近两月连续上涨的电池主题ETF（交易型开放式指数基金）集体回调，当日最大跌幅超过7%。除 电池主题ETF外，集成电路、科创芯片、新能源等主题ETF当日跌幅也居前。 长城基金认为或有两方面原因：一是高风险偏好资金减仓；二是出口管制规定等消息压制市场做多 情绪。但长城基金认为，出口管制对企业日常经营可能并不会产生显著影响，且体现了国内锂电产业链 在全球市场的技术竞争力。 图片来源：Wind 近两个月来，表现最亮眼的也是上述几大主题ETF。数据显示，截至9月30日，自8月初以来，电池 主题ETF最大区间涨幅超过70%，领跑全市场ETF。创业板新能源ETF和多只科创芯片、储能电池等ETF 同期区间涨幅超过55%。 对于上述板块今日出现的大跌，排排网财富研究总监刘有华向《国际金融报》记者分析称，"由于 商务部对锂电池实施出口管制，引发市场对行业出口前景的担忧，锂电池板块个股普遍承压，相关ETF 亦随之走低。另外，多家券商将部分芯片股的融资融券折算率下调至零，尽管该调整不直接影响融资交 易，但对短期市场情绪产生扰动，引发芯片板块获利了结，芯片ETF也出现相应调整。" 节后两个交易日市场波动有所放大，刘有华表示，主要受以下 ...

今日（10月10日）早盘，人工智能和新能源相关股票集体杀跌，科创50跌幅一度超4%，创业板50一度 杀跌3%，A股平均股价跌幅达1%以上，A50亦因此一度重挫超1.5%。与此同时，红利板块集体拉升， 盘面反而一度呈现出涨多跌少的格局。 一是，市场开始担心人工智能泡沫。据美国数据提供商PitchBook的统计，2025年以来人工智能（AI） 初创公司已吸引创纪录的1927亿美元风险投资，2025年有望成为首个逾半风投资金流入AI行业的年 份。在最近一个季度，美国风投将62.7%的资金投向AI公司，全球风投该比例为53.2%。高盛CEO大卫· 所罗门也表示："当（投资者）兴奋时，他们倾向于考虑那些可能会成功的好事，而忽略那些你应该怀 疑的、可能会出错的事情。"并警告称，大量投入AI领域的资本可能无法获得回报。值得注意的是，此 刻全球贸易摩擦仍在加剧。 二是，部分股票因为估值过高，触发融资规则。这使得资金出现了高低切换的情况。以科创50为例，据 Wind数据显示，该指数的市盈率（TTM）已经超过196倍。而红利指数仅为7.53倍。此外，今年以来， 券商等明显受益于牛市的板块持续处于滞涨状态。 三是，美元指数近期持续 ...

印尼经济统筹部长艾尔朗加·哈尔塔托则表示，该协定标志着双边关系进入新的历史阶段，预计将催生 更多公平与可持续的贸易与投资合作。 农产品贸易空间或显著扩大 新华财经雅加达9月24日电（记者冯钰林）印度尼西亚和欧盟23日在巴厘岛正式签署《印尼-欧盟全面经 济伙伴关系协定》（IEU-CEPA），印尼成为继新加坡和越南之后，第三个与欧盟签署全面经济伙伴关 系协定的东南亚国家。分析认为，在全球贸易摩擦加剧的背景下，各国都在积极寻求多元化贸易渠道， 该协定作为应对策略应运而生。在显著降低关税壁垒的条件下，农业领域有望成为双方合作亮点。 全球贸易形势推动达成"近零关税"协定 该协定谈判始于2016年，双方历经19轮正式谈判及多次会谈，于今年7月达成政治协议。印尼经济统筹 部在声明中表示，协定涵盖货物、服务和投资等领域的贸易自由化。货物贸易方面，双方承诺取消超过 98%的关税税目和占进口总额99%的关税。协定生效的目标时间为2027年1月1日。 在印尼经济与法律研究中心执行主任比玛·尤迪斯提拉·阿迪内加拉看来，协定的签署恰逢其时，美国关 税政策造成的不确定性促使双方通过协定寻求贸易确定性，印尼和欧洲都需要寻找替代市场。金融咨 ...

Core Viewpoint - The company expects a loss of approximately HKD 17 million for the fiscal year 2025, contrasting with a profit of HKD 33.6 million for the fiscal year 2024 [1] Financial Performance - The anticipated loss for fiscal year 2025 is primarily attributed to a projected revenue decrease of about 22% compared to fiscal year 2024 [1] - For the fiscal year 2024, the company reported a profit attributable to shareholders of approximately HKD 33.6 million [1] Market Conditions - The decline in revenue is linked to global trade tensions that have weakened consumer sentiment in the Chinese retail market, negatively impacting local economic and employment growth [1] - The property markets in Hong Kong and mainland China are described as weak, leading to fair value losses on the company's investment properties [1]

Core Viewpoint - The company anticipates a loss of approximately HKD 17 million for the fiscal year 2025, contrasting with a profit of HKD 33.6 million for the fiscal year ending June 30, 2024, primarily due to a projected revenue decline of about 22% [1] Group 1: Financial Performance - The company expects a loss attributable to shareholders of approximately HKD 17 million for the fiscal year 2025 [1] - For the fiscal year ending June 30, 2024, the company reported a profit attributable to shareholders of approximately HKD 33.6 million [1] Group 2: Market Conditions - The anticipated loss is mainly attributed to a decrease in revenue of about 22% for the fiscal year 2025 compared to fiscal year 2024 [1] - Global trade tensions have weakened consumer sentiment in the Chinese retail market, adversely affecting local economic and employment growth [1] - The property markets in Hong Kong and mainland China are experiencing weakness, leading to fair value losses on the company's investment properties [1]

Group 1 - The company expects to record a loss attributable to shareholders of approximately HKD 17 million for the fiscal year 2025, compared to a profit of approximately HKD 33.6 million for the fiscal year ending June 30, 2024 [1] - The board attributes this change primarily to a decrease in revenue of about 22% for the fiscal year 2025 compared to 2024, mainly due to global trade tensions weakening consumer sentiment in the Chinese retail market, adversely affecting local economic and employment growth [1] - Additionally, the company is facing fair value losses on investment properties due to a weak property market in Hong Kong and China [1]

Group 1 - The core viewpoint of the report indicates that the company achieved a revenue of 900 million in Q2 2025, representing an 8% year-on-year increase, and a net profit of 200 million, which is a 16% increase compared to the previous year [1] - For the first half of 2025, the company reported a revenue of 1.7 billion, marking an 11% year-on-year growth, and a net profit of 300 million, reflecting a 22% increase [1] - The primary sales category driving growth in overseas markets remains the leisure turf segment, with sales volume increasing by 8.69% and revenue growing by 11.23% year-on-year [1] Group 2 - The Americas and Europe are identified as the main sources of growth in overseas markets during the first half of the year [1] - The company's foreign trade sales department has enhanced market-driven and customer value-driven strategies, including increasing customer visit frequency and actively participating in international exhibitions to strengthen customer relationships [1] - Despite ongoing global trade tensions and geopolitical conflicts that have slowed economic growth, the company's management remains focused on "change and breakthrough," achieving stable growth in overseas market revenue and profits [1] Group 3 - The company has adjusted its profit forecast and maintains a "buy" rating for its stock [1]

Fundamental Analysis - Gold prices have shown a strong upward trend, reaching a record high of $3578 per ounce, with a closing price of $3558.93, reflecting a 0.72% increase, driven by dovish comments from Federal Reserve officials and weak employment data [1][3] - The U.S. labor market is showing signs of weakness, with job vacancies decreasing by 176,000 to 7.181 million, the lowest since September 2024, and the vacancy rate dropping to 4.3%, indicating a slowdown in labor demand [1][3] - The number of unemployed individuals has surpassed job vacancies for the first time since April 2021, with only 0.99 job openings per unemployed person, highlighting a significant shift in the labor market dynamics [1][3] - The Federal Reserve is expected to adjust its monetary policy in response to the labor market's deterioration, with a 96% probability of a 25 basis point rate cut in the upcoming policy meeting [3][4] Economic Policies - The current economic challenges are attributed to the Trump administration's import tariffs and immigration policies, which have increased business costs and tightened labor supply [3][4] - Federal Reserve officials are increasingly signaling the need for rate cuts, with various members expressing the potential for multiple cuts in the next three to six months, depending on economic data [4][5] - The Fed's Beige Book indicates that while tariffs have led to price increases, businesses are hesitant to pass on these costs, complicating the balance between controlling inflation and maintaining strong employment [4][5] Market Sentiment - The rise in gold prices is seen as a reflection of global uncertainties, with investor concerns about the Fed's independence and dovish statements amplifying risk-averse sentiment [5] - The upcoming U.S. non-farm payroll report for August is anticipated to be a key focus for traders, as it may provide further insights into the labor market's health and influence gold prices [5] Technical Analysis - Gold prices recorded a significant bullish candle, closing near $3578.36, indicating potential for further upward movement, with traders eyeing the $3600 resistance level [7] - Short-term price action suggests a test of support around $3530, with potential for short-term buying opportunities if this level holds [7] Trading Strategies - Suggested long positions near $3530 with a stop loss at $3524 and targets around $3545/$3560 [8] - Suggested short positions between $3555-$3560 with a stop loss at $3565 and targets around $3530/$3500 [8]

Group 1 - The core viewpoint is that gold prices are experiencing a significant upward trend, driven by macroeconomic pressures and expectations of a Federal Reserve rate cut [2][3] - Spot gold reached a record high of $3578 per ounce, reflecting a 0.72% increase, with seven consecutive days of price rises [2] - Weak U.S. employment data has reinforced expectations for a rate cut by the Federal Reserve, contributing to the bullish sentiment in the gold market [2] Group 2 - The analysis suggests maintaining a bullish trend for gold but advises against chasing high prices, with key support and resistance levels identified [3] - Domestic gold prices in China have also surged, with Shanghai gold reaching around 825 and accumulated gold at approximately 814, indicating a strong upward trend [3] - The focus remains on upcoming economic data releases, particularly unemployment claims and ADP figures, which are expected to influence gold trading strategies [3]

Group 1: Macroeconomic Developments - The Chinese Ministry of Commerce's delegation, led by Li Chenggang, visited Canada from August 24 to 27 to co-chair the 28th China-Canada Economic and Trade Joint Committee, aiming to enhance bilateral economic relations [1] - The EU Commission proposed two legislative measures to implement the joint statement on tariffs with the US, which includes the reduction of tariffs on EU automotive products and the elimination of certain tariffs on US industrial goods [2] Group 2: Market Insights - Non-farm employment data has contradicted the Federal Reserve's assertion of a strong job market, significantly increasing expectations for a rate cut in September [2] - The market is currently betting on a 25 basis point rate cut in September, despite the core CPI reaching a new high since February, which has reduced the probability of a 50 basis point cut [2] - Factors such as a likely rate cut cycle by the Federal Reserve, easing global trade tensions, and continued central bank gold purchases are expected to support gold prices [2] - The dismissal of Federal Reserve Governor Cook by Trump has raised concerns about the Fed's independence, contributing to increased investor risk aversion and supporting gold price increases [2]