buyer advisory model, focusing on asset allocation and comprehensive wealth management throughout the client lifecycle [7][8] - The industry faces intense competition and service homogenization, leading to a reliance on price competition, which pressures profit margins [7][8] Group 5: Future Growth Opportunities - Future growth points for brokerage firms are expected to arise from five areas: scaling the buyer advisory model, refined client segmentation, comprehensive services for corporate finance and family trusts, ecological planning for retirement finance, and cross-border wealth services [9]