（25/9/9-中国国际期货《A股 关注结构性交易机会》。政策来源：25/2/7-证监会发布《关于资本市场做 好金融"五篇大文章"的实施意见》） 据了解，A500ETF华泰柏瑞（563360）的标的指数中证A500在编制上以行业均衡策略为核心，成份股 相对均衡分散地覆盖了中国多个经济领域的优质龙头，100%覆盖35个中证一级行业，对于A股核心资 产具有广泛覆盖度和较高代表性，有望充分把握经济结构转型与新质生产力发展的成长机遇。 （数据来源：中证指数公司、Wind，数据截至25/9/10） 与此同时，A500ETF华泰柏瑞（563360）及其联接基金（A类022438/C类022439）采取了全方位的低费 率结构。不仅基金的管理费率、托管费率分别为0.15%/年、0.05%/年，均为当前A股市场权益指数产品 中的最低一档费率结构，华泰柏瑞中证A500ETF联接A（022438）的申购费率、华泰柏瑞中证A500ETF 联接C（022439）的销售服务费率也为目前同类型基金中最低一档，有望助力投资者低成本把握A股核 心资产的长期布局机会。 随着结构性行情持续演绎，市场延续震荡整理格局。不过近期调整并非出于重大利空因 ...

| 5 | 宁赢平衡增利混合 类开放量之言(最短 | 宁银理财 17.13% 6.42% | | 8.14% | 2.66694 | | --- | --- | --- | --- | --- | --- | | | 持有500天) | | | | 036 | | 6 | 幸福99皇越版台 | 杭银理财 16.98% 4.81% | | 10.84% | 3.50758 | | | (灵活品质严选)一 | | | | 48 | | | 年一度有期 | | | | | | | 一 品 - N - - FOF - | | | | 3.10566 | | 7 | 略开放式(最短持 | 宁银理财 16.88% 5.44% | | 7.07% | 107 | | | 有30个目) | | | | | | | 宁赢混合类FOF策 | | | | | | 8 | 略开放式(量冠诗 | 宁银理财 14.34% | 4.59% | 5.70% | 3.12290 | | | | | | | 845 | | | 有20个月) | | | | | | | 幸福99卓越混合 | | | | 3.69793 | | 9 | (多元平衡 ...

2025年9月1日-9月5日 本周盘面盘点 0 | 指数表现 上证指数 收盘3812.51, 下跌 1.18% 1 P. 日均成交额 深圳成指 收盘12590.56,下跌 0.83% 上海市场 11061亿元，环比减少 12.1% 深圳市场 14615亿元，环比减少13.7% L 行业涨跌 WN 社会服务 纺织服饰 建筑材料 综合 建筑装饰 食品饮料 传媒 公用事业 农林牧渔 美容护理 环保 煤炭 轻工制造 石油石化 机械设备 钢铁 电子 国防军工 计算机 400,000 800,000 -800,000 -400,000 0 1,200,000 1,600,000 ■ 排名■ 累计净买入额(万元) 期间融资净买入额前十个股: | 证券代码 | 证券名称 | 融资净买入额(万元) | 申银万国行业 | | --- | --- | --- | --- | | 300059.SZ | 东方财富 | 80,629 | 非银金融 | | 688981.5H | 中芯国际 | 37,307 | 电子 | | 302132.SZ | 中航成飞 | 30,497 | 国防军工 | | 002475.SZ | 立讯精密 | ...

Group 1 - The market is experiencing increased short-term divergence and accelerated sector rotation, with a long-term upward trend in technology assets expected due to ongoing policy support and improving market sentiment [1] - The upcoming consumer electronics peak season in September will see major smartphone brands launching new products, alongside the debut of Meta's Celeste smart glasses, indicating rising industry enthusiasm [1] - Investment managers at Great Wall Technology are focused on identifying investment opportunities within the wave of technological innovation, aiming to support investors in pursuing "new" investments [1] Group 2 - Continuous attention is being paid to changes in the AI industry, with a focus on domestic computing power and AI applications as potential investment opportunities [2] - Short-term market volatility is anticipated, but significant investment opportunities are expected in AI sub-sectors such as liquid cooling, power supply, and AI applications [3] - The consumption electronics and edge AI design companies are expected to attract market attention as the third-quarter reports approach, with potential industry support signals from upcoming important meetings [4] Group 3 - The military industry is viewed positively, with expectations of continued interest from long-term investors, especially in light of upcoming significant anniversaries and military trade contracts [5] - AI applications are a key focus, with the market expected to remain cautious in the short term due to previous rapid increases [6][7] - The robotics sector is anticipated to see catalysts in the fourth quarter, driven by industry, policy, and corporate developments [8] Group 4 - The market outlook remains optimistic, with structural opportunities being emphasized, driven by improving fundamentals and easing overseas risk factors [9] - The infrastructure represented by computing power is expected to continue to present investment opportunities, particularly in computing chips and related technologies [10] - The evolution of AI capabilities is likely to lead to the emergence of blockbuster products in edge and cloud applications, creating new investment opportunities within the ecosystem [10]

Group 1 - The external environment has shown disturbances, leading to a slight increase in risk aversion, with significant rises in London gold prices driven by political and economic fluctuations in Europe and the US, causing a decline in investor confidence in sovereign debt [1] - The A-share market experienced a technical correction last week, influenced by these external factors, while the US stock market showed less volatility due to strong technology sector performance [1] - Last week, the market saw adjustments with the Shanghai Composite Index fluctuating, breaking below the 20-day moving average mid-week but recovering above it by Friday, while the Shenzhen Component Index outperformed, closing above the 5-day moving average [1] Group 2 - The market is currently undergoing technical consolidation after a continuous upward trend, with the Shanghai Composite Index showing signs of accelerated upward movement after surpassing the 2021 market peak, although profit-taking has emerged, indicating a divergence between bulls and bears [2] - Despite short-term fluctuations, the medium-term trend remains unchanged, with continued buying momentum expected, suggesting that structural market opportunities may still be anticipated [2]

Group 1 - The private equity market is optimistic, with the confidence index for A-shares rising to 125.74, marking a two-month increase [1] - As of the end of August, the average position of subjective long-only private equity funds in stocks increased by 1 percentage point to 78%, with 92.8% of funds holding over 50% in positions [2] - A significant 24.3% of private equity funds are fully invested or using leverage, while 41% have positions exceeding 80% [2] Group 2 - There is a divergence in views regarding the technology sector, with some institutions expressing concerns about short-term pressures on AI-related stocks [3] - The founder of Renqiao Asset noted potential challenges for AI-related companies if overseas capital expenditures fall short of expectations, which could negatively impact performance [3] - Conversely, Yuanlesheng Asset believes that despite recent valuation increases, AI companies in China still have room for growth due to supply chain advantages [3] Group 3 - Leading private equity firms are adopting a "steady yet adaptive" approach, favoring sectors like real estate and liquor alongside AI and innovative pharmaceuticals [4] - A notable private equity founder indicated that as market risk appetite increases, structural opportunities may expand beyond technology to include sectors with improving fundamentals [4] - Strategies include maintaining overall positions while replacing high-valued assets with lower-valued ones to enhance portfolio safety [4]

Core Insights - The report indicates that the recent short-term adjustment in the A-share market is due to a combination of factors, including a rapid rise in the market since late June and the need for market expectations to be re-anchored, leading to a potential impulse adjustment [1] - Despite the short-term adjustments, the report maintains an optimistic outlook, suggesting that high-growth sectors will continue to increase over time, with significant improvements expected in the midstream manufacturing sector around mid-2026 [1] - The report anticipates that 2026 may witness the first effective rebound in profitability and double-digit growth in net profit for the past five years across the A-share market, driven by structural improvements in fundamentals [1] Market Trends - The report highlights that the channel for residents to increase equity allocation will become smoother over time, with public funds issued in 2020-21 nearing their net asset value [1] - Although the broad market indices are currently adjusting, nearly half of the stocks are still rising, indicating a maintained profit-making effect, which is beneficial for institutional net value returns [1] - The report suggests that the market's slowdown could lead to increased clues about economic recovery and enhanced market elasticity, forming a solid foundation for sustained market growth [1] Structural Selection - The report emphasizes that the potential mainline structures for future investments are domestic technological advancements and advanced manufacturing, which are expected to yield high returns, although key catalysts are still awaited [1] - Key economic indicators to watch in September and October include the ongoing demand for computing power and the progress of Tesla's Optimus product, as well as potential demand highlights in certain cyclical products [1] - The report notes that the Hong Kong stock market currently offers better value than the A-share market, reflecting a more optimistic economic trend with fewer bullish expectations [1]

Group 1 - The Shanghai Stock Exchange and China Securities Index announced adjustments to the STAR 50 index samples, with individual sample weights not exceeding 10%, impacting stocks like Cambrian Technology which currently has a weight exceeding 15% [2][4] - Cambrian Technology experienced a significant drop of 14.45% on September 4, closing at 1202.00 yuan, amidst a broader market decline where the Shanghai Composite Index fell by 1.25% [2][4] - As of September 2, Cambrian Technology's weight was 15.42%, while the top five samples' combined weight reached 46.23%, indicating potential selling pressure on index-tracking funds [4] Group 2 - The consumer sectors such as dairy, retail, beauty, and tourism showed strong performance, with stocks like Lingnan Holdings and Guofang Group hitting the daily limit [4] - Financial analysts predict that the market may enter a phase of consolidation after rapid rotations, but the medium-term upward trend remains intact, driven by liquidity [4] - China Galaxy Securities anticipates that the A-share market will continue to exhibit structural trends supported by ample liquidity and favorable policy expectations, with a focus on fundamental indicators [5]

Group 1 - The Shanghai Stock Exchange and China Securities Index announced adjustments to the STAR 50 index samples, limiting individual sample weights to no more than 10%, impacting stocks like Cambricon which currently has a weight exceeding 15% [1][3] - As of September 4, the Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index and the ChiNext Index fell by 2.83% and 4.25% respectively, indicating a broad market decline with nearly 3000 stocks dropping [1][3] - The adjustment to the STAR 50 index is set to take effect after the market closes on September 12, with the top five sample weights combined not exceeding 40%, which may lead to significant selling pressure on stocks like Cambricon [3] Group 2 - The consumer sectors such as dairy, retail, beauty, and tourism saw gains, with stocks like Lingnan Holdings and Guofang Group hitting the daily limit up, contrasting with the decline of Cambricon [3] - Financial analysts predict that the market may enter a phase of consolidation after rapid rotations, but the medium-term positive trend remains intact, driven by liquidity [3][4] - Current market liquidity is relatively abundant, with expectations of a potential interest rate cut by the Federal Reserve in September, which could improve the global liquidity environment and benefit the A-share market, particularly large-cap growth stocks [4]

从板块来看，大消费股逆势走强，零售方向领涨，固态电池概念股维持强势，光伏、储能概念股表现活跃。下跌方面，算力硬件股全线走低。 截至上午收盘，场内多只跟踪中证A500指数的ETF跌超2%。其中，有15只中证A500相关ETF成交额超1亿元，3只超23亿元。A500ETF基金、A500ETF南 方、中证A500ETF早盘成交额分别为34.84亿元、29.95亿元、23.7亿元。 有券商表示，市场经历快速轮动后或进入震荡整固阶段，但中期向好趋势未改。本轮上涨本身由流动性驱动，这意味着后续只要量能未出现大幅收缩，市场 仍存在反复轮动活跃的机会。总体而言，预计资金将继续在科技成长与防御板块间寻求平衡，呈现显著的结构性行情特征，短期A股市场或进入震荡整理 期。 | 代码 名称 | 现价 | 涨跌幅 IOPV 溢折率 换手率 成交金额 | | | --- | --- | --- | --- | | 512050 A500ETF基金 | 1.087 | 1.0889 -0.17% 21.24% 34.84Z -2.34% | | | 159352 A500ETF南方 | 1.136 | -2.41% 1.1393 -0.29 ...