（原标题：券商板块逆市飘红，证券ETF、券商ETF上涨） 周五A股主要指数集体大跌，沪指跌破3900点；截至收盘，沪指跌0.94%报3897点，深证成指跌2.7%，创业板指跌4.55%，科创50指数跌5.61%。 全市场成交额2.53万亿元，较前一交易日缩量1377亿元，超2700股上涨，超2500股下跌。 券商板块逆市飘红，证券ETF先锋、上证券商ETF、证券ETF龙头、证券ETF东财、证券公司ETF、证券ETF基金、证券ETF指数基金、证券ETF嘉 实、证券ETF富国、证券ETF龙头、证券ETF、券商ETF基金、券商ETF、证券ETF南方、证券ETF易方达、证券ETF建信逆势上涨。 证券ETF、券商ETF跟踪中证全指证券公司指数，高效配置券商板块，前十大权重股包括东方财富、中信证券、国泰海通、华泰证券、招商证 券、东方证券、广发证券、申万宏源、兴业证券、中金公司等。 9月，A股新开户数293.72万户，同比增长60.73%，为今年以来单月第二高，仅次于今年3月A股新开户数306.55万户。 具体来看，9月A股293.72万户中，个人新开户292.63万户，机构新开户1.09万户，这属于今年以来机构新开户首 ...

A股市场成交活跃，沪指时隔逾10年再站上3900点！ | 证券代码 | 证券简称 | 下半年流入额(亿元) | 管理人 | | --- | --- | --- | --- | | 512880.OF | 证券ETF | 238.19 | 国泰基金 | | 513090.0F | 香港证券ETF | 213.09 | 易方达基金 | | 512000.OF | 券商ETF | 110.27 | 花鸟音等 | | 159842.0F | 券商ETF | 37.49 | 铝花草等 | | 159841.0F | 证券ETF | 35.65 | 天弘基金 | | 159993.0F | 证券ETF龙头 | 16.08 | 腿花耳朵 | | 560090.OF | 证券ETF龙头 | 7.28 | 汇添富基金 | | 512900.OF | 证券ETF南方 | 6.22 | 南方基金 | | 512570.0F | 证券ETF易方达 | 4.99 | 易方达基金 | | 159692.0F | 证券ETF东财 | 4.56 | 西藏东财基金 | | 515010.OF | 券商ETF基金 | 3.37 | 花直音等 | ...

拉长时间来看，近年来ETF整体呈现加速发展态势，每万亿元扩容周期逐渐缩短。2023年8月份，ETF总规模首次突破2万 亿元；2024年9月份，ETF总规模突破3万亿元；今年4月份，ETF总规模又突破4万亿元；今年8月份，ETF总规模就快速迈上了 5万亿元新台阶。 本报记者 方凌晨 今年以来，我国指数化投资持续发展，ETF（交易型开放式指数基金）规模持续攀升。截至三季度末，全市场ETF总规模 达5.63万亿元，创下历史新高。 在受访业内人士看来，ETF正愈发成为重要的投资工具。ETF的加速发展是政策支持、投资者需求增强等多方面因素综合 作用的结果。 规模加速增长 年内ETF规模和份额双双实现快速增长。据Wind资讯数据统计，截至9月30日，全市场ETF总规模达到5.63万亿元，创下历 史新高，较年初增加1.9万亿元，增幅超50%；ETF总份额达到3.01万亿份，较年初增加3530.05亿份，增幅超13%。 随着ETF总规模不断增长，各类型ETF和单只ETF产品的规模也进一步增长。 从投资范畴来看，股票ETF和债券ETF两类ETF产品受到关注。其中，股票ETF是规模最大的一类ETF产品，截至9月30 日，股票ET ...

Core Insights - The report presents two industry rotation models: one based on similar expected return differentials and another based on changes in analyst expectations, both aimed at identifying investment opportunities in various sectors [11][22]. Group 1: Similar Expected Return Differential Model - The latest configuration suggests focusing on sectors such as coal, communication, basic chemicals, automotive, real estate, and machinery [21]. - In September 2025, the model achieved a monthly return of +4.56%, outperforming the equal-weighted industry index by +3.66% [21]. - The historical backtest from December 2016 to September 2025 shows that the model has a mean Information Coefficient (IC) of 0.09, indicating strong selection ability [14][15]. Group 2: Analyst Expectation Change Model - The latest configuration highlights sectors including non-bank financials, non-ferrous metals, agriculture, communication, steel, and computers [33]. - In September 2025, the model recorded a monthly return of +1.03%, with an excess return of +0.13% over the equal-weighted industry index [33]. - The historical backtest from December 2016 to September 2025 indicates a mean IC of 0.06, demonstrating significant industry selection capability [23][24]. Group 3: ETF Portfolio Construction - The recommended ETF portfolio for October 2025 includes sectors such as non-bank financials, non-ferrous metals, communication, basic chemicals, and automotive [35]. - Specific ETFs listed include the Huabao CSI All-Share Securities Company ETF and the Southern CSI Non-Ferrous Metals ETF, among others, with significant fund shares [35].

据Wind数据统计，截至9月30日，全市场ETF总规模达到5.63万亿元。其中，股票ETF总规模突破3.7万亿元，债券ETF规模突破6900亿元，均创历史新 高。 多位业内人士表示，万亿元级增量的背后，是保险、年金、养老金等机构资金以及个人投资者通过ETF工具进行布局，ETF凭借分散、透明、高效的特 质，正成为匹配居民财富管理需求、推动长期投资理念的重要载体。 ETF总规模达到5.63万亿元，创出历史新高 在场内资金不断涌入下，ETF总规模再创历史新高。 Wind数据显示，截至9月30日，全市场ETF总规模达5.63万亿元。其中，股票ETF总规模突破3.7万亿元，债券ETF规模突破6900亿元，均创历史新高。 今年以来，全市场ETF份额增加3627.81亿份，最新份额达到3万亿份，年内增幅达到13.72%；ETF总规模增长1.84万亿元，年内增幅为48.47%。 分类型看，今年以来，股票ETF规模增长8208.23亿元，是规模增长最多的细分ETF类型。从规模增速上看，债券ETF规模增长接近3倍，为增速最快的ETF 细分类型。此外，商品ETF、跨境ETF规模增速也均超过100%。 伴随着A股市场节节攀升，ETF ...

【 导读 】 ETF总规模再创历史新高，7只ETF产品规模超千亿元 中国基金报记者 方丽 陆慧婧 伴随着A股市场节节攀升，ETF总规模再创历史新高。 据Wind数据统计，截至9月30日，全市场ETF总规模达到5.63万亿元。其中，股票ETF总规模突破3.7万亿元，债券ETF规模突破6900亿 元，均创历史新高。 今年以来，ETF市场无论是份额还是规模均实现双增长。其中，总份额增加3627.81亿份，总规模增加1.84万亿元。全市场更是诞生7只千 亿级ETF，相比2024年增加了1只，易方达创业板ETF进入了"千亿级ETF俱乐部"。 多位业内人士表示，万亿元级增量的背后，是保险、年金、养老金等机构资金以及个人投资者通过ETF工具进行布局，ETF凭借分散、透 明、高效的特质，正成为匹配居民财富管理需求、推动长期投资理念的重要载体。 ETF总规模达到5.63万亿元 创出历史新高 在场内资金不断涌入下，ETF总规模再创历史新高。 分类型看，今年以来，股票ETF规模增长8208.23亿元，是规模增长最多的细分ETF类型。从规模增速上看，债券ETF规模增长接近3倍， 为增速最快的ETF细分类型。此外，商品ETF、跨境ET ...

又有超百亿资金跑步入场！宽基ETF获爆买 券商主题遭弃 记者据Wind数据统计，股票型ETF的净流入额已连续两日在100亿元以上。全市场1037只可统计的股票 型ETF基金，在9月26日、9月29日的合计净流入额分别为193.93亿元、122.69亿元。其中，宽基ETF已 连续两日包揽净流入额前三。在周一资金净流入前十的ETF中，更是有9只为宽基ETF，剩余1只行业主 题ETF则为电池板块。值得一提的是，在周一券商板块大幅拉升的情况下，不少资金选择获利了结，多 只券商ETF净流出额居前。不过整体来看，月内以来，券商、机器人、电池是最吸金的三大板块。（澎 湃） 香港隔夜Hibor升破5% 创下今年来首次 香港隔夜借贷成本今年来首次跃升至5%以上。香港隔夜银行同业拆息(Hibor)周二大涨130个基点至 5.018%，为去年12月以来的最高水准。这使得截至9月的三个月内，累计上涨近500个基点。（同花 顺） 硅片企业Q4确定减产 电池片整体库存水平降至3-4GW 部分硅片企业国庆节后才公布排产计划，激进预期下硅片企业10月减产幅度或很小，后续仍需观察原料 价格以及下游传导情况。整体Q4根据协会配额，硅片企业基本确 ...

Market Performance - In September, the A-share market closed positively with the Shanghai Composite Index rising by 0.52%, the Shenzhen Component Index increasing by 0.35%, and the ChiNext Index remaining flat. The indices recorded gains of 0.64%, 6.54%, and 12.04% respectively for the month, marking five consecutive months of increases, with the ChiNext Index achieving a quarterly gain of over 50%, the second-best in history [1][2] Sector Performance - In September, the power equipment, non-ferrous metals, and electronics sectors led the gains, while the defense, banking, and non-bank financial sectors lagged behind [3] - For the first three quarters, the communication, electronics, power equipment, and non-ferrous metals sectors were the top performers, with the banking sector being the only one to show a decline among 31 primary industries [5] ETF Performance - The "Global Vision, Bet on China" top ten core ETFs saw a cumulative increase of 5.64% in September, with a total gain of 38.96% for the first three quarters, outperforming the CSI 300 Index by 21 percentage points [7] - The Sci-Tech Chip ETF led the gains in September with a rise of 16%, and a cumulative increase of 75.2% for the first three quarters. The ChiNext 50 ETF followed closely with a September gain of 14.53% and a cumulative increase of 59% for the year [7][8] A500 Index and ETF - The A500 ETF (512050) rose by 4.52% in September, with a cumulative gain of 24.11% for the first three quarters. The A500 Index outperformed the CSI 300 Index by over 1 percentage point in September, with a cumulative gain nearly 4 percentage points higher for the year [9][11] - The A500 Index benefits from a balanced industry distribution and a focus on growth sectors, with a significant representation of leading companies across various industries [11] ChiNext 50 ETF - The ChiNext 50 ETF closely tracks the ChiNext 50 Index, which selects the 50 largest and most liquid stocks from the ChiNext market, focusing on new energy, technology, and pharmaceuticals. The top ten weighted stocks include industry leaders such as CATL and Mindray, capturing the benefits of technological revolutions [13] Securities Sector - The securities sector experienced a sudden surge after a month of decline, likely due to the upcoming third-quarter earnings reports and increased trading activity. The average daily trading volume in A-shares reached 2.1 trillion yuan, a 67% increase from the previous month and double the year-on-year figure [16] - The securities sector saw a net inflow of over 230 billion yuan into securities-themed ETFs, with the broker ETF experiencing a net inflow of 60.3 billion yuan [16]

Group 1 - Stock ETFs have seen a strong inflow exceeding 10 billion yuan for two consecutive days, with net inflows of 193.93 billion yuan and 122.69 billion yuan on September 26 and 29 respectively [1] - Broad-based ETFs dominated the inflow rankings, with nine out of the top ten inflows on Monday being broad-based ETFs, while the only sector-themed ETF was related to the battery sector [1][3] - The A500 ETF led the inflow on September 29 with a net inflow of 29.90 billion yuan, followed by several other broad-based ETFs with inflows above 10 billion yuan [3][5] Group 2 - Despite a significant rise in the brokerage sector, many investors chose to take profits, leading to substantial outflows from several brokerage ETFs [2][6] - The top three sectors attracting capital this month have been brokerage, robotics, and batteries [2][8] - The net inflow for the brokerage sector ETF in September reached 109.82 billion yuan, making it the highest among all ETFs [8][9] Group 3 - Sector-themed ETFs such as battery, semiconductor, chemical, gaming, fintech, dividend, and artificial intelligence have also attracted significant capital [4] - The leading sector-themed ETFs by net inflow included the battery theme ETF with 4.80 billion yuan and the semiconductor materials and equipment theme ETF with 4.55 billion yuan [4][5] - Overall, the capital inflow in September has been strong across various sectors, with notable interest in chemicals, non-ferrous metals, semiconductors, consumption, gaming, and dividends [8][9] Group 4 - The market indices collectively rose on September 29, with the Shanghai Composite Index up by 0.9% and the ChiNext Index up by 2.74% [3] - The financial sector saw a significant rally in the afternoon, with major brokerage stocks hitting their daily limits [6][10] - The central bank's meeting emphasized the need for a moderately loose monetary policy to encourage financial institutions to increase credit supply [6][10]

Group 1 - The "Second Golden Kylin Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten ETFs by buy frequency as of September 29 include the Hong Kong Securities ETF, Hong Kong Bank LOF, and multiple battery ETFs [2] - The top ten ETFs by buy amount include the Hong Kong Securities ETF, battery ETFs, and a robotics ETF, indicating strong investor interest in these sectors [3] - The data for the top buy stocks/ETFs is based on the aggregated buy counts and amounts from all participating advisors, reflecting current market trends [4]