Core Viewpoint - The Hong Kong stock market has shown strong performance in 2025, with the Hang Seng Index and Hang Seng Tech Index rising by 30.40% and 38.02% respectively, reaching new highs [2][4]. Group 1: Market Performance - Since the beginning of 2025, the Hang Seng Index and Hang Seng Tech Index have both reached new highs, indicating a positive market trend [2]. - The Hang Seng Index peaked at 27,058 points and the Hang Seng Tech Index at 6,461 points on September 18, 2025, marking the highest levels since July 2021 and November 2021 respectively [2]. Group 2: Investment Opportunities - The Federal Reserve's decision to restart interest rate cuts has released global liquidity, making the Hong Kong stock market an attractive investment option due to its valuation advantages [5]. - Southbound capital has accelerated its inflow into the Hong Kong market, with a cumulative net purchase exceeding 1.1 trillion HKD in 2025, providing significant liquidity support [9]. Group 3: Policy and Regulatory Environment - The latest Hong Kong Policy Address has introduced multiple measures aimed at boosting the stock market, including the establishment of an "AI Efficiency Enhancement Group" and initiatives to assist mainland tech companies in financing [12][13]. - The government is exploring various measures to optimize the market ecosystem, such as implementing T+1 settlement rules and promoting the return of Chinese concept stocks [16]. Group 4: Sector Focus - The article highlights three key potential sectors under the "Chinese technology narrative": electronics, new materials, and healthcare, emphasizing the importance of domestic substitution and technological innovation [19][21][22]. - Specific funds focusing on these sectors have shown impressive returns, with one fund in the electronics sector achieving a return of +59.01% over the past year [20].

Group 1 - The core point of the news is that Zai Lab Ltd. (泽璟制药) experienced a stock price increase of 5.01%, reaching 101.78 CNY per share, with a total market capitalization of 26.942 billion CNY [1] - Zai Lab, founded on March 18, 2009, specializes in the research, production, and sales of chemical and biological new drugs, with 99.97% of its revenue coming from pharmaceuticals [1] - The trading volume for Zai Lab was 1.68 million CNY, with a turnover rate of 0.64% [1] Group 2 - According to data, a fund under Jianxin Fund holds Zai Lab as one of its top ten heavy positions, specifically Jianxin Medical Health Industry Stock A (建信医疗健康行业股票A), which reduced its holdings by 29,420 shares in the second quarter [2] - The current holding of Jianxin Medical Health Industry Stock A is 338,600 shares, accounting for 4.18% of the fund's net value, making it the sixth-largest heavy position [2] - The fund has achieved a year-to-date return of 50.69% and a one-year return of 41.08%, ranking 404 out of 4,218 and 1,255 out of 3,864 in its category, respectively [2]

9月12日，建信基金以"信任的力量"为主题举办2025秋季投资策略会，来自权益、固收、量化、多元资产等领域的多位基金经理分享最新市场研判，并就热 点与后市展开解读。 建信基金总裁谢海玉在致辞中表示，公司作为国有大行背景的基金管理人，始终将服务实体经济和践行普惠金融作为核心目标。在成立二十周年之际，建信 基金正通过投研体系重塑、科创主题深耕和投顾服务升级，持续提升专业能力与投资者获得感。 宏观框架与权益主线 权益投资部基金经理兼研究部副总经理蒋严泽认为，A股正处在"基本面定价抬升"的阶段。短期内，资金面与海外政策是扰动市场的核心变量；中期来 看，"反内卷"政策信号有助于改善名义经济增速预期；长期则要关注"人工智能+"等新质生产力推动的产业变革。他指出，自去年"924"以来，A股已经经历 红利防御、超低估修复两个阶段，当前市场逻辑正逐步转向基本面驱动。在配置上，AI产业链与大金融是值得关注的双主线，银行等经历充分调整的板块 存在阶段性价值。 多资产与风险管理 在资产配置层面，建信基金数量投资部副总经理朱金钰认为，黄金在弱美元与全球经济不确定性背景下仍具相对优势。从金价与主要经济体M2比价来看， 当前估值处于中位区 ...