Group 1: Public Funds - In October, the newly established equity public fund shares amounted to 54.823 billion shares, a decrease of 42.384 billion shares from the previous month, placing it at the 86.11% percentile over the past three years [8][9] - The new issuance of active equity funds in October was 15.888 billion shares, down 13.947 billion shares month-on-month, while passive equity funds saw a new issuance of 22.538 billion shares, down 42.079 billion shares from the previous month [9][10] - Despite the decline in new fund issuance, the overall sentiment remains close to the high levels seen in June, influenced by recent U.S.-China trade agreements and expectations of increased market liquidity due to potential monetary easing by the Federal Reserve [8][9] Group 2: Private Securities Funds - As of September, the scale of private securities funds reached 5.97 trillion yuan, showing an upward trend compared to August [28] - The average position of private equity long-only strategies increased to 66.22%, up 2.40 percentage points from August, indicating a recovery in market risk appetite and investor confidence [30][31] Group 3: Northbound Capital - In October, the average daily trading volume of northbound capital was 258.308 billion yuan, a decrease of 16.80% from the previous month, with its share of total A-share trading falling to 11.94% [32][34] - The decline in northbound trading volume may be attributed to heightened trade tensions between the U.S. and China, leading to increased risk aversion among investors [32][34] Group 4: Margin Financing - As of the end of October, the total margin financing balance was 2.48 trillion yuan, an increase of 3.84% from the previous month, with the financing balance at 2.46 trillion yuan [36][37] - The net inflow of margin financing in October was 88.148 billion yuan, maintaining a high level of trading activity, supported by favorable market conditions and expectations of further easing measures [36][37] Group 5: Incremental Capital - In October, the number of new accounts opened on the Shanghai Stock Exchange showed a decline, with institutional accounts increasing by 10.48% year-on-year, while individual accounts decreased by 66.34% [45][47] Group 6: Insurance Funds - In Q2 2025, the net increase in equity assets held by property and life insurance companies was 261.914 billion yuan, although the growth rate of premium income has weakened [48][52] - Policies are being implemented to encourage large state-owned insurance companies to allocate 30% of new premiums to invest in A-shares starting in 2025 [48][52] Group 7: Bank Wealth Management - In October, the number of newly issued wealth management products was 4,900, a decrease of 27.98% from the previous month, with the proportion of newly issued equity products at 0.28%, down 0.39 percentage points [55][60] Group 8: Industrial Capital - In October, the net reduction in industrial capital was 30.529 billion yuan, with a daily average net reduction of 1.796 billion yuan, indicating a continued trend of net selling [62][64] - The upcoming release of lock-up shares in November and December may exert additional pressure on the market, particularly in the power equipment and electronics sectors [65][66] Group 9: Three Major Capital Flow Indicators - As of October 31, the three major capital flow indicators stood at 0.04, indicating a significant decline in trading activity and suggesting that major investors may be waiting for a new entry point [69][71]

Group 1 - Spot gold prices reached a new high of $3,790 per ounce, driven by optimistic expectations regarding the Federal Reserve's continued interest rate cuts [1] - The "Seven Sisters" of technology stocks mostly rose in pre-market trading, with Tesla up 0.60%, Meta and Amazon up 0.40%, and Microsoft up 0.23% [1] - Chinese concept stocks mostly declined in pre-market trading, with Pinduoduo down 0.5%, Li Auto down over 1%, JD.com and Bilibili down over 2%, and Baidu down over 3% [1] Group 2 - Citigroup predicts that TSMC will remain a major foundry for NVIDIA and Intel, with expected revenue growth of 50% from NVIDIA and 20% from Intel by 2026 [2] - NVIDIA emphasized that its investment in OpenAI, which could reach up to $100 billion, will not affect its supply to other clients [2] - The KraneShares CSI China Internet ETF (KWEB) has seen continuous inflows for six weeks, totaling $599 million, marking the longest inflow period since February [2] Group 3 - South Korean biopharmaceutical company Celltrion plans to acquire Eli Lilly's biomanufacturing facility in New Jersey for nearly $330 million [3] - WeRide was officially included in the Nasdaq Golden Dragon China Index [3]

每经编辑｜何小桃 郑雨航 ① 【三大期指涨跌互现】道指期货涨0.10%、标普500指数期货跌0.02%、纳指期货涨0.01%。 ② 【科技股"七姐妹"盘前多数上涨】科技股"七姐妹"盘前多数上涨，特斯拉涨0.60%，Meta、亚马逊涨0.40%，微软涨0.23%，苹果、谷歌涨0.10%，英伟 达跌0.40%。 ⑨ 【文远知行被纳入纳斯达克中国金龙指数】9月22日，文远知行WeRide（Nasdaq：WRD）被正式纳入纳斯达克中国金龙指数HXC（Nasdaq Golden Dragon China Index）。 ⑩ 北京时间21:45，美国9月Markit制造业PMI初值发布。 编辑|何小桃 郑雨航 杜恒峰 校对|段炼 ③ 【中概股盘前多数下跌】中概股盘前多数下跌，拼多多跌0.5%，理想汽车跌超1%，京东、哔哩哔哩跌超2%，百度跌超3%。 ④ 【金价突破3790美元续创新高】9月23日，现货黄金上涨超1%，触及3790美元/盎司，刷新历史纪录高位。消息面上，投资者对于美联储将继续降息的 乐观预期继续推动金价上涨。 ⑤ 【花旗：预计台积电仍将是英伟达和英特尔的主要代工方】台积电盘前涨超3%。花旗分析师报告表示，在 ...

格隆汇9月23日｜截至9月19日当周，在美国上市交易的KraneShares CSI中国互联网ETF(KWEB)实现连 续第六周资金流入，创下2月以来的最长连续流入期。过去六周，KWEB累计流入5.99亿美元，但该流 入规模不及1月和2月同期记录的三分之一，当时Deepseek的推出颠覆了全球对中国科技资产的认知。 ...