注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 银河证券表示，预计2026年美联储将持续降息，中美关系相对稳定，但地缘政治风险仍存。中国宏观政 策将保持连续性，经济增长韧性较强，扩大内需与反内卷政策推动通胀回升。A股市场流动性有望向 好，估值合理，盈利改善可期，尤其是新兴产业发展与中国经济转型将驱动盈利增长。 国内经济或处于复苏阶段，围绕人工智能展开的科技叙事仍在延续，市场向好仍有支撑，配置上或可以 具代表性的宽基为核心，优先中证A500ETF（159338）与上证综指ETF（510760），或可较好应对未来 一段时间较高波动的市场行情。 ...

国内经济或处于复苏阶段，围绕人工智能展开的科技叙事仍在延续，市场向好仍有支撑，配置上或可以 具代表性的宽基为核心，优先中证A500ETF（159338）与上证综指ETF（510760），或可较好应对未来 一段时间较高波动的市场行情。 （文章来源：每日经济新闻） 中泰证券表示，展望后市，本轮科技行情远未结束，在短期回调后有望延续。核心原因在于，美股发生 AI产业基本面逆转的可能性较低，后续仍会给予A股对标公司较大估值增长空间。从美股看，一方面， AI龙头业绩增长仍然强势。另一方面，美股上市公司回购也较大程度对冲了机构减持压力。在业绩高 增和超大规模回购托底下，可能出现高位震荡和个股层面的内部出清，但与2000年那种"科技泡沫整体 破裂"的系统性崩塌还相去甚远。就A股而言，当前AI板块行情的发展阶段，大致对应美股2023~2024年 资金从硬件向应用扩散的时期，硬件基础设施行情已充分演绎，设备材料环节正在发酵，应用层面刚刚 起步。这或意味着，AI行情远未进入尾声。 ...

每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 国内经济或处于复苏阶段，围绕人工智能展开的科技叙事仍在延续，市场向好仍有支撑，配置上或 可以具代表性的宽基为核心，优先中证A500ETF（159338）与上证综指ETF（510760），或可较好应对 未来一段时间较高波动的市场行情。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参 考，不构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险 等级相匹配的产品。基金有风险，投资需谨慎。 沪指震荡回落，资金逢低抢筹，上证综指ETF（510760）连续5日净流入超3.6亿元。 华鑫证券表示，目前A股牛市行情仍处中段，等待后续居民存款、公募、外资等增量资金接力入 市。预计 ...

华鑫证券表示，短期A股陷入4000点拉锯战，外部美元指数回升压制科技估值，内部科技获利盘累 积、部分科技财报不及预期且科技持仓集中度过高，三大因素导致A股震荡分化，风格再平衡。目前A 股牛市行情仍处中段，等待后续居民存款、公募、外资等增量资金接力入市。预计11月A股震荡运行， 风格再均衡，关注交易端的低位补涨、业绩端的盈利修复和政策端的科技主题三大方向。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 国内经济或处于复苏阶段，围绕人工智能展开的科技叙事仍在延续，市场向好仍有支撑，配置上或 可以具代表性的宽基为核心，优先中证A500ETF（159338）与上证综指ETF（510760），或可较好应对 未来一段时间较高波动的市场行情。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不 预示未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或 ...

（文章来源：每日经济新闻） 华龙证券表示，基本面稳中有进支撑市场。一些短期扰动因素对市场影响有限，基本面稳中有进支撑市 场。一方面，政策支持下内需端呈现稳定恢复，另一方面，外需端保持韧性，尽管局部仍存在的贸易保 护主义时有发生，但外贸环境总体保持稳定。 国内经济或处于复苏阶段，围绕人工智能展开的科技叙事仍在延续，市场向好仍有支撑，配置上或可以 具代表性的宽基为核心，优先中证A500ETF（159338）与上证综指ETF（510760），或可较好应对未来 一段时间较高波动的市场行情。 ...

Core Insights - The overall market has shown strong resilience since the index surpassed 4000 points, with a continuous upward shift despite occasional fluctuations [1] - The calendar effect is expected to re-emerge as the end of 2025 approaches, supported by the ongoing restructuring of international monetary order and significant breakthroughs in the renewable energy battery sector [1] - China's innovative industries are gradually realizing performance results, which is anticipated to continue supporting the performance of Chinese assets [1] Economic and Market Outlook - The domestic economy appears to be in a recovery phase, with the narrative surrounding artificial intelligence continuing to gain traction [1] - The market outlook remains positive, with recommendations for broad-based core allocations, particularly in the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760), which may better withstand the anticipated high volatility in the near term [1]

Core Insights - The Shanghai Composite Index ETF (510760) has achieved significant excess returns, leading investors to a level above 5100 points, while the A-share market is around the 4000 points mark [1][5]. Performance Summary - The Shanghai Composite Index ETF has outperformed the Shanghai Composite Index by over 30% since its inception, with a total return of 49.30% compared to the index's 19.25% [2][3]. - The ETF's performance over various time frames shows consistent excess returns: 24.42% in the past year, 52.58% in the past three years, and 53.54% in the past five years, with excess returns of 3.84%, 15.90%, and 30.89% respectively [3]. Dividend Yield and Strategy - The ETF benefits from a dividend yield exceeding 2%, which enhances its return base. The index's total market capitalization weighting, particularly with a high allocation to state-owned enterprises, contributes to this yield [4]. - The ETF's performance is further supported by its strategy of tracking the index while controlling tracking error, allowing for enhanced returns through sampling replication [2][4]. Market Outlook - The outlook for the A-share market remains positive, with expectations of a slow bull market driven by ongoing growth policies, active market sentiment, and easing monetary policy [5]. - The Shanghai Composite Index ETF is positioned as a key channel for investing in quality Chinese assets, with notable excess returns compared to the CSI 300 Index, reaching 50.45% since inception [5][6]. Cost Efficiency - The ETF is noted for its low management fees of 0.15% per year and custody fees of 0.05% per year, making it an attractive investment vehicle for those looking to track the market [6].

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 1.95%, the Shenzhen Component Index by 3.04%, and the ChiNext Index by 3.36% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion, an increase of 6.9 billion compared to the previous trading day [1] - Concerns over the high valuation levels of technology growth stocks have led to a collective sell-off in this sector, which had previously shown strong performance [1][2] Short-term and Long-term Outlook - In the short term, there may be continued downward pressure on the market, but the long-term bull market is not expected to end, and the current pullback may present a good opportunity for active allocation [1][6] - The market has been oscillating around the 3900-point mark, with multiple attempts to break through both upwards and downwards [1][2] Sector Performance - The technology sector has faced significant corrections, with the ChiNext Index's maximum drawdown approaching -12% and the Sci-Tech 50's drawdown exceeding -14% [7] - The "反内卷" (anti-involution) and technology sectors are highlighted as key areas for investment, reflecting market optimism regarding corporate profitability and valuation levels [9][10] Livestock Industry Insights - The livestock sector, particularly pig farming, is showing signs of recovery, with the price of pigs rising from below 14 yuan to around 21 yuan, marking an increase of nearly 50% [12] - The Ministry of Agriculture has initiated measures to control pig production, indicating a shift towards reducing supply, which is expected to support price increases in the future [12][14] - Major pig farming companies like Muyuan Foods and Wens Foodstuffs have reported significant profit improvements, with net profits of 18.9 billion yuan and 9.2 billion yuan, respectively [12] Cost Control and Industry Dynamics - The pig farming industry has seen significant cost optimization, with leading companies reducing their costs to approximately 12-13 yuan per kilogram [17] - The industry is entering a phase of capacity reduction, with the number of breeding sows decreasing, which is expected to support future price increases [14][16] Gold Market Analysis - Gold prices have reached historical highs, with London gold spot prices peaking at 4380 points, driven by ongoing geopolitical tensions and economic uncertainties [19] - The demand for gold as a "safe-haven" asset is expected to remain strong due to concerns over inflation and economic stagnation in the U.S. [20][21]

Core Viewpoint - The long-term outlook remains optimistic, particularly for the technology sector in China, with continued prosperity expected in advanced industries such as telecommunications [1] Economic Outlook - China's GDP growth is projected at approximately 5% for both the first half and the entire year, which stands out among major global economies [1] - The expectation of RMB appreciation enhances asset attractiveness and provides room for monetary policy [1] Market Conditions - The Jackson Hole meeting has opened a window for potential interest rate cuts in September, with loose USD liquidity contributing to a global bull market [1] - The USD index has declined by about 10% since the beginning of the year, approaching long-term average levels, creating favorable conditions for non-USD markets [1] Investment Strategy - The domestic economy appears to be in a recovery phase, with ongoing narratives around artificial intelligence supporting a positive market outlook [1] - Recommended investment strategies include focusing on representative broad-based indices, specifically the CSI A500 ETF (159338) and the SSE Composite Index ETF (510760), to better navigate the anticipated market volatility [1]

Group 1 - The market is currently in a "stagnation period," with the Shanghai Composite Index fluctuating around 3,800 points since September, indicating a potential economic recovery phase in China [1] - The narrative surrounding artificial intelligence continues to support the market, suggesting that there are still positive factors at play despite the current volatility [1] - It is advised not to chase highs or lows during this adjustment period, with a recommendation to focus on representative broad-based ETFs, particularly the CSI A500 ETF (159338) and the Shanghai Composite Index ETF (510760) [1] Group 2 - The CSI A500 ETF (159338) leads its category with the highest number of investor accounts, being more than three times that of the second-ranked product, indicating strong investor interest [1] - For investors without stock accounts, alternative options include the Guotai CSI A500 ETF Initiated Link A (022448), Link C (022449), and Link I (022610) [1]