登录新浪财经APP 搜索【信披】查看更多考评等级 [重要提示] 1、南方中证港股通互联网交易型开放式指数证券投资基金（以下简称"本基金"）的发售已获中国证监 会2025年9月16日证监许可〔2025〕2040号文注册。 2、本基金类别为股票型证券投资基金，运作方式为交易型开放式。 3、本基金的基金管理人为南方基金管理股份有限公司（以下简称"本公司"），基金托管人为国泰海通 证券股份有限公司，登记结算机构为中国证券登记结算有限责任公司。 4、本基金自2025年10月20日至2025年10月24日进行发售。投资人可选择网上现金认购、网下现金认购2 种方式。其中，网下现金发售的日期为2025年10月20日至2025年10月24日，网上现金发售的日期为2025 年10月20日至2025年10月24日。如上海证券交易所对网上现金认购时间做出调整，我司将相应调整并及 时公告。 5、本基金募集对象为符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 6、本基金首次募集规模上限为20亿元人民币（不包括募集期利息和认购费用），采用"末日比例 ...

Market Overview - The A-share market opened high but closed lower, with the Shanghai Composite Index rising by 0.2% at midday. The sectors showing gains included cultivated diamonds, insurance, liquor, coal, photovoltaic equipment, banking, and precious metals, while sectors such as photolithography machines, semiconductors, CPO, PEEK materials, and consumer electronics saw declines [1] - The Hong Kong stock market experienced fluctuations, with the entertainment and home goods sectors performing well, while biotechnology and semiconductor products and equipment sectors faced declines. As of the midday close, the CSI A500 index fell by 0.5%, the CSI 300 index decreased by 0.1%, the ChiNext index dropped by 2.2%, and the STAR Market 50 index declined by 2.8%. The Hang Seng China Enterprises Index increased by 0.1% [1] Index Performance - The CSI 300 index, which consists of 300 large-cap stocks from the A-share market, recorded a decline of 0.1% at midday, with a rolling P/E ratio of 14.2 times [3] - The CSI A500 index, comprising 500 mid-cap stocks, fell by 0.5% at midday, with a rolling P/E ratio of 16.8 times [3] - The ChiNext index, which includes 100 large-cap stocks from the ChiNext board, decreased by 2.2% at midday, with a rolling P/E ratio of 43.3 times [4] - The STAR Market 50 index, consisting of 50 large-cap stocks from the STAR Market, showed a decline, but specific performance data was not provided [4] - The Hang Seng China Enterprises Index, tracking 50 large-cap Chinese companies listed in Hong Kong, increased by 0.1% at midday, with a rolling P/E ratio of 10.6 times [6]

Core Viewpoint - The dividend sector continues to show strong performance, with significant inflows into related products, indicating growing investor interest in dividend stocks amid low interest rates [1][7]. Group 1: Market Performance - As of the midday close, the CSI Dividend Value Index rose by 1.9%, the CSI Dividend Low Volatility Index increased by 1.5%, and the CSI Dividend Index was up by 1.2% [1]. - The Hang Seng High Dividend Low Volatility Index saw a rise of 0.6% [1]. - Over the past five trading days, the E Fund Dividend ETF (515180) and the Dividend Low Volatility ETF (563020) experienced net inflows of 330 million yuan and 110 million yuan, respectively [1]. Group 2: Long-term Investment Perspective - Long-term analysis by Changjiang Securities suggests that the dividend sector holds greater allocation value during low interest rate periods [1]. - The excess returns of the dividend sector are negatively correlated with government bond yields, with the current ten-year government bond yield at its lowest since 2002, indicating an opening of price space for dividend assets [1].

Group 1 - The core viewpoint of the articles is the introduction of new cross-border investment funds, specifically ETFs focused on the Brazilian market, which enhances connectivity between Chinese and Brazilian capital markets [1][3][5] - On October 13, the China Securities Regulatory Commission announced the approval of two new QDII ETFs: the Huaxia Bradesco Brazil Ibovespa ETF and the E Fund Itaú Brazil IBOVESPA ETF, allowing investors to easily access the Brazilian capital market [2][3] - The Brazilian capital market is highlighted as the largest and most influential financial system in Latin America, offering opportunities for global investors to benefit from its resource dividends and economic growth potential, while also being affected by domestic fiscal policies and political dynamics [2][3] Group 2 - The Ibovespa index, which is a key indicator of the Brazilian stock market, has shown an annualized return of over 12% over the past decade, with a year-to-date return of 21.6% as of September [2][3] - The emergence of these Brazilian ETFs is seen as a significant development in the ongoing collaboration between China and Brazil in capital market connectivity, following previous initiatives such as the Bradesco Huaxia ChiNext ETF launched in May [3][4] - The trend of public funds expanding into cross-border investments has led to the creation of various products targeting emerging markets, with many of these funds achieving double-digit returns this year, including the notable performance of the China-Korea Semiconductor ETF, which has risen by 66.21% [4][6] Group 3 - The market has seen a diversification of cross-border funds, with products now available for investment in countries such as South Korea, Germany, France, Japan, and others, indicating a growing interest in emerging markets [5][6] - The introduction of dedicated investment tools for the Brazilian market has garnered significant attention, reflecting the increasing sophistication of public funds in meeting investor demand and the deepening of capital market openness [6][7] - Future expectations include the emergence of more products targeting niche countries or markets, as well as cross-border ETFs focusing on global themes such as renewable energy and healthcare, creating a multi-dimensional product matrix for investors [7][8]

10月14日盘中，国际金价持续拉升，截至发稿，伦敦现货黄金价格站上4140美元/盎司， COMEX黄金期货价格站上4160美元/盎司，续刷历史新高。 伴随金价大涨，黄金主题ETF规模一举突破2000亿元大关。与此同时，黄金主题ETF诞生了3 只"翻倍基"。 业内人士表示，中长期"美联储开启降息周期+海外宏观政策不确定性加剧+全球去美元化趋 势"格局对金价构成一定支撑。 但需警惕 短期回调 ，黄金资产波动性可能上升，投资者应做 好风险防范。 黄金主题ETF规模突破2000亿元大关 诞生3只"翻倍基" 数据显示， 截至10月13日，今年以来，黄金主题ETF产品资金净流入达745.77亿元，最新 规模突破2000亿元，达2033.42亿元，较去年年末增长超180%。 牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 金价迭创新高！ 华安基金表示，展望后市，短期内关税冲突加剧促成黄金脉冲式行情，中长期看，美联储降 息周期、美债信用危机、全球秩序重构、央行持续购金等多重趋势对黄金构成利好，黄金仍 行进在新周期的路上。 此外，博时黄金ETF、国泰黄金基金ETF ...

数据也显示，农银养老2045(FOF)Y、民生加银康泰养老2040三年混合（FOF）Y、上银恒泰稳健养老目 标一年持有混合发起式（FOF）Y、建信普泽养老目标日期2050五年持有期混合发起（FOF）Y等15只 个人养老金基金成立以来的收益率跑输同期业绩比较基准。 据国家统计局数据，截至2024年底，我国60岁及以上人口达3.1亿人、占全国人口22%，65岁及以上人 口2.2亿人、占比15.6%，已进入中度老龄化社会。个人养老金制度属于第三支柱，有助于个人实现"主 动享老"。 华源证券分析师廖志明指出，我国养老金理财产品正以低风险、稳健收益为核心优势，在多层次养老体 系中快速崛起，展现出"稳中求进、未来可期"的投资潜力。目前，储蓄、基金、保险、理财这四大类产 品构成了个人养老金产品的完整矩阵，头部机构凭借全品类布局抢占先机。个人养老金基金市场呈 现"头部引领、中腰部追赶、尾部补充"的竞争格局，指数类养老金基金产品快速发展，目前易方达基金 和华夏基金规模占优。"相较发达国家，国内养老金产品权益配置比例较低，收益率潜力有限，但风险 控制更优。"我国产品以稳健策略为主，储蓄和保险满足保守需求，理财和基金提供收益弹性， ...

Group 1 - The core viewpoint of the articles highlights the performance and business profile of Shenzhen Zhongdian Port Technology Co., Ltd., which saw a stock price increase of 5.21% to 24.04 CNY per share, with a total market capitalization of 18.268 billion CNY [1] - The company was established on September 28, 2014, and went public on April 10, 2023, focusing on electronic component distribution, design chain services, supply chain collaboration, and industrial data services [1] - The revenue composition of the company includes processors at 40.78%, memory at 30.53%, others at 16.09%, analog devices at 8.74%, and RF and wireless connections at 3.85% [1] Group 2 - Among the top circulating shareholders of Zhongdian Port, Huaxia Fund's Huaxia CSI 1000 ETF (159845) increased its holdings by 710,300 shares in Q2, now holding a total of 1.6568 million shares, representing 0.38% of the circulating shares [2] - The Huaxia CSI 1000 ETF has a current scale of 38.227 billion CNY and has achieved a year-to-date return of 27.53%, ranking 1977 out of 4220 in its category [2] - The fund manager, Zhao Zongting, has been in position for 8 years and 183 days, with the fund's best return during his tenure being 123.38% [2]

Core Viewpoint - The recent approval of the "E Fund Itaú Bovespa ETF" marks a significant step in the establishment of the China-Brazil ETF connectivity mechanism, allowing Chinese investors to access core Brazilian market assets directly through QDII [1][3] Group 1: Fund Details - E Fund's ETF aims to track the Bovespa Index, which includes major resource companies such as Vale and Petrobras [1] - The ETF will be linked with Itaú Unibanco's ETF products, facilitating direct investment in Brazilian assets for investors [1] Group 2: Market Implications - The approval indicates a growing interest among Chinese fund companies in South American resource cycle assets, following previous expansions into markets like Japan, Hong Kong, and Singapore [1][3] - The Bovespa Index is heavily weighted in mining, energy, and financial sectors, with resource companies accounting for over one-third of its composition, suggesting strong correlation with global commodity prices [3] Group 3: Competitive Landscape - Other fund companies, such as Huaxia Fund, have also attempted to enter the Brazilian ETF market, although their applications may have been withdrawn or delayed [1][3] - The potential for the Brazilian ETF to become a significant tool for Chinese investors in emerging markets is highlighted, especially if regulatory approvals proceed smoothly [3]

Core Viewpoint - The scale of gold-themed ETFs in China has surpassed 200 billion yuan, with three "doubling funds" emerging as gold prices reach new highs [4][5]. Group 1: Gold Price and ETF Growth - As of October 14, international gold prices have reached historical highs, with London spot gold at $4,140 per ounce and COMEX futures at $4,160 per ounce [2]. - The total net inflow into gold-themed ETFs this year has reached 74.577 billion yuan, bringing the total scale to 203.342 billion yuan, a growth of over 180% compared to the end of last year [6]. - Five gold-themed ETFs have entered the "100 billion club," with Huaan Gold ETF leading at 73.816 billion yuan, reflecting a nearly 160% increase year-to-date [7]. Group 2: Performance of Gold ETFs - The average year-to-date net asset value growth rate for gold-themed ETFs is 64.55%, with several funds achieving over 95% performance [7]. - Notable "doubling funds" include those managed by Yongying, Huaxia, and Industrial Bank of China, with performance rates exceeding 100% [7]. Group 3: Market Outlook and Risks - The long-term outlook for gold prices is supported by factors such as the potential for the Federal Reserve to enter a rate-cutting cycle, increasing macroeconomic uncertainties abroad, and a trend towards de-dollarization [4][10]. - Short-term risks include potential pullbacks due to geopolitical developments in the Middle East and profit-taking by speculative investors [10][11].

四是9月制造业PMI边际改善。国家统计局公布，9月制造业PMI为49.8%，预期值49.6%，前值49.4%， 较往年季节性水平仍偏弱；非制造业PMI为50%，预期值50.2%，前值50.3%。（资料来源：南方基金宏 观策略部整理，过往表现不预示未来） 接下来是国外，美国政府继续关门。自10月1日起，由于国会两党在削减政府开支和边境安全等问题上 的尖锐对立，未能通过一项旨在避免停摆的持续决议案，美国联邦政府正式进入全面停摆。 近期美国不断施压，中国对等反制，中美贸易摩擦再度升温。昨日市场全天震荡回升，三大指数低开高 走。截至收盘，沪指跌0.19%，深成指跌0.93%，创业板指跌1.11%。 债市这边，国债期货收盘全线上涨，30年期主力合约涨0.37%，10年期主力合约涨0.10%， 5年期主力合 约涨0.03%。(数据来源：Choice，20251013，指数过往表现不预示未来) 后市怎么看？南南依旧整理了南方基金宏观策略部深度解读观点供大家参考。 01 宏观经济解读 我们先来回顾下国内外宏观基本面。首先是国内维度，一是近期美国不断施压，中方对等反制。自5月 中美日内瓦声明以来，经历多轮贸易谈判，中美贸易摩擦 ...