炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月18日，目前投资者情绪上升较快，市场后续是否存在过热可能？慢牛行情后续将会如何演化？新浪 财经连线前券商首席经济学家@李大霄 为投资者解析"3700点何去何从">>视频直播 李大霄认为，3700只是一个驿站，现在很多买债券的朋友发现收益上当受骗之后，开始追高转向股市。 储蓄还没大规模进场，这只能算是债券市场流入股市的阶段。等什么时候储蓄大量进场了，那可能就要 判断第三阶段的到来。但现在可能还为时尚早。 对于真正的有配置价值的好股票，这可能只是个"驿站"，后面还有空间。但对于那些差股票来说，3700 点或许就差不多到位了，比如说，要退市的，它早就到位了。今年退市了23家了，今年退市的力度和速 度一点儿都不小。除了这个之外，还有我讲的高估的五类股票，3700就不是牛市刚启程，而是牛已经到 位了。 所以我们把股票分为两类：核心资产，过了3700还仅仅是驿站，后面还有空间；非核心资产，我说的高 估的五类股票，3700可能就到位了，甚至已经跑过头了。我认为大部分高估的股票早就已经过头了，它 在2689就不应该涨，而且还从2689涨到3700。 ...

只不过，我建议超过了3700点就不要去追高。我不喜欢追高。之前我们在跟新浪财经微博连线的时候， 当时2635、2689的时候，甚至最多最多是2700、2800，了不得了是3000点左右或者之下，那个时候才是 进场的最佳时间。进场之后呢，只要待在轿子上，静静等待花开。只要在轿子上，等待外资过来抬轿。 他们才刚刚空翻多。还有在债券市场泡沫爆破之后，如梦初醒般的转过身来买股票的那帮债券爱好者， 他们空翻多的过程来抬轿子。至于储蓄来抬轿的过程，这个过程还没开始。债券来抬轿的才刚刚开始。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月18日，目前投资者情绪上升较快，市场后续是否存在过热可能？慢牛行情后续将会如何演化？新浪 财经连线前券商首席经济学家@李大霄 为投资者解析"3700点何去何从">>视频直播 李大霄表示，现在的3700点有几个非常有利的条件，我们的银行指数只有7，红利指数也只有7.8，央企 指数也只有9，这样的水平是跟2021年不能相提并论的。跟2015年的顶部相比，也是相对比较偏低的。 关键问题是，我们当下的债券市场收益率是中国有史以来最低的。在2025年2月7日出现的收益 ...

（文章来源：第一财经） 沪指突破3700点，并创4年半新高后，调整如期而来。个股跌多涨少，高位股全线回调，权重股发力护 盘。对此，李大霄认为，不要被短期回调吓到，它还不是本轮上涨的顶点。他同时提醒，当前核心资产 估值仍有吸引力，但微盘股和部分高估值个股的顶点可能已经到来。 ...

Market Overview - The Shanghai Composite Index experienced fluctuations in the morning session, briefly surpassing 3700 points, with a total market turnover of 1.4 trillion yuan [1] - The CSI 300 Index rose by 0.5% and the ChiNext Index fell by 0.2% by midday [1] - The CSI A500 Index increased by 0.3%, while the STAR Market 50 Index saw a significant rise of 1.8% [1] Sector Performance - Digital currency and large financial sectors showed upward movement, while military equipment and CPO sectors underwent adjustments [1] - The pharmaceutical sector in Hong Kong demonstrated strength amid market fluctuations [1] Fund Flows - According to Wind data, the CSI 300 Index-related ETFs saw a net inflow of 1.1 billion yuan yesterday, with the E Fund CSI 300 ETF (510310) attracting nearly 400 million yuan, ranking among the top in its category [1]

Group 1 - The MSCI China A50 ETF (560050) has shown a majority of its constituent stocks rising, with the AI chip sector leading the gains, particularly Cambricon Technologies rising over 12% and Haiguang Information over 11% [2] - Notable performers include China Pacific Insurance rising over 5%, Northern Huachuang over 4%, and CATL over 2%, while Zijin Mining rose over 1% [2] - The top ten constituent stocks of the MSCI China A50 ETF include CATL, Cambricon Technologies, and Kweichow Moutai, with CATL having a weight of 7.12% and a recent increase of 2.72% [3] Group 2 - Recent strong performance of A-shares is attributed to several factors, including improved market liquidity due to increased household savings and a shift in investor sentiment towards equities [4] - A forecasted end to four consecutive years of declining earnings growth for A-shares is expected, with an upward revision of the 2025 earnings growth prediction to 3.5% [4] - External uncertainties have decreased, with a recent joint statement from China and the US suspending tariffs, which is seen as a positive development for Chinese assets [4] Group 3 - The current A-share market is characterized as a "systematic slow market," driven by improved risk appetite and declining risk-free rates, suggesting a potential long-term upward trend [5] - The MSCI China A50 ETF tracks the MSCI China A50 Connect Index, which focuses on leading companies across various sectors, reflecting China's economic strength and providing a solution for global investors to access quality Chinese assets [5][6]

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 截至10:35，中证A500指数上涨0.4%，成分股中，寒武纪、德赛西威、江特电机涨超7%，胜宏科 技、神州泰岳涨超6%，A500ETF易方达（159361）盘中成交额突破10亿元。 今日，中美两国发布斯德哥尔摩经贸会谈联合声明，美方承诺继续调整对中国商品（包括香港特别 行政区和澳门特别行政区商品）加征关税的措施，自8月12日起继续暂停实施24%的对等关税90天；中 方自8月12日起继续暂停实施24%对美加征关税以及有关非关税反制措施90天。此次关税缓和建立在5月 日内瓦会谈达成的框架基础上，双方承诺继续通过机制化对话解决经贸分歧，并暂停或取消非关税反制 措施。 中美经贸会谈释放积极信号，有望带动资本市场风险偏好提升。中证A500指数聚焦核心资产，由 各行业市值较大、流动性较好的500只股票组成，电子、电力设备、医药生物 ...

走3. 保费平产品、其前空景节0.169年，非管理中0.06%年。 在4. 基金利同阶，投资深蛋情，对加基金达体交件及文易乐、他综合同等相关业务规则. 每日经济新闻 | A股大盘宽基:沪深300ETF易方达/A500ETF易方达 (8) | | | 510310/159361 | | --- | --- | --- | --- | | 跟踪沪深300指数/中证A500指数 | | | | | 沪深300指数由沪深市场中规 | 截至午间收盘 | 该指数 | 该指数自2005年 | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 演动市留学 | 发布以来估值分位 | | 组成,完整覆盖11个中证一级 | | | | | 行业 | 0. 6% | 13.3倍 | 53. 8% | | 中证A500指数由各行业市值较 | 截至午间收盘 | 该指数 | 该指数自2004年 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市盘率 | 以来估值分位 | | 组成,覆盖93个三级行业中的 | | | | | 91个 | 0. 5% | 15.4倍 | 57. 2% | | 创业板大盘宽基 ...

| A股大盘宽基:沪深300ETF易方达/A500ETF易方达 99 | | | 510310/159361 | | --- | --- | --- | --- | | 跟踪沪深300指数/中证A500指数 | | | | | 沪深300指数由沪深市场中规 | 截至午间收盘 | 该指数 | 该指数自2005年 | | 模大、流动性好的300只股票 | 沪深300指数涨跌 | 滚动市盈率 | 发布以来估值分位 | | 组成,完整覆盖11个中证一级 | | | | | 行业 | 0. 6% | 13.3倍 | 53. 9% | | 中证A500指数由各行业市值较 | 截至午间收盘 | 该指数 | 该指数自2004年 | | 大、流动性较好的500只证券 | 中证A500指数涨跌 | 滚动市盈率 | 以来估值分位 | | 组成,覆盖93个三级行业中的 | | | | | 91个 | 0. 8% | 15. 4倍 | 56. 8% | | 创业板大盘宽基:创业板ETF | | | 159915 | | 跟踪创业板指数 | | | | | 该指数由创业板中市值大、 | 截至午间收盘 | 该指数 | 该指数自2010年 ...

Market Overview - A-shares exhibited a volatile consolidation trend from May 12 to May 16, with major indices showing slight increases [1] - The beauty care, automotive, transportation, and non-bank financial sectors led the gains, while the computer, electronics, media, and real estate sectors underperformed [1] Fund Flow - Overall, the ETF market experienced a net outflow of 31.83 billion yuan during the same period, with stock ETFs contributing a net outflow of 28.29 billion yuan [3] - Fixed income ETFs emerged as the main beneficiaries, attracting a net inflow of 7.245 billion yuan, with short-term bond ETFs alone bringing in 3.387 billion yuan [3] - The top ten ETFs by net inflow included five fixed income ETFs, indicating a shift in investor preference towards safer assets [3] ETF Performance - Over 65% of all ETFs achieved positive returns, with the S&P Consumer ETF leading the market with a gain of 13.15% [2] - Several cross-border ETFs, including the S&P 500 ETF and Hong Kong automotive ETFs, recorded gains exceeding 6% [2] - Despite high returns, many of the top-performing cross-border ETFs experienced net outflows, suggesting speculative trading activity [2] Trading Activity - The trading volume for ETFs tracking the CSI A500, Hang Seng Technology, and SGE Gold 9999 indices remained active, with weekly trading volumes of 92.833 billion yuan, 71.858 billion yuan, and 51.360 billion yuan, respectively [3] - The CSI 300 index ETF also surpassed a trading volume of 30 billion yuan [3] Investment Strategy - Emerging technology is identified as a key investment theme, with core assets and dividend strategies recommended for stability in a volatile market [5] - Financial cycles are viewed as potential "dark horses" in the market, with expectations of a systematic decline in risk premiums for Chinese equities [6] - The AI industry chain is anticipated to be a market focal point, with significant capital expenditure from major Chinese internet companies expected to drive performance in 2025 [6]

Market Overview - A-shares experienced fluctuations in the morning session but showed significant recovery before noon, with total market turnover exceeding 1.2 trillion yuan, an increase of over 130 billion yuan compared to the previous day [1] - The semiconductor and medical device sectors saw gains, while the CRO and small metal sectors underwent adjustments [1] - The Hong Kong market rebounded from a dip, led by semiconductor stocks [1] Index Performance - By midday, the CSI A500 index decreased by 0.1%, the CSI 300 index increased by 0.1%, the ChiNext index fell by 0.5%, the STAR Market 50 index rose by 0.7%, and the Hang Seng China Enterprises Index increased by 0.4% [1] ETF Composition - The ChiNext ETF tracks the ChiNext index, which consists of 100 stocks with high market capitalization and liquidity, with a significant proportion in strategic emerging industries, including electric equipment, pharmaceuticals, and electronics, accounting for over 55% [3] - The STAR Market 50 ETF tracks the STAR Market 50 index, composed of 50 stocks with high market capitalization and liquidity, prominently featuring technology leaders, with semiconductors making up over 60% and combined with medical devices, software development, and photovoltaic equipment industries accounting for over 75% [3]