Core Insights - The recent increase in Chinese asset prices is driven by systemic factors, including the depreciation of the US dollar and a favorable low-interest-rate environment, which enhances the attractiveness of Chinese equities compared to fixed-income investments [1][2] - The impact of AI and technological changes is expected to surpass traditional economic drivers in influencing long-term economic growth and capital markets [1] - There is a growing interest from overseas long-term funds in Chinese assets, particularly as the accessibility of Hong Kong stocks improves for domestic investors [2] Group 1 - The current market dynamics show a systematic increase in Chinese asset prices, influenced by the depreciation of the US dollar, which has led to a rise in the value of assets like gold and Chinese equities [2] - The low-interest-rate environment, combined with increased dividends from listed companies, provides investors with more stable long-term returns compared to fixed-income investments [2] - Despite the positive outlook, there are concerns regarding high local valuations, the complexity of technological changes, and the potential for rapid shifts in investor risk appetite, which could lead to market volatility [2] Group 2 - The development of the Hong Kong Stock Connect has made it easier for domestic investors to access Chinese assets, marking a significant shift in the investment landscape [2] - The long-term appeal of Chinese assets is highlighted by the positive feedback loop between the increasing allocation of overseas institutional investors and the rising proportion of Chinese assets in global investment benchmarks [2] - The emphasis on a gradual bull market over a rapid one suggests a preference for stability in investment strategies, taking into account various influencing factors [2]

Group 1 - The core viewpoint is that the recent increase in Chinese asset prices is driven by multiple factors, including the depreciation of the US dollar and the low interest rate environment, which enhances the attractiveness of Chinese assets to both domestic and international investors [1][2] - The increase in overseas long-term capital allocation to Chinese assets is still in its early stages, indicating significant potential for further investment [1] - The impact of AI and technological changes on economic growth and capital markets is expected to surpass traditional economic drivers in the coming years [1] Group 2 - The systematic rise in Chinese asset prices is influenced by the depreciation of the US dollar, which has led to increased value in assets like gold and subsequently boosted Chinese asset prices [2] - The current market environment shows a disparity in performance across different sectors, highlighting the need for investors to identify new drivers for sustained market growth [1][2] - The development of the Hong Kong Stock Connect has made it easier for domestic investors to access Hong Kong stocks, which are becoming increasingly important in the context of Chinese asset investment [2]

假期前当周市场整体上涨，仅红利指数小幅下跌。科创50与创业板指领涨，上证指数等大盘蓝筹指数涨 幅较小。中期看多；结构方面，中长期主线仍可考虑龙头化、国产化、全球化三大主线。 | 中信板块方面：有色金属、电力设备及新能源、国防军工涨幅居前；通信、煤炭、银行跌幅居前。 | | --- | | | | 估值水平 (PE TTM) | 周涨跌幅 | 近一季度 涨跌幅 | | | --- | --- | --- | --- | --- | --- | | | 利创50 | 192. 48 | 3.06% | 50. 31% | 51.20% | | | 科创创业50 | 67. 52 | 2. 44% | 66. 55% | 63.04% | | | 创业板指 | 46. 11 | 2. 75% | 50. 76% | 51.20% | | | 深证成指 | 31.95 | 2. 40% | 29. 12% | 29.88% | | A 版 E = 证券指数 | 沪深300 | 14.21 | 1.99% | 17. 70% | 17.94% | | | 中证500 | 35. 32 | 2. 37% | 24. 90 ...

"双节"假期期间中概股表现出色，科技股再次成为海外投资者关注的重点。港股恒生指数和恒生科技指 数同样在长假期间创下5年新高。外资机构表示，全球投资者对中国资产的兴趣明显增加。 "长假过去，黄金一克涨了38元！" 国庆中秋长假期间，国际金价的表现尤为抢眼，纽约期金历史首次突破每盎司4000美元整数大关，年内 大涨逾50%。10月8日，伦敦现货黄金价格也首次站上每盎司4000美元整数关口。 国庆中秋长假，黄金消费市场也迎来小高潮。证券时报记者走访深圳水贝市场和多家品牌金饰门店发 现，国际金价强势上行的影响迅速传导至消费端，品牌金饰的"一口价"产品成为热销品种。 国庆中秋长假初期，证券时报记者走访深圳水贝市场发现，金饰价格已经达到每克888元。与此对比的 是，9月初水贝市场的金饰价格在每克796元左右。而到了10月8日，水贝市场的金饰价格已经攀升到每 克926元。 "我们也没想到金价越涨越高。"一位水贝市场金饰柜台的负责人表示，"留深和来深过节的人越来越 多，最近几天来买黄金的顾客就有不少是来深旅游的外地游客，每年9月、10月是传统婚庆旺季，也是 婚庆金饰购买的高峰期，婚庆金饰是'刚需'，而且大多数消费者都是买涨不 ...

2025年9月，美联储宣布将联邦基金利率目标区间下调25个基点至4.00?.25%，这是自2024年12月以来的首次降息。 这 一货币政策转向成为触发国际资本重新配置的关键变量。 港股的估值优势更为突出，恒生指数市盈率10.48倍，恒生科技指数市盈率约24倍，不仅远低于美股同类指数，还处于 自身历史低位区间。 对于追求安全边际的国际资本而言，中国资产既具备估值修复空间，又有经济基本面和政策托底支撑，成为平衡收益 与风险的最优选择之一。 东方财富证券研报指出，低利率环境下，具备景气支撑的成长板块和利率敏感型行业将持续受益于估值扩张。 国家外汇局数据显示，目前境外投资者持有境内债券、股票的市值占比仅3%至4%，仍有巨大提升空间。 全球资本增 配人民币资产的趋势已逐步显现，中国正成为美元流动性外溢的价值洼地。 与全球主要市场相比，中国资产的估值优势成为吸引资金的核心卖点。 截至2025年9月，沪深300指数市盈率仅12.93倍，处于历史46%的分位，而标普500指数市盈率达22.5倍，纳斯达克指数 更是突破40倍。 美元走弱缓解了人民币汇率的贬值压力，结合国内逆周期调节政策的支撑，人民币资产的汇兑风险显著降低。 同 ...

Group 1 - The global capital is undergoing a significant revaluation of Chinese financial assets and quality equities, indicating a recognition of underinvestment in China by global financial institutions [2] - The Chinese stock market has shown resilience and achieved a nearly ten-year high, defying initial fears from the trade war initiated by the U.S. [2][3] - The perception of China as a safe and stable environment for investment has strengthened, particularly in contrast to the security issues faced in developed countries [5][6] Group 2 - China's energy security, particularly in electricity generation, has reached a historic milestone, surpassing 10 trillion kilowatt-hours, which is greater than the combined output of several major economies [6][7] - The expansion of higher education in China has significantly increased the number of university students, contributing to a robust talent pool that supports technological and industrial advancements [6][9] - For the first time in history, capital flow into China from foreign investments has exceeded the capital generated from trade, indicating a shift in global investment dynamics [9]

A股又成了风暴中心，这一次，是外资和中国市场之间的较量——有人说看涨，有人却在纠结观望，气氛一度紧绷，市场里弥漫着一股"谁也不服谁"的味 道。 2025年刚开年，国际大行动作频频，高盛、汇丰、瑞银这些名字轮番出镜，研报一份接一份，外资们口风突然一致，都在"唱多"中国资产，这种罕见的合 力，让不少投资者直呼看不懂，疑问也多起来。 外资的态度不仅停留在口头上，北向资金的持股市值到了2025年第二季度末，已经涨到了2.29万亿元，比一季度末多了2%，资金流动的趋势非常直观，真 金白银的投票往往最能说明问题。 国家外汇管理局在今年6月刚公布的数据显示，上半年外资净增持境内股票和基金101亿美元，尤其是5月、6月，单这两个月净增持就达到了188亿美元，全 球资本配置中国境内股市的意愿变得更强烈，这种变化让人不得不重新审视外资的态度。 瑞银全球金融市场部中国主管房东明在2025年年中接受采访时提到，今年以来中国投资信心整体在回升，全球资产配置的风向也在悄然变化，海外投资者对 非美元资产的兴趣上涨，对中国资产的配置意愿也随之提升。 政策面其实也在配合，一波一波的利好消息传出来，A股市场流动性增强，保险、养老金、公募基金等国 ...

ETF进化论 大摩：爆买中国资产！ 原创 阅读全文 ...

在上述国新办新闻发布会上，李云泽提到，"十四五"以来，重点领域和薄弱环节金融服务质效明显 提升。他列举的几组数据显示，在强化薄弱环节金融支持方面，新冠疫情期间，对17万亿元贷款实施延 期还本付息，惠及经营主体超1000万户。2024年以来，金融监管总局牵头建立支持小微企业融资协调工 作机制，发放贷款22万亿元，切实缓解中小企业资金压力。 "结合我们的一些实践观察，自去年支持小微企业融资协调工作机制建立以来，金融体系在政策引 导下持续强化产品和机制创新。"杨赫告诉中青报·中青网记者，聚焦民营小微企业缺少抵押品、盈利和 纳税较少或不稳定等融资难点痛点，很多金融机构通过建立完善信息共享平台、深入进行实地走访、升 级风险模型等措施，探索构建破解融资难问题的长效可持续机制，在风险可控的前提下，实现小微企业 信用贷款的显著提升。 原标题："十四五"时期金融服务迈上新台阶 "十四五"规划纲要设定的主要指标中，经济增长、全员劳动生产率、全社会研发经费投入等指标进 展符合预期，常住人口城镇化率等8项指标进展超过预期，规划确定的战略任务全面落地……"十四 五"规划即将收官，"高质量完成"是多个行业领域这5年的关键词。 近日，在国 ...

中国资产爆发。 10月2日，港股开市。恒生指数和恒生科技指数双双高开高走，恒生指数盘中涨近2%，恒生科技指数盘中涨近4%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | HSI | 恒生指数 | 27287.12c | 431.56 | 1.61% | | HSTECH | 恒生科技 | 6682.86c | 217.20 | 3.36% | 具体板块方面，半导体表现强势，Wind香港半导体指数一度涨超10%。板块内个股中，骏码半导体涨近30%，中芯国际涨超12%，宏光半导体、华虹半导 体等涨超7%，晶门半导体涨超6%，上海复旦、英诺赛科涨超4%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 8490 | 骏码半导体 | 0.210c | 0.047 | 28.83% | | 0243 | QPL INT'L | 0.445 | 0.075 | 20.27% | | 0981 | 中本国际 | 89.400 | 9.850 | 12.38% | | ...