2024年9月24日，国新办一场关于金融支持经济高质量发展的新闻发布会，触发A股迎来"史诗级反 弹"——上证指数6个交易日内一度大涨近千点。"9·24"行情一周年，政策与信心共同铸就了A股市场新 蜕变，行情走势也逐渐从"脉冲式反弹"到"结构性慢牛"。 同时，监管部门通过更严格的退市标准，加大对"害群之马""空壳僵尸"出清力度，相关公司股价大幅下 跌。过去一年，紫天科技股价出现"脚踝斩"，*ST苏吴（600200）（江苏吴中）、*ST高鸿（000851） （高鸿股份）跌幅超80%，*ST东通（300379）（东方通）、*ST中地（000736）（中交地产）股价同 样"腰斩"。前四家公司均涉及财务造假，其中紫天科技已经进入退市整理期交易；中交地产则因资不抵 债，被实施退市风险警示。 科技股领跑，电子行业市值超越银行 数据显示，截至9月23日，过去一年A股总市值从68万亿元攀升至104万亿元，增加36万亿元；上证指数 累计上涨39%，深证成指涨62.3%，而创业板、科创50、北证50指数涨幅均超100%，涨幅全球领先，且 科技股领跑。 其中，超1400只个股股价实现翻倍，个人投资者与长期资金双向涌入，A股新增投资者 ...

Core Viewpoint - The article discusses the performance of the A-share market around the National Day holiday, highlighting the historical "calendar effect" where the market typically experiences adjustments before the holiday and rebounds afterward [5][6][9]. Market Performance - On September 24, the market saw a strong performance with the ChiNext Index reaching a three-year high and the STAR 50 Index rising nearly 5%, with over 4,400 stocks increasing in value [2][3]. - The Shanghai Composite Index rose by 0.83%, the Shenzhen Component Index by 1.80%, and the ChiNext Index by 2.28% on the same day [3]. Calendar Effect - Historical data shows that in the past 10 years, the Shanghai Composite Index has had an 80% probability of declining in the five trading days before the National Day holiday, with a median drop of 1.45% [5][6]. - Conversely, the index has a 60% probability of rising in the five trading days following the holiday, with six out of ten years showing an increase [5][6]. Investment Strategy - Investors face a choice of holding stocks or cash during the holiday, with recommendations depending on the quality of the assets held. Good stocks and funds can be held, while those lacking fundamental support may be sold [6][9]. - The article emphasizes the importance of maintaining confidence and patience to capitalize on the ongoing bull market [6][9]. Long-term Market Outlook - The article notes that the A-share market has seen a significant increase over the past year, with the Shanghai Composite Index rising from 2,700 to around 3,900, a nearly 40% increase [7][8]. - The market's risk appetite has improved, with the risk premium narrowing from 4.6% to 2.6% since September 24 of the previous year [8]. - Despite short-term fluctuations, the long-term outlook remains optimistic, supported by strong performance in sectors like artificial intelligence, biomedicine, and high-end manufacturing [9][10].

Group 1: A500ETF Performance - A500ETF Jia Shi has a turnover rate of 2.53% and a transaction volume of 293 million yuan as of September 23 [3] - Over the past year, A500ETF Jia Shi has seen a significant scale growth of 9.371 billion yuan, ranking first among comparable funds [3] - The net value of A500ETF Jia Shi has increased by 17.45% in the past year [3] - Since its inception, A500ETF Jia Shi achieved a maximum monthly return of 11.71%, with the longest consecutive monthly gains being 4 months and a maximum increase of 22.93% [3] - The average return during the rising months is 4.07%, and the annualized return over the past three months has exceeded the benchmark by 7.48% [3] Group 2: Market Outlook - Institutions suggest that market fluctuations will continue to be the main theme in the near term, recommending a focus on representative broad-based index products to navigate high volatility [3] - Huaxi Securities indicates that a "slow bull" market is the only sustainable long-term trend, with the logic of a slow bull in A-shares remaining unchanged [3] - Chinese companies are demonstrating top-tier productivity in fields such as artificial intelligence, biomedicine, and high-end manufacturing [3] - The "anti-involution" efforts are gradually validating expectations for profit improvement, while domestic demand continues to be stimulated with consumption policies leaning towards service consumption [3] - Capital market policies are still providing strong support for stabilizing the stock market [3] Group 3: Top Holdings in A500 Index - As of August 29, 2025, the top ten weighted stocks in the CSI A500 Index include Kweichow Moutai, CATL, Ping An Insurance, China Merchants Bank, Zijin Mining, Industrial Bank, Eastmoney, Midea Group, Neway, and Yangtze Power, collectively accounting for 19.11% of the index [4] - The individual weightings of the top stocks are as follows: Kweichow Moutai (3.87%), CATL (2.89%), Ping An Insurance (2.60%), China Merchants Bank (2.47%), Industrial Bank (1.69%), Yangtze Power (1.60%), Midea Group (1.54%), Zijin Mining (1.40%), BYD (1.30%), and Eastmoney (1.27%) [6] - Investors without stock accounts can access the A500ETF Jia Shi linked fund (022454) for exposure to the top 500 A-share companies [6]

Market Overview - The A-share market experienced a collective decline in the three major indices, with the Shanghai Composite Index closing down 0.18% at 3821 points, briefly dipping below 3800 points during the session [1][13] - The Shenzhen Component Index fell by 0.29%, while the ChiNext Index rose by 0.21%. The total trading volume for the day was 2.52 trillion yuan, an increase of 376 billion yuan compared to the previous trading day [1][13] Sector Performance - The tourism and hotel sector saw significant declines, with stocks like Yunnan Tourism and Huatian Hotel hitting the daily limit down [2][12] - The real estate sector also faced downturns, with Electronic City hitting the limit down, and several other stocks dropping over 7% [2][12] - The internet e-commerce sector weakened, with stocks such as Cross-Border Communication and Qingmu Technology falling over 5% [2][10] - Conversely, the port and shipping sector rebounded, with Nanjing Port and Ningbo Shipping both hitting the limit up, and Ningbo Ocean rising over 7% [2][6] Banking Sector - The banking sector performed well against the market trend, with Nanjing Bank rising over 4%, and other major banks like Construction Bank and Industrial and Commercial Bank of China increasing by over 3% [4][5] - As of June 2023, China's banking industry had total assets nearing 470 trillion yuan, ranking first in the world [4] Medical Services - The medical services sector continued its downward trend, with Zhaoyan New Drug falling over 6%, and other companies like MediWest and New Journey dropping more than 5% [8][9] - MediWest's subsidiary faced a lawsuit due to delivery delays, with the amount involved exceeding 159 million yuan [8] Shipping and Logistics - The global shipping sector saw a boost with the launch of the first China-Europe Arctic container express route, significantly reducing shipping times to Europe [6][7] Future Outlook - Analysts suggest that the market may experience short-term fluctuations, but the medium-term trend remains upward. Focus may shift towards high-end manufacturing and companies with profit elasticity amid changing policies [12][13]

Group 1 - The core viewpoint of the articles highlights the significant growth and performance of the ChiNext ETF Tianhong (159977), which saw a 0.37% increase in closing price and a notable inflow of funds amounting to 2.68 billion yuan over the last five trading days [3] - The ChiNext index is characterized as a leading indicator in the A-share market, with a high proportion of emerging industries and high-tech enterprises, making it an attractive investment opportunity for growth during the A-share recovery process [3] - As of September 22, the ChiNext ETF Tianhong (159977) experienced a scale increase of 8.83 billion yuan and a share increase of 30.30 billion shares over the past two weeks, indicating strong investor interest [3] Group 2 - According to the China Securities Regulatory Commission, over 90% of newly listed companies in recent years are technology enterprises or have high technological content, with the market capitalization of the technology sector now exceeding 25% of the total A-share market [4] - The number of technology companies among the top 50 by market capitalization has increased from 18 at the end of the 13th Five-Year Plan to 24 currently, reflecting a growing emphasis on technology within the market [4] Group 3 - CICC believes that the current market is supported by strong macroeconomic resilience, improving corporate profitability, attractive global valuations, and enhanced liquidity, establishing a long-term positive trend [5] - Since the second half of this year, the A-share market has exhibited diverse sector rotations, with growth sectors, particularly those related to AI and hard technology, leading the market's upward movement [5] - Institutional investors are actively entering the market, focusing on sectors benefiting from industrial trends, such as AI and innovative pharmaceuticals, with expectations that future capital allocation will favor industries with solid fundamentals and long-term advantages [5]

Group 1 - The core index, the CSI Dividend Low Volatility 100 Index, experienced a decline of 0.62% as of September 23, 2025, with mixed performance among constituent stocks [2] - Notable gainers included Nanjing Bank, which rose by 4.11%, while Yuyuan Inc. led the declines with a drop of 3.68% [2] - The CSI Dividend Low Volatility 100 ETF (159307) decreased by 0.48%, with a latest price of 1.04 yuan, but showed a cumulative increase of 2.29% over the past three months [2] Group 2 - The People's Bank of China highlighted significant achievements in the financial sector, including comprehensive deepening of financial system reforms and modernization of financial governance [3] - The financial services quality, efficiency, and inclusiveness have significantly improved, with a focus on orderly resolution of financial risks [3] - According to Dongfang Securities, the market is currently in a short-term adjustment phase but maintains a medium-term upward trend, with potential focus on high-end manufacturing and low-cycle dividend opportunities [3] Group 3 - The CSI Dividend Low Volatility 100 ETF has seen continuous net inflows over the past nine days, totaling 119 million yuan, with a peak single-day inflow of 26.66 million yuan [5] - The index tracks 100 stocks characterized by good liquidity, continuous dividends, high dividend yields, and low volatility, reflecting the overall performance of such securities [5] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 20.4% of the total index weight, including companies like Shanxi Coking Coal and Sinopec [5]

Core Viewpoint - The market experienced a significant decline on September 23, with the Shanghai Composite Index dropping over 1% and falling below 3800 points, while the Dividend Low Volatility ETF (512890) showed resilience by increasing 0.09% to 1.151 yuan, indicating strong investor interest [1][2]. Fund Performance - The Dividend Low Volatility ETF (512890) had a trading price of 1.151 yuan, with a slight increase of 0.09% and a turnover rate of 1.38%, achieving a half-day trading volume of 279 million yuan, leading among similar ETFs [1][2]. - Over the past five trading days, the ETF saw a net inflow of 257 million yuan, with a total net inflow of 3 billion yuan over the last 20 trading days and 21.53 billion yuan over the last 60 trading days, indicating strong demand [2][3]. Historical Performance - As of September 22, 2025, the Dividend Low Volatility ETF has achieved a cumulative return of 129.82% since its inception in December 2018, outperforming its benchmark and ranking 77th among 502 similar products [7]. - The fund has consistently delivered positive returns each year from 2019 to 2024, showcasing its strong volatility resistance and stable performance [7]. Investment Strategy - Analysts suggest that investors consider a systematic investment approach to participate in the Dividend Low Volatility ETF, which can serve as a key component for stable returns in asset allocation [7].

Group 1 - The China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.17% as of September 23, 2025, with Nanjing Bank (601009) leading the gains at 4.30% [1] - The People's Bank of China announced on September 19 that it would adjust the 14-day reverse repurchase operations to a fixed quantity and interest rate bidding, which aims to enhance liquidity management [1] - Analysts from Galaxy Securities believe this adjustment will improve the pricing mechanism of interest rates and enhance liquidity management efficiency, giving larger state-owned banks a competitive edge over smaller banks [1][2] Group 2 - The China Securities State-Owned Enterprises Dividend Index consists of 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend state-owned enterprises [2] - As of August 29, 2025, the top ten weighted stocks in the index accounted for 16.84% of the total index, including companies like COSCO Shipping Holdings (601919) and Jizhong Energy (000937) [2] - The National State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the index, providing investors with exposure to high-dividend state-owned enterprises [2]

Market Performance - The overall market showed a mild upward trend, with major indices recording positive returns. The STAR 50 Index rose by 3.38%, while the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increased by 0.22%, 0.67%, and 0.55% respectively[1][3]. - The main sectors that performed well included precious metals and technology-related sectors such as consumer electronics, semiconductors, and communication services, while tourism and retail sectors faced notable declines[1]. Capital Flow - On September 22, net inflows into the Shanghai Stock Exchange reached CNY 15.247 billion, and CNY 17.626 billion for the Shenzhen Stock Exchange. The top three sectors for capital inflow were semiconductors, consumer electronics, and computer equipment, while the top three sectors for outflow were photovoltaic equipment, energy metals, and white goods[4]. Future Strategies - Short-term investors are advised to focus on technology concepts, while medium to long-term investors should consider high-end manufacturing sectors that have not seen significant price increases, such as biomedicine benefiting from new procurement regulations and the robotics industry nearing mass production[1]. Economic Indicators - The Loan Prime Rate (LPR) for both 5-year and 1-year terms remained unchanged at 3.5% and 3% respectively, indicating stability in borrowing costs[8][9]. Industry Developments - The steel industry aims for an average annual growth of around 4% over the next two years, with strict prohibitions on new capacity additions as part of a structural adjustment plan[9]. - In August, the retail sales of consumer goods grew by 3.6% year-on-year, with total retail sales reaching CNY 3.97 trillion, reflecting a stable consumption market[10][11]. Fund Dynamics - Private equity positions have reached a new high for the year, with the stock private equity position index climbing to 78.04%, up 2.96 percentage points from the previous week[13]. - The total scale of bond ETFs has surpassed CNY 600 billion, with significant contributions from newly established technology bond ETFs[15].

Group 1 - The market is currently in a period of fluctuation and consolidation, with dividend assets attracting attention from some funds as the double holiday approaches [1] - The CSI Dividend ETF (515080) has seen a net inflow of over 430 million yuan over the past nine days, indicating strong investor interest [1] - The CSI Dividend Index has a current dividend yield of 4.68%, significantly higher than the 1.876% yield of ten-year government bonds, suggesting a favorable investment opportunity [1] Group 2 - According to Dongfang Securities, the index is expected to experience short-term fluctuations but maintains a medium-term upward trend, with a focus on high-end manufacturing and low-cycle dividend stocks [2] - The macroeconomic environment is currently at a low point for PPI, with expectations of recovery in PPI and industry profitability, indicating potential investment opportunities [2] - Companies with cleared supply and profit elasticity in industries undergoing policy changes may present attractive dividend opportunities [2]