Core Viewpoint - The article discusses the performance of public fund managers in the "924" market, highlighting significant returns achieved by various fund managers over the past year, with an average return of 80% across the A-share market and specific managers achieving over 200% returns [3][4]. Group 1: Performance of Fund Managers - Since the "924" market began, 1,989 stock investment fund managers achieved an average return of 53.21%, with 146 managers doubling their returns [3]. - Among managers with assets over 10 billion, Zhang Lu from Yongying Fund achieved the highest return of 203.50%, followed by Zheng Weishan from Galaxy Fund with 143.49% [4][5]. - The average return for managers with assets between 50-100 billion was 58.40%, with 23 managers doubling their returns [7]. Group 2: Notable Fund Managers and Their Strategies - Zhang Lu's fund, Yongying Advanced Manufacturing Select Mixed A, achieved a return of 253.12%, focusing on the robotics industry and benefiting from policy support [5][6]. - Zheng Weishan's portfolio primarily included semiconductor and AI chip companies, with a notable return of 157.12% for his flagship product [6][7]. - Fund manager Neng Bingli from Jingshun Changcheng Fund achieved a return of 165.53%, with a diversified portfolio including AI and new consumption sectors [9]. Group 3: Performance by Fund Size - For managers with assets between 20-50 billion, Lei Tao from Debang Fund led with a return of 172.03%, focusing on AI technology stocks [10][12]. - In the 10-20 billion category, Ren Jie from Yongying Fund achieved a remarkable return of 239.88%, with a focus on AI and technology stocks [15][16]. - Among managers with assets under 5 billion, Leng Wenpeng from CITIC JianTou Fund topped the list with a return of 261.14%, driven by strong performance in his selected stocks [19][21].

Core Viewpoint - The pricing logic of Chinese assets has significantly changed since the introduction of the "924" policy last year, leading to reduced risks in corporate earnings and promising medium to long-term performance [1] Investment Strategy - Following the opening of the interest rate cut window by the Federal Reserve in September, the outlook for the manufacturing sector may become clearer, with investment themes likely to extend beyond the AI technology sector to include manufacturing [1] Recommended Sectors - Attention should be given to cyclical goods under the inflation narrative, such as non-ferrous metals and chemicals, which are expected to solidify valuation bottoms due to the "anti-involution" trend [1] - Industries with improved export resilience and relatively low price increases, such as machinery, electrical equipment, and pharmaceuticals, are also recommended for investment [1] - After the recovery of corporate earnings, there will be investment opportunities in domestic demand-related sectors, supported by positive expectations regarding consumer policies, which may lead to a rotation into consumer and real estate sectors [1]

Core Insights - The Hong Kong stock market experienced a collective decline on September 23, 2025, with the Hang Seng Index down by 0.70% to 26,159.12, the Hang Seng Tech Index down by 1.45% to 6,167.06, and the Hang Seng China Enterprises Index down by 0.86% to 9,290.34 [3][6][10] - The market's total trading volume reached HKD 294.56 billion, with southbound funds recording a net sell of HKD 4.069 billion [3][10] - The industrial sector saw a notable shift, with the Hong Kong banking sector (+0.77%) and public utilities (+0.25%) gaining favor, while hardware equipment (-1.84%) and food and beverage (-1.94%) sectors faced declines [6][10] Industry Analysis - The Minister of Industry and Information Technology highlighted new industrial opportunities at the 25th China International Industry Fair, which positively impacted the Hong Kong machinery sector, leading to a strong performance [10] - A significant rotation in market preferences was observed, with defensive sectors like banking and public utilities attracting investment, while previously high-performing sectors like hardware equipment faced profit-taking [10] - Future growth in the Hong Kong market may be driven by AI technology and new consumption trends, with expectations of continued inflows from southbound funds and improved liquidity from potential U.S. interest rate cuts [10]

招商证券（香港）近日撰文指出，美股成功打破＂9月魔咒＂，在流动性收紧、美债增发、美元贬值等 多重不利因素下不仅未现显著回调，反而创下历史新高，传统市场＂路径依赖＂正被新因素打破，但中 短期不确定性正在上升 消息面上，美联储主席鲍威尔表示，从许多衡量指标来看，比如股票价格，目前的确相当高估。但他也 表示，目前并不是金融稳定风险高企的时候；美联储的职责不是盯着股价或决定合理估值是多少。 【环球网财经综合报道】北京时间9月24日凌晨，美国三大股指全线收跌，道指跌0.19%，标普500指数 跌0.55%，纳指跌0.95%。亚马逊跌超3%，英伟达跌近3%，领跌道指。万得美国科技七巨头指数跌 1.54%，特斯拉跌近2%，脸书跌超1%。 展望未来，招商证券（香港）认为当前标普500市盈率29倍处于历史90%分位，做多＂七巨头＂交易过 于拥挤，短期风险较大；长期仍维持看多观点，除关注AI科技主线和黄金股外，还可关注美国政府投 资持股的相关标的。 ...

Company Transformation - In March 2025, the company officially changed its name to Xuanxing Smart Technology, marking a full transition to an AI technology enterprise [2] - The chairman, Lu Ruize, highlighted the challenges in the SaaS industry, including price wars that have drained resources and led to a decline in many companies [2] Performance and Strategy - Despite an overall decline in the SaaS industry, the company maintained stable performance by focusing on mid-to-large clients, resulting in high product recognition [3] - The company transitioned from product release to business assurance, validating all products with clients over the past six months [3] AI Business Differentiation - The company identified a lack of mature, commercially viable AI applications in the enterprise service sector, with most products still in the early stages [4] - The company has been systematically building its "Zhilifang AI BOX" platform for three years, emphasizing long-term resource investment in AI capabilities [4] Product Development and Sales - The fastest-growing segment is related to learning and talent development, with AI revenue growing due to mature technology reserves and established partnerships [6] - The sales AI business has shown exceptional performance, with a significantly shorter sales cycle compared to industry averages, often closing deals within a week [6][7] Market Expansion Goals - The company aims to establish a significant presence in the SaaS market within two years, targeting key performance indicators such as revenue scale and signing over 300 clients [8] - The company is preparing to enter international markets, specifically the US and Japan, with a focus on compliance and data security [9][10] Competitive Landscape - The company views the current SaaS market as highly competitive, with many firms engaging in detrimental price wars that harm the industry as a whole [12] - The chairman expressed confidence in competing against larger firms, emphasizing the unique challenges of the ToB market that require deep industry knowledge and experience [14] Customer Engagement and Feedback - The company prioritizes understanding customer needs through direct observation and feedback mechanisms, ensuring that product development aligns with market demands [16]

值得关注的是，近日外资出现积极回流趋势。截至9月19日当周，在美国上市交易的KraneShares CSI中国互联网 ETF（KWEB）实现连续第六周资金流入，创下2月以来的最长连续流入期。 此外，根据EPFR数据，截至9月17日，外资净流入境外中资股18.6亿美元，创去年11月以来单周新高。 中信建投观点指出，随美联储降息，港美利差明显缩小下，短期再次触及弱方保证概率不高，流动性紧张有所缓 解。同时外资不断上调港股市场及中国资产，外资有望持续流入。南向资金方面，或是受A股进入整理期，风险 有所上升，自八月份南向资金整体流入开始加速。内外资有望持续流入港股。正处A股整理期，港股优势凸显， 可重点关注港股核心成长板块，特别是互联网、创新药、新消费和科技板块。 估值层面看，港股科技资产具备性价比。截至9月22日，港股科技指数估值24.56倍PE-TTM，处于15%历史分位 数。 横向对比全球主要市场科技指数，港股科技指数估值显著低于纳斯达克指数（43.41x）、创业板指 （43.65x），在全球科技资产中性价比显著。 港股盘中下挫，蔚来-SW跌超7%，百度集团跌超6%，中兴通讯、京东集团-SW、鸿腾精密、比亚迪股 ...

Group 1 - Hong Kong stocks experienced a decline, with notable drops in companies such as NIO-SW (over 7%), Baidu Group (over 6%), and others like ZTE Corporation, JD Group-SW, and BYD Company (over 4%) [1] - The Hong Kong Technology 50 ETF (159750) fell by 2.17% with a trading volume of 116 million, while net inflow exceeded 50 million during the session, marking over 200 million in net inflows over the past seven trading days [1] - The Hong Kong Technology 50 ETF has been included in margin trading, with a net margin buy of 1.03 million in the previous trading day, and a monthly margin of 43.92 million, setting a new record since its listing [1] Group 2 - There is a notable trend of foreign capital returning, with the KraneShares CSI China Internet ETF (KWEB) seeing its sixth consecutive week of inflows, the longest streak since February [3] - According to EPFR data, foreign net inflows into offshore Chinese stocks reached 1.86 billion, the highest weekly figure since November of the previous year [3] Group 3 - CITIC Securities suggests that with the Federal Reserve's interest rate cuts, the Hong Kong-US interest rate differential has narrowed, reducing the likelihood of a weak-side guarantee, and liquidity tightness is easing [4] - Foreign capital is expected to continue flowing into the Hong Kong market and Chinese assets, with a focus on core growth sectors such as internet, innovative pharmaceuticals, new consumption, and technology [4] - The valuation of Hong Kong technology assets is considered attractive, significantly lower than that of major global technology indices like NASDAQ (43.41x) and ChiNext (43.65x) [4] Group 4 - Changjiang Securities is optimistic about three directions for Hong Kong stocks: AI technology and new consumption have significant growth potential, continued inflow of southbound funds is enhancing marginal pricing power, and the transmission from broad monetary policy to broad credit could support further market growth [6] - The Hong Kong Technology 50 ETF tracks the Hong Kong Technology Index and is the only index covering the "Top Ten Chinese Technology Stocks," outperforming the Hang Seng Technology Index [6]

9月23日，港股盘中下挫，蔚来-SW跌超7%，百度集团跌超6%，中兴通讯、京东集团-SW、鸿腾精密、 比亚迪股份等跌超4%，中芯国际、药明康德、美团-W等细分领域龙头悉数下跌。 港股科技50ETF（159750）现跌2.17%，成交额超1.16亿元，Wind数据显示，该ETF盘中获净申购达 4300万份。资金流向方面，该ETF近7个交易日获资金连续净流入超2亿元。 估值层面看，截至9月22日，港股科技指数估值24.56倍PE-TTM，处于上市以来的14.29%历史分位数。 横向对比全球主要市场科技指数，港股科技指数估值显著低于纳斯达克指数（43.41x）、创业板指 （43.65x）。 长江证券看好港股三个方向：1）以日美经验为锚，AI科技与新消费未来仍有较大空间，有望带动港股 市场上涨。2）南向资金持续流入港股，边际定价能力不断上升，若中债利率在ERP模型中权重上升叠 加国内低利率环境，将会有更多资金配置港股市场。3）中国在宽货币到宽信用的传导中，同时若美国 进一步降息改善全球资金流动性，以及AI产业业绩兑现，源头活水会支持港股市场进一步上涨。在信 用扩张之前，"反内卷"政策开始加速供给端出清，相关行业底部反 ...

Group 1 - The core viewpoint of the report indicates that the Hong Kong stock market is experiencing a pullback, with the Hang Seng Index down by 0.76% to 26,344.14, and the Hang Seng Technology Index down by 0.58% to 6,257.91, primarily due to macroeconomic factors including the Federal Reserve's interest rate decision [5][8] - On September 22, 2025, the total trading volume in the Hong Kong stock market reached HKD 290.54 billion, with net inflows from southbound funds amounting to HKD 12.736 billion [8] - The report highlights that the recent interest rate cuts by the Federal Reserve and the Hong Kong Monetary Authority, which were already anticipated by the market, did not significantly boost market sentiment [8] Group 2 - In terms of sector performance, the report notes that the electronics sector led gains with an increase of 1.85%, while the defense and military industry saw a decline of 2.59% [5][8] - The report identifies that the automotive sector's sentiment has weakened due to news of overseas shareholder reductions, impacting overall market performance [8] - Future potential for the Hong Kong stock market to reach new highs is suggested in three areas: AI technology and new consumption, continued inflows from southbound funds, and improved global liquidity from potential further rate cuts by the U.S. [8]

Investment Rating - The industry investment rating is "Outperform" and is maintained [2] Core Views - The report highlights that the basic chemical sector has shown a decline of 1.33% this week, underperforming the CSI 300 index by 0.89 percentage points [6][19] - Key companies to focus on include Wanhua Chemical, Yangnong Chemical, Hengli Petrochemical, and Hualu Hengsheng, with a specific interest in agricultural chemicals and technology sectors such as liquid cooling and PCB supply chains [5] Summary by Sections Industry Overview - The closing index for the basic chemical sector is at 4048.88, with a weekly high of 4123.45 and a low of 2721.92 [2] Price Movements - Major price increases were observed in products such as liquid chlorine (up 22.93%), dichloromethane (up 19.44%), and bismuth ingots (up 12.39%) [9][25] - Conversely, prices for vitamin E decreased by 10.00%, and other products like β-methyl naphthalene and trichloro-sucrose also saw significant declines [10][27] Stock Performance - Notable stock performances included significant gains for companies like Kaimete Gas (up 28.62%) and Guangdong Hongda (up 22.93%), while companies like Runyang Technology and Wankai New Materials experienced declines of 11.48% and 10.42%, respectively [7][22] Key Company Ratings - Wanhua Chemical is rated "Buy" with a closing price of 65.3 and a market cap of 204.45 billion [12] - Yangnong Chemical is also rated "Buy" with a closing price of 71.2 and a market cap of 28.86 billion [12] - Other companies such as Meihua Biological and Bailong Chuangyuan remain unrated [12]