理性投资，风险自担 股指月报：AI科技浪潮仍在扩散，国内宏观政策值得期待 宏观：短期来看，10月国内外宏观扰动仍将维持，海外关注美联储10月底议息结果和就业及通胀数据是否支持降息；国 内10月将有密集宏观事件，十五五规划、四中全会、政治局经济工作会议以及中美元首会晤等，总体来看短期宏观对市 场的扰动会加大，但中长期的政策指引仍然偏向利多。 中观：地产销售新房在政策刺激和金九银十旺季下有所修复，刚需支撑下限，服务业结构分化且高位有韧性，反内卷政 策降温中商品物价压力再袭，周期类企业盈利端恢复力度弱，消费国补重启，社会福利政策刺激生育，制造业出口在关 税政策扰动落地后再平衡，国内经济总体维持弱现实阶段，关注反内卷和促内需政策提振下的弱复苏机会。 资金：国内流动性总体宽松，海外流动性在美联储乐观降息预期下趋于宽松，金融条件延续改善，国内股市在赚钱效应 下获得杠杆资金和居民存款搬家资金,但解禁压力持续增大，市场分歧开始出现，上升至高位后进一步推升难度加大。 估值：各指数短期大幅上涨后估值近入历史偏高水平，国内外股债溢价率偏低，配置资金吸引力一般。 策略：综合来看，当前宽基指数市场估值偏高，尤其是成长风格，且国内外风险 ...

在市场琳琅满目、大小不一的机会中，面对"捡芝麻还是选西瓜"的难题，基金经理的策略各异。相比起 逆向布局、越跌越买的左侧交易，偏好右侧交易的基金经理通常更注重产业趋势中确定性最高、弹性最 大、势头最强、持续时间最长的那部分。 广发基金研究发展部总经理、基金经理孙迪坚定选择拥抱产业趋势确立后带来的长线持仓机会，不轻易 下车换股，重点挖掘"从1到10"阶段酝酿的爆发机会，通过"低换手、长持仓、高集中"的策略，充分发 挥主动管理基金的弹性优势。银河证券数据显示，截至9月19日，其管理的广发先进制造近一年回报达 106%。 高集中、低换手 追求长期收益 当真正的机会降临时，要想获得优秀的业绩弹性，不仅要重仓以待，也要拿稳筹码，这十分考验基金经 理对产业趋势的理解和把握能力。广发基金孙迪倾向于采取仓位与个股的高集中度策略，在市场波动变 化中保持充分的耐心。这种淡定持股的背后逻辑，既因孙迪倾向于配置偏白马特质的行业龙头，不参与 特别早期的主题投资，也因其相信产业趋势一旦确立，深度研究的价值发现能为基金带来可持续的投资 周期和可观的个股收益。 关注中国核心优势产业 展望未来的产业趋势，孙迪看好能体现中国优势的核心公司。孙迪表 ...

长江商报消息 ●长江商报记者 张璐 近日，"电子布"厂商宏和科技（603256.SH）动作频频，在资本市场上引发广泛关注。 9月19日晚，宏和科技发布公告，为满足公司全资子公司黄石宏和电子材料科技有限公司（以下简称"黄 石宏和"）业务经营需要，公司拟以债转股方式对黄石宏和进行增资3亿元，黄石宏和注册资本拟由7亿 元增加至10亿元。 宏和科技表示，黄石宏和为公司的全资子公司，本次增资将有助于进一步推进黄石宏和的业务发展，提 升公司整体实力。 2025年上半年，公司凭借高端产品批量交付实现业绩爆发，其营收、净利润分别同比增长35%、 10588%。 长江商报记者注意到，二级市场上，截至2025年9月22日，宏和科技股价报收40.3元/股，年内涨幅高达 382.63%，最新总市值达354.5亿元，市场预期持续向好。 根据公告，宏和科技拟以债转股方式对黄石宏和进行增资3亿元，黄石宏和注册资本拟由7亿元增加至10 亿元。 3亿债转股增资子公司拓业务 9月19日，宏和科技召开第四届董事会第九次会议，审议通过了《关于公司以债转股方式向全资子公司 增资的议案》。此次增资完成后，黄石宏和的注册资本将大幅提升，这有助于增强其资金 ...

Group 1 - On August 5, 2025, southbound capital transactions reached HKD 129.701 billion, accounting for 56.54% of the total turnover of the Hang Seng Index, with a net inflow of HKD 23.426 billion, setting a new single-day net buying record since April 9, 2025 [1] - The technology and non-essential consumer sectors topped the net buying list, indicating a growing confidence and allocation enthusiasm from southbound capital towards Hong Kong's technology and new economy sectors [1] - The Hang Seng Technology Index has seen increased capital attention, with the Hang Seng Technology ETF (513130) attracting HKD 3.026 billion in the past week, averaging daily turnover of HKD 4.797 billion, making it the only product tracking the index to accumulate over HKD 2.6 billion during the same period [1] Group 2 - As of August 5, 2025, the Hang Seng Technology ETF (513130) reached a record size of HKD 30.907 billion and 4.2356 billion shares, marking historical highs and continuous growth over four trading days [2] - The ETF has a broad investor base, with over 160,000 investors holding it, making it one of the two ETFs tracking the Hang Seng Technology Index with more than 70,000 holders, reflecting strong market recognition [2] - Despite recent performance pressures due to a price war in the food delivery sector, positive signals are emerging as regulatory discussions have led to commitments from delivery platforms to standardize promotional behaviors, potentially alleviating negative impacts on the technology sector [2] Group 3 - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, with its top five constituents being Tencent Holdings, NetEase, Xiaomi, Alibaba, and Kuaishou, representing competitive industry leaders across key sectors such as internet platforms, new energy vehicles, semiconductors, and AI [3] - With the support of southbound capital and the gradual implementation of "anti-involution" policies, adverse factors hindering the development of Hong Kong's technology sector are expected to diminish, suggesting a potential return of core investment value [3] - The current price-to-earnings ratio of the Hang Seng Technology Index is at a low of 22% over the past five years, indicating a significant investment window [3]

Group 1: Innovation Drug Sector Performance - The Innovation Drug ETF (560900) increased by 3.86%, with a turnover of 9.64% and a transaction volume of 3.1137 million yuan [1] - The CSI Innovation Drug Industry Index (931152) rose by 3.77%, with notable increases in constituent stocks such as Baili Tianheng (688506) up by 10.71%, Zhongsheng Pharmaceutical (002317) up by 9.99%, and BeiGene (688235) up by 8.14% [1] - The ADA conference is highlighted as a significant platform for Chinese innovative drug companies to showcase their GLP-1 research capabilities, potentially boosting the GLP-1 industry chain [1] Group 2: Investment Opportunities in Technology - Morgan Asset Management is integrating its "Global Vision Investment Technology" product line to assist investors in identifying quality technology companies globally amid a new wave of AI-driven technological advancements [2] - The actively managed Morgan Emerging Power Fund aims to capture emerging industry trends, while the Morgan Smart Connectivity Fund focuses on opportunities in the AI sector [2] - The Morgan Pacific Technology Fund selects quality technology companies in the Pacific region, indicating a strategic focus on high-growth sectors [2] Group 3: Passive Investment Products - The Morgan Hang Seng Technology ETF (QDII) allows for easy exposure to Hong Kong tech assets, while the Morgan CSI Innovation Drug Industry ETF (560900) provides access to Chinese innovative drug companies [3] - The Morgan NASDAQ 100 Index Fund (QDII) offers a straightforward way to invest in global technology leaders [3]

Global Economic Outlook - The United Nations projects global economic growth to slow to 2.4% in 2025, down from 2.9% in 2024, indicating a significant decline [1] - Global trade growth is expected to plummet from 3.3% in 2024 to 1.6% in 2025, with developing countries facing multiple challenges including reduced exports and tightening financing conditions [1] - Inflation is anticipated to be 3.6% in 2025, higher than earlier predictions, reflecting a deceleration in the overall decline of inflation levels [1] China Urban Planning - The newly released 2025 version of the "National Land Space Planning Urban Health Assessment Regulations" emphasizes a people-centered approach and introduces new indicators for urban planning [3] - The regulations aim to enhance urban infrastructure and ensure a balanced development of urban areas, addressing issues like traffic congestion and inadequate facilities [3][4] Japanese Economic Performance - Japan's economy contracted for the first time in a year, with a 0.2% decline in Q1 2025, contrasting with a 0.6% growth in the previous quarter [5] - The Bank of Japan has revised its GDP growth forecasts downwards for the next two fiscal years, reflecting ongoing economic challenges [5][6] UK Immigration Policy - The UK government has introduced stringent measures to reduce immigration, including tightening visa standards and extending the residency requirement for permanent residency [7][8] - The policy aims to address labor market imbalances and public service demands following a surge in immigration during the pandemic [8] Automotive Industry Performance - Geely Automobile reported a 264% increase in net profit for Q1 2025, with revenue reaching 72.495 billion yuan, driven by a record sales volume of 703,800 vehicles [9] - The company is undergoing strategic integration of its brands to enhance operational efficiency and market competitiveness [9][10] Alibaba Financial Results - Alibaba's revenue for the fiscal year 2025 was 996.347 billion yuan, a 6% increase year-on-year, with a notable performance in its core e-commerce and cloud services [11][12] - Despite growth in revenue, the company faces challenges in profitability due to high operational costs and external market pressures [11][12] NetEase Financial Performance - NetEase reported a 36% increase in net profit for Q1 2025, with total revenue of 28.8 billion yuan, primarily driven by its gaming segment [13] - The company is focusing on enhancing the performance of existing games while optimizing its marketing strategies to improve profitability [13][14]

Core Insights - The article discusses the ongoing shifts in the global biopharmaceutical market due to multiple rounds of tariff changes initiated by the U.S., which are reshaping the industry landscape amid geopolitical uncertainties, accelerated merger trends, and the impact of AI technology [1]. Group 1: Event Overview - The ChinaBio International Cooperation Conference will feature a private dinner hosted by Bloomberg, focusing on the new dynamics of the U.S.-China biopharmaceutical landscape [1]. - The dinner will include a keynote speech on the new prospects for the biopharmaceutical industry in the "Trump 2.0" era and a thematic discussion on the development paths of Chinese pharmaceutical companies in light of geopolitical factors, merger trends, and AI technology [1]. Group 2: Key Speakers - Dr. Yang Dajun, co-founder, chairman, and CEO of Ascentage Pharma, will be a keynote speaker [1]. - Cao Ping, Senior Vice President and Chief Business Development Officer of Innovent Biologics, will also participate in the discussions [1].