Group 1: Macro Economic Overview - In August, economic data continued to decline, following the weakening trend observed in July, with most indicators showing a downward trajectory [3] - Looking ahead, exports are expected to decline in the fourth quarter, with insufficient domestic demand in consumption, real estate, and prices remaining a constraint, leading to a short-term policy response that is likely to be supportive but not aggressive [3] - Specific areas of concern include a continued decline in consumption due to diminishing effects of trade-in policies, a rapid decline in investment across real estate, manufacturing, and infrastructure, and a slight decrease in industrial production [3] Group 2: Fixed Income Market Insights - Economic data indicates a comprehensive decline, suggesting increased downward pressure on the economy, with demand slowdown beginning to affect supply [5] - The fixed income market is expected to experience volatility in the short term, with a gradual recovery anticipated as various disruptive factors stabilize [6] - The high-frequency index for basic economic indicators stands at 127.6 points, with a year-on-year increase of 5.6 points, indicating stable yet cautious economic conditions [7] Group 3: AI and Storage Industry - The enterprise storage market is projected to reach approximately $87.8 billion by 2025, with a compound annual growth rate (CAGR) of about 18.7% from 2024 to 2028, driven by increasing AI demand [8] - AI server memory costs are significantly higher than traditional CPU servers, with DRAM costs for AI servers reaching $7,860 compared to $3,930 for CPU servers, highlighting the growing value of storage in AI applications [8] - Major storage manufacturers are raising prices due to supply constraints, with companies like SanDisk increasing flash memory prices by 10%, indicating a bullish trend in the storage market [10] Group 4: Company-Specific Insights - Dongyangguang (600673.SH) is strategically transforming to respond to the surging global demand for AI computing power, aiming to create a comprehensive ecosystem that integrates green energy, hardware technology, computing facilities, AI applications, and operational services [13] - The company is expected to achieve revenues of 15.7 billion, 24.8 billion, and 30 billion yuan from 2025 to 2027, with corresponding net profits of 1.4 billion, 2.2 billion, and 2.8 billion yuan, reflecting a strong growth trajectory [13] - Zhongsheng Pharmaceutical (002317.SZ) is experiencing steady growth, leveraging its advantages in new drug development technologies in the respiratory and metabolic disease sectors, with several products expected to yield positive results [18]

上周(9月8日-9月14日)共有129家公募机构参与了154家A股上市公司的调研，合计调研频次达702次。行 业方面，电力设备成为上周最受公募调研青睐行业，合计调研次数达143次。此外，电子、计算机、医 药生物、汽车、有色金属等行业亦获得较高关注。富国基金认为，后续将逢低布局具有产业趋势或政策 逻辑的方向。科技板块仍是行情核心主线，关注AI、机器人、创新药等，与市场行情联动性较强的非 银金融也有望持续受益。此外，根据政策节奏增加对存在政策倾斜的服务消费，以及受益于反内卷和海 外降息后流动性环境和制造业修复的化工、有色、新能源等方向的关注。 ...

Core Viewpoint - The Hong Kong stock market is expected to experience a new round of upward movement driven primarily by liquidity, with both internal and external liquidity being abundant [1] Group 1: Market Performance - The earnings growth rate of Hong Kong-listed companies is at a historically low level, indicating a significant divergence between new and old economic structures [1] - A structural market driven by technology is supported by solid profit growth [1] Group 2: Investment Strategy - The recommended investment focus includes three offensive sectors: technology, non-ferrous metals, and non-bank financials, along with two defensive sectors: turnaround situations and dividend stocks [1]

Core Insights - The automotive industry experienced the highest net inflow of capital today, amounting to 3.166 billion, with a price change of 1.44% and a turnover rate of 3.72% [1] - The electronics industry faced the largest net outflow of capital, totaling 8.773 billion, with a price change of -0.04% and a turnover rate of 3.81% [2] Industry Summary - **Automotive** - Trading volume: 8.261 billion - Change in trading volume: -0.47% - Turnover rate: 3.72% - Price change: 1.44% - Net capital inflow: 3.166 billion [1] - **Electronics** - Trading volume: 10.601 billion - Change in trading volume: -13.19% - Turnover rate: 3.81% - Price change: -0.04% - Net capital outflow: -8.773 billion [2] - **Media** - Trading volume: 5.930 billion - Change in trading volume: -2.46% - Turnover rate: 4.04% - Price change: 1.94% - Net capital inflow: 0.723 billion [1] - **Agriculture, Forestry, Animal Husbandry, and Fishery** - Trading volume: 2.976 billion - Change in trading volume: 4.55% - Turnover rate: 3.12% - Price change: 1.79% - Net capital inflow: 0.436 billion [1] - **Coal** - Trading volume: 2.343 billion - Change in trading volume: 10.37% - Turnover rate: 1.79% - Price change: 1.32% - Net capital inflow: 0.334 billion [1] - **Real Estate** - Trading volume: 7.917 billion - Change in trading volume: 6.39% - Turnover rate: 3.61% - Price change: 0.49% - Net capital outflow: -2.014 billion [2] - **Banking** - Trading volume: 4.541 billion - Change in trading volume: 1.16% - Turnover rate: 0.34% - Price change: -0.90% - Net capital outflow: -3.418 billion [2] - **Telecommunications** - Trading volume: 4.114 billion - Change in trading volume: -22.56% - Turnover rate: 2.35% - Price change: -1.52% - Net capital outflow: -6.633 billion [2] - **Computer** - Trading volume: 7.596 billion - Change in trading volume: -13.89% - Turnover rate: 4.25% - Price change: -0.24% - Net capital outflow: -7.220 billion [2]

Investment Rating - The industry investment rating is "Outperform the Market" [3][22]. Core Viewpoints - The report indicates that macro narratives, disappointing domestic economic data for July, the Federal Reserve's open stance on interest rate cuts, and abundant market liquidity are key factors driving market strength. The report anticipates that after fluctuations, non-bank financials, represented by brokerages, are likely to show an upward trend [1][9]. - The report emphasizes the importance of focusing on the strengthening trends in the brokerage and financial IT sectors, recommending specific stocks such as Guolian Minsheng and those with valuation expansion potential like Dongfang Securities and Huatai Securities [1][10]. Summary by Sections 1. Main Points - The report covers the performance of the CSI 300 index at 4522 points (up 1.38%), the insurance index at 1288.79 points (down 0.7%), and the brokerage index at 7251.34 points (up 0.66%) for the week of September 8-12, 2025 [7]. - The report notes that the U.S. CPI for August met expectations, but initial jobless claims data was unexpectedly poor, reinforcing expectations for three interest rate cuts by the Federal Reserve before the end of the year [7][8]. 2. Key Investment Portfolio 2.1 Insurance Sector - The insurance sector is viewed as having attractive valuation recovery potential, with specific recommendations for stocks such as China Ping An, China Pacific Insurance, and New China Life Insurance [12]. 2.2 Brokerage Sector - The report highlights the potential of mid-sized securities firms benefiting from innovation and market conditions, recommending stocks like Dongfang Wealth and Zhejiang Securities. It also suggests focusing on leading firms with diversified revenue structures such as Huatai Securities and China Galaxy Securities [13].

Core Viewpoint - The People's Bank of China (PBOC) has announced adjustments to the evaluation method for primary dealers in the open market, aiming to enhance the transmission of monetary policy and adapt to the evolving financial market [1][2]. Group 1: Evaluation Method Adjustments - The adjustment of the primary dealer evaluation is a crucial part of the transformation of the monetary policy framework, with the PBOC first establishing primary dealers in 1996 and implementing a regular evaluation mechanism in 2004 [2]. - The new evaluation indicators have been significantly streamlined, emphasizing the importance of monetary policy transmission and bond market making, which includes assessing the volume, price, and coverage of funds lent by institutions [2][3]. - The evaluation method now categorizes different types of institutions for assessment, promoting diversity among primary dealers and enhancing their roles in supporting the central bank's macroeconomic control and policy transmission [3]. Group 2: Compliance and Transition Period - The new evaluation method underscores the importance of compliance, stating that institutions engaging in improper conduct during the evaluation period will have their dealer qualifications suspended [3]. - A transition period has been established, with the list of primary dealers remaining unchanged for the 2025 fiscal year, allowing institutions time to adapt to the new evaluation criteria [3].

Summary of Conference Call Records Industry or Company Involved - The conference call discusses the performance and outlook of the A-share and Hong Kong stock markets, particularly focusing on the impact of global liquidity, currency fluctuations, and sector performance. Core Points and Arguments 1. **Global Liquidity and Market Performance** Global liquidity easing is beneficial for risk assets, with both Hong Kong and A-shares expected to benefit. The U.S. Treasury's actions, such as increasing short-term debt issuance, may further lower U.S. interest rates, supporting risk asset growth [1][4]. 2. **AH Premium Narrowing** The narrowing of the AH premium is influenced by changes in U.S.-China interest rate differentials and shifts in market expectations regarding China's long-term growth. The AH premium has decreased from 35-40% to below 20% this year [1][5]. 3. **RMB Appreciation and Market Sentiment** The appreciation of the RMB enhances market risk appetite and supports downward space, leading to foreign capital inflows. Historical data shows significant foreign capital inflows during RMB appreciation periods, with passive funds reacting more strongly [1][6]. 4. **Sector Performance in Hong Kong** The technology sector in Hong Kong is poised for a dual boost in valuation and sentiment. Major internet companies are gaining attention for their AI, gaming, and cloud services, despite competitive pressures [1][7]. 5. **Foreign Investment Trends** There is a noticeable increase in foreign interest in Chinese assets, particularly in A-shares and Hong Kong stocks. The inflow of passive funds is outpacing market growth, indicating potential for further allocation increases [1][8]. 6. **Sectoral Benefits from RMB Appreciation** During RMB appreciation, the technology sector leads in performance, while sectors like non-ferrous metals, agriculture, home appliances, and machinery benefit from reduced cost pressures and advantages in overseas markets [1][9][10]. 7. **Investment Recommendations for Hong Kong** Recommendations for Hong Kong investments include a focus on technology, followed by non-bank financials and traditional consumer goods, as these sectors may gain further advantages amid foreign capital inflows and RMB appreciation [1][11]. 8. **Sentiment Indicators for Investment Decisions** Sentiment indicators can objectively measure market participant emotions, providing insights for investment timing. A divergence between personal sentiment and sentiment indicators may signal good entry points [2][12]. 9. **Performance of Overseas Chinese Stocks** The performance of overseas Chinese stocks in the first half of 2025 was stable, with revenue growth around 2% and profit growth around 5%. The financial sector showed slight declines, while non-financial sectors remained robust [1][13][14]. 10. **Sector Highlights in Financial Reports** The technology hardware and new consumption sectors showed strong revenue and profit growth, while the internet and automotive sectors faced challenges but are still in a revenue growth phase [1][15][16]. 11. **Cash Flow and ROE Trends** The cash flow situation for overseas Chinese stocks is improving, with operating cash flow rising and dividend payouts increasing by about 10%. The return on equity (ROE) has slightly improved, driven by net profit margin enhancements [1][18][20]. 12. **Market Dynamics and Future Outlook** The A-share market has shown signs of recovery, with active trading and sector trends becoming more pronounced. The outlook for domestic fundamentals remains positive, with expectations of stabilization in capacity cycles [1][22][23]. 13. **Investment Selection Criteria** Investment selection is based on inventory and capacity cycles, with recommendations for sectors showing signs of recovery and improvement in order trends, such as TMT and high-end manufacturing [1][29]. Other Important but Possibly Overlooked Content - The overall sentiment in the market is influenced by external factors, including U.S. Federal Reserve policies, which are expected to favor growth sectors like pharmaceuticals and technology in Hong Kong [1][25]. - The internal competition in the Hong Kong market is less severe compared to A-shares, providing a more favorable environment for certain sectors [1][19].

Group 1 - The core viewpoint of the articles highlights the increasing inflow of southbound funds into Hong Kong stocks, making them a focal point for global capital allocation towards Chinese assets. As of September 12, 2025, the net inflow of southbound funds reached 1,072.886 billion HKD, contributing to a year-to-date increase of 31.55% in the Hang Seng Index and 28.46% in the Hang Seng China Enterprises Index [1][2] - The launch of the first Hong Kong large-cap 30 ETF by Huabao Fund aims to provide investors with an innovative tool to capture investment opportunities in "core Chinese assets" within the Hong Kong market. This ETF tracks the Hang Seng China (Hong Kong-listed) 30 Index, which consists of the 30 largest companies listed in Hong Kong [1][2] - The investment logic for Hong Kong stocks has shifted from "offshore marketization" to "onshore marketization," with a more diversified investment style and an expansion of profit models, which supports the sustainability of the Hong Kong stock market [2] Group 2 - The Hang Seng China (Hong Kong-listed) 30 Index exhibits higher concentration and lower volatility compared to the Hang Seng China Enterprises Index and the Hang Seng Index. The top ten constituent stocks account for 74% of the index, significantly higher than the 56% for the Hang Seng China Enterprises Index [3][4] - The index has shown significant excess returns since its base date of January 3, 2000, with a cumulative increase of 368.50% by August 31, 2025, outperforming the Hang Seng China Enterprises Index and the Hang Seng Index by 14.90% and 320.66%, respectively [5] - As of the end of August 2025, the Hang Seng China (Hong Kong-listed) 30 Index has a price-to-earnings ratio of 9.8, which is more favorable compared to the Hang Seng China Enterprises Index's 10.2, indicating a better valuation advantage [7] Group 3 - Huabao Fund has established itself as a leading player in the ETF market, with a total asset management scale of 121.98 billion CNY as of September 11, 2025, and five ETFs exceeding 10 billion CNY in size, making it one of the companies with the most large-scale industry-themed ETFs [9][10] - The fund has developed a diverse range of ETFs focusing on high-tech strategic emerging industries, including medical, financial technology, and internet sectors, contributing to a robust "hard technology" ETF product matrix [10][11] - Huabao Fund has also focused on creating a "high dividend ETF family," which includes various high-dividend ETFs, catering to long-term capital allocation strategies [10]

Group 1 - The Federal Reserve is expected to restart interest rate cuts in September 2024, with three cuts anticipated in 2024, but no cuts since then due to various uncertainties [1] - Recent U.S. inflation data shows a slight increase, with the August CPI rising 2.9% year-on-year and core CPI at 3.1%, compared to 2.7% and 3.0% respectively in the previous month [1] - Non-farm employment data for August indicates an increase of 22,000 jobs, which is below market expectations, and a significant downward revision of 911,000 jobs for the period from April 2024 to March 2025 [1] Group 2 - The market probability for the Federal Reserve to cut rates in September exceeds 90%, with probabilities for cuts in October and December also above 70% [1][3] - Historical analysis shows that during previous Fed rate cut cycles, sectors such as non-bank financials and growth stocks in A-shares and Hong Kong stocks tend to perform well [6][7] - In the short term (around 11 weeks), sectors benefiting from market activity, such as non-bank financials, have shown strong performance, while in the medium term (around 20 weeks), sectors like computers, electronics, and communications in A-shares have led in gains [6][7]

Core Viewpoint - The People's Bank of China (PBOC) announced adjustments to the evaluation method for primary dealers in the open market, effective from 2025, with the current list of primary dealers remaining unchanged for that year [1][2]. Group 1: Evaluation Method Adjustments - The adjustment of the primary dealer evaluation is a crucial part of the transformation of the monetary policy framework [1]. - The evaluation indicators have been updated to better serve the monetary policy framework transformation, now categorized into four main categories with seven items, significantly reducing the number of indicators [1][2]. - The new evaluation emphasizes the importance of monetary policy transmission and bond market making, enhancing the role of primary dealers in financial intermediation [1][2]. Group 2: Market Stability and Compliance - The evaluation will assess the performance of institutions in stabilizing the market during periods of financial tension, focusing on the volume, price, and coverage of funds [1]. - The assessment of bond market making will include the institutions' quoting and transaction performance, particularly during periods of bond market volatility [2]. - Institutions that engage in improper conduct during the evaluation period will face suspension of their dealer qualifications, reinforcing compliance and discipline among primary dealers [2]. Group 3: Diversification and Institutional Roles - The revised evaluation method will implement differentiated assessments for various types of institutions, promoting diversity among primary dealers [2]. - This change aims to enhance the effectiveness of different types of institutions in supporting the central bank's macroeconomic regulation, policy transmission, and tool innovation [2].