A-shares rebounded after probing lower, with all three major indexes collectively closing higher. As of the close, the Shanghai Composite Index rose by 0.69%, the Shenzhen Component Index rose by 1.19%, and the Chinext Price Index rose by 0.85%. The market turnover is approximately 630 billion yuan, with an increase of nearly 150 billion compared to the previous period.

The Hang Seng Index in Hong Kong rose by 2%, hitting a high above two weeks ago; the Hang Seng Tech Index rose by 3.25%, reaching a new high in two months; and the Hang Seng H-Share Index rose by 2.1%.

Major U.S. stock indices all closed higher, with the Dow rising by 1.26%, the S&P 500 Index up by 1.7%, and the Nasdaq up by 2.51%. Both the Dow and the S&P 500 Index hit new historical highs.

Several broad-based ETFs traded with high volume yesterday. By the close, Huatai Baorui CSI 300 ETF had the highest turnover among stock ETFs at 5.332 billion yuan, an increase of 1.371 billion yuan compared to the previous period for the third consecutive trading day; E Fund ChiNext ETF saw consecutive days of high volume trading, with a turnover of 2.79 billion yuan yesterday, an increase of 1.339 billion yuan compared to the previous period; Huaxia SSE 50 ETF also had a turnover of 2.401 billion yuan. In addition, the turnover of ICBC Credit Suisse CSI 1000 ETF and China Southern CSI 500 ETF was also around 2 billion yuan yesterday, with both exceeding 1 billion yuan for the first time.

Looking at the capital trend of ETFs, on September 19, the top 10 ETFs with net inflows were Huatai Baorui Fund CSI 300 ETF, E Fund ChiNext ETF, China Southern Fund CSI 500 ETF, China Southern Fund CSI 1000 ETF, Huaxia Fund ChiNext 50 ETF, Huaxia Fund CSI 1000 ETF, Bosera Fund Convertible Bond and Exchangeable Bond ETF, HS300ETF E Fund, GF Fund CSI 1000 ETF, and Hwabao Fund CSI 100 ETF Fund, which received net inflows of 1.978 billion yuan, 1.075 billion yuan, 0.953 billion yuan, 0.759 billion yuan, 0.472 billion yuan, 0.39 billion yuan, 0.328 billion yuan, 0.293 billion yuan, 0.251 billion yuan, and 0.21 billion yuan respectively on September 19.

On September 19, the top 10 ETFs with net outflows were Yinhua Exchange Traded Money Market Fund-A, Hwabao WP Listed Money Market Fund-A, Gold ETF, HFT CSI Short-term Financing ETF, Hang Seng Tech Index ETF, 30-Year Treasury Bond ETF, Gold ETF, ChinaAMC Shanghai A50 Exchange Traded Fund, Gold ETF Fund, and Invesco China Technology ETF, which experienced net outflows of -0.997 billion yuan, -0.721 billion yuan, -0.47 billion yuan, -0.276 billion yuan, -0.263 billion yuan, -0.2 billion yuan, -0.178 billion yuan, -0.166 billion yuan, -0.126 billion yuan, and -0.118 billion yuan respectively on September 19.

Bohai Securities stated that the market is still in the bottoming phase, with the opening of the US Federal Reserve's 50BP rate cut, the external liquidity environment entering a substantial improvement stage, and the issuance of the CSI A500 Index Fund in the domestic market, resulting in incremental liquidity domestically. Therefore, the main constraint on the current market rebound still comes from fundamental confidence. If future policies gradually take effect or incremental policies are implemented, the market will rebound under the dual influence of fundamentals and liquidity. Conversely, if the fundamental expectations cannot be reversed, the market will continue the bottoming volatility trend. In terms of industry allocation, focus on: (1) Under the expectation of incremental policies, the policy gaming opportunities in the household appliances and social services industries; (2) With the formal landing of the Fed rate cut or the improvement in market sentiment, there are recovery opportunities for the growth and consumer sectors.

Haitong Securities released research reports stating that from the perspective of liquidity, the Fed rate cut may improve the macro and micro liquidity of A-shares in the short to medium term, boosting the upward trend of A-shares. From a fundamental perspective, the long-term trend of A-shares is related to fundamentals, and the boost to A-share fundamentals by the Fed rate cut still needs to be observed.

HSBC Jintrust Fund stated that the core asset valuation of the A-share market is already at historically low levels, and from a long-term perspective, it already has a considerable allocation value. According to observations from Robeco Fund, long-term funds such as social security funds, insurance assets, and QFII institutions are actively allocating A-shares, showing preference for artificial intelligence, pharmaceuticals, as well as leading enterprises in some traditional industries.