Group 1 - The core narrative for fund managers this year has been embracing technology, which has been key to achieving high returns, despite the looming risk of high valuations [1][3] - Active equity funds have seen their best performance in three years, with the top-performing fund achieving a return of 194.49% in the first three quarters, and over 900 active equity products seeing returns above 50% [3][4] - There is a cautious shift among some active equity funds towards a more defensive strategy, as high valuations in technology and healthcare sectors may lead to a loss of confidence in concentrated holdings [3][4] Group 2 - Despite the focus on technology and healthcare, consumer stocks remain uncertain, with fund managers showing restraint in increasing their positions in this sector [5][6] - Economic indicators suggest that consumer demand is still contracting rather than expanding, with weak employment affecting income and consumption willingness [6][7] - The current consumer market is still in an adjustment phase, with real estate sector weaknesses further dragging down domestic demand [7] Group 3 - Fund managers are increasingly looking at resource stocks that align with the technology narrative while avoiding the high valuations of tech stocks [8][9] - Energy stocks are being viewed as a complementary investment to technology, with the rationale that without fossil fuels, high-tech advancements cannot exist [8][10] - The demand for small metals, particularly rare earths, is expected to grow due to their applications in high-performance sectors like electric vehicles, which may lead to price increases and improved profitability for leading companies [9][10]

Market Overview - A50 index experienced a sudden drop, diverging from its recent strong performance, leading to adjustments in both A-shares and Hong Kong stocks, with Hang Seng index futures falling over 1% [1][3] - The market is influenced by two main factors: the unexpected strength of the US dollar index, which rebounded above 98, and the concentrated trading in large-cap technology stocks, indicating a narrowing focus among bullish stocks [1][3] A-share Performance - A-share market showed weakness, with the ChiNext index and STAR Market index declining. As of 10:20 AM, ChiNext index fell over 1%, while the Shanghai Composite Index and Shenzhen Component Index dropped by 0.33% and 0.76% respectively, with over 2,700 stocks in decline [3] - Despite the overall index performance, only about 800 out of over 5,000 stocks are in a bullish trend, indicating a crowded market in certain sectors, particularly large technology stocks [3] Capital Market Dynamics - The total trading volume in the A-share market remained above 2 trillion, with financing balances not declining as expected before the holiday, suggesting ongoing structural opportunities as long as trading volume is maintained [4] - The market's strength is attributed to three main factors: changes in macroeconomic expectations since last year, improvements in capital market infrastructure, and the continuous inflow of medium to long-term funds into the equity market [4] Future Outlook - Analysts predict that the A-share market will continue a slow bullish trend in the fourth quarter, supported by structural recovery in earnings, credit repair, and favorable liquidity conditions [5] - The expectation of continued interest rate cuts by the Federal Reserve and potential seasonal fiscal policy support in the fourth quarter may further boost the profitability cycle [5]

Group 1 - The event "Investing in New Opportunities in China" was held in Seoul, showcasing five Shenzhen-listed companies to over 60 Korean investors, highlighting the companies' operational status, investment value, and future development plans [1] - Korean investors expressed increased confidence in the Chinese market, recognizing the innovative vitality and development potential of Chinese enterprises through direct communication with company management [1][2] - Chinese companies are seen as transitioning from "technology followers" to "standard setters" in the global value chain, particularly in sectors like semiconductors, due to their strong R&D investments [2] Group 2 - The rapid development of China's technology innovation has led to the emergence of globally influential tech products, supporting the optimization of China's asset valuation system [3] - The stability and growth potential of China, as the world's second-largest economy, make it a preferred market for international investors amid rising geopolitical risks and economic uncertainties [3] - The event is part of a series organized by the Shenzhen Stock Exchange to enhance mutual understanding and trust between domestic companies and foreign investors, thereby boosting confidence in Chinese assets [4] Group 3 - The Shenzhen Stock Exchange plans to continue enhancing market attractiveness and inclusivity, aiming to create a favorable environment for global investors to participate in the Chinese capital market [5]

Report Information - Report Type: Stock Index Daily Review [1] - Date: September 25, 2025 [2] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Market Review - On September 24, the Wind All A index opened lower and then oscillated upward. The semiconductor sector was strong, and the brokerage sector drove the index higher in the afternoon. The Wind All A index closed up 1.40%, with nearly 4,500 stocks rising. The CSI 300, SSE 50, CSI 500, and CSI 1000 closed up 1.02%, 0.68%, 1.99%, and 1.70% respectively. The futures of large-cap blue-chip indexes generally underperformed the spot, while those of small and medium-cap indexes outperformed the spot. The IF, IH, IC, and IM main contracts closed up 1.03%, 0.51%, 3.12%, and 2.47% respectively [6]. Future Outlook - External markets: The fourth round of China-US talks were held in Spain, discussing trade issues. There are still differences, but the overall trend is towards easing. The Fed cut interest rates, and it is expected to cut another 50BP this year, but Powell's post-meeting remarks were slightly hawkish, suppressing market sentiment [8]. - Domestic situation: Economic data in August showed weakening supply and demand. The economic fundamentals still face pressure, but the "anti-involution" policy has had initial effects, and the prices of upstream resource products have recovered. The semi-annual reports of listed companies showed that revenue and profit growth are still at the bottom, and it remains to be seen if the performance repair in the fourth quarter can be realized [8]. - Liquidity: The margin trading balance has continued to hit new highs. The incremental funds may come from the new liquidity brought by the Fed's interest rate cut and the sustainability of household deposit transfers. There is still room for further growth in new accounts [8]. - Overall: In the long term, the stock index is still optimistic under the concepts of "East rising and West falling" and "technology narrative." In the short term, there is significant pressure at the previous high, and with the National Day holiday approaching, market risk aversion may increase. The market may need further consolidation, and short-term cautious operation and light positions are recommended [9]. Industry News - The Ministry of Commerce and seven other departments issued measures to promote service exports, including 13 specific measures [29]. - Premier Li Qiang attended the high-level meeting on the Global Development Initiative in New York and stated that China will support and promote common development, increase investment in global development, strengthen scientific and technological cooperation, and promote green transformation [29].

中国经济结构转型不断深化。AI（人工智能）大模型、具身智能等被视为继计算机、智能手机、新能 源汽车后的颠覆性产品，人工智能、新材料、精密制造等领域成为经济增长新动能。 "以AI大模型为基础的科技产业近些年迎来爆发式发展，这一进步对人类社会影响深远。"李朝昱举例 称，自2022年至今，以ChatGPT（聊天生成预训练转换器）为代表的大模型月活用户数和Token（模型 处理文本的最小单位）调用量持续攀升，人工智能正逐步渗透搜索、办公、编程、医疗等众多领域。 重仓人形机器人产业链 自去年四季度末，李朝昱将其管理的方正富邦信泓混合基金前十大重仓股调整为人形机器人相关板块。 他坦言，看好这一赛道主要基于五大因素。 技浪潮席卷全球的当下，A股市场的"科技叙事"逻辑日益清晰。针对人形机器人这一热点板块，《证券 日报》记者近日专访了方正富邦信泓混合基金基金经理李朝昱，他从投资视角分享了自己对这一热门赛 道的洞察与思考。 三大因素共同作用 当前A股市场以人形机器人、算力等为代表的科技主线走强。对此，李朝昱认为，这并非偶然，而是政 策支持、经济转型和技术突破三大因素共同作用的结果。 "2025年《政府工作报告》明确提出，建立未来 ...

Core Viewpoint - Investor confidence in Chinese assets is increasing, with a notable rise in overseas investors' willingness to allocate to non-USD assets, particularly Chinese assets, indicating a potential strong year for Chinese assets [2][3]. Group 1: Foreign Investment Trends - As of June, foreign investors' holdings in A-shares exceeded 3 trillion RMB, accounting for 7.4% of the total free float market capitalization of A-shares [2]. - The number of overseas investors from the US and the Middle East attending the UBS A-share seminar has significantly increased compared to previous years [2]. - Recent data suggests that foreign capital is gradually increasing its allocation to Chinese assets, driven by expectations of potential Fed rate cuts and a stabilizing PPI in China [2][4]. Group 2: Market Sentiment and Economic Policies - The growth of ETFs and new trading rules have heightened the attention of trading-oriented foreign capital towards the Chinese market, while allocation-oriented foreign capital remains cautious, focusing on the sustainability of fundamental policies [4]. - Since September of last year, foreign investors' attitudes towards China have become more positive, supported by domestic policies providing a protective floor for A-shares and the emergence of new economic themes [4][5]. - The current global low-interest rate environment, combined with domestic low rates, has created a favorable liquidity environment for capital inflow into the Chinese stock market [4]. Group 3: A-share Market Dynamics - The narrative of building an investor-centric financial market in A-shares has been realized, with a slow bull market expected to continue [7]. - The current market rally is largely liquidity-driven, with indicators suggesting that individual investor participation is still low, indicating that the shift in household investment behavior is just beginning [7][8]. - Growth stocks are favored, with expectations that the second half of the year will favor growth styles for investors, although structural market dynamics may shift from small-cap growth to large-cap growth [8]. Group 4: Earnings and Valuation Outlook - A-share earnings are expected to improve this year, with a projected growth rate of around 6% for the full year, driven by a favorable base effect [10]. - Despite the recovery in A-share valuations, the decline in government bond yields is expected to push A-share valuations higher, as the market remains relatively attractive compared to historical averages [10]. - The technology sector is anticipated to continue its momentum, supported by policy backing and changing industry trends, with further room for valuation increases as fundamental performance improves [11].

Group 1: Report Information - Report Type: Stock Index Daily Review [1] - Date: September 5, 2025 [2] - Researchers: Nie Jiayi, He Zhuoqiao, Huang Wenxin [3] Group 2: Market Review - Wanquan A Index: Fell for three consecutive trading days, with today's decline further expanding. It opened slightly higher and then oscillated lower. Sectors such as computing power, CPO, and military industry accelerated their decline as funds took profits. In the afternoon, sectors such as banks and securities companies showed abnormal movements, driving a slight recovery in the index at the end of the session. The index closed down 2.02%, with more than 50% of stocks falling [6]. - Index Spot: CSI 300, SSE 50, CSI 500, and CSI 1000 closed down 2.12%, 1.71%, 2.48%, and 2.30% respectively [6]. - Index Futures: IF, IH, IC, and IM main contracts closed down 1.82%, 1.67%, 2.09%, and 1.95% respectively (calculated based on the previous trading day's closing price), performing stronger than the spot market overall [6]. Group 3: Market Outlook - External Market: Federal Reserve Governor Waller and Atlanta Fed President Bostic reiterated their views on interest rate cuts, increasing the expectation of a rate cut in September. Attention should be paid to the subsequent implementation and the expectation of consecutive rate cuts in the fourth quarter [8]. - Domestic Market: Economic data in July showed a weakening on both the supply and demand sides. Currently, the economic fundamentals are under pressure, but the expectation of future recovery under the "anti - involution" policy remains strong [8]. - Liquidity: The margin trading balance rebounded slightly yesterday and remains at a historical high. Observe the subsequent changes in margin trading funds [8]. - Long - term: Stocks are still favored in the context of the concepts of "East rising, West falling" and "Technology narrative" [8]. - Short - term: After the expectation on September 3 was fulfilled, market volatility increased, and the market is currently in an oscillating correction trend. The CSI 300 (IF) and SSE 50 (IH) contracts may perform relatively better. One can try to go long on IF and short on IM to resist market corrections [8]. Group 4: Industry News - Trump asked the US Supreme Court to uphold his global tariff policy and seek a review of the case. The Trump administration asked the Supreme Court to expedite the hearing process and hold a debate in early November [32]. - The central bank conducted 212.6 billion yuan of 7 - day reverse repurchase operations on September 4 at a fixed interest rate through quantity bidding, with an operating interest rate of 1.40%. The bid volume, winning bid volume were both 212.6 billion yuan. Wind data showed that 416.1 billion yuan of reverse repurchases matured on the same day, resulting in a net withdrawal of 203.5 billion yuan [32].

Core Viewpoint - Investor confidence in Chinese assets is increasing, with a notable rise in overseas investors' willingness to allocate to non-USD assets, particularly Chinese assets, indicating a potentially strong year for Chinese assets [1][4]. Group 1: Foreign Investment Trends - As of June, the scale of foreign investors' holdings in A-shares exceeded 3 trillion RMB, accounting for 7.4% of the total free float market capitalization of A-shares [1]. - The number of overseas investors from the US and the Middle East attending the A-share seminar has significantly increased compared to previous years, reflecting a growing interest in Chinese assets [1]. - The growth of ETFs and new programmatic trading rules has led to increased attention from trading-type foreign capital towards the Chinese market, while allocation-type and investment-type foreign capital remain cautious, focusing on the sustainability of fundamental policies [3]. Group 2: Economic and Market Conditions - Since September of last year, overseas investors have become more positive about China, supported by domestic policies providing bottom protection for A-shares and the emergence of new economic sectors [4]. - The current global interest rate cut expectations and low domestic interest rates create a favorable liquidity environment for capital inflow into the Chinese stock market [3]. - A-shares are expected to maintain an upward trend due to continuous economic policy support and a clearer external environment, with high-quality companies likely to stand out in the new economic development cycle [4]. Group 3: Market Dynamics and Performance - The narrative of building an investor-centric financial market in A-shares has been realized, with a slow bull market expected to continue [6]. - The current market rally is largely driven by liquidity rather than corporate earnings changes, indicating that the shift of household financial assets is just beginning [6]. - Growth stocks are favored for investment in the second half of the year, with expectations of better performance for small-cap stocks, although the marginal difference compared to large-cap stocks may not be as pronounced as in the first half [6][7]. Group 4: Profitability and Valuation - A-share profitability is expected to improve significantly this year, with an estimated growth rate of around 6% for the full year, driven by a base effect and recovery in earnings [9]. - Despite the rebound in market valuations, the decline in government bond yields is likely to push A-share valuations higher, as A-shares remain relatively attractive compared to global markets [9]. - The technology sector's performance is supported by policy backing and changing industry trends, with further room for growth in valuations as more fundamental improvements and earnings recoveries occur [9][10].

Group 1 - As of July 2025, the total net asset value of public funds in China reached 35.08 trillion yuan, marking a 2.01% increase from the end of June 2025, and setting a new historical record for the tenth consecutive month since 2024 [1] - Open-end funds are the primary driver of growth in public fund assets, with their net asset value totaling 31.33 trillion yuan as of July 2025, while closed-end funds accounted for 3.74 trillion yuan [1] - The growth in open-end funds includes increases in scale, shares, and number, with respective increases of 710.61 billion yuan, 158.90 billion shares, and 108 new funds compared to the end of June 2025 [1] Group 2 - Among various fund types, money market funds saw significant growth in July 2025, with an increase of 381.38 billion yuan in scale and 379.69 billion shares [2] - Equity funds and mixed funds also experienced notable growth, with stock funds increasing by 192.59 billion yuan and mixed funds by 138.56 billion yuan by the end of July 2025 [2] - Despite the growth in equity funds, their shares decreased, with stock funds down by 11.47 billion shares and mixed funds down by 3.71 billion shares compared to the end of June 2025 [2] Group 3 - Recent demand-side support policies in areas such as fertility, consumption, and infrastructure are expected to show positive effects in the medium to long term, with improvements in financial data indicating active policy implementation [3] - The market shows strong demand for high-return assets, driven by factors such as the ongoing "technology narrative" and the coexistence of high growth in household savings and "asset scarcity" [3]

Core Viewpoint - The continuous evolution of the "technology narrative" combined with strong policy support for technological innovation presents significant investment opportunities in the high-end manufacturing sector, characterized by strong competitive dynamics and profitability [1]. Group 1: Investment Framework - The investment strategy is based on a top-down approach, focusing on macro policy direction, industry prosperity, and competitive landscape to select high-quality sectors [2]. - Priority is given to companies with technological barriers, stable competitive environments, and high market shares, emphasizing the alignment of growth potential with reasonable valuations [2]. - Dynamic adjustments to holdings based on ongoing tracking of industry prosperity and valuation levels are crucial for generating excess returns [2]. Group 2: Company Selection - The focus is on companies with favorable competitive dynamics, large market sizes, and high growth potential, verified through in-depth research and long-term tracking [3]. - Companies in the technology penetration phase, market expansion phase, and cyclical recovery phase are particularly targeted for investment [3]. - Communication with upstream and downstream companies enhances the reliability of research conclusions through multi-dimensional industry information comparison [3]. Group 3: Market Outlook - Expectations of continued global monetary easing and rising expectations for Federal Reserve interest rate cuts are likely to support the equity market [3]. - The steady recovery of the domestic economy and anticipated liquidity in the A-share market suggest promising investment opportunities in the technology sector, especially in high-end manufacturing [3]. Group 4: Company Avoidance Criteria - Companies with deteriorating competitive dynamics, low industry barriers, or declining demand are to be avoided [3]. - Companies with frequently changing management strategies and lack of long-term planning should also be excluded [3]. - Firms with misaligned interests between management and shareholders, as well as those with outdated technologies, are considered undesirable investments [3].