说明：博格一共有3个主要投资账户。 主要账户分别是：场内etf账户、场外某基金账户、场外投顾组合账户。 因投顾组合账户净值更新较晚，所以工作日仅统计场内账户和场外某基金账户。每周周六周报统计3个主要账户收益。 今天码字较多，下文有密集干货和文末礼品，需要大家多一点耐心阅读时间~ 截至2025年最后一个交易日收盘后： 合计持仓超过1000万（还有一些散装账户），2025年合计盈利184万，收益率为33.89%。 相比2025盈利最高时候的230万元，浮盈回撤了46万元。 一、场内ETF账户 | ( | 股票证券 | | | じく | | 公易 郑*勇 3275***4918 | C | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025年收益额 | | | ⇌ 看收益率 | 买入 | 委员 | 撤单 持仓 | 查询 | | +438.046.77 | | | | 市值 = | 持仓/可用 ( 现价/成本价(2 | | 总盈亏; | | 年 月 | | ▲ 2025年 | | 港股创新药 ... | 270000 | 1.194 | +133,125. ...

Core Viewpoint - The investment accounts managed by the company have shown a mixed performance this year, with a total profit of 1.9 million yuan, down from a peak of 2.3 million yuan earlier in the year, indicating a drawdown of 400,000 yuan [2][3]. Group 1: Account Performance - The total assets in the on-market ETF account amount to 2.6 million yuan, while the off-market fund account holds 5.4 million yuan, and the advisory portfolio has 1.2 million yuan [7]. - The on-market ETF account has a year-to-date profit of 460,000 yuan, with a current yield of 40.19% [5][6]. - The off-market fund account has a year-to-date profit of 1.338 million yuan, with a yield of 34.21% [15][16]. Group 2: Investment Strategy - The company has shifted its strategy by reducing its position in a value ETF by 100,000 yuan and reallocating that amount to the Hang Seng Consumer ETF, which has seen a decrease in floating profit from 11% to 8% [4]. - The rationale for this shift includes the belief that consumer valuations are at historical lows and that there will likely be consumption stimulus policies next year, which could improve industry sentiment [5]. - The core holdings in the on-market ETF account focus on Hong Kong stocks, with significant investments in sectors such as innovative pharmaceuticals, technology, and consumer goods [8][9]. Group 3: Market Trends - The recent downturn in the Hong Kong stock market has not changed the company's long-term investment logic, which emphasizes the valuation advantages of Hong Kong stocks compared to A-shares [10]. - The company has noted that the recent performance of aerospace and satellite ETFs has been strong, contributing significantly to this week's profits [11]. - The company adheres to a philosophy of avoiding high-risk investments and focusing on undervalued sectors for long-term gains [12]. Group 4: Precious Metals Market - The precious metals market has experienced significant price increases, with platinum prices rising over 172% year-to-date, driven by demand from the aerospace sector [24]. - The company had previously identified platinum as a valuable investment but missed the opportunity to invest heavily at lower prices [21][24]. - The company advises against chasing prices in the current market, emphasizing the importance of strategic investment rather than following trends [25].

Market Performance - The Shanghai Composite Index rose by 0.54%, the Shenzhen Component Index increased by 1.39%, the ChiNext Index surged by 2.6%, and the North Star 50 gained 1.27% [1] - The total market turnover reached 2.05 trillion yuan, an increase of 312.6 billion yuan compared to the previous day, marking the first time in 16 trading days that turnover surpassed 2 trillion yuan [1] Sector Highlights - The computing hardware sector showed strong performance, particularly in the CPO direction, leading the market [1] - Active sectors included lithium mining, cross-strait integration, photolithography machines, superhard materials, consumer electronics, and commercial aerospace [1] - Conversely, resource stocks such as coal and oil & gas experienced weakness [1] ETF Performance - The AI hardware sector saw significant gains, with the Fortune Fund Communication Equipment ETF, the Huashan Entrepreneurial AI ETF, and the Dazhong Entrepreneurial AI ETF rising by 5.65%, 5.62%, and 5.56% respectively [1] - The storage chip sector also strengthened, with the Huatai-PineBridge Korea Semiconductor ETF increasing by 4.47% [1] - Two Brazilian ETFs declined by 6.3% [1] - Pop Mart experienced a significant drop, with the Hang Seng Consumer ETF and the Hong Kong Stock Connect Consumer ETF falling by 1.91% and 1.88% respectively [1] - The Hong Kong innovative drug sector weakened, with the Fortune Hong Kong Stock Connect Medical ETF and the Industrial and Commercial Bank of China Hong Kong Stock Connect Innovative Drug ETF both declining by 1.5% [1] - The coal sector adjusted, with the coal ETF dropping by 1.5% [1]

Group 1 - The market is currently focused on two main events: the recently released CPI and PPI data, which catalyze the consumer sector, and the impending reopening of the U.S. federal government [1][2] - The end of the government shutdown is expected to restore risk appetite in the market, which is seen as a significant positive for global financial markets [5][4] - The shutdown had previously caused liquidity tightening as funds were drawn into the central treasury account, leading to reduced cash flow for banks and businesses [3][2] Group 2 - Following the news of the government reopening, both risk assets and safe-haven assets experienced collective gains, indicating a recovery in liquidity [6][8] - The consumer sector saw a notable rebound, with leading industries such as beauty care, food and beverage, and retail showing significant daily increases, while growth-related sectors like communication and electronics faced declines [10][11] - The Hang Seng Consumer Index recorded its largest single-day gain since 2025, driven by a resurgence in new consumption stocks [15][18] Group 3 - The southbound net purchases of Hong Kong stocks surpassed 5 trillion, marking a historical milestone, with over 1.3 trillion net purchases this year alone [21][24] - The low interest rate environment remains unchanged, with financing demand being the core focus rather than inflation [26][29] - Observations indicate that global investment strategies are being adjusted in response to the resolution of overseas risk events, with changes in fund limits reflecting market conditions [32][33]

Core Insights - The total trading volume of the Shanghai and Shenzhen Stock Connect reached 260.56 billion, with Cambricon and Luxshare Precision leading in trading volume for the Shanghai and Shenzhen stock connect respectively [1][2] - The banking sector saw the highest net inflow of funds, while the ETF trading volume for the Hang Seng Consumption ETF increased by 155% compared to the previous trading day [1][4] - The IM contract saw a greater reduction in short positions compared to long positions [1][11] Trading Volume Summary - The total trading amount for the Shanghai Stock Connect was 129.49 billion, while the Shenzhen Stock Connect was 131.07 billion [2] - Cambricon had a trading volume of 2.49 billion, ranking first in the Shanghai Stock Connect, while Luxshare Precision led the Shenzhen Stock Connect with 3.86 billion [3] Sector Performance - The banking sector had a net inflow of 8.43 billion, representing a net inflow rate of 2.00% [4] - The coal, insurance, and port shipping sectors showed positive performance, while precious metals, semiconductors, and wind power sectors experienced declines [3][4] ETF Trading Summary - The top ETF by trading volume was the Hong Kong Securities ETF with 20.47 billion, followed by the Gold ETF with 9.63 billion [8] - The Hang Seng Consumption ETF saw a remarkable increase in trading volume by 155% compared to the previous trading day [9] Futures Position Summary - In the futures market, both the IH and IF contracts saw an increase in both long and short positions, while the IC and IM contracts experienced a decrease in both [11] Stock Performance on the Dragon and Tiger List - Long-term institutional activity decreased significantly, with notable purchases in stocks like Yunhan Chip City, which saw a 20% increase and received 95.6 million from three institutions [12][13] - The top net inflow stocks included Chang'an Automobile with 1.12 billion and Zhongxing Communication with 1.09 billion [6][14]

Core Viewpoint - The Hong Kong stock market has shown significant rebound since September, attracting more investors, leading to the launch of the Invesco Great Wall Hang Seng Stock Connect 50 ETF on September 18, which aims to help investors efficiently capture market opportunities [1]. Group 1: ETF Product Overview - The Invesco Great Wall Hang Seng Stock Connect 50 ETF tracks the Hang Seng Stock Connect 50 Index, which selects 50 highly liquid leading companies listed in Hong Kong, covering both new economy and traditional sectors [1]. - The index represents 52% of the market's circulating market value and 56% of net profits, making it a key representation of core assets in the Hong Kong stock market [1]. - The top four industries in the index are consumer, finance, technology, and pharmaceuticals, which together account for 85.82% of the index's weight, effectively covering popular assets in the Hong Kong market [1]. Group 2: Company Strategy and Product Line - Invesco Great Wall Fund has been expanding its ETF product line, creating a diverse "Hong Kong Stock Family" that includes various ETFs focusing on technology, new consumption, biotechnology, and multi-strategy dividend ETFs [2]. - The launch of the Invesco Great Wall Hang Seng Stock Connect 50 ETF further enhances the company's offerings in Hong Kong index products, completing an important piece of its product puzzle [2].

Core Insights - The AH premium level has become a key indicator for foreign capital allocation direction, with over 50 A-share companies applying for secondary listings in Hong Kong since 2025, highlighting the increasing value of dual-listed stocks [1] - Foreign investors show a clear preference for low-premium stocks, with smaller-cap stocks having an average AH premium rate exceeding 95%, while larger-cap stocks have much lower rates of 4% (A-shares) and 17% (H-shares) [1] - Historical data indicates a correlation of 0.56 between the AH premium index's fluctuations and the scale difference of foreign inflows into H-shares and A-shares since 2020, suggesting that a rebound in the premium rate may lead to increased foreign investment in H-shares [1] - The AH premium index has declined from a high of 157 in February last year to a new low of 123 in August 2025, indicating potential for foreign capital to return to Hong Kong stocks if the premium rate reverts to the mean [1] - The Hong Kong stock market is showing significant investment value due to a "triple resonance" of policy dividends, technological innovation breakthroughs, and continuous liquidity improvement [1] - Hong Kong is home to leading technology companies in AI, biomedicine, and new energy vehicles, which possess core competitiveness in cutting-edge fields [1] - With the onset of the Federal Reserve's interest rate cuts and continuous inflow of southbound capital, Hong Kong stocks may experience dual opportunities for performance enhancement and value reassessment [1] Related ETFs - AI Full Industry Chain - Hong Kong Stock Connect Technology ETF (159101) [2] - New Consumption Forces - Hang Seng Consumption ETF (513230) [2] - Pure Internet - Hang Seng Internet ETF (513330) [2] - Focus on Innovative Drugs - Hang Seng Pharmaceutical ETF (159892) [2]

Market Overview - The Hong Kong stock market opened higher on August 29, with the Hang Seng Index at 25,115 points, up 0.47%, and the Hang Seng Tech Index at 5,662 points, up 0.32% [1][3] Focused Sectors - Domestic brokerage stocks in Hong Kong saw a significant rise, with Guotai Junan International increasing over 8%, and Guolian Minsheng, CITIC Securities, and China Galaxy rising over 4% [3] - CITIC Securities reported a half-year revenue of 33.039 billion yuan, a year-on-year increase of 20.44%, and a net profit attributable to shareholders of 13.719 billion yuan, up 29.8% [3] - CITIC Securities announced a mid-term profit distribution plan, proposing a total cash distribution of 4.298 billion yuan (including tax) [3] Other Sector Performances - Technology stocks showed mixed results, with Kuaishou rising over 2%, and JD, Baidu, and NetEase increasing over 1%, while Lenovo fell over 0.5% [3] - The innovative drug sector showed signs of recovery, with Green Leaf Pharmaceutical rising nearly 3% [3] - Gold stocks were active, with Zifeng Gold rising over 1% [3] - The new consumption concept opened high, with Pop Mart rising nearly 2% [3] ETF Performance - Cross-border ETFs such as the Hong Kong Consumption ETF, Hong Kong Non-bank Financial ETF, Hong Kong Securities ETF, and Hang Seng Consumption ETF rose over 1% [3] - Conversely, the China-Korea Semiconductor ETF and Hong Kong Technology 30 ETF fell over 1% [3]

Group 1 - The core point of the news is that the Hang Seng Consumer ETF (513970) has seen a net financing inflow of 425.35 million yuan on August 25, 2025, with a total financing balance of 2,054.29 million yuan, indicating a positive market sentiment towards the ETF [1][2][3] - Over the past three trading days, the ETF has recorded a cumulative net inflow of 548.35 million yuan, with 12 out of the last 20 trading days showing net financing inflows [1] - The financing balance increased by 26.11% compared to the previous day, reflecting a strong bullish sentiment in the market [2][3] Group 2 - The financing inflow on August 25, 2025, was 425.35 million yuan, while the financing balance was 2,054.29 million yuan [2] - The financing balance has shown a consistent upward trend, with notable increases on previous trading days, such as 360.20 million yuan on August 20, 2025 [2][3] - The overall financing and margin trading balance reached 2,054.29 million yuan, marking a significant increase in market activity [3]

Market Overview - The Hong Kong stock market opened higher on August 25, with the Hang Seng Index at 25,685 points, up 1.37%, and the Hang Seng Tech Index at 5,761 points, up 2.01% [1]. Company Highlights - Dongfeng Group's shares surged nearly 70% after the announcement that its subsidiary, Lantu Automotive, will go public in Hong Kong through an introduction listing, while Dongfeng Group will simultaneously complete its privatization and delisting. The total acquisition price is set at HKD 10.85 per share, comprising a cash consideration of HKD 6.68 and equity consideration of HKD 4.17 [3]. - Bluestar's shares fell over 15% after releasing its interim performance report, which showed revenue of CNY 1.338 billion, a 27.9% increase from CNY 1.046 billion in the same period of 2024. The gross profit was CNY 647 million, up 16.9%, and the pre-tax profit was CNY 336 million, a significant improvement from a loss of CNY 203 million in 2024 [3]. Sector Performance - Technology stocks experienced a broad increase, with Baidu, JD.com, and Alibaba rising over 2%, while Bilibili and Kuaishou also saw gains of 2%. Tencent Holdings increased by over 1%. AI-related stocks were strong, with WanGuo Data rising over 4% [3]. - The cross-border ETFs, including the China-Korea Semiconductor ETF and various Hong Kong technology ETFs, rose over 2%. Other ETFs, such as the Hong Kong Securities ETF and the Hang Seng Consumer ETF, increased by over 1% [4].