9月1日，腾远钴业涨5.4%，截至发稿，报71.39元/股，成交7.90亿元，换手率6.67%，总市值210.40亿 元。 资料显示，赣州腾远钴业新材料股份有限公司位于江西省赣州市赣县区赣州高新技术产业开发区稀金大 道9号，成立日期2004年3月26日，上市日期2022年3月17日，公司主营业务涉及危险化学品生产、肥料 生产与销售,常用有色金属冶炼,基础化学原料制造,新能源汽车废旧动力蓄电池回收及梯次利用,再生资源 回收,石灰和石膏制造与销售,石墨及碳素制品制造与销售,新型建筑材料制造(不含危险化学品),轻质建筑 材料制造与销售,建筑材料销售,货物进出口,技术进出口,信息咨询服务。主营业务收入构成为：钴产品 47.56%，铜产品44.39%，其他8.05%。 王利刚累计任职时间5年247天，现任基金资产总规模32.81亿元，任职期间最佳基金回报14.4%， 任职 期间最差基金回报-25.53%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编 ...

Group 1 - The core viewpoint of the article highlights that the overall profit growth of listed companies remains stable, with a significant increase in operating cash flow and a continued decline in capital expenditure, leading to an increase in free cash flow [1] - The FCF yield (TTM) of non-financial construction in the CSI 300 has risen to 4.5%, up from 4.1% at the beginning of the year, indicating a substantial increase in free cash flow yield [1] - The proportion of free cash flow of the entire A-share non-financial sector relative to total market value has steadily increased to 2.5%, and the proportion relative to total revenue has risen to 3.1% [1] Group 2 - In specific sectors, there is a notable improvement in free cash flow ratios in mid-to-high-end manufacturing, sectors benefiting from capacity clearance due to "anti-involution," and certain discretionary consumption industries [1] - Investors are encouraged to pay attention to cash flow ETFs (159399), which have outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - For investors without stock accounts, they can consider the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) [1]

【导读】上周五股票 ETF 市场资金净流入超 143 亿元，科创芯片指数净流入金额居前 中国基金报记者 李树超 8 月 29 日， A 股 8 月交易收官，三大指数集体上扬。锂电池板块集体反弹，军工板块午后异动， A 股三大指数月线均大涨，沪指站上 3800 点，创 10 年来新高。 市场做多热情下，资金借道股票 ETF 再度净流入，当日股票 ETF 市场资金净流入超 143 亿元，科创芯片指数、证券公司指数等净流入居 前；上证 50 指数等宽基指数净流出居前。 值得注意的是，科创芯片指数年内涨幅已超 50% ，是近期表现最为迅猛的赛道之一。 | W | | | 科创芯片(000685) | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | 09-01 11:21:30 | | | | | 2472.28 | | 昨收 | 2428.43 | 成交额 | | 641.76亿 | | 43.86 | 1.81% | 今开 | 2459.61 | 成交量 | | 5.7亿 | | 上 涨 | 35 | 中国 | 3 | 下 跌 | | 12 | | ...

Core Insights - The 30-year Treasury ETF (511090) has seen a price increase of 0.10%, reaching 120.47 yuan as of September 1, 2025, indicating active market trading [1] - The ETF's trading volume has been robust, with an average daily transaction of 11.287 billion yuan over the past week, and a total turnover of 5.49 billion yuan on the day of reporting [1] - The ETF's total assets have reached a record high of 29.88 billion yuan, with net inflows of 1.174 billion yuan over three out of the last five trading days [1] Market Analysis - According to Guosheng Securities, the bond market's adjustment space is limited, with a downward trend in broad interest rates, including loan rates, remaining unchanged [1] - The report indicates that the upper limits for 10-year and 30-year Treasury yields are approximately 1.75-1.8% and 2.05-2.1%, respectively, suggesting limited room for further rate adjustments [1] - Guojin Securities notes that the risk-reward ratio in the domestic bond market has improved, but a narrowing decline in PPI and a rebound in corporate profits could negatively impact bond market performance [1]

Group 1 - The event "King's Little Two Club National Tour Investment Salon" was held in Taiyuan, focusing on ETF investment strategies and allocation directions, coinciding with significant milestones in the A-share market and ETF total scale [1][6] - As of August 25, the total scale of ETFs in the market has surpassed 5 trillion yuan, reflecting a growth of over 1 trillion yuan since the end of last year, with an increase of nearly 30% [6] - The salon featured experts from various institutions, including Shenzhen Stock Exchange and Bosera Fund, discussing ETF investment strategies and asset allocation methodologies [3][4] Group 2 - The salon included a presentation on the latest developments in the Shenzhen ETF market and key ETF products [7] - A discussion on asset allocation strategies was led by Dongwu Securities' chief strategist, addressing the impact of various economic factors on asset allocation [9] - Bosera Fund's manager shared insights on ETF investment strategies, particularly focusing on gold ETFs and their role as a hedge against economic uncertainties [11][13] Group 3 - The event also featured a session on investment advisory practices, providing a comprehensive analysis of the investment advisory methodology from a brokerage perspective [14] - Interactive activities were organized to engage participants, fostering a lively atmosphere for discussions on ETF investment [16][18] - The salon included fun activities and giveaways, enhancing participant engagement and community building [20]

截至2025年8月29日，黄金股票ETF基金近1年夏普比率为1.51，排名可比基金前2/6，同等风险下收益更 高。 回撤方面，截至2025年8月29日，黄金股票ETF基金今年以来相对基准回撤3.00%。回撤后修复天数为7 天，在可比基金中回撤后修复最快。 截至2025年9月1日 13:44，中证沪深港黄金产业股票指数(931238)强势上涨6.65%，成分股晓程科技 (300139)上涨13.43%，中国黄金国际(02099)上涨10.69%，西部黄金(601069)上涨9.99%，豫光金铅 (600531)，湖南白银(002716)等个股跟涨。黄金股票ETF基金(159322)上涨7.43%， 冲击3连涨。最新价 报1.45元。拉长时间看，截至2025年8月29日，黄金股票ETF基金近1周累计上涨7.69%。 流动性方面，黄金股票ETF基金盘中换手90.39%，成交2363.80万元，市场交投活跃。拉长时间看，截 至8月29日，黄金股票ETF基金近1年日均成交472.80万元。 截至8月29日，黄金股票ETF基金近1年净值上涨44.43%。从收益能力看，截至2025年8月29日，黄金股 票ETF基金自成立以 ...

Core Viewpoint - The 30-year government bond ETF from Bosera has shown a steady increase in value and trading activity, reflecting a shift in policy focus from monetary to fiscal measures, particularly in the real estate sector [3][4]. Group 1: Market Performance - As of September 1, 2025, the 30-year government bond ETF from Bosera rose by 0.01%, with a latest price of 108.51 yuan [3]. - The ETF has accumulated a 0.28% increase over the past week as of August 29, 2025 [3]. - The ETF's latest scale reached 19.308 billion yuan, marking a one-year high [4]. - The ETF's shares reached 1.78 million, also a one-year high [4]. Group 2: Liquidity and Fund Flows - The ETF experienced an active trading environment with a turnover rate of 11.55% and a transaction volume of 2.23 billion yuan [3]. - Over the past ten days, the ETF has seen continuous net inflows, with a peak single-day net inflow of 1.504 billion yuan, totaling 3.689 billion yuan in net inflows [4]. - The latest margin buying amount for the ETF reached 280 million yuan, with a margin balance of 202 million yuan [4]. Group 3: Historical Performance and Returns - The ETF has achieved a net value increase of 6.74% over the past year, ranking 12th out of 422 index bond funds, placing it in the top 2.84% [5]. - The highest single-month return since inception was 5.35%, with the longest consecutive monthly gains being four months and a maximum gain of 10.58% [5]. - The average monthly return during up months was 2.09%, with a historical one-year profit probability of 100% [5]. Group 4: Risk and Management Fees - The management fee for the ETF is 0.15%, and the custody fee is 0.05% [5]. - The tracking error over the past three months was 0.055%, indicating a close alignment with the underlying index [5].

Group 1 - The global perception of China is improving, especially among high-income countries, with positive comments reaching a six-year high [3] - The younger generation under 35 in various countries, particularly in the U.S., is developing a more favorable view of China [3] - The rise of cultural influencers, such as the rapper "IShowSpeed," is reshaping Western youth's perception of China, showcasing its blend of ancient culture and futuristic technology [3][5] Group 2 - The economic impact of the younger generation's consumption habits is significant, indicating a shift from savings to consumption in China's economic structure [6][14] - The aging population is not necessarily a negative factor for economic growth; studies show that aging countries can become wealthier by adopting automation and new technologies [8][9] - The key to addressing challenges posed by aging is to focus on developing suitable skills and matching them with job opportunities [10][11] Group 3 - The younger generation's consumption culture is distinct from previous generations, characterized by a willingness to spend on experiences and a blend of local and Western influences [12][13] - The shift in consumption patterns is creating new economic drivers, emphasizing the importance of understanding and capitalizing on these trends [16][33] - The high savings rate in China, while often viewed negatively, has its advantages, allowing the country to avoid reliance on foreign debt for growth [18][19] Group 4 - China's unique growth model, which emphasizes efficiency and productivity improvements, challenges traditional Western economic theories [18][19] - The concept of "total factor productivity" (TFP) is crucial for understanding China's economic growth, as it highlights the importance of efficiency over mere capital investment [20][24] - China's ability to navigate the "middle-income trap" is supported by its advancements in technology and productivity, allowing for continued growth despite rising wages [26][33] Group 5 - The competitive environment in China fosters a culture of innovation and resilience, particularly in response to external pressures such as trade restrictions [27][28] - The educational system in China promotes a strong work ethic and competition, which drives individuals to strive for success [31][33] - The long-term cultural values in China, such as patience and strategic planning, complement the fast-paced competitive landscape, creating a unique economic environment [33]

Core Viewpoint - The article discusses the long-term investment outlook for A-shares and Hong Kong stocks, highlighting a shift towards a "slow bull" market driven by improved investor sentiment and fundamental economic changes in China [4][5]. Group 1: Market Outlook - A-shares and Hong Kong stocks have emerged from valuation lows, indicating a positive shift in investor expectations for the Chinese capital market [4]. - The current market rebound is not merely speculative but reflects sustainable changes in the Chinese economy, including stabilization and recovery, structural optimization, and improved corporate profitability [4][6]. - The participation in this valuation reassessment is primarily from international and domestic institutions, which are adopting more rational and long-term investment strategies [4]. Group 2: Economic Conditions - China's economy is showing a "steady progress" trend, supported by internal consumption recovery, industrial upgrades, and resilient external trade [8]. - The macroeconomic policy mix is effectively improving both internal and external demand, providing a solid foundation for achieving annual growth targets [8]. Group 3: Policy Expectations - Key areas of focus for future policies include proactive fiscal measures, continued moderate monetary easing, and breaking down barriers to enhance domestic market potential [9]. - The government is expected to prioritize the implementation of the 2025 fiscal budget and may slightly ease monetary policy to achieve around 5% growth [9]. Group 4: U.S. Monetary Policy - The Federal Reserve is likely to lower interest rates by 50 to 75 basis points this year, with a high probability of a 25 basis point cut in September [11]. - Market expectations for future rate cuts may be overly optimistic, as persistent inflation could limit the extent of subsequent reductions [11]. Group 5: Asset Allocation Strategies - There is a consensus on increasing allocations to non-dollar assets, such as gold, silver, real estate, and cryptocurrencies, as the dominance of the dollar is expected to weaken [10][14]. - Investors are advised to diversify their portfolios and adjust positions based on policy and asset valuation fluctuations [12][13].

Core Viewpoint - Central Huijin has significantly increased its holdings in ETFs, positioning itself as a "stabilization fund" during market fluctuations, with total ETF holdings exceeding 1.28 trillion yuan as of June 30, marking a historical high [2][9]. Group 1: Central Huijin's ETF Holdings - As of June 30, Central Huijin appeared in the top ten holders of several ETFs, with a total ETF market value exceeding 1.28 trillion yuan [2][9]. - Central Huijin Asset Management Company holds 1,785.14 billion shares in 15 ETFs, with a market value of approximately 612.35 billion yuan [4][5]. - Central Huijin Investment Company holds 1,971.2 billion shares in 21 ETFs, with a market value of about 667.75 billion yuan [6][7]. Group 2: Major ETF Increases - In the first half of the year, Central Huijin Asset Management Company significantly increased its holdings in 12 broad-based ETFs, adding a total of 658.86 billion shares [4][5]. - Notable increases include 112.37 billion shares in Huatai-PineBridge CSI 300 ETF and 94.45 billion shares in Huaxia CSI 300 ETF [4][5]. Group 3: Market Impact and Future Outlook - Central Huijin's actions have provided substantial support to the market, helping to stabilize expectations and enhance market confidence [10]. - The ETF market is evolving, with 242 new ETFs launched this year, surpassing the total for the previous year, indicating a growing trend in index-based investment [10]. - The China Securities Regulatory Commission has outlined plans to promote the development of index investment, aiming to enhance the role of ETFs in the capital market [10].