近期，A股市场主要指数持续走强，沪深两市成交额频频突破2万亿元，两融余额亦保持在历史高位。 东方财富Choice数据显示，截至8月21日收盘，上证指数、深证成指、创业板指年内分别上涨12.51%、 14.45%、21.19%。 A股市场本轮上涨行情离不开多路资金各司其职、共同发力。笔者认为，从长期来看，多元化资金协力 将增强中国资本市场的韧性，并持续巩固其向好生态。 其一，中国版平准基金持续显效，是资本市场长期健康运行的基石。 今年以来，监管部门对中央汇金公司发挥类平准基金功能进行了进一步明晰，从制度层面增强资本市场 的内在稳定性。从实操层面看，在关键时点，中央汇金公司通过加大股票指数基金增持力度等举措，既 为市场注入流动性，也释放了极强的政策信号，在促进股市回暖、平抑异常波动等方面发挥了重要作 用。 ■ 苏向杲 其三，散户资金入场，有望进一步提升市场活跃度。 当前我国资本市场散户占比较高，其投资活跃度对市场影响显著。数据显示，今年前7个月A股新开账 户数量同比大增36.88%；7月份证券类App活跃人数同比增长20.89%；近期多个交易日两融余额超过2万 亿元。从宏观视角看，散户积极参与有助于丰富资本市场资 ...

Group 1 - The core viewpoint of the news is the recent adjustments in index sample stocks by major exchanges, which aim to enhance the representation and investment value of indices, particularly in the context of increasing long-term capital inflows into the market [1][2] - The adjustments have led to a significant increase in the scale of ETFs linked to major indices, with an estimated total scale of approximately 1.7 trillion yuan by April 2025, representing a nearly fourfold increase since the end of 2021 [1] - The adjustments are expected to optimize index representation, trigger structural capital flows, and potentially have a positive impact on the stock prices of newly included stocks, especially those in mainstream indices [1][3] Group 2 - The recent index adjustments have increased the weight of technology stocks, reflecting a trend towards high-tech and advanced manufacturing in listed companies [2] - The adjustments in the CSI 300 index included an increase of 2 technology stocks, raising its weight by 0.18%, while the CSI 500 index saw an increase of 12 technology stocks, raising its weight by 1.82% [2] - The adjustments are likely to enhance the investment value of the North Exchange's indices, aligning with its focus on specialized and innovative companies [2][3] Group 3 - The selection criteria for index adjustments typically emphasize market capitalization and liquidity, with newly included stocks often experiencing increased buying pressure post-adjustment [3] - The recent adjustment of the CSI 300 index involved the removal of stocks from sectors like power equipment and construction materials, while adding stocks from banking, artificial intelligence, and military sectors, consistent with the current market style [3] - Historical data indicates that index adjustments lead to positive price impacts for included stocks, particularly in larger indices where passive trading can significantly influence stock prices [3][4] Group 4 - The adjustments by international index providers like MSCI are also noteworthy, with recent changes including the addition of five A-shares to the MSCI China Index, which saw immediate price increases for the newly included stocks [4]

Group 1 - Insurance capital is increasing its market presence with an additional 50 billion yuan, indicating a positive outlook for the A-share market [4] - Major insurance firms are launching private equity funds, such as the 300 billion yuan target fund by Taiping Insurance, focusing on state-owned enterprise reforms and modern industrial systems [4] - The overall trend shows insurance institutions are actively exploring equity investments, particularly in sectors closely related to their main business, such as healthcare and renewable energy [4] Group 2 - The U.S. government has temporarily suspended "reciprocal tariffs" for 90 days, urging countries to submit their best trade negotiation proposals [3] - The EU expressed regret over the U.S. decision to increase tariffs on steel and aluminum, which adds to economic uncertainty between the U.S. and Europe [3] - Ongoing negotiations between the U.S. and EU aim to accelerate discussions on trade agreements [3] Group 3 - The June stock recommendations from 42 brokerage firms show a significant increase in the pharmaceutical and biotechnology sectors, which have regained the top recommendation position after three years [8] - The report indicates a notable rise in recommended stocks from Hong Kong, with 332 stocks receiving a total of 457 recommendations [8] - The decline in the retail sector's recommendation is attributed to renewed trade tensions and previous significant price increases [8] Group 4 - New energy vehicle companies, including Xiaomi, NIO, and Xpeng, are approaching profitability, supported by their systematic capabilities [9] - Xiaomi's automotive business is expected to become profitable in the third or fourth quarter of this year, ahead of Tesla's timeline [9] - The company has invested significantly in autonomous driving technology, with a total budget of 3.5 billion yuan for research and development [9] Group 5 - The introduction of the "Regulations on Government Data Sharing" aims to enhance the efficiency and security of government data sharing, marking a new phase in data management [6] - The regulations will facilitate the flow of data from higher to lower government levels, promoting better governance and service delivery [6] - Experts believe that effective data sharing will be a crucial driver for high-quality economic and social development [6] Group 6 - The banking sector has seen a rise in stock prices, with 20 banks experiencing over a 10% increase in share prices this year [7] - Qingdao Bank has the highest increase at 35.31%, followed by Chongqing Rural Commercial Bank and Chongqing Bank with increases of 32.14% and 24.79% respectively [7] - Analysts suggest that the decline in market interest rates has made bank stocks attractive due to their stable dividend yields [7]

Core Viewpoint - Central Huijin Investment Co., Ltd. plays a stabilizing role in the capital market by holding significant stakes in large banks and financial institutions, as well as broad-based ETFs, and has recently increased its investments to support market stability [1][5]. Group 1: Investment Actions - In Q1 2025, Central Huijin held shares in 152 listed companies with a total market value of 3.02 trillion yuan, primarily concentrated in the financial sector [2]. - Central Huijin has newly entered the top ten shareholders of Huatai Securities, holding 96.1452 million shares, which represents 1.32% of the circulating A-shares, with a market value of 1.59 billion yuan [2]. - The company has significantly increased its holdings in various ETFs, including E Fund CSI 300 ETF and Huatai-PineBridge CSI 300 ETF, with total increases of 5.02 billion shares and 3.63 billion shares respectively [3]. Group 2: Market Stability Role - Central Huijin's investment strategy is characterized by long investment cycles, providing confidence to the market during periods of volatility [3]. - The company is seen as a crucial force in maintaining market stability, directly injecting funds into the market and supporting expectations [3]. - The establishment of a "Chinese version of a stabilizing fund" is viewed as essential for stabilizing the capital market and enhancing investor confidence [5][6]. Group 3: Future Directions - There is a call for Central Huijin to increase its market entry scale and improve the operational mechanisms of the stabilizing fund to better stabilize investor expectations and confidence [6]. - Recommendations include establishing a clear funding source and dynamic adjustment of fund size, along with enhancing regulatory mechanisms for transparency and accountability [6].

Group 1 - The State Council Information Office will hold a press conference on May 7, 2025, to introduce a "package of financial policies to support market stability and expectations" [1][2][6] - Officials from the People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission will present information and answer questions [1][2][6] - The press conference will feature simultaneous English interpretation [3][7] Group 2 - Journalists are encouraged to submit questions of interest via email prior to the press conference [4][8] - The press conference will take place at the Central Propaganda Department's press hall, located at 11 Xichangan Street [5][10] Group 3 - Following the announcement, the FTSE China A50 index futures surged over 0.5% [10] - On the first trading day after the May Day holiday, the A-shares market saw significant gains, with the Shanghai Composite Index rising over 1% [10][15] - The government has shown a commitment to stabilizing the stock market and promoting healthy development in the real estate sector [15][16]

Core Viewpoint - The Chinese government is taking proactive measures to stabilize the financial market and maintain investor confidence through a series of financial policies and regulatory actions [1][5][6]. Group 1: Government Actions and Policies - A press conference will be held on May 7, 2025, to discuss a "package of financial policies to support market stability and expectations" [1]. - The State Council, led by Premier Li Qiang, emphasized the need to stabilize the stock market and promote the healthy development of the real estate market [5]. - Since April, various ministries have been actively implementing measures to maintain capital market stability, reflecting a strong commitment to ensuring smooth market operations [6]. Group 2: Market Reactions - Following the announcement of government measures, the FTSE China A50 index futures surged over 0.5% [3]. - On the first trading day after the holiday, the A-shares market saw a broad increase, with the Shanghai Composite Index rising over 1% and returning above 3,300 points [4]. - The Hong Kong stock market also experienced gains, with the Hang Seng Index rising over 1% and net inflows from southbound funds exceeding 13 billion HKD [4]. Group 3: Regulatory Focus - The China Securities Regulatory Commission (CSRC) is focusing on risk prevention, strong regulation, and promoting high-quality development within the capital market [7]. - Key initiatives include enhancing the awareness and capability of listed companies to return value to investors and supporting the issuance of shares by high-quality, unprofitable technology companies [7].

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

Core Viewpoint - The recent fund quarterly reports reveal significant increases in holdings of major ETFs by the "national team," particularly by the Central Huijin Investment Ltd, which has injected over 200 billion yuan into several ETFs, indicating a strong commitment to stabilizing the capital market [2][12]. Group 1: National Team's ETF Purchases - The Central Huijin Investment Ltd has notably increased its holdings in several large-scale ETFs, including the Huatai-PB CSI 300 ETF, which now exceeds 300 billion yuan in size, with an increase of 363 million units in Q1 2024 [4][5]. - Other ETFs such as the Huaxia CSI 300 ETF, Harvest CSI 300 ETF, and E Fund CSI 300 ETF also saw significant increases in holdings, with respective increases of 157 million, 117 million, and 502 million units [6]. - By the end of 2024, the total amount held by the Central Huijin Investment Ltd in ETFs surpassed 1 trillion yuan, reflecting its role as a stabilizing force in the market [12]. Group 2: Market Impact and Future Outlook - The "national team" has been actively involved in the stock ETF market since early 2023, with a notable public announcement of continued purchases aimed at maintaining market stability [8][10]. - In April 2024, the net inflow into stock ETFs reached a historical high, with a total of 1,117.8 billion yuan, largely attributed to the "national team" investments, providing crucial support for the A-share market [13]. - Fund managers express optimism about A-share investment opportunities, highlighting potential structural opportunities and the importance of policy continuity in the second quarter of 2024 [15].

Core Viewpoint - The A-share market exhibited a volatile pattern during the week of April 14 to April 18, with the national team focusing on ETF interventions to stabilize the market [1][5]. Group 1: ETF Inflows - A total net inflow of approximately 34.73 billion was recorded for stock ETFs in the two markets, with 8 ETFs seeing inflows exceeding 1 billion [3][4]. - The ETFs with significant inflows included the CSI 300 ETF, SSE 50 ETF, CSI 500 ETF, CSI 1000 ETF, and the STAR Market Composite Index ETF [3][4]. Group 2: National Team's Intervention Strategy - The national team's intervention strategy has shown a new characteristic of being more refined, with a focus on key moments during trading sessions [1][7]. - The national team has adopted a "bottom-line thinking" approach, indicating a strong belief in the long-term prospects of the Chinese capital market and a commitment to maintaining market stability [7]. - Analysts agree that the national team's actions have positively impacted market stability and investor confidence, particularly in the context of external disturbances [7]. Group 3: Market Dynamics - The national team's balanced buying across various ETFs supports liquidity across different market capitalizations, preventing structural distortions in the market [4]. - The intervention is seen as a signal to attract passive investment flows, creating a positive feedback loop for market stability [4][7]. - Despite the supportive measures, there are indications of increased caution among investors, suggesting that the market may require time to consolidate [7].

特朗普关税政策对全球金融市场影响持续，全球经济的运行规则陷入罕见的不确定性中。当 下如何剖析A股核心资产的长期价值，如何剖析中国资产的核心吸引力，是为市场热烈讨论的 焦点。为此，野村东方国际证券资产管理部总经理兼投资总监肖令君接受第一财经电视《财 经夜行线》栏目采访，就内外部环境剧烈变化下中国资产的长期价值分享观点。 对于高关税对中国上市企业盈利能力和市值影响，肖令君团队统计了 2023 年A股年报数据：经 历 2018 年贸易战后， A 股公司披露年报中包含美国区域业务的上市公司数目占比已经有所下降， 从 2018 年的 2.38% 下降至 2023 年的 1.68% 。而有披露的公司有主动区分收入国别来源的数据 中，来自于境外的收入占 A 股总收入比约 12% 。以 2023 年我国对美国出口占全部出口大约 15% 去拟算，那么 A 股上市公司对美出口业务创收大约 1.3 万亿。美国业务对 A 股利润贡献约为 1500 亿元左右，占全部 A 股盈利约为 3% 。这些数据说明中国上市公司市场日趋多元化，关税对其盈利 能力和市值影响有限。 本文转自第一财经，请点击"阅读原文"查看原文。 本文转载自： 第一财经 ...