3、如果央行跟随美联储降息25bp，那么，这25bp的影响会平均地分布在股市和债市； 欢迎加入交易理想国知识星球 文 | 交易理想国知识星球 编辑 | 杨兰 审核 | 浦电路交易员 本周（2025年9月15日--9月19日）交易理想国知识星球共发布33条内容，以下是筛选出的本周精华内容片段摘要，完整版内容可扫码查看。 美联储降息25bp如何影响国内金融市场 0 1 北京时间9月18日凌晨，美联储宣布降息25bp，联邦基金利率进入【4.0%，4.25%】区 间。如下图所示，有效联邦基金利率也将从4.33%下行至4.08%。 那么，美联储降息25bp会如何影响国内金融市场呢？？这要求我们运用以汇率为核心的 跨境资本流动框架。 综上所述，我们就能分析清楚美联储降息25bp如何影响国内金融市场了： 1、美联储降息25bp对国内债市和股市都有积极影响，以美元视角看会十分清楚； 2、央行能决定这25bp的影响如何在债市和股市分布，尤其是人民币视角的分布； 4、如果央行不动政策利率，让掉期点跟着收窄25bp，那么，股市会享受50bp的积极影 响； 5、最后由主力资金来决定沪深300指数理论估值的提升是否转化为现实； 李迅雷 ...

从净卖出个股看，公募基金卖出2021年跌幅较大的价值股，以及涨幅较高的资源股。 3月31日，公募基金2021年年报基本披露完毕。天相投顾数据显示，在2021年分化和多变的市场环 境中，基金经理积极应对，持仓发生较大变化。从整体看，基金经理大幅加仓医药股和新能源股，减持 涨幅较高的资源股和部分跌幅较大的价值股。2021年，公募基金整体利润为7171.89亿元。债券型基金 成为最赚钱品种。 展望2022年，基金经理认为全市场估值处于历史低位，对A股保持相对乐观态度。不过，基金经理同时 认为，A股结构性分化行情仍将延续。 加快调仓换股步伐 从个股净买入情况看，2021年公募基金关注点较为分散，景气赛道等仍是公募基金"心头好"，但是，消 费、医药等板块个股也是公募基金加仓重要标的。 展望2022年，中欧基金的基金经理曹名长表示，全市场估值正处于历史低位，因此对市场是乐观的。广 发基金的基金经理刘格菘认为，风格分化格局在2022年可能会延续。在当前宏观经济新旧动能的转换时 期，不同资产处于不同的景气阶段，资产表现分化是大概率事件。 个人投资者持有比例上升 在2021年分化的市场格局中，公募基金的表现如逆水行舟，整体利润 ...

Core Viewpoint - The latest holdings of Zhu Shaoxing's fund, FuGuo TianHui Selected Growth Mixed Fund, show significant changes in stock positions and reflect the current market conditions and investment strategies [1][2][3][4]. Group 1: Fund Performance and Holdings - As of the end of Q2 2025, Zhu Shaoxing's stock position is at 94.05%, with the top ten holdings accounting for 34.98% of the fund's net value [2]. - The top ten holdings include Guizhou Moutai, Ningbo Bank, Spring Power, Midea Group, Ruifeng New Materials, CATL, Jerry Holdings, Binjiang Group, Guangdong Hongda, and Blue Sky Technology [2]. - New entries in the top ten holdings for Q2 include Jerry Holdings, Guangdong Hongda, and Blue Sky Technology, while positions in Ningbo Bank, Spring Power, Midea Group, CATL, and Binjiang Group were reduced [2]. Group 2: Market Analysis - In Q2, the CSI 300 Index rose by 1.25%, and the ChiNext Index increased by 2.34%, following a period of significant market volatility due to escalating trade tensions [3]. - The market experienced a recovery after a sharp decline caused by trade conflicts, with expectations of a negotiated resolution to the trade issues [3]. - The current A-share market is viewed as attractive in terms of long-term valuation, with equity assets positioned well in terms of risk-reward [4]. Group 3: Investment Strategy - The fund aims to focus on high-quality stocks with strong corporate governance and management, believing these companies are more likely to create value for investors in the future [4]. - The investment strategy emphasizes patience in collecting shares of companies with significant growth potential, rather than attempting to predict short-term market trends [4]. - The fund's performance is linked to sharing the capital market gains derived from the growth of the underlying companies [4].

Group 1 - The overall valuation of the A-share market is considered attractive, with a positive outlook on sectors such as dividends, new productive forces, and new consumption [2][3] - The Chinese economy is transitioning from high-speed growth to high-quality development, necessitating a reduction in debt-driven growth [2] - The trend of stock buybacks and dividend distributions by listed companies is increasing, enhancing the long-term investability of the Chinese capital market [3] Group 2 - The U.S. market may present structural opportunities, with the "Big and Beautiful" act likely pushing fiscal spending to new heights [3][4] - The Chinese bond market is expected to maintain an independent trajectory, with low interest rates likely to persist to support economic growth [4] - The outlook for U.S. Treasury yields suggests they may remain above 4%, limiting capital gains potential but favoring coupon income [3][4]

Group 1 - The core viewpoint indicates that the fundamentals of the ChiNext board are improving, with valuation levels entering historically low ranges, highlighting significant investment value [1] - According to Shenwan Hongyuan's latest research, the revenue and net profit growth rates of A-shares have both turned positive, with the ChiNext board showing particularly strong performance [1] - In Q1 2025, the non-recurring net profit growth rate of the ChiNext board increased significantly by 28.8 percentage points, turning from negative to 17.4%, while revenue growth also improved by 5.3 percentage points to 7.9%, demonstrating strong profit recovery capabilities [1] Group 2 - The ChiNext index comprises core assets from emerging industries and high-tech enterprises, with a notable growth profile [1] - The industry distribution shows that the three high-growth sectors—power equipment, pharmaceuticals, and electronics—account for approximately 56% of the index, with power equipment at 30.9%, pharmaceuticals at 13.5%, and electronics at 11.7%, reflecting the index's coverage of strategic emerging industries [1] - As of May 14, the ChiNext index's price-to-earnings ratio is 31 times, which is at a historically low 11% percentile level, indicating significant investment cost-effectiveness [1] Group 3 - The ChiNext ETF by Guangfa (159952) closely tracks this index, providing an efficient tool for investors to capitalize on ChiNext opportunities due to its growth attributes and cost advantages [2] - The latest scale of the ETF exceeds 10 billion yuan, ranking among the top two in its category, with ample liquidity [2] - The ETF has a 20% price fluctuation mechanism, offering better trading elasticity compared to traditional broad-based indices, and features a low management fee rate of 0.15% and a custody fee of 0.05%, significantly reducing long-term holding costs for investors [2] Group 4 - According to Everbright Securities, the current valuation of the A-share market is near the average since 2010, and with proactive policy measures, incremental funds from medium to long-term investors may continue to flow into the market, potentially supporting a bullish trend [2] - For investors without stock accounts, the ChiNext ETF can be accessed through off-market connection funds, which offer low fees and flexible redemption options [2]