2026-09-23

9月22日，巴菲特指數（滬深300市值/GDP）連升三日至93.11%，近期基本在年內波動的中間區域震盪。股債性價比指標——滬深300指數股權風險溢價（ERP）爲5.75%，與昨日持平，依然處於偏高位置；從大週期來看，該指標仍處在過去四年波動區間中間區域，暗示目前股市相對國債收益的吸引力處於中性偏高水平。 -------- 注：1、巴菲特指數是通過將股市總市值和GDP來比較，判斷目前股市是否高估，通常70-100%爲正常估值，低於該區間爲低估，高於該區間爲高估。 2、滬深300指數風險溢價（ERP）主要對比滬深300收益和國債收益率，統計近10年數據可以發現該指標和股指有明顯反向關係，每次股市都處於底部區域時，風險溢價均超過6%，也就是當ERP≥6%，股市有投資性價比，而當ERP≤4%時，則股市往往接近或處於階段性高點，投資性價比低甚至要小心回調風險。

9月22日，巴菲特指數（滬深300市值/GDP）連升三日至93.11%，近期基本在年內波動的中間區域震盪。股債性價比指標——滬深300指數股權風險溢價（ERP）爲5.75%，與昨日持平，依然處於偏高位置；從大週期來看，該指標仍處在過去四年波動區間中間區域，暗示目前股市相對國債收益的吸引力處於中性偏高水平。 -------- 注：1、巴菲特指數是通過將股市總市值和GDP來比較，判斷目前股市是否高估，通常70-100%爲正常估值，低於該區間爲低估，高於該區間爲高估。 2、滬深300指數風險溢價（ERP）主要對比滬深300收益和國債收益率，統計近10年數據可以發現該指標和股指有明顯反向關係，每次股市都處於底部區域時，風險溢價均超過6%，也就是當ERP≥6%，股市有投資性價比，而當ERP≤4%時，則股市往往接近或處於階段性高點，投資性價比低甚至要小心回調風險。

2026-09-23

Market sources: South Korea's Lee to meet US President Trump during the United Nations General Assembly.

Market sources: South Korea's Lee to meet US President Trump during the United Nations General Assembly.

2026-09-23

市場消息：韓國總統李在明將在聯合國大會期間與美國總統特朗普舉行會晤。

市場消息：韓國總統李在明將在聯合國大會期間與美國總統特朗普舉行會晤。

2026-09-23

Galaxy Securities said in a Sept. 23 report the Fed hiked 25bps to 3.75%–4.00% on Sept. 16, the first increase since July 2023. A systemic rise in risk-free rates is lifting discount rates beyond the policy rate and compressing equity P/Es, disproportionately hitting high-valuation growth stocks dependent on distant cash flows. The AI narrative remains strong, but pricing is shifting from long‑term visions to near‑term realization. On the first trading day after the hike, storage, CPUs, foundry

Galaxy Securities said in a Sept. 23 report the Fed hiked 25bps to 3.75%–4.00% on Sept. 16, the first increase since July 2023. A systemic rise in risk-free rates is lifting discount rates beyond the policy rate and compressing equity P/Es, disproportionately hitting high-valuation growth stocks dependent on distant cash flows. The AI narrative remains strong, but pricing is shifting from long‑term visions to near‑term realization. On the first trading day after the hike, storage, CPUs, foundry and optical‑interconnect segments outperformed; strong current earnings and short investment payback make these compute‑hardware nodes less sensitive to higher rates. Valuation differentiation is accelerating: hardware with verified cash flows and earnings (advanced process, memory, optical interconnect, equipment and materials) is benefiting, while narrative‑driven, unprofitable names are being further squeezed.

2026-09-23

Omdia data show global AI glasses shipments reached 4.2 mln units in 1H 2026, up 127% YoY. The category remains nascent; as the market expands from a low base growth is gradually stabilizing. Competition among different frame designs is intensifying and user privacy concerns are rising, making the market environment more complex.

Omdia data show global AI glasses shipments reached 4.2 mln units in 1H 2026, up 127% YoY. The category remains nascent; as the market expands from a low base growth is gradually stabilizing. Competition among different frame designs is intensifying and user privacy concerns are rising, making the market environment more complex.

2026-09-23

9月22日A股低於3%換手率股票連降三日至70.52%，高於5%換手率股票佔比從上週刷新的兩年低點回升至15.42%，繼續向閾值水平靠近；整體來看，換手率暫時止跌，留意能否打破7月以來震盪下行趨勢。 -------- 注：1、當換手率低於3%的股票佔比上升接近中長期的高位，尤其是接近歷史高位附近（圖中虛線，圖爲反轉走勢）時，意味着市場很有可能遇到一個階段低點，容易產生反轉或反彈。 2、當高換手率高於5%的股票佔市場總數比例保持在閾值（圖中虛線）上方，市場纔會出現強的賺錢效應，使得行情具有持續性。牛市的時候，該指標會持續保持在閾值上方，市場迎來普漲行情；而熊市的時候，該指標大多時候在閾值下方，偶爾超過閾值反而要小心衝高回落的風險。

9月22日A股低於3%換手率股票連降三日至70.52%，高於5%換手率股票佔比從上週刷新的兩年低點回升至15.42%，繼續向閾值水平靠近；整體來看，換手率暫時止跌，留意能否打破7月以來震盪下行趨勢。 -------- 注：1、當換手率低於3%的股票佔比上升接近中長期的高位，尤其是接近歷史高位附近（圖中虛線，圖爲反轉走勢）時，意味着市場很有可能遇到一個階段低點，容易產生反轉或反彈。 2、當高換手率高於5%的股票佔市場總數比例保持在閾值（圖中虛線）上方，市場纔會出現強的賺錢效應，使得行情具有持續性。牛市的時候，該指標會持續保持在閾值上方，市場迎來普漲行情；而熊市的時候，該指標大多時候在閾值下方，偶爾超過閾值反而要小心衝高回落的風險。