美联储重启降息通道不仅提振全球风险偏好，更显著改善新兴市场流动性预期，预计A股与港股市场将迎来风险偏好修复与外资回流的双重利好。有专家认 为，从结构性机会看，科技成长、红利及部分景气度回升的板块值得关注，四季度市场或呈现"政策驱动+盈利改善"双向支撑下的震荡上行态势。 来源：智通财经 北京时间9月18日凌晨，美国联邦储备委员会宣布，将联邦基金利率目标区间下调25个基点到4.00%至4.25%之间。这是美联储2025年第一次降息，也是继 2024年三次降息后再次降息。 此时，攻守兼备的红利质量指数就显示出其特有优势：该指数由红利因子和质量因子复合作用，反映的是分红预期较高、盈利能力较强的上市公司证券的整 体表现，因此与传统红利指数，银行占比高不同，当前该指数银行股含量为0，权重第一和第二大板块是电子与医药生物，同时由于红利因子的存在，它也 有食品饮料和交通运输等行业高权重，因此整个指数有着"攻守兼备"的特性。 数据显示，杠杆资金持续布局中。红利质量ETF连续7天获杠杆资金净买入，最高单日获得686.49万元净买入，最新融资余额达2401.04万元。从估值层面来 看，红利质量ETF跟踪的中证红利质量指数最新市盈率 ...

Core Viewpoint - The A-share market is experiencing significant highs, with major indices reaching new peaks, yet investor anxiety is rising due to differing positions in the market [1][2][4]. Group 1: Market Performance - The Shanghai Composite Index has surpassed 3731 points, marking a ten-year high, while the North Stock 50 Index has reached an all-time high, and the ChiNext Index has hit its highest level since February 2023 [2]. - Despite the market's upward trend, there is a growing sense of anxiety among investors, with some feeling left out and others frustrated by stagnant holdings [3][4]. Group 2: Investor Sentiment - The anxiety among investors stems from a psychological phenomenon known as the "anchoring effect," where the historical context of the 3700-point level creates a fear of heights [6]. - The current market structure has evolved significantly since 2015, with the number of listed companies increasing from approximately 2800 to over 5400 and total market capitalization rising from around 50 trillion to over 100 trillion [7]. Group 3: Valuation Insights - The current TTM price-to-earnings ratio for the entire A-share market is 21 times, placing it in the 83rd percentile over the past decade, indicating a balanced valuation rather than extreme highs or lows [9]. - The equity risk premium is currently around 2.95%, suggesting that the market has not yet entered a phase of excessive enthusiasm [9]. Group 4: ETF as a Solution - ETFs are presented as a potential solution to alleviate investor anxiety, as they can track indices and provide exposure to market movements without the need for individual stock selection [5][19]. - ETFs can help investors avoid the pitfalls of "chasing highs" and provide a diversified investment approach, reducing the risk of missing out on market trends [20][21]. Group 5: Strategic ETF Allocation - A balanced ETF strategy should focus on growth potential while maintaining defensive positions, with an emphasis on core broad-based ETFs that are currently undervalued [24][25]. - The construction of an "anti-anxiety" ETF portfolio should consider both growth sectors, such as technology and healthcare, and defensive assets like dividend-paying stocks [27][28].