新华财经北京9月22日电 22日，中国证监会主席吴清在国新办发布会上表示，去年"926"以来，一系列 政策有力促进资本市场稳定发展，科技创新与产业创新加快融合发展，一批现象级科技企业和创新产品 相继"出圈"，"中国资产"的吸引力明显增强。 吴清介绍，下一步，证监会将不断提升基础制度、市场功能、监管执法等各方面的适应性、包容性，让 优质企业和各类资金更好迸发活力、实现价值。 三是持续提升上市公司质量和投资价值。夯实市场"稳"和"活"的微观基础。 四是提高监管的精准性、有效性。塑造既"放得活"又"管得住"的资本市场秩序，促进高质量发展。 "回顾过去5年，我们交出了一份沉甸甸的答卷，硕果累累，展望未来5年，我们信心满满。"吴清说，未 来将锚定目标、久久为功，不断开创资本市场高质量发展新局面。 （文章来源：新华财经） 一是增强多层次资本市场体系的适配性。更大力度支持创新，更好支持不同行业、不同类型、不同阶段 的优质企业通过资本市场茁壮成长。 二是更好发挥中长期资金"压舱石""稳定器"作用。努力让更多全球资本投资中国、共享成长。 ...

Group 1 - The core viewpoint of the article highlights the increasing attractiveness of Chinese assets for both domestic and foreign institutions amid the Federal Reserve's resumption of the interest rate cut cycle, which is seen as a "risk management" approach to support economic growth [1] - As of September 21, 2025, 729 foreign institutions have conducted a total of 6,923 investigations into A-share companies, with over 400 investigations occurring in September alone, indicating strong foreign interest in Chinese assets [1] - The CSI A500 Index, an important component of the A-share broad-based index system, is positioned as a key tool for capturing overall opportunities in Chinese assets, with the A500 ETF from Huatai-PB seeing a capital inflow of 1.033 billion yuan over the last ten trading days [1] Group 2 - The A500 ETF closely tracks the CSI A500 Index, which features broad coverage and balanced industry representation, focusing on leading companies in the third-tier industries, potentially benefiting from China's modernization process [2] - As of September 19, 2025, the top five industries represented in the index are electronics, power equipment, banking, pharmaceuticals, and non-bank financials, showcasing a balanced industry allocation with both growth and value attributes [2] - The A500 ETF and its linked funds have a low fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, making them among the lowest in the A-share market [2][3] Group 3 - The A500 ETF has a cumulative unit net value of 1.2101 yuan as of September 19, 2025, making it one of the few ETFs tracking the CSI A500 Index to exceed this value [2] - Huatai-PB Fund, the manager of the A500 ETF, is one of the first ETF managers in China with over 18 years of experience, and it manages the largest ETF in the A-share market, the CSI 300 ETF, with a scale exceeding 566 billion yuan [2][3]

Group 1 - The recent interest rate cut by the Federal Reserve on September 18 is seen as a significant opportunity for China, potentially attracting global capital seeking higher returns [1][4] - The Chinese real estate market has been adjusting policies to ease the burden on homebuyers, including allowing foreign investment in domestic real estate, which is expected to stimulate demand [3][4] - High-end properties in first-tier and strong second-tier cities are likely to become key targets for foreign capital as the attractiveness of dollar assets declines [4][5] Group 2 - Goldman Sachs maintains an overweight rating on A-shares and H-shares, suggesting investors buy on dips, particularly favoring leading private enterprises and sectors like artificial intelligence [5] - There has been a notable increase in foreign institutional interest in A-shares, with 415 foreign institutions conducting 1,885 research visits to listed companies since the beginning of the second half of the year, indicating strong confidence in China's economic resilience [6] - Historical trends show that previous Federal Reserve rate cuts have led to significant increases in foreign capital inflows into China's real estate market, particularly in luxury segments [8] Group 3 - Despite the positive signals from foreign capital, the fundamental demand in the real estate market remains weak, and the current policies may not be sufficient to sustain a significant recovery [10] - The execution of policies to attract foreign investment needs to be more thorough, as market confidence is still lacking, and without fundamental changes in the real estate market, it may struggle to capitalize on the influx of capital [10]

Group 1 - US stock index futures showed slight fluctuations, with Dow futures up 0.1%, while S&P 500 and Nasdaq 100 futures experienced minor declines [1] - Chinese assets performed strongly, with the Nasdaq Golden Dragon China Index rising over 2% and a double-leveraged ETF for Chinese internet stocks increasing by more than 5% [1] - Popular Chinese concept stocks surged, with Baidu initially soaring over 8% [1] Group 2 - The Hang Seng Tech Index in Asia rose over 4%, driven by foreign capital according to Goldman Sachs [1] - The semiconductor sector mostly declined, with Nvidia dropping nearly 3% [1] - Alibaba's self-developed AI chip was showcased on CCTV, with some parameters surpassing Nvidia's A800 [1]

Market Performance - US stock index futures showed narrow fluctuations, with Dow futures up 0.1%, while S&P 500 and Nasdaq 100 futures slightly declined [1] - Chinese assets performed strongly, with the Nasdaq Golden Dragon China Index rising over 2% and a double-leveraged ETF for Chinese internet stocks increasing over 5% [1] - Popular Chinese concept stocks surged, with Baidu initially soaring over 8% [1] - The Hang Seng Tech Index in Asia rose over 4%, driven by foreign capital according to Goldman Sachs [1] Sector Analysis - The semiconductor sector mostly declined, with Nvidia dropping nearly 3% [1] - Alibaba's self-developed AI chip was showcased on CCTV, with some parameters surpassing Nvidia's A800 [1] Commodity Prices - Spot gold rebounded from intraday lows, currently down 0.3% at $3679 per ounce after previously falling 0.8% [1] - The US dollar index rose 0.15% to 96.77, while the euro fell 0.2% against the dollar [1] - Brent crude oil decreased by 0.38% to $68.21 per barrel, and WTI crude oil fell 0.45% to $64.23 per barrel [1]

半导体板块多数下跌，英伟达跌近3%，阿里自研AI芯片亮相央视，部分参数超英伟达A800。 当地时间周三（9月17日），美股三大期指窄幅震荡，道指期货涨0.1%，标普500指数期货、纳斯达克100指数期货微跌。 中国资产表现亮眼，纳斯达克中国金龙指数一度大涨超2%，两倍做多中国互联网股票ETF一度大涨超5%。热门中概股全线走强，百度盘初一度暴涨超8%。 今日亚洲交易时段，恒生科技指数大涨超4%，据高盛最新数据，有迹象表明今日港股大涨是外资驱动的。 | 今开 | 172.550 | | 最高 | 173.200 | | 成交量 | 5201万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 174.880 | | 最低 | 170.100 | | 成交额 | 89.13亿 | | 换手率 | 0.21% | | 市盈(TTM) | 47.77 | | 总市值 | 4.14万亿 | | 分时 | 五日 | 日K | 園K | 目K | 薬K | 年K | 更多い | 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 现货 ...

Core Viewpoint - The article discusses the ongoing depreciation of the US dollar in 2023, attributing it to various factors including high US fiscal deficits, changes in Federal Reserve policies, and concerns over the safety of dollar assets, leading to a shift in global capital flows towards emerging markets, particularly Chinese assets [3][4]. Group 1: Reasons for the Weak Dollar - Trump's interference with the Federal Reserve's independence and promotion of reciprocal tariffs has triggered a crisis of confidence in the dollar, undermining its institutional trust [5]. - The "weak dollar" policy is a strategic tool for Trump to stimulate manufacturing and export competitiveness, sacrificing some short-term dollar credibility for long-term goals [5]. - The trend of "de-dollarization" has become mainstream, with significant increases in foreign exchange derivatives hedging demand and a rise in dollar short positions among global investors [6][7]. Group 2: Impact of Weak Dollar on Emerging Markets - Historical data shows that during periods of dollar depreciation, emerging markets, including China, tend to perform well, indicating a negative correlation between the dollar index and emerging market indices [13][15]. - The A-share market benefits from a relatively stable or appreciating RMB during weak dollar periods, attracting foreign capital inflows [15][18]. Group 3: Investment Themes in a Weak Dollar Environment - Investment opportunities in Chinese assets include: - Technology growth assets, which are expected to gain value during weak dollar periods, with a focus on long-term growth and scarcity [20]. - Hong Kong stocks, benefiting from global liquidity and domestic profit improvements [20]. - Dividend and low-valuation sectors such as banking and insurance, which are attractive in a high-low market switch [20]. - Funds related to physical assets like copper, gold, and oil, which are prioritized during weak dollar cycles [20]. - Overall, the weak dollar represents not only a current market reality but also a long-term logic for global capital reallocation and institutional credit reassessment, with Chinese assets showing strong appeal due to solid fundamentals and low valuations [21].

Core Insights - The third Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference was held in Guangzhou, focusing on empowering the Bay Area and exploring new opportunities, with over 1,200 representatives from 30 countries and regions attending [1] - The conference released two significant reports: the "Guangdong-Hong Kong-Macao Greater Bay Area Supply Chain Promotion Report" and the "Temporary Arbitration Guidelines for the China (Guangdong) Free Trade Pilot Zone" [1] Group 1 - The chief economist of ICBC International, Cheng Shi, highlighted the increasing attractiveness of Chinese assets to foreign capital, driven by the global recognition of China's technological strength and the stability of the Chinese economy [1] - Cheng noted that the recent global shift in risk appetite and the strong performance of Chinese manufacturing provide additional support for global funds focusing on Chinese assets, which in turn fuels the financial market development in the Greater Bay Area [1] - A potential interest rate cut by the Federal Reserve could further enhance the attractiveness of Chinese assets due to changes in global interest rate differentials [1] Group 2 - The Greater Bay Area aims to establish itself as an international technology innovation center, aligning with global trends [2] - Cheng emphasized the dual advantages of the Greater Bay Area: its robust financial infrastructure and the vibrant development of its scientific and technological sectors [2] - The interplay between finance empowering the technology sector and technology invigorating the financial market is evident globally, with the Greater Bay Area exemplifying this dynamic [2]

Group 1 - The Hong Kong stock market has shown strong performance recently, with the Hang Seng Index reaching a four-year high and increasing over 31% year-to-date, leading global major indices [1] - Fund managers are optimistic about the future of the Hong Kong stock market, noting a trend of capital inflow from both domestic institutional investors and overseas dollar funds returning to China [1] Group 2 - Citic Securities indicates that more listed companies are shifting from domestic exposure to global exposure, particularly in the manufacturing sector, where Chinese companies are converting market share into pricing power [3] - The traditional economic analysis based on domestic inventory cycles is becoming inadequate to fully capture the market fundamentals, necessitating a global perspective for evaluating fundamentals and liquidity [3] - The International Institute of Finance (IIF) reported that in August, foreign investors injected nearly $45 billion into emerging market stocks and bonds, with a significant portion flowing into the Chinese market, totaling a net inflow of $39 billion for Chinese bonds and stocks [3] - Goldman Sachs research shows that in August, net purchases of Chinese assets by global hedge funds reached the highest level since September of the previous year, with total positions in China hitting a two-year high [3]

Group 1 - The market has shown renewed strength, with the CSI A500 Index reaching its highest point in nearly three years as of September 11, leading to significant inflows into the Huatai-PB CSI A500 ETF, which saw a net inflow of 994 million yuan on that day, marking a new high since July 1 [1] - The enthusiasm for core asset allocation has been increasing, with the Huatai-PB CSI A500 ETF recording a total trading volume of 4.247 billion yuan over five consecutive trading days from September 5 to September 11, and a cumulative net inflow of 1.157 billion yuan over four consecutive days from September 8 to September 11 [1] - As of September 11, the Huatai-PB CSI A500 ETF's latest scale reached 22.558 billion yuan, making it the only ETF tracking the CSI A500 Index with a scale exceeding 22 billion yuan [1] Group 2 - Global funds are accelerating their return to Chinese assets, with Goldman Sachs reporting the highest net buying of Chinese stocks by global hedge funds since September 2024, and Morgan Stanley indicating that U.S. investors' interest in the Chinese market has reached its highest level since 2021 [2] - The recovery of the Chinese economy, the steady improvement of the technology sector's competitiveness, and the continuous implementation of structural policies are expected to enhance global market confidence in A-share investments [2] - The Huatai-PB CSI A500 Index is anticipated to attract more incremental capital, serving as an important tool for investors to capture opportunities in high-quality leading companies and new productive forces in China [2] Group 3 - The Huatai-PB CSI A500 ETF and its linked funds have adopted a comprehensive low-fee structure, with management and custody fees at 0.15% and 0.05% per year, respectively, which are among the lowest in the A-share market for equity index products [3] - The cumulative net asset value of the Huatai-PB CSI A500 ETF reached 1.2146 yuan, making it one of the few products tracking the CSI A500 Index with a cumulative net asset value exceeding 1.21 yuan [4] Group 4 - The Huatai-PB CSI A500 ETF was established on September 25, 2024, and has achieved a return of 1.55% since inception, outperforming its benchmark, the CSI A500 Index, which had a return of 0.47% during the same period [6] - The Huatai-PB fund management company is one of the first ETF managers in China, with over 18 years of experience in ETF operations, and its non-cash ETF scale exceeds 557 billion yuan, ranking it among the top in the industry [5]