Core Viewpoint - The stock ETF market experienced a net inflow of approximately 8 billion yuan on September 23, with significant inflows into semiconductor, securities, artificial intelligence, and robotics sector ETFs, while broad-based ETFs like the CSI 300 Index and ChiNext Index saw substantial outflows [2][3][6]. Fund Flow Summary - On September 23, the total scale of all stock ETFs reached 4.4 trillion yuan, with 1,213 stock ETFs (including cross-border ETFs) [3]. - The top three ETFs by net inflow were the Jiashi Sci-Tech Chip ETF, Guotai Securities ETF, and Huaxia Robotics ETF, each with inflows exceeding 500 million yuan [3]. - The sectors with the highest net inflows included semiconductors (2.78 billion yuan), securities (1.63 billion yuan), artificial intelligence (1.30 billion yuan), and robotics (1.18 billion yuan) [3][4]. Recent Trends - Over the past five days, ETFs related to securities companies saw inflows exceeding 8.5 billion yuan, while Hong Kong Stock Connect internet-related ETFs attracted over 4.3 billion yuan [4]. - Leading fund companies reported significant inflows in their ETFs, with E Fund's Hang Seng Technology ETF receiving 380 million yuan and its artificial intelligence ETF gaining 190 million yuan [4]. Outflow Summary - On September 23, 18 stock ETFs experienced outflows exceeding 1 billion yuan, with the CSI 300 Index, ChiNext Index, and CSI 500 Index among the hardest hit [6][8]. - The top three ETFs by net outflow were the CSI 300 ETF (1.33 billion yuan), ChiNext ETF (580 million yuan), and CSI 500 ETF (443 million yuan) [6][8].

【港股科技相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101）； 聚焦互联网龙头——恒生互联网ETF（513330）。 9月23日，恒生指数午盘下跌0.97%，恒生科技指数下挫2.20%，恒生中国企业指数走低1.17%，市场半 日成交额为1652.30亿港元。港股通科技ETF基金（159101）半日收跌1.83%，成分股哔哩哔哩-W下跌 4.45%，华虹下跌4.08%。 此前市场对本次降息已有充分预判，港股科技板块的前期涨幅或许已提前消化了这一利好。但是，降息 落地不等于降息结束。伴随利率决议一同发布的点阵图数据显示，官员预期中值仍指向2025年还将有两 次降息。这意味着，年内持续存在的降息预期，仍将是拉动港股及港股科技板块上行的重要动力。 港股科技企业多依赖海外融资，降息直接降低美元债务成本，改善现金流压力。企业可加大研发投入， 提升长期竞争力，财务费用减少有望增厚利润空间。 降息周期中美元趋弱，港股科技企业海外收入折算为港币/人民币时价值提升。汇兑收益增厚利润率， 尤其对互联网出海、硬件出口等细分领域形成直接利好。 ...

Core Viewpoint - The Chinese internet sector has shown a remarkable recovery with a 47.77% increase since early 2023, reflecting a reassessment of its value and long-term potential by the market [1] Group 1: Market Performance - The Chinese internet ETF (KWEB) has risen by 47.77%, while the Hang Seng Internet ETF (2822) and Hang Seng Technology ETF (3080) have increased by 45.08% and 41.44% respectively [1] - The sector's recovery is attributed to a combination of market revaluation and recognition of its long-term potential [1] Group 2: Industry Challenges and Sentiment - Despite facing significant challenges, including regulatory pressures and a tough operating environment, investors have maintained a belief in the sector's eventual recovery [1][2] - The sentiment among investors remains optimistic, particularly with the anticipated impact of artificial intelligence on the industry [2] Group 3: Economic Environment - The recent decision by the Federal Reserve to lower the benchmark interest rate by 25 basis points to 4%-4.25% signals a shift towards a more accommodative financial environment, which is favorable for growth sectors like the internet [2] - In China, the 10-year government bond yield is at historical lows, and the overall monetary policy remains supportive, providing a conducive environment for the valuation of Chinese internet companies [3] Group 4: Valuation Metrics - The current price-to-earnings (PE) ratio for the Chinese internet sector is 21.65, which is relatively low compared to the historical average and indicates potential for recovery [3] - The price-to-sales (PS) ratio has doubled from 1.44 to 3.04, reflecting the sector's recovery potential [3] - Compared to other growth sectors, the Chinese internet sector maintains a valuation advantage, with a PE of 21.65 versus 24.67 for Hang Seng Technology and 23.11 for Hang Seng Internet [3]

Core Viewpoint - The article discusses the recovery and growth of the Chinese internet sector, highlighting a 47% increase in the China Internet ETF since early 2025, emphasizing the importance of patience and strategic investment during challenging times [4][5][6]. Group 1: Historical Context and Recovery - The Chinese internet sector faced significant challenges over the past three years, including regulatory pressures and market sentiment issues, leading to a decline that tested investors' beliefs and strategies [4][5]. - The author previously addressed concerns about the potential collapse of the Chinese internet industry, asserting that while some companies may falter, the overall sector is unlikely to disappear due to its deep integration into daily life [7]. - The recovery of the sector is likened to a "smile curve," illustrating the importance of time and common sense in investment [6]. Group 2: Interest Rate Cycle and Valuation - The article explains that interest rates significantly influence the valuation of technology sectors, with rising rates increasing costs and pressuring growth assets, while falling rates create a more favorable environment for valuations [10][11]. - Recent actions by the Federal Reserve, including a rate cut from 4.25-4.5% to 4-4.25%, signal a shift towards a more accommodative monetary policy, which could benefit growth sectors like the internet [12][13]. - The historical context of post-pandemic monetary easing is referenced, noting that it previously led to a rapid recovery in technology and internet asset valuations [14]. Group 3: Safety Margin and Current Valuation Strategies - The article recommends using the Price-to-Sales (PS) ratio for evaluating the Chinese internet sector, as traditional Price-to-Earnings (PE) ratios may not accurately reflect the volatility of early-stage companies [16]. - Current PS and PE ratios indicate that the sector is undervalued, with a PS of 3.04 and a PE of 21.65, suggesting a favorable safety margin compared to historical averages [19][20][26]. - A comparative analysis shows that the Chinese internet sector has a lower valuation relative to other technology indices, indicating a potential investment opportunity [27]. Group 4: Investment Strategy and Recommendations - The article emphasizes the importance of maintaining a diversified portfolio and managing positions carefully, especially during market fluctuations [8][9]. - Investors are advised to remain patient and not be swayed by short-term market movements, with a focus on long-term strategies and safety margins [28][29]. - For those unfamiliar with the sector, caution is advised, and starting with broader indices may be a prudent approach [30].

Market Overview - The A-share market experienced significant volatility with all three major indices declining, particularly the Shanghai Composite and ChiNext Index, which fell over 1% [1] - Despite the overall market downturn, there was a strong inflow of funds into stock ETFs, totaling over 10.8 billion yuan, primarily focused on brokerage, Chinese concept stocks, and sci-tech chips [1] ETF Performance - A total of 1,209 stock ETFs in the market reached a total scale of 4.39 trillion yuan, with an increase of 11.062 billion shares and a net inflow of approximately 10.819 billion yuan during the market adjustment [1] - The industry-themed ETFs and Hong Kong market ETFs saw net inflows of 9.39 billion yuan and 5.313 billion yuan, respectively, with the securities company index attracting a net inflow of 5.134 billion yuan [1] Key Fund Companies - E Fund's ETFs showed strong performance with a net inflow of 2.9 billion yuan, including 1.121 billion yuan for the Chinese concept internet ETF and over 830 million yuan for the Hong Kong securities ETF [2] - Huaxia Fund's ETFs also performed well, with net inflows of 336 million yuan for the financial technology ETF and 308 million yuan for the Hang Seng internet ETF [2] Market Sentiment and Outlook - Analysts from Galaxy Fund indicated that the recent A-share market adjustment is closely related to the Federal Reserve's stance on not entering a loosening cycle, which may suppress global market risk appetite [3] - Guotai Fund remains optimistic about the A-share market, believing that the bullish trend has not changed, supported by a continuous decline in domestic risk-free yields and accelerated capital market reforms [3]

消费新势力——恒生消费ETF（513230）； 在政策红利释放、技术创新突破、流动性持续改善的 "三重共振"下，港股板块正展现出日益显著的投 资价值。作为汇聚中国顶尖科技企业的核心阵地，港股市场汇聚了一批在人工智能、生物医药、造车新 势力等前沿领域具备核心竞争力的优质企业。伴随美联储降息周期开启与南向资金持续流入，港股或迎 来业绩提升与价值重估的双重机遇。 【相关ETF】 AI全产业链——港股通科技ETF基金（159101）； AH折溢价水平成为判断外资配置方向的关键指标。2025年以来，超50家A股公司递表港交所推进二次 上市，AH两地上市股的配置价值愈发凸显。剔除行业差异后的数据显示，外资在两地上市股中明显偏 好低溢价标的——持有规模较小个股的平均AH溢价率达95%以上，而持有规模较大个股的溢价率仅4% （A股）和17%（港股）。 历史经验更揭示重要规律，2020年以来，AH溢价率指数涨跌幅与外资流入H股、A股的规模差值相关系 数达0.56，意味着溢价率回升时外资更倾向于流入港股。值得关注的是，AH股溢价指数自去年2月从 157的高位趋势回落，2025年8月已跌至2020年以来新低123，若未来溢价率向均 ...

Group 1: ETF Market Overview - As of September 12, 2025, there are 1,292 ETFs in the Shanghai and Shenzhen markets, with a total asset management scale of 52,387.73 billion [2] - The breakdown of ETFs includes 1,029 stock ETFs (35,315.17 billion), 39 bond ETFs (5,718.88 billion), 27 money market ETFs (1,564.76 billion), 17 commodity ETFs (1,611.53 billion), 173 cross-border ETFs (8,120.58 billion), and 6 unlisted ETFs (52.32 billion) [2] - In the week from September 8 to September 12, 2025, four new stock ETFs were launched, including two fintech-themed ETFs, with a total issuance scale of 5.682 billion [3][4] Group 2: ETF Performance Analysis - The median weekly return for stock ETFs was 1.97%, with the best-performing ETF being the China United Asset Management's Sci-Tech Chip Design ETF, which rose by 10.14% [3][4] - Conversely, the worst performer was the Guotai Junan Sci-Tech Innovation Drug ETF, which fell by 3.12% [4] - The average share change for stock ETFs was an increase of 6.6576 million shares, with the chemical ETF seeing the largest increase of 2.968 billion shares [4] Group 3: PB-ROE Framework and ETF Rotation Strategy - The PB-ROE framework categorizes industries into six quadrants, focusing on high PB and high ROE industries in the third quadrant and low PB and medium ROE industries in the fifth quadrant [5] - Backtesting from 2017 to February 2024 shows that only the third and fifth quadrants achieved excess returns, with annualized excess returns of 4.27% and 1.55%, respectively [5] - The combined PB-ROE rotation strategy yielded an annualized return of 11.93% and an annualized excess return of 13.22% [6] Group 4: Investment Recommendations - The report recommends focusing on the automotive, transportation, and public utilities sectors, corresponding to their respective industry ETFs [8]

北京时间9月18日凌晨2点，美联储宣布，联邦基金利率的目标区间从4.25%—4.50%降至4.00%— 4.25%，降幅25个基点。这是美联储2025年以来首次降息。 决议公布后，市场反应剧烈，美股三大指数一度集体冲高，随后迅速跳水，截至收盘，道指涨0.54%， 纳指跌0.33%，标普500指数跌0.1%。美股大型科技股多数走低，博通跌近4%，英伟达跌超2%，亚马 逊、甲骨文跌超1%，谷歌、Meta小幅下跌。 在人民币升值、美联储降息预期强化的背景下，看好港股"追赶"行情，从"外卖叙事"回归"AI叙事"，关 注汇集AI核心资产的港股科技互联网板块。 【港股科技相关ETF】 覆盖科技全产业链——港股通科技ETF基金（159101）； 聚焦互联网龙头——恒生互联网ETF（513330）。 热门中概股集体走强，纳斯达克中国金龙指数大涨2.85%，百度暴涨超11%，万国数据大涨超7%，蔚来 汽车涨超6%，拼多多涨超4%，腾讯音乐涨超3%，阿里巴巴、理想汽车、哔哩哔哩、新东方涨超2%。 美联储降息往往伴随全球资金再配置。降息促进全球资金流动性释放，中国资产可能相对受益，尤其是 在当前全球货币体系重构背景下，美元贬值和创 ...

01 持股周期也比较长，年度换手率200%左右。重仓行业以电子、军工、机械设备、有色金属、化工等制造业为主。 交银的刘鹏有变动的迹象，管理的3只基金全部增聘基金经理。 代表基金"交银先进制造"增聘的还是同样大制造背景，过去一段时间业绩和刘鹏不相上下的郭若。 | 草金代码 | 基金简称 | 自全规模 (亿元) | 前任 直令经典 | 现任 其全经典 | 変更日期 | | --- | --- | --- | --- | --- | --- | | 519704. OF | 交银先进制造A | 46.22 | 刘鹏 | 刘鹏,郭若 | 2025/9/15 | | 010936. OF | 交银均衡成长—年持有A | 27.8 | 刘鹏 | 刘鹏,徐嘉辰 | 2025/9/11 | | 009402. OF | 交银启明A | 17.23 | 刘鹏 | 刘鹏,周珊珊 | 2025/9/15 | | | | 制表: 博猫的丰收日 | | | | 下图中的黑线是郭若管的"交银启信"，不算建仓期的择时，净值走势和"交银先进制造"基本一致。 刘鹏大家应该比较熟悉了，大制造背景，2014年6月毕业后加入交银施罗德，研究方向覆盖 ...

Group 1 - The "Second Golden Kylin Best Investment Advisor Selection" event is currently ongoing, with over 3,000 professional investment advisors participating in simulated trading competitions [1] - The event aims to provide a platform for investment advisors to showcase their capabilities, expand services, and enhance skills, thereby promoting the healthy development of China's wealth management industry [1] Group 2 - The top ten most frequently bought ETFs on September 17 include multiple robotics-related ETFs, indicating strong interest in this sector [2] - The top ten ETFs by purchase amount also feature a significant number of robotics ETFs, further emphasizing the trend towards automation and technology investments [3] - The data for the top bought stocks/ETFs is based on the aggregated buying activity of all participants in the competition, highlighting the popularity of certain investment themes [4]