银行理财8月大事记 8月银行理财行业监管、市场与行业格局均现重要变化。 监管端，财税部门明确8月8日后新发行国债等债券利息收入恢复征收增值 税，银行理财按3%缴纳，与银行自营6%税率形成差异；信托登记新规落地，9月起禁收单一融资方信托计划预登记，或倒逼1.82万 亿元非标理财转向组合投资。市场方面，权益类产品表现突出，截至8月3日，43只公募权益类产品今年以来年化收益为正，17只超 10%，带动含权类产品吸引力上升，部分资金从纯固收产品转移。行业层面，招行、浦发等举办论坛探讨"三低"环境转型路径，理财 业务分化加剧，杭银理财存续产品规模增17%，无牌照区域银行承压。 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 同业创新方面，各机构积极探索多元路径。 投资布局上，宁银理财10天内3次参与IPO网下打新并成功入围；兴银理财落地福建首单 认股权登记项目，并投资自动驾驶企业"主线科技"。产品创新上，徽银理财推出"星徽+"多资产多策略体系；浦银理财升级"日鑫悦 益"体系2.0；中邮理财新发两款个人养老金理财产品；苏银理财首创"理财+慈善"模式 ...

Core Viewpoint - The article discusses various ETF grid strategies focusing on sectors such as new economy, defense, and banking, highlighting their potential growth driven by government policies and market conditions [3][7][11]. Group 1: New Economy ETF - The New Economy ETF (159822.SZ) aims to capture growth in sectors like internet technology, consumer upgrades, healthcare, and fintech, aligning with government initiatives to promote technological and industrial innovation [3]. - The ETF indirectly tracks the S&P China New Economy Industry Index through full holdings in the ICBC South China S&P China New Economy Industry ETF (3167.HK) [3]. Group 2: Defense ETF - The Defense ETF (512670.SH) is positioned to benefit from China's increasing defense budget, which reached 1.81 trillion yuan in 2025, a 7.2% increase year-on-year, although still below the global average as a percentage of GDP [7][8]. - The article notes the significance of the 2025 government work report emphasizing the acceleration of major defense projects and the optimization of the defense industrial system [7][8]. Group 3: Banking ETF - The Banking ETF (159887.SZ) tracks the CSI 800 Banking Index, which had a dividend yield of 5.86% as of June 30, 2025, significantly higher than the market average and the ten-year government bond yield [11]. - The article highlights the potential for increased investment from large state-owned insurance companies into A-shares, driven by regulatory support aimed at long-term capital market participation [11].

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 2025年9月5日，证监会正式发布《公开募集证券投资基金销售费用管理规定》征求意见稿（以下简称《规 定》）。《规定》落实了2025年5月7日证监会发布的《推动公募基金高质量发展行动方案》中合理调降公募基 金认申购费和销售服务费的要求，也标志着公募基金费率改革进入第三阶段。 压降认申购费率： 《规定》降低了公募基金的最大认申购费率水平，将股票型基金、混合型基金、债券型基金 的认申购费率上限分别调降至0.8%、0.5%、0.3%，并鼓励销售机构在覆盖成本的前提下，进一步加大认申购费 打折力度。 规范销售服务费率： 将股票型基金和混合型基金、指数型基金和债券型基金、货币市场基金的销售服务费率上 限进一步下调，对于持续持有期限超过一年的股票型基金、混合型基金、债券型基金，不得继续收取销售服务 费，基金管理人也不得通过在特定基金销售机构设置专属份额、实行差异费率等形式。 优化赎回费安排： 《规定》不仅将赎回费全额计入基金财产，还将赎回费率根据持有时长简化成三档，少于7 天、7至30天、30天至6个月对 ...

分析师：孙书娜 登记编号：S0890523070001 分析师：宋逸菲 登记编号：S0890524080003 市场回顾： 上周（2025.09.01-2025.09.05）权益波动加剧，债市从止盈到做多再到回调，收益率先下后上、呈 现"V"型走势。1年期国债收益率上行2.61BP至1.40%，10年期国债收益率下行1.19BP至1.83%，30年期国债收 益率下行2.5BP至2.11%。 公募基金市场动态： 2025年9月5日，中国证监会修订发布《公开募集证券投资基金销售费用管理规定（征求意 见稿）》，是分阶段推进费率改革的"最后关键一步"。 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4.02%的收益。 短期债基优选：上周收涨0.03%，成立以来累计录得4.19%的收益。 中长期债基优选：上周收涨0.09%，成立以来累计录得6.31%的收益。 低波固收+基金优选：上周收涨0.11%，成立以来累计录得3.83%的收益。 中波固收+基金优选：上周收涨0.06%，成立以来累计录得4.85%的收益。 高波固收+基金优选：上周收涨0.08%，成立以来累计录得6.38%的收益。 可转债基 ...

分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 权益市场回顾： 上周（2025.09.01-2025.09.05）市场震荡调整，Wind全A收跌1.37%。从指数情况看，创业板 指、微盘股领涨，中证1000、科创50收跌。从行业板块角度看，医药医疗、先进制造领涨，金融地产、科技领 跌。近期市场调整幅度加大，核心在于前期行情结构极致分化以及核心品种上涨速度过快，需要短期波动进行 消化整固。 权益市场观察： AI算力：业绩确定性强的PCB、光模块、预期明确的国产AI芯片、代工环节等高位细分板块在上周四放量波 动，可能标志着本轮以AI算力链为核心的产业趋势投资进入转换阶段。 电新板块：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： 2025年9月5日，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）》，是继管理费、交易费改革之后的第三阶段改革。 主动权益基金指数表现跟踪 主动股基优选指数：上周收跌0.74%，成立以来累计录得11.91%的超额收益 价值股基优选指数 ...

Key Events Review - On September 3, a grand ceremony was held in Beijing to commemorate the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War, featuring a large military parade at Tiananmen Square [2] - On September 5, the China Securities Regulatory Commission (CSRC) revised and released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," which includes measures to lower subscription fees, purchase fees, and sales service fee rates, marking the implementation of the third phase of public fund sales fee reform. The estimated annual reduction in sales expenses is approximately 30 billion yuan based on average data from the past three years [2] - On September 5, the U.S. Bureau of Labor Statistics reported that the adjusted non-farm employment population for August increased by 22,000, significantly below the market expectation of 75,000. The unemployment rate was recorded at 4.3%, meeting market expectations and indicating a continuous cooling in the labor market, which strengthens the expectation of an interest rate cut by the Federal Reserve this month [2] Weekly Market Review - The stock market has experienced increased volatility recently, while the bond market has shown some improvement but remains volatile. Due to short-term adjustments in the stock market, combined with a meeting of the joint working group of the Ministry of Finance and the central bank, which mentioned "central bank bond trading operations" and "coordinated efforts of fiscal and monetary policies," there is an optimistic expectation for the resumption of bond trading operations, leading to a recovery in the bond market. The yield on ten-year government bonds briefly fell below 1.75%. However, due to weak momentum for further buying in the bond market, it is expected to remain volatile in the short term, with the ten-year government bond yield not effectively breaking through 1.75% [5]

Core Viewpoints - The U.S. labor market continues to weaken, but not in a comprehensive manner, with high-frequency indicators showing no significant decline yet [4] - Inflation in the U.S. remains manageable, with the OPI in July rising by 2.7%, indicating a trend of overall inflation easing [4] - The Federal Reserve is likely to cut interest rates twice in the near future, reflecting a cautious approach to economic recovery [4] Macro Analysis - The U.S. economy is experiencing marginal weakening, with pressures on investment, consumption, and real estate increasing [4] - Domestic policies are currently in an observation phase, focusing on implementing existing policies while addressing weaknesses in investment and consumption [4] - The policy structure is shifting towards long-term strategic goals, emphasizing high-quality economic development and sustainable growth mechanisms [4] A-share Strategy and Views - The A-share market is expected to continue a trend of upward fluctuations, with core assets regaining profitability [4] - The market is characterized by high trading volumes and increased investor participation, indicating a strong market sentiment [4] - The upcoming key events, such as the 20th National Congress and U.S.-China trade negotiations, are anticipated to influence market performance positively [4] Asset Allocation Views - The overall asset allocation remains relatively optimistic for A-shares and U.S. bonds, while maintaining a neutral stance on other asset classes [6] - The focus is on balanced holdings, with an emphasis on technology and growth sectors, which are expected to show higher elasticity [4][6] - Continuous attention is given to global diversification opportunities, including investments in Japanese and European stocks, as well as gold [4][6]

Group 1 - The core viewpoint of the article suggests that while there may be short-term fluctuations in September due to profit-taking, the overall bull market remains intact, supported by high market activity and positive sentiment [1][4]. - The report recommends maintaining or increasing positions in large-cap indices and the ChiNext, with a focus on growth sectors such as technology and rare earths for medium to high-risk investors [1][4]. - The equity market showed a balanced style between large and small caps, with a significant advantage for growth styles, while the volatility of value and growth styles increased [6][7]. Group 2 - In the commodity market, all sectors experienced a decline in trend strength, while the energy and precious metals sectors saw a rapid increase in basis momentum [20]. - The options market indicated that implied volatility for the SSE 50 and CSI 1000 remained high, with an increase in the skew of put options for the CSI 1000, suggesting some divergence among market participants [28]. - The convertible bond market experienced adjustments with significant daily declines, but the overall trading volume did not show a marked decrease, indicating that it will continue to follow the equity market's trends [30].

Regulatory and Industry Dynamics - The new trust registration regulations will impact 1.82 trillion yuan of non-standard financial products, effective from September 1, 2025, as the China Trust Registration Company will no longer accept pre-registration of trust plans with a single financing party [6][7] - The recent half-year reports from banks show a divergence in wealth management business performance, with some institutions experiencing a growth rate of up to 17% in their existing product scale [7][8] Yield Performance - For the week of August 25 to August 31, 2025, cash management products recorded an annualized yield of 1.31%, remaining stable compared to the previous week, while money market funds saw a slight decline to 1.19% [4][8] - The overall bond market maintained a fluctuating pattern, with short-term rates supported by the central bank's liquidity measures, while long-term rates faced pressure due to expectations of a rate cut by the Federal Reserve [9][10] Net Value Tracking - The net value ratio of bank wealth management products decreased to 2.11%, down 0.94 percentage points week-on-week, while credit spreads narrowed by 0.22 basis points [5][12] - The current credit spreads are at historical lows since September 2024, indicating limited value for investors, and any further expansion in credit spreads may put upward pressure on the net value ratio [12]

Core Viewpoint - The article discusses the potential of ETF grid strategies in the context of the Hong Kong stock market, highlighting the influx of foreign capital and the favorable conditions for technology and new economy sectors [2][3][9]. Group 1: ETF Grid Strategy - The ETF grid strategy is designed to capitalize on the increasing liquidity and depth in the Hong Kong market, driven by significant net inflows from southbound funds and foreign capital [2][3]. - The Hang Seng Tech Index ETF (513180.SH) tracks 30 leading technology companies listed in Hong Kong, covering high-growth sectors such as new consumption, internet, biomedicine, semiconductors, and intelligent driving [3][4]. Group 2: New Economy ETF - The New Economy ETF (159822.SZ) aligns with government initiatives to develop new productive forces and promote the integration of technological and industrial innovation [5][6]. - This ETF indirectly tracks the S&P China New Economy Industry Index, holding leading companies in sectors like internet technology, consumer upgrades, healthcare, and fintech, thus providing a diversified investment tool [5][6]. Group 3: S&P Consumer ETF - The S&P Consumer ETF (159529.SZ) is positioned to benefit from potential interest rate cuts by the Federal Reserve, which could stimulate consumer demand in the U.S. [8][9]. - Recent data indicates a cooling labor market in the U.S., with rising unemployment claims, which may further support the case for a rate cut and its positive impact on consumer spending [8][9].