本文共1900 字 阅读完约7分钟 金融投资报记者 刘庆华 三季度行情即将收官。在经历了一季度的震荡上行，一季度末和二季度初的调整之后，A股市场和港股 市场自4月中旬以来持续走高，并在三季度迭创阶段新高，投向股票资产的基金也获得了不错的收益。 Wind数据显示，今年以来截至9月26日，在权益类基金和QDII基金中，合计共有37只基金收益率翻倍。 主动管理的A股权益类基金中，重仓AI的基金收益率领先，单只基金收益率最高接近190%。被动指数 型基金中，跟踪创新药、通信、人工智能等方向的基金收益率居前。 01 主动权益基金：31只基金收益翻倍 投向A股的主动权益类基金今年以来表现不俗，超额回报出色。截至9月26日，算术平均收益率为 30.32%（剔除年内成立的基金），超过98%的主动权益类基金取得正收益，收益率超50%的基金达到 684只，占比超15%。其中，收益率超过100%的基金有31只，单只基金最高收益率接近190%。 永赢科技智选A以189.58%的收益率领跑。二季度以来该基金净值涨幅明显，近半年的收益率超过了 164%。从基金季报可以看到，二季度末该基金有明显的调仓动作，前十大重仓股全部更换，将持仓重 ...

Market Overview - The Shanghai Composite Index rose 0.52% to close at 3882.78, the Shenzhen Component Index rose 0.35% to close at 13526.51, and the ChiNext Index remained unchanged at 3238.16. The total trading volume of A-shares in the two markets was 2.1976 trillion yuan. The top-performing sectors were non-ferrous metals (3.22%), national defense and military industry (2.59%), and real estate (2.12%), while the worst-performing sectors were communications (-1.83%), non-bank finance (-1.14%), and comprehensive (-1.06%) [2][6]. Stock ETF - The top-traded stock ETFs today were Huaxia CSI A500 ETF, which rose 0.77% with a discount rate of 0.80%; Huaxia Shanghai Stock Exchange Science and Technology Innovation Board 50 ETF, which rose 1.75% with a discount rate of 1.70%; and Guotai CSI A500 ETF, which rose 0.59% with a discount rate of 0.71% [3][7]. Bond ETF - The top-traded bond ETFs today were Haifutong CSI Short-term Financing Bond ETF, which rose 0.05% with a discount rate of 0.04%; Guotai CSI AAA Science and Technology Innovation Corporate Bond ETF, which rose 0.05% with a discount rate of 0.04%; and Huatianfu CSI AAA Science and Technology Innovation Bond ETF, which rose 0.03% with a discount rate of -0.01% [4][9]. Gold ETF - Today, the price of gold AU9999 rose 1.04%, and the price of Shanghai Gold rose 1.16%. The top-traded gold ETFs were Huaan Gold ETF, which rose 0.97% with a discount rate of 0.98%; Boshi Gold ETF, which rose 1.26% with a discount rate of 1.27%; and E Fund Gold ETF, which rose 1.23% with a discount rate of 1.20% [12]. Commodity Futures ETF - Today, Dacheng Non-ferrous Metals Futures ETF rose 0.40% with a discount rate of 0.66%; Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 1.08% with a discount rate of -1.13%; and Huaxia Feed Soybean Meal Futures ETF remained unchanged with a discount rate of 2.75% [13]. Cross-border ETF - The previous trading day, the Dow Jones Industrial Average rose 0.15%, the Nasdaq Composite rose 0.48%, the S&P 500 rose 0.26%, and the German DAX rose 0.02%. Today, the Hang Seng Index rose 0.87%, and the Hang Seng China Enterprises Index rose 1.07%. The top-traded cross-border ETFs today were E Fund CSI Hong Kong Securities Investment Theme ETF, which rose 1.35% with a discount rate of 0.67%; GF CSI Hong Kong Innovative Drugs ETF, which rose 2.89% with a discount rate of 2.86%; and Huatai-PineBridge Hang Seng Technology ETF, which rose 2.02% with a discount rate of 2.22% [15]. Money Market ETF - The top-traded money market ETFs today were Yin Hua Day Profit ETF, Huabao Tianyi ETF, and Jianxin Tianyi Money Market ETF [17].

Core Viewpoint - The Hong Kong stock market has seen a significant increase in attractiveness for capital, driven by factors such as the Federal Reserve's interest rate cuts and the catalyzing effect of the artificial intelligence (AI) industry [1] Fund Performance - The launch of Hong Kong-themed funds has been notable, with the Tianhong Guozheng Hong Kong Stock Connect Technology Index raising over 2.5 billion yuan, setting a record for new fund launches this year [2] - Hong Kong-themed ETFs have also experienced strong inflows, with net inflows exceeding 10 billion yuan since September, particularly in ETFs tracking the Hong Kong Stock Connect Internet Index [2][3] - Notable inflows have been recorded in various indices, including the Hang Seng Technology Index and Hong Kong Stock Connect Technology Index, with net inflows of 67.67 billion yuan and 59.09 billion yuan respectively [3] Southbound Capital Inflows - Southbound capital has accelerated its allocation to Hong Kong stocks, with net purchases exceeding 60 billion HKD in a single week, marking a five-month high [4] - The E Fund Hong Kong Stock Connect Growth Mixed Fund has implemented purchase limits due to its strong performance, with a year-to-date return of 56.21% [4] Market Valuation and AH Premium - The AH premium has reached a low point, leading to discussions about the valuation of Hong Kong stocks. Some analysts believe the current AH premium is reasonable, with potential for further narrowing [1][6] - The Hang Seng Technology Index has recently risen, with significant gains in major tech stocks such as Baidu and Alibaba, indicating a positive market sentiment [6] Future Outlook - Analysts suggest that the AI technology and new consumption sectors have substantial growth potential, which could drive the Hong Kong market upward [7] - Continuous inflows from southbound capital and a low domestic interest rate environment may lead to increased allocations to the Hong Kong market [7] - The potential for further interest rate cuts by the U.S. could enhance global liquidity, supporting the Hong Kong market's growth [7]

港股市场持续强势，上周，恒生指数创4年来新高，港股主题基金表现突出，年内单位净值涨 幅最高超172%。 多位业内人士表示，市场或呈现明显的牛市特点。无论是内地机构投资者通过港股通南下， 还是海外美元基金回流中国，资金流入港股市场的趋势或已经形成且在持续；看好互联网、 新能源车、AI、创新行业等方向。 【导读】 恒指创四年来新高，港股主题基金年内最高涨超172% 中国基金报记者 曹雯璟 多因素助力港股"大反攻" 上周，港股市场在多方利好因素共同推动下，持续放量上攻。在全球各路资金追捧下，恒指 年内涨超31%，领涨全球主要股指。 与此同时，港股主题基金表现突出。从主动权益类基金来看，张韡管理的汇添富香港优势精 选A以172.12%的年内涨幅领跑，郑宁管理的中银港股通医药A同期单位净值增长率接近 130%，南方港股医药行业A、广发沪港深医药A、前海开源沪港深乐享生活、前海开源沪港 深核心资源A、宝盈医疗健康沪港深A等基金年内单位净值涨幅在70%~95%之间。 被动指数基金方面，广发中证香港创新药ETF今年以来单位净值涨幅达112.04%，万家中证 港股通创新药ETF、汇添富国证港股通创新药ETF、景顺长城中证港股通 ...

Core Viewpoint - As of September 11, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 112.707 billion yuan, showing a decrease of 1.386 billion yuan from the previous trading day [1] Group 1: ETF Financing and Margin Balance - The ETF financing balance stands at 104.962 billion yuan, down by 1.537 billion yuan from the previous trading day [1] - The ETF margin short balance is 7.745 billion yuan, which has increased by 0.151 billion yuan compared to the previous trading day [1] Group 2: Net Buy Insights - On September 11, 228 ETFs experienced net financing purchases, with the E Fund ChiNext ETF leading with a net purchase amount of 309 million yuan [1] - Other ETFs with significant net financing purchases include GF CSI Hong Kong Innovative Drug ETF, HuaBao ChiNext Artificial Intelligence ETF, Guotai CSI All-Share Communication Equipment ETF, Southern CSI 500 ETF, Bosera CSI Convertible Bonds and Exchangeable Bonds ETF, and E Fund CSI 300 Medical ETF [1]

Market Overview - The Shanghai Composite Index rose 1.65% to close at 3875.31 points, the Shenzhen Component Index rose 3.36% to close at 12979.89 points, and the ChiNext Index rose 5.15% to close at 3053.75 points. The total trading volume of A-shares in the two markets was 2464.9 billion yuan. The top-performing sectors were communications (7.39%), electronics (5.96%), and computer (3.71%) [2][6] Stock ETF - The top-traded stock ETFs were E Fund ChiNext ETF (up 5.22% with a discount rate of 5.07%), Huaxia SSE STAR 50 ETF (up 5.45% with a discount rate of 5.18%), and Guotai CSI All-Securities Company ETF (up 3.13% with a discount rate of 3.21%) [3][7] Bond ETF - The top-traded bond ETFs were Haifutong CSI Short-Term Commercial Paper ETF (up 0.01% with a discount rate of -0.01%), Bosera CSI Convertible and Exchangeable Bond ETF (up 1.36% with a discount rate of 1.17%), and Penghang ChinaBond 30-Year Treasury Bond ETF (down 0.25% with a discount rate of -0.05%) [4][9] Gold ETF - Gold AU9999 fell 0.39% and Shanghai Gold fell 0.25%. The top-traded gold ETFs were Huaan Gold ETF (down 0.30% with a discount rate of -0.26%), Bosera Gold ETF (down 0.30% with a discount rate of -0.26%), and E Fund Gold ETF (down 0.33% with a discount rate of -0.26%) [12] Commodity Futures ETF - Dacheng Nonferrous Metals Futures ETF rose 0.29% with a discount rate of 0.52%, Huaxia Feed Soybean Meal Futures ETF rose 0.10% with a discount rate of 1.92%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.23% with a discount rate of -0.11% [13] Cross-Border ETF - The Dow Jones Industrial Average fell 0.48%, the Nasdaq Composite rose 0.03%, the S&P 500 rose 0.30%, and the German DAX fell 0.36% the previous day. The Hang Seng Index fell 0.43% and the Hang Seng China Enterprises Index fell 0.73% today. The top-traded cross-border ETFs were E Fund CSI Hong Kong Securities Investment Theme ETF (up 0.91% with a discount rate of 1.39%), GF CSI Hong Kong Innovative Drug ETF (down 2.25% with a discount rate of -1.46%), and Huitianfu China Securities Hong Kong Stock Connect Innovative Drug ETF (down 1.48% with a discount rate of -1.10%) [15] Money ETF - The top-traded money ETFs were Yin Hua Day Profit ETF, Hua Bao Add Benefit ETF, and Money ETF Jianxin Add Benefit [17]

Group 1 - In the first eight months of the year, 610 out of 644 comparable QDII funds saw an increase in net value, representing 94.7% of the total [1] - The innovative drug sector has rebounded, leading to significant gains for funds heavily invested in this area, with top performers including Huatai-PB Hong Kong Advantage Selected Mixed C and A, achieving returns of 133.73% and 133.56% respectively [1] - The top ten holdings of Huatai-PB Hong Kong Advantage Selected Mixed A/C include companies such as InnoCare Pharma, Kelun-Biotech, and Innovent Biologics [1] Group 2 - Ten QDII funds recorded gains exceeding 90%, with four from E Fund Management, including E Fund Global Pharmaceutical Industry Mixed Fund, all surpassing 94% [2] - The top ten holdings of these E Fund products include major players like Innovent Biologics and InnoCare Pharma [2] Group 3 - Funds such as GF CSI Hong Kong Innovative Drug ETF and Huatai-PB Hang Seng Innovative Drug ETF also performed well, with returns of 103.70% and 100.04% respectively [3] - The top ten holdings of the larger Huatai-PB Hang Seng Biotechnology ETF include companies like Innovent Biologics and WuXi Biologics [3] Group 4 - The bottom performers among QDII funds primarily tracked the FTSE Saudi Arabia Index, with several oil and gas funds and those tracking the S&P 500 healthcare index also underperforming [4]

Market Overview - The Shanghai Composite Index fell 1.16% to close at 3813.56 points, the Shenzhen Component Index fell 0.65% to close at 12472.00 points, and the ChiNext Index rose 0.95% to close at 2899.37 points. The trading volume of A-shares in the two markets was 2396.1 billion yuan. The top-performing sectors were comprehensive (1.64%), communication (1.61%), and power equipment (1.44%), while the bottom-performing sectors were national defense and military industry (-5.83%), non-bank finance (-3.05%), and computer (-2.71%) [2][6]. Stock ETF - The top three stock ETFs by trading volume were E Fund ChiNext ETF (up 0.77% with a discount rate of 0.81%), Huaxia SSE STAR Market 50 ETF (down 2.08% with a discount rate of -2.19%), and Guotai CSI All-Share Securities Company ETF (down 3.55% with a discount rate of -3.63%) [3][7]. Bond ETF - The top three bond ETFs by trading volume were Haifutong CSI Short-term Financing Bond ETF (up 0.00% with a discount rate of 0.01%), Boshi CSI Convertible Bond and Exchangeable Bond ETF (up 0.13% with a discount rate of 0.08%), and Fullgoal China Bond 7-10 Year Policy Financial Bond ETF (up 0.14% with a discount rate of 0.06%) [4][9]. Gold ETF - Gold AU9999 rose 1.13% and Shanghai Gold rose 1.35%. The top three gold ETFs by trading volume were Huaan Gold ETF (up 1.28% with a discount rate of 1.41%), E Fund Gold ETF (up 1.24% with a discount rate of 1.33%), and Boshi Gold ETF (up 1.31% with a discount rate of 1.41%) [12]. Commodity Futures ETF - Huaxia Feed Soybean Meal Futures ETF rose 1.15% with a discount rate of 2.71%, Dacheng Nonferrous Metals Futures ETF rose 0.06% with a discount rate of -0.06%, and Jianxin Yisheng Zhengzhou Commodity Exchange Energy and Chemical Futures ETF fell 0.15% with a discount rate of -0.43% [13]. Cross-Border ETF - The previous trading day, the Dow Jones Industrial Average fell 0.55%, the Nasdaq Composite fell 0.82%, the S&P 500 fell 0.69%, and the German DAX fell 2.29%. Today, the Hang Seng Index fell 0.60% and the Hang Seng China Enterprises Index fell 0.64%. The top three cross-border ETFs by trading volume were E Fund CSI Hong Kong Securities Investment Theme ETF (down 2.79% with a discount rate of -2.50%), GF CSI Hong Kong Innovative Drug ETF (up 1.23% with a discount rate of 1.26%), and Huatai-PineBridge Hang Seng Tech ETF (down 1.18% with a discount rate of -0.78%) [15]. Money Market ETF - The top three money market ETFs by trading volume were Yin Hua Day Profit ETF, Hua Bao Add Benefit ETF, and Money Market ETF Jianxin Add Benefit [17].

Core Insights - As of August 29, the total margin balance for ETFs in the Shanghai and Shenzhen markets reached 108.7 billion yuan, an increase of 0.96 billion yuan from the previous trading day [1] - The financing balance for ETFs was 101.25 billion yuan, up by 0.66 billion yuan, while the securities lending balance was 7.45 billion yuan, increasing by 0.30 billion yuan [1] ETF Performance - On August 29, a total of 216 ETFs experienced net financing inflows, with the E Fund ChiNext ETF leading the way with a net inflow of 137 million yuan [1] - Other ETFs with significant net financing inflows included the FTSE China Government Bond 7-10 Year Policy Financial Bond ETF, Huaxia SSE Sci-Tech Innovation Board 50 ETF, GF CSI Hong Kong Innovative Drug ETF, GF National Index New Energy Vehicle Battery ETF, Guotai CSI All-Share Communication Equipment ETF, and Huaan ChiNext 50 ETF [1]

Core Viewpoint - As of August 28, the total margin balance for ETFs in the Shanghai and Shenzhen markets is 107.74 billion yuan, showing a decrease of 877 million yuan from the previous trading day [1] Summary by Category ETF Margin Balance - The ETF financing balance is 100.588 billion yuan, down by 1.167 billion yuan from the previous trading day [1] - The ETF margin short balance is 7.152 billion yuan, which increased by 290 million yuan compared to the previous trading day [1] Net Buy Activity - On August 28, 219 ETFs experienced net financing purchases, with the Bosera Sci-Tech Innovation Board Artificial Intelligence ETF leading with a net purchase amount of 278 million yuan [1] - Other ETFs with significant net buy amounts include the Harvest CSI Sci-Tech Innovation Board Chip ETF, GF CSI Hong Kong Innovative Medicine ETF, Huatai-PB Hang Seng Technology ETF, E Fund ChiNext ETF, and China Asset Management Hang Seng Internet Technology ETF, each exceeding 100 million yuan in net purchases [1]