炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在股票市场进入四季度之际，多家公募发布2025年四季度策略，看好赚钱效应持续演绎。 基于居民存款搬家以及海外增量资金的持续涌入，基金经理对四季度A股和港股市场行情给予乐观判 断，预期市场延续震荡抬升格局，行情有望在政策呵护中逐级上移。A股和港股的科技股、新消费、互 联网、创新药等四大方向是布局的核心。 公募判断后市增量资金涌入 政策呵护与增量资金，已成为基金持续做多的信心基础。 鹏华基金表示，随着大盘指数突破十年新高，当前A股整体定价回归到合理状态。结构上看，股债再平 衡是推动近期ERP修复的主因，而市场对于成长定价依旧维持极度乐观。活跃资金加仓、机构由债入股 是近期主要的增量，存款搬家还在起步阶段，但后市具备较大潜力。 "对比历史，科技行情整体还未到过热阶段，科技行情有产业基本面变化的支撑。"鹏华基金强调，四季 度需关注科技板块内部局部拥挤度过高的问题，从平衡组合收益与波动的角度，在交易层面可以关注涨 幅相对滞后且基本面有积极变化的方向。 平安基金认为，今年增量资金供给有所提速，年初以来，资金供需波动有所加大，年初两融配合ETF共 同 ...

Core Viewpoint - The upcoming market trends will be driven by improving corporate earnings, with a focus on AI and overseas expansion as key investment themes [1][2]. Group 1: Market Trends - The liquidity-driven market rally is expected to continue into the fourth quarter, supported by anticipated interest rate cuts from the Federal Reserve and positive sentiment from potential U.S.-China meetings at the APEC summit [2][4]. - In September, external risks eased, leading to a rebound in Chinese stocks listed abroad, with the MSCI China Index rising by 6.1% and the Nasdaq Golden Dragon China Index increasing by 7.8% [3]. - The Hong Kong stock market is projected to perform well in the fourth quarter due to reduced uncertainties from U.S.-China trade negotiations and strong inflows from foreign and southbound capital [4]. Group 2: Earnings Outlook - Corporate earnings are expected to become the main driving force for the market, with major Chinese stock indices' earnings growth projected to reach double digits next year [5]. - After significant downward adjustments, earnings expectations for the MSCI China Index and the Hang Seng Index have stabilized, indicating that previous negative impacts have been accounted for [5]. Group 3: Investment Strategy - The investment strategy should focus on AI and overseas expansion, as these areas are likely to yield better returns amidst the ongoing market rotation [2][6]. - Recent market behavior shows a rotation of funds from crowded sectors like new consumption and innovative pharmaceuticals to undervalued technology sectors related to AI, indicating a shift in investor sentiment [6].

每经AI快讯，10月2日，港股新消费概念股多数下跌，泡泡玛特（09992.HK）跌超4%，名创优品 （09896.HK）下跌3%，沪上阿姨（02589.HK）跌近1%。 ...

格隆汇10月2日｜港股市场新消费概念股普跌，其中，泡泡玛特跌近5%，名创优品跌3%，古茗跌超 2%，老铺黄金、布鲁可跌超1%。 | 代码 | 名称 | | 涨跌幅 ^ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | --- | | 09992 | 泡泡玛特 | (0) | -4.95% | 253.600 | 3405.7亿 | 185.71% | | 09896 | 名创优品 | | -3.01% | 43.200 | 527.77亿 | -5.78% | | 01364 | 古茗 | | -2.15% | 21.820 | 518.92亿 | 119.52% | | 06181 | 老铺黄金 | | -1.62% | 700.500 | 1209.6亿 | 198.95% | | 00325 | 布鲁可 | | -1.65% | 89.200 | 221.93亿 | 47.80% | | 02145 | 上美股份 | | -1.09% | 95.500 | 380.16亿 | 185.11% | ...

现在是政策市场，国家让你干什么，你就干什么。 以下文章来源于i黑马 ，作者i黑马 让创业者不再孤独@i黑马 i黑马 . 对创业者来说，你要爬的梯子 一共有五步： 第一步：创小， 即 创新型中小企业。 创新型中小企业，一般是指在产品、技术、管理、模式等方面创新能力强、专注细分市场、成长性好的中小企业。 第二步：科小， 即 科技型中小企业。 科技型中小企业，是指依托一定数量的科技人员从事科学技术研究开发活动，取得自主知识产权并将其转化为高新技术产品或服务，从而实现 可持续发展的中小企业。 这类企业侧重于科技研发和成果转化，是推动科技创新和产业升级的先锋力量。 第三步：专精特新。 所以，国家明确大方向后，你就赶紧上车快跑， 因为 国家不会老做一件事。 所以，做制造的第一件事，是去爬国家的梯子。 即 具有专业化、精细化、特色化、新颖化等发展特征的企业。 也就是，专注细分市场具备特色专业技术的创新型中小企业。 这一概念是我国为促进中小企业转型升级、增强核心竞争力而提出的重要发展方向。 第四步：小巨人。 也就是，"专精特新"中小企业中的佼佼者。 第五步：北交所IPO。 北京证券交易所，简称"北交所"，是中国第一家公司制证 ...

巨星传奇2025年中期报告显示，集团于2025年上半年录得收入人民币3.54亿元，同比增长33%。其中新 消费业务收入达人民币2.11亿元，同比大幅增长91.5%；IP创造及营运业务收入为人民币1.44亿元。期内 毛利为人民币1.56亿元，毛利率为44%。期内溢利为人民币807万元，每股基本盈利为人民币0.01元。 智通财经APP获悉，香港联交所最新资料显示，9月29日，巨星传奇(06683)股东将股票由民银证券转入 国泰君安(香港)，转仓市值5.35亿港元，占比5.58%。 ...

巨星传奇2025年中期报告显示，集团于2025年上半年录得收入人民币3.54亿元，同比增长33%。其中新 消费业务收入达人民币2.11亿元，同比大幅增长91.5%；IP创造及营运业务收入为人民币1.44亿元。期内 毛利为人民币1.56亿元，毛利率为44%。期内溢利为人民币807万元，每股基本盈利为人民币0.01元。 智通财经APP获悉，香港联交所最新资料显示，9月29日，巨星传奇(06683)股东将股票由民银证券转入 国泰君安(香港)，转仓市值5.35亿港元，占比5.58%。 ...

在投资标的选择上，基金经理们普遍聚焦于持续突破的新消费企业。 这一趋势也传导至二级投资市场，新消费赛道持续成为基金经理的重点布局领域。一批提前洞察趋势的 基金经理，已通过重仓新消费潜力标的收获显著回报，相关主题基金风头渐起，扛起消费投资大旗。 对于新消费领域的投资机遇，多位基金经理给出了独到见解。鹏华基金指数与量化投资部基金经理张羽 翔指出，当前消费行业虽整体增长平稳，但结构性机会显著，尤其在新消费领域。政策支持、流动性宽 松以及经济企稳预期为消费行业提供了有利的宏观环境。新消费以满足年轻群体个性化、精神层面需求 为核心，涵盖潮玩、美妆、国货等领域，并呈现出海外扩张趋势。 财通基金基金经理贾雅楠从底层逻辑剖析，新消费的本质是消费行业的成长股，但其成长来源已发生深 刻变化。今天的宏观环境是——中国国力持续提升，年轻一代对海外大牌逐渐"祛魅"；移动互联网带来 信息平权；社交媒体解构了传统话语体系，亚文化兴起。 在这个背景下，贾雅楠认为，对于年轻人来说，最重要的精神命题是"我是谁""我要啥"。能够回应这一 命题的公司，才可能真正穿越周期——它们或是以优秀产品力打造强大品牌心智、为用户提供情绪价值 的"产品型公司"； ...

Market Overview - The Hong Kong stock market opened mixed on September 25, with the Hang Seng Index rising initially but closing down 0.13% at 26,484.68 points. The Hang Seng Tech Index increased by 0.89% to 6,379.19 points, while the National Enterprises Index rose slightly by 0.01% to 9,444.22 points [1] - The Hang Seng Index reached a high of 26,640.53 points during the day before retreating, with a total turnover exceeding 314.8 billion HKD. The southbound trading (Hong Kong Stock Connect) saw a net inflow of over 11 billion HKD [1] Sector Performance - Most sectors experienced declines, with notable increases in biopharmaceuticals, new energy vehicles, and wind power stocks. Conversely, sectors such as real estate, gold, banking, insurance, brokerage, gas, and coal saw significant declines [1] Individual Stock Movements - Notable stock movements included: - Delin Holdings up 11.65% - Hang Seng Bank down 3.13% - Yimai Sunshine up 14.08% - Huilyang Technology up 4.11% - Goldwind Technology up 5.25% - ZTE Corporation up 4.80% - Cloudtop New Medicine up 4.48% - Zhenjiu Lidu down 4.13% - Jingji Group surged 160.53% - Zijin Mining up 5.13% - Chery Automobile up 3.80% - JD Group up 3.46% - China Everbright Holdings up 25.89% - Yunfeng Financial down 6.60% [1] Top Traded Stocks - The top three traded stocks included: - Alibaba down 1.15% with a turnover exceeding 30 billion HKD - Xiaomi Group up 4.48% with a turnover exceeding 19.3 billion HKD - Tencent Holdings up 0.23% with a turnover exceeding 11.3 billion HKD [2]

Core Viewpoint - The article discusses the anxiety among investors in undervalued, high-dividend stocks due to continuous declines in stock prices, leading to doubts about the companies' fundamentals. This situation is contrasted with the rising technology stocks, indicating a significant capital migration towards tech, driven by macro narratives and profit effects, rendering individual fundamentals less relevant [3][4]. Group 1: Painful Roots - Investors adhering to traditional value investing are experiencing extreme discomfort as they watch AI and tech stocks soar while their stable, cash-flowing holdings underperform and even decline [4]. - The contrasting performance between tech stocks and traditional value stocks leads to feelings of loss and self-doubt among investors [4]. Group 2: Cognitive Stratification - The article outlines four cognitive levels of investors regarding market trends: 1. Those who cannot see the trend and remain immersed in value investing, potentially missing out on tech gains [8]. 2. Those who see the trend but are unwilling to act due to risk aversion or fear of high valuations, leading to missed opportunities [8]. 3. Early adopters who embrace the tech narrative and participate in the trend, becoming winners [8]. 4. Latecomers who, driven by fear of missing out, buy into tech stocks at high prices, often at the end of a rally [8]. Group 3: Key Decisions - The most dangerous strategy in the current market is hesitation, which can lead to poor investment choices [9]. - Investors must either embrace the trend early or choose not to participate based on their risk assessments, maintaining a calm mindset [10]. - Late adopters risk buying into a market that has already peaked, becoming the last buyers in a narrative that is losing momentum [11]. Group 4: Conclusion - The article emphasizes the importance of staying within one's cognitive circle and making clear investment choices, whether embracing trends or sticking to value investing [12][14]. - Investors should accept the potential for missing out on opportunities due to their cognitive boundaries while focusing on strategies that align with their understanding of the market [15].