Market Overview - The domestic equity market experienced high-level fluctuations last week, with the Wind All A Index rising by 0.25% and maintaining an average daily trading volume above 2 trillion yuan [1] - The Sci-Tech Innovation 50 Index reached a new high, increasing by 6.47% due to breakthroughs in domestic photolithography technology [1] - Sectors such as new energy, non-ferrous metals, and electronics saw significant gains, while light industry manufacturing, commercial retail, and consumer services faced notable declines [1] Policy Insights - At a press conference on September 22, the CSRC Chairman Wu Qing highlighted the achievements of the capital market during the 14th Five-Year Plan period, emphasizing its role in accelerating technological innovation [1] - Over 90% of newly listed companies in recent years are technology-oriented or have high technological content, with the tech sector now accounting for over 25% of the A-share market capitalization, surpassing the combined market cap of banking, non-bank financials, and real estate [1] - The number of technology companies in the top 50 by market cap increased from 18 at the end of the 13th Five-Year Plan to 24 currently [1] - By the end of August, various long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, a 32% increase compared to the end of the 13th Five-Year Plan [1] Fund Flow Analysis - As of September 25, the total share of stock funds increased by 79.6 billion to 3.52 trillion, while mixed fund shares decreased by 45 billion to 2.96 trillion [2] - The margin trading balance exceeded 2.4 trillion yuan, marking a historical high and a net increase of over 600 billion since June 20, contributing significantly to the current market rally [2] - The ongoing market rally, which began on September 24 last year, continues, with artificial intelligence and overseas expansion themes being the main drivers [2] Bond Market Trends - Last week, yields on government bonds continued to rise, with credit bond yields following suit [3] - The central bank's stance on maintaining liquidity support for the banking sector remains evident, which is expected to provide strong support for short- to medium-term bonds [3] - The "stock-bond seesaw" effect is expected to persist, necessitating attention to the sustainability of policy support for stock market sentiment [3]

Core Insights - The fund issuance market is experiencing a resurgence, driven by the recovery of the A-share market, with equity funds raising over 200 billion yuan for four consecutive weeks, marking a significant increase in market participation [1][2] - The current trend in fund issuance is characterized by a "small but refined" approach, with many products setting fundraising caps between 1 billion to 5 billion yuan, contrasting sharply with the previous era of large-scale fundraising [1][3] - The bond fund market is also witnessing increased activity, with the second batch of 14 technology innovation bond ETFs selling out on the first day, indicating strong demand [6][7] Fund Issuance Trends - The number of newly issued funds reached 354 in the third quarter, a 40% increase compared to the same period last year, with total fundraising amounting to 248.13 billion yuan, a nearly 30% rise [2][3] - Equity funds, including stock and mixed funds, accounted for over 60% of the new issuance, the highest proportion since Q4 2021 [2][3] - Some equity funds have achieved "one-day sell-out" status, with significant amounts raised on their first day, such as the招商均衡优选基金 raising at least 8.7 billion yuan [2][3] Strategic Shifts in Fund Management - Fund managers are adopting a strategy focused on maintaining product performance and investor experience rather than merely scaling up, leading to early closure of fundraising periods to control size [3][5] - The emergence of "daylight funds" reflects a shift from the previous "scale frenzy" to a more cautious approach, with many funds setting lower fundraising targets [3][4] - Institutional demand is influencing the issuance of equity funds, with some products being tailored for specific institutional investors while still being available in retail channels [5] Bond Market Developments - The bond market is also seeing a positive trend, with the second batch of technology innovation bond ETFs achieving significant fundraising, estimated to be around 40 billion yuan [6][7] - Regulatory changes are encouraging fund managers to focus on products with equity components, with expedited registration processes for certain types of bond funds [7][8] - The approval process for bond funds is being differentiated based on the type of product, with quicker registration for those with specified equity holdings [7][8] Market Outlook - Several institutions maintain an optimistic outlook for the market, with themes such as artificial intelligence and overseas expansion expected to drive future performance [8][9] - The current market environment is characterized by strong trading volume, although fluctuations may occur as market sentiment evolves [9]

风险提示：本材料中的观点和判断仅供参考，不构成投资、法律、会计或税务的最终操作建议或实际的 投资结果。本基金管理人不保证其中的观点和判断不会发生任何调整或变更，且不就材料中的内容对最 终操作建议做出任何担保。投资有风险，入市须谨慎。基金产品由基金管理公司发行与管理，销售机构 不承担产品的投资、兑付风险管理责任。 上周国内权益市场保持强势，万得全A周涨幅为2.12%，日均成交量维持在2.5万亿元的较高水平，并创 出此轮反弹新高。美国科技巨头AI领域资本开支大幅增加，受此影响，国内TMT板块表现亮眼，电 子、传媒和计算机上周分别上涨5.98%、4.44%和4.26%。 9月8日以来，各项8月份的宏观经济数据陆续发布。泓德基金表示，综合来看，8月国内经济运行保持平 稳，物价水平边际有所改善，外需明显强于内需的态势仍在延续。泓德基金具体分析，一是从海关总署 发布的货物贸易进出口数据观察，8月份，我国货物贸易进出口总值3.87万亿元，同比增长3.5%，出 口、进口连续3个月实现双增长。前8个月，我国外贸顺差金额近7900亿美元，同比涨幅超过28%，再度 创下历史新高。这不仅体现了我国外贸结构的持续优化，更凸显出在全球经 ...