你问得好，我今天就真的是那种坐在沙发上、沙发都快被我蹭烂了的节奏，拿着手机滑新闻，看到这几条咋就越看越让人提气儿不上。 我问你个问题 美股最后那波所谓疯狂，是不是正好给海表面的华资留了个跑路窗口？你也跟我一样看着指数涨得一脸懵，转头一搜，发现这涨幅背后还真有 人在悄咪咪撤。别以为只有我这么想，这情绪都快要炸了。 我查了一下数据：根据美国证券交易委员会披露，2025年第二季度，境外投资者在美国股票市场的净卖出额度是 约 800 亿美元（数据来源：美 国证券交易委员会，2025 第二季度投资者结构报告）。尤其是来自中国、香港、新加坡这些地区的资金，净流出趋势明显。这个数字一出来， 我那心脏都跟着抖了一下。 接着看美联储最近的报告，2025年6月，美联储点阵图显示，短期加息路径依然坚挺，市场预计还有至少一次或两次加息空间（数据来源：美 联储，2025年6月 FOMC声明）。你说，这不是明摆着——资金这一路撤，一只脚都踩在门外，还要继续往那边紧？ 欧美经济里头更是一言难尽。比如英国通胀，6月 CPI 年率达到 7.9%，核心 CPI 也在 6% 左右（数据来源：英国国家统计局，2025年6月 CPI 报 告）。德国 ...

Group 1: Investment Trends in Chinese Stocks - Global investors significantly invested in Chinese ETFs, contributing to net inflows in emerging markets, with a total of $2.749 billion in the week ending August 22, down from $8.978 billion the previous week, bringing the year-to-date total to $16.5 billion [1] - The inflow of funds into China was the highest, amounting to $2.233 billion, led by the iShares MSCI China fund, as the CSI 300 index recorded its largest weekly gain since November of the previous year [1][2] - Demand for A-shares has improved since April, with funds incorporating technology and consumer stocks into their portfolios during a four-month rebound [2] Group 2: Market Sentiment and Economic Indicators - Signs of improvement in the real estate market have boosted market sentiment, with Shanghai easing home purchase restrictions, allowing eligible families to buy unlimited properties outside the outer ring [2] - Speculation about further measures to support the housing market has led to a rise in developer stock prices [2] - The easing of trade tensions with the U.S. has also positively influenced investor sentiment towards the Chinese stock market, with expectations of a weaker dollar and potential interest rate cuts by the Federal Reserve benefiting emerging market assets [2] Group 3: Fund Flows and Asset Management - Equity ETFs attracted an additional $1.74 billion, while bond funds saw an increase of $1.009 billion, raising total assets from $417.7 billion to $420.3 billion [2] - The largest inflows were directed towards mainland China and Hong Kong, totaling $2.233 billion, while India experienced the most significant outflow at $87.7 million [2]

Market Overview - US stock indices experienced adjustments, with European markets also facing challenges, particularly in France where the CAC 40 index fell over 2% [1] - Hong Kong stocks corrected after a strong rally, closing down 1.18% [1] - Optimism regarding potential Fed rate cuts was tempered by concerns over Trump's threats to dismiss Fed Governor Lisa Cook, which could undermine confidence in USD assets [1] Gold and Mining Sector - Gold stocks surged, with China Gold International reporting a turnaround in its mid-year results, showing strong growth and significant capacity expansion potential [1] - Other gold stocks like Lingbao Gold and Zhaojin Mining also saw substantial gains, reflecting a broader trend in the sector [1] Trade and Tariff Implications - Trump threatened to impose approximately 200% tariffs on rare earth magnets from China and additional tariffs on countries implementing digital taxes, impacting major US tech companies [2] - The US government proposed adding copper, silicon, and silver to a list of critical minerals, indicating a shift in tariff strategy to protect domestic industries [2] Automotive Industry Dynamics - The automotive sector is undergoing rapid changes, with Chinese electric vehicle companies and Tesla significantly shortening the development cycle for new models to about two years [3] - Traditional players like Puma are exploring strategic options, including potential sales, indicating a shift in competitive dynamics within the industry [3] AI and Technology Sector - The Chinese government announced plans to integrate AI with six key sectors by 2027, which will drive capital expenditure towards AI-related technologies [6] - Companies like SMIC and SenseTime are positioned to benefit from increased investment in AI and related technologies [6] Company Performance Highlights - Angelalign reported a 33.1% increase in revenue to $161.4 million, with a significant rise in net profit, indicating strong performance in the orthodontics market [4] - Meituan was included in the MSCI China Index, leading to an 8% increase in its stock price [5] Individual Stock Insights - SenseTime is expected to report improved financial results, with projected revenue growth and a potential narrowing of losses, reflecting a positive outlook for the company [7] - The company has a strong competitive position in AI technology, with significant advancements in model capabilities and market share in various applications [8]

最近看到《每日经济新闻》一则报道的统计——96天，沪指涨近800点！但这96个交易日中，沪指收盘涨 超1%的仅有8个交易日——很少大涨，甚至中阳线也不多。 除此之外，虽然大多数人都期待牛市，但明显有更多人希望这次是"慢牛"，而不是"疯牛"。 既然是讨论慢牛，我们得先找到慢牛的典型代表。 国信证券的报告中将美国、日本和印度部分阶段的指数作为"慢牛"代表。虽然上述指数的阶段性回撤幅度 差异较大，但却都有一个重要的共性——长牛。 先看美国，该研报提炼"慢牛"的特点是"长期高胜率"。标普500指数从2000年初的约1400点起步，历经 2008年金融危机的剧烈回撤后，于2013年突破危机前高点并开启长达十年的慢牛行情，至2025年8月已升 至6380点，年化涨幅约8%。期间虽经历2020年疫情冲击（3月单月跌幅超30%），但美联储宽松政策推动 指数仅用5个月便收复失地，纳斯达克指数更是从2000年泡沫破裂后的低点（约1200点）持续攀升至2025 年的2.1万点，科技巨头主导的"慢牛"特征显著——指数回撤幅度逐年收窄，最大年度回撤从2002年的30% 降至近年的10%以内，且每轮调整后均创出新高，呈现典型的"阶梯式" ...

Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies, which are based on price fluctuations rather than predicting market trends, making them suitable for volatile markets [3][13] - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [3][13] Group 2 - The report highlights specific ETFs for grid trading, including the S&P Consumer ETF (159529.SZ), which benefits from the anticipated interest rate cut by the Federal Reserve, potentially boosting consumer demand in the U.S. [5][14] - The Hang Seng Technology Index ETF (513180.SH) is noted for its improved liquidity and valuation attractiveness, making it a target for foreign capital allocation amid the Fed's rate cut expectations [6][17] - The New Economy ETF (159822.SZ) is positioned to capture new economic growth drivers in China, supported by policy incentives and industrial upgrades, making it a passive index tool for diversified regional exposure [7][19]

在沪指创十年新高、创业板指突破近年高点的背景下，近期多家机构认为恒生科技有望跟随A股科技板 块迎来补涨行情。其中浙商证券就在报告中指出，杰克逊霍尔全球央行年会上，美联储鲍威尔表示"在 政策仍处于紧缩区间的情况下，基准前景与风险平衡的变化可能需要我们调整政策"，释放鸽派信号， 全球流动性宽松预期有望进一步强化港股的流动性改善逻辑，近期表现偏弱的恒生科技指数或存在补涨 空间。 8月26日早盘，恒生科技指数低开高走，一度翻红。A股同赛道规模最大的恒生科技指数ETF（513180） 跟随指数小幅下跌，持仓股中，比亚迪股份盘中大幅冲高，一度涨超3%，蔚来、ASMPT、华虹、中芯 国际、理想汽车等跌幅居前。 每日经济新闻 9月美联储降息预期显著升温，全球流动性边际改善有望外溢至港股，高成长、高弹性的港股科技板块 或率先受益。当前恒生科技指数仍处于历史相对低估区间，其对中美利差转向的敏感度更高，更能深度 受益于宽松的海外流动性环境。同时，恒生科技前期相对A股科技板块表现偏弱，在流动性叙事的改善 下，其向上动能或更为强劲，有望迎来"补涨"行情"。没有港股通账户的投资者或可通过恒生科技指数 ETF（513180）一键布局中国A ...

2025年8月26日，汉朔科技(301275.SZ)发布2025年半年度报告。截至2025年8月25日，共有201个机构投 资者披露持有汉朔科技A股股份，合计持股量达2.53亿股，占汉朔科技总股本的59.97%。其中，前十大 机构投资者包括北京汉朔科技有限公司、上海旌卓投资管理有限公司-杭州创乾投资合伙企业(有限合 伙)、北京君联成业股权投资合伙企业(有限合伙)、北京君联慧诚股权投资合伙企业(有限合伙)、启鹭(厦 门)股权投资合伙企业(有限合伙)、深圳五岳华诺天使投资有限公司-深圳创创壹号投资合伙企业(有限合 伙)、嘉兴市汉朔领世企业管理合伙企业(有限合伙)、杭州天堂硅谷创业投资管理有限公司-合肥天堂硅 谷合创股权投资合伙企业(有限合伙)、北京闻名投资基金管理有限公司-诸暨闻名泉润投资管理合伙企业 (有限合伙)、中国银行股份有限公司-富国创新趋势股票型证券投资基金，前十大机构投资者合计持股比 例达59.42%。相较于上一季度，前十大机构持股比例合计上涨了0.11个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计2个，包括富国中小盘精选混合A/B、富国通胀 通缩主题轮动混合A/B，持股增加占比达0.1 ...

Group 1 - Spring Airlines issued a statement denying the connection between the normal condensation phenomenon in summer cabins and the sale of blankets, clarifying that the condensation is a common physical reaction that disappears shortly after takeoff [2][3] - JD and Wanda have established a partnership with a total investment of approximately 80.53 billion yuan, focusing on management consulting and information technology consulting [12] - The U.S. Customs intercepted 1.83 million counterfeit LABUBU products this year, significantly contributing to the maintenance of a fair international trade environment [6] Group 2 - The Federal Reserve signaled a potential interest rate cut, which could extend the global bull market; the Shanghai Composite Index rose above 3,800 points following this news [9] - Meituan addressed user complaints regarding delayed refunds, attributing the issue to information display lag and payment channel anomalies, and has established a dedicated customer service team to assist users [9] - Porsche announced adjustments to its battery business, with its subsidiary Cellforce focusing on battery unit research and development, leading to staff reductions [13] Group 3 - KDP announced the acquisition of JDE Peet's, the parent company of Peet's Coffee, in a cash transaction expected to close in the first half of 2026 [15] - Pinduoduo reported Q2 revenue of 103.98 billion yuan, with a year-on-year growth rate of 7%, while net profit decreased by 4% [18] - Keep achieved revenue of 822 million yuan in the first half of 2025, with an adjusted net profit of 10.35 million yuan, and improved gross margin from 46.0% to 52.2% [19]

本文字数：1774，阅读时长大约3分钟 作者 | 第一财经 樊志菁 随着美联储主席鲍威尔上周在杰克逊霍尔释放鸽派信号，市场风险偏好得到有力提振。联邦基金利率 期货定价显示，投资者预计美联储将在去年12月之后，时隔9个月再次下调政策利率。 回顾历史，长时间停顿后恢复降息可能对股市特别有利，刺激股市更大规模反弹。不过市场人士认 为，这将取决于未来的政策路径，目前还有诸多不确定性。 2025.08. 26 牛津经济研究院高级经济学家施瓦茨（Bob Schwartz）此前在接受第一财经记者采访时表示，尽管 鲍威尔暗示将降息，但这并不意味着去年降息50个基点的重演。鲍威尔认为，劳动力市场最近的疲 软并不意味着存在大量风险，这使美联储能够"谨慎行事" 。总体而言，鲍威尔只是正在为逐步实现 利率正常化铺平道路。 历史数据优异 卡森集团（Carson Group）首席市场策略师德特里克（Ryan Detrick）统计发现，在美联储降息周 期时隔5-12个月重启的过去11次案例中，标普500指数接下来一年内有10次上涨，比例接近90%， 平均涨幅达到12.9%，唯一一次例外是2001年互联网泡沫破裂阶段。 虽然具体原因很难确定 ...

8月22日晚，江苏国泰公告称，拟投入超18亿元自有资金开展证券投资；8月24日晚其再次发布公告，宣 布终止该计划——全程未跨越一个A股交易日。 值得留意的是，就在江苏国泰宣布终止投资的同一天，其还披露了《未来三年股东分红回报规划》，明 确提出增加分红频次、提高现金分红比例。江苏国泰的这一转变也让一些业内人士解读为其或将原本用 于投资的部分现金拿来分红，以增加投资者回报，更好回馈股东。 另一个值得关注的信号是，如同江苏国泰一样，加大分红力度的上市公司比比皆是，而且其中不乏大手 笔分红者。在截至8月25日推出2025年中期分红计划的上市公司中，仅每手（最小持股单位，1手=100 股）分红规模在100元以上的上市公司即多达17家。其中，分红力度最大的吉比特，每手分红规模高达 660元。 受访人士认为，在这一系列动作背后，既能看到政策引导下A股上市公司加大分红力度的整体趋势，也 体现出相关企业自身经营策略与市场预期的积极互动。 叫停18亿投资计划 8月22日晚，江苏国泰发布公告称，董事会审议通过议案，拟使用不超过18.306亿元的闲置自有资金进 行证券投资，其中包括已使用的3.306亿元和新增的15亿元额度。根据计划 ...