全球降息周期和中国产业趋势的交相辉映下，成长方向仍然为市场相对一致的判断。 一方面，海外逐步开启降息周期，主流市场流动性均保持充裕，风险偏好处于较高水平。若开启连续的降息周期，对提振对于经济增长的中长期预期也有所 帮助。 另一方面，中国在半导体、机器人、军工、创新药等多个领域有实质性突破，科技+制造的市场关注度持续提升，市值占比亦持续增长。 图：2024年后全球进入降息周期 数据来源：Wind 数据来源：Wind，截至2025年9月24日 对于投资选择而言，当前较难的问题在于市场轮动较快的背景下，如何选到合适的成长板块或是成长基金： 从板块角度来说，自创业板和科创板成立以来，其囊括了中国新发的大多数新兴成长公司，是备受投资者关注投资板块。 进一步落实到指数角度，两个囊括了各成长行业龙头公司的重点指数——科创创业50指数以及创业板指备受关注，这两个指数从去年9月以来均已上涨超 100%。 图： 创业板指和科创创业50在成长行情中具备较强弹性 图： 科技、高端制造等领域的市值占比或仍在系统性提升过程中 科创创业50指数包含了科创板和创业板市值最大的50只公司。 在一轮中期成长行情中，通常多个景气赛道都会有机会（例 ...

【导读】9月份，超千亿元资金涌入股票ETF 国庆中秋长假后第一个交易日，上证指数时隔十年再次突破3900点关口。而在9月份，股票ETF市场迎来超千亿元资金进场布局。 据银河证券基金研究中心数据统计，股票ETF市场9月份合计"吸金"超1100亿元，这也是今年继4月之后，股票ETF市场月度资金净流入再次突破千亿元。 从资金流向上看，跟踪港股通互联网指数、证券指数的ETF月度资金净流入超过百亿元，跟踪中证A500指数、电池指数、黄金股指数的相关ETF也有较大 的资金净流入。 股票ETF9月"吸金"超千亿元 大型基金公司旗下部分ETF继续保持资金净流入。易方达基金旗下ETF最新规模达到8254.0亿元，9月30日增加76.2亿元。 其中，创业板ETF资金净流入5.8亿元，最新规模超1100亿元。此外，恒生科技ETF易方达资金净流入2.9亿元，港股通互联网ETF净流入2.8亿元，证券保 险ETF净流入2.4亿元，科创创业ETF净流入2.0亿元。 华夏基金旗下ETF中，9月30日，科创半导体ETF和游戏ETF资金净流入居前，分别为1.83亿元和1.8亿元；最新规模分别达27.9亿元和106.97亿元，对应跟 踪指数近一月 ...

来源：市场资讯 （来源：ETF万亿指数） 刚刚过去的9月，A股整体表现强势，主要指数均实现上涨，以新能源和半导体为代表的科技成长板块领跑，ETF市场也呈现出鲜明的结构性行情。 以下为主要指数和ETF行情回顾： 1、指数表现，创业板50九月领跑 9月，创业板50张14.4%，领跑主要宽基指数。创业板指涨12.0%，科创50指数涨11.5%，深证成指涨6.5%，上证指数涨0.6%，几大指数均实现月线五连 涨。 今年以来，科创创业50、科创100、科创200涨幅前三，分别张63%、59.6%、59.2%。 | 序号 指数名称 | | 今年以来 | 9月 | 8月 | 7月 | 6月 | 5月 | 4月 | 3月 | 2月 | 1月 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 涨幅 | | | | | | | | | | | 1 | 科创创办20 | 63.0% | 13.7% | 33.2% | 9.2% | 6.7% | -0.1% | -4.9% -6.0% | | 7.0% | -3.4% ...

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].

Group 1 - The multi-dimensional timing model by Huatai Jin Gong has achieved a cumulative return of 40.77% since the beginning of the year, indicating a bullish outlook for the A-share market despite relatively high valuations [1][2] - The model predicts that the strongest performing sectors for the upcoming trading week will be precious metals, liquor, food, steel, and banking, reflecting a balanced allocation across consumption, cyclical, and financial sectors [1] - The technology sector remains active, benefiting from domestic "AI+" policies, while the US stock market's positive performance, particularly the Nasdaq's 2.21% increase, has boosted confidence in the A-share market [1][2] Group 2 - The ChiNext 50 ETF rose by 2.84% last week, and the Sci-Tech Innovation ETF increased by 2.47%, driven by expectations of Federal Reserve rate cuts and domestic policy support [2] - The automotive ETF emerged as a leader with a 4.26% increase, supported by a growth plan for the automotive sector released by eight departments, enhancing sales expectations for new energy vehicles [2] - The multi-dimensional timing model indicates that the A-share market remains in a bullish window, with a year-to-date increase of 26.98% for the Wind All A index, outperforming the model's 40.77% return [2][3] Group 3 - The timing model signal briefly switched to bearish on September 17 but quickly returned to bullish, influenced by the member holding ratio signal, which indicates strong market sentiment [3] - The industry rotation model shows optimism for specific sectors, with a cumulative return of 36.07% this year, surpassing the industry equal-weight benchmark by 17.01 percentage points [3] - The absolute return ETF simulation portfolio has increased by 7.34% since the beginning of the year, maintaining a positive overall performance despite a slight decline of 0.10% last week [3]

Market Performance - A-shares showed mixed performance today, with the Shanghai Composite Index closing at 3860.50 points, down 0.26%, and the Shenzhen Component Index reaching a new high at 13005.77 points, up 0.63% [1] - The ChiNext Index continued its strong performance, rising 1.51% to close at 3066.18 points, with a notable increase of over 9% for CATL, which reached a historical high [2] Economic Data - August economic data indicated a weakening trend in industrial production, investment, and consumption, with real estate investment down 12.9% year-on-year [4] - Industrial production growth slowed from 5.7% to 5.2% year-on-year, while retail sales growth decelerated to 3.4% [4] Policy and Industry Trends - A series of favorable policies were announced, including a target of 180 million kilowatts for new energy storage installations by 2027, which is expected to stimulate demand for storage and power batteries [6] - The domestic market is entering a traditional peak season, with a reported 60% penetration rate for new energy vehicles in the first week of September [6] Company Performance - Recent earnings reports from lithium battery companies showed significant improvements in revenue, profit, and cash flow, with leading battery manufacturers achieving a capacity utilization rate of 89.9% [7] - The gaming industry is experiencing growth, with new products and existing titles performing well, supported by an increase in game license approvals [8] Investment Recommendations - Investors are advised to focus on the ChiNext 50 ETF (159375) and the Sci-Tech Innovation and Entrepreneurship ETF (588360) due to the favorable valuation and growth prospects in the ChiNext market [3] - In the bond market, the 10-year government bond yield is expected to return to a downward trend, presenting good investment value around 1.80% [5]

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index up 1.24%, the Shenzhen Component Index up 3.89%, and the ChiNext Index up 6.55% [1] - The total market turnover was 2.35 trillion yuan, a decrease of 233.5 billion yuan compared to the previous trading day [1] - Various ETFs showed positive performance, with the CSI A500 ETF rising 2.55%, the ChiNext 50 ETF up 8.06%, the Sci-Tech Innovation ETF up 7.34%, and the Sci-Tech 100 ETF up 4.7% [1] Reasons for the Rise - The market experienced a short-term rebound due to the release of profit-taking pressure following significant events from September 2 to September 4 [5] - A collective surge in the banking sector on September 4 afternoon significantly boosted the indices, indicating strong market support and improved investor confidence [5] - The VIX index suggests that market sentiment has stabilized, with a downward trend indicating no panic among investors [5] Future Outlook - The strengthening of the RMB and signs of foreign capital inflow are expected to continue supporting A-shares [7] - The relative attractiveness of the RMB has increased as the appeal of the USD has declined, marking the end of a three-year upward cycle since September 30, 2021 [9] - Active foreign capital has shown a net inflow for three consecutive weeks since August 15, 2023, indicating a potential trend reversal and further attraction of foreign investment [9] - Investors are encouraged to focus on broad-based index products such as the CSI A500 ETF, the 300 Enhanced ETF, and others [9]

Group 1 - The Sci-Tech Innovation Board 50 ETF tracks the Shanghai Stock Exchange Sci-Tech Innovation Board 50 Index, consisting of 50 large-cap, liquid stocks with a significant focus on "hard technology," particularly in the semiconductor sector, which accounts for over 60% of the index [2] - The rolling price-to-earnings (P/E) ratio of the Sci-Tech Innovation Board 50 Index is 183.7 times, indicating a high valuation level [2] - The index has shown a price change of 20% since its inception [2] Group 2 - The ChiNext ETF tracks the ChiNext Index, which includes 100 large-cap, liquid stocks from the ChiNext market, with a high proportion of strategic emerging industries, particularly in power equipment, pharmaceuticals, and electronics, which together account for over 55% of the index [3] - The rolling P/E ratio for the ChiNext Index is 40.7 times, reflecting a moderate valuation [3] - The index has not shown any price change since its inception [3] Group 3 - The Sci-Tech Innovation and ChiNext ETF tracks the CSI Sci-Tech Innovation and ChiNext 50 Index, comprising 50 large-cap stocks from both boards, with a high concentration in emerging industries, particularly in power equipment, electronics, and pharmaceuticals, which together account for nearly 75% of the index [4] - The rolling P/E ratio for this index is 57.1 times, indicating a relatively high valuation [4] - The index has experienced a price change of 0.6% since its inception [4] Group 4 - The data for the indices is sourced from Wind, with the price changes recorded as of September 3, 2025, and the rolling P/E ratios and valuation percentiles as of September 2, 2025 [5] - The Sci-Tech Innovation Board 50 Index was launched on July 23, 2020, the ChiNext Index on June 1, 2010, and the CSI Sci-Tech Innovation and ChiNext 50 Index on June 1, 2021 [5]

Market Overview - The A-share market experienced fluctuations but closed higher, with the Shanghai Composite Index at 3875.53 points, up 0.46%, and the Shenzhen Component Index at 12828.95 points, up 1.05% [1] - The trading volume was significant, with the Shanghai market recording 1208.3 billion yuan and the Shenzhen market 1541.6 billion yuan [1] Economic Indicators - The S&P Global reported that China's manufacturing PMI for August was 50.5, up from 49.5, indicating a return to expansion [1] - New orders contributed significantly to the PMI increase, with their growth rate reaching a three-month high [1] - High-tech manufacturing and equipment manufacturing PMIs were 51.9% and 50.5%, respectively, showing relative strength [1] Sector Performance - The technology and healthcare sectors continued to perform well, while non-bank financials and banking sectors saw some pullback [1] - The ChiNext and STAR Market indices outperformed the main board, with the ChiNext Index up 24.13% and the STAR 50 Index up 28.00% in August [1] Future Outlook - Sectors such as innovative pharmaceuticals, domestic computing power, and robotics are expected to drive growth, with the ChiNext covering high-growth areas effectively [2] - The ChiNext Index is currently valued at around 50% of its five-year historical average, making it attractive compared to indices like CSI 300 and CSI 500 [2] Hong Kong Market Insights - The Hang Seng Index opened significantly higher, closing at 25617.42 points, up 2.15%, with major stocks like Alibaba and WuXi Biologics seeing substantial gains [4] - The Hang Seng Technology Index is currently trading at a P/E ratio of 21.23, below the historical 20% percentile, indicating reasonable valuations [4] - Alibaba's recent earnings report exceeded market expectations, with cloud services revenue growing by 26% year-on-year, reinforcing the growth narrative driven by AI [4] Gold Market Dynamics - Gold prices have risen for five consecutive days, with London gold at $3478.93 per ounce, up nearly 1%, and COMEX gold reaching a historical high of $3557.1 [5][6] - The gold market is supported by expectations of an impending Fed rate cut, a weak dollar, and increased central bank purchases, with over 5.3 million ounces bought this year [6] - Geopolitical risks and strong demand for physical gold in countries like China and India are also contributing to a positive outlook for gold [6] Financial Sector Analysis - The insurance sector is under pressure from low interest rates, prompting insurers to increase allocations to high-dividend stocks for stable cash flow [7] - The securities sector is expected to see continued profit growth, with a 52.9% year-on-year increase in net profit for 44 listed brokerages in the first half of 2025 [7] - The overall financial sector is viewed as having upward momentum, with recommendations to focus on securities and financial ETFs [8]

Core Viewpoint - The article discusses the recent financial performance of a specific company, highlighting significant revenue growth and strategic initiatives that are expected to drive future performance [1] Group 1: Financial Performance - The company reported a revenue increase of 25% year-over-year, reaching $2.5 billion in the last quarter [1] - Net income rose to $300 million, reflecting a 15% increase compared to the previous year [1] - The company's earnings per share (EPS) improved to $1.50, up from $1.30 in the same quarter last year [1] Group 2: Strategic Initiatives - The company plans to invest $500 million in technology upgrades over the next two years to enhance operational efficiency [1] - A new product line is set to launch in Q3, which is expected to contribute an additional $200 million in revenue [1] - The company is expanding its market presence in Asia, targeting a 10% market share increase by the end of the fiscal year [1]