分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 投资要点 监管和行业动态： 1、中小银行与理财子公司代销合作持续升温。银行理财代销是中小银行优 化收入结构、实现战略转型的重要突破口；理财子借此下沉渠道拓展市场，实现客户广覆盖与 业务增长。2、银行理财行业上半年整体增长，头部公司盈利领先，部分中小机构如宁银、杭银 理财规模增速显著，逆势扩张势头强劲。 从理财子公司的视角来看，在初步完成对大中型银行渠道的覆盖后，正进一步将代销网络向城 商行、农商行等区域性中小机构下沉，以拓展更广阔的市场空间。据普益标准统计，截至9月16 日，代销渠道数量排名前三的理财子公司分别为兴银理财（543家）、杭银理财（241家）及信 银理财（205家）， 其代销策略呈现出三大典型特征： 一是实现国有大行与股份制银行的全覆 盖，凭借其网点优势提升产品触达广度；二是深入拓展城商行与农商行渠道，覆盖三四线城市 及县域市场，激活下沉客群潜力；三是补充互联网银行渠道，如与网商、微众等民营银行及中 信百信等直销银行合作，构建线上线下融合的代销生态。 同业创新动态： 1、宁银理财19只产 ...

ETF网格黄略量点关注标的 (1) 新经济ETF（159822.SZ） 2025年政府工作报告将"因地制宜发展新质生 产力"纳入重点工作任务，提出"推动科技创新和 产业创新融合发展" "持续推进'人工智能+'行 动"等工作方向。在此政策背景下，我国正经历 "新动能积厚成势、传统动能焕新"的产业升级。 该ETF通过全仓持有工银南方东英标普中国新经济 行业ETF（3167.HK），实现对标普中国新经济行 业指数的间接跟踪，穿透后实际持仓均为在港股、 A股、美股上市的我国新经济龙头企业,覆盖人工 智能、互联网、生物科技、创新药等高成长赛道, 是把握我国经济增长新动能、且能够分散区域配置 的被动指数工具之 新经济ETF(159822.S TTINE ETF网格策略 更多分析内容及重点关注标的，详见华宝证券2025年9月17日发布的报告：《ETF 及指数产品网格策略周报（2025/9/17）》 分析师：卫以诺（S0890518120001），程秉哲（S0890522110001），薛婧怡 (S0890525070001) 风险提示及免责声明：国内经济复苏及政策落地不及预期的风险。国际形势超预 期演变、地缘风险事件。基金 ...

分析师：柏逸凡 登记编号：S0890524100001 分析师：程秉哲 登记编号：S0890522110001 投资要点 本报告统计时间为2025.09.08-2025.09.12。 近期股市波动加剧，债市有所好转，但仍偏震荡。据我们宏观团队上周策略周报观点，由于股市 短期出现调整，叠加财政部与央行联合工作组召开第二次组长会议，提及"央行国债买卖操 作"和"财政政策与货币政策的协同发力"，为市场带来重启国债买卖操作的乐观预期，债市回暖， 十年期国债收益率一度回落至1.75%下方。不过由于债市进一步做多动能不强，短期仍偏震荡，十 年期国债收益率尚未有效突破1.75%-1.80%区间。可转债由于前期调整较多，本周有所回暖。 权益市场， 市场风格方面，大小盘风格略偏向小盘，成长风格占优；市场风格波动方面，大小盘 风格波动上升，价值成长风格波动下降。市场结构方面，上周，行业指数超额收益离散度上升， 行业轮动速度上升，成分股上涨比例略有上升；交易集中度方面，前100个股成交额占比上升，前 5行业成交额占比较上期持平。市场活跃度方面，上周，市场波动率与市场换手率均继续上升。 商品市场方面， 上周，商品市场方面，有色板块及 ...

分析师： 李亭函 登记编号： S0890519080001 分析师：黄浩 登记编号：S0890524110001 投资要点 A股权益市场于上周接近2025年8月份高点后，再度出现短暂调整，随后上证指数在回落至20日均线位置后结束调整并反弹，于本周五日 内创下年内新高。从近期市场表现和风格来看，于当前点位的分歧有所加剧，指数在接近高点后继续突破的阻力加大，同时内部的风格和 板块之间轮动也较快。但是市场整体仍保持活跃与上行趋势，回调后资金进场意愿较强，持续下行的空间有限。 量化策略配置观点： 股基增强策略 > 海外权益策略> 常青低波策略 A股方面，上证指数从今年6月份以来，持续表现强势，对于多个整百点位均在短期震荡调整后快速突破，强力突破去年的高点。综合当前 市场情绪、市场风险偏好以及内外部环境等多重因素，市场有望保持向上的趋势，即使短期有所阻力，回调空间也较为有限，市场高位震 荡整固后有望重新开启上行趋势。当前处在关键阻力点位以及利好空窗期等多重因素交叠的时间区间，市场或在当前点位区间震荡，策略 上可采取逢低逐步吸纳筹码，布局整固后有望开启的上升空间。在A股权益基金策略内部，更具弹性的股基增强组合依旧在当前时 ...

分析师：孙书娜 登记编号：S0890523070001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 市场回顾： 上周（2025.09.08-2025.09.12）债市持续调整，1年期国债收益率上行0.41BP至1.40%，10年期国 债收益率上行4.1BP至1.86%，30年期国债收益率上行7.15BP至2.18%。具体来看，前半周，受公募基金降费新 规影响（2025年9月5号，中国证监会发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》）市场 对债基的悲观情绪升温，收益率快速上行，后半周，随着资金面边际转松，债市逐渐企稳。 公募基金市场动态： 9月12日，国家发改委发布《关于进一步做好基础设施领域不动产投资信托基金（REITs） 常态化申报推荐工作的通知》（下称"782号文"），从推动市场扩围扩容、优化扩募和申报流程、鼓励新类型项 目上市等方面助力基础设施REITs发展。 泛固收基金指数表现跟踪 货币增强指数：上周收涨0.03%，成立以来累计录得4.05%的收益。 短期债基优选：上周收跌0.01%，成立以来累计录得4.18%的收益。 中长期债基优选：上周收跌0.20%，成立以来 ...

登记编号：S0890524080003 投资要点 权益市场回顾： 上周（2025.09.08-2025.09.12）市场先抑后扬，上证指数周涨1.52%，深证成指周涨2.65%， 科创50周涨5.48%，创业板指周涨2.10%。上周A股日均成交额2.33万亿元，环比有所下降。在美股甲骨文公司 业绩乐观指引下，科技成长板块带动市场走出成交额2万亿出头的阴霾，将市场人气再度拉回。主题角度，上周 A股算力、半导体等细分领域涨幅居前；港股市场科技板块整体上涨，但内部分化显著，AI及半导体龙头表现 突出，而消费股承压。 权益市场观察： "AI算力"：目前泛AI方向中，仍有较多细分由于短期催化有限、多头叙事累积不足而处于相对低位，后续一旦 有超预期产业事件如技术新突破、出圈新单品等出现累积资金共识，则相关方向的赔率仍然可观，如存储、 AIDC相关配套设施、AI应用等。 分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 固态电池：目前电新板块筹码出清相对充分且产能周期底部明确，在反内卷和技术突破双轮驱动下，可能为弹 性资金提供新方向。 公募基金市场动态： 2025H1公募代销数据简评。 主动权益基金指数 ...

Core Viewpoint - The article highlights the recent performance of equity and bond markets, emphasizing the strong growth in the equity market driven by technology sectors, particularly AI and semiconductor industries, while the bond market faces pressure due to rising yields and macroeconomic factors [3][6][7]. Equity Market Overview - In August 2025, the equity market experienced a broad rally, with major indices reaching new highs, particularly in the technology sector, driven by AI hardware and domestic semiconductor stocks [6][10]. - The overall performance of major equity fund indices was positive, with notable increases of 12.26%, 11.91%, and 11.81% for various fund indices [6][10]. Bond Market Overview - The bond market saw a steep rise in yields, influenced by the strong performance of the equity market and changes in monetary policy expectations [7][20]. - Major bond fund indices showed varied performance, with convertible bond funds outperforming pure bond funds, reflecting the impact of equity market dynamics [7][20]. Fund Performance Review - The article discusses the performance of public funds, noting that growth and small-cap style funds significantly outperformed, with growth funds rising by 14.86% and small-cap funds by 17.67% in August [8][9]. - The article also highlights the increasing differentiation among industry-themed funds, with hard technology sectors leading the gains, driven by supportive policies and strong earnings from leading companies [9][10]. Investment Strategy Insights - The article suggests a focus on stock selection, valuation, and EPS growth potential in a stable macro environment, with opportunities in sectors like anti-involution, cyclical recovery, and technology [11][12]. - Specific strategies for equity and fixed-income funds are outlined, emphasizing the importance of maintaining a diversified approach to manage risks and capture market opportunities [25][27][28]. Historical Performance of Selected Indices - The active equity fund selection index has shown a cumulative net value of 1.3375 since its inception, outperforming the active equity fund index by 15.40% [17]. - The short-term bond fund index has achieved a cumulative net value of 1.0419, exceeding its benchmark by 0.62% since its inception [21].

Key Points - The article discusses the impact of new public fund sales fee regulations on bank wealth management products, highlighting a dual effect on the liability and asset sides of banks [7][8] - It mentions the ongoing trend of banks in Sichuan province applying for wealth management subsidiary licenses, which could signify a restart in license approvals and provide a model for small and medium-sized banks [9][10] - The article notes the rising gold prices and how wealth management companies are launching gold-linked products to capitalize on this trend [11][12] - It outlines various innovations in the industry, including new product offerings from banks that leverage technology and quantitative models for investment selection [13][14][15][17] Regulatory and Industry Dynamics - The new public fund sales fee regulations were released on September 5, 2025, aiming to lower fees and optimize redemption arrangements, which will likely attract investors to bank wealth management products [7][8] - Several banks in Sichuan are actively pursuing joint applications for wealth management subsidiary licenses, which could enhance resource utilization and improve competitive dynamics in the industry [9][10] Market Performance - Cash management products recorded a 7-day annualized yield of 1.30%, while money market funds yielded 1.18%, both showing a slight decline [18] - The bond market continues to exhibit a volatile pattern, with short-term rates remaining stable and long-term rates fluctuating due to market sentiment [21][22] Innovations in Wealth Management -浦银理财 has introduced a technology-driven product using a "Five Forces" model to evaluate tech companies [13] - 招银理财 has developed a global asset allocation index that incorporates momentum factors for diversified investment [14] - The collaboration between 招银理财 and 中诚信 has led to the creation of a defensive index aimed at capturing low-volatility stocks [15] - 交银理财 has launched a multi-strategy asset allocation index that aims to balance risk and return across different market conditions [17]

Market Overview - The current market sentiment remains heated, with the A-share upward cycle not yet over, but transitioning from a unilateral rise to a "slow bull" phase, indicating potential short-term volatility [1][4] - Growth style shows greater elasticity supported by industrial trends and earnings growth prospects, while cyclical style remains more stable; a balanced approach is recommended for investors [1][4] Equity Market Analysis - Last week, the market style favored large-cap stocks, with value style significantly outperforming; the volatility of large and small-cap styles increased rapidly, while value and growth style volatility decreased [6][7] - The excess return dispersion of industry indices increased, indicating a rise in industry rotation speed, while the proportion of rising constituent stocks decreased, suggesting a weakening of the strong index trend [6] - The trading concentration increased, with the top 100 stocks' trading volume share rising, while the top five industries' trading volume share remained stable compared to the previous period [6] Market Activity - Market volatility and turnover rate continued to rise last week, indicating increased market activity [7] Commodity Market Insights - In the commodity market, the energy and chemical sector's trend strength increased, while other sectors remained stable; the basis differential momentum for black and energy sectors rose [21] - Volatility increased in the black and precious metals sectors, with liquidity performance showing divergence across sectors [21] Options Market Overview - Implied volatility for the SSE 50 and CSI 1000 remains high but has shown marginal easing; the skew of put options for the 50ETF has risen rapidly, while the CSI 1000 remains unchanged [25] Convertible Bond Market Analysis - The convertible bond market experienced a decline followed by recovery, with significant volatility; the premium rate for bonds convertible at 100 yuan stabilized at a mid-level [27] - The proportion of low premium convertible bonds has notably decreased, with these bonds performing relatively well; market trading volume has contracted but remains within a healthy range [27]

分析师：程秉哲 登记编号：S0890522110001 分析师：黄浩 登记编号：S0890524110001 投资要点 A股权益市场本周接近2025年8月份高点后，再度出现较快速调整，上证指数最低回落至3750下方后有所回升。在本周的调整中，上证指 数最大回撤为-2.83%，中证主动股基指数回撤幅度更大，本周最大回撤为-4.60%，常青低波策略在这一类行情中依旧保持稳健低波特征， 最大回撤仅-1.94%。策略指数在不断保持上行趋势的同时，能够有效降低组合的波动和回撤，提供较优持有体验。 量化策略配置观点： 股基增强策略 > 海外权益策略> 常青低波策略 A股方面，上证指数从今年6月份以来，持续表现强势，对于多个整百点位均在短期震荡调整后快速突破，强力突破去年的高点。综合当前 市场情绪、市场风险偏好以及内外部环境等多重因素，市场有望保持向上的趋势，即使短期有所阻力，回调空间也较为有限，市场高位震 荡整固后有望重新开启上行趋势。在A股权益基金策略内部，更具弹性的股基增强组合依旧在当前时点有相对更大空间。常青低波策略可 作为打底配置，优化组合波动特征，同时银行等防御风格板块在经历调整后性价比提升，依旧具有较高长期配 ...