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國際金融報
低倉躲過大跌的基金經理：更大的挑戰剛剛開始
徐彥認為，在當前背景下，股市的未來可能是穩中向好。“有人說是牛市，這我不懂”“繼續維持偏低的股票倉位”“我覺得更大的挑戰剛剛開始”……大成基金經理徐彥此前因新基金“空倉躲牛市”備受爭議，他在新基金中報里就建倉節奏和市場看法再次發聲。中報數據顯示，大成興遠啟航上半年末的股票倉位僅為0.73%。截至9月3日，從大成興遠啟航近期凈值波動來看，該基金建倉節奏依舊審慎。不過，近期A股市場尤其是大科技板塊連續震蕩調整，該基金也因此幸運躲過一劫。《國際金融報》記者統計發現，目前在年內新成立的權益類基金中，大成興遠啟航的股票倉位是最低的。除了大成興遠啟航，股票倉位低于10%的還有鑫元鑫領航和匯泉均衡智選（僅統...
股票倉位
市場看法
國際金融報
夏悅超
09-04 22:33
金價要升至5000美元？
黃金是今年表現最強勁的主要大宗商品之一。本周，金價上漲逾三分之一并創紀錄，鞏固了市場表現最強勁的避險資產的地位。推動金價上漲的動力源于央行增持以及市場押注美聯儲將很快開始降息。近期，隨著美國總統特朗普采取行動加強對美聯儲的控制，包括推動罷免美聯儲理事麗莎·庫克，金價也獲得了進一步支撐。多家機構都預測，金價將繼續看漲，最高點將達到每盎司5000美元。多因素支撐此輪金價上漲的支撐因素是，市場確信美聯儲正準備進行9個月來的首次降息。目前，市場預計美聯儲在9月17日降息25個基點的可能性為90%。部分人士還認為，如果本周晚些時候公布的非農就業數據不及預期，美聯儲將降息50個基點。特朗普對美聯儲主席鮑威...
美聯儲
降息
國際金融報
袁源
09-04 22:33
青睞紅利股！千億元險資私募基金持倉曝光
隨著上市公司半年報披露完畢，險資系私募基金的持倉路徑得以浮現。東方財富Choice數據顯示，截至目前，鴻鵠基金已至少出現在7家上市公司的前十大股東名單中，市場關注的鴻鵠基金二期、三期也均已現身。在分析人士看來，保險資金作為重要的機構投資者，伴隨政策支持和利率下行的客觀趨勢，通過私募基金形式加大二級市場股票投資，有望改善長期投資組合結構，夯實分紅險的分紅基礎，進而成為真正的“耐心資本”，提升資產負債水平。總規模達1100億元由保險公司出資設立私募證券基金，主要投向二級市場股票并長期持有，是保險資金長期投資改革試點的具體落地形式。首批試點于2023年10月獲批，中國人壽和新華保險兩家保險公司各出資...
險資系私募基金
鴻鵠基金
國際金融報
王瑩
09-04 20:52
A股休整多日，風格將如何切換？
9月4日，A股繼續回調，滬指失守3800點，創業板指跌逾4%，科創50跌超6%。資金高低切換明顯，通信、電子等科技股大跌，消費股亮眼。市場交易額放量至2.58萬億元，2990只個股收跌。CPO（共封裝光學）概念中的“易中天”三只個股集體大跌，寒武紀-U收跌14.45%報1202元/股。受訪人士表示，以CPO為代表的算力板塊出現獲利回吐，在“慢牛”共識下，資金或向低位品種切換。市場面臨短期休整壓力，但調整幅度不會太大。建議投資者預留部分現金頭寸：一來可緩沖潛在回撤，二來若市場下探，可逢低吸納被錯殺的優質標的。創業板指跌超4%今日，滬指收跌1.25%報3765.88點，創業板指收跌4.25%報27...
滬指
創業板指
國際金融報
朱燈花
09-04 20:52
基金中報披露，這些行業被重點布局！
公募基金2025年中報近期已披露完畢，持股數據也隨之曝光。從基金持股市值排名前十或前二十的公司中可以發現，主動基金的投資方向主要聚焦在高景氣、高成長的科技賽道，如互聯網、半導體等行業。與此同時，一些傳統賽道，如白酒、家電等，出現了被減持的情況。在港股方面，新消費、科技、醫藥則是基金布局的重點方向。受訪者向《國際金融報》記者表示，科技行業將繼續成為未來較長一段時間的投資主線，而傳統消費行業則有望迎來階段性修復機會，其他板塊也將存在輪動機會。聚焦高景氣今年上半年，公募基金更關注高景氣度的大科技板塊，同時，對一些傳統消費股做了減持。Wind數據顯示，截至上半年末，在主動基金持股市值前十的公司中（不含...
公募基金
持股數據
國際金融報
夏悅超
09-03 23:37
A股縮量回調，下一步如何操作？
A股連續調整意味著什么趨勢？投資者當下又該如何持倉布局？9月3日，A股繼續回調，市場資金博弈明顯，交易依然活躍，盤中科技股一度領先，但最終僅有綜合、通信、電力設備板塊收紅。受訪人士表示，A股回調是獲利盤回吐的正常現象，指數暫無系統性風險。預計市場將進入指數震蕩、行業分化階段。科技股短期內雖面臨波動，但仍是長期主線，可逢低布局。4560只個股收跌9月3日，滬指收跌1.16%報3813.56點，創業板指收漲0.95%報2899.37點，深證成指收跌0.65%。科創50、上證50、北證50跌幅超過1%，滬深300微跌。虧錢效應明顯，市場僅有823只個股收漲，漲停股40只；4560只個股收跌，跌停股2...
科技股
軍工股
國際金融報
朱燈花
09-03 22:06
11人面試美聯儲新主席，特朗普怎么選？
特朗普政府考慮從11名候選人中尋找下任美聯儲主席，而現任主席鮑威爾在央行年會上發表的“鴿派”言論正影響華爾街的情緒。美國財政部長貝森特將于9月5日展開一連串面試，尋找下一任美聯儲主席的人選，面試過程將持續到下周。貝森特此前表示，尋找鮑威爾繼任者的進程將在勞動節（每年9月的第一個星期一），即今年9月1日后不久開始。11名候選人《華爾街日報》引述知情人士的說法報道稱，貝森特可能面對面或通過視頻與候選人交談。8月，CNBC報道稱，特朗普政府正考慮從11名候選人中尋找合適人選接替鮑威爾，其中包括：美聯儲監管副主席米歇爾·鮑曼美聯儲理事克里斯·沃勒美聯儲副主席菲利普·杰斐遜布什政府經濟顧問馬克·薩默林達...
鮑威爾
美聯儲主席
國際金融報
袁源
09-03 18:57
全球長債拋售潮！債務危機警鐘敲響
9月3日，全球債券市場面臨拋售壓力，多國長期債券收益率飆升。美國30年期國債收益率升至5%，為7月以來首次。日本30年期國債收益率創下歷史新高，20年期國債收益率攀升至1999年以來的最高點。德國30年期國債收益率上漲2個基點至3.4340%，為自2011年7月以來最高水平。英國30年期國債收益率一度升至1998年5月以來的最高水平，達到5.735%；20年期國債收益率升至1998年8月以來的最高水平；10年期國債收益率升至2025年1月以來最高水平。法國30年期收益率接近4.5%，達到2009年以來最高水平。超長期國債收益率上行會通過利率渠道傳導至金融市場和實體經濟，將直接推高企業融資成本與...
全球債券市場
長期債券收益率
國際金融報
李曦子
09-03 18:57
谷歌被判非法壟斷！處罰“輕描淡寫”，股價應聲大漲……
谷歌母公司Alphabet市值一夜之間增加近2000億美元，投資者顯然將法院判決視為對谷歌的“低成本處罰”。當地時間9月2日，在一場持續近五年的法律攻防戰后，美國華盛頓特區聯邦地方法院法官阿米特·梅塔（Amit Mehta）宣布了對谷歌搜索壟斷案的最終裁決。這份長達226頁的判決書認定，谷歌確實通過排他性合同行為維持了搜索引擎的非法壟斷。但法院并未采納司法部提出的最嚴厲舉措，例如強制將Chrome瀏覽器從公司業務中剝離，而是要求其開放部分關鍵搜索數據，降低競爭者進入壁壘。“低成本處罰”據哥倫比亞廣播公司新聞網（CBS News）報道，梅塔法官在裁決中明確禁止谷歌利用捆綁協議為其搜索引擎、Gem...
Alphabet
反壟斷
國際金融報
顏凌康
09-03 17:01
機器人ETF午后逆勢走強！
9月2日，市場震蕩調整，前期強勢的光模塊、半導體、互聯網、軟件等板塊回調。與此同時，銀行、貴金屬、石油等板塊領漲，午后突然爆發的機器人概念吸引了多方注意。從股票型ETF（交易型開放式指數基金）的表現來看，3只機器人ETF均漲超2%，力壓多只銀行ETF的同時，領漲全市場ETF。不過，機器人主題ETF內部因跟蹤標的不同產生了分化，也有多只機器人ETF漲幅排在其他主題ETF之后。《國際金融報》記者了解到，機器人概念午后的爆拉或許與下半年商業化訂單加速落地等超預期因素有關。同時，國證機器人產業指數已在近期創下新高。受訪者向記者表示，當前機器人板塊的估值在整個大科技板塊中處于中游水平，但板塊具有廣闊的成...
機器人ETF
機器人
國際金融報
夏悅超
09-02 23:53
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