近期A股市场风格正在发生悄然转变。截至9月5日收盘，电池ETF与新能源ETF分别上涨10.04%、9.15%，涨幅居前，新能源板块异军突起，成为调整后的结 构性亮点。 有疑似陈果的微信截图显示，其指出：四个月慢牛后的一个快速急跌调整，没有实质利空冲击牛市逻辑（没有类似四月的关税冲击利空），大概率后面还有 新高，但一般来说这种调整之后结构上会有切换。 在其公开观点中也提到，市场演绎和我们想法差不多，结构变化选择了新能源，其虽然和AI算力不可比，但确实也是景气政策主题逻辑兼备+前期涨幅相对 有限的方向。 值得一提的是，陈果今年3月正式加入东方财富证券，担任研究所副所长、首席策略官，此前曾任职于申银万国、广发、长江及中信建投等多家机构，策略 视角与话语影响力广受市场关注。其此前就曾提示结构变化可能出现在板块高低切换上，并明确将新能源视为兼具政策托底与景气弹性的代表性方向。 市场异动之际，东方财富证券研究所副所长、首席策略官陈果的言论在市场中广为流传。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同其观点或证实其描述。文章内容仅供参考，不构成投 资建议。投资者据此操作，风险 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 在经历9月2日至9月4日连续三日调整、上证指数自3885.31点下挫至3732.84点之后，9月5日市场显著回 暖，上证指数收盘报3812.51点，涨幅达1.24%。 | 全部 | 電量 | 行业 主题 | T+0 | 策略 | 陆股通 | 港股通 | 股票 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 相同指数ETF仅显示最活跃的一只2 ■ 成交金额 > | | | 0 亿 ■ 估算规模 > | 0亿 | V | | 序号 | 代码 | 类型 名称 | | 现价 | 涨跌 | 涨跌幅 ▼ | | | 1 | 159387 | H 创业板新能源ETF国泰 | | 1.516 c | 0.150 | 10.98% | | | 2 | 159368 | H 创业板新能源ETF华夏 | | 1.363 c | 0.134 | 10.90% | | | 3 | 159261 | 主 创业板新能源ETE鹏华 | | 1.439 c | 0.141 | 10.86% | | | ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 近期A股市场风格正在发生悄然转变。截至9月5日收盘，电池ETF与新能源ETF分别上涨10.04%、 9.15%，涨幅居前，新能源板块异军突起，成为调整后的结构性亮点。 有疑似陈果的微信截图显示，其指出：四个月慢牛后的一个快速急跌调整，没有实质利空冲击牛市逻辑 （没有类似四月的关税冲击利空），大概率后面还有新高，但一般来说这种调整之后结构上会有切换。 市场异动之际，东方财富证券研究所副所长、首席策略官陈果的言论在市场中广为流传。 在其公开观点中也提到，市场演绎和我们想法差不多，结构变化选择了新能源，其虽然和AI算力不可 比，但确实也是景气政策主题逻辑兼备+前期涨幅相对有限的方向。 值得一提的是，陈果今年3月正式加入东方财富证券，担任研究所副所长、首席策略官，此前曾任职于 申银万国、广发、长江及中信建投等多家机构，策略视角与话语影响力广受市场关注。其此前就曾提示 结构变化可能出现在板块高低切换上，并明确将新能源视为兼具政策托底与景气弹性的代表性方向。 在指数经历急跌、风险偏好受限的背景下，资金对于"风险可控+高景气"的主题方向重新定价，新能 ...

【导读】A股三大股指集体回调，CPO概念股上演"冰火两重天"，"易中天"大跌；新能源板块全面爆 发，旅游零售板块活跃 9月4日上午，A股主要股指集体回调。截至午间收盘，沪指跌1.97%至3738.32点，深证成指跌2.37%， 创业板指跌3.2%，科创50指数跌5.38%。 北证50指数逆市上涨0.58%。 微盘股指数涨1.32%。 沪深两市半日成交额为1.59万亿元，较上个交易日增加1427亿元。 全市场共2629只个股上涨，32只个股涨停，2606只个股下跌。 新能源板块全面爆发 锂电池指数大涨 9月4日上午，新能源板块爆发，多只新能源ETF霸榜，多只个股涨停。 动力电池指数、储能指数、锂电池指数一度大涨3%，截至午间收盘，分别上涨2.65%、2.32%、 1.43%。 亿纬锂能（300014）大涨6.17%，报67.96元/股，最新市值为1390亿元。 | 序号 | 名称 | 现价 | 涨跌幅 ▼ | 总市值 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 7 | 天宏锂电 | 28.09 | 29.99% | 29亿 | 88.21% | | 2 | ...

【导读】 A 股三大股指集体回调， CPO 概念股上演 " 冰火两重天 "，" 易中天 " 大跌；新 能源板块全面爆发，旅游零售板块活跃 | 40 | 今开:3807.76 | 成交量: 4.14亿手 | 换手:0.91 | | --- | --- | --- | --- | | 34 | 昨收:3813.56 | 成交额:6894.51亿 | 量比: 1.12 | | 888.60 | 上涨： 771 | 振幅: 1.97% | 平盘:90 | | 2689.70 | 下跌:874 | 总市值: 60.03万亿 | | 北证 50 指数逆市上涨 0.58% 。 中国基金报记者 张舟 9 月 4 日上午， A 股主要股指集体回调。截至午间收盘，沪指跌 1.97% 至 3738.32 点， 深证成指跌 2.37% ，创业板指跌 3.2% ，科创 50 指数跌 5.38% 。 | 483166.40 昨收 476853.56 成交额 217.83亿 | | --- | | 6312.84 1.32% | | 上一涨 336 平台盘 7 下一跌 57 | | 最高价 487229.23 市盈率 -68 -1.40% ...

**健康投资更划算！**2025年数据显示，我国人均住院费用比十年前涨了120%，一场大病平均要花30万。但坚持健康管理的人，医疗支出能减少 60%。李嘉诚90多岁还能工作，秘诀就是每天散步1小时、清淡饮食——健康多活十年，复利能多赚一座城。普通人每年花2万做深度体检，比得癌 症后花200万化疗划算多了。 **政策怎么帮你升级？**深圳2025年3月推出"模型券"，企业用AI模型最高能补200万，个人参加技能培训也能领补贴；国家发改委2024年4月启 动"千乡万村驭风行动"，农村装风电不仅能拿补贴，还能参与收益分红，相当于给农民发"技能+资产"双料福利 。 前几天在小区楼下碰到邻居王哥，他正对着手机银行余额叹气："辛辛苦苦干了十年，存款从50万涨到80万，可房价翻了一倍，钱反而越来越不值 钱了。"我凑过去一看，他手机里还开着房产中介的页面——郊区那套老房子挂了半年，看房的人没几个，价格却从180万跌到了150万。 "你这是死守着房子和存款不放啊！"我赶紧把他拉到凉亭坐下，"李嘉诚都说了，未来十年得把钱换成四类核心资产，我一个在香港投行的朋友刚 给我发了内部报告，跟李超人的思路一模一样。"王哥半信半疑："真的假 ...

| 代码 | 名称 | 现价 | | 涨跌 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 159875 | 新能源ETF | 0.499 | 0.012 | 2.46% | | 516160 | 新能源ETF | 2.110 | 0.047 | 2.28% | | 516580 | 新能源主题ETF | 0.497 | 0.011 | 2.26% | | 516850 | 新能源ETF基金 | 0.770 | 0.017 | 2.26% | | 516090 | 新能源ETF易方达 | 0.411 | 0.009 | 2.24% | 新能源概念股早盘走强，阳光电源涨超7%，通威股份涨超4%，隆基绿能、亿纬锂能涨超2%。 中证新能源指数选取涉及可再生能源生产、新能源应用、新能源存储以及新能源交互设备等业务的上市公司证券作为指数样 本，以反映新能源产业相关上市公司证券的整体表现。 受盘面影响，跟踪中证新能源指数的ETF涨超2%。 有券商表示，考虑行业相关政策表述、原材料价格走势、板块业绩情况、目前市场估值水平及行业未来增长预期，短期建议 适度关注板块投资机会，同时密切关注指数 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The performance of ETF products has varied in the past two weeks. Among the major broad - based ETFs, the CSI 2000 ETF had the largest increase, and among the industry and theme products, the military industry ETF had the largest increase. The fund flow trends of different types of ETFs have also changed, with some showing accelerated inflows, some turning from inflows to outflows, and others showing a slowdown in inflows [2][9]. 3. Summary According to the Table of Contents 3.1 ETF Market Review 3.1.1 Main Type ETF Fund Flow Overview - **Return Performance**: As of August 8, in the past two weeks, ETF products showed mixed performance. Among the major broad - based ETFs, the CSI 2000 ETF had the largest increase, and among the industry and theme products, the military industry ETF had the largest increase [9]. - **Fund Flow**: In the past two weeks, among the major broad - based ETFs, the CSI 2000 ETF had a net inflow of funds, while the CSI 300 ETF had the largest net outflow of funds [9]. 3.1.2 Main Type ETF Cumulative Fund Flow - **Broad - based ETF**: Since 2025, the fund flow of major broad - based ETFs has changed from outflow to inflow and then to outflow. The A - series ETFs have had continuous outflows. As of August 8, the Science and Technology/Innovation ETFs, A - series ETFs, and CSI 500 ETFs have all had net outflows. In the past two weeks, the net outflow speed of broad - based ETFs has accelerated, except for the A - series ETFs, whose net outflow speed has slowed down [10]. - **Industry and Theme/Strategy ETF**: The technology ETF has seen an increase in the inflow speed in the past two weeks. The pharmaceutical ETF has turned from net outflow to net inflow, the new energy ETF has turned from net inflow to net outflow, and the consumer ETF has seen an accelerated inflow. The inflow speed of the dividend, cycle, financial real estate, and large - manufacturing ETFs has slowed down [2][14]. - **Bond ETF**: In 2025, the credit bond and treasury bond ETFs have had the largest net inflows. In the past two weeks, there has been a large inflow of funds into the credit bond ETF, the local bond ETF has turned from net outflow to net inflow, the net inflow speed of the treasury bond ETF has slowed down, and the convertible bond and short - term financing ETFs have seen an accelerated net inflow [14]. 3.1.3 ETF Product Structure Distribution - **Newly Established Products**: As of August 8, a total of 13 new ETFs have been established in the market in the past two weeks, with a total issuance share of 5.152 billion, all of which are stock ETFs [2][17]. - **Scale Change**: Compared with the end of 2024, the scale of various types of ETFs has increased. The scale of bond ETFs, commodity ETFs, industry + dividend ETFs, QDII - ETFs, and broad - based ETFs has increased by 204.20%, 106.93%, 45.79%, 22.68%, and 2.55% respectively [2]. 3.1.4 Manager Scale Distribution - As of August 8, Huaxia Fund has the largest on - exchange ETF scale, reaching 79.1655 billion yuan. E Fund's ETF management scale has expanded by nearly 30 billion yuan compared with a year ago [18]. 3.2 Classification - based ETF Tracking 3.2.1 Technology Theme ETF Tracking - **Return Performance**: Products tracking communication equipment - related indices have performed well in the past two weeks [24]. - **Fund Flow**: Products tracking the Hang Seng Technology index had the largest net inflow of funds in the past two weeks, while products tracking the animation and game index had a net outflow of funds [27]. 3.2.2 Dividend Theme ETF Tracking - **Return Performance**: ETF products tracking the Hong Kong Stock Connect High - Yield Selection index had the largest increase in yield in the past two weeks [30]. - **Fund Flow**: Products tracking the S&P China A - Share Large - Cap Dividend Low - Volatility 50 index had the largest net inflow of funds in the past two weeks, while products tracking the Guoxin Hong Kong Stock Connect Central Enterprise Dividend index had a net outflow of funds [34]. 3.2.3 Consumption Theme ETF Tracking - **Return Performance**: Products tracking the China Education index have performed well in the past two weeks, and products tracking the S&P 500 Consumer Select Index have a relatively high premium rate [37]. - **Fund Flow**: ETFs tracking the 800 Consumption index had the largest net inflow of funds in the past two weeks, while products tracking household appliances had a net outflow of funds [40]. 3.2.4 Pharmaceutical Theme ETF Tracking - **Return Performance**: Products tracking innovation - drug indices such as the Hang Seng Innovation - Drug index have performed well in the past two weeks [42]. - **Fund Flow**: Not fully provided in the content 3.3 Hot - Theme ETF Tracking - Not fully provided in the content

Core Viewpoint - The behavior of leading funds in the market is determined by the positioning of the market, which in turn influences the structure and pattern of industries that experience growth. Historically, liquidity-driven markets tend to concentrate on strong sectors rather than rotating between high and low performers [1][2]. Group 1: Market Behavior and Trends - In liquidity-driven markets, once a sector gains consensus, its strong performance tends to persist until the end of the market cycle [2]. - Strong sectors often see their peak performance occur later than mid-tier sectors, indicating a lack of significant high-low rotation [2]. - The excess returns of leading sectors compared to mid-tier and low-tier sectors tend to expand throughout the market cycle [2]. Group 2: Investment Focus and Sector Performance - Current focus remains on sectors such as AI, innovative pharmaceuticals, resources, and the STAR Market [1][6]. - In July, sectors with strong industrial trends, such as innovative pharmaceuticals and rare metals, outperformed, with ETFs recording significant gains: Communication ETF at 20.4%, Innovative Pharmaceutical ETF at 16.9%, and Rare Metals ETF at 15.4% [5]. - Conversely, sectors relying on short-term speculative themes, like coal, saw significant pullbacks, indicating a preference for strong trend sectors over low-positioned ones [5]. Group 3: Liquidity and Market Dynamics - Recent marginal slowdown in incremental liquidity suggests that the market needs to cool down for sustainable growth [6]. - Public mutual funds experienced a net outflow of approximately 25.1 billion in July, following a rare net inflow in June, indicating a shift in investor sentiment [7]. - Despite some outflows, industry and thematic ETFs saw net inflows, driven primarily by individual investors, with significant inflows into cyclical, manufacturing, and technology ETFs [7]. Group 4: Sector-Specific Insights - AI sector faces uncertainty regarding the transition from North American supply chains to domestic ones, with current trends reflecting more on industrial trends than pure valuation [8]. - The innovative pharmaceuticals sector is supported by potential business development expectations, with large pharmaceutical companies still having room for valuation growth compared to previous years [9]. - Resource stocks are currently well-matched in terms of fundamentals and valuations, with price increases reflecting earnings elasticity due to supply constraints and slow demand growth [10]. Group 5: Long-term Investment Considerations - The "15th Five-Year Plan" guidance is anticipated to provide clearer, quantifiable constraints on industry capacity expansion, which could stabilize long-term supply-demand relationships [4]. - The semiconductor sector, particularly the STAR Market, is expected to see a resurgence, especially if optimistic guidance is provided by key players like SMIC [10].

Core Viewpoint - The current market is in a bull phase, with significant losses reported among short sellers in commodity and stock index futures. The article suggests that the most certain investment opportunities in a bull market are either in leading sectors or in severely undervalued stocks [2]. Group 1: Investment Opportunities - The article emphasizes that low-priced stocks tend to be driven up to reasonable levels during a bull market, indicating that underperforming sectors may see substantial gains due to ongoing liquidity and policy support [2]. - The upcoming major meetings are expected to enhance expectations for "stabilizing growth," which may provide considerable policy space for undervalued industries [2]. Group 2: ETF Analysis - The article utilizes the net value percentile calculation method to assess which sectors are currently in a state of severe undervaluation [3]. - A table is provided showing various ETFs, their net value percentiles since 2023 and 2024, and their performance in 2025, highlighting sectors like photovoltaic, alcohol, and real estate [7]. Group 3: Sector-Specific Insights - The photovoltaic sector is identified as particularly undervalued, with ETFs like the photovoltaic ETF (515790.SH) and new energy ETF (516160.SH) showing significant declines. The sector's performance is closely tied to government policies aimed at stabilizing growth [9][10]. - The alcohol sector, particularly the alcohol ETF (512690.SH), is also noted for being in a state of decline, with a lack of clear catalysts for recovery until consumer data improves [20][21]. - The real estate sector shows signs of divergence, with the real estate ETF (159707.SZ) experiencing intermittent policy-driven rallies but ultimately returning to lower levels [25][26]. Group 4: Medical and Pharmaceutical Sector - The medical and pharmaceutical sectors are highlighted as being collectively undervalued, with various ETFs like the biopharmaceutical ETF (159859.SZ) showing potential for recovery due to recent policy shifts regarding procurement practices [33][35]. - The medical ETF (512170.SH) is also mentioned as being in a relatively low valuation position, with a modest performance outlook [39]. Group 5: Commodity and Chemical Sectors - The coal sector has seen a significant price drop but is experiencing a rebound due to rising prices in coking coal and coke futures, with the coal ETF (515220.SH) reflecting this trend [43][45]. - The chemical sector is noted for its broad product range and recent price increases in lithium carbonate, with the chemical ETF (159870.SZ) positioned as relatively undervalued [49][54]. Conclusion - The article concludes that sectors such as chemicals, biopharmaceuticals, medical, alcohol, and photovoltaic are currently in a state of severe undervaluation, presenting potential investment opportunities for discerning investors [56].