Core Insights - The 2025 China Financial Products Annual Report titled "Ecological Leap" has been officially released, marking the 14th consecutive year of publication by Huabao Securities [1][2] - The report emphasizes the industry's transition towards service-oriented wealth and asset management, a concept that gained significant traction in 2024 [2] - The theme of this year's report, "Ecological Leap," reflects the need for collaborative progress across the industry, highlighting a comprehensive transformation in the wealth ecosystem [2][3] Section Summaries Part One - Insights into the Wealth Ecosystem in 2024 - The report discusses the potential decline in yields for deposit-replacement products and the challenges in getting clients to accept net value fixed-income products [3] - It explores insights from the "Fat Donglai" case for wealth management institutions and the hidden secrets behind investors' choices between funds and wealth management [3] - The impact of the toolization trend and index-based investments on the competitive landscape of financial products is analyzed [3] Part Two - Review and Outlook of Various Financial Products - The report includes a comprehensive review of bank wealth management over the past 20 years, focusing on net value returns and the landscape of low-volatility products [4] - It provides insights into the public fund market, including the ecological structure and strategies for optimizing asset allocation in a low-margin era [4] - The ETF market is highlighted for its rapid growth, with record high scales and shares, alongside innovations supported by policy [4] Part Three - Ecological Leap: Shaping a New Landscape for Wealth and Asset Management - The report compares cross-market financial products and emphasizes the cognitive load of product homogeneity [6] - It discusses the significance of fund strategy indices in making fund investments more scientific and transparent [6] - The report addresses the reconfiguration of wealth management services in the era of large models, exploring opportunities and challenges for financial advisors [6]

Core Viewpoint - The article emphasizes the rapid growth and diversification of the ETF market in China, highlighting its increasing importance as a flexible investment tool for both fund and stock investors [1][6]. Group 1: Advantages of ETFs - ETFs utilize a real-time trading mechanism that supports T+0 cross-border trading, significantly enhancing trading flexibility compared to QDII off-market funds [4]. - They passively track benchmark indices, employing strategies to control tracking error, resulting in net asset value movements closely aligned with the underlying index, such as the CSI 300 ETF [4]. - ETFs offer high transparency, with daily disclosures of subscription and redemption lists, providing timely insights into constituent stocks and their weights [4]. - Cost control is a notable advantage, with explicit fees ranging from 0.15% to 0.5% per year and low trading commissions, further optimized by physical creation/redemption and minimal bid-ask spreads [4]. - The product system is diverse, covering various asset classes including stocks, bonds, and commodities, with broad-based ETFs achieving industry balance and thematic ETFs targeting specific sectors like chip design and automotive [4]. Group 2: Growth of ETF Market - By the end of 2024, the total number of ETFs in China reached 1,033, with a total scale exceeding 3.7 trillion yuan, marking an 81% increase from 2023, with a net increase of 1.7 trillion yuan [7]. - Stock ETFs accounted for 2.89 trillion yuan, representing 78% of the market, driven by policy support and significant capital inflows, particularly into broad-based ETFs [7]. - Bond ETFs exceeded 170 billion yuan, with a 100% growth in scale and a 243% increase in share, influenced by loose monetary policy and declining interest rates [7]. - Commodity ETFs saw nearly 150% growth, primarily due to rising gold prices and increased demand for safe-haven assets, with gold ETFs comprising over 80% of this category [7]. - As of February 2025, the total scale of ETFs further increased to 3.79 trillion yuan, with ongoing focus on broad-based and strategic ETFs, driven by policy fee reductions and product innovations [7]. Group 3: Innovations in ETFs - The year 2024 witnessed the introduction of new "A series" indices, expanding the breadth of industry-themed ETFs across sectors such as automotive, petrochemicals, telecommunications, and computing [9]. - The launch of chip-related ETFs on the Sci-Tech Innovation Board addressed the need for investment tools covering various segments of the chip industry, enhancing investment options [10]. - The introduction of the first ETF linked to the CSI Hong Kong Stock Connect Automotive Industry Index improved access for investors looking to invest in new energy vehicle companies [11]. - By February 28, 2025, the number of indices covered by ETFs expanded by eight, including innovative and high-value indices like the National Index Free Cash Flow and the Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index [11].

Industry and Regulatory Dynamics - On May 23, the Financial Regulatory Bureau released the "Management Measures for Information Disclosure of Asset Management Products of Banking and Insurance Institutions (Draft for Comments)", aiming to standardize information disclosure for public bank wealth management products [4] - Several wealth management companies have responded to regulatory calls by joining the Insurance Asset Management Association, with five companies including Huaxia Wealth Management and Agricultural Bank Wealth Management becoming members as of May 27 [4] Fee Rate Adjustments - Multiple wealth management companies, including Bank of China, Industrial Bank, China Merchants Bank, and Everbright Bank, announced reductions in fees for various wealth management products, affecting management fees, sales service fees, and custody fees [5][6] Innovation in the Industry - Xingyin Wealth Management launched a humanoid robot-themed product "Ruili Xinghe Huaxia Humanoid Robot 6M Holding No. 1 A", which aims to achieve excess returns through active stock selection and model enhancement based on the China Securities Robot Index [7] - China Merchants Bank Wealth Management introduced the Antai ESG Technology-themed wealth management product, aligning with the policy direction of "green finance" and "technology finance" [7] - Pudong Development Bank Wealth Management issued its first aid to Tibet-themed product "Aid to Tibet Exclusive - Enjoying Benefits Closed No. 372", which quickly sold out with a fundraising limit of 50 million [7] Yield Performance - Last week, cash management products recorded a 7-day annualized yield of 1.44%, unchanged from the previous week, while money market funds reported a 7-day annualized yield of 1.36%, down 1 basis point [8] - The yield of pure fixed income and fixed income + products across various maturities fell to varying degrees, with interest rate bonds showing overall fluctuations and credit spreads continuing to converge [9] Net Asset Value Tracking - The net asset value (NAV) ratio of bank wealth management products was 1.29% last week, an increase of 0.29% from the previous week, indicating a slight divergence from credit spreads, although the NAV ratio remains low [14]

ETF（Exchange-Traded Fund），是一种在证券交易所上市交易的开放式投资基金。它结合 了基金的多样化投资与股票的灵活交易特性，受到越来越多投资者的关注，不仅吸引着基 金投资者通过ETF进行更加灵活的配置，同时也广泛受到股票投资者的关注，逐渐成为金 融产品中最重要的工具之一 。 随着ETF市场的不断发展，ETF产品结构的不断完善，目前已经形成多维度多层次的丰富产 品框架， 从权益到债券，从宽基到策略，能满足投资者多方面的需求。 资料来源：Wind，iFinD，华宝证券研究创新部 与此同时，REITs一级市场的发行热度居高不下。2025年开年发行的国泰君安济南能源供热 REIT，公众投资者认购倍数达到813倍，直接为REITs板块创下"开门红"；而随后提前结束 募集的汇添富九州通医药REIT，公众投资者有效认购倍数达到1192倍，再度刷新历史高 度。 01 ETF 具备多重专业投资优势 其一，采用交易所实时交易机制，支持 T+0 跨境交易，相比 QDII 场外基金显著提 升交易灵活性，可实时捕捉市场机会。 其二，以被动跟踪基准指数为核心，通过完全复制等策略控制偏离度与跟踪误差， 净值走势与标的指 ...

| 资产类别 | 核心逻辑观点 | 配置建议 | | --- | --- | --- | | A股大盘 | > 颠簸与变局将近,以稳应变: | 中国语 | | | ◆ 国内经济基本面:关税反复,总需求回落压力上升,需关注政策发力的对冲效果: | | | | ◆ 资金面:A股成交额回落至"9.24"以来的低位,市场观望情绪上升· | | | | ◆ 政策面:短期内以落实已部署正常政策为主,下半年或有增量政策; | | | | ◆ 外部环境:关税谈判期仅剩月余,不确定性有抬头的风险,且不可预测性较强。 | | | | > 关税豁免期临近结束(7月8日),变盘节点临近,6-7月或先抑后扬:关税豁免期仅剩月余,不确定性 | | | | 抗动或上升,目市场成交活跃度回落,市场临沂变盘。此外,结构上或将出现风格变化,今年以来市场 | | | | 缩圈至更为极致的"杠铃"策略 -- 大盘权重+微盘,即以银行为代表的权重以及以微盛股指数为代表 | | | | 的方向表现更为突出。但这一趋势当前面临风险收益性价比偏低的阻力，导致市场活跃度下降、小微盘 | | | | 题材方向轮动加快,对赚钱效应形成拖露,处于高位的大盘权更、微 ...

Core Insights - The 2025 China Financial Products Annual Report titled "Ecological Leap" has been officially released, marking the 14th consecutive year of publication by Huabao Securities [1][2] - The report emphasizes the industry's transition towards service-oriented wealth and asset management, a concept that gained traction in the previous year and has seen significant progress in 2024 [2] - The theme of this year's report, "Ecological Leap," reflects the need for collaborative efforts across the industry to reconstruct and upgrade the wealth ecosystem, indicating a profound transformation [2][3] Section Summaries Part One - Insights into the Wealth Ecosystem in 2024 - The report discusses the potential decline in yields for deposit-replacement products and the challenges in getting clients to accept net value fixed-income products [3] - It explores insights from the "Fat Donglai" case for wealth management institutions and the hidden secrets behind investor choices between funds and wealth management products [3] - The impact of the trend towards tool-based and index-based investments on the competitive landscape of financial products is analyzed [3] Part Two - Review and Outlook of Various Financial Products - The report includes a comprehensive review of bank wealth management over the past 20 years, highlighting the return to net value [4] - It provides an overview of the public fund market, focusing on the ecological landscape and the challenges of low-profit margins [4] - The ETF market is examined, showcasing its rapid growth and the factors contributing to its success, including efficiency, transparency, and low costs [4] Part Three - Ecological Leap: Shaping a New Landscape for Wealth and Asset Management - The report compares cross-market financial products and discusses the cognitive load resulting from product homogeneity [6] - It emphasizes the importance of fund strategy indices in making fund investments more scientific and transparent [6] - The report highlights the transformative potential of large models in reconstructing wealth management services and the evolution of practitioners within the ecological leap [6]

Investment Insights - The report indicates an increase in the risk of "herding" behavior in the market, suggesting a cautious approach until the risk is released [3][4] - Current market focus remains on defensive sectors such as banking, pharmaceuticals, nuclear power, and new consumption themes, with a recommendation to wait for adjustment pressure to ease before making further investments [4] Stock Market Analysis - In the past week, small-cap growth stocks outperformed, while volatility in both large and small-cap styles increased, indicating instability in market styles [6] - The dispersion of excess returns among industry indices has decreased to a near one-year low, with a slight decline in the proportion of rising constituent stocks [6] - Market activity showed a slight increase in volatility, but turnover rates continued to decline, particularly in the Shanghai Stock Exchange 50, which reached historically low turnover levels [6] Commodity Market Overview - The commodity market displayed divergent trends, with energy and black metal sectors maintaining their momentum, while precious metals and non-ferrous metals showed upward trends [15] - The basis momentum for the black metal sector increased, while agricultural products remained at a low basis momentum [15] - Volatility was high in the energy sector, while other sectors experienced low-level fluctuations [15] Options Market Insights - Implied volatility for the Shanghai Stock Exchange 50 and CSI 1000 showed no significant trend before the Dragon Boat Festival, with long-term contracts experiencing a relative increase in implied volatility compared to short-term contracts [20] - The skew of put options relative to call options for the CSI 1000 maintained an advantage, with a noticeable increase in open interest, indicating market expectations of potential adjustments in small-cap stocks [20] Convertible Bond Market Trends - The convertible bond market saw a slight rebound, with the premium rate for bonds convertible at 100 yuan recovering, although the proportion of low-premium convertible bonds increased slightly [23] - Market transaction volume remained stable, and credit spreads significantly narrowed [23]

Market Overview - The bond market experienced fluctuations and closed lower during the week of May 26 to May 30, 2025, with the China Bond Comprehensive Wealth Index (CBA00201) remaining flat and the China Bond Comprehensive Full Price Index (CBA00203) declining by 0.08% [2][11] - Interest rates on bonds generally rose, with short-term rates increasing more than long-term rates, specifically, the yields on 1-year, 3-year, 5-year, and 10-year government bonds rose by 1.5 basis points and 0.6 basis points respectively [11][12] Economic Conditions - The funding environment was relatively loose, but the economic fundamentals remained weak, with a slight increase in the R007 rate to 1.70% due to month-end effects [12] - The manufacturing PMI for May rose by 0.5 percentage points to 49.5%, still below the 50% threshold, indicating ongoing weakness in domestic demand despite some recovery in external demand [12][13] Policy and Regulatory Changes - The first batch of nine credit bond ETFs officially launched a general pledge repo business on May 29, 2025, which is expected to enhance financing channels for investors and improve capital efficiency [3][15] - The approval of these ETFs for general pledge repo business is anticipated to facilitate rapid development in the credit bond ETF market [15] REITs Market Dynamics - The REITs market continued to show strong interest, driven by declining bond yields and expectations of economic recovery, with property types like industrial parks and rental housing performing particularly well [14] - Recent approvals for new REITs indicate a significant acceleration in the market, although the high demand may increase the difficulty of new issuances [14] Fund Performance Tracking - Short-term bond fund indices recorded a slight increase of 0.01% last week, while medium to long-term bond fund indices saw a decrease of 0.02% [4][5] - REITs funds outperformed with a weekly increase of 0.90%, accumulating a year-to-date return of 37.79% [10][17]

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 投资要点 权益市场回顾： 上周（2025年5月26日至2025年5月30日）A股市场先在中美贸易谈判缓和中放量走高，随后 陷入震荡调整。近期板块轮动速度加快，行情震荡格局尚未改变。 权益市场观察 创新药利好频出： 上周创新药板块继续上涨，主要由近期诸多利好事件驱动。市场热度可能已达到阶段性高 点，后续需要关注潜力BD落地情况、重点产品阶段数据兑现情况，一旦强逻辑支撑趋弱，创新药的阶段行情可 能就将告一段落。 "新消费"扩散： 本轮"新消费"行情由龙头个股景气驱动扩散为贝塔行情，由潮玩、高端金饰公司扩散到港股新 上市茶饮，A股的宠物、美护等方向，近期"新消费"行情开始进入边缘扩散阶段。 科技回到"击球区"： 近期小微盘有阶段见顶迹象，TMT成交额占全A交易比重已经回落至相对低位，考虑到资 金承载能力和板块成长性，科技板块已到可寻找布局方向的阶段 公募基金市场动态： 2025年5月30日，上海证券交易所与中证指数公司公布优化上证380指数编制方案，并发 布上证580指数。本次优化及新发后，上交所形成"上证 ...

登记编号：S0890524080002 分析师：郝一凡 分析师：刘 芳 登记编号：S0890524100002 01 重要事件回顾——美国关税政策再遇反复 1、当地时间5月28日，美国国际贸易法院阻止了美国总统特朗普依据《国际紧急经 济权力法案》而宣布的关税政策生效，并裁定特朗普越权。 2、当地时间5月29日，美国联邦上诉法院批准了特朗普政府的请求，暂时中止此前 一家下级法院禁止执行美政府多个关税行政令的裁决。白宫高级贸易顾问彼得·纳瓦 罗周四在对记者发表讲话时承诺，总统将继续寻找实施关税政策的途径，无论法院 是否裁决总统援引的最初授权合法 报告正文共计2013字 链接报告 总体来看，美国关税政策遭遇阻力，但预计最终特朗普团队仍将继续实施关税政 策，后续关税相关谈判、博弈仍有反复的可能。 02 周度行情回顾 (5.26-6.1) 债市先抑后扬 月末资金利率回升，受美国国际贸易法院叫停特朗普关税影响，十年期国债收益率一度 回升至1.7%，但24小时内美国联邦上诉法院暂时恢复关税政策，收益率冲高回落。 A股弱势震荡 A股震荡调整，抱团风格延续。 ... 3、国家统计局5月31日发布数据：5月，制造业采购经理指数（ ...