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（ ...

Core Viewpoint - The 2025 China Financial Products Annual Report titled "Ecological Leap" emphasizes the transformation of the wealth and asset management industry towards a service-oriented model, highlighting the need for industry-wide collaboration and the reconstruction of the wealth ecosystem [2][3]. Group 1: Insights on Wealth Ecosystem - The report reflects on the past year's efforts and anticipates future explorations, noting that the industry has made significant strides towards service-oriented transformation [2]. - The concept of "Ecological Leap" is introduced as a comprehensive and profound transformation that requires collaboration across the industry [2][3]. - The value of research services is highlighted as essential for understanding trends and guiding industry transformation [2]. Group 2: Financial Products Overview - The report includes a detailed directory covering various financial products and their market outlooks, such as bank wealth management, public funds, ETFs, trust markets, and private equity funds [3][4][5]. - It addresses the challenges and opportunities in the financial product landscape, including the impact of low interest rates and the evolution of investment strategies [4][5]. Group 3: Future Directions - The report outlines the necessity for a shift in thinking towards a buyer's perspective, emphasizing the importance of collaborative evolution within the financial ecosystem [3]. - It discusses the implications of new financial products and strategies, including the integration of advanced models in wealth management services [6].

Core Insights - The article discusses the evolution and characteristics of floating management fee funds, highlighting their historical development and the emergence of new products in the market [2][3]. Historical Development of Floating Management Fee Funds - Early exploration occurred before 2013, with initial scaling from 2014 to 2022, product trials from 2023 to 2024, and a basic formation expected by 2025 [2]. - The first batch of 26 new floating management fee funds primarily focuses on stock selection across the market, with performance benchmarks often aligned with major indices such as CSI 300, CSI A500, CSI 500, or CSI 800, and some involvement in Hong Kong stocks and bonds [2]. Analysis of Key Fund Managers - The article examines how long-term outperforming funds are developed, using Dongzheng Asset Management's Zhou Yun as an example, emphasizing a combination of undervaluation and trend analysis, balanced and diversified portfolio construction, and accurate benchmark selection [3]. - It highlights the importance of selecting performance benchmarks that closely reflect actual investment situations, noting that growth-style fund managers may show slightly less stability in excess returns compared to value-style managers [3]. - The significance of performance benchmarks is expected to increase due to the "asymmetric" fee structure of new floating management fee products, suggesting that investors are effectively paying for enhanced returns based on specific indices [3].

Core Viewpoint - The low interest rate environment in China is deepening, leading to a structural asset shortage and forcing banks to adjust their liability rate mechanisms, impacting the wealth management market significantly [1]. Group 1: Deposit Migration Effect - The continuous decline in deposit rates has strengthened the "deposit migration" effect, with the scale of wealth management products returning to 30 trillion yuan [2][3]. Group 2: Performance Pressure and Asset Allocation Transformation - Wealth management companies are continuously lowering the performance benchmarks of newly issued products, reflecting increased pressure on investment returns across the industry [5][6]. - Companies are accelerating the transition to multi-asset and multi-strategy allocations, introducing strategies like dividend+, gold+, and quantitative+ to address the "yield drought" [8][9]. - Investors are shifting preferences towards daily opening and minimum holding period fixed-income products, balancing liquidity and yield amid narrowing advantages of cash management products [11]. Group 3: Regulatory Framework Upgrade - Strict implementation of net value management and control over net value smoothing techniques is being enforced, with regulatory bodies addressing practices that deviate from the original intent of net value transformation [13][14]. - The information disclosure framework is being improved to enhance product transparency, addressing the complexities of multi-asset allocations and increasing volatility [13][14]. - The pace of license approvals for wealth management companies is slowing, leading to a differentiated competitive landscape where established firms focus on specialized product systems based on customer profiles [15].

Core Viewpoint - The 2025 China Financial Products Annual Report titled "Ecological Leap" emphasizes the transformation of the wealth and asset management industry towards a service-oriented model, highlighting the need for industry-wide collaboration and the reconstruction of the wealth ecosystem [2][3]. Group 1: Insights on Wealth Ecosystem - The report reflects on the past year’s efforts and anticipates future explorations, noting that the industry has made significant strides towards service-oriented transformation [2]. - The concept of "Ecological Leap" is introduced as a comprehensive and profound transformation that requires collaboration across the industry [2][3]. - The value of research services is highlighted as essential for understanding trends and guiding industry transformation [2]. Group 2: Financial Product Review and Outlook - The report includes various sections that cover insights into different financial products, including bank wealth management, public funds, ETFs, trusts, and private equity funds, each with specific analyses and future outlooks [4][5][6]. - Key topics include the challenges of customer acceptance of net value fixed-income products, the impact of structured products, and the evolution of private equity strategies [3][4][5][6]. Group 3: Industry Evolution and Future Directions - The report discusses the necessity of a paradigm shift in wealth management services, driven by advancements in technology and changing market dynamics [6]. - It emphasizes the importance of adopting a buyer's perspective to enhance research outcomes and facilitate ecosystem evolution [3][6]. - The report outlines the implications of the ecological leap for industry practitioners, suggesting a need for adaptation and new strategies in response to evolving market conditions [6].

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 可转债市场方面， 转债市场中，估值端百元转股溢价率仍持续小幅下降，变化不大，偏债型转债 的纯债溢价率维持稳定。低转股溢价率转债的占比有所回调，市场成交显著走弱，信用利差走 阔。 风险提示： 本报告根据历史公开数据及定期报告整理，存在失效风险，不代表对基金未来资产配 置情况的预测，不构成投资建议；报告研究依赖数据可靠性、研究假设和估算方法，结果可能存 在偏差。 短期波动加大，静待调整压力释放。近期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盘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 累，处于高位的大盘权重、微盘风格或面临短期调整压力。建议短期内可耐心等待更具性价比的 配置机会，市场调整压力释放后可继续关注银行、题材（新消费、科技、化工等）及宽基指数的 布局机会。 权益市场， 上周，市场风格方面，大盘价值风格占优；风格波动方面，大小盘风格波动以及价值 成长风格 ...

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 wealth management institution "Fat Donglai" and the hidden secrets behind investors' choices between funds and wealth management [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 dual record highs in scale and market share [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 due to product homogeneity [6] - It discusses the significance of fund strategy indices in making fund investments more scientific and transparent [6] - The report highlights the transformative impact of large models on wealth management services, suggesting a shift in service paradigms [6]

华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 | 八、2024年结构化产品年度报告 | | --- | | 1. 市场概览:金融工程搭建的积木游戏 ……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 174 | | 2. 市场聚焦:结构化产品热点拆解 | | 3. 未来展望：做自己的结构设计师 | | 九、2024年私募基金年度报告 | | 1. 私募主流策略分类:把握底层逻辑,收益和风险同源 ……………………………………………………………………………………………………………………………………………… 184 | | 2. 2024 私募策略焦点;时势造英雄 ...

Group 1 - The core viewpoint of the article indicates that A-shares have experienced a pullback due to domestic and international events, with the Shanghai Composite Index facing upward resistance as it approaches previous highs [2][3] - The article highlights that sectors with significant rebounds after tariff impacts have also seen considerable corrections, while defensive sectors like banks and dividends have shown relative stability [2][3] - The article suggests a relatively optimistic outlook for A-shares, as the recent pullback has helped to digest accumulated risks since April, and concerns over rapidly eliminating tariff impacts have been partially priced in [3][4] Group 2 - The quantitative strategy allocation suggests prioritizing stock enhancement strategies over low-volatility strategies and overseas equity strategies, indicating a preference for more elastic stock enhancement combinations at the current moment [3] - The article notes that the "Changqing Low Volatility Fund Strategy" has shown strong performance, with a weekly return of 0.647% and an excess return of 0.249%, demonstrating its defensive attributes in a volatile market [5][9] - The overseas equity allocation strategy recorded a slight decline of -0.412% this week, reflecting ongoing concerns in the U.S. stock market, but there are signs of potential recovery as tariff hardline stances show signs of easing [6][9] Group 3 - The article discusses the performance of various fund strategies, with the "Cash Growth Fund Strategy" achieving a return of 0.030%, outperforming the benchmark, indicating effective cash management [5][9] - The "Stock Enhancement Fund Strategy" has also shown a positive return of 0.106%, although it is noted that the current market environment makes it challenging to identify sustainable strong styles or sectors [5][12] - The "Overseas Equity Allocation Fund Strategy" has accumulated significant excess returns since its inception, benefiting from the backdrop of the U.S. Federal Reserve's interest rate cuts and advancements in artificial intelligence [5][15]

Group 1 - The core viewpoint of the article highlights the recent market trends, indicating a mixed performance with a decline in the overall A-share market by 0.63%, while certain sectors like precious metals and pharmaceuticals showed strength due to specific catalysts [2][15] - The small-cap stocks exhibit resilience despite adjustments, with a significant trading volume in the small-cap index, indicating concentrated capital allocation in this segment [16] - The "new consumption" trend is characterized by individual company innovations rather than a broad market shift, emphasizing the importance of specific stocks over general sector trends [17] Group 2 - The pharmaceutical sector continues to benefit from favorable developments, including significant licensing agreements and upcoming clinical presentations, which are expected to drive further interest and investment [18] - The dividend sector is experiencing a temporary pause in differentiation, with financial institutions increasingly focusing on stable dividend-paying assets amid changing market conditions [19] - The public fund market is adapting to new regulations, with 26 floating management fee funds approved shortly after the release of a new development action plan [20][21] Group 3 - The performance of various active equity fund indices shows mixed results, with the medical and consumer sectors performing well, while technology and high-end manufacturing sectors faced declines [24][25] - The active stock fund selection process emphasizes a balanced approach, considering both value and growth styles to optimize returns [26][28][32] - The medical and consumer fund indices have shown significant excess returns since their inception, indicating strong performance in these sectors [9][10][18]