Core Viewpoint - The article highlights significant growth in the scale of joint venture wealth management products in 2025, with a notable increase in management sizes for specific companies, indicating a positive trend in the industry [2][6]. Regulatory and Industry Dynamics - The scale of joint venture wealth management has seen a remarkable increase, with five companies reaching a total of 191.7 billion yuan by July 23, 2025, representing an increase of over 50% since the beginning of the year [2][6]. - Among these, the management scale of BNP Paribas and BlackRock's joint venture reached 61.1 billion yuan and 42.8 billion yuan respectively, both showing substantial growth this year [2][6]. - BNP Paribas focuses on stable returns with a strategy centered on fixed income, while BlackRock adopts a multi-strategy approach, enhancing product returns and risk control [6]. Peer Innovation Dynamics - Minsheng Wealth Management has upgraded the redemption speed for its cash management products, allowing for faster access to funds, which enhances investment efficiency and reduces idle cash periods [7]. Yield Performance - For the week of July 14-20, 2025, cash management products recorded an annualized yield of 1.37%, down 3 basis points from the previous week, while money market funds yielded 1.22%, down 1 basis point [8]. - The yield gap between cash management products and money market funds narrowed by 3 basis points [8]. - In pure fixed income products, yields for those with maturities under six months generally increased, while those over six months saw a decline [9]. Credit Spread Tracking - The credit spread has been narrowing since May, currently at historical low levels since September 2024, indicating limited value [11][15]. - The net asset value of bank wealth management products has a low break-even rate of 0.84%, down 0.02 percentage points, suggesting stability in the market [15]. Market Outlook - The article suggests that the ongoing regulatory adjustments and low interest rate environment may continue to pressure the yields of wealth management products in the medium to long term [12]. - Companies are expected to focus on low-volatility, high-liquidity assets to manage fluctuations effectively, which may limit potential returns [12].

Market Overview - The report indicates a short-term shift from "narrow circle" to "expanded circle" in the equity market, driven by improved market sentiment and liquidity, alongside mid-year performance impacts [1][4] - Current market sentiment is high, but the upward space for indices may stabilize, necessitating a focus on structural rotation opportunities [1][4] Sector Performance - The report highlights that the banking, non-banking, and dividend sectors will continue to play a stabilizing role for the index [1][4] - Key themes for low-positioned investments include technology (strong performance, policy catalysts, US restrictions easing), innovative pharmaceuticals (overseas expansion, turnaround), rare earths (US-China competition, price increases), new energy (anti-involution), and military industry (military parades) [1][4] Market Style and Volatility - Last week, small-cap growth style outperformed, while the volatility of large and small-cap styles remained at near-year lows, with value growth style volatility continuing to rise [2][6] - The report notes that the excess return dispersion of industry indices remained at near-year lows, with a slight decrease in industry rotation speed and an increase in the proportion of rising constituent stocks [2][6] Trading Activity - Trading concentration increased, with the top 100 stocks' transaction value and the top 5 industries' transaction value both rising [2][6] - Market volatility remains low, while turnover rates have slightly increased [7][8] Commodity Market Insights - In the commodity market, the precious metals sector maintains a strong trend, while other sectors show mixed performance, with the non-ferrous sector's trend strength declining [18][21] - Precious metals have seen a rapid increase in basis momentum, while other sectors exhibit volatility [18][21] Options Market Analysis - The implied volatility of the SSE 50 index is on the rise, reaching historically high levels, while the implied volatility of the CSI 1000 has decreased [24] - The skew between call and put options has widened, indicating heightened overall market sentiment driven by policies against involution [24][25] Convertible Bond Market - The convertible bond market shows that the premium rate for conversion remains relatively high, with transaction amounts slightly increasing [30] - The proportion of low conversion premium bonds has remained stable, and credit spreads continue to stay at relatively low levels [30]

Core Viewpoint - The article discusses the performance and strategies of ETF and index products, highlighting their market trends and investment opportunities [4]. Group 1: ETF and Index Products Performance - The report provides insights into the recent performance of various ETF and index products, indicating a significant increase in trading volumes and investor interest [4]. - It emphasizes the importance of grid strategies in optimizing investment returns, particularly in volatile market conditions [4]. Group 2: Market Trends - The analysis identifies key market trends affecting ETF and index products, including shifts in investor sentiment and regulatory changes [4]. - It notes that the overall market environment remains challenging, yet presents unique opportunities for strategic investments [4].

Core Viewpoint - The A-share equity market continues to show strong performance, driven by multiple favorable factors, while the US equity market exhibits a high-level consolidation trend [2][4]. A-share Market Analysis - The A-share market has shown a sustained upward trend, with the Shanghai Composite Index breaking through the 3500-point level after a period of fluctuation around 3400 points [3]. - Dividend and low-volatility style sectors have performed strongly but may face short-term adjustments, leading to a potential decrease in dividend yield and attractiveness [3][4]. - The Evergreen Low Volatility strategy index recorded a return of 0.872%, while the Stock Enhancement strategy index achieved a return of 1.558%, indicating stronger elasticity in the latter [2][5]. Quantitative Strategy Configuration - The preferred strategy ranking is Stock Enhancement Strategy > Evergreen Low Volatility Strategy > Overseas Equity Strategy [3]. - The Stock Enhancement strategy is expected to gain traction as the market environment improves, with potential for higher returns as undervalued companies become more apparent [5][6]. Overseas Market Dynamics - Recent developments indicate a recovery in overseas markets, particularly in the US, following a reduction in tariff risks and better-than-expected economic data [4]. - The Overseas Equity Strategy recorded a slight decline of -0.376%, reflecting ongoing volatility in the market [6]. - Despite short-term uncertainties, the long-term outlook for the US equity market remains positive, supported by a stable economic backdrop and technological advancements [4][6]. Fund Strategy Performance - The Evergreen Low Volatility Fund has demonstrated strong stability and lower volatility compared to the benchmark, achieving significant excess returns since its strategy inception [11][22]. - The Stock Enhancement Fund has shown performance close to the benchmark, with expectations for improved returns as market conditions stabilize [13][23]. - The Cash Enhancement Fund strategy has consistently outperformed the benchmark, accumulating excess returns since its inception [15][24]. - The Overseas Equity Configuration Fund has benefited from global asset allocation, achieving high levels of excess returns since its strategy launch [16][25].

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7月14日-7月18日）A股市场继续上行，上证指数上涨0.69%，沪深300上涨 1.09%，创业板指涨3.17%。成长风格表现优于价值风格，主题方面光模块、创新药、稀土等板块领涨。 权益市场观察： 政策博弈可能放大：7月政治局会议召开在即，"反内卷"相关措施成为焦点，这一主题或将在短期内持续牵引市 场热度。 科技链的诸多催化：AI产业仍处在较高景气度阶段，国内模型迭代速度在加快，并拉近和海外先进模型的发展 水平。随着大型公司重启算力开支，算力基础设施产业链乃至整个AI产业链都可能被带动。 创新药的估值先行：创新药估值大幅前置，很难通过公司业绩跟踪转化为投资决策。如果未来流动性保持充 裕，尤其需要注意在行业比较视角下，其他主题板块对其的分流效应。 公募基金市场动态： 中证指数有限公司发布公告称将于 2025年7月16日正式发布中证A500 自由现金流指数。 周期股基优选指数：上周收涨0.66%，成立以来累计录得2.16%的超额收益。 风险提示： 基金的过往业绩 ...

Market Overview - The bond market experienced narrow fluctuations last week (July 14-18, 2025), with the China Bond Composite Wealth Index (CBA00201) rising by 0.08% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.03%. Short- to medium-term yields outperformed long-term yields, with 1-year, 3-year, 5-year, and 10-year government bond yields decreasing by 0.55bp, 1.56bp, 1.44bp, and 0.54bp respectively [12][14] - The central bank's liquidity support stabilized the funding environment during the tax period, leading to a strong equity market and fluctuating bond yields. The central bank injected a net of 12,611 billion yuan into the market, with 17,868 billion yuan in injections and 5,257 billion yuan in withdrawals [14] - The long-end U.S. Treasury yields rose due to concerns over inflation driven by tariff issues, while short-end yields remained stable under the expectation of interest rate cuts [15] Public Fund Market Dynamics - Huaxia Fund Management Company (Hong Kong) launched the world's first RMB-denominated tokenized money market fund, marking a significant advancement for RMB assets in the blockchain financial application sector. This fund series includes USD, HKD, and RMB tokenized funds [17][18] - The new fund series adopts a dual distribution model, allowing investors to transact through traditional financial institutions and licensed virtual asset trading platforms [17][19] Fund Performance Tracking - Short-term bond funds rose by 0.05% last week, with a cumulative return of 4.08% since inception [3] - Medium- to long-term bond funds increased by 0.08%, achieving a cumulative return of 6.64% since inception [4] - Low-volatility fixed income plus funds rose by 0.17%, with a cumulative return of 3.01% since inception [5] - Medium-volatility fixed income plus funds increased by 0.36%, with a cumulative return of 2.71% since inception [6] - High-volatility fixed income plus funds also rose by 0.36%, achieving a cumulative return of 3.99% since inception [7] - Convertible bond funds increased by 0.78%, with a cumulative return of 12.56% since inception [8] - QDII bond funds decreased by 0.18%, with a cumulative return of 7.80% since inception [9] - REITs funds rose by 0.35%, achieving a cumulative return of 37.68% since inception [10]

Key Points Summary Core Viewpoint - The article discusses the recent economic data and events in China and the U.S., highlighting the resilience of China's economy and the implications for investment strategies in the A-share market. Economic Data Review - In June 2025, China's exports reached $325.18 billion, a year-on-year increase of 5.8%, surpassing expectations of 3.2% and marking a new high for the year [2] - The People's Bank of China reported that by the end of June, the total social financing scale reached 22.83 trillion yuan, an increase of 4.74 trillion yuan year-on-year, with new RMB loans amounting to 12.92 trillion yuan [2] - Retail sales in June totaled 42,287 billion yuan, growing 4.8% year-on-year, below the expected 5.6% [2] - Fixed asset investment (excluding rural households) was 248,654 billion yuan, with a cumulative year-on-year growth of 2.8%, also below the expected 3.7% [2] - The GDP growth for the second quarter was 5.2%, slightly down from the previous value of 5.4% [2] Market Reactions - The bond market continued to rise as the central bank released liquidity through reverse repurchase operations, indicating a stable economic growth target for the year [6] - The focus of the Central Urban Work Conference shifted towards urban renewal rather than large-scale housing stimulus, adjusting market expectations for real estate policies [6] - A-share market saw significant gains following NVIDIA's announcement to resume supply of a special version of its H20 computing chip for China, boosting related sectors [7]

Market Overview - The market experienced a strong upward trend driven by large financial institutions and industries related to capacity reduction, but there are signs of increasing divergence after a period of growth [2][4] - The Shanghai Composite Index showed a long upper shadow on Friday, indicating that despite strong market sentiment, there may be increasing divergence after consecutive gains [2][4] - Short-term performance of banks and micro-trading has seen a decline in value, suggesting a potential shift towards mid-cap stocks and technology growth sectors supported by earnings [2][4] Stock Market Factors - The small-cap growth style outperformed last week, while the volatility of both large and small-cap styles remained at a near one-year low [6][8] - The excess return dispersion of industry indices remained at a near one-year low, with an increase in the speed of industry rotation and a higher proportion of rising constituent stocks [6][8] - The trading concentration of the top 100 stocks remained stable, while the trading concentration of the top five industries increased [6][8] Market Activity - Market volatility slightly decreased last week, while turnover rates continued to rise [7][8] Commodity Market Factors - The trend strength of the precious metals sector remained at a near one-year high, while other sectors experienced varying degrees of decline in trend strength [17][20] - The basis momentum decreased in all sectors except for the black metal sector, indicating a mixed performance across commodities [17][20] - Liquidity across all sectors increased, suggesting improved market conditions [17][20] Options Market Factors - Implied volatility levels for the SSE 50 and CSI 1000 showed an upward trend, indicating improved market sentiment following the index's breakthrough of the 3500-point key level [24] Convertible Bond Market Factors - The convertible bond market showed a significant increase in trading volume, with the premium rate for bonds nearing the peak seen in early May [28] - However, the proportion of bonds with low conversion premiums has increased, reflecting market divergence [28]

Regulatory and Industry Dynamics - The China Securities Association (CSA) has released "28 Measures for High-Quality Development of the Securities Industry," emphasizing the need for effective communication with relevant departments to facilitate more compliant brokerages in obtaining licenses for selling bank wealth management and insurance products, thereby better meeting diverse investor needs [2][5] - The National Financial Regulatory Administration has issued the "Product Appropriateness Management Measures," which will take effect on February 1, 2026. The core of these measures is to ensure a proper match between product characteristics and customer needs [6] - The marketing of bank wealth management products is accelerating towards diversification, digitalization, and precision, while maintaining existing offline channel advantages and actively expanding all-channel layouts [7] Yield Performance - For the week of July 7 to July 13, 2025, cash management products recorded an annualized yield of 1.40%, down 4 basis points (BP) from the previous week, while money market funds reported a yield of 1.22%, down 5 BP. The yield difference between cash management products and money market funds increased by 1 BP [3][9] - The "see-saw effect" between stocks and bonds continues, with various term interest rates generally rising by 2-3 BP, reflecting market expectations of low inflation and ongoing pressure in the real estate sector [10] Break-even Rate Tracking - The break-even rate for bank wealth management products was 0.81% for the week, up 0.07 percentage points, remaining at a low level. The credit spread continued to narrow by 2.33 BP [17] - The break-even rate and credit spread are positively correlated, with a break-even rate exceeding 5% and a credit spread adjustment over 20 BP indicating potential redemption pressure on wealth management products [17] Product Innovation - Xingyin Wealth Management has launched a new index-themed wealth management product, the "Fuli Stock-Bond Index Theme 1M Holding No. 1," which employs a constant proportion allocation strategy between stocks and bonds to help investors maintain discipline and control risk [8]

风险提示及免责声明 本 文 来 自 ： 华 宝 证 券 2025 年 7 月 15 日 发 布 的 证 券 研 究 报 告 《 ETF 及 指 数 产 品 网 格 策 略 周 报 （2025/7/15）》 华宝证券股份有限公司具有证券投资咨询业务资格。 市场有风险 投资须谨慎 分析师承诺 本人承诺，以勤勉的职业态度，独立、客观地出具本报告，本报告清晰准确地反映本人的研究观点，结论不受任何第三方的授 意或影响。本人不曾因，不因，也将不会因本报告中的具体建议或观点而直接或间接收到任何形式的补偿。 ...