智通财经APP获悉，招商证券发布研究报告称，近期港股市场在海外降息后仍未企稳，主要来自于两个 内部流动性问题：公募基金基准新规落地，可能导致卖出部分港股；港股阶段性资金需求较大。上述叙 事虽然存在，且在下跌过程中持续强化，但总体来看影响较为有限。 招商证券主要观点如下： 行业与指数推荐：互联网(930604.CSI)、有色金属(931947.CSI)、港股通非银(931024.CSI)。 港股上周市场表现：上周(12/08-12/12)港股市场涨少跌多，主要指数中恒生指数下跌0.42%、恒生科技 下跌0.43%，AH溢价维持在119.8。分行业看，上周港股大类行业涨少跌多，仅金融、资讯科技板块上 涨，而能源业领跌。 微观资金面：南向半年来首次净流出，港资、外资同时净流入。1)南向资金合计净流出34亿港元，主要 流向非必需消费方向;2)外资通过ETF净买入2.6亿美元，累计净流入规模接近924以来新高;3)香港本地 ETF也净流入51亿港元，年初至今合计净流入459亿港元。 香港流动性变化：香港市场利率趋于宽松，隔夜Hibor为1.71%，3个月Hibor利率3.03%，美元兑港币汇 率为7.78，逐渐逼近强方 ...

Core Viewpoint - The Zhejiang Provincial Committee emphasizes improving investment quality and efficiency, focusing on industrial projects and strategic directions to enhance economic development [1] Group 1: Investment Strategy - The proposal highlights the importance of "project-based development" and prioritizes major livelihood projects [1] - It aims to implement the "thousand projects, trillion" initiative to expand effective investment [1] - There is a focus on increasing investments in high-tech industries and strategic emerging industries [1] Group 2: Project Management - The plan includes reforms to the major project planning mechanism, ensuring a top-down and two-way communication approach [1] - It emphasizes the need for comprehensive lifecycle management of major projects [1] - The proposal seeks to establish a long-term mechanism for private enterprises to participate in major project construction [1] Group 3: Government Investment - The government plans to explore a comprehensive government investment plan and enhance the management of government investment projects [1] - There is an intention to optimize the structure of government investments, increasing the proportion of investments in livelihood projects [1] - The initiative aims to stimulate private investment through government investment funds [1] Group 4: Foreign Investment - The proposal includes efforts to enhance global investment attraction through the "Investing in Zhejiang" campaign [1] - It aims to create new advantages for attracting foreign capital [1]

Group 1: Market Overview - Historical bull markets in A-shares have seen incremental capital exceeding CNY 1 trillion, with major rallies surpassing CNY 3 trillion, indicating potential for further capital influx in the current cycle[5] - Since September 2024, the current bull market has seen leverage and insurance funds contribute significantly, with current increments accounting for 87% and 73% of the 2015 and 2021 bull markets respectively[5][9] Group 2: Capital Contributions - Leverage funds and insurance capital have been the primary contributors, with insurance capital increasing its stock and securities holdings by approximately CNY 1.5 trillion from Q3 2024 to Q3 2025[6][13] - Leverage funds have seen inflows of nearly CNY 1.1 trillion since September 2024, representing about 60% of the 2015 inflow[6][13] Group 3: Fund Issuance and Performance - From September 2024 to present, active fund issuance has exceeded CNY 140 billion, showing signs of recovery as fund net values improve[6][31] - Despite market uptrends, net redemptions have outpaced subscriptions, although ETF subscriptions have provided temporary support against active fund redemptions[6][16] Group 4: Foreign Capital Trends - Foreign capital saw rapid inflows at the end of September 2024 but has since turned to outflows, with passive foreign capital showing a trend of inflow of nearly CNY 50 billion since June 2025[6][19] Group 5: Future Outlook - Fund issuance is expected to recover, with insurance capital likely to continue contributing significant increments due to regulatory support for equity investments[7][30] - The proportion of actively managed funds with net values above 1 is expected to accelerate fund issuance once it exceeds 80%[7][31] Group 6: Risk Factors - Risks include potential U.S. economic recession, unexpected overseas financial risks, and the possibility of historical experience failing to predict current market behavior[8][42]

Core Insights - Bosnia's economic growth has reached its lowest level since 2012, facing dual pressures of weak consumption growth and declining industrial output [1] - The Foreign Investment Promotion Agency predicts a 14% decrease in investment this year, following a record investment of 1.7 billion marks last year [1] - Analysts highlight that the deterioration of the investment environment is primarily due to inconsistent regulations, overlapping jurisdictions, and a lack of incentives [1] Investment Environment - The president of the Foreign Trade Chamber of Bosnia emphasizes the urgent need to restore tax incentives for export-oriented enterprises, similar to practices in the EU and neighboring countries [1] - Croatia and Austria remain the main sources of investment in Bosnia, with around 200 Austrian companies creating over 8,000 jobs locally [1] Potential Growth Areas - Economic analysts suggest that Bosnia should not only focus on attracting foreign investment but also explore the potential of state-owned enterprises, overseas compatriots, and the entrepreneurial economy [1]

Core Insights - The report indicates that as of October 29, 2025, a total of 30 institutional investors hold shares in Teruid (300001.SZ), with a combined holding of 446 million shares, representing 42.23% of the total share capital [1] - The top ten institutional investors account for 42.01% of the total shares, showing a decrease of 0.86 percentage points compared to the previous quarter [1] Institutional Holdings - In the public fund sector, seven funds increased their holdings, with a total increase of 0.51%, including notable funds like the GF National Index New Energy Vehicle Battery ETF and Pengyang Advanced Manufacturing Mixed A [2] - Conversely, seven public funds reduced their holdings, with a decrease of 0.27%, including funds like the E Fund ChiNext ETF and Southern CSI 500 ETF [2] - There were nine new public funds disclosed this period, while 402 funds were not disclosed compared to the previous quarter [2] Insurance Capital - One insurance capital entity, China Life Insurance Co., Ltd., reduced its holdings by 1.0% this quarter [2] - One new insurance investor was disclosed, also from China Life Insurance Co., Ltd. [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 1.62% [3] - One new foreign institution was disclosed, Schroder Investment Management (Hong Kong) Limited [3] Technical Indicators - A MACD golden cross signal has formed, indicating positive momentum for certain stocks [4]

Core Viewpoint - Southbound capital inflow into Hong Kong stocks has accelerated, with a cumulative net inflow of HKD 395.2 billion in Q3, an increase compared to Q2 [1][2] Flow Perspective - In Q3, southbound funds continued to flow into Hong Kong stocks, with a cumulative net inflow of HKD 395.2 billion, which is an increase from Q2 [2] - The outflow of foreign capital has slowed down, with a cumulative net outflow of HKD 66.4 billion in Q3, marking a decrease in outflow for three consecutive quarters [2] - The proportion of southbound holdings in Hong Kong stocks has reached a new high, with the Hong Kong Stock Connect holding amount rising from 20.7% at the end of Q2 to 21.8% at the end of Q3 [2] Industry Perspective - In Q3, the main inflows from southbound funds were into consumer discretionary, non-bank financials, and pharmaceuticals, while software and hardware saw net outflows in Q2 [3] - Foreign capital dominates most sub-sectors in Hong Kong stocks, particularly in the internet, finance, and most consumer sectors [3] - Southbound funds have gained significant pricing power in sectors such as semiconductors, general consumption, and general dividends over the past two years [3]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - A-share major indices closed generally higher with performance divergence, large-cap blue-chip stocks outperformed small and mid-cap stocks. The market is in a random walk state this week with less macro data and fewer disturbances from domestic and overseas news. With the approaching of the National Day and Mid-Autumn Festival holidays, market trading is relatively dull. The previously announced economic data shows that the economy in August was still under pressure, and the real estate had an obvious drag on fixed investment. The marginal weakening of the "trade-in" policy also put pressure on social retail sales. It is necessary to wait for further policy efforts. Although Powell's hawkish remarks put short-term pressure on the RMB, the dot plot shows that there will be two more interest rate cuts this year, and the subsequent depreciation pressure on the RMB is expected to ease, which will also provide space for domestic policy easing. The market is expected to remain volatile before the policy is implemented. It is recommended to wait and see for now [2] 3. Summary by Relevant Catalogs 3.1 Futures Disk - IF main contract (2512) was at 4562.2, up 39.6; IF sub-main contract (2510) was at 4585.0, up 37.8. IH main contract (2512) was at 2953.6, up 15.4; IH sub-main contract (2510) was at 2953.8, up 14.6. IC main contract (2512) was at 7166.6, up 30.8; IC sub-main contract (2510) was at 7293.2, up 32.8. IM main contract (2512) was at 7281.8, down 6.6; IM sub-main contract (2510) was at 7444.6, down 10.2. There were also changes in various spreads and differences between different quarters and the current month [2] 3.2 Futures Positions - IF's top 20 net positions were -28,681.00, down 261.0; IH's top 20 net positions were -17,213.00, up 845.0. IC's top 20 net positions were -25,724.00, down 719.0; IM's top 20 net positions were -40,023.00, down 1530.0 [2] 3.3 Spot Prices - The Shanghai and Shenzhen 300 was at 4593.49, up 27.4; the Shanghai Stock Exchange 50 was at 2952.7, up 13.2. The CSI 500 was at 7341.3, up 17.6; the CSI 1000 was at 7506.5, down 27.7. There were also corresponding changes in the basis of each main contract [2] 3.4 Market Sentiment - A-share trading volume (daily, billion yuan) was 23,917.71, up 446.16; margin trading balance (previous trading day, billion yuan) was 24,311.05, up 143.17. Northbound trading volume (previous trading day, billion yuan) was 2861.33, down 384.30. There were also changes in reverse repurchase, main funds, MLF, the proportion of rising stocks, Shibor, option prices and implied volatilities, and various ratios [2] 3.5 Wind Market Strength and Weakness Analysis - All A-shares were at 4.40, down 3.40; the technical aspect was at 2.70, down 5.50. The capital aspect was at 6.00, down 1.40 [2] 3.6 Industry News - On September 22, the loan prime rate (LPR) was announced, with the 1-year LPR at 3.0% and the 5-year and above LPR at 3.5%. At the press conference, the CSRC Chairman Wu Qing introduced that the "science" content of the capital market has been further improved, and the market value of the A-share technology sector currently accounts for more than 1/4. As of the end of August, various medium and long-term funds held about 21.4 trillion yuan of the A-share floating market value, a 32% increase compared to the end of the "13th Five-Year Plan", and foreign investors held 3.4 trillion yuan of A-share market value [2]

Core Viewpoint - The "national team" funds have significantly increased their holdings in ETFs, with a total purchase of nearly 66 billion units in the first half of the year, reflecting their strong influence and stability in the A-share market amidst volatility [1][5]. Group 1: National Team's Investment Strategy - As of June 30, the "national team" institutions, including Central Huijin and China Reform Holdings, held a total of 26 ETFs with a combined market value of 1.28 trillion yuan, marking an increase of over 20% year-to-date [1][5]. - Central Huijin maintained a stable overall holding, while its subsidiary, Central Huijin Asset Management, aggressively increased its positions in broad-based, small-cap, and technology innovation ETFs [2][5]. - The top ETFs in the "national team's" portfolio include Huatai-PB CSI 300 ETF, E Fund CSI 300 ETF, and Huaxia CSI 300 ETF, which are the main components of their holdings [5][6]. Group 2: Market Trends and ETF Growth - The total market size of ETFs has surpassed 5 trillion yuan, achieving a growth of 37.25% compared to the end of the previous year, with an increase of 1.39 trillion yuan in the first eight months of this year alone [8][9]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and rising investment demand [9][10]. - The "national team's" actions during market downturns have played a crucial role in stabilizing the market, with significant inflows from long-term funds such as insurance capital [8][10]. Group 3: Sector-Specific Investments - The "national team" has extended its asset allocation to various sectors, including pharmaceuticals, chips, and liquor, through asset management plans [5][6]. - Central Huijin Asset Management has notably increased its holdings in industry-specific ETFs, particularly in the healthcare and technology sectors [6][10]. - The investment strategy indicates a focus on both broad market exposure and targeted sector investments, reflecting a comprehensive approach to capital allocation [5][6].

Core Viewpoint - In the first half of 2023, the "national team" significantly increased its investment in ETFs, showcasing its influence and stability in the volatile A-share market, with a total investment of nearly 66 billion yuan [3][5]. Group 1: National Team's Investment Strategy - The national team, including Central Huijin and China Reform Holdings, has increased its holdings in 26 ETFs, with a total market value reaching 1.28 trillion yuan, reflecting a year-on-year increase of over 20% [3][8]. - Central Huijin maintained a stable overall holding, while its subsidiary, Central Huijin Asset Management, aggressively increased its positions in broad-based, small-cap, and sci-tech ETFs, raising its holdings by 58.5% [6][9]. - China Reform focused on central enterprise-themed ETFs, increasing its holdings in specific products, which contributed to a net increase of 1.48 million shares [8][9]. Group 2: ETF Market Growth - The total market size of ETFs surpassed 5 trillion yuan, achieving a growth of 37.25% compared to the end of the previous year, with an increase of 1.39 trillion yuan in the first eight months of 2023 alone [12][14]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and rising investment demand [13][14]. - The national team's actions during market downturns have played a crucial role in stabilizing the market, with significant trading volumes observed in A-share ETFs following their increased participation [12][13]. Group 3: Future Outlook - The ETF market is expected to continue its rapid growth, driven by policy initiatives, changing market demands, and increased participation from individual and institutional investors [14]. - The anticipated inflow of long-term funds, particularly from insurance capital, is projected to reach 1 trillion yuan in equity assets this year, further supporting the ETF market [12][14]. - Future growth in the ETF market may focus on Hong Kong stocks, industry themes, and bond ETFs, as the market adapts to evolving investor preferences [14].

Core Viewpoint - The "national team" has significantly increased its holdings in ETFs, demonstrating strong market influence and stability amid A-share market volatility, with a total investment of approximately 660 billion yuan in the first half of the year [1][2]. Group 1: National Team Holdings - As of June 30, the "national team" holds a total of 26 ETFs with a combined market value of 1.28 trillion yuan, reflecting an increase of over 20% year-to-date [1][8]. - Central Huijin maintains a stable overall holding with 21 ETFs, while Central Huijin Asset Management has aggressively increased its holdings by 658.86 million shares, a 58.5% increase from the end of last year [3][9]. - The top five ETFs by market value held by the "national team" include Huatai-PB CSI 300 ETF (292.9 billion yuan), E Fund CSI 300 ETF (217.7 billion yuan), and others, which together account for over 75% of the total market value [9]. Group 2: Investment Strategies - Central Huijin Asset Management has focused on increasing its positions in broad-based, small-cap, and technology innovation ETFs, while China National New focuses on central enterprise-themed products [1][4][8]. - The "national team" has also extended its asset allocation into sectors such as pharmaceuticals, chips, and liquor through asset management plans [9][12]. Group 3: ETF Market Growth - The total market size of ETFs has surpassed 5 trillion yuan, marking a 37.25% increase from the end of last year, with a record increase of 1.39 trillion yuan in the first eight months of this year [10][11]. - The rapid growth of the ETF market is attributed to multiple factors, including policy support, improved market sentiment, product innovation, and increased investment demand [12][13]. - The "national team" has played a crucial role in stabilizing the market during downturns, with significant inflows from long-term funds such as insurance capital [10][12].