Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The stock index still has long - term upward potential, but is expected to remain volatile before policies are implemented. It is recommended to wait and see in the short - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF main contract (2509) latest price is 4562.0, up 117.4; IF sub - main contract (2512) latest price is 4530.2, up 115.0. Similar data are provided for IH, IC, and IM contracts. There are also details about contract spreads and differences between different quarters and the current month [2] 3.2 Futures Position - IF top 20 net position is - 29,045.00, up 409.0; IH top 20 net position is - 16,241.00, up 208.0. Similar data are provided for IC and IM [2] 3.3 Spot Price - The Shanghai and Shenzhen 300 index is 4548.03, up 102.7; the Shanghai Stock Exchange 50 index is 2983.08, up 43.5. Similar data are provided for the CSI 500 and CSI 1000. There are also details about the basis of each main contract [2] 3.4 Market Sentiment - A - share trading volume is 24,645.93 billion yuan, up 4606.40 billion yuan; margin trading balance is 23,255.93 billion yuan, up 58.75 billion yuan. Other indicators such as north - bound trading volume, reverse repurchase, etc. are also provided [2] 3.5 Wind Market Strength and Weakness Analysis - All A - shares score 7.80, up 2.50; technical aspect scores 7.80, up 3.30; capital aspect scores 7.90, up 1.70 [2] 3.6 Industry News - In August, China's CPI was flat month - on - month and slightly down year - on - year, while core CPI continued to rise; PPI changed from decline to flat month - on - month and the year - on - year decline continued to narrow. In the US, private non - farm employment decreased in multiple sectors from March 2025 to March 2026. A - share major indexes closed generally higher, with small and medium - cap stocks stronger than large - cap blue - chip stocks [2] 3.7 Key Data to Focus On - Include China's August financial data, European Central Bank interest rate decision, US August CPI and core CPI, and China's August social consumer goods retail sales, etc. [3]

Overall Performance - As of September 4, 2025, there are a total of 211 public mixed products with an investment cycle of 1-3 years that have been in existence for over one year [4] - Among these products, Ningyin Wealth Management, Hangyin Wealth Management, and Xingyin Wealth Management have made it to the top ten, with Ningyin Wealth Management having 7 products, Hangyin Wealth Management 2 products, and Xingyin Wealth Management 1 product [4] Highlighted Product Analysis - The A-share market has been active recently, with major indices showing a mild upward trend, leading to significant net value increases in mixed products primarily focused on individual stocks [5] - Ningyin Wealth Management's two high-position individual stock selection series products occupy the top two spots on the list, with net value growth rates of 36.28% and 32.51% over the past year [5] - As of the end of June 2025, the equity investment ratio of Ningyin Wealth Management's "Ningyin Individual Stock Selection Mixed Open-End Wealth Management Product No. 2" reached 76.54%, with 12.10% in cash and bank deposits, 7.96% in bonds, and 3.40% in public funds [5] - The top ten holdings of this product are primarily Hong Kong stocks, covering industries such as oil and petrochemicals, textiles and apparel, industrial machinery, automotive manufacturing, and real estate, with a total holding ratio of 41.46% [5] - The equity investment ratio of "Ningyin Individual Stock Selection Mixed Open-End Wealth Management Product No. 1" is slightly lower at 68.91%, with individual stocks accounting for 14.22% of the total holdings [5] Market Outlook - The market outlook is cautiously optimistic for the A-share market in the medium to long term, with expectations of continued upward movement despite short-term volatility [6] - A report from Galaxy Securities indicates that the A-share market is likely to continue a trend of oscillating upward, while short-term volatility risks should be monitored [6] - Huatai Securities' latest report suggests that the revenue and profit growth rates of non-financial enterprises in the A-share market have shown slight recovery, indicating signs of stabilization at the bottom [6] - Overall, the A-share market is in a bottoming phase, with structural recovery underway, and investors are encouraged to focus on sectors with improving conditions and stable dividends [6]

Group 1 - The ChiNext Index showed strong performance with an intraday increase of 4.6% on September 11, indicating a bullish market trend [1] - The Tianhong ChiNext ETF (159977) rose by 4.18% with a trading volume exceeding 200 million, highlighting significant investor interest in high-growth stocks [1] - Key stocks within the ChiNext ETF, such as Shenghong Technology and Zhongji Xuchuang, experienced gains exceeding 10%, reflecting strong market sentiment [1] Group 2 - The Tianhong CSI A500 ETF (159360) increased by 1.77% with a trading volume over 88 million, indicating active trading and investor engagement [1] - The CSI A500 Index, which the Tianhong ETF tracks, consists of 500 large-cap, liquid stocks across various industries, providing a broad representation of the market [1] - Recent low funding rates and a generally loose monetary environment have contributed to increased trading volumes in the A-share market, surpassing 2 trillion for several consecutive days [1] Group 3 - Dongguan Securities noted that the A-share market has experienced high-level fluctuations due to profit-taking after five months of gains, but the core logic for continued market growth remains intact [2] - Tianfeng Securities highlighted the gradual commercialization of AI in China, with internet companies reporting substantial returns on AI investments, suggesting a rapid iteration cycle for AI applications [2]

Market Overview - A-share market trading activity has decreased, with a slight decline in transaction volume in the Shanghai and Shenzhen markets, indicating that incremental capital has not yet formed a consistent expectation in the short term, leading to a wide fluctuation in the market [1][4] - The overall A-share market is experiencing significant fluctuations, with notable sector rotation. Benefiting from interest rate cut expectations and "anti-involution" policies, sectors such as electric power equipment and non-ferrous metals have seen substantial gains, while previously high-performing sectors like computers and communications have shown weakness [1] Economic Indicators - In August, China's exports increased by 4.4% year-on-year in USD terms, below the expected 5.9% and previous value of 7.2%. Imports grew by 1.3%, also below expectations [1] - The decline in exports to the US has intensified, with a drop of 33.1% in August, negatively impacting total exports by 5.1 percentage points, while exports to the EU and ASEAN exceeded previous values [1] Consumer Price Index (CPI) and Producer Price Index (PPI) - In August, China's CPI growth remained flat month-on-month, with a year-on-year decrease to -0.4%. The PPI growth shifted from a decline to flat, with a significant narrowing of the year-on-year decline [2] - Prices of pork and eggs have shown lower-than-seasonal increases, while some food prices continue to decline, affecting non-food items [2] Infrastructure and Real Estate - High-frequency data for August indicates a slight increase in the year-on-year growth rate of petroleum asphalt and cement shipments. The National Development and Reform Commission has allocated 300 billion yuan for the third batch of "two heavy" construction projects, which will support infrastructure growth [3] - In the real estate sector, first-tier city housing prices have declined more than those in second and third-tier cities, with sales of commercial housing in 30 cities in August still needing improvement [3] Consumer Behavior - The retail sales growth rate for social consumer goods in August is expected to moderate. The previous year's "old-for-new" subsidy funds have been gradually distributed, but this year faces a high base environment and increased consumer sensitivity to price changes [3] Global Economic Context - Recent expectations for overseas interest rate cuts have risen, with the US adding only 22,000 non-farm jobs in August, below the expected 75,000 and previous 79,000. The unemployment rate rose to 4.3%, the highest since November 2021 [4] - Following the employment data release, the dollar index and US bond yields fell, while gold, US stocks, and copper prices surged. Market sentiment has shifted towards recession, with an increased probability of the Federal Reserve cutting rates three times this year [4]

Group 1 - The A-share market experienced slight fluctuations with a focus on sectors such as mining, communication services, gaming, and cultural media, while energy metals, jewelry, wind power equipment, and batteries showed weaker performance [1] - There is a net inflow of global funds into the A-share market, with household savings accelerating towards capital markets, creating a continuous source of incremental funds [1] - The market is expected to maintain a consolidation phase in the short term, with close attention needed on policy, funding, and external market changes [1] Group 2 - The A-share market saw a day of shrinking volume and fluctuations, with all three major indices closing higher; the computing hardware sector was active, while battery and photovoltaic sectors faced adjustments [2] - The overall market sentiment has shown a decline in risk appetite, with investors exhibiting a cautious stance and a preference for relatively lower-priced sectors [2] - In the medium term, the market is expected to maintain a strong oscillation trend, with an increased tolerance for investment risks, encouraging active participation in the A-share market [2]

Market Overview - On September 10, the A-share market experienced slight fluctuations, with the Shanghai Composite Index facing resistance around 3827 points[2] - The Shanghai Composite Index closed at 3812.22 points, up 0.13%, while the Shenzhen Component Index rose 0.38% to 12557.68 points[7] - Total trading volume for both markets reached 20,042 billion yuan, slightly lower than the previous trading day[3] Sector Performance - Industries such as mining, communication services, gaming, and cultural media performed well, while energy metals, jewelry, wind power equipment, and batteries lagged[3] - Over 50% of stocks in the two markets saw gains, with notable increases in communication, tourism, and cultural media sectors[7] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 15.53 times and 46.83 times, respectively, above the median levels of the past three years[3] - The trading volume has consistently exceeded 20,000 billion yuan in recent days, indicating strong market activity[3] Economic and Policy Environment - The State Council has emphasized the need to consolidate the economic recovery, with multiple favorable policies in place to support the market[3] - Monetary policy is expected to maintain a "moderately loose" stance, focusing on structural policies[3] Investment Recommendations - Short-term investment opportunities are suggested in sectors such as communication equipment, semiconductors, electronic components, and consumer electronics[3] - Global capital is flowing into the A-share market, with domestic savings increasingly shifting towards capital markets, providing a continuous source of incremental funds[3]

近期市场出现一定震荡调整，但在券商看来，A股持续向好的核心逻辑并未改变。首先，A股连续上行 后，市场赚钱效应累积，部分浮盈盘存在兑现需求；此外，8月A股在创业板和科创板龙头的带领下加 速上行，资金对大盘成长的抱团加剧，波动在所难免。综合看，市场的短期调整是情绪波动下的风险释 放过程，向好的核心逻辑并未改变，A股市场估值仍具备较强的中长期配置吸引力。 今日A股三大指数早盘探底回升，油气开采及服务、影视院线、CPO等概念涨幅靠前，A500ETF易方达 （159361）标的指数跟随市场上行。 值得注意的是，Wind数据显示，A500ETF易方达（159361）近期持续获资金青睐，8月以来累计获约15 亿元资金加仓，位居同类第一。 资料显示，中证A500指数由各行业市值较大、流动性较好的500只股票组成，凭借"行业均衡+细分龙 头"的编制逻辑，实现"核心资产"与"新质生产力"双轮驱动。A500ETF易方达（159361）实行ETF中最低 一档0.15%/年的管理费率，可助力投资者低成本配置A股代表性公司。 （文章来源：每日经济新闻） ...

Group 1 - The report from Galaxy Securities indicates a shift in financing trends, with sectors like electronics, computers, and communications seeing a reversal in net financing since the market fluctuations on September 2, while sectors such as power equipment, non-bank financials, automotive, transportation, and pharmaceuticals continue to experience net inflows [1] - The outlook for the A-share market suggests a likely continuation of a fluctuating upward trend, although short-term volatility risks should be monitored, particularly regarding marginal changes in market volume [1] - Domestic and international conditions are influencing the market, with weak U.S. non-farm payroll data in August reinforcing expectations for Federal Reserve interest rate cuts, alongside enhanced policy expectations under the "14th Five-Year Plan," which provide support for market performance [1] Group 2 - On September 5, the China Securities Regulatory Commission revised and released the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations (Draft for Comments)," marking the completion of the third phase of fee rate reforms in the public fund industry [1] - The ongoing deepening of capital market reforms is expected to inject incremental funds into the A-share market and boost market confidence, aiding in the stabilization and improvement of market conditions [1]

Group 1 - The core viewpoint is that there are no significant external risks in September, and the market is expected to continue its upward trend [2][4] - Short-term A-share market is likely to maintain relative strength due to abundant micro liquidity [3][4] - The decline in interest rates is a key factor driving the current A-share market [8][9] Group 2 - The technology sector is expected to continue its momentum, supported by policy and industry trends [5][7] - A-share valuations are likely to rise further as the ten-year government bond yield has dropped below 2%, enhancing the attractiveness of A-shares [6][7] - The investment value in hard technology sectors, such as robotics, semiconductors, and new energy, is becoming increasingly prominent [9]

Core Viewpoint - The AI Fund ICBC Core Opportunity Mixed A (013341) reported a profit of 33.07 million yuan for the first half of 2025, with a weighted average profit per fund share of 0.0748 yuan, and a net value growth rate of 12.17% during the reporting period [3] Fund Performance - As of September 3, the fund's unit net value was 0.846 yuan, with a one-year cumulative net value growth rate of 56.89%, the highest among its peers [3] - The fund's performance over the past three months showed a growth rate of 24.94%, ranking 194 out of 607 comparable funds, while the six-month growth rate was 37.94%, ranking 66 out of 607 [6] Valuation Metrics - As of June 30, 2025, the fund's weighted average price-to-earnings (P/E) ratio was approximately 11.27 times, significantly lower than the peer average of 33.74 times [12] - The weighted average price-to-book (P/B) ratio was about 0.93 times, compared to the peer average of 2.47 times, and the weighted average price-to-sales (P/S) ratio was approximately 0.55 times, against a peer average of 2.07 times [12] Growth Metrics - For the first half of 2025, the fund's weighted revenue growth rate was 0.02%, and the weighted net profit growth rate was 0.32%, with a weighted annualized return on equity of 0.08% [18] Fund Composition and Strategy - As of June 30, 2025, the fund had a total of 5,855 holders, with a total of 419 million shares held, where individual investors accounted for 96.47% of the holdings [34] - The fund's top ten holdings included companies such as Zhaojin Mining, China National Offshore Oil, and Shandong Gold, with a high concentration rate exceeding 60% for the past two years [39]