Report Industry Investment Rating No relevant information provided. Core View of the Report - The Fed's interest rate cut process has entered a new stage, and emerging markets are expected to迎来 stronger upward momentum. The current market is still dominated by liquidity. There is a need for asset allocation adjustment among foreign investors, institutions, and residents in the domestic market. There is room for further increase in the equity market, and funds actively buy during the correction phase. The market is judged to maintain a bullish pattern. The technology sector and themes related to "anti-involution" continue to be active, and the CSI 1000 and CSI 500 indices are expected to continue their relatively strong performance [3]. Summary by Related Catalogs Market Analysis - Domestically, the State Council Information Office held a press conference to introduce policies and measures to expand service consumption. China will select about 50 pilot cities for new consumption formats, models, and scenarios, introduce a series of policy documents, promote the application of artificial intelligence in service consumption, and use structural monetary policy tools to increase capital supply in the consumption field. During the consumption month, more than 25,000 cultural and tourism consumption activities will be carried out across the country, and more than 330 million yuan in consumption subsidies will be issued. Overseas, the Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 4.00%-4.25%, the first rate cut this year and the first since a nine-month pause. Powell said that employment growth has slowed, the risk of employment decline has increased, the labor market is less active than before and slightly weak; inflation has recently risen and is still slightly high; commodity inflation has accelerated, and the decline in service inflation continues; the risk of persistent inflation needs to be managed, and the inflation risk tends to the upside. The probability of the Fed cutting interest rates in October is expected to exceed 90% according to US interest rate futures [1]. Spot Market - A-share indices closed with an upward trend. The Shanghai Composite Index rose 0.37% to close at 3876.34 points, and the ChiNext Index rose 1.95%. In terms of industries, most sector indices rose, with the power equipment, automobile, coal, and home appliance industries leading the gains, while the agriculture, forestry, animal husbandry and fishery, commerce and trade retail, and social service industries leading the losses. The trading volume of the Shanghai and Shenzhen stock markets was 2.4 trillion yuan on the day. Overseas, the three major US stock indices closed mixed, with the Dow Jones Industrial Average rising 0.57% to 46018.32 points [2]. Futures Market - In terms of basis, this Friday is the delivery day of the current-month contract, and the basis tends to converge. In terms of trading volume and open interest, the trading volume of stock index futures increased, and the open interest of IH increased [2]. Strategy - The Fed's interest rate cut process has entered a new stage, and emerging markets are expected to迎来 stronger upward momentum. The current market is still dominated by liquidity. There is a need for asset allocation adjustment among foreign investors, institutions, and residents in the domestic market. There is room for further increase in the equity market, and funds actively buy during the correction phase. The market is judged to maintain a bullish pattern. The technology sector and themes related to "anti-involution" continue to be active, and the CSI 1000 and CSI 500 indices are expected to continue their relatively strong performance [3]. Macroeconomic Charts - Include charts such as the US dollar index and A-share trends, US Treasury yields and A-share trends, RMB exchange rate and A-share trends, and US Treasury yields and A-share style trends [10][9]. Spot Market Tracking Charts - The table shows the daily performance of major domestic stock indices on September 17, 2025, including the Shanghai Composite Index, Shenzhen Component Index, ChiNext Index, CSI 300 Index, SSE 50 Index, CSI 500 Index, and CSI 1000 Index, along with their daily changes [12]. Futures Market Tracking Charts - The table shows the open interest and trading volume of stock index futures (IF, IH, IC, IM), as well as the basis (futures - spot) and inter - delivery spread of stock index futures [15][36][44].

深圳证券交易所上市公司2025年上半年"成绩单"近期出炉，展现出较强发展韧性。截至2025年8月31 日，共有2873家深市上市公司如期披露2025年半年度报告。数据显示，深市公司营收净利双增长，业绩 稳中向好态势明显，龙头公司表现亮眼，引领作用显著，研发投入持续加大，战略性新兴产业公司增势 强劲，新的动能持续累积。 整体来看，深市公司2025年上半年实现营业收入合计10.24万亿元，同比增长3.64%，其中第二季度实现 营业收入合计5.36万亿元，环比增长9.78%。深市公司2025年上半年实现归属于母公司股东的净利润 5954.56亿元，同比增长8.88%，近八成公司实现盈利，超过五成公司实现净利润同比增长，超过两成公 司盈利同比增长超50%。 主板公司中创新蓝筹发挥"市场稳定器"作用。已披露半年报的1489家深市主板公司合计实现营业收入 8.19万亿元，平均实现营业收入54.99亿元，共计801家公司营业收入同比增长，占比53.8%，822家公司 净利润同比增长，占比55.2%，其中92家公司实现扭亏为盈；571家公司实现营收净利双增长，占比 38.35%。 龙头公司业绩表现亮眼。截至8月29日收盘，深 ...

Market Performance - On September 17, 2025, the market opened low and closed high, with the ChiNext Index reaching a new high for the period. The Shanghai Composite Index rose by 0.37%, the Shenzhen Component Index increased by 1.16%, and the ChiNext Index gained 1.95%[3] - The total market turnover was 24,029.16 billion CNY, an increase of 358.68 billion CNY compared to the previous trading day[3] Sector and Style Analysis - Among the 30 CITIC first-level industries, most sectors saw gains, with the top performers being Comprehensive Finance (3.93%), Electric Equipment and New Energy (2.90%), and Automotive (2.13%). The laggards included Consumer Services (-1.07%), Agriculture, Forestry, Animal Husbandry, and Fishery (-0.98%), and Retail (-0.95%)[21] - In terms of investment style, growth stocks outperformed value stocks, with large-cap growth leading small-cap value, and fund-heavy stocks performing better than the CSI All Share Index[21] Capital Flow - On September 17, 2025, the net outflow of main funds was 383.06 billion CNY, with large orders contributing to the outflow of 212.53 billion CNY and super large orders accounting for 170.53 billion CNY. Small orders saw a continuous net inflow of 473.14 billion CNY[26] - Southbound funds recorded a net inflow of 94.41 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 21.56 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 72.85 billion HKD[5] Global Market Overview - On September 17, 2025, major Asia-Pacific indices showed mixed results, with the Hang Seng Index rising by 1.78% to 26,388.16 points and the Nikkei 225 Index declining by 0.25% to 44,790.38 points[33] - European indices generally fell on September 16, 2025, with the DAX Index down 1.77% and the FTSE 100 Index down 0.88%[34]

Market Overview - The equity market saw all major indices rise last week, with the Sci-Tech 50 increasing by 5.48% and both the Small and Medium-sized Board Index and the CSI 500 rising over 3% [3] - Among the 31 first-level industries, 26 experienced gains, with the top five performing sectors being electronics, real estate, agriculture, media, and non-ferrous metals; the bottom five were comprehensive, banking, oil and petrochemicals, pharmaceuticals, and leisure services [3] Public Fund Market - The National Development and Reform Commission issued a notice to further promote the regular application and recommendation of real estate investment trusts (REITs) in the infrastructure sector [4] - The average increase for equity funds was 2.28%, while fixed income plus funds rose by 0.16%, with a positive return ratio of 54.51%; pure bond funds saw an average decline of 0.15% [4] - The overall equity fund position was measured at 78.29% as of September 12, 2025, an increase of 1.25 percentage points from the previous period [4] ETF Market - The ETF market experienced a net inflow of 4.434 billion yuan last week, with cross-border ETFs seeing a net inflow of 18.693 billion yuan, while stock ETFs had a net outflow of 5.382 billion yuan [5] - The average daily trading volume in the ETF market reached 439.932 billion yuan, with a daily turnover rate of 10.20% [5] - Major inflow themes included brokerages, batteries, and Hong Kong innovative pharmaceuticals, while broad-based funds continued to see outflows [5] Fund Issuance - A total of 55 new funds were issued last week, an increase of 11 from the previous period, with 39 newly established funds, up by 1 [6] - The total amount raised by new funds was 21.794 billion yuan, a decrease of 5.779 billion yuan from the prior period [6]

创业板指涨近2% 9月17日，A股三大股指收涨，但个股跌多涨少。板块分化明显，电力设备、汽车、电子等板块走高，而传统消费 板块依旧弱势。市场交投活跃，交易量增至2.4万亿元。 受访人士认为，这一现象反映出当前资金结构存在失衡，流动性分布也不够均衡，呈现出明显的虹吸效应。展望 未来，A股有望迎来杠杆资金、居民存款迁移以及外资回流这三重资金的驱动，因此，市场对于指数下半年进一步向 上的拓展空间仍保持乐观预期。 A股今日上午盘中一度下挫，之后回升。截至收盘，沪指收涨0.37%报3876.34点，创业板指收涨1.95%报3147.35 点，深证成指收涨1.16%。科创50、沪深300、上证50微涨 ，北证50则微跌。 个股收跌居多，共有2504只个股收涨，涨停股80只；2757只个股收跌，跌停股4只。从资金面来看，杠杆资金仍 在加速入市，沪深京两融余额增至2.39万亿元。此外，今日A股日成交额略有放量，增至2.4万亿元。 收涨板块居多，尤其是科技股表现突出。其中，电力设备、汽车板块涨幅超过2%，家用电器、煤炭、综合、机械 设备和电子等板块也均有不错表现。 | 名称 | . | 涨幅% ↓ | 涨停家数 | 20日涨幅 ...

Group 1 - The Biotech Index (970038) closed at 2403.29 points, down 0.55%, with a trading volume of 25.269 billion yuan and a turnover rate of 1.59% [1] - Among the index constituents, 11 stocks rose, led by Jingxin Pharmaceutical with a 2.67% increase, while 38 stocks fell, with Yaoshi Technology leading the decline at 5.11% [1] - The top ten constituents of the Biotech Index include major companies such as Mindray Medical, with a weight of 13.82% and a market cap of 290.246 billion yuan, and other notable firms like Tigermed and Changchun High-tech [1] Group 2 - The net outflow of main funds from the Biotech Index constituents totaled 1.789 billion yuan, while retail investors saw a net inflow of 1.354 billion yuan [3] - Specific stocks like Boteng Co. experienced a net inflow of 73.5819 million yuan from main funds, while others like Jiayin Pharmaceutical saw a net outflow of 4.8669 million yuan [3] - The overall trend indicates a mixed sentiment among institutional and retail investors, with significant movements in individual stocks reflecting varying levels of confidence [3]

（原标题：10.63亿元主力资金今日撤离农林牧渔板块） 农林牧渔行业资金流入榜 农林牧渔行业资金流出榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002714 | 牧原股份 | -2.02 | 1.44 | -33879.20 | | 300498 | 温氏股份 | 0.00 | 0.96 | -10576.08 | | 600598 | 北大荒 | -0.81 | 1.00 | -4766.90 | | 603477 | 巨星农牧 | -1.72 | 3.63 | -4196.84 | | 002100 | 天康生物 | -0.87 | 4.91 | -4017.70 | | 603717 | 天域生物 | -5.73 | 15.79 | -3627.87 | | 002311 | 海大集团 | -3.01 | 0.67 | -3574.01 | | --- | --- | --- | --- | --- | | 002385 | 大北农 | -0.92 | 2.64 | -3509.31 ...

Core Viewpoint - The A-share and Hong Kong stock markets experienced a strong rally, driven by the technology growth sector, with significant gains in the ChiNext Index and the Hang Seng Technology Index, indicating a positive market sentiment ahead of anticipated Federal Reserve interest rate cuts [1][2]. Market Performance - A-share market continued its upward trend, with the ChiNext Index breaking through 3100 points, closing up 1.95% at 3147.35 points. The Shanghai Composite Index rose 0.37% to 3876.34 points, while the Shenzhen Component increased by 1.16% to 13215.46 points. The total market turnover reached 2.4 trillion yuan, an increase of 359 billion yuan from the previous trading day [2]. - In the Hong Kong market, the Hang Seng Index rose 1.78% to 26908.39 points, and the Hang Seng Technology Index surged 4.22% to 6334.24 points, with significant inflows from southbound funds totaling 9.441 billion HKD [2]. Industry Highlights and Driving Logic - The A-share market saw a dual drive from high-end manufacturing and technology sectors, with the new energy industry chain experiencing a broad rally. The power equipment sector led with a 2.55% increase, while the automotive sector rose 2.05%, supported by better-than-expected new energy vehicle export data [3]. - In the Hong Kong market, technology and education sectors saw significant gains, with the Sapphire Index soaring 7.45% and the online education index rising 6.66%, driven by improved policy expectations [3]. Underperforming Sectors and Driving Logic - In the A-share market, consumer and cyclical sectors showed weak performance, with the agriculture, forestry, animal husbandry, and fishery sector declining by 1.02% due to falling pork prices. The retail and social services sectors also faced declines of 0.98% and 0.86%, respectively, due to weak consumption data [4]. - In the Hong Kong market, the precious metals and healthcare sectors faced significant declines, with the precious metals index dropping 2.20% amid concerns over overbought conditions in gold [4]. Investment Strategy Recommendations - The market exhibited a structural characteristic of "growth dominance, value consolidation," with a focus on technology and high-end manufacturing in the medium to long term. The A-share market is advised to focus on "new energy + hard technology" dual lines, particularly in the lithium battery and semiconductor sectors [5][6]. - For the Hong Kong market, a strategy focusing on "technology leaders + policy beneficiaries" is recommended, particularly in AI chips and cloud computing sectors, which still have upward potential [5][6].

FICC日报 | 2025-09-17 科技活跃，创业板收红 市场分析 政策促消费。国内方面，商务部等九部门发布《关于扩大服务消费的若干政策措施》，提出五方面19条举措，其中 8项与"高品质服务供给"有关。文件提出，开展"服务消费季"系列促消费活动；支持优质消费资源与知名IP跨界合 作；扩大电信、医疗、教育等领域开放试点；有序扩大单方面免签国家范围；优化学生假期安排，完善配套政策 等。文件还首次提出开展消费新业态新模式新场景试点城市建设。海外方面，美国8月零售销售额环比增长0.6%， 连续第三个月超预期增长。经通胀调整后的实际零售销售同比增长2.1%，实现连续第11个月正增长。 指数震荡。现货市场，A股三大指数收盘震荡收红，沪指涨0.04%收于3861.87点，创业板指涨0.68%。行业方面， 板块指数涨多跌少，机械设备、计算机、商贸零售、汽车行业涨幅居前，农林牧渔、银行、有色金属、国防军工 行业跌幅居前。当日沪深两市成交金额为2.3万亿元。海外方面，利率决议公布前夕，市场情绪偏谨慎，美国三大 股指小幅收跌，道指跌0.27%报45757.90点。 期指增仓。期货市场，基差方面，本周五当月合约交割，当日IH、I ...

Market Overview - The Shanghai Composite Index increased by 0.37% with a trading volume of 1,231.67 million shares and a transaction amount of 19,435.79 billion yuan, representing a 3.06% increase compared to the previous trading day [1] Industry Performance - The top-performing industries included: - **Electric Power Equipment**: Increased by 2.52% with a transaction amount of 2,240.46 billion yuan, up 5.24% from the previous day, led by Zhejiang Hengwei with a rise of 19.99% [1] - **Automobile**: Increased by 1.90% with a transaction amount of 1,277.96 billion yuan, up 0.71%, led by Haon Automotive with a rise of 14.21% [1] - **Coal**: Increased by 1.79% with a transaction amount of 126.73 billion yuan, up 21.96%, led by Lu'an Environmental Energy with a rise of 7.13% [1] - The worst-performing industries included: - **Petroleum and Petrochemicals**: Decreased by 1.12% with a transaction amount of 83.90 billion yuan, up 5.09%, led by *ST Xinchao with a decline of 2.58% [2] - **Retail Trade**: Decreased by 0.85% with a transaction amount of 313.00 billion yuan, up 0.92%, led by Sanjiang Shopping with a decline of 6.63% [2] - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Decreased by 0.81% with a transaction amount of 172.79 billion yuan, down 15.67%, led by Bangji Technology with a decline of 7.64% [2]