ETF涨跌幅： 涨幅方面，固态电池概念爆发！储能、锂电相关ETF霸榜 具体来看，随着技术突破加速产业化，电力设备及电池产业链排产及出货量有望不断提升，锂电材料价格有望企稳回升。这也使得 电池相关ETF本周出现"霸榜情况"！涨幅前十的ETF清一色都与电池相关。其中通锂电池ETF（561160）涨幅超15%位居榜首、电池 50ETF（159796）、电池ETF（561910）涨幅超14%；多支储能相关ETF张超10%。 市场回顾： 本周（2025年9月1日-9月5日），A股主要指数在震荡中延续强势格局，上证指数围绕3800点高位整固，创业板指与科创50领涨市 场，彰显新质成长风格的活跃动能。两融余额持续攀升，逼近历史峰值，增量资金积极入场，两市成交额连续放大，市场交投活 跃，反映出投资者信心稳固、参与热情高涨。指数方面，A股主要指数普涨，上证指数、深证成指、创业板指分别 涨-1.18%、-0.83%、2.35%。 ETF方面，在政策支持与流动性改善的双重驱动下，结构性机会主导行情演绎，成长板块成为资金聚焦主线。国务院印发"人工智能 +"行动指导意见，明确提出推动智能终端与新能源基础设施协同发展，有效催化锂电池、储 ...

（原标题：73.83亿元资金流入ETF！中证1000ETF、沪深300ETF、化工ETF等强势吸金） 昨日A股巨震之际，ETF资金逆势买入。 1.目前来看，指数自今年7月站上了扭亏阻力位后，已经形成了增量资金正反馈机制，进入了经典意义 上的牛市第二阶段。 2.经典的牛市第二阶段中出现调整的概率仍不小。从历史上牛市第二阶段调整的历史经验来看，我们可 以分析，在牛市第二阶段调整的特征，最常见的调整模式： 第一，调整2-3个交易日，跌幅在3-5%之间，结束调整； 华安证券认为，支撑本轮趋势性上涨行情的核心驱动力并未发生根本性转变： 73.83亿元资金昨日净流入股票型ETF。昨日，中证1000ETF吸金26.56亿元，沪深300ETF净流入17.18亿 元；化工ETF、上证50ETF、中证A500ETF净流入超5亿元。 这周市场出现情绪波动，招商证券在策略报告指出牛市进入第二阶段： 第二，单日跌幅3-5%之间，结束调整；在增量资金正反馈尚未打破之前，持续下跌超过4个交易日都是 小概率事件。 反过来，如果下跌超过4个交易日，就要审视牛市阶段II是否可能结束了。 3.第二阶段结束的标志，往往是政策的转变，可能是针对资本市 ...

Industry Rating - Investment Rating: Recommended (Maintain) [1] Core Viewpoints - The chemical industry is expected to benefit from the anticipated interest rate cuts by the Federal Reserve, which may drive demand and support the recovery of the industry [2][4]. - The significant growth of chemical ETFs, from 2.2 billion to 15.7 billion, indicates a positive outlook for leading chemical companies and new material growth [4]. - The report emphasizes the importance of focusing on core chemical assets, which are expected to see profit and valuation recovery in the medium to long term [3][5]. Summary by Sections Investment Recommendations - Long-term value in white horse stocks is emphasized, with core chemical assets expected to experience profit and valuation recovery [3]. - Attention is drawn to leading chemical companies as potential investment opportunities due to their strong market positions and growth prospects [4][5]. Market Dynamics - The report highlights the impact of external factors such as the U.S. tariffs on Indian goods, which may improve the pesticide trade between the U.S. and China, benefiting companies like Yangnong Chemical and Runfeng Shares [4]. - The recent adjustments in real estate policies in Shanghai are expected to marginally improve demand for chemical products related to the real estate sector [4]. Price Trends - The report notes that chemical product prices and price spreads are currently at bottom levels, suggesting potential for price increases in the future [5]. - Specific price movements are tracked, such as the increase in Vitamin B3 and D3 prices due to supply tightness, and the upward trend in refrigerant prices driven by supply constraints [9][10]. Supply Chain Insights - The report discusses the supply-side changes in the ethylene industry due to force majeure events, which may lead to supply recovery in the sector [4]. - It also mentions the ongoing supply constraints in the refrigerant market due to quota management, which is expected to maintain high price levels [9]. Strategic Focus Areas - The report recommends focusing on leading companies in the chemical sector, such as Hengli Petrochemical, Rongsheng Petrochemical, and others, as they are likely to benefit from industry recovery and supply-side improvements [4][5]. - The emphasis is placed on the potential for strategic opportunities in the petrochemical sector as oil prices stabilize and supply-demand dynamics shift [5].

上半年，汇金买了哪些 ETF？20250902 申购，其中化工两个月内份额翻了近 10 倍。 近期宏观流动性和资金价格情况如何？ 上周央行公开市场维持净投放态势，总投放规模接近 5,000 亿元，其中逆回购 净投放额接近 2,000 亿，MLF 净投放 3,000 亿，这是连续六个月实现 MLF 超 额续作。货币市场利率在央行投放呵护下有所抬升，但幅度相对可控，如 DR007 和 Shibor 一周利率上行幅度不大。债市受股市多空拉锯影响偏震荡为 主，长短端表现分化，信用利差环比收缩约 4 个 BP。外汇市场方面人民币汇率 近期加速升值，中美 2 年期和 10 年期利差均收窄至 7.13 的位置。 微观流动性有哪些变化？ 摘要 国家队上半年持有 A 股 ETF 约 1.3 万亿元，占市场总规模 42%，增持 沪深 300、医药、酒类 ETF，减持中证医疗、食品饮料、5G 通信 ETF。汇金持有行业 ETF 46.4 亿元，主题 ETF 22.8 亿元，策略 ETF 仅 持有中证央企红利。 上周央行公开市场净投放近 5,000 亿元，连续六个月超额续作 MLF。货 币市场利率小幅抬升，债市震荡，信用利差收缩 4 ...

以下文章来源于一观大势 ，作者国泰海通策略团队 一观大势 . 中国宏观策略与全球资本投资 报告导读： 本期 A 股市场交易热度上涨， ETF 流入边际抬升，其余各类资金流入均处历 史高位，散户资金活跃度抬升。南下资金流入增加，主动外资加速回流中国资产。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称： 海纳百川：海外资本与国内ETF加速流入中国；报告日期：2025.09.01 报告作者： 方奕（分析师），登记编号：S0880520120005 郭胤含（分析师），登记编号：S0880524100001 田开轩（分析师），登记编号：S0880524080006 市 场定价状态： 本期市场交易热度持续抬升，换手率达高位。 1 ）市场情绪（上升）： 本期市场交易热度持续抬升， 全 A 日均成交额上升至 3.0 万亿， 上证指数换手率分位数上升至 98% ，沪深 300 换手率分位数上升至 98% 。 日均涨停家数下降至 69 家 ，最大连板数为 5.5 个，封板率小幅下降至 67.4% ，龙虎榜上榜家数降至 60 家； 2 ）赚钱效应（下降）：本期个股上涨比例下降至 32.06% ，全 A 个股 ...

Core Insights - The A-share market has seen a rapid recovery, with significant inflows into stock ETFs, totaling over 58 billion yuan in the last ten trading days [1][2][6] Fund Flows - On September 1, the total net inflow for all stock ETFs (including cross-border ETFs) was 4.527 billion yuan, contributing to a total of over 58 billion yuan in net inflows over the past ten trading days [2][3] - The industry-themed ETFs and Hong Kong market ETFs led the inflows, with 9.697 billion yuan and 5.697 billion yuan respectively, while broad-based ETFs experienced a net outflow of 10.947 billion yuan [5] - Specific ETFs tracking the Hang Seng Technology Index saw significant inflows, totaling 2.238 billion yuan, while those tracking the CSI 300 Index faced outflows of 3.429 billion yuan [5] ETF Performance - As of September 1, the total scale of the stock ETF market reached 4.11 trillion yuan, with an increase of 7.978 billion units in total shares during the recent market uptrend [3] - Major fund companies like E Fund and Huaxia Fund reported continued net inflows in their ETFs, with E Fund's ETFs reaching a scale of 776.82 billion yuan, increasing by 8.63 billion yuan [7] - The top-performing ETFs by net inflow included the Fuguo Hong Kong Internet ETF with 1.541 billion yuan, followed by the Huaxia Hang Seng Technology Index ETF with 0.948 billion yuan [8][9] Sector Insights - The chemical sector is highlighted as a potential beneficiary of the "anti-involution" trend, with significant inflows into related ETFs, such as the Penghua Chemical ETF, which saw a net inflow of over 1.2 billion yuan [10] - The overall sentiment in the market is optimistic, particularly for the Hong Kong internet sector, which is expected to rebound following the Federal Reserve's confirmation of potential interest rate cuts [9]

【导读】股票 ETF 近 10 个交易日 " 吸金 " 超 580 亿元 中国基金报记者 若晖 A 股市场快速回暖，增量资金借道股票 ETF 积极 " 进场 " 。 据银河证券基金研究中心数据统计， 9 月 1 日，全市场股票 ETF （含跨境 ETF ）资金净流入 45.27 亿元，最近十个交易日资金净流入 超过 580 亿元。 从资金方向看，港股市场中的科技类及证券类 ETF 以及 A 股市场中的化工、有色金属等 " 反内卷 " 方向的 ETF 较受市场青睐，跟踪沪 深 300 指数、上证 50 指数、科创 50 指数的宽基 ETF 遭到资金净流出。 股票 ETF 昨日净流入超 45 亿元 近十个交易日净流入超 580 亿元 9 月第一个交易日， A 股迎来 " 开门红 " ，主流指数普遍上涨，沪深两市成交额达到 27500 亿元，较上一交易日缩量 483 亿元。 股票 ETF 市场延续上一交易日的净流入趋势，银河证券基金研究中心数据显示，截至 9 月 1 日，全市场 1188 只股票 ETF （含跨境 ETF ）总规模达 4.11 万亿元。在股市上涨行情中，股票 ETF 市场总份额增加 79.78 亿份 ...

01 9月1日午后，新能源车电池ETF（159775）强势拉升涨停，截至收盘最新溢价率达11.24%。 02 9月1日，市场交投活跃，短融ETF（511360）成交额突破360亿元，另外还有6只ETF成交额破百亿元。 03 9月1日，中概互联网ETF（513050）、纳指100ETF（513390）和中概互联ETF（513220）发布二级市场交易价格溢价风险提示公告。 新能源车电池ETF涨停 9月1日，A股继续表现强势，贵金属、通信设备、创新药等板块涨幅居前。 ETF方面，午后，新能源车电池ETF（159775）强势拉升涨停，截至收盘，溢价率达11.24%。 此外，黄金概念股集体大涨，多只黄金股ETF涨逾8%；CPO等算力硬件股维持强势，多只人工智能相关ETF也涨幅居前。 | 代码 | 名称 | 当日涨跌幅 (%) | 当日IOPV溢折率 (%) | | --- | --- | --- | --- | | 159775.SZ | 新能源车电池ETF | 10.00 | 11.24 | | 159322.SZ | 黄金股票ETF基金 | 9.22 | 2.30 | | 517400.SH | 黄金股票ETF | ...

证券研究报告：金融工程报告 发布时间：2025-09-01 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理:李子凯 SAC 登记编号:S1340124100014 Email:lizikai@cnpsec.com 近期研究报告 《DeepSeek 线上模型升级至 V3.1，字节 开源 360 亿参数 Seed-OSS 系列模型— — AI 动 态 汇 总 20250825 》 - 2025.08.26 《指数上行重返十年高位，涨幅超 10% 芯片相关 ETF 净流出较多——行业轮动 周报 20250824》 – 2025.8.25 《非银爆发虹吸红利防御资金，指数料 将保持上行趋势持续挑战新高——行 业轮动周报 20250817》 – 2025.8.18 《融资余额新高，创新药光通信调整， 指数预期仍将震荡上行挑战前高—— 行 业 轮 动 周 报 20250810 》 – 2025.08.11 《ETF 资金偏谨慎流入消费红利防守， 银行提前调整使指数回调空间可控— — 行 业 轮 动 周 报 20250803 》 ...

Core Insights - The chemical ETF has seen significant inflows, with a share increase of over 11.5 billion units from August 1 to August 28, leading all stock ETFs in this regard [1][2] - Despite attracting substantial capital, the year-to-date performance of the chemical ETF is not outstanding, with the highest increase being over 20%, lagging behind technology-focused ETFs [1][2] - Factors contributing to the inflow include supportive policies, improved supply-demand dynamics, and relatively low valuations in the chemical sector [4] Fund Inflows and Performance - As of August 29, the basic chemical index rose by 0.68%, with some individual stocks showing strong gains, leading to a rise of over 1.5% in several chemical ETFs [2] - The basic chemical index has increased by 23.9% year-to-date, ranking 10th among 31 primary industry indices, but still significantly behind top sectors like telecommunications and electronics [2] - The chemical ETF has seen a net inflow of 7.7 billion yuan in August, ranking first among similar funds [2] Institutional Holdings - Recent half-year reports indicate that the Central Huijin Asset Management Company holds 248 million units of the chemical ETF, representing 9.87% of its portfolio with a market value of 143 million yuan [3] Market Outlook - The chemical sector is expected to experience a recovery due to policy support, improved supply-demand conditions, and attractive valuations for leading companies [4] - The sector's recovery is supported by three signals: policy adjustments aiding supply-side reforms, a gradual improvement in construction project growth, and low valuation levels, with a price-to-book ratio of 1.91 as of Q2 [4] - The chemical industry is also benefiting from strong R&D capabilities and the trend of domestic substitution in high-end materials [5]