Group 1: Achievements in Financial Sector - The financial sector in China has achieved significant milestones during the "14th Five-Year Plan" period, with total banking assets reaching nearly 470 trillion yuan, ranking first globally [2] - The stock and bond markets are the second largest in the world, while foreign exchange reserves have maintained the top position for 20 consecutive years [2] - China leads in green finance, inclusive finance, and digital finance, establishing a comprehensive and efficient cross-border payment network [2] Group 2: Financial System Reforms - Financial system reforms have deepened, with the establishment of the Central Financial Committee and the Central Financial Work Committee to enhance leadership and governance [2] - The modern financial system is being constructed to align with the six key elements required for a strong financial nation, promoting high-quality development [2] Group 3: Support for Real Economy - The effectiveness of financial services to the real economy has significantly improved, with a supportive monetary policy framework aiding economic goals [3] - Loans to technology SMEs, inclusive small and micro enterprises, and green loans have seen annual growth rates exceeding 20% [3] Group 4: Financial Risk Management - Important progress has been made in preventing and mitigating financial risks, with effective measures taken to address prominent risk points [4] - The overall financial system remains stable, with healthy financial institutions and smooth market operations [4] Group 5: Banking and Insurance Sector Growth - The total assets of the banking and insurance sectors have surpassed 500 trillion yuan, with an average annual growth of over 9% in the past five years [5][6] - New funding provided to the real economy through various channels has reached 170 trillion yuan, with significant growth in loans for technology, manufacturing, and infrastructure [5] Group 6: Capital Market Developments - The A-share technology sector now accounts for over 25% of the market capitalization, with an increase in the number of technology companies among the top 50 listed firms [7][8] - Companies have significantly increased their return to investors, with total dividends and buybacks reaching 10.6 trillion yuan, an increase of over 80% compared to the previous five years [8] Group 7: Foreign Exchange Reserves Stability - Since the beginning of the "14th Five-Year Plan," foreign exchange reserves have remained stable above 3 trillion USD, contributing to economic stability [9] - The international balance of payments has shown resilience, with a balanced current account and active cross-border investment [9]

Report Industry Investment Rating - Not provided in the report. Core Viewpoints - The report analyzes the secondary market trends, ETF product profiles (including market performance, fund flows, trading volumes, margin trading, and new issuance/listing) in the period from September 15 to September 19, 2025 [1][22]. Summary by Relevant Catalogs 1. Secondary Market Overview - In the sample period, the GEM Index, STAR 50, and S&P 500 had the top weekly returns, at 2.34%, 1.84%, and 1.22% respectively. The S&P 500 had the highest PE valuation quantile at 100.00%, and the Nikkei 225 had the lowest at 85.25% [1][10]. - Among Shenwan primary industries, Coal, Power Equipment, and Electronics had the top returns at 3.51%, 3.07%, and 2.96% respectively, while Banking, Non - ferrous Metals, and Non - bank Finance had the lowest returns at - 4.21%, - 4.02%, and - 3.66% respectively. The industries with the highest valuation quantiles were Social Services, Coal, and Real Estate at 100.00%, 100.00%, and 99.18% respectively, and those with lower quantiles were Non - bank Finance, Agriculture, Forestry, Animal Husbandry and Fishery, and Household Appliances at 22.95%, 40.16%, and 50.61% respectively [17]. 2. ETF Product Profile 2.1 ETF Market Performance - Among different types of ETFs, QDII ETFs had the best average performance with a weighted average return of 2.45%, while Style ETFs had the worst with - 1.38%. Among ETFs classified by listing sectors, those related to the GEM and STAR - GEM 50 performed well with weighted average returns of 2.30% and 2.07% respectively, while CSI 300 and CSI 2000 ETFs performed poorly with - 0.38% and - 0.25% respectively [22]. - Among industry - themed ETFs, Technology sector ETFs had the best average performance with 2.34%, and Financial Real Estate sector ETFs had the worst with - 3.73%. In terms of themes, Chip Semiconductor and Consumer Electronics ETFs performed well with 3.50% and 2.98% respectively, while Non - bank and Banking ETFs performed poorly with - 3.91% and - 3.87% respectively [27]. 2.2 ETF Fund Inflows and Outflows - From the perspective of different types of ETFs, Industry - themed ETFs had the largest net inflow of 372.55 billion yuan, and Broad - based ETFs had the smallest at - 173.39 billion yuan. From the perspective of listing sectors, Hong Kong Stock ETFs had the largest net inflow of 198.26 billion yuan, and STAR - Market - related ETFs had the smallest at - 73.54 billion yuan [2][29]. - From the industry sector perspective, Financial Real Estate sector ETFs had the largest net inflow of 143.03 billion yuan, and Biomedical sector ETFs had the smallest at 10.99 billion yuan. From the theme perspective, Non - bank and Robot ETFs had the largest net inflows of 136.28 billion yuan and 49.27 billion yuan respectively, while Artificial Intelligence and Chip Semiconductor ETFs had the smallest at - 16.07 billion yuan and - 10.24 billion yuan respectively [2][31]. 2.3 ETF Trading Volume - From the perspective of different types of ETFs, QDII ETFs had the largest increase in average daily trading volume change rate at 13.72%, and Broad - based ETFs had the largest decrease at - 10.54%. From the perspective of listing sectors, US Stock ETFs had the largest increase at 5.27%, and STAR - GEM 50 had the largest decrease at - 31.65% [36][39]. - From the industry sector perspective, Traditional Manufacturing sector ETFs had the largest increase in average daily trading volume change rate at 2.49%, and Biomedical sector ETFs had the largest decrease at - 13.47%. From the theme perspective, Non - bank and Chip Semiconductor ETFs had the largest average daily trading volumes in the past 5 days at 245.85 billion yuan and 127.16 billion yuan respectively. Robot and Central - State - owned - enterprise ETFs had the largest increases in average daily trading volume change rate at 36.40% and 11.19% respectively, while Consumer Electronics and Military - industry ETFs had the largest decreases at - 40.28% and - 29.46% respectively [42][45]. 2.4 ETF Margin Trading - In the sample period, the net margin purchase of all equity ETFs was - 13.29 billion yuan, and the net short - selling was - 0.25 billion yuan. The Cathay CSI All - Index Securities Company ETF had the largest net margin purchase, and the Huatai - Peregrine CSI 300 ETF had the largest net short - selling [2][51]. 2.5 ETF New Issuance and Listing - During the sample period, 19 funds were established and 8 funds were listed [3][53].

上证报中国证券网讯（记者 汤立斌）中国证监会主席吴清9月22日在国新办"高质量完成'十四五'规划"系列主题新闻发布会上表示，"十四五"期间，资本市 场多层次、广覆盖的市场体系更加完备。 中国证监会主席吴清9月22日在国新办"高质量完成'十四五'规划"系列主题新闻发布会上表示，"十四五"期间，资本市场多层次、广覆盖的市场体系更加完 备。 ...

Core Viewpoint - The current bull market in A-shares has seen significant gains, with the ChiNext Index and STAR Market Index rising by 91.65% and 98.41% respectively since the market bottom on September 24 last year, indicating that the market has been performing for a considerable time [4][5]. Market Performance - The bull market has been characterized by rapid shifts in market hotspots, making it challenging for investors to achieve satisfactory returns unless they were actively engaged during key trading days [4][5]. - As of September 8, major indices like the CSI 300 and the CSI A500 have increased by 16.1% and 18.62% respectively this year, while the ChiNext Index has seen a remarkable rise of 38.5% [6]. Investment Strategies - Investors are advised to reduce trading frequency and hold onto their positions rather than chasing market trends, as this approach may yield better returns in the long run [5]. - Maintaining a defensive position with a portion of value-style assets is recommended to navigate market volatility, with suggestions to upgrade holdings to funds that exhibit strong defensive characteristics during downturns [7]. - Selecting and patiently holding onto industry themes such as AI, innovative pharmaceuticals, robotics, semiconductors, and precious metals is encouraged, while also considering less popular sectors for potential opportunities [8]. Asset Allocation - A "core-satellite" strategy is proposed, where the core portfolio consists of stable, high-probability assets, while a smaller portion is allocated to riskier assets for potential high returns [8].

以下文章来源于思想钢印 ，作者思想钢印 思想钢印 . 雪球2020年度十大影响力用户，私募基金经理 ↑点击上面图片 加雪球核心交流群 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：思想钢印 来源：雪球 01 神奇的大卖单 本周三四 ， 多个证券股都出现了天量卖单 ， 但并不像普通的大资金出货 。 大资金出货是一个技术活 ， 要尽可能减少对盘面的冲击 ， 化整为零 ， 控制节奏 ， 甚至有专门的算法 ； 就算是人气龙头股可以快速打压股价 后 ， 在低位利用震荡出货给抄底资金 ， 也要尽可能减少挂出大卖单 。 但这几个股票完全相反 ， 在卖出压低价格后 ， 又在盘面 " 卖一价 " 上挂出亿元大卖单 。 这种非常粗暴的卖出手段 ， 生怕别人不知道有人在卖 ， 很多人认为 ， 很可能是监管层在向市场传递某种信息 。 真实情况是什么 ， 我们可能很难知道 ， 但 如果真的这么做 。 其实也符合监管一贯的稳定市场的思路 ， 你总不能说 ， 暴跌的时候出手托底就 是对的 ， 涨急了降温就是错的 ？ 还有人认为 ， 这种非市场化的控盘手段 ， 不会达到想要的慢牛的目的 。 但我 ...

Group 1: Financial Achievements During the 14th Five-Year Plan - The average annual growth rate of loans to technology-based small and medium-sized enterprises, inclusive of inclusive micro-loans and green loans, exceeded 20% during the 14th Five-Year Plan [1][2] - As of June, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world, with stock and bond market sizes ranking second globally [2] - The banking and insurance sectors provided an additional 170 trillion yuan in funding to the real economy over the past five years, with average growth rates for technology loans, medium to long-term loans in manufacturing, and infrastructure loans at 27.2%, 21.7%, and 10.1% respectively [5] Group 2: Market Developments and Trends - The A-share technology sector now accounts for over 25% of the market capitalization, significantly higher than that of the financial and real estate sectors [7] - The annualized volatility of the Shanghai Composite Index during the 14th Five-Year Plan was 15.9%, a decrease of 2.8 percentage points compared to the previous five-year period [8] - By the end of August, various types of long-term funds held approximately 21.4 trillion yuan of A-share circulating market value, representing a 32% increase from the end of the previous five-year period [10] Group 3: Regulatory and Governance Enhancements - A total of 2,214 administrative penalties were issued during the 14th Five-Year Plan, marking a 58% increase compared to the previous five-year period, with fines totaling 41.4 billion yuan [9] - The financial governance system has been modernized, with significant improvements in regulatory capabilities and risk prevention in the context of expanding foreign exchange openness [12] Group 4: Foreign Exchange and International Standing - Since the beginning of the 14th Five-Year Plan, foreign exchange reserves have remained stable above 3 trillion USD, with the last two years maintaining levels above 3.2 trillion USD [11] - The financial sector has made significant strides in international competitiveness and influence, with a well-established cross-border payment and clearing network for the renminbi [2]

MACD金叉信号形成，这些股涨势不错！ 9月22日，在介绍"十四五"时期金融业发展成就时，中国证监会主席吴清在国新办新闻发布会上表 示，"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿 元，269家企业境外上市，中国资本市场的"朋友圈"越来越大。 责任编辑：韦子蓉 ...

责任编辑：江钰涵 9月22日，在介绍"十四五"时期金融业发展成就时，中国证监会主席吴清在国新办新闻发布会上表 示，"并购六条"发布以来，已披露230单重大资产重组，有力支持了上市公司产业整合。 ...

9月22日，在介绍"十四五"时期金融业发展成就时，中国证监会主席吴清在国新办新闻发布会上表 示，"十四五"期间，新增核准13家外资控股证券基金期货机构来华展业兴业，外资持有A股市值3.4万亿 元，269家企业境外上市，中国资本市场的"朋友圈"越来越大。 （文章来源：证券时报） ...

Core Insights - The reform effects of "attracting long-term funds and promoting long-term investments" are accelerating, as stated by the Chairman of the China Securities Regulatory Commission, Wu Qing [1] - As of the end of August this year, various types of medium- and long-term funds held approximately 21.4 trillion yuan of the circulating market value of A-shares, representing a 32% increase compared to the end of the "13th Five-Year Plan" period [1]