2、5月20日，央行公布最新LPR，1年期LPR为3.0%，5年期以上LPR为3.5%，均降 低10BP，为今年首度下调。同日，中国四大行工商银行、农业银行、中国银行、建设 银行均发布消息，下调人民币存款利率，最大降幅25个基点。 3、美、日国债收益率持续走高，加剧市场不确定性。受特朗普减税法案影响，市场预 期美国债务赤字压力加大；日本方面，通胀持续走高推升货币收紧的预期。美债、日 债收益率走高，风险有所上升，加剧了全球市场不确定性。 分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾 (5.19-5.25) 1、5月19日，统计局公布4月宏观经济数据，在关税问题的影响下，经济修复放缓的 压力开始体现，多数经济数据有所回落，但在宏观政策发力支撑下，基建投资、制造 业投资、消费、工业增加值等指标同比增速仍然偏强运行，经济运行仍然有一定韧 性。 ... 您也可点击下方"阅读原文"查看报告全文，更多高质量研究成果等你发现！ 本文摘自华宝证券2025年5月25日发布的证券研究报告《市场活跃度回落，欲扬或需先抑——策略周报》（分析师：郝 一 ...

Regulatory Policies and Asset Management Market Insights - On April 21, the China Interbank Market Dealers Association released the "Self-Regulatory Guidelines for Bond Valuation Business in the Interbank Bond Market (Trial)" which emphasizes the need to standardize product net value measurement and restrict the use of valuation rules to avoid net value requirements [2][6] - The central bank introduced a package of monetary policy measures on May 7, aimed at guiding commercial banks to lower deposit rates, which may create a "double-edged sword" effect in the bank wealth management market [2][10] - The China Securities Regulatory Commission (CSRC) released the "Action Plan for the High-Quality Development of Public Funds" on May 7, indicating that the public fund industry may face short-term pain but will optimize its long-term ecosystem [2] Market Performance and Trends - In April, the total outstanding scale of wealth management products significantly rebounded, increasing by 7.58% month-on-month to 31.09 trillion yuan, with a year-on-year growth of 8.05% [3] - The annualized yield of cash management products fell to 1.49%, down 10.25 basis points, while pure fixed-income products saw an annualized yield rise to 3.10%, up 48.82 basis points [3] - New issuance of wealth management products saw a decline in April compared to March, with fixed-income plus products, closed-end products, and 1-3 year products dominating the new issuance landscape [3] Product Performance and Standards - The compliance rate of wealth management products reached 74.75% in April, an increase of 7.05% compared to March [4] - The "Valuation Guidelines" aim to enhance the scientific, fair, and transparent nature of the valuation process, addressing issues such as market volatility and the disconnect between primary and secondary market prices [7] - The guidelines also clarify that users of valuation products bear the primary responsibility for understanding and evaluating these products, especially during periods of market volatility [7]

Core Viewpoint - REITs in China are a relatively new investment category, having started trials in 2021 and expected to normalize by 2024, with significant growth in issuance and market interest due to current economic conditions [1][13]. Group 1: Market Performance and Trends - As of February 20, 2025, there are 63 publicly offered REITs in China, raising a total of 168.374 billion yuan, covering various asset classes such as industrial parks and affordable housing [1]. - The China Securities REITs Total Return Index rose by 12.31% in 2024, with some products in the industrial park sector increasing by over 40% due to supportive policies and fundamentals [1][12]. - The issuance of REITs remains robust, with record subscription rates, such as 813 times for the Guotai Junan Jinan Energy Heating REIT and 1192 times for the Huatai-PineBridge Jiuzhoutong Pharmaceutical REIT [2]. Group 2: Investment Appeal of Public REITs - Public REITs serve as an effective tool for real estate investment, especially as traditional property investment becomes more challenging due to high entry barriers and stable housing prices [4]. - The "landlord" nature of public REITs meets the demand for stable cash flow among investors, allowing them to indirectly own underlying real estate assets and receive regular income based on rental performance [4][11]. Group 3: Investment Strategies for Public REITs - Investors can engage in public REITs through three main strategies: participating in initial offerings, trading during market cycles, and holding quality assets for long-term income [8]. - The initial offering process is competitive, with high subscription rates leading to potential under-allocation of shares, but successful offerings can yield significant first-day gains [9]. - Long-term holding of quality REITs is encouraged, as they are required to distribute at least 90% of their distributable income, providing a degree of income stability [11]. Group 4: Future Outlook - The development of public REITs is driven by both policy support and market demand, with expectations for continued growth and active market sentiment in 2025 [13]. - The potential for introducing REITs ETFs in the future could enhance liquidity and provide more investment options for retail investors [10].

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2025.05.12-2025.05.16。 短期维持震荡，行业轮动加剧。当前市场对关税政策的关注重心从贸易条件改善，转向对国内政 策对冲力度与内需复苏弹性。当前指数自4月回调后已经修复到合理水平，市场赚钱效应偏弱，板 块轮动加快且持续性不足，预计市场短期或延续震荡格局，板块轮动成为常态。建议继续关注科 技成长（机器人、AI+）与红利低波(银行、公用事业、石油石化)的杠铃结构配置机会。 权益市场， 上周，市场风格方面，大盘价值风格重新占据强势；风格波动方面，大小盘风格波动 以及价值成长风格波动均从低位回升，风格切换的可能性提升。市场结构方面，上周，行业指数 超额收益离散度继续下降，成分股上涨比例下降，行业轮动速度上升；交易集中度方面，个股成 交集中度有所回升但仍处于低位，前5行业成交额占比相较前期变化较小。市场活跃度方面，上 周，市场波动率维持在低位，换手率继续下降。 商品市场方面， 上周，趋势强度表现维持分化，能化、黑色板块延续其较强的趋势性，有色、农 产品及贵金属板块趋 ...

量化策略配置观点： 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 在本周初的中美经贸会谈声明公布后，关税减缓幅度超预期，海内外权益市场均收获较强正向刺激力量。其中 A股在接近前期高点后，分歧相对较大些，市场仍担忧关税对于基本面的影响，在中美经贸会谈声明公布后第 二个交易日呈现出高开低走的态势，同时上证综指接近3400点位后，同样受到一定阻力，市场难以持续突破。 海外美股方面表现较为强势，关税的缓解大幅释放市场担忧，市场风险偏好进一步提升，在消化相关利好后， 也受到一定阻力，但表现相对坚挺，本周交易日均收涨。 海外方面，近期美国关税表态有所放缓，美国谈判意愿增加，首先是英美之间相关协议的达成，再到中美经贸 会议达成初步共识，前期造成美股大幅下跌以及市场担忧的风险点在朝着逐步化解的方向发展。对于海外的机 会或依旧来源于美国关税态度的进一步缓和，以及在贸易谈判中的进展，对于海外仓位较低的投资者可适当逢 低布局。但是短期内谈判进展不确定性、政策不确定性、美元资产不确定性等多方面，海外市场整体或仍保持 高波动，短期风险仍需紧密关注，同时当前主要指 ...

Core Viewpoint - The 2025 China Financial Products Annual Report titled "Ecological Leap" emphasizes the importance of professional research in the financial sector and highlights the decision to release only a physical version of the report this year, indicating a focus on tangible value [1] Summary by Relevant Sections - The report aims to provide insights into the evolving landscape of financial products in China, reflecting on trends and developments that are shaping the industry [1] - The absence of an electronic version suggests a strategic choice to enhance the perceived value of the report, potentially targeting a more engaged audience [1] - The company invites further inquiries and collaboration for deeper content understanding, indicating a willingness to engage with stakeholders for enhanced insights [1]

分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 （CPI）同比上涨2.3%，较3月份的2.4%略有下降，是2021年2月份以来最低水平。4月 份CPI环比上涨0.2%，低于预期的0.3%水平。 01 重要事件回顾 (5.5-5.11) 1、2025年5月12日中国和美国日内瓦经贸会谈发布联合声明，双方承诺将于2025年5月 14日前采取以下举措： 美国将（一）修改2025年4月2日第14257号行政令中规定的对中国商品（包括香港特别 行政区和澳门特别行政区商品）加征的从价关税，其中，24%的关税在初始的90天内暂 停实施，同时保留按该行政令的规定对这些商品加征剩余10%的关税；（二）取消根据 2025年4月8日第14259号行政令和2025年4月9日第14266号行政令对这些商品的加征 关税。 中国将（一）相应修改税委会公告2025年第4号规定的对美国商品加征的从价关税，其 中，24%的关税在初始的90天内暂停实施，同时保留对这些商品加征剩余10%的关税， 并取消根据税委会公告2025年第5号和第6号对这些商品的加征关税；（二）采取必要措 施，暂 ...

Core Viewpoint - The 2025 China Financial Products Annual Report titled "Ecological Leap" emphasizes the importance of professional research in the financial sector and highlights the decision to release only a physical version of the report this year, indicating a focus on tangible value [1] Group 1 - The report aims to provide insights into the evolving landscape of financial products in China, reflecting changes and trends within the industry [1] - The absence of an electronic version suggests a strategic choice to enhance the perceived value of the report, potentially targeting a specific audience that values physical documentation [1]

分析师：程秉哲 登记编号： S0890522110001 分析师：柏逸凡 登记编号：S0890524100001 投资要点 报告正文共计3483字 本月报统计时间为2025.04.01至2025.04.30。 2025年4月，权益市场在外部冲击下，避险情绪升温，整体回调；商品市场整体先抑后扬，市场 内部板块表现分化。 公募指数增强产品收益情况： 沪深300指数月度涨幅变化-3.00%，严格约束类月度超额收益 0.21%，SmartBeta类月度超额收益0.09%，轮动类月度超额收益0.13%。中证500指数月度涨 幅-3.86%，严格约束类月度超额收益-0.07%，SmartBeta类月度超额收益0.31%，轮动类月度超 额收益0.29%。中证1000指数月度涨幅-4.44%%，严格约束类月度超额收益1.12%，SmartBeta 类月度超额收益1.20%，轮动类月度超额收益1.59%。 私募策略指数收益情况： 权益类私募策略方面，多头策略方面，300指增跌幅最少，仅 为-2.64%，量化选股策略表现其次，区间收益率为-2.72%，主观多头策略表现不佳，区间收益率 为-3.95%；绝对收益类策略方面，ETF套 ...

Core Viewpoint - The article highlights the success of the local supermarket brand "胖东来" in a fourth-tier city in China, emphasizing its customer-centric service model, product quality, and supply chain management as key factors for its popularity. This success serves as a valuable lesson for the wealth management industry, which can enhance client trust and service quality by adopting similar principles. Group 1: Product Quality and Variety - "胖东来" places significant emphasis on product categories, quality, and food safety, implementing strict selection and regulatory processes for suppliers and self-operated products to ensure high-quality offerings [2] - National wealth management firms are also focusing on creating comprehensive product offerings to achieve refined management, such as 信银理财's "6+2" product system and 光大理财's multi-strategy product system [2] Group 2: Diversified Layout and Experience Improvement - "胖东来" has established a strong supply chain through self-sourcing and direct sourcing, allowing it to maintain both quality and price advantages in daily consumer goods [6] - Wealth management participants are encouraged to diversify asset sources to withstand cost fluctuations, similar to "胖东来"’s dynamic supply chain alliance model [6][7] Group 3: Commercial Equality and Cost Reduction - "胖东来" practices commercial equality by providing transparency regarding product origins, suppliers, and profit margins, which reduces information asymmetry and rebuilds trust in retail [10] - The wealth management industry is also undergoing transformation with the rise of transparent financial products like index funds, and recent fee reforms in public funds and wealth management companies aim to lower costs for investors [10][11] Group 4: Enhancing Customer Experience - "胖东来" offers various customer service initiatives, such as price adjustments and delivery guarantees, which are based on a deep understanding of market dynamics and customer needs [12][15] - Wealth management firms need to enhance customer experience by managing investment volatility and providing ongoing support, such as regular updates and educational content, to help clients navigate market fluctuations [14][15] Group 5: Lessons for Wealth Management - The success of "胖东来" illustrates the importance of a customer-centric approach in building trust and enhancing service quality in the wealth management sector [17] - Wealth management institutions are encouraged to manage assets with the same diligence as "胖东来" manages its products, fostering a shift from a sales-driven to a service-oriented model [17]