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 value and exclusivity [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 specific audience that values tangible resources [1]

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 报告统计时间为2025.05.05-2025.05.09。 静观其变，谋而后动。关税下调之后，可适度控制仓位，静观其变，建议关注红利低波、银行、 公用事业等方向。待市场出现阶段性调整或政策发力紧迫性提高时再积极布局，可关注AI+、 TMT、电子等科技方向，以及旅游、文娱、体育等新型消费的逢低布局机会。 权益市场， 上周，市场风格方面，小盘及成长风格表现强势；风格波动方面，市场风格波动处于 低位，风格较为稳定。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 例先升后降，行业轮动速度快速上升；交易集中度方面，前100个股成交额占比及前5行业成交额 占比继续维持在低位，显示行业热点较为分散。市场活跃度方面，上周，市场波动率从高位迅速 下降，换手率亦快速下行。 商品市场方面， 上周，趋势强度表现分化，能化、黑色板块延续其较强的趋势性，有色、农产 品、贵金属板块趋势性较弱；基差动量方面，有色、农产品板块维持高位；波动率方面，各板块 波动率从高位大幅下降；流动性方面，各板块流动性表现 ...

欢迎各位共同品鉴2025中国金融产品年度报告《生态跃迁》。需要特别说明的是，专业研究不易，为了 更加凸显其价值，今年的金融产品年度报告， 我们仅发布了实体版，并未电子版。 若您对报告有进一步内容咨询及解读合作需求，欢迎联系您的对口销售，或扫码添加上方工作人员！ ...

欢迎各位共同品鉴2025中国金融产品年度报告《生态跃迁》。需要特别说明的是，专业研究不易，为了 更加凸显其价值，今年的金融产品年度报告， 我们仅发布了实体版，并未电子版。 若您对报告有进一步内容咨询及解读合作需求，欢迎联系您的对口销售，或扫码添加上方工作人员！ ...

Group 1 - The core viewpoint of the article highlights the recovery of the A-share market after a slight adjustment, driven by multiple factors including the May Day holiday, Q1 net profit data, and expectations from the State Council's press conference [2] - The A-share market has shown resilience with the Shanghai Composite Index recovering from previous declines, while the NASDAQ has faced upward resistance after approaching local highs [2][4] - The article emphasizes the importance of adjusting investment strategies in response to market conditions, suggesting a shift from defensive to more aggressive strategies as market volatility decreases [3][4] Group 2 - The quantitative strategy configuration suggests prioritizing the stock enhancement strategy over the evergreen low-volatility strategy and overseas equity strategy, reflecting the current market dynamics [3] - The evergreen low-volatility fund strategy has demonstrated strong stability and has accumulated excess returns, making it suitable for risk-averse investors [5][11] - The stock enhancement fund strategy has shown higher elasticity in returns, indicating potential for excess performance as market conditions improve [5][13] Group 3 - The cash-enhancing fund strategy has outperformed its benchmark, indicating effective cash management for investors [6][16] - The overseas equity allocation fund strategy has recorded gains amid fluctuating market conditions, with a positive outlook for long-term growth driven by technological advancements [6][17] - The article discusses the construction of a diversified fund selection pool to meet varying investor needs in different market environments [20][22]

Core Viewpoint - The reduction of tariffs between the US and China is expected to significantly improve market sentiment and economic growth expectations, particularly benefiting export-related industries and sectors that have previously undergone substantial adjustments [1][2][4]. Group 1: Tariff Reduction Impact - The US has reduced tariffs on Chinese goods from 145% to 30%, with specific adjustments made in February, March, and May [4][5]. - China has reciprocated by suspending its 24% tariffs on US goods, lowering the tax rate from 125% to 10% [4][5]. - The tariff reductions exceed market expectations, indicating a potential for improved trade relations [3][4]. Group 2: Industry Beneficiaries - Export-related industries such as new energy, machinery, and home appliances are expected to benefit directly from improved export channels and revised profit expectations [2]. - The TMT sector (telecommunications, media, and technology) is also likely to see a recovery due to improved market sentiment and increased trading activity [2]. Group 3: Market Dynamics - The "see-saw" effect between stocks and bonds may lead some investors to shift funds towards equity markets, increasing pressure on interest rate bonds [2]. - The reduction in tariffs is anticipated to boost China's economic growth expectations, which may result in a phase of adjustment for long-term interest rate bonds [2].

01 重要事件回顾 (5.5-5.11) 1、5月7日国务院新闻办公室举行的发布会上，中国人民银行行长潘功胜宣布，央行降 准0.5个百分点，向市场提供长期流动性约1万亿元，并降低政策利率0.1个百分点。 2、当地时间5月7日，美联储委员会结束为期两天的货币政策会议，宣布将联邦基金利 率目标区间维持在4.25%至4.5%之间不变。鲍威尔表示，通胀的影响可能是短暂的，但 也可能会"更加持久"。面对这种不确定性，鲍威尔表示"等待和进一步观察的成本相当 低"。 报告正文共计2932字 链接报告 阅读全文（长按上方二维码） 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！ (5.25-5.11) 债市小幅上涨 本周央行通过逆回购净投放资金1586亿元，维护流动性宽松。5月8日开展的7天期逆回购利 率维持在1.40%，推动货币市场利率显著下行，市场流动性保持充裕。5月7日央行宣布降准 0.5个百分点（释放约1万亿元流动性）和降息10BP（逆回购利率从1.5%降至1.4%），受 此消息提振，本周债市整体小幅上涨。 A股显著反弹 5月7日央行降准0.5个百分点并下调逆回购利率，释放流动性，叠加 ... 0 ...

欢迎各位共同品鉴2025中国金融产品年度报告《生态跃迁》。需要特别说明的是，专业研究不易，为了 更加凸显其价值，今年的金融产品年度报告， 我们仅发布了实体版，并未电子版。 若您对报告有进一步内容咨询及解读合作需求，欢迎联系您的对口销售，或扫码添加上方工作人员！ ...

Core Viewpoint - The article discusses the recent performance of equity and bond markets, highlighting the impact of external shocks and policy measures on investment strategies, with a focus on technology assets, domestic demand, and dividend-focused investments [2][5][11]. Recent Market Review - In April 2025, equity markets experienced a downturn due to heightened risk aversion amid external shocks, while bond markets saw a rally following tariff impacts, with the Wande Bond Index recording a positive return of 0.37% [2][5]. - The Wande Active Stock Fund Index, Wande Stock Fund Total Index, and Wande Mixed Fund Total Index reported declines of -2.79%, -2.92%, and -1.78% respectively [5]. - The bond market showed resilience with the Wande Medium to Long-term Pure Bond Index rising by 0.57% and the Short-term Pure Bond Index increasing by 0.29% [5]. Equity Fund Allocation Strategy - In the absence of favorable fundamentals, investment strategies are shifting towards industry trends and thematic investments, with a focus on technology assets, domestic demand, and stable high-dividend sectors [2][11]. - The article emphasizes the importance of defensive assets in the current market environment, particularly in light of the ongoing tariff disputes between the US and China [11]. Fixed Income Fund Allocation Strategy - The outlook for May suggests that interest rates may reach new lows following recent monetary easing measures, with expectations for further growth-supporting policies [3][15]. - The article outlines a strategy for Fixed Income Plus funds, categorizing them into low, medium, and high volatility segments, while favoring high-grade credit bonds and stable dividend-focused funds [3][15]. Fund Performance Review - The article provides a performance review of public funds, noting that various fund indices experienced declines in April, with value and balanced style indices performing slightly better than growth style indices [7][8]. - The agricultural and pharmaceutical sectors showed strong performance, with the Agricultural sector rising by 2.21% and the Pharmaceutical sector increasing by 0.54% [8][9]. Historical Performance of Selected Indices - The Active Equity Preferred Index has achieved a cumulative net value of 1.0158 since its inception, outperforming the Active Stock Fund Index by 14.05% [14]. - The Short-term Bond Fund Preferred Index has a cumulative net value of 1.0319, with a slight outperformance of 0.58% relative to its benchmark [18]. - The Medium to Long-term Bond Fund Preferred Index has a cumulative net value of 1.0598, outperforming its benchmark by 0.23% [22].

欢迎各位共同品鉴2025中国金融产品年度报告《生态跃迁》。需要特别说明的是，专业研究不易，为了 更加凸显其价值，今年的金融产品年度报告， 我们仅发布了实体版，并未电子版。 若您对报告有进一步内容咨询及解读合作需求，欢迎联系您的对口销售，或扫码添加上方工作人员！ ...