美联储降息预期增强提升港股情绪，今日港股市场高开高走，港股互联网指数涨幅一度逼近3%。截至 发稿，港股通互联网ETF（159792）盘中涨幅达3.31%，成交额超27亿元，位居同标的ETF第一。该基 金最新规模达890.95亿元，为全市场最大规模的跨境类 ETF。另外，港股通互联网ETF成分股中商汤涨 幅超14%，金山云涨超8%，阿里巴巴、美团均涨超5%。 消息面，9月18日凌晨，市场将迎来美联储9月议息会议结果，芝商所CME Group数据显示，本次会议降 息25个基点的可能性为96.1%，降息50个基点的可能性为3.9%。市场普遍押注美联储降息，若降息落 地，将对港股形成有力支撑。 港股通互联网ETF（159792）紧密跟踪港股通互联网指数，成份包括美团、阿里、腾讯等互联网科技龙 头。没有场内账户的可以通过联接基金（类014673；C类014674）关注投资机遇。 每日经济新闻 ...

Group 1 - The A-share market has shown strong performance since July, significantly outperforming the Hong Kong stock market, which has been experiencing high-level fluctuations [1] - As of September 9, southbound capital has achieved a net inflow for eight consecutive trading days, with a cumulative net purchase exceeding 1 trillion Hong Kong dollars this year, reaching 10,389.94 billion Hong Kong dollars, setting a new annual record [1] - There is a noticeable divergence in ETF fund flows, with broad-based A-share ETFs experiencing a net outflow of 203.8 billion yuan since July, while industry and thematic ETFs recorded a net inflow of 114.2 billion yuan [1] Group 2 - The attractiveness of Hong Kong thematic ETFs has surpassed that of A-share related ETFs, with the Hong Kong Internet ETF (159792) seeing a significant increase in shares from 31.734 billion to 83.002 billion, a growth of 512.68 million shares [2] - Active equity funds have continuously increased their positions in Hong Kong stocks for six consecutive quarters, with the latest allocation reaching a historical high of 20.0% [2] - The market's liquidity support and potential valuation uplift for quality assets are influenced by the Federal Reserve's monetary policy shift, particularly following signals of interest rate cuts from Chairman Powell [2] Group 3 - The 富国蓝筹精选股票 (QDII) fund has performed exceptionally well, ranking first in its category over the past five years, focusing on Hong Kong and US stocks while maintaining a low A-share holding [3] - The 富国沪港深业绩驱动混合 fund has also gained market attention, ranking first in its category over the past five years, emphasizing a combination of quality growth and high-dividend stocks [3] - The market is expected to continue exhibiting bullish characteristics, with a trend of capital inflow into the Hong Kong stock market likely to persist [3] Group 4 - The 富国中国中小盘混合 (QDII) fund manager anticipates a volatile upward trend in the market for the second half of the year, influenced by US-China trade relations and stabilization of the Chinese economy [4] - Despite external risks, the market liquidity remains ample, and Hong Kong stock valuations are considered reasonably low, presenting investment opportunities in quality stocks [4]

Core Viewpoint - The A-share market has outperformed the Hong Kong stock market since July, but recent days have seen a broad rally in Hong Kong stocks, with some individual stocks reaching new highs for the year [3][4]. Group 1: Market Performance - Since July, A-shares have consistently outperformed Hong Kong stocks, which have shown high-level fluctuations [3]. - Recent trading days have seen a resurgence in Hong Kong stocks, with broad gains and some stocks hitting annual highs [3]. Group 2: Fund Flows - Despite the underperformance of Hong Kong stocks, capital flows have remained strong, with southbound funds net buying Hong Kong stocks for eight consecutive trading days, totaling over 1 trillion HKD for the year [4]. - From July onwards, A-share broad-based ETFs have seen a net outflow of 203.8 billion CNY, while industry and thematic ETFs have seen a net inflow of 114.2 billion CNY, and Hong Kong-related ETFs have attracted 143.1 billion CNY [4]. Group 3: Investment Strategies - The shift in capital flows indicates a trend of institutional investors reducing their A-share ETF holdings while increasing their positions in Hong Kong ETFs, reflecting a "reduce A, increase Hong Kong" strategy [4]. - The Hong Kong Internet ETF has seen significant growth, with its shares increasing from 317.34 billion to 830.02 billion since the beginning of the year, a rise of 512.68 billion [4][5]. Group 4: Economic Influences - A key driver for the increased investment in Hong Kong stocks is the shift in U.S. Federal Reserve monetary policy, with expectations of interest rate cuts following signals from the Jackson Hole meeting and disappointing non-farm payroll data [6]. - This shift is expected to enhance liquidity in the Hong Kong market and improve the valuation levels of quality assets in sectors like technology and pharmaceuticals [6]. Group 5: Fund Performance - The 富国蓝筹精选股票 (QDII) fund has focused on Hong Kong and U.S. stocks, maintaining a low A-share allocation, and has adopted a barbell strategy of quality growth stocks and high-dividend stocks [10]. - The fund has seen a significant increase in its growth stock allocation since last year, particularly in sectors like innovative pharmaceuticals and new consumption [10].

Group 1 - The article discusses the recent significant decline in bond prices, particularly highlighting the 30-year government bond yield rising from around 2.06% to over 2.11% in a single day [1][11] - The article attributes the bond market's volatility to new public fund regulations regarding redemption fees and rumors about tax exemptions, which have created a sensitive environment for bonds in a low-interest-rate context [12][11] - It emphasizes the importance of strategic asset allocation, suggesting that investors should adopt a diversified approach rather than focusing solely on the performance of individual assets like bonds [17][16] Group 2 - The article notes that A-shares have seen a decrease in trading volume, dropping from 3 trillion to 2 trillion, leading to a "pants-snatching" situation where liquidity is concentrated in a few hot sectors [21][22] - It highlights the performance of specific stocks, particularly in the AI and battery sectors, which have shown significant trading activity and volatility [25] - The article mentions the strong performance of Alibaba in the Hong Kong market, with substantial net buying from mainland investors, indicating a positive sentiment towards the stock [26][27]

Core Viewpoint - The article discusses the current market dynamics in A-shares and H-shares, highlighting the differences in investor behavior and market performance between the two, driven by factors such as low interest rates, external economic conditions, and structural imbalances in capital supply and demand [1][6][20]. Market Performance - A-shares continue to show strong performance with nearly 60% of stocks rising, while the overall market capitalization remains above 2.5 trillion [1]. - The financing balance reached a net buy of 39.3 billion, marking the third highest single-day net buy since September 24, indicating strong market enthusiasm [2]. - The brokerage sector saw significant inflows, with the two largest securities ETFs net buying over 1.1 billion, leading to a rally in brokerage stocks [4]. A-shares vs H-shares - A-shares are characterized by a strong influx of capital, leading to bullish market sentiment, while H-shares are experiencing volatility with less decisive capital inflows [5][6]. - The net buying of southbound funds in H-shares was significantly lower at 1.4 billion compared to the previous record of 36 billion, indicating a retreat of short-term trading funds [4][6]. Main Investment Themes - The first main theme is the unprecedented low interest rate environment, which is driving capital into the stock market. Key interest rates, such as the one-year fixed deposit rate, have fallen below 1% [9][10]. - The second theme is the external economic environment, particularly the decline of the US dollar index, which has positively influenced global risk assets, including A-shares [12][14]. - The third theme is the structural imbalance in capital supply and demand, leading to overheating in certain sectors like small-cap stocks and convertible bonds [20][21]. Company Earnings - Several key companies in the Hong Kong market reported earnings that exceeded expectations, with Xiaomi's second-quarter operating profit reaching 13.4 billion, significantly above the forecast of 10.4 billion [27][28]. - The performance of major internet companies like Tencent and Xiaomi remains strong, contributing to the growth of related ETFs [28]. Investment Recommendations - The article suggests monitoring the trends related to the three main themes to gauge future market movements, particularly the low interest rate environment, external economic conditions, and regulatory attitudes towards capital markets [22].

26日晚间，阿里巴巴发布2025财年年报。年报显示，该财年阿里巴巴集团收入9963.47亿元，净利润同 比增长77%至1259.76亿元。在年报致股东信中，阿里巴巴集团董事会主席蔡崇信、集团 CEO 吴泳铭指 出，未来十年，以AI为核心的驱动力将带来最大的增量和变量。阿里巴巴将 AI 视为业务增长核心动力 与未来发展重大机遇，全力投入 AI 基础设施建设与技术先进性提升，增强全球科技竞争力，转化为业 务持续增长动能。 港股通互联网ETF（159792）紧密跟踪港股通互联网指数，前十大股成份包括小米、阿里、腾讯等互联 网科技龙头，这三大互联网巨头权重占比43.66%，其中小米集团-W权重占比14.77%，是第一大成分 股。场外投资者的可以通过联接基金（A类014673；C类014674）关注投资机遇。 近日，科技领域热点频出。6月26日晚间小米在京举办发布会，正式发布首款SUV汽车小米YU7，1小时 大定突破289000台。这款5门5座的 SUV，提供双电机四驱、后置后驱等驱动形式。相关分析机构表 示，具备高性价比的"好产品"或将激发需求，开启以产品为驱动的新周期。 同日，小米集团 CEO 雷军在发布会上推出小 ...