Group 1 - On September 29, among the 31 first-level industries, 13 industries received net financing inflows, with the non-bank financial sector leading at a net inflow of 4.329 billion yuan [1] - Other industries that received net financing inflows include power equipment, non-ferrous metals, banking, automotive, and computer sectors [1] Group 2 - A total of 1,682 individual stocks received net financing inflows on September 29, with 115 stocks having inflows exceeding 50 million yuan [1] - Among these, 20 stocks had net financing inflows exceeding 200 million yuan [1] - CITIC Securities topped the list with a net inflow of 1.304 billion yuan, followed by Dongfang Caifu, Zijin Mining, Seres, China Merchants Securities, Changchuan Technology, Tonghuashun, Industrial Fulian, and Guotai Junan [1]

Market Overview - On September 29, the A-share market strengthened with all three major indices rising, led by the brokerage, new energy, precious metals, and humanoid robot sectors [1][2] - The total market capitalization of A-shares reached 115.29 trillion yuan, with a rolling P/E ratio of 22.36 times for the entire A-share market and 14.19 times for the CSI 300 index [6] Sector Performance - The brokerage and new energy sectors significantly contributed to the market's rise, with the CSI 300 index and the Shanghai Composite Index increasing by 1.54% and 1.09%, respectively [2][3] - The non-bank financial sector led the market with a rise of 3.84%, followed by the non-ferrous metals and power equipment sectors, which rose by 3.78% and 3.07%, respectively [3] - Notable stocks contributing to the Shenzhen Component Index included Ningde Times, Dongfang Wealth, and Yiyuan Lithium Energy, which collectively contributed over 83.62 points to the index [2][3] Trading Volume and Financing - The A-share market recorded a trading volume of 2.18 trillion yuan, marking the 34th consecutive trading day with a volume exceeding 2 trillion yuan [1][2] - As of September 26, the margin trading balance reached 24,244.58 billion yuan, with a financing balance of 24,080.56 billion yuan, reflecting an increase of over 260 billion yuan in the previous week [4][5] Capital Flow - On September 29, the net inflow of main funds into the CSI 300 exceeded 60 billion yuan, indicating a positive sentiment among investors [1][5] - The non-bank financial, computer, and power equipment sectors saw the highest net inflows of main funds, amounting to 50.99 billion yuan, 12.56 billion yuan, and 8.40 billion yuan, respectively [5][6] Future Outlook - Analysts predict that October may present a critical window for the A-share market, with expectations of improved risk appetite and upward momentum [1][6][7] - The TMT sector is highlighted as a key focus for medium to long-term investments, driven by ongoing industry trends and the recent initiation of the Federal Reserve's rate-cutting cycle [7]

Market Performance - On September 29, 2025, the market opened high and closed higher, with the Shanghai Composite Index rising by 0.90%, the Shenzhen Component Index increasing by 2.05%, and the ChiNext Index up by 2.74%[3] - The total market turnover reached 21,781.39 billion yuan, an increase of 120.36 billion yuan compared to the previous trading day[3] Sector Performance - The non-bank financial sector led the gains with an increase of 3.84%, followed by non-ferrous metals at 3.74% and electric equipment & new energy at 2.78%[3] - Conversely, the coal sector declined by 0.90%, banks fell by 0.49%, and consumer services dropped by 0.30%[3] Capital Flow - On September 29, 2025, the net inflow of main funds was 95.27 billion yuan, with large orders seeing a net inflow of 173.64 billion yuan, while medium and small orders experienced net outflows of 203.19 billion yuan and net inflows of 107.92 billion yuan respectively[4] - Major ETFs such as the Huaxia SSE 50 ETF and the Huatai-PB CSI 300 ETF saw significant increases in trading volume, with changes of +24.79 billion yuan and +22.76 billion yuan respectively[4] Global Market Trends - On September 29, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index up by 1.89% and the Nikkei 225 down by 0.69%[5][6] - European indices also saw gains, with the DAX rising by 0.87% and the FTSE 100 increasing by 0.77%[6] Risk Considerations - The report emphasizes that the data presented is for reference only and does not constitute investment advice[7]

Group 1 - The market shows valuation differentiation, with the Sci-Tech 50 and ChiNext Index performing the best, while consumer and stable indices lag behind [9][12] - The overall market ERP has decreased and is near the negative one standard deviation level since 2021 [2][18] - The performance of major indices is mixed, with the Sci-Tech 50 and ChiNext Index leading, while the consumer sector and the National 2000 Index show the weakest performance [9][12] Group 2 - Valuation changes across industries are evident, with power equipment and non-ferrous metals leading in gains, while social services and retail sectors perform the weakest [12][33] - The relative PE of the ChiNext Index to the CSI 300 has increased, indicating a rise in growth expectations [17] - The overall valuation of major indices is at a high percentile compared to the past year, with the Sci-Tech 50 showing particularly high valuations [24][25] Group 3 - The current valuation of the financial and real estate sectors is above the 50% historical percentile, while materials, equipment manufacturing, and technology sectors are at or below the 50% level [26] - The lowest valuations are found in the non-bank financial, agriculture, and food and beverage sectors, which are at their lowest in the past year [33][36] - The semiconductor and technology sectors are experiencing high valuations, with many sub-sectors at three-year historical highs [44] Group 4 - Profit expectations across industries have seen slight changes, with non-ferrous metals experiencing the largest upward adjustment and construction materials the largest downward adjustment [46]

Report Summary 1. Market Overview - On September 29, 2025, the Shanghai Composite Index rose 0.90% to 3862.53 points, the Shenzhen Component Index rose 2.05% to 13479.43 points, and the ChiNext Index rose 2.74% to 3238.01 points. The total trading volume of A-shares in the two markets was 2178.4 billion yuan. The top-performing sectors were non-bank finance (3.84%), non-ferrous metals (3.78%), and power equipment (3.07%), while the worst-performing sectors were coal (-0.84%), banking (-0.46%), and social services (-0.24%) [2][6] 2. Stock ETFs - The top-traded stock ETFs were Cathay CSI All-Share Securities Company ETF (up 5.00% with a discount rate of 5.09%), Southern CSI A500 ETF (up 1.74% with a discount rate of 1.87%), and Huaxia CSI A500 ETF (up 1.39% with a discount rate of 1.52%) [3][7] 3. Bond ETFs - The top-traded bond ETFs were Haifutong CSI Short-term Bond ETF (up 0.01% with a discount rate of 0.01%), Cathay CSI AAA Science and Technology Innovation Corporate Bond ETF (up 0.01% with a discount rate of 0.01%), and Huatai-PineBridge CSI AAA Science and Technology Innovation Bond ETF (unchanged with a discount rate of -0.01%) [4][9] 4. Gold ETFs - Gold AU9999 rose 1.16% and Shanghai Gold rose 1.17%. The top-traded gold ETFs were Huaan Gold ETF (up 1.21% with a discount rate of 1.16%), E Fund Gold ETF (up 1.19% with a discount rate of 1.12%), and Bosera Gold ETF (up 1.24% with a discount rate of 1.16%) [12] 5. Commodity Futures ETFs - Dacheng Non-ferrous Metals Futures ETF fell 0.23% with a discount rate of -0.32%, Huaxia Feed Soybean Meal Futures ETF fell 0.51% with a discount rate of 2.33%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.15% with a discount rate of -0.38% [13] 6. Cross-border ETFs - The previous trading day, the Dow Jones Industrial Average rose 0.65%, the Nasdaq Composite rose 0.44%, the S&P 500 rose 0.59%, and the German DAX rose 0.87%. On September 29, the Hang Seng Index rose 1.89% and the Hang Seng China Enterprises Index rose 1.62%. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 6.63% with a discount rate of 7.63%), GF CSI Hong Kong Innovative Drugs ETF (up 0.74% with a discount rate of 1.71%), and Huaxia Hang Seng Tech ETF (up 0.71% with a discount rate of 2.41%) [15] 7. Money Market ETFs - The top-traded money market ETFs were Silver Hua Dayi ETF, Huabao Tianyi ETF, and Money Market ETF Jianxin Tianyi [17]

Market Overview - The three major indices showed a strong upward trend on September 29, with the Shenzhen Component Index and the ChiNext Index both rising over 2% [1] - The lithium battery sector experienced a surge, with over 10 stocks hitting the daily limit up, including Wanrun New Energy and Yicheng New Energy [1] Fund Flow Analysis - The net outflow of main funds in the Shanghai and Shenzhen markets was 3.385 billion yuan for the day [1] - Among 11 industries, non-bank financial and computer sectors saw the highest net inflows, amounting to 5.099 billion yuan and 1.256 billion yuan respectively [1] - Other sectors with net inflows exceeding 300 million yuan included power equipment, home appliances, automobiles, and steel [1] Individual Stock Performance - Five stocks received net inflows exceeding 1 billion yuan, with Lingyi Zhi Zao leading at 3.454 billion yuan [3] - Dongguan Lingzhi Innovation Robot Technology Co., Ltd. was established in partnership with Zhiyuan, focusing on industrial robot product development [1] - Dongfang Caifu followed with a net inflow of 2.981 billion yuan, benefiting from the surge in brokerage stocks [2] Net Outflow Rankings - The electronic industry had the highest net outflow, totaling 2.612 billion yuan, followed by communication, defense, and pharmaceutical sectors, each exceeding 1 billion yuan [1] - Leading stocks with significant net outflows included Xian Dao Intelligent and Woer Nuclear Materials, both exceeding 1 billion yuan [4][5] Tail-End Fund Flow - At the end of the trading day, the main funds saw a net inflow of 237 million yuan, with the computer, automotive, non-ferrous metals, electronics, and machinery sectors attracting over 100 million yuan each [6] - Individual stocks with notable tail-end inflows included Sanhua Intelligent Control and Beifang Huachuang, each exceeding 100 million yuan [7] Summary of Key Stocks - The top five stocks with net inflows included: - Lingyi Zhi Zao: 3.454 billion yuan - Dongfang Caifu: 2.981 billion yuan - Shanzi Gaoke: 1.419 billion yuan - Zhinanzhen: 1.207 billion yuan - Yihua Zhikong: 1.040 billion yuan [3] - Conversely, the top five stocks with net outflows included: - Xian Dao Intelligent: 1.531 billion yuan - Woer Nuclear Materials: 1.027 billion yuan - He Er Tai: 0.953 billion yuan - Haiguang Information: 0.596 billion yuan - Zhongji Xuchuang: 0.438 billion yuan [5][9]

盘后数据出炉。 9月29日，A股市场整体上涨。截至收盘，上证指数报3862.53点，上涨0.9%；深证成指报13479.43点，上涨2.05%；创业板指报3238.01点，上涨2.74%； 北证50指数上涨0.69%。A股市场合计成交21783.94亿元，较上一交易日增加120.53亿元。 1.A股市场主力资金净流出33.85亿元 今日A股市场主力资金开盘净流出58.09亿元，尾盘净流入2.37亿元，A股市场全天主力资金净流出33.85亿元。 2.沪深300今日主力资金净流入63.21亿元 沪深300今日主力资金净流入63.21亿元，创业板净流入9.22亿元，科创板净流出45.54亿元。 | | 各板块最近五个交易日主力资金净流入数据(亿元) | | | | --- | --- | --- | --- | | 日期 | 沪深300 | 创业板 | 科创板 | | 2025-9-29 | 63. 21 | 9.22 | -45. 54 | | 2025-9-26 | -197. 33 | -326. 76 | -30. 57 | | 2025-9-25 | -6. 27 | -89.27 | -33. 46 | ...

一、ETF行业快讯1.三大指数集体上涨，证券ETF爆发 今日，三大指数集体上涨，上证综指上涨0.9%，深证成指上涨2.05%，创业板指上涨2.74%。多只非银金融板块ETF上涨，其中，证券ETF龙头(159993.SZ)上 涨5.61%，券商ETF(159842.SZ)上涨5.19%，证券ETF富国(515850.SH)上涨5.07%。银行板块多只ETF下跌，银行ETF指数基金(516210.SH)下跌0.52%，银行 ETF天弘(515290.SH)下跌0.42%，银行ETF(159887.SZ)下跌0.39%。2.公募规模突破36万亿再创新高 据证券时报，据中基协最新披露的数据，截至8月末，我国公募基金总规模突破36万亿元大关，年内第五次创下历史新高。分产品类型来看，受益于8月权益 市场的欢腾以及增量资金的踊跃，担纲规模增长主力的为主动权益类基金，其中股票基金净值环比增幅高达12.76%，从历史数据来看，单月实现两位数增 长亦实属罕见，美国、中国香港市场的升温也带动QDII规模的上扬。二、今日行情速览1.指数走势 统计A股与海外主要核心指数走势，今日(9月29日，下同)三大指数集体上涨，其中上证指数上涨0 ...

王映(投资咨询证号：Z0016367) 股指期货日报 2025年9月29日 投资咨询业务资格:证监许可【2011】1290号 轻仓过节，可尝试双买期权 市场回顾 1、 国家发展改革委政策研究室副主任、新闻发言人李超在新闻发布会上表示，为贯彻落实党中央、国务院 决策部署，促进金融更好服务实体经济，推动扩大有效投资，国家发展改革委会同有关方面积极推进新型政 策性金融工具有关工作。新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。 2、国家发改委：支持民营企业等深度参与"人工智能+"行动。 3、 9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，8月份，在宏观政策持续发力等因 素的带动之下，我国经济运行总体平稳。不过，当前经济运行当中依然面临着不少的风险和挑战，外部环境 仍然严峻复杂，经济回升向好的基础仍需进一步巩固。下一步，国家发展改革委将持续发力，适时加力实施 宏观政策。同时国家发展改革委也将持续加强经济的监测、预测、预警，做好政策预研储备，根据形势变化 及时推出。 4、工信部向中国移动颁发卫星移动通信业务经营许可。 核心观点 今日股市整体上行，沪深300指数再创新高，反映市场情绪整体 ...

Core Insights - The non-bank financial sector experienced the highest net inflow of capital today, amounting to 12.348 billion yuan, with a price change of 3.84% and a turnover rate of 2.41% [1][2] - The electronic industry faced the largest net outflow of capital, totaling -2.811 billion yuan, with a price change of 1.58% and a turnover rate of 3.62% [1][2] Industry Summary - **Non-Bank Financial**: - Trading volume: 99.94 billion shares - Change in trading volume: +157.03% - Turnover rate: 2.41% - Price change: +3.84% - Net capital inflow: 12.348 billion yuan [1] - **Electronic**: - Trading volume: 99.89 billion shares - Change in trading volume: -9.55% - Turnover rate: 3.62% - Price change: +1.58% - Net capital outflow: -2.811 billion yuan [1][2] - **Other Notable Industries**: - **Non-Ferrous Metals**: - Net inflow: 2.986 billion yuan, price change: +3.78% [1] - **Computer**: - Net inflow: 1.849 billion yuan, price change: +1.31% [1] - **Power Equipment**: - Net inflow: 1.819 billion yuan, price change: +3.07% [1] - **Automobile**: - Net inflow: 0.994 billion yuan, price change: +1.21% [1] - **Steel**: - Net inflow: 0.855 billion yuan, price change: +2.49% [1] - **Industries with Significant Outflows**: - **Real Estate**: - Net outflow: -7.222 billion yuan, price change: +0.86% [2] - **Banking**: - Net outflow: -7.61 billion yuan, price change: -0.46% [2] - **Media**: - Net outflow: -1.417 billion yuan, price change: +0.04% [2] - **Telecommunications**: - Net outflow: -1.465 billion yuan, price change: +1.24% [2] - **Pharmaceuticals**: - Net outflow: -1.640 billion yuan, price change: +0.17% [2]