截至2025年9月24日 10:19，中证500质量成长指数(930939)上涨0.53%，成分股蓝晓科技(300487)上涨 5.65%，海信视像(600060)上涨5.20%，惠泰医疗(688617)上涨4.35%，鼎龙股份(300054)上涨4.16%，中 创智领(601717)上涨4.09%。500质量成长ETF(560500)上涨0.17%。 消息面上，工信部发布《智能网联汽车组合驾驶辅助系统安全要求》，进一步明确辅助驾驶系统的国家 标准。此外，2025世界智能网联汽车大会将于10月16日到18日在北京亦庄举办。本届大会以"汇智聚能 网联无限"为主题，设置开幕式、全体大会、闭幕式3场全体会议，围绕产业政策、国际合作、京津冀协 同发展等方向举办3场圆桌会，围绕政策、技术、安全、人工智能、应用、数据等方向设置6场主题论 坛，召开基础设施、芯片、通信、生态、保险等方向的多场边会。 东吴证券指出，智能车是AI时代被忽视的革命性终端，符合【去中心化、科技平权】的特征，将改变 社会生产力和生产关系。AI时代从【流量为王】转向【产品为王】，智能车的价值取决于其帮助人类 完成任务的复杂度，而非用户规模。智能车作为物 ...

9月13日，在深圳9月5日楼市新政落地不久之际，由深圳市坪山区住房和建设局指导，市房地产业协会举办、乐有家协办的坪山"好房节"金九银十启动会正 式开启。首场活动精准聚焦企业置业需求，鼓励企事业单位抓住政策放开的窗口期，在坪山实现美好安居。 深圳9.5楼市新政实施后，坪山区房地产市场迎来新变化。企事业单位购房坪山的套数限制取消，购房首付比例降低。这使得坪山区市场热度迅速提升，楼 市看房量较新政前大幅上涨。 与此同时，"好房节"进校园专场在深圳技术大学火热举行。这场高校师生专属的安家盛宴，邀请了辖区优质项目现场展示，并集结政策解读、银行信贷、智 能家装、房屋租赁等一条龙服务，还准备了惊喜好礼。活动现场热度高涨，累计接待师生家长咨询超300批次，房地产购置和租赁意向登记超100批次，现场 咨询转带看超20批次，彰显了坪山区在房产选择上的强大吸引力。乐有家在活动现场为学子提供了"大学生租房免佣金""实习直通车"等专属福利，吸引了近 百名学生咨询。 作为面向高校群体的专属安居宣传活动，"筑梦鹏城，深拥幸福"以面对面交流的形式，向深圳技术大学学子全面、直观地介绍人才补贴、安居政策、人居环 境等，让他们感受深圳的城市魅力， ...

AI Industry Trends - Shanghai plans to achieve over 20 core technology breakthroughs and build 4 high-quality incubators by 2027, aiming for an industry scale exceeding 50 billion yuan[9] - The 2025 World Robot Conference will showcase over 1,500 robot-related exhibits from more than 200 companies, highlighting advancements in robotics technology[10] AI Applications - Baidu's new digital employees can reduce recruitment cycles by 40% and improve course consultant efficiency by 40%, supporting 24/7 service and multi-agent collaboration[11] - The Owen team has open-sourced two 4B edge models, achieving an 81.3 score on the AIME25 test, outperforming competitors while being 1/7 the size of larger models[12] AI Model Innovations - Xiaomi's MiDashengLM-7B model has improved multi-modal audio understanding performance, achieving a 20-fold increase in memory utilization and reducing inference latency to 1/4 of similar models[16] - ByteDance's Seed-Prover model achieved 100% accuracy on the MiniF2F dataset and solved 78.1% of historical IMO problems, marking a significant breakthrough in mathematical reasoning[14][15] Risks and Challenges - AI software sales are below expectations, and changes in capital expenditure plans may impact product development due to supply chain constraints[24]

Group 1: Overseas Strategy - The Hong Kong stock market is expected to continue its bullish trend in the second half of the year, outperforming the A-share market. The overall increase in Hong Kong stocks has been more significant than that of A-shares since the beginning of the year, driven by sectors such as innovative pharmaceuticals, new consumption, and AI applications [1][2] - The current technology and consumer assets in the Hong Kong stock market align well with industry development trends and have superior fundamentals, which may attract continued capital inflows from the mainland [1][2] Group 2: Military Industry - The military industry is on an upward trend due to the intensifying great power competition, with increased defense spending being a necessary option. The focus of U.S. and allied defense strategies is gradually shifting towards the Indo-Pacific region, which may lead to heightened tensions around China [3][4] - The defense military index outperformed the market, rising by 0.66% during the week of July 26 to August 1, while the Shanghai Composite Index and the ChiNext Index fell by 0.94% and 0.74%, respectively [4] Group 3: Consumer Services - Gu Ming, a leading player in the domestic ready-to-drink tea market, has significant supply chain and operational advantages, with broad growth potential. The company is focusing on high-frequency product innovation and strong franchisee management to ensure consistent store operations [8][9] - The ready-to-drink beverage market has substantial growth potential, particularly in lower-tier markets, driven by increasing consumer demand and the ongoing evolution of product categories [9][10] Group 4: Cosmetics - Lin Qingxuan, a pioneer in the "oil-based skincare" segment, has successfully established a high-end brand image through its camellia oil products. The company is focusing on product innovation and expanding its product categories to enhance its market presence [11][12] - The cosmetics market is projected to grow significantly, with the anti-wrinkle and firming skincare segment expected to reach a market size of 119.8 billion yuan by 2024, growing at a CAGR of 18.9% from 2024 to 2029 [11][12]

Core Viewpoint - The A-share market is transitioning from a stock game to an incremental market, driven by significant improvements in capital inflow and supportive macro policies [1][3][2]. Capital Inflow and Market Transition - The capital inflow scale has significantly improved, contributing to the shift towards an incremental market. The trend of net outflow from actively managed public funds is narrowing, with a projected net inflow by June 2025 [3][2]. - Various types of funds, including public, quantitative, and insurance funds, are showing synchronized incremental inflows, promoting orderly rotation and structural increases in the A-share market [3][2]. Investment Strategy Shift - Investors are advised to shift from short-term trading strategies to holding strategies as liquidity gradually recovers, enhancing the attractiveness of core assets with high economic resilience [4][2]. - The focus is on sectors with low valuations and high resilience, such as overseas markets and the Hang Seng Technology sector, which are expected to attract incremental capital [2][3]. Emerging Investment Opportunities - The "outbound" sector is highlighted as a new direction for investment, with expectations of exceeding performance in the upcoming reporting season. This sector has not been fully priced in by the market [5][6]. - Specific industries, such as computer equipment, general equipment, agricultural chemicals, and home furnishings, are projected to see net profit increases of 3.2%, 2.3%, 2.2%, and 1.7% respectively for 2025 [5]. Sector Rotation and Focus Areas - Recommended sectors for investment include Hang Seng Technology, non-ferrous metals, and AI, which are expected to become focal points for capital in the current market environment [7][8]. - The Hang Seng Technology sector, despite short-term performance challenges, is anticipated to benefit from multiple catalysts in the third quarter, including domestic AI applications and optimization of domestic computing power capacity [7][8]. Long-term Trends and Global Positioning - The long-term narrative of outbound investments is shifting from being highly correlated with domestic economic cycles to being linked with global income, enhancing the liquidity and valuation of stocks [6]. - The AI and innovative pharmaceutical sectors are expected to attract continuous capital inflow due to their clear industrial trends and growth potential, making them core investment directions [7][8].

Core Viewpoint - The A-share market is transitioning from a stock game to an incremental market, driven by significant improvements in capital inflow and supportive macro policies [2][6]. Capital Inflow and Market Transition - The capital inflow scale has significantly improved, with various types of funds, including public funds, quantitative funds, and insurance, showing synchronized incremental inflows [2][3]. - The shift from net outflows to net inflows in active public funds is expected to occur by June 2025, indicating a gradual transition to an incremental market [2][3]. Investment Strategy Shift - Investors are advised to shift from short-term trading strategies to holding strategies, as the attractiveness of core assets with high economic resilience is expected to rise [2][3]. - The focus should be on sectors with low valuations and high resilience, such as overseas markets and Hang Seng Technology, which are anticipated to become key allocation directions for incremental funds [2][6]. Sector Rotation and Opportunities - Key sectors for investment include Hang Seng Technology, non-ferrous metals, and AI, each with unique investment logic and clear rotation rhythms [4][5]. - The Hang Seng Technology sector is expected to benefit from multiple catalysts, including the domestic application of AI and optimization of domestic computing power capacity [4][5]. Emerging Trends in Overseas Markets - The overseas market is seen as a new direction for investment, with significant potential for companies in the export chain to exceed performance expectations [3][4]. - Historical data indicates that overseas expansion significantly enhances companies' return on equity (ROE) and profit margins, although this potential has not yet been fully priced in by the market [3][4]. Focus on AI and Innovative Pharmaceuticals - The AI and innovative pharmaceuticals sectors are highlighted as core investment directions due to their clear industry trends and growth potential [5][6]. - The AI sector is experiencing a positive cycle driven by increased reasoning computing power and user engagement, while innovative pharmaceuticals are positioned as a resilient sector amid economic fluctuations [5][6].

Core Viewpoint - The A-share market experienced a collective rebound on June 24, with the automotive sector showing strong growth, driven by positive production and sales data from the China Association of Automobile Manufacturers (CAAM) and advancements in autonomous driving technology [1][5]. Group 1: Market Performance - On June 24, major A-share indices rebounded collectively, with significant gains in the automotive sector. The automotive parts ETF (562700) rose by 3.23%, the Hong Kong Stock Connect automotive ETF (159323) increased by 3.01%, the smart car ETF (159888) grew by 2.94%, and the new energy vehicle ETF (515030) saw a rise of 2.16% [1]. - Related concept stocks such as Zhejiang Shibao and Tongda Electric hit the daily limit, while companies like Yutong Optical, Huace Navigation, Top Group, Dalian Technology, and Guangting Information also experienced upward movement [1]. Group 2: Industry Growth - According to CAAM, in the first five months of the year, both production and sales of automobiles achieved over 10% growth, with domestic demand significantly improving due to policy support [1]. - Despite facing challenges from international uncertainties, the export of complete vehicles has shown resilience and maintained stable growth [1]. Group 3: Technological Advancements - CITIC Securities reported that Pony.ai's seventh-generation autonomous driving vehicles, based on GAC Aion, have begun public road testing in Guangzhou and Shenzhen [1]. - Companies like Jiushi, New Stone, and White Rhino are accelerating order volumes, indicating a turning point in costs and technology for the L4 autonomous driving industry this year [1]. - The current market environment is rapidly catching up with industry advancements, as technology iterations, industry patterns, and new business models continue to evolve, suggesting potential upward momentum for the sector [1].

中信证券：港股在资产配置中合理占比应为40%至 50% 数据显示，截至2025年3月16日，中证沪港深300、沪港深500及中华沪深港300指数的港股市值占比分别 为48%、45%及49%；MSCI China指数中港股占比更高达60%。此外，以恒生指数/（恒生指数+沪深 300）、中证港股通50/（中证港股通50+中证A100）等指标测算，港股市值占比均在45%至55%区间。 报告显示，截至2024年末，国内主动权益类公募基金港股持仓平均占比仅为25.5%，前十大重仓股中仅 腾讯控股一只港股。相较港股通50%的可投比例上限，增配空间显著。2025年春节后，公募基金加速提 升港股仓位，叠加保险资管、私募及零售资金流入，推动年内南向资金净买入近4000亿港元。 中信证券认为，港股走强源于两大核心优势：一是新经济核心资产集中，国产算力、互联网、智能车及 创新药四大方向在港股市场具备独占性，2023年以来港股IPO也以智驾、创新药等新经济领域为主；二 是港股龙头盈利修复弹性更大。当前A股核心资产中约45%（以万得茅指数+宁组合49家公司为样本） 尚未走出经营拐点，而港股公司净利润率及营收增速处于回升初期，后续盈利改 ...

恒生科技HKETF(513890)连续3个交易日获资金净 流入，近3月累计涨幅居同类第一！ 主动管理方面，摩根新兴动力基金（A类：377240 C类：014642）从长期视角争取把握新兴产业趋 势；摩根智慧互联基金（A类：001313 C类：016919）聚焦人工智能相关领域机会；摩根动力精选基金 （A类：006250 C类：013137）关注新能源车产业链、人形机器人等领域；摩根慧选成长基金（A类： 008314 C类：008315），布局A+H优质成长企业；摩根太平养科技基金（PRC人民币对冲（累计） 968061，PRC人民币（累计）968962，PRC美元份额（累计）968063）精选太平洋地区优质科技企业。 从资金净流入方面来看，恒生科技HKETF近3天获得连续资金净流入，最高单日获得944.97万元净 流入，合计"吸金"2220.22万元，日均净流入达740.07万元。 被动投资方面，摩根恒生科技ETF（QDII）（证券代码：513890 ，联接A类：018577，联接C类： 018578），一键布局港股科技资产；摩根中证创新药产业ETF（证券代码：560900）一键布局中国创新 药企；摩根纳斯达 ...

Core Viewpoint - The current market shows a divergence among fund managers regarding the future of the technology sector, with some indicating signs of a "bubble" and others believing that AI-driven tech stocks will remain the market's main focus despite short-term fluctuations [1][3][7]. Group 1: Market Trends - The Shanghai Composite Index has been hovering around 3400 points for about 20 trading days, with a rotation in the technology sector, particularly in AI and robotics, showing strong performance [1]. - The Hang Seng Technology Index has recently experienced a pullback after a sustained rally, indicating a need for caution in high-volatility assets [3]. - The TMT sector has accounted for 40-50% of A-share trading volume, reflecting the market's focus on AI narratives [4]. Group 2: Fund Manager Insights - Some fund managers express concerns about the potential for a bubble in growth-oriented tech stocks, suggesting that a necessary adjustment could determine future investment depth [3]. - There is skepticism regarding the sustainability of growth for AI stocks, with doubts about whether these companies can establish a competitive moat [4]. - Fund managers are advised to maintain a long-term perspective and prepare for volatility, emphasizing the importance of rational decision-making in the face of market uncertainty [7][9]. Group 3: Investment Opportunities - There is a belief that the technology manufacturing sector can remain optimistic, but attention should be paid to the valuation and execution capabilities of specific sub-sectors [5]. - High "cost-performance" sectors are emerging, with some funds looking to shift towards industries with solid fundamentals and reasonable valuations, such as non-ferrous metals and food and beverage [6]. - The Hong Kong high-dividend strategy remains attractive, with a current dividend yield around 7.2%, appealing compared to higher-valued A-share dividend assets [6].