- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3]

Core Viewpoint - The A-share market has shown a clear "track market" characteristic this year, with significant performance in sectors like AI and innovative pharmaceuticals, while traditional sectors like consumption and banking are struggling [1][2]. Group 1: Market Performance - As of October 10, 2023, 53 funds have doubled their performance year-to-date, with 43 of these being actively managed equity products, highlighting the advantage of active management in a structural market [2][3]. - The technology and pharmaceutical sectors have emerged as the biggest winners, with top-performing funds like Yongying Technology Smart A achieving a return of 187.86% [2]. - The overall performance of the A-share market has been mixed, with over 96% of equity products showing positive returns, but 20 funds still experiencing declines of over 10% [3]. Group 2: Impact of External Factors - The recent escalation of the US-China tariff conflict has introduced new uncertainties to the market, with the A-share indices experiencing slight declines on October 13, 2023 [1][5]. - Analysts believe the current market reaction to the tariff threat is different from the sharp declines seen in April, as the market has become somewhat immune to such threats due to previous experiences [5][6]. - The consensus among analysts is that while short-term market fluctuations may occur, the long-term focus on technology and growth sectors remains unchanged [7]. Group 3: Investment Strategies - In light of the current market conditions, it is suggested that investors focus on funds with mature strategies and stable teams, balancing performance with stability [4]. - The recommendation is to wait for short-term market risks to fully materialize before increasing positions, while maintaining a focus on sectors with clear growth trends like AI and innovative pharmaceuticals [7].

Core Insights - On October 13, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three stocks by trading volume in the Southbound trading of the Stock Connect, with trading amounts of 22.61 billion, 12.67 billion, and 9.13 billion respectively [1] - In the Southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) also ranked as the top three, with trading amounts of 9.69 billion, 6.19 billion, and 5.05 billion respectively [1] Shanghai-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 22.61 billion with a net buy of -2.18 billion [1] - SMIC (00981) recorded a trading amount of 12.67 billion with a net buy of -1.81 billion [1] - Xiaomi Group-W (01810) had a trading amount of 9.13 billion with a net buy of +0.13 billion [1] - Tencent Holdings (00700) had a trading amount of 9.13 billion with a net buy of -3.31 billion [1] - The Yingfu Fund (02800) saw a trading amount of 5.42 billion with a net buy of +5.21 billion [1] - Hua Hong Semiconductor (01347) had a trading amount of 5.17 billion with a net buy of +0.79 billion [1] - Other notable companies included Hang Seng China Enterprises (02828), ZTE Corporation (00763), Meituan-W (03690), and Kingsoft Corporation (03888) with varying trading amounts and net buys [1] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) had a trading amount of 9.69 billion with a net buy of +0.55 billion [1] - Xiaomi Group-W (01810) recorded a trading amount of 6.19 billion with a net buy of +0.76 billion [1] - SMIC (00981) had a trading amount of 5.05 billion with a net buy of +1.29 billion [1] - Tencent Holdings (00700) had a trading amount of 4.47 billion with a net buy of +0.86 billion [1] - Hua Hong Semiconductor (01347) saw a trading amount of 3.04 billion with a net buy of +0.56 billion [1] - Other companies such as Yingfu Fund (02800), Meituan-W (03690), ZTE Corporation (00763), WuXi Biologics (02269), and Innovent Biologics (01801) also participated with varying trading amounts and net buys [1]

Core Insights - The article emphasizes the importance of maintaining calm and listening to experienced investors during times of market uncertainty, particularly in the context of global trade tensions and market volatility [2] - It highlights the significance of long-term relationships between fund managers and investors, advocating for patience and trust in fund managers during market fluctuations [3][4] Group 1: Market Context and Investor Sentiment - The current market is experiencing significant adjustments due to external factors such as tariff announcements, leading to investor anxiety and uncertainty [1] - The article references past market reactions to trade tensions, specifically the 2018 U.S.-China tariff disputes, where initial fears of a drastic decline in exports were proven to be exaggerated through thorough research and communication with frontline companies [2] Group 2: Fund Manager Insights - Fund manager Cao Jin, with extensive experience in navigating market cycles, shares insights on the importance of research and maintaining a grounded approach during market volatility [2] - Cao Jin expresses concern over investors who sell their holdings shortly after a fund recovers, suggesting that a longer holding period could yield significantly better returns [3] Group 3: Investment Strategies and Communication - The article discusses the "language" of communication between fund managers and investors, emphasizing that performance metrics (net asset value) are crucial for building trust [3][4] - It suggests that successful investing requires selecting the right fund manager, having the discipline to hold investments, and being willing to increase positions during downturns [8]

前瞻布局，团队协作力争捕捉投资机遇 出色的业绩源于对产业机遇的前瞻把握与团队的高效协作。而中欧科技战队对科技行业的深度洞察，在 光模块这一细分领域得到了充分体现，早在2023年一季度，团队就开始关注和研究光模块领域，为后续 的投研决策奠定了坚实基础。 在此过程中，科技组组长杜厚良带领团队构建了一张覆盖全产业链的"勾稽关系大表"，从TEC、光器 件、到GPU数量，再到GPU下游客户的资本开支情况，层层递进、交叉验证。 今年以来，科技板块持续成为市场关注焦点，表现尤为亮眼。Wind数据显示，截至9月末，创业板指、 科创50指数年内涨幅均超50%，分别创下近三年、近四年新高。 当前来看，在政策与技术的双轮驱动下，科技行业正迎来新一轮发展机遇。政策层面，科创板"1+6"新 政、"人工智能+"行动方案等重磅政策陆续出台，彰显出国家鼓励科技创新的坚定决心；技术层面，AI 大模型技术迭代加速，包括光模块在内的算力基础设施、智能驾驶等细分领域蓬勃发展，均有望为前瞻 布局相关产品的投资者带来可观回报。 在此背景下，科技主题基金表现出彩，银河证券数据显示，截至2025年9月30日，中欧基金科技战队旗 下多只产品过往业绩排名突出， ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the past 3 weeks, nearly 100 new ETF products have been issued in the US, and the issuance speed has further increased. The richness of digital currency - related products has been enhanced, and new products with various strategies have emerged [3][6]. - The capital inflow of US ETFs has remained at a high level. In the past month, nearly $180 billion has flowed in, with over $100 billion into stock products. The iShares S&P 500 ETF IVV has seen significant inflows, and bitcoin and gold products have obvious inflows [3][15]. - Aerospace and defense ETFs in the US have performed well, with some technology - related and European - themed products having涨幅超过 80% [3][19]. - In August 2025, the total amount of non - money public funds in the US increased by $0.41 trillion compared to July. The redemption pressure of domestic stock - type products has eased, and the outflow of domestic stock funds in the past 4 weeks has been relatively stable, while the inflow of bond products has been steady [3][20]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: Nearly 100 Products Issued in 3 Weeks - In the past 3 weeks, 91 new products have been issued in the US. Single - stock leveraged reverse products, single - stock option + leverage strategy products, and digital currency - related products have been enriched. There are also new innovations in structured product strategies [6][8][9]. - For example, Rayliant and ChinaAMC issued the China Technology Innovation ETF, tracking an index composed of about 100 Chinese technology - related companies [13]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Capital Inflows Remain at a High Level - In the past month, the total inflow of US ETFs was nearly $180 billion, with over $100 billion into stock products. The iShares S&P 500 ETF IVV had inflows of over $40 billion in the past month, surpassing SPY in scale. Bitcoin and gold products had obvious inflows, while many leveraged products had large outflows [3][15][17]. - The daily capital flows of major US ETFs in the past 2 weeks are presented, and the capital flows of iShares products have tended to be stable, while those of State Street products have fluctuated greatly [18]. 3.2.2 US ETF Performance: Aerospace and Defense ETFs Perform Well - Due to the complex global situation this year, aerospace and defense ETFs listed in the US have performed well. Products such as SHLD related to technology and European - themed products have涨幅超过 80% [3][19][20]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In August 2025, the total amount of non - money public funds in the US was $22.98 trillion, an increase of $0.41 trillion compared to July. The scale of domestic stock - type products increased by 1.62%, and the redemption pressure eased [20]. - In the past 4 weeks, the outflow level of US domestic stock funds has been relatively stable, with outflows exceeding $20 billion in 3 weeks, while the inflow of bond products has been stable [20][21].

以下文章来源于资本深潜号 ，作者资本深潜号 专注资本背后的硬核故事 作者徐行 编辑袁畅 又一名老将因"个人原因"告别老东家。 10月返工后的第一个周末，公告确认邹曦卸任融通基金的副总经理职务，离任原因为"个人原因"。 后者或意味着，这位管理基金18年的老将，与公司挥别了。 2025年下半年以来，已有至少30多位任职时间超过5年的基金经理陆续离任。 不少曾经耳熟能详的名字渐渐从被替换成更年轻的"新面孔"。 又一老将离任 10月11日，融通基金公告，邹曦因个人原因离任副总经理职务。 资本深潜号 . 也曾"一步一脚印" 邹曦的从业经历算是一步一脚印，他于本世纪初入行，算是业内早期的从业人员。 他毕业于中国人民银行研究生部。1996年至1998年就职于中国航空技术进出口总公司福建分公司。 2001年5月，他加入了融通基金，历任市场拓展部总监助理、机构理财部总监助理、行业分析师、宏观策略分析师等职务。 2007年，他就开始管理公募基金，后曾任研究部总经理、权益投资部总经理，副总经理兼权益投资总监，并管理了多只公募基金。 在业内，他算是有才、有名且勤奋的投资老将之一。 年内已有多名老将离任 此前的9月，邹曦因"内部调整" ...

Group 1 - The core viewpoint of the article highlights the disparity in performance among consumer-themed funds, with some achieving significant returns while others lag behind, particularly in the context of a strong technology sector [1][3][10] - In the third quarter, both traditional and new consumer sectors showed poor performance, with many stocks experiencing limited gains or slight declines, while certain thematic funds managed to outperform, achieving returns comparable to technology stocks [1][7][11] - The article emphasizes the importance of how "consumption" is defined, which influences the investment strategies of various funds, with some adopting a broad view that includes multiple sectors beyond traditional consumer goods [9][10] Group 2 - The article provides specific performance data for consumer-themed funds, noting that the Hai Fu Tong Consumer Preferred Fund led with a return of 82.25%, while others like Yongying New Consumption Smart Selection also performed well with over 55% returns [3][4][8] - The performance of traditional consumer stocks, such as liquor brands, has been lackluster, with the China Securities Liquor Index down approximately 8% year-to-date, indicating ongoing challenges in this sector [5][6][10] - The article discusses the potential for new consumption sectors, which focus on meeting the needs of younger consumers, to continue thriving due to favorable macroeconomic conditions, including policy support and liquidity [11][12]

Core Viewpoint - The Hong Kong stock market experienced significant adjustments due to the announcement of a 100% tariff increase by the U.S. on China, leading to a drop in the Hang Seng Index by 1.52% and the Hang Seng Tech Index by 1.82% [1] Group 1: Market Reaction - The Hang Seng Index closed at 25,889.48 points, with intraday declines exceeding 3% [1] - The Hang Seng Tech Index closed at 6,145.51 points, with intraday declines exceeding 4% [1] Group 2: Economic Outlook - Despite short-term volatility, there is cautious optimism regarding the Chinese economy and the Hong Kong stock market due to strong economic fundamentals and competitive capabilities [1][3] - The trade conflict is not a reflection of China's economic weakness but rather its robust growth and global competitiveness in various sectors [1] Group 3: Policy Measures - The likelihood of China implementing monetary easing measures, such as interest rate cuts and special government bond issuance, is high, which may mitigate the impact of U.S. tariffs [2] - China's export share to the U.S. has decreased from 19.2% in 2018 to an estimated 14.7% in 2024, indicating a reduced dependency on the U.S. market [2] Group 4: Market Valuation - After recent adjustments, the valuation of the Hong Kong stock market has returned to approximately the average level of the past 30 years, suggesting a relative valuation advantage compared to major global markets [2]

每日｜荐读 论坛： 2025母基金年度论坛圆满举办：内地携手香港，共话科创时代中国力量 荐读： 重新发现香港：科创时代的新蓝图 榜单： 「2025投资机构软实力排行榜」正式发布 热文： 今天，LP、GP都往厦门飞 截至目前，中葡经贸发展基金已完成首个投资项目的投资决策，并储备一批具有中葡合作特色的优质项目，正按计划推动相关立项及投资决策工作。 来源：横琴在线 中葡经贸发展基金于今年7月21日成立，并于8月27日完成备案。基金由中金资本运营有限公司担任基金管理人。横琴引导基金与横琴深合投资共同 出资设立，总规模为10.01亿元人民币。其中，横琴引导基金出资4亿元，占比39.96%；深合投资出资6亿元，占比59.94%；中金资本出资100万元， 占比约0.1%。 为贯彻落实国家"十四五"规划中"扩展中国与葡语国家商贸合作服务平台功能"的部署，推动横琴粤澳深度合作区建设成为中国与葡语（西语）国家经 贸合作重要枢纽，合作区设立中葡中西经贸产业发展投资基金（广东横琴）合伙企业（有限合伙），以服务中国——葡语（西语）国家经济贸易服务 中心的发展。 中葡经贸发展基金作为中国——葡语（西语）国家经济贸易服务中心的重要投融资载 ...