在恒生指数有限公司（以下简称恒生指数公司）位于中国香港中环的总部内，有一面充满历史气息的 数 字 背 景 墙 。其 中 的"19691124"，代表恒生指数（以下或简称恒指）诞生的日子，"19940808"则代 表恒生中国企业指数的问世日期。这些数字，浓缩了香港金融市场半个多世纪的波澜壮阔与不断发展。 1997年7月1日，香港尖沙咀东部的大厦挂上了庆祝香港回归祖国的灯饰。巫婉雯在这一年加入恒生指数 公司（旧称恒生指数服务公司），自此开启了与香港金融市场同行的旅途。 从最初仅有7人的服务性质公司一路走来，如今恒生指数公司已成为一家国际性指数公司，旗下港股指 数已在中国内地获60只相关ETF（交易型开放式指数基金）追踪，恒生指数系列挂钩的产品横跨全球17 个市场。在这个历程中，巫婉雯从基层职员一路升至董事、行政总裁兼客户管理总监，她的职业生涯几 乎完整映照了中国香港和中国内地金融市场的崛起与转型，她也亲身参与并推动了多项与恒指有关的里 程碑事件。 2025年，港股市场迎来强势反弹，IPO（首次公开募股）募资额重返全球第一，恒指年内涨幅一度突破 30%，科技、消费、生物科技等领域协同发力，南向资金与海外资本双向涌入 ...

Market Performance Overview - The domestic equity market indices showed mixed performance during the week of September 15-19, 2025, with the ChiNext Index rising by 2.34% [4] - In terms of sectors, coal, power equipment, and electronics industries had the highest gains, while banking, non-ferrous metals, and non-bank financial sectors experienced the largest declines [4] Fund Product Issuance - The domestic new fund market saw increased activity, with 63 new funds established, totaling 748.28 billion units issued. This included 27 bond funds, 27 equity funds, 7 mixed funds, 1 international (QDII) fund, and 1 REIT [5] - A total of 31 new funds were issued across the market, with 21 being equity funds, 4 FOF funds, 4 mixed funds, 1 bond fund, and 1 international (QDII) fund [5] Fund Product Performance Tracking - Various industry-themed funds exhibited volatile and divergent performance, with TMT theme funds continuing to show a net value increase of 2.56%, while financial and real estate theme funds saw a notable decline [6] - As of September 19, 2025, the performance of different themed funds was as follows: New Energy (2.07%), National Defense and Military Industry (1.50%), Balanced Industry (0.92%), Rotation Industry (0.49%), Consumption (-0.53%), Cyclical (-1.63%), Pharmaceutical (-2.41%), and Financial Real Estate (-2.68%) [6] ETF Market Tracking - Domestic stock ETFs experienced a net inflow of funds, while Hong Kong stock ETFs maintained significant inflows. Specifically, stock ETFs had a median return of 0.03% with a net inflow of 77.93 billion yuan [7] - Hong Kong stock ETFs recorded a median return of 0.84% with a net inflow of 166.52 billion yuan, and cross-border ETFs had a median return of 1.56% with a net inflow of 1.227 billion yuan [8] Fund Positioning Monitoring - The estimated equity positioning of actively managed funds decreased by 0.27 percentage points compared to the previous week. Increased allocations were observed in the automotive, electronics, and basic chemicals sectors, while banking, pharmaceutical, and agriculture sectors saw reduced allocations [9] ESG Financial Products Tracking - A total of 34 new green bonds were issued this week, with a cumulative issuance scale of 379.48 billion yuan. The domestic green bond market has steadily developed, with a total issuance scale of 4.82 trillion yuan and 4,153 bonds issued as of September 19, 2025 [10] - The median net value changes for ESG funds were as follows: active equity funds (1.42%), passive equity index funds (0.21%), and bond ESG funds (0.04%). Funds focused on climate change, low-carbon economy, and carbon neutrality showed significant performance advantages [10]

Core Viewpoint - The market is currently undergoing a phase of adjustment after a sustained rally, with two main perspectives: one sees this as a "mid-game rest" in a bull market, while the other interprets it as a signal for a style switch from high to low valuations and from small to large caps [1] Group 1: Market Dynamics - The current A-share market is at a critical window for switching from small-cap to large-cap stocks and from high to low valuations [1] - Short-term market focus has shifted towards sectors with clear industrial trends, particularly in the AI-related industries [1] - There is potential for broader style switching if low-valued assets show clearer signs of profit recovery, with opportunities emerging in domestic demand-related sectors [1] Group 2: Investment Strategy - A strategy that covers a wider range of sectors and has a more balanced industry distribution, such as broad-based products, is recommended to adapt to different market phases [1] - This approach allows investors to keep pace with the main trends of the market while mitigating risks associated with style misjudgments [1] Group 3: Index Characteristics - The CSI A500 Index selects 500 leading stocks from various sectors, achieving a balance between traditional industries and emerging sectors, with each accounting for about 50% of the index [2] - The index has a higher allocation to emerging industries compared to the CSI 300 Index, providing both stability from traditional sectors and growth potential from new industries [2] - The top ten holdings in the index have a lower weight than those in the CSI 300 Index, effectively reducing the impact of any single stock's volatility on the index [4] Group 4: Performance Metrics - As of August 31, 2025, the CSI A500 Index has achieved a return of 437.28% since its base date, outperforming the CSI 300 and CSI 800 indices, which returned 347.89% and 392.39% respectively [4] - This structure allows investors to capture opportunities across the entire market without needing to predict market styles, benefiting from both traditional sector valuation recovery and ongoing growth in emerging sectors [4]

Core Viewpoint - The A-share market is experiencing a strong rebound, with the Shanghai Composite Index reaching new highs, driven by high-growth sectors such as telecommunications, electronics, and non-bank financials [1] Group 1: Market Performance - The CSI A500 ETF (159338) has increased by over 1.2%, with trading volume continuing to expand [1] - The current market shows a structural trend with funds rotating within sectors, indicating potential for previously lagging high-growth stocks to restart [1] Group 2: Sector Analysis - High-growth sectors are leading the market, with telecommunications up 7.66%, electronics up 7.02%, and non-bank financials up 6.48% [1] - The CSI A500 Index has a risk level of 98.39, indicating an overbought condition, while the mid-term trend remains upward with a comprehensive score of 39.62 [1] Group 3: Index Composition - The CSI A500 Innovation Index is compiled using an "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes nearly all leading companies in tertiary industries, achieving a "gathering of leaders" [1] - The index compilation incorporates mechanisms like mutual connectivity and ESG screening, aligning with the preferences of domestic and international institutional investors, which is beneficial for attracting long-term capital to core A-share assets [1]

Core Viewpoint - The current risk level of the CSI A500 Index is 98.39, with a comprehensive momentum of 77.63, indicating a healthy upward trend in both short-term and medium-term perspectives [1] Group 1: Market Analysis - The technical timing model shows a good medium-term trend for the Wind All A Index, maintaining a healthy upward trajectory [1] - Structural market trends are emerging, with funds rotating within sectors, indicating positive investor sentiment [1] - The CSI A500 Index, as a broad-based index, is performing well in the current high prosperity investment environment, alongside other major indices like the ChiNext Index and the Sci-Tech Innovation 100 [1] Group 2: Index Composition - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity from all secondary and 97% of tertiary industries [1] - Almost all leading companies in tertiary industries are included in the sample, achieving a "gathering of leaders" [1] - The index compilation incorporates mechanisms such as mutual connectivity and ESG screening, aligning with the preferences of domestic and foreign institutional investors, which is beneficial for attracting long-term capital to core A-share assets [1] Group 3: Investment Opportunities - Investors interested in the CSI A500 can consider the CSI A500 ETF (159338) [1]

Group 1 - The core viewpoint indicates that the current risk level of the CSI A500 Index is 98.39, with a comprehensive momentum of 77.63, suggesting an upward trend in both short-term and medium-term [1] - The technical timing model shows that the Wind All A Index has a risk level of 104.13, indicating an overheated state, while maintaining a healthy upward trend in the medium term [1] - High-growth investment sectors are currently favored in the market, with notable performances in the communication sector (7.66%) and electronics sector (7.02%) [1] Group 2 - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index compilation includes leading companies from almost all tertiary industries, achieving a "gathering of leaders" [1] - The introduction of mechanisms such as mutual connectivity and ESG screening in the index compilation aligns with the preferences of domestic and foreign institutional investors, which is beneficial for attracting long-term capital to core A-share assets [1] Group 3 - Investors interested in the CSI A500 ETF (159338) are encouraged to pay attention to it [1] - For investors without stock accounts, they can consider the Guotai CSI A500 ETF Initiated Link A (022448), Guotai CSI A500 ETF Initiated Link C (022449), and Guotai CSI A500 ETF Initiated Link I (022610) [1]

Core Insights - The article highlights the significant inflow of 78 million units into the Zhongzheng A500 ETF (159338), indicating strong demand for core A-share assets [1] - The Zhongzheng A500 Innovation Index is constructed using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries in the Zhongzheng index [1] - The index includes leading companies from almost all tertiary industries, achieving a "gathering of leaders" effect, and incorporates mechanisms like mutual connectivity and ESG screening to attract long-term capital from domestic and international institutional investors [1] Customer Base - As of the 2024 annual report, the total number of accounts for the Guotai Zhongzheng A500 ETF exceeds 156,000, making it the leader in its category, with more than three times the number of accounts compared to the second-ranked product [1] - Investors interested in the Zhongzheng A500 ETF (159338) can also consider related products such as Guotai Zhongzheng A500 ETF Initiated Link A (022448), Link C (022449), and Link I (022610) for those without stock accounts [1]

Economic Performance - In July, the national industrial added value above designated size increased by 5.7% year-on-year [1] - The total retail sales of consumer goods reached 38,780 billion yuan, growing by 3.7% year-on-year [1] - The total import and export of goods amounted to 39,102 billion yuan, with a year-on-year growth of 6.7%, indicating a stable economic development [1] Index and ETF Information - The CSI A500 Innovation Index is compiled using an "industry-balanced" approach, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes leading companies from almost all tertiary industries, achieving a "gathering of leaders" [1] - The introduction of mechanisms such as mutual connectivity and ESG screening aligns with the preferences of domestic and foreign institutional investors, which is beneficial for attracting long-term capital to A-shares [1] ETF Popularity - As of the 2024 annual report, the number of accounts for the Guotai CSI A500 ETF exceeds 156,000, ranking first among similar products, more than three times that of the second place [1] - Investors without stock accounts can consider the Guotai CSI A500 ETF Initiated Link A (022448), Link C (022449), and Link I (022610) [1]

Core Viewpoint - The introduction of a new fiscal subsidy policy for personal consumption loans is expected to boost domestic demand and benefit the A-share market, particularly the core assets represented by the CSI A500 ETF [1] Group 1: Policy Impact - The Ministry of Finance, People's Bank of China, and financial regulatory authorities have issued a new implementation plan for personal consumption loan subsidies, effective from September 1, 2025, to August 31, 2026 [1] - This is the first time the central government has provided subsidies for personal consumption loans, which will directly benefit the public and is anticipated to stimulate domestic demand [1] Group 2: CSI A500 ETF Overview - The CSI A500 ETF (159338) has seen a net inflow of 12 million units, indicating strong investor interest in A-share core assets [1] - The CSI A500 Innovation Index is constructed using an "industry-balanced" approach, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes nearly all leading companies in tertiary industries, achieving a "gathering of leaders" [1] Group 3: Investor Engagement - The total number of accounts for the Guotai CSI A500 ETF exceeds 156,000, making it the leader in its category, with more than three times the number of accounts compared to the second-ranked ETF [1] - The index's design incorporates mechanisms such as mutual connectivity and ESG screening, aligning with the preferences of domestic and international institutional investors, which is beneficial for attracting long-term capital to A-share core assets [1]

Group 1 - The Shanghai Composite Index surpassed the previous high of 3674.4 points, reaching a new high since December 2021, indicating potential investment opportunities in A-shares [1] - The CSI A500 Innovation Index is compiled using an internationally recognized "industry balance" method, selecting 500 securities with large market capitalization and good liquidity across all secondary and 97% of tertiary industries [1] - The index includes almost all leading companies in tertiary industries, achieving a "gathering of leaders" and incorporates mechanisms like mutual connectivity and ESG screening, appealing to both domestic and international institutional investors [1] Group 2 - The number of accounts for the Guotai CSI A500 ETF exceeded 156,000, making it the leader in its category, with more than three times the number of accounts compared to the second-ranked product [1] - Investors without stock accounts can consider the Guotai CSI A500 ETF Initiated Link A (022448), Link C (022449), and Link I (022610) [1]