| 代码 | 名称 | 涨跌幅 * | | --- | --- | --- | | 517400 | 黄金股票ETF | 9.47% | | 561330 | ANVETF | 8.58% | | 159881 | 有色60ETF | 8.44% | 资料来源：wind 黄金方面，美元信用走弱仍是长期支撑逻辑。当地时间9月17日，美国联邦储备委员会结束为期两天的 货币政策会议，宣布将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。从美国9月FOMC会 议纪要看，美联储官员在降息幅度问题上存在分歧。9月会议的投票结果为11比1。唯一反对的成员是由 美国总统特朗普任命、并在9月会议首日上午宣誓就职的新上任的美联储理事斯蒂芬·米兰（Stephen Miran），他主张降息0.5个百分点。而关于2025年是否会进一步降息，在参加会议的19位官员中，略多 于一半的人预计今年还将至少再降息两次，但有少数人预计2025年剩余时间内只会降息一次或不再降 息。 节后首个交易日迎开门红，沪指高开高走突破3900点整数大关，刷新2015年8月以来新高。沪深两市成 交额2.65万亿，较上一个交易日放量4718亿。截至 ...

Core Viewpoint - The article highlights a significant shift in investment trends within the A-share market, with a notable influx of funds into technology and innovation sectors, particularly in the context of the upcoming National Day holiday and the fourth quarter outlook [3][15]. Group 1: Fund Flows and Market Trends - The total inflow into bond ETFs reached approximately 779 billion yuan, while stock ETFs saw a net inflow of about 331 billion yuan [6]. - On September 24, the newly launched Sci-Tech Bond ETFs attracted a staggering 639 billion yuan in a single day, indicating strong market interest despite the overall underperformance of bond ETFs this year [12][14]. - The growth of the Sci-Tech Bond market is notable, with cumulative issuance nearing 3.1 trillion yuan and a balance of 2.2 trillion yuan, positioning it as a key player in the credit bond investment landscape [14]. Group 2: Sector Performance - The technology sector, particularly the Sci-Tech Chip ETF, has emerged as a favorite among institutional investors, with a year-to-date increase of 71.8% and a trading volume of 245 billion yuan last week [17][18]. - In contrast, traditional sectors such as chemicals, rare earths, and photovoltaics experienced significant capital outflows, with the chemical ETF seeing a reduction of 16.58 billion shares and a net outflow of 11.4 billion yuan [20][22]. - The article emphasizes the importance of sectors benefiting from upcoming consumption peaks and ongoing technological innovation cycles as key investment opportunities for the next market phase [19][23].

The provided content does not include any quantitative models or factors, nor does it discuss their construction, evaluation, or backtesting results. The report primarily focuses on fund market performance, ETF flows, ESG products, and other financial market observations. Therefore, there are no relevant quantitative models or factors to summarize.

Core Insights - On September 26, stock ETFs saw a net inflow exceeding 22 billion yuan, with significant contributions from broad-based ETFs tracking indices like the CSI A500 and the ChiNext Index, as well as thematic ETFs focused on sectors such as semiconductors, artificial intelligence, and robotics [2][3][4] Summary by Category Market Performance - The A-share market experienced a collective decline on September 26, with the ChiNext Index dropping over 2.5%, while the total trading volume across both exchanges was approximately 2.15 trillion yuan [1] - Over the past week, the A-share market showed an overall upward trend, with stock ETFs accumulating over 30 billion yuan in net inflows, and nearly 100 billion yuan in net inflows for the month of September [2][6] ETF Inflows - As of September 26, the total scale of all stock ETFs in the market reached 4.46 trillion yuan, with 1218 stock ETFs (including cross-border ETFs) [3] - The top three ETFs by net inflow on September 26 were the E Fund ChiNext ETF (13.9 billion yuan), the Huatai-PB A500 ETF (6.6 billion yuan), and the CSI A500 ETF by Fortune (6.5 billion yuan) [4][5] - The net inflows for specific sectors included 52.2 billion yuan for the CSI A500, 37.0 billion yuan for semiconductors, and 20.3 billion yuan for artificial intelligence [3][4] ETF Outflows - On the same day, only six stock ETFs experienced net outflows exceeding 1 billion yuan, with significant losses seen in broad-based ETFs like the CSI 500 and the CSI 300, as well as thematic ETFs focused on rare earths and banking [6][8] - The top outflowing ETFs included the CSI 500 ETF with a net outflow of 2.84 billion yuan and the Rare Earth ETF with a net outflow of 2.40 billion yuan [8] Fund Company Insights - E Fund led the inflows with its ChiNext ETF and A500 ETF, while Huaxia Fund's Robotics ETF and Gaming ETF also saw significant inflows [4][5] - The market is currently characterized by a divergence in performance across sectors, with some sectors facing technical adjustment pressures after substantial prior gains [7]

Core Viewpoint - The A-share market experienced a collective decline on September 26, with significant net inflows into stock ETFs exceeding 220 billion yuan, particularly in sectors like semiconductor, artificial intelligence, and robotics [2][3][5]. Summary by Sections Market Overview - On September 26, the three major A-share indices fell, with the ChiNext index dropping over 2.5%, and total trading volume around 2.15 trillion yuan [2]. - In the past week, the A-share market showed an overall upward trend, with stock ETF net inflows surpassing 300 billion yuan, and nearly 1 trillion yuan in inflows since September [2][9]. ETF Inflows - On September 26, stock ETFs saw a net inflow of over 220 billion yuan, with 59 ETFs recording net inflows exceeding 1 billion yuan each [5]. - The top inflows were observed in the following sectors: - CSI A500: 52.2 billion yuan - Semiconductors: 37.0 billion yuan - ChiNext: 23.0 billion yuan - Artificial Intelligence: 20.3 billion yuan - Robotics: 17.6 billion yuan [5][6]. Leading ETFs - The leading ETFs by net inflow on September 26 included: - E Fund ChiNext ETF: 13.9 billion yuan - A500 ETF by Huatai-PB: 12.59 billion yuan - CSI A500 ETF by Fortune: 12.36 billion yuan [6][7]. - The total market size of all stock ETFs reached 4.46 trillion yuan as of September 26 [4]. Outflows - Despite the overall inflow, some ETFs experienced significant outflows, particularly in broad-based ETFs like CSI 500 and HS300, as well as sector-specific ETFs in rare earths and banking [9][11]. - The top outflows included: - CSI 500 ETF: -2.84 billion yuan - Rare Earth ETF: -2.40 billion yuan - ChiNext 50 ETF: -1.25 billion yuan [11]. Market Sentiment - Short-term market sentiment remains cautious, with expectations of continued volatility unless significant catalysts emerge before the National Day holiday [10]. - Long-term perspectives suggest a potential recovery in A-share earnings, supported by policies aimed at consumption and technological innovation [10].

国庆中秋长假即将来临，"持币还是持股"备受市场关注。从最近ETF申赎情况来看，资金似乎给出了答案。 在9月26日的震荡行情中，220多亿元资金借道权益类ETF入市，创下过去五个多月来的单日净申购额新高。从资金流向看，半导体、港股、创业板、人工 智能等方向强势吸金。 单日222亿元涌入ETF | | | 区间净申购额估算值(区间净 ... | 区间净申购额估算值(区间净 ... | | | --- | --- | --- | --- | --- | | 证券名称 | > | [起始交易日期]2025-09-26 截止交易日期12025-09-26 | [起始交易日期]2025-09-01 [截止交易日期 2025-09-25 | | | | | [单位]亿元 | [单位]亿元 | | | 创业板ETF | > | 14.1435 | | -47.0571 | | A500ETF华泰柏瑞 | > | 12.5873 | | 20.8877 | | 中证A500ETF富国 | > | 12.3586 | | 29.4299 | | 机器人ETF | > | 8.6865 | | 33.3676 | | 创业板50E ...

Global and A-share Market Overview - The A-share market showed mixed performance last week, with the Sci-Tech 50 Index experiencing the highest increase of 6.47% [1] - The Hong Kong stock market saw a decline, with the Hang Seng Index dropping by 1.57% [1] - The leading ETFs tracked indices primarily from the semiconductor industry [1] ETF New Issuance Statistics - A total of 9 stock ETFs were reported in the A-share market last week, with 17 new stock ETFs established [2][3] - In the US market, 12 equity ETFs were newly established, of which 11 were actively managed ETFs [2][3] Fund Flow in A-share Market - The top 10 ETFs with net inflows were dominated by the CSI A500 ETF, which saw a net inflow exceeding 10 billion yuan [2][3] - Conversely, the top 10 ETFs with net outflows included the CSI 300 ETF, indicating a shift in investor sentiment [2][3] - In the industry sector, the TMT sector ETFs recorded the highest net inflows, while the financial technology ETF led in the thematic category [2][3] Fund Flow in US Market - The AI and big data-themed ETFs in the US market experienced the highest net inflows, while multi-tech themed ETFs saw net outflows [3] - The total net inflow for ETFs investing in A-shares and Hong Kong stocks amounted to 1.95 million USD [3] ETF Strategy Performance - The diffusion index + RRG ETF rotation strategy yielded a return of 1.59%, outperforming the CSI Equal Weight and CSI 300 indices by 2.34% and 0.52% respectively [4] - The 50% base + intraday momentum strategy showed varying performance across different ETFs, with returns of 0.18%, 0.44%, 0.43%, and -0.46% for the SSE 50 ETF, CSI 300 ETF, CSI 500 ETF, and CSI 1000 ETF respectively [4]

Core Viewpoint - The article highlights the current market opportunities, particularly focusing on undervalued sectors and ETFs, with a specific emphasis on semiconductor-related investments and their performance in the recent market [1][3]. Index Valuation Ladder - The index valuation data has been optimized, showing a divergence in market performance, with the Sci-Tech 50 index leading with a weekly increase of 6.5% [7]. - The ChiNext index has a PE ratio at the 45.5th percentile over the past decade, indicating potential for further growth [7]. - Various industry indices, including securities, healthcare, and consumer goods, are currently at relatively low valuation levels [7][8]. ETF Performance Rankings - The top-performing ETFs for the week are dominated by semiconductor-related funds, with several achieving weekly gains exceeding 15% [10][11]. - The semiconductor materials and equipment index has 40 constituent stocks, with major companies like North Huachuang and Zhongwei Company leading in market capitalization [12]. - The article notes significant differences in returns based on the specific semiconductor ETFs chosen for investment [11]. ETF Share Increase Rankings - The top three ETFs by share increase are all related to the Sci-Tech bond sector, indicating a growing interest in this area [13][14]. - Semiconductor-related ETFs also show substantial share increases, reflecting strong market demand and positive performance trends [16].

证券研究报告：金融工程报告 发布时间：2025-09-28 研究所 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@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 《指数震荡反内卷方向领涨，ETF 持续 净流入金融地产——行业轮动周报 20250921》 - 2025.09.22 《成长风格占优，小盘股活跃——中邮 因子周报 20250914》 - 2025.09.15 《金融地产获 ETF 持续净流入，连板情 绪偏修复等待合力方向——行业轮动 周报 20250914》 - 2025.09.15 《融资资金净流入电力设备及新能源， 光通信概念趋势未破——行业轮动周 报 20250907》 - 2025.09.08 《双创涨速明显提升，ETF 资金配置思 路偏补涨——行业轮动周报 20250831》 - 2025.09.01 《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》 – 2025.08.25 《 ...

Core Viewpoint - The A-share market is experiencing a bullish trend, with significant inflows into stock ETFs, particularly in the semiconductor and A500 sectors, indicating a growing investor confidence and potential investment opportunities [3][5][12]. ETF Market Overview - On September 25, the A-share market saw all major indices rise, with the ChiNext Index increasing by over 2%. Stock ETFs experienced a net inflow of over 7 billion yuan, highlighting a shift in investor focus towards specific sectors [3][5]. - The total market size of stock ETFs reached 4.47 trillion yuan as of September 25, with a notable net inflow of 7 billion yuan on that day [5]. - Industry-themed ETFs saw a net inflow of 4.33 billion yuan, with semiconductor-related products attracting the most attention, drawing in 3.27 billion yuan [6]. Sector-Specific Inflows - The A500 ETF from Huatai-PineBridge and the A500 ETF from Fortune both saw significant inflows of 1.12 billion yuan and 993 million yuan, respectively, indicating strong investor interest in these funds [7]. - The semiconductor ETF attracted 710 million yuan, while the coal ETF and robotics ETF saw inflows of 628 million yuan and 555 million yuan, respectively [8]. - Conversely, the CSI 300 Index ETF experienced a net outflow of 1.13 billion yuan, indicating a shift away from broader market indices [10][11]. Future Outlook - According to fund managers, the domestic economic growth momentum is expected to stabilize and improve, supported by favorable industrial policies and increased R&D investments. This environment is likely to enhance the innovation capabilities and global competitiveness of China's advantageous industries [12].