Market Overview - On September 16, the Shanghai Composite Index rose by 0.04%, while the CSI 300 fell by 0.21%. The STAR Market 50 increased by 1.32%, the CSI 1000 rose by 0.92%, and the ChiNext Index went up by 0.68%. The Hang Seng Index decreased by 0.03% [3][4] - The best-performing sectors on September 16 were comprehensive (+3.63%), machinery and equipment (+2.06%), computer (+2.06%), retail (+1.96%), and automotive (+1.82%). The worst-performing sectors included agriculture, forestry, animal husbandry, and fishery (-1.29%), banking (-1.15%), non-ferrous metals (-0.99%), defense and military industry (-0.5%), and food and beverage (-0.38%) [3][4] - The total trading volume for the A-share market on September 16 was 23,670.69 billion yuan, with a net outflow of 3.188 billion Hong Kong dollars from southbound funds [3][4] Key Insights Consumption Strategy - In the medium to long term, the first "systematic 'slow' bull" is expected to release a wealth effect, potentially slowly boosting consumption. Insurance funds and foreign capital entering the market are favorable for consumer blue chips, with positive signals from central Huijin increasing holdings in liquor ETFs. A top-down perspective suggests that the broad consumption sector is likely to benefit [5] - The market perceives that the wealth effect of the bull market is not significant. However, it is believed that the bull market can indirectly drive the wealth effect through a specific transmission path: A-share bull market → stabilization of second-hand housing prices in first-tier cities → stabilization of second-hand housing prices in other cities → recovery of real estate wealth effect. Investment opportunities in the consumption sector are worth noting, particularly in blue-chip leaders and emerging growth areas [5] - The driving factors include support from policies, funds, and sentiment, indicating that the first "systematic 'slow' bull" has quietly arrived, which may enhance the Sharpe ratio of the A-share market and indirectly boost consumption [5] Bond Market Insights - The current bond market adjustment differs significantly from historical bear markets, as the fundamentals, monetary policy, and curve shapes do not resemble past bear markets. Instead, it is more akin to an emotional adjustment under continuous risk preference shocks, anti-involution, and fund fee reduction [7][8] - There is a need to gradually break the mindset of a one-sided decline in yields and adapt to a fluctuating market pattern. However, based on the economic fundamentals and the core tone of moderate policy easing, a major bull-bear reversal has not yet been established [7][8] - The three core signals for a bull-to-bear transition include: 1. Policy bottom: Signs of marginal tightening in macro policies or expressions of tightening monetary policy 2. Fundamental bottom: Consistent and positive surprises in high-frequency and economic data 3. Sentiment bottom: A fragile and crowded trading structure triggered by the above two signals, leading to self-reinforcing sell-offs and deleveraging [8][9]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - A-share market continued to rebound this week with an oscillating upward trend. The growth style performed well, driving up TMT-themed funds. However, many quantitative index-enhanced products still had mediocre excess returns. The weekly average daily trading volume of the two markets decreased by 10.63% week-on-week. If the trading volume continues to shrink, the chips in high-position sectors will loosen and differentiate, and the market will shift from a unilateral rise to a range-bound pattern. It is recommended to focus on the supplementary rise opportunities of low-position sectors. The basis of four types of stock index futures contracts showed differentiation, with the IM contract having a large discount and the IF contract having a large premium. In the upcoming week with a dense schedule of important macroeconomic events, the A-share market is likely to maintain a volatile and relatively strong market. It is recommended to focus on technology frontier tracks such as robotics and AI computing power, and also seize the rotation and supplementary rise opportunities of sectors such as securities, pig cycles, and games. After a deep adjustment, the national debt market has shown rare allocation value, and investors are advised to moderately increase the allocation ratio [1][11][16]. 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 Industry Index - The A-share market continued to rebound this week, with the growth style performing well and driving up TMT-themed funds. The weekly average daily trading volume of the two markets was 2.3 trillion yuan, a week-on-week decrease of 10.63%. The basis of four types of stock index futures contracts showed differentiation, and the average and median returns of neutral hedge funds this week were -0.06% and -0.08% respectively. This week, the electronics, real estate, agriculture, forestry, animal husbandry, and fishery, media, and computer sectors led the gains. The real estate and agriculture, forestry, animal husbandry, and fishery sectors had a relatively large increase in the weekly trading volume ratio compared with last week, while the trading activity of the comprehensive finance and national defense and military industry sectors decreased significantly. The real estate sector rose 5.82% this week, and the weekly trading volume ratio increased to a new high in the past four weeks at 1.50%. The power equipment and new energy sector only rose 0.50% this week, and the weekly trading volume ratio was a new high in the past four weeks at 9.04%, and the sector may face short-term adjustment pressure [11]. 3.1.2 Market Style - This week, the growth style index rose 3.56%, and the weekly trading volume ratio slightly decreased to 58.73%. The consumption style index rose 0.88%, and the weekly trading volume ratio increased to 11.85%. The financial style index performed weakly in the past month, rising only 0.24% this week, and the weekly trading volume ratio decreased significantly to a new low in the past four weeks at 5.59%. The cyclical style index rose 1.87%, and the weekly trading volume ratio increased to a new high in the past four weeks at 20.69%. The stable style index rose 1.14%, and the weekly trading volume ratio increased significantly to a new high in the past four weeks at 3.13%. Based on the CSI A-share index, the CSI 500 index led the gains this week, rising 3.38%, and the weekly trading volume ratio was a new high in the past four weeks at 19.03%, while the Shanghai and Shenzhen 300 index only rose 1.38%, and the weekly trading volume ratio decreased to 27.65%. In the past three months, the market has shown highly structured characteristics, and the CSI 500 index has performed strongly. In an environment with abundant liquidity, funds clearly prefer opportunities with certainty, driving the collective supplementary rise of high-quality leading stocks in various industries [15]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance in Different Thematic Tracks This Week - The report screened single-track and double-track funds based on six sectors: TMT, financial real estate, consumption, medicine, manufacturing, and cycle. Single-track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double-track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods. The report listed the top five funds in each sector in terms of performance this week [20][21]. 3.2.2 Funds with Excellent Performance in Different Strategy Classifications - The report improved the growth, BP, and profit factors to obtain growth, valuation, and quality factors, and divided the funds into different types such as deep undervaluation, high growth, high quality, quality growth, quality undervaluation, GARP, and balanced cost-effectiveness. It also listed the funds with relatively excellent performance in different types of funds this week [22]. 3.3 Index-Enhanced Funds 3.3.1 Distribution of Excess Returns of Index-Enhanced Funds This Week - This week, the Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the ChiNext Index rose 2.10%, the STAR 50 rose 5.48%, and the Beijing Stock Exchange 50 fell 1.07%. The representative indexes of the value style sector, such as the Shanghai 50, CSI 100, and Shanghai and Shenzhen 300, rose 0.89%, 1.54%, and 1.38% respectively, while the representative indexes of the growth style sector, such as the Small and Medium 100, CSI 500, CSI 1000, and CSI 2000, rose 3.66%, 3.38%, 2.45%, and 2.16% respectively. The report also listed the average and median excess returns of different index-enhanced funds and the top three funds in terms of excess returns in each category this week [25][26][30]. 3.4 This Week's Fund High-Frequency Position Detection - After excluding funds with high positions in Hong Kong stocks and Beijing Stock Exchange stocks, funds with a scale of less than 200 million yuan, industry-themed funds, and quantitative funds, the results showed that active equity funds significantly increased their positions in the basic chemical (0.61%), machinery (0.24%), and power equipment and new energy (0.19%) industries this week, and significantly reduced their positions in the electronics (0.55%), computer (0.41%), and national defense and military industry (0.19%) industries. From a one-month perspective, the positions in the electronics (2.12%) and communication (0.97%) industries increased significantly, while the positions in the banking (1.11%) and automobile (1.04%) industries decreased significantly [3][43].

Market Performance - The market showed strong performance last week, with the China Securities Xinhua National Brand Index rising by 3.64% to 1780.22 points [1][2] - Major indices also saw significant increases, with the Shanghai Composite Index up by 1.70%, Shenzhen Component Index up by 4.55%, and the ChiNext Index up by 8.58% [2] Strong Stock Performances - Notable stocks included Sungrow Power Supply, which rose by 15.54%, and East Money Information, which increased by 15.34% [2] - Other strong performers included Zhongji Xuchuang (up 13.74%), Daren Tang (up 10.92%), and several others that saw gains exceeding 8% [2] Year-to-Date Stock Gains - Zhongji Xuchuang led the year-to-date performance with a 63.20% increase, followed by Kewo Si with a 57.31% rise [3] - Other significant gainers included Wu Biological (up 29.22%) and Heng Rui Pharmaceutical (up 22.16%) [3] Market Trends and Sentiment - The market is transitioning from a defensive to an offensive sentiment, with technology stocks leading the charge while traditional high-dividend sectors like banking are underperforming [4] - The overall market sentiment has improved since July, with a notable increase in risk appetite among investors [4] Future Outlook - The market is expected to continue benefiting from strong liquidity and a potential shift towards fundamental-driven growth as domestic demand stabilizes [5] - Analysts suggest that the current market phase is just the beginning, with fundamental factors set to take over as the main drivers of growth [5]

Market Performance - On July 24, 2025, the Shanghai Composite Index rose by 0.65%, the Shenzhen Component Index increased by 1.21%, and the ChiNext Index gained 1.50%[2] - The total market turnover was 1,844.402 billion CNY, a decrease of 19.873 billion CNY from the previous trading day[2] - A total of 4,463 stocks rose while 916 stocks fell[2] Market Style and Sector Performance - Growth stocks outperformed other styles, with the ranking being: Growth > Cyclical > Consumer > Stable > Financial[18] - The Consumer Services sector led with a rise of 3.84%, followed by Nonferrous Metals at 2.79% and Comprehensive Finance at 2.69%[18] - The Banking sector declined by 1.38%, while Communication and Oil & Petrochemicals fell by 0.10% and 0.08%, respectively[18] Capital Flow - On July 24, 2025, the net inflow of main funds was 6.548 billion CNY, with large orders seeing a net inflow of 15.607 billion CNY and small orders continuing to see net inflows of 13.412 billion CNY[22] - The majority of ETFs, including the Shanghai 50 and CSI 300, saw a decrease in turnover compared to the previous trading day[27] Global Market Performance - Major Asian indices showed mixed results, with the Hang Seng Index up by 0.51% and the Nikkei 225 up by 1.59%[31] - European indices generally rose, with the DAX Index increasing by 0.83% and the CAC40 Index by 1.37%[31] - In the US, the Dow Jones Industrial Average rose by 1.14%, while the S&P 500 and Nasdaq Composite increased by 0.78% and 0.61%, respectively[31]