9月12日，金融科技反复活跃，吸金资金布局。截至发稿，百亿金融科技ETF（159851）场内微跌 0.21%，资金实时净申购1.27亿份，实时成交额超7.5亿元。热门个股方面，创识科技、荣联科技领涨超 4%，大智慧、广电运通、中科金财等多股涨超3%。 责任编辑：杨赐 广发证券认为，对于互联网金融行业而言，这轮增量资金入市+制度优化的组合拳，不仅有助于传统券 商的业绩增长，更直接推动了线上交易与数字投顾等细分领域的扩容。 多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），标的指数全面覆盖了互联网券商、金融IT、跨境支付、AI应用、华为鸿蒙等热门主题。截 至9月8日，金融科技ETF（159851）最新规模超100亿元，近1个月日均成交额超13亿元，规模、流动性 在跟踪同一标的指数的5只ETF中断层第一！ 数据来源：沪深交易所等。 风险提示：金融科技ETF被动跟踪中证金融科技主题指数，该指数基日为2014.6.30，发布日期为 2017.6.22，该指数2020-2024年年度涨跌幅分别为：10.46%、7.16%、-21.40%、10.03%、 ...

多角度把握金融科技机会，建议重点关注金融科技ETF（159851）及其联接基金（A类013477、C类 013478），标的指数全面覆盖了互联网券商、金融IT、跨境支付、AI应用、华为鸿蒙等热门主题。截 至9月8日，金融科技ETF（159851）最新规模超100亿元，近1个月日均成交额超13亿元，规模、流动性 在跟踪同一标的指数的5只ETF中断层第一！ 数据来源：沪深交易所等。 9月11日，大金融突然启动，行情急先锋金融科技大幅拉升，突破前期盘整区间！板块个股普遍上涨， 荣联科技涨停，指南针涨超9%，大智慧、银之杰、财富趋势等多股涨超6%。 热门ETF方面，百亿金融科技ETF（159851）场内价格超3%，突破前期横盘整理区间，实时成交额超 10亿元，资金抢筹近2亿份！ 东吴证券表示，当前金融科技板块基本面及估值均处于低位，具有显著的配置价值。我们认为伴随政策 发力，经济企稳，券商数字化转型需求持续加速，金融科技市场逐步进入上行通道。中短期来看，资本 市场的活跃度仍然是最大的支撑因素，我们看好政策的持续性及政策落地效果。长期来看，宏观环境的 稳中向好，以及资本市场改革深化将推动证券科技及券商IT行业ROE中枢 ...

Market Overview - The market experienced a wide fluctuation after a strong opening, with the ChiNext index showing resilience but later retracting gains, raising questions about whether the A-share market has peaked in the short term [1] - Zhejiang Securities maintains that the current "systematic slow bull" trend remains healthy in the medium term, despite short-term uncertainties and increased volatility [1] - CITIC Securities indicates that A-share earnings have reached a confirmation turning point, entering a mild recovery phase, but structural differentiation is more pronounced than overall trends [1] Sector Insights - The focus remains on a balanced allocation between "large finance and broad technology," with increased attention on previously lagging sectors such as real estate and state-owned enterprises [1] - The financial technology sector is highlighted as a key area of interest, benefiting from a vibrant capital market and regulatory support for both consumer-facing and business-facing financial technology companies [3] - The computer sector's investment opportunities are primarily concentrated in financial technology, with expectations of improved performance in the second half of the year due to macroeconomic conditions easing demand-side pressures [3] Fund Performance - The financial technology ETF (159851) has seen significant interest, with a recent scale exceeding 10 billion yuan and an average daily trading volume of over 1.3 billion yuan in the past month, indicating strong liquidity [3] - The ETF is positioned to benefit from the prosperity of the capital market, with growth potential in areas such as stablecoins and domestic innovation driven by policy support [3]

Group 1 - The financial technology sector experienced a significant decline, with the billion-level financial technology ETF (159851) dropping by 4.95%, breaking below the 10-day moving average [1][3] - Despite the market correction, net subscriptions for the ETF exceeded 493 million units, with a total trading volume surpassing 1.6 billion yuan, reflecting a 38% increase compared to the previous day [1][3] - Key stocks within the ETF saw substantial losses, including Dongxin Peace, Hengbao Co., and Zhongke Jincai, which all hit the daily limit down, while stocks like Yinzhijie and Wealth Trend gained over 2% [1][3] Group 2 - As of September 1, the margin financing balance in A-shares reached a historical high of 2.3 trillion yuan, surpassing the previous peak of 2.27 trillion yuan from June 18, 2015, with an increase of 35.643 billion yuan from the previous day [2][3] - Analysts noted that although the margin financing is at a high level, the financing balance as a percentage of the circulating market value is still significantly lower than historical peaks, indicating potential for further growth [3] - The increase in margin financing reflects a more active market and a higher profit-making effect, suggesting that the index may continue to rise in the coming month [3] Group 3 - The financial technology ETF (159851) is viewed as a "bull market thermometer" with high elasticity, indicating that the sector is sensitive to market conditions and can significantly benefit from bullish trends [3][4] - The ETF passively tracks the CSI Financial Technology Theme Index, providing exposure to key players in the financial technology space, including internet brokers and financial IT service providers [4] - The ongoing digitalization and intelligence in the financial sector, particularly the integration of AI, is expected to drive demand for financial IT services, presenting growth opportunities for companies in this space [4]

Market Overview - The market experienced a consolidation and pullback on September 2, with the fintech sector leading the declines, particularly the financial technology ETF (159851), which fell over 4% and dropped below the 10-day moving average [1] - Despite the pullback, there was a net subscription of over 4.35 billion units for the ETF, with a real-time transaction volume exceeding 1.4 billion yuan, indicating a significant increase in trading activity [1] ETF Performance - The financial technology ETF (159851) has shown a year-to-date performance of 34.23% and a 120-day performance of 23.55%, with a notable 250-day performance of 164.05% [2] - As of September 1, the ETF's latest scale exceeded 10 billion yuan, with an average daily transaction volume of over 600 million yuan, making it the largest in terms of scale and liquidity among three ETFs tracking the same index [4] Industry Insights - According to Guangfa Securities, the continuous inflow of market funds is expected to amplify the margin financing balance, market transaction volume, and MAU expectations, which may further enhance the valuation of IT services for retail investors [3] - The fintech sector is viewed as a "bull market thermometer," with high elasticity; during bullish market conditions, fintech companies can see net profit growth rates that are 2-3 times the growth rate of transaction volumes [3] Key Players and Trends - The financial technology ETF passively tracks the CSI Financial Technology Theme Index, providing exposure to key players in the fintech space, including internet brokers and financial IT service providers [3] - The ongoing digitalization and intelligence of the financial industry, particularly the integration of AI in financial services, is expected to sustain demand for financial IT solutions [4]

Group 1 - Financial technology sector showed significant activity on August 27, with Wealth Trend surging over 14% to reach a historical high, Lingzhi Software rising over 13%, and several other stocks like Jinzhen Co., New Zhiyuan Software, Donghua Software, and XH Technology increasing by more than 5% [1] - The popular ETF, Financial Technology ETF (159851), saw a 1% increase in its market price, approaching previous highs, with real-time transaction volume exceeding 1 billion yuan and net subscriptions of 60 million units [1][3] - According to GF Securities, historical bull market phases indicate a resilient growth trend in margin financing balances, market transaction volumes, and 2C financial IT, suggesting that the valuations of many 2C securities IT may not have reached their one-year average [3] Group 2 - The Financial Technology ETF (159851) has a current scale exceeding 12 billion yuan, with an average daily transaction volume of over 600 million yuan this year, leading among three ETFs tracking the same index in terms of scale and liquidity [3] - The report emphasizes the importance of focusing on financial technology companies that can act as "bull market amplifiers" to capitalize on market changes and growth opportunities [3] - The ETF and its associated funds (Class A 013477, Class C 013478) cover a wide range of themes including internet brokerages, financial IT, cross-border payments, AI applications, and Huawei's HarmonyOS [3]

Group 1 - The core viewpoint of the news highlights the strong performance of the fintech sector, with the China Securities Fintech Theme Index rising by 1.72% as of August 25 [1] - Notable stocks in the fintech sector include Anshuo Information, which surged by 7.63%, and other companies like Geling Deep Vision and Sifang Jingchuang, which increased by 6.31% and 5.39% respectively [1] - The popular ETF, the 100 Billion Fintech ETF (159851), reached a new high with an increase of 1.4%, and its trading volume exceeded 900 million yuan, showing significant growth in trading activity [1] Group 2 - According to the latest report from China Merchants Securities, fintech has been identified as a core offensive investment strategy in the computer industry for two consecutive months [3] - The report notes a significant increase in market trading activity, with the Shanghai Composite Index breaking the 3,800-point mark, reaching a ten-year high, indicating a rise in market risk appetite [3] - The fintech ETF (159851) has a current scale exceeding 11 billion yuan, with an average daily trading volume of over 600 million yuan this year, leading among three ETFs tracking the same index [3]

Group 1 - The core viewpoint of the articles highlights the significant growth and momentum in the Chinese stock market, particularly in the financial technology sector, driven by increased liquidity and asset rotation [1][3]. - The Shanghai Composite Index has surged past 3800 points, with A-shares achieving a record of over 20 trillion yuan in trading volume for eight consecutive trading days, surpassing the previous record set in November 2024 [1]. - Financial technology stocks, such as Tax Friend Co. and Hengyin Technology, have reached their daily limit up, indicating strong investor interest and market activity [1]. Group 2 - Morgan Stanley's report suggests that the Chinese stock market's upward momentum is expected to continue, with potential asset rotation injecting an additional 14 trillion yuan of liquidity, approximately 16% of the market capitalization [3]. - The financial technology sector is particularly responsive to improvements in liquidity, with internet brokerage firms and financial IT services expected to benefit from increased trading volumes and market activity [3]. - The integration of AI in financial services is anticipated to create new growth opportunities for financial IT service providers, as demand for AI applications in the financial sector rises [3]. Group 3 - The financial technology ETF (159851) is recommended for investment, as it covers a wide range of themes including internet brokerage, financial IT, cross-border payments, and AI applications, with a current scale exceeding 10 billion yuan [4]. - The financial technology ETF has demonstrated strong liquidity, with an average daily trading volume of over 600 million yuan this year, making it the leading ETF tracking the same index [4].

Core Viewpoint - The financial technology sector is experiencing significant growth, driven by the rise of digital currency concepts and strong performance of related stocks, indicating a favorable investment environment [1][3]. Group 1: Market Performance - The financial technology sector saw a notable increase, with stocks like Xinchen Technology reaching a 20% limit up, and Tianyang Technology rising over 17% [1]. - The financial technology ETF (159851) opened high, reaching a peak increase of over 3%, and recorded a real-time trading volume exceeding 600 million CNY, indicating strong market interest [1][5]. - As of August 20, the financial technology ETF has accumulated a year-to-date increase of over 34%, outperforming other major indices such as the ChiNext Index (+21.76%) and the Shanghai Composite Index (+12.37%) [3][4]. Group 2: Investment Opportunities - The financial technology ETF (159851) is highlighted as a key investment opportunity, covering various themes including internet brokerage, financial IT, cross-border payments, and AI applications [5]. - The ETF has a current scale exceeding 9.7 billion CNY, with an average daily trading volume of over 600 million CNY, making it the leader in liquidity among similar ETFs [5]. - The market is increasingly focused on the performance of listed companies as they approach their Q2 earnings reports, with the fintech sector showing potential for earnings release and growth [2][3].

Core Viewpoint - The financial technology sector is experiencing significant growth, driven by a combination of market dynamics and technological advancements, particularly in stablecoins and AI applications in finance [1][3]. Group 1: Market Performance - The financial technology ETF (159851) has seen a year-to-date increase of over 34%, outperforming the ChiNext Index (+21.76%) and the Shanghai Composite Index (+12.37%) [3][4]. - As of August 20, 2025, the financial technology ETF has a total scale exceeding 9.7 billion yuan, with an average daily trading volume of over 600 million yuan, indicating strong liquidity and market interest [5]. Group 2: Sector Drivers - The stablecoin and Real World Assets (RWA) are identified as clear development directions for financial technology, with ongoing penetration in both domestic and international markets [2]. - The integration of AI in financial services is expected to open new growth avenues for financial IT service providers, enhancing their role in the AI+Finance market [3]. Group 3: Investment Opportunities - Companies in the financial technology sector, particularly those involved in internet brokerage, financial IT, cross-border payments, and AI applications, are recommended for investment consideration [5]. - The financial technology ETF is highlighted as a key investment vehicle, with its index covering a wide range of popular themes in the sector [5].