股指期货日报 2025年9月25日 王映(投资咨询证号：Z0016367) 投资咨询业务资格:证监许可【2011】1290号 沪深300创新高 市场回顾 今日股指走势涨跌不一，以沪深300指数为例，收盘上涨0.60%。从资金面来看，两市成交额上涨443.06亿 元。期指方面，IF放量上涨，IC、IH缩量上涨，IM缩量下跌。 重要资讯 1、香港金管局总裁余伟文在香港固定收益及货币论坛上致欢迎词时预告，将于今天发布固定收益和货币路线 图。 2、9月25日，国家医保局正式发布《关于开展医保基金管理突出问题专项整治"百日行动"的通知》，决定 自即日起至2025年12月31日，在全国范围内开展为期百日的医保基金专项整治行动，重点打击倒卖医保回流 药、违规超量开药、骗取生育津贴等违法违规使用医保基金行为。 核心观点 今日股市走势震荡，大盘指数展现强势，沪深300指数创新高，反映市场乐观情绪仍在。今日上涨股票较为集 中，个股涨跌数比仅0.39，且虽然与昨日类似，领涨行业仍聚焦TMT，但主要为权重股在涨。短期仍维持结 构性拉升，并未出现增量系统性利好或利空，所以我们维持节前行情平稳过渡的预期，观望为主。 策略推荐 观望为主 ...

来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 9月18日，沪深300ETF中金（510320）跌0.90%，成交额3687.33万元。当日份额减少1800.00万份，最新 份额为4.48亿份，近20个交易日份额减少4800.00万份。最新资产净值计算值为5.41亿元。 沪深300ETF中金（510320）业绩比较基准为沪深300指数收益率，管理人为中金基金管理有限公司，基 金经理为刘重晋，成立（2025-04-16）以来回报为20.67%，近一个月回报为6.16%。 ...

Summary of Key Points Core Viewpoint - The report highlights significant trends in liquidity, construction, real estate, and industrial sectors, indicating fluctuations in prices and production levels across various commodities and industries. Group 1: Liquidity - The BCI small and medium enterprise financing environment index for August 2025 is at 46.37, with a month-on-month increase of 0.61% [4] - The M1 and M2 growth rate difference is at -2.8 percentage points in August 2025, showing a month-on-month increase of 0.4 percentage points [4] - The current price of London gold is at $3643 per ounce [4] Group 2: Infrastructure and Real Estate Chain - In late August, the average daily production of crude steel from key enterprises decreased by 7.94% month-on-month [5] - Price changes this week include rebar down by 1.53%, cement price index down by 0.57%, rubber down by 1.00%, coke down by 3.40%, coking coal down by 0.93%, and iron ore up by 0.38% [5] - The national blast furnace capacity utilization rate increased by 4.39 percentage points, cement by 8.00 percentage points, while asphalt and full-steel tire operating rates changed by -1.8 percentage points and +5.81 percentage points respectively [5] Group 3: Real Estate Completion Chain - The prices of titanium dioxide and flat glass increased by 0.39% and remained unchanged respectively, with flat glass gross profit at -58 yuan/ton and titanium dioxide at -1277 yuan/ton [6] - The operating rate for flat glass this week is at 76.01% [6] Group 4: Industrial Products Chain - Major commodity price changes this week include cold-rolled steel down by 2.63%, copper up by 1.36%, and aluminum up by 1.79%, with corresponding gross profit changes of -591.05%, a loss of 0.59%, and an increase of 13.04% respectively [7] - The national semi-steel tire operating rate is at 73.46%, with a month-on-month increase of 5.99 percentage points [7] Group 5: Subcategories - The price of electrolytic aluminum reached a year-to-date high at 21,050 yuan/ton, with a month-on-month increase of 1.79% and estimated profit at 3,683 yuan/ton (excluding tax) [8] - The price of copper is at 81,140 yuan/ton, with a month-on-month increase of 1.36% [8] - The price of molybdenum concentrate is at 4,515 yuan/ton, down by 1.95%, while tungsten concentrate is at 286,500 yuan/ton, down by 0.87% [8] Group 6: Price Comparison Relationships - The price ratio of rebar to iron ore is at 4.00 this week [9] - The price difference between hot-rolled and rebar steel is 240 yuan/ton, while the price difference between Shanghai cold-rolled and hot-rolled steel is 290 yuan/ton, down by 40 yuan/ton [9] - The price difference between small rebar (mainly used in real estate) and large rebar (mainly used in infrastructure) is 120 yuan/ton, with a month-on-month increase of 20.00% [9] Group 7: Export Chain - In August 2025, China's PMI new export orders are at 47.20%, with a month-on-month increase of 0.1 percentage points [10] - The China Containerized Freight Index (CCFI) composite index is at 1,125.30 points this week, down by 2.07% [10] - The U.S. crude steel capacity utilization rate is at 79.20%, with a month-on-month increase of 1.10 percentage points [10] Group 8: Valuation Percentiles - The Shanghai and Shenzhen 300 index increased by 1.38%, with the best-performing cyclical sector being real estate at +5.98% [11] - The PB ratio of the general steel sector relative to the Shanghai and Shenzhen markets is currently at 0.53, with the highest value since 2013 being 0.82 [11]

在运作水平与跟踪精度上，根据2025年9月12日基金公司官网披露的经托管行复核的业绩数据显示， A500ETF华泰柏瑞（563360）累计单位净值为1.2098元，是首批跟踪中证A500指数的ETF中为数不多的 累计单位净值超过1.20元的产品。 （数据来源：Wind、交易所，截至25/9/12，A500ETF华泰柏瑞规模为225.23亿元） 此外，伴随近期中证A500指数点位的震荡走高，截至9月12日收盘，中证A500指数重回近三年高位区 间。Wind数据，近一年来，中证A500指数累计涨幅达46.45%，高于同期中证A50（37.66%）、中证 A100（41.06%）等部分核心宽基指数，行业分布均衡广泛、聚焦细分行业龙头的中证A500指数有望成 为投资者把握结构性行情布局机遇的较好抓手。 （数据来源：Wind，数据区间24/9/12-25/9/12。指数过往表现不代表未来，不作为基金业绩表现的保证 或承诺，请投资者关注指数波动风险） 兴业证券研报进一步表示，近期行业轮动强度指标已开始边际回升，市场或正在通过轮动扩散寻找机 会。往后看，这种轮动扩散的状态或将延续：首先，经历前期震荡波动带来的消化、整固后， ...

Summary of Key Points Core Viewpoint - The trading volume of the CSI 300 Index ETFs increased significantly today, with a total trading volume of 7.93 billion yuan, marking a 62.25% increase compared to the previous trading day [1]. Trading Volume and Performance - The Huatai-PineBridge CSI 300 ETF (510300) had a trading volume of 4.50 billion yuan, up by 1.74 billion yuan, a 63.08% increase [1]. - The Harvest CSI 300 ETF (159919) recorded a trading volume of 941 million yuan, an increase of 410 million yuan, representing a 77.33% rise [1]. - The E Fund CSI 300 ETF (510310) saw a trading volume of 938 million yuan, up by 340 million yuan, a 56.93% increase [1]. - The CICC CSI 300 ETF (510320) and the GF CSI 300 ETF (510360) experienced the highest increases in trading volume, with increases of 389.24% and 364.93% respectively [1]. Market Performance - The CSI 300 Index (000300) rose by 2.31% by the end of the trading day, while the average increase for related ETFs was 2.44% [1]. - The top-performing ETFs included the China Merchants CSI 300 Enhanced Strategy ETF (561990) and the Bosera CSI 300 ETF (515130), which increased by 2.96% and 2.78% respectively [1]. Detailed Trading Data - A detailed table lists various ETFs, their trading volumes, daily changes, and percentage increases, highlighting significant movements in the market [1][2].

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) 格隆汇9月4日｜沪深300指数跌1.35%，失守4400点。 ...

Group 1 - The Shanghai Composite Index opened lower but rose, with the CSI 300 Index increasing by 1.77% to 4463.78 points, and a trading volume of 739.42 billion yuan [1] - The CSI 300 Index has risen by 6.27% in the past month, 14.24% in the past three months, and 11.47% year-to-date [1] - The CSI 300 Index consists of 300 representative securities from the Shanghai and Shenzhen markets, reflecting the overall performance of listed companies [1] Group 2 - The top ten weighted stocks in the CSI 300 Index are: Kweichow Moutai (3.91%), CATL (3.16%), Ping An Insurance (2.71%), China Merchants Bank (2.29%), Industrial Bank (1.61%), Zijin Mining (1.59%), Midea Group (1.54%), East Money Information (1.48%), Yangtze Power (1.47%), and Newray (1.31%) [1] - The market capitalization distribution of the CSI 300 Index shows that the Shanghai Stock Exchange accounts for 64.65% and the Shenzhen Stock Exchange accounts for 35.35% [1] Group 3 - In terms of industry composition within the CSI 300 Index, finance accounts for 24.63%, industrials for 16.91%, information technology for 15.64%, consumer staples for 9.23%, materials for 7.87%, consumer discretionary for 7.55%, healthcare for 6.14%, communication services for 5.92%, utilities for 3.11%, energy for 2.32%, and real estate for 0.68% [2]

Core Viewpoint - The article discusses the importance of performance benchmarks for fund managers, comparing them to a passing score in an exam, and emphasizes the need for accurate and reasonable benchmarks to evaluate fund performance [5][9][14]. Group 1: Performance Benchmarks - Fund managers have a performance benchmark, akin to a passing score in exams, which they strive to exceed [5][9]. - The benchmark is determined by the fund company and can sometimes be set lower to make it easier for managers to achieve [11][12]. - New regulations require that benchmarks must be accurately chosen to reflect the fund's characteristics, including market distribution and industry [14][17]. Group 2: Types of Funds and Benchmarks - Equity funds typically use the CSI 300 Index as their benchmark, which covers the largest 300 companies in the A-share market, representing nearly 60% of the market's total capitalization [21][22]. - Bond funds often use the China Bond Composite Index, which encompasses various core bond types, reflecting the overall performance of the Chinese bond market [24]. - Mixed funds have a more complex benchmark, combining stock and bond indices based on their asset allocation [27]. Group 3: Importance of Benchmarks for Investors - Benchmarks help investors assess the true performance of a fund by providing a standard for comparison [29]. - For instance, if a healthcare fund rises by 10% but the benchmark rises by 17%, the fund's performance is relatively poor [31]. - Investors can use a composite benchmark to evaluate the overall performance of multiple funds in their portfolio [36][38].

Core Viewpoint - The E Fund ChiNext ETF has surpassed 100 billion yuan in scale, becoming the largest ChiNext ETF in the market as of August 25 [2][5]. Group 1: ETF Performance and Growth - As of August 25, the E Fund ChiNext ETF reached a scale of 100.71 billion yuan, marking a significant increase since it last surpassed the 100 billion yuan mark on November 13 of the previous year [5][6]. - The ChiNext Index has shown impressive performance, with a year-to-date increase of over 29% and a maximum increase of over 58% since the low point in April [5][6]. - The E Fund ChiNext ETF was established on September 20, 2011, with an initial issuance of 562 million shares, and its current share count stands at 3.68 billion [5][6]. Group 2: Market Context and Comparisons - There are currently seven ETFs in the market with a scale exceeding 100 billion yuan, covering key indices such as CSI 300, SSE 50, and CSI 500 [3][6]. - The E Fund ChiNext ETF is the seventh large-scale stock ETF, with the top four positions held by CSI 300-related ETFs, including the Huatai-PB CSI 300 ETF, which exceeds 400 billion yuan [6]. - The ChiNext Index is characterized by its growth style, focusing on emerging industries such as high-end manufacturing, information technology, and biomedicine, with significant representation from the information technology sector (35.9%) and industrial sector (32.1%) [8][12]. Group 3: Valuation and Future Outlook - As of August 25, 2025, the ChiNext Index has a price-to-earnings ratio of 40.08, placing it at the 38.36 percentile [9]. - The ChiNext Index has shown a cumulative increase of over 140% since January 1, 2011, significantly outperforming the CSI 300 and CSI 500 indices [8][12]. - Industry experts believe that the high proportion of emerging industries and high-tech enterprises in the ChiNext Index indicates strong growth potential and competitiveness, contributing to high-quality economic development in the long term [12].

Core Insights - The total trading volume of the CSI 300 Index ETFs reached 11.535 billion yuan today, an increase of 1.962 billion yuan from the previous trading day, representing a growth rate of 20.49% [1][2] Trading Volume Summary - E Fund CSI 300 ETF (510310) had a trading volume of 1.594 billion yuan, up 600 million yuan from the previous day, with a growth rate of 60.43% [1][2] - Huatai-PB CSI 300 ETF (510300) recorded a trading volume of 6.600 billion yuan, an increase of 568 million yuan, with a growth rate of 9.42% [1][2] - China Asset Management CSI 300 ETF (510330) saw a trading volume of 879 million yuan, up 314 million yuan, with a growth rate of 55.60% [1][2] - Minsheng Jianyin CSI 300 ETF (515350) and Wanji CSI 300 ETF (159393) had significant increases in trading volume of 167.55% and 149.92%, respectively [1][2] Market Performance - The CSI 300 Index (000300) rose by 2.08% by the end of trading, while the average increase for related ETFs was 2.00% [1][2] - The top-performing ETFs included the 300 Index ETF (510370) and the CSI 300 ETF Yongying (563520), which increased by 2.99% and 2.51%, respectively [1][2]