为抢抓投资机遇，新基金正密集定档。据统计，当前共有68只基金定档国庆节后发行，仅10月9日就有 23只基金集中启动发行。 从新基金发行情况看，随着市场持续回暖，基金发行热度提升。9月新基金发行规模超过1600亿元，创 下年内新基金发行规模月度新高，多只权益类基金更是一日售罄。在业内人士看来，居民资金借道基金 入市热情提升，更多爆款基金值得期待。 超60只基金定档节后发行 数十只新基金整装待发。截至10月8日，根据已发布的基金份额发售公告，据Choice统计，自10月9日开 始，将有68只基金陆续启动发行，仅10月9日就有23只新基金集中发行。 部分基金公司一口气推出多只新基金。例如，易方达上证580ETF联接基金、易方达上证380ETF联接基 金、易方达港股通科技混合基金均将从10月9日开始发行。 从新基金类型来看，权益类基金成为主力军。具体而言，68只新基金中，52只为权益类基金。其中，34 只基金为权益类指数基金，涵盖机器人、创业板人工智能、中证A500红利低波动、中证500、科创板50 等指数。 主动权益类基金同样看点十足，多家基金公司派出旗下知名基金经理。具体来看，即将发行的华安优势 领航混合基金将由 ...

◎记者 赵明超 值得一提的是，主动权益类基金频现比例配售。其中，招商均衡优选混合基金设置了50亿元的募集规模 上限，最终认购申请确认比例仅为56.67%。华商港股通价值回报混合基金一日售罄，募集规模上限为 10亿元，认购申请确认比例为32.95%。类似的还有博道惠泓价值成长混合基金，一日结束募集，认购 申请确认比例为70.78%。 公募发力长假后的新基金发行市场。数据显示，68只基金定档长假后发行，其中权益类基金达52只。从 近期基金的发行情况看，随着市场持续回暖，基金发行热度提升，9月新基金发行规模超过1600亿元， 创下年内新基金发行规模月度新高，多只权益类基金一日售罄。在业内人士看来，居民资金借道基金入 市的热情提升，更多爆款基金值得期待。 权益类基金唱主角 从新发基金类型来看，权益类基金成为新发"主力军"。具体而言，68只新基金中，52只为权益类基金。 其中，34只基金为权益类指数基金，涵盖机器人、创业板人工智能、中证A500红利低波动、中证500、 科创板50等指数。 数十只新基金整装待发。据Choice统计，截至10月8日，根据已发布的基金份额发售公告，自10月9日开 始，将有68只基金陆续启动发 ...

Core Viewpoint - The market is witnessing a significant inflow of funds into equity ETFs, indicating a bullish sentiment among investors as they prepare for the upcoming holiday season and potential economic recovery [3][5][7]. Fund Flows and ETF Performance - On September 26, a record net subscription of 222 billion yuan was observed in equity ETFs, marking the highest single-day inflow in over five months [3][4]. - The inflow was particularly strong in sectors such as semiconductors, Hong Kong stocks, the ChiNext board, and artificial intelligence [3]. - The net subscription amounts for various ETFs included over 55 billion yuan for the China A500 ETFs, with individual funds like Huatai-PB and Fuguo exceeding 12 billion yuan each [4][5]. New Fund Issuance Trends - The new fund issuance market is experiencing a revival, with September's issuance reaching 1548.81 billion yuan, a significant increase of over 500 billion yuan compared to August, setting a new monthly record for the year [7]. - Active equity funds are seeing high subscription rates, with some funds like the Zhaoshang Balanced Fund and Huashang Hong Kong Stock Fund being oversubscribed [8]. Market Sentiment and Investment Opportunities - Public funds are maintaining high positions in anticipation of the fourth quarter, with average equity fund positions around 92.51% and mixed equity funds at approximately 91.14% [8]. - Analysts suggest that sectors benefiting from economic recovery, such as cyclical industries and AI technology, present promising investment opportunities as consumer spending is expected to remain robust during the holiday season [8][9].

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 ...

Core Viewpoint - The article highlights a significant influx of capital into the Hong Kong stock market, particularly through ETFs and newly launched thematic funds, driven by favorable monetary policy expectations from the Federal Reserve [3][10]. Group 1: Capital Inflow into Hong Kong Market - Since August, over 100 billion yuan has flowed into Hong Kong thematic ETFs, indicating strong investor interest [5]. - The net subscription amount for Hong Kong thematic ETFs exceeded 100 billion yuan by September 12, with technology, innovative pharmaceuticals, and financial sectors being the most favored [5][10]. - Specific ETFs such as the Fuguo Hong Kong Internet ETF and the Huatai-PineBridge Southbound Hang Seng Technology Index ETF saw net subscriptions of over 150 billion yuan and 66.86 billion yuan, respectively [5]. Group 2: New Fund Launches - The newly launched Huashang Hong Kong Value Return Mixed Fund sold out in one day, with subscription applications exceeding the 1 billion yuan cap [6]. - The fund received over 30 billion yuan in subscription applications on its first day, with a confirmation ratio of 32.95% [6]. Group 3: Institutional Participation - Recent Hong Kong thematic ETFs have attracted significant institutional investment, with several private equity funds among the top ten shareholders in the Huazhang Hang Seng Biotechnology ETF [8]. Group 4: Increased Equity Fund Allocation - Active equity funds have raised their allocation to Hong Kong stocks to 20%, marking a historical high, with over 15 new thematic funds reported in September [10]. - The expectation of a shift in the Federal Reserve's monetary policy, particularly a potential interest rate cut, is seen as a key driver for increased liquidity and valuation improvements in the Hong Kong market [10]. Group 5: Investment Opportunities - The current market presents systemic discount recovery opportunities, particularly in sectors like AI chips, innovative pharmaceuticals, and international companies [11]. - Potential adjustments in dividend tax policies may further enhance the attractiveness of dividend stocks in the Hong Kong market [11].

Group 1 - Significant capital inflow into Hong Kong stock market through ETFs, with over 100 billion yuan invested since August [1][3] - The newly launched Hong Kong-themed funds are also gaining popularity, exemplified by the rapid fundraising success of the Huashang Hong Kong Stock Connect Value Return Mixed Fund, which raised over 3 billion yuan in a single day [3][8] Group 2 - The net subscription amount for Hong Kong-themed ETFs has exceeded 100 billion yuan, with notable interest in technology, innovative pharmaceuticals, and financial sectors [3][7] - Specific ETFs such as the Fuguo Hong Kong Stock Connect Internet ETF and the Huatai-PineBridge Southern Eastern Hang Seng Technology Index ETF have seen net subscriptions of over 15 billion yuan and 6.686 billion yuan respectively [3][7] Group 3 - Active equity funds have been increasing their allocation to Hong Kong stocks, reaching a historical high of 20% by the end of Q2 this year [7] - The expectation of a shift in the Federal Reserve's monetary policy, particularly the likelihood of interest rate cuts, is seen as a key driver for the increased investment in Hong Kong stocks [7][8] Group 4 - The Hong Kong stock market is perceived to have systemic discount recovery opportunities, with sectors like AI chips, innovative pharmaceuticals, and international companies being highlighted as attractive investment targets [8]

对于港股市场的独特投资价值，余懿强调，港股市场汇聚了一批特色板块和优质企业，比如人工智能芯 片、大模型、创新药、创新器械、内房股以及一些业务布局全球的国际化公司。他希望未来能够选择一 些具备特色的有Alpha的公司，力争获取长期回报。此外，潜在的红利税政策调整，也有望推动港股红 利股板块的折价修复，或有较好的红利资产可供投资。 在港股投资领域，华商基金余懿拥有较丰富的投资经验。拟由余懿掌舵、将于9月8日发行的华商港股通 价值回报混合基金将主要投资于港股通标的股票，在严格控制风险的前提下，遵循价值投资思路，精选 基本面良好、估值具备吸引力的港股通标的个股，力争实现基金资产的长期稳健增值。有兴趣的投资者 届时可通过华商基金APP、华商基金微信服务号、公司官网，以及招商银行线上线下等渠道购买，具体 请以基金公司公告为准。 数据说明：华商港股通价值回报混合基金的募集期为2025年9月8日至2025年9月24日。本文内容不代表 任何投资建议。文中基金经理关注的投资方向，仅为结合当前市场情况作出的判断，可能随市场情况调 整，具体投资策略详见基金法律文件。截至20250630，余懿具有10.1年证券从业经历(5.2年证券研 ...

华商港股通价值回报混合拟任基金经理 余懿现任华商基金公募业务权益投资决策委员会委员，经济学硕士，具有超10年证券从业经历（其中 4.9年证券投资经历）。他曾历任周期、新能源和医药等多个行业领域的研究员，能力圈宽阔并不断拓 展。此外，余懿管理过理财子委外专户、保险资金、理财型投连险等不同风险收益特征的组合，对绝对 收益理解较为深刻，并逐渐形成了平衡型风格，价值成长策略，适当兼顾逆向和景气的投资框架。 对于即将发行的华商港股通价值回报混合基金的主战场——港股市场，余懿展现出清晰的认知和前瞻性 的布局思路。 当前港股市场以其显著的估值优势和创新药、国际化公司等特色板块，成为全球价值投资者密切关注的 价值洼地。将于9月8日发行的华商港股通价值回报混合（025024）拟任基金经理余懿认为，多重利好共 振下，港股可能存在系统性折价修复机遇；此外他也长期看好A股和港股的整体表现。 余懿 对于港股市场的独特投资价值，余懿强调，港股市场汇聚了一批特色板块和优质企业，比如人工智能芯 片、大模型、创新药、创新器械、内房股以及一些业务布局全球的国际化公司。他希望未来能够选择一 些具备特色的有Alpha的公司，力争获取长期回报。此外， ...