从技术分析的角度，今日的走势说明整数关口的突破并不有效，3900点以上仍然存在较大压力，反而市 场的先扬后抑一定程度挫伤了多头的做多热情。从15分钟级别来看，昨日的上涨呈现涨幅逐渐衰减的特 征，体现了多头接力力度的衰竭；而今日的下挫则较为流畅，直至昨日早盘低点支撑区间才略有企稳， 恐高情绪的扩散不言而喻。 上证综指收盘下跌36.94点，跌幅：0.94%，报3897.03点；深证成指收盘下跌370.14点，跌幅：2.7%，报 13355.42点；创业板指收盘下跌148.56点，跌幅：4.55%，报3113.26点。假期结束，节前避险的资金重 新活跃，成交量恢复至节前较高水平。沪深两市成交额约2.5万亿，较昨日缩量超1000亿。 板块方面，今日热点轮动加速。前期表现稍弱的反内卷板块涨幅居前，建材、煤炭等有所表现。红利板 块出现反弹，多支银行个股出现止跌迹象。受券商调整中芯国际折算率等消息影响，市场对科技成长股 过高估值水平的担忧逐渐发酵，前期表现亮眼的科技成长板块集体杀跌。 节后开盘首日沪指气势如虹，受长假期间贵金属及港美科技股大涨刺激，"有色+科技"携手并进， 一举 攻下3900点压力位。今日则风云突变，受券商 ...

Market Overview - The A-share market indices all closed higher, with the Shanghai Composite Index stabilizing above 3900 points, reaching the highest level since August 2015, indicating strong bullish sentiment in the market [4] - The market showed a structural divergence, with 3109 stocks rising and 2184 stocks falling, highlighting both opportunities and risks [5][11] Trading Activity - The total trading volume in both markets exceeded 4700 billion, reflecting a significant increase of 21.63%, indicating extreme trading activity [6] - Resource stocks surged in the afternoon, driving the index to break through, while technology stocks experienced a short-term correction, creating a favorable "weight on stage, theme in play" market dynamic [6] Investor Sentiment - Institutional investors displayed a cautious and observant approach, with a tendency towards conservative positioning, as most funds opted to remain inactive [8] - Retail investors showed high enthusiasm for entering the market, driven by the "opening red" profit effect, leading to increased risk appetite and a tendency to chase market hotspots and engage in thematic investments [8] Fund Flow - There was a net outflow of funds from major players, while retail investors experienced a net inflow [7] - The overall positioning of institutions was characterized by "cautious observation + partial layout," with some funds adjusting their positions in cyclical stocks while adopting a "sell on rallies" strategy for high-valuation technology stocks [8]

Group 1 - The A-share market has experienced high-level fluctuations since September, with significant capital inflow into brokerage-related ETFs, totaling over 27 billion yuan [1][2] - The Guotai CSI All-Share Securities Company ETF alone received over 10 billion yuan in capital inflow [1][2] - As of September 26, 16 brokerage-related ETFs collectively attracted approximately 27.41 billion yuan in capital [2] Group 2 - The Guotai CSI All-Share Securities Company ETF's fund size reached 44.48 billion units by September 26, marking a 28.96% increase since the end of August, with total assets growing by 18.4% to 54.18 billion yuan [5] - Other brokerage ETFs also showed rapid growth, with the Huabao CSI All-Share Securities Company ETF's size increasing by over 20% and total assets rising by over 10% [5] - The Tianhong, Yinhua, and Nanfang CSI All-Share Securities Company ETFs each received over 1 billion yuan in capital inflow since September [5] Group 3 - The technology sector continues to attract significant capital, with the E Fund National Robot Industry ETF receiving over 6 billion yuan in inflow, doubling its size to 7.74 billion units [7] - The Guangfa National New Energy Vehicle Battery ETF and the Huitianfu CSI Battery Theme ETF each gained over 4 billion yuan in capital inflow, with their sizes reaching 12.55 billion units and 7.21 billion units, respectively [7] - The technology growth sector has shown strong performance in the first three quarters, with expectations for continued positive trends in the fourth quarter [7] Group 4 - The new energy vehicle sector is expected to receive ongoing policy support, leading to rapid growth in battery demand, particularly for solid-state batteries [8] - The battery sector is anticipated to maintain a high level of prosperity, with expectations for a favorable market in the fourth quarter [8] Group 5 - The domestic economy is expected to continue its steady recovery, supported by policy measures and improved market confidence, which will benefit the securities sector [6]

Core Viewpoint - The consumer electronics and semiconductor sectors are experiencing significant growth, with key stocks like Chipone Technology nearing a 20% limit-up, and Donghua Software hitting the limit-up as well, driving the Information Technology ETF (512330) up by 2.66% [1] Group 1: Market Performance - The Information Technology ETF (512330) has increased by 16.94% from September 5 to the present, outperforming the ChiNext Index by 5% [1] - Year-to-date, the ETF has expanded its gains to 48.85% [1] Group 2: Industry Developments - Major domestic tech giants such as Alibaba and Baidu are entering the chip development space, while Huawei has announced a timeline for the iteration of its Ascend chips [1] - Semiconductor companies like SMIC and Huahong Semiconductor are optimistic about future orders and market conditions, with reports indicating that Chipone Technology's order volume is expected to continue growing [1] - The leading domestic GPU company, Moore Threads, is set to have its IPO on the Sci-Tech Innovation Board on September 26 [1] - OpenAI has reportedly engaged with Luxshare Precision and GoerTek for the production of smart devices [1] Group 3: ETF Composition - The Information Technology ETF (512330) exclusively tracks the CSI 500 Information Index, covering sectors such as semiconductors (38.5%), components (14.6%), software development (10.3%), and consumer electronics (9.4%) [1] - The ETF aligns closely with national technology strategies and reflects the performance of technology growth stocks [1] - The top ten holdings include industry leaders such as Shenghong Technology (PCB leader), Huagong Technology (optical modules), and Chipone Technology (domestic IP) [1]

Group 1: Apple - Apple shares rose over 1.7% following Morgan Stanley's target price increase from $255 to $280 [2] - The domestic launch of the iPhone 17 on September 19 was highly successful, with significant demand observed [2] - Popular models included the 256GB silver and orange iPhone Pro Max, with scalpers willing to pay a premium of 400 to 500 yuan for them [2] Group 2: Tesla - Tesla shares increased nearly 3% after Baird upgraded its stock rating to "outperform" [4] - Baird raised Tesla's target price from $320 to $548, citing the company's potential role in the upcoming "physical AI" era [4] Group 3: Chinese Tech Stocks - Alibaba shares rose by 1.31%, while JD.com saw an increase of over 1.6%, with JD's beauty segment expected to achieve double-digit growth in the first half of 2025 [6] - NIO's stock rose nearly 3% ahead of its 2025 NIO Day event, where it will unveil a special edition of its ET9 flagship sedan and the third-generation ES8 SUV [8] - XPeng's shares increased over 1.7%, reporting over 24,702 vehicle deliveries in 46 countries from January to August 2025, a year-on-year growth of over 137% [9] Group 4: Autonomous Driving and AI - Pony.ai shares surged nearly 8% after the CFO announced expectations to achieve key profitability targets by early 2026 [10] - Pony.ai plans to launch 1,000 autonomous taxis globally by the end of the year [10] Group 5: Gold Market - Gold prices rose, with spot gold reaching $3,670 per ounce, an increase of 0.85% [11] Group 6: Federal Reserve Rate Cut - The Federal Reserve announced a 25 basis point rate cut, lowering the target range for the federal funds rate to 4.00%-4.25% [13] - This rate cut is expected to positively impact Chinese assets, with institutions suggesting a focus on A-shares and H-shares [15][16] - The improved liquidity environment is seen as a key reason for optimism regarding Chinese assets [17]

Core Viewpoint - The Federal Reserve has initiated a new rate-cutting cycle by lowering the federal funds rate by 25 basis points to a target range of 4.00%-4.25%, which is expected to create new opportunities for Chinese assets in the medium to long term [1] Group 1: Market Reactions and Implications - The rate cut has triggered a global market response, with a consensus among fund companies that A-shares and Hong Kong stocks are expected to perform well despite short-term volatility [1][6] - The market exhibited a "good news priced in" reaction following the rate cut announcement, with fluctuations in the dollar index, U.S. Treasury yields, and stock indices [3] - Historical data suggests that A-shares and Hong Kong stocks typically perform well in the months following a Federal Reserve rate cut [7] Group 2: Investment Opportunities - Fund companies are optimistic about the long-term outlook for Chinese assets, citing improved liquidity conditions and potential for foreign capital inflow into A-shares and Hong Kong stocks [6][8] - Key investment directions identified include technology growth stocks, the Hong Kong market, consumer sectors, and gold assets, with a focus on sectors sensitive to interest rates and benefiting from global liquidity improvements [9]

Group 1 - The Hong Kong stock market indices collectively declined, with the Hang Seng Technology Index showing a reduced drop, while the pharmaceutical sector remained active and gold stocks continued to gain traction [1] - As of August 31, 98.6% of the 2,276 companies listed on the Hong Kong main board had disclosed their interim results, indicating a slowdown in revenue growth for the first half of 2025, but an overall improvement in profitability [1] - The analysis highlighted a clear divide between new and old economies, with information technology, pharmaceuticals, and discretionary consumption performing well, while sectors like energy, real estate, and industrial capital goods faced performance pressures [1] Group 2 - Southbound funds have net bought over 1 trillion HKD this year, with a recent focus on AI core assets in Hong Kong stocks, particularly Alibaba, which has seen net buying for eight consecutive days [2] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech companies, focusing on the AI industry chain, with potential "seven giants" in Chinese tech such as Alibaba, Tencent, Xiaomi, Meituan, and SMIC [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

Group 1 - The core viewpoint indicates that listed banks are expected to see revenue and net profit growth of +1.0% and +0.8% year-on-year in H1 2025, with growth rates decreasing by 2.8 percentage points and 2.0 percentage points compared to Q1 2025 [1] - Key areas of focus include: (1) acceleration in non-credit supported scale expansion; (2) overall stability in credit issuance with strong resilience in quality regional banks; (3) recovery in deposits from a low base, with attention to the phenomenon of deposit migration; (4) narrowing decline in interest margins leading to a recovery in net interest income; (5) improvement in the growth rate of non-interest income and high growth in investment income; (6) ongoing risk clearance in retail [1] - The recent volatility in the banking sector is attributed to the market's increased risk appetite driven by the profitability of technology growth stocks, with expectations that quality regional banks may continue to show growth potential and high-dividend Hong Kong-listed banks may still hold investment value [1] Group 2 - The Financial ETF (510230) tracks the 180 Financial Index (000018), which selects representative securities from the financial industry in the A-share market, covering sub-industries such as banking, insurance, and securities, to reflect the overall performance of listed companies in the financial sector [1] - The 180 Financial Index exhibits high industry concentration and style configuration characteristics, effectively reflecting the market trends of the financial sector [1] - Investors without stock accounts may consider the Guotai CSI 180 Financial ETF Connect C (014994) and Guotai CSI 180 Financial ETF Connect A (020021) [1]

【股市热议】专业选手"热议慢牛"：看好哪些板块？概念轮动节奏如何？ 【相关阅读】银华基金投顾每日观点 再谈到未来投顾服务方面有哪些挑战时，焦卫华表示财富管理大时代下，智能AI可能会代替一些中低 端的投顾服务，投顾的压力也会加大，且投顾收入提成比例不高的问题严峻。但是财富管理的行业增 长，也会带来新的机会，更有利于投顾细分，从大而全转向小而精。未来，投顾需要更加耐心的辅导客 户，增强投资理念，丰富投资知识，和客户风格尽量融合。AI科技大发展，有利于投顾收集整理信 息，更及时的发现科技进步带来的投资机会。 同时，焦卫华介绍到所在机构方正证券有很多优秀的投顾人才，公司在投顾管理制度上创新不断，与各 种投顾产品相融合，并结合AI智能推出了多种智能工具类的投顾产品，备受投资者喜爱。 新浪财经主办、银华基金独家合作的"第二届金麒麟最佳投资顾问评选"活动火热进行中！我国财富管理 行业迈入超级大年，随着居民理财意识逐渐升华，中国财富管理行业已经迎来高增长周期，投资顾问作 为财富管理"最后一公里"的引路人，其触达客户、沟通客户、服务客户的属性直接影响着全民资产配置 的走向。在此背景下，投资顾问面临哪些机遇和挑战？他们该如何"修 ...

值得一提的是，虽然在2025年上半年里这些基金表现不佳，但如果从累计收益率看，除了成立于 2022年的财通匠心优选一年持有期混合和成立于2024年的财通价值动量混合C以外，其余基金均获得了 正收益。 财通成长优选混合A一季度前十大重仓股为奥飞数据、海光信息、南极电商、光环新网、寒武纪、 润建股份、科华数据、协创数据、科泰电源、潍柴重机。 来源：同花顺 而究其原因，皆因上述这些基金的基金经理主要为金梓才。资料显示，金梓才历任华泰资产管理有 限公司投资经理助理，信诚基金管理有限公司TMT行业高级研究员。2014年8月加入财通基金管理有限 公司，曾任基金投资部基金经理、副总监、副总监(主持工作)、总监、公司总经理助理。现任财通基金 管理有限公司党委委员、副总经理、权益投资总监、基金投资部总经理、基金经理。金梓才累计管理公 募基金的时间超过10年，目前合计管理的基金规模达46亿元。 中国经济网北京7月4日讯 今年上半年，财通基金旗下共有11只基金（各份额分开计算，下同）跌 幅超过15%。 即便是成立于大盘下跌年份的2023年的财通景气甄选一年持有期混合A/C，截止到今年7月3日的累 计收益率也分别上涨了19.68%、 ...