Core Viewpoints - The collaboration between small and medium-sized banks and wealth management subsidiaries is intensifying, serving as a crucial breakthrough for optimizing income structures and achieving strategic transformations [3][6] - The overall growth of the bank wealth management industry continues, with leading companies maintaining profitability while some smaller institutions, such as Ningyin and Hangyin, exhibit significant growth momentum [3][8] Regulatory and Industry Dynamics - The recent increase in the participation of small and medium-sized banks in wealth management product distribution indicates a strategic shift to enhance income and adapt to regulatory pressures [6][8] - Wealth management subsidiaries are expanding their distribution networks to include regional small and medium-sized banks, aiming to tap into broader market opportunities [6][7] - The top three wealth management subsidiaries by distribution channels are Xingyin Wealth Management (543), Hangyin Wealth Management (241), and Xinyin Wealth Management (205) [6] Performance of Returns - Cash management products recorded an annualized return of 1.29% for the week of September 8-14, 2025, a decrease of 1 basis point [13] - The annualized return for money market funds was reported at 1.17%, also down by 1 basis point [13] - The overall yield of fixed-income products has declined, influenced by the new public fund sales regulations and a strong equity market [14][15] Innovations in the Industry - Ningyin Wealth Management has successfully participated in public REITs, marking a significant step in leveraging policy benefits and asset distribution characteristics [9][10] - On September 10, 2025, Puyin Wealth Management launched a product linked to the "Pudong Bank - China Bond Credit Technology Innovation Bond Index," focusing on technology bonds [10][11] - The rapid expansion of the technology bond market is supported by favorable policies, with the index covering 514 bonds from 325 issuers across various strategic emerging industries [10][11]

Core Viewpoint - The article discusses investment opportunities in ETFs focusing on new economy sectors and national defense, highlighting the potential for growth driven by government policies and increased defense spending [3][5][6]. Group 1: New Economy ETF - The New Economy ETF (159822.SZ) aims to capitalize on China's focus on developing new productive forces and promoting technological innovation, as outlined in the 2025 government work report [3]. - This ETF indirectly tracks the S&P China New Economy Industry Index through full holdings in the ICBC South China S&P New Economy Industry ETF (3167.HK), covering leading companies in AI, internet, biotechnology, and innovative pharmaceuticals [3][4]. - The ETF is positioned to benefit from the ongoing industrial upgrade in China, which is characterized by the emergence of new growth drivers and the rejuvenation of traditional sectors [3]. Group 2: National Defense ETF - The National Defense ETF (512670.SH) is linked to China's increasing defense budget, which reached 1.81 trillion yuan in 2025, marking a 7.2% year-on-year increase, although still below 1.3% of GDP [5][6]. - The ETF tracks the CSI National Defense Index, focusing on core areas such as aviation equipment, missiles, and new materials, which are expected to benefit from improvements in the national defense sector [6]. - The article notes that the defense budget is anticipated to rise further as China approaches its 2027 military centenary goal, suggesting a positive outlook for the defense technology industry [5][6].

Group 1 - The recent stock market has experienced increased volatility, while the bond market shows signs of improvement but remains oscillatory. The optimistic expectation for the resumption of government bond trading operations has contributed to this recovery, with the ten-year government bond yield dropping below 1.75% [2][5] - The market style has slightly shifted towards small-cap stocks, with growth styles prevailing. The volatility of market styles has increased, while the volatility of value and growth styles has decreased [7][8] - In the commodity market, the strength of the non-ferrous and energy chemical sectors has increased, while the trend strength of other sectors remains stable. The basis momentum across all sectors has decreased [3][20][23] Group 2 - In the options market, the implied volatility of the Shanghai Stock Exchange 50 index remains stable, while the implied volatility of the CSI 1000 index has begun to decline. The market experienced a brief pullback in early September, particularly affecting small-cap stocks, but current sentiment has eased [28] - The convertible bond market showed a relatively flat performance, with the index primarily oscillating. The premium rate for convertible bonds remains stable, and the proportion of low premium convertible bonds has not changed significantly [30]

Core Viewpoint - The A-share equity market has experienced a brief adjustment after approaching the high point of August 2025, but has rebounded and reached a new high for the year, indicating a strong upward trend despite short-term resistance [3][4]. Market Performance - The Shanghai Composite Index has shown strong performance since June 2025, quickly breaking through multiple hundred-point levels after short-term fluctuations. The market remains active with strong capital inflow intentions after corrections, suggesting limited downside potential [3][4]. - The market is currently at a critical resistance point, and strategies should focus on gradually accumulating positions during dips, anticipating a potential upward trend after consolidation [4]. Quantitative Strategy Allocation - The preferred strategy allocation is as follows: Equity Enhancement Strategy > Overseas Equity Strategy > Evergreen Low Volatility Strategy [4]. - The Evergreen Low Volatility Fund Strategy has shown stable performance, with a return of 1.387% this week, and has maintained a low volatility characteristic, outperforming the benchmark [10][11]. - The Equity Enhancement Fund Strategy recorded a return of 1.955% this week, with potential for alpha generation as market conditions improve [6][12]. Overseas Market Insights - The U.S. stock market has been buoyed by easing tariff expectations and strong earnings reports from tech companies, with a potential new interest rate cut cycle expected to provide further momentum [5][7]. - The Overseas Equity Allocation Fund Strategy has also performed well, with a return of 0.982% this week, indicating a recovery in the U.S. market following tariff negotiations [7][10]. Fund Performance Tracking - The Evergreen Low Volatility Fund has consistently outperformed the benchmark with a year-to-date return of 13.385% [10][11]. - The Cash Enhancement Fund Strategy has achieved a return of 0.027% this week, outperforming the benchmark index [10][14]. - The Overseas Equity Allocation Fund has accumulated significant excess returns since its inception, benefiting from global technology growth [17][21].

Market Overview - The bond market experienced continuous adjustments from September 8 to September 12, 2025, with the 1-year government bond yield rising by 0.41 basis points to 1.40%, the 10-year yield increasing by 4.1 basis points to 1.86%, and the 30-year yield up by 7.15 basis points to 2.18% [3][14] - The initial part of the week saw a rise in yields due to pessimistic sentiment in the bond fund market following the release of new regulations on public fund fees by the China Securities Regulatory Commission on September 5, 2025 [3][14] - The latter part of the week showed signs of stabilization in the bond market as the liquidity situation improved marginally [3][14] Public Fund Market Dynamics - On September 12, 2025, the National Development and Reform Commission issued a notice to enhance the regular application and recommendation process for infrastructure REITs, aiming to expand the market and optimize the application process [3][18] Fund Index Performance Tracking - The Money Market Enhanced Index rose by 0.03% last week, with a cumulative return of 4.05% since inception [4][20] - The Short-term Bond Fund Index fell by 0.01%, with a cumulative return of 4.18% since inception [5][20] - The Medium to Long-term Bond Fund Index decreased by 0.20%, with a cumulative return of 6.10% since inception [6][20] - The Low Volatility Fixed Income + Fund Index remained unchanged, with a cumulative return of 3.83% since inception [7][20] - The Medium Volatility Fixed Income + Fund Index increased by 0.22%, with a cumulative return of 5.09% since inception [8][20] - The High Volatility Fixed Income + Fund Index rose by 0.46%, with a cumulative return of 6.88% since inception [9][20] - The Convertible Bond Fund Index increased by 1.23%, with a cumulative return of 20.88% since inception [10][20] - The QDII Bond Fund Index rose by 0.66%, with a cumulative return of 10.01% since inception [11][20] - The REITs Fund Index fell by 1.02%, with a cumulative return of 36.19% since inception [11][20] Index Classifications - The Money Market Enhanced Index focuses on liquidity management and aims to outperform money market funds [21] - The Short-term Bond Fund Index emphasizes liquidity management while ensuring drawdown control [22] - The Medium to Long-term Bond Fund Index seeks stable returns while controlling drawdowns [25] - The Low Volatility Fixed Income + Index targets a 10% equity center and selects funds with a low risk-return profile [28] - The Medium Volatility Fixed Income + Index targets a 20% equity center and selects funds with moderate risk-return profiles [30] - The High Volatility Fixed Income + Index targets a 30% equity center and selects funds with higher risk-return profiles [31] - The QDII Bond Fund Index focuses on overseas bonds and includes a mix of investment-grade and high-yield products [36] - The REITs Fund Index selects funds based on stable cash flows from quality infrastructure projects [37]

Market Overview - The A-share market experienced a rebound last week (September 8-12, 2025), with the Shanghai Composite Index rising by 1.52%, the Shenzhen Component Index by 2.65%, the Sci-Tech 50 by 5.48%, and the ChiNext Index by 2.10% [3][17] - The average daily trading volume in A-shares was 2.33 trillion yuan, showing a decrease compared to the previous week [3][17] - The technology growth sector was boosted by optimistic guidance from Oracle's earnings, leading to a recovery in market sentiment [3][17] Sector Analysis AI Computing - Within the AI sector, several sub-sectors remain at relatively low levels due to limited short-term catalysts and insufficient bullish narratives [4][19] - Potential future catalysts include technological breakthroughs or new standout products, which could significantly enhance investment returns in areas like storage and AI applications [4][19] Solid-State Batteries - The solid-state battery sector is characterized by a combination of demand-driven and technology-driven growth [20] - The market is expected to see increased activity as leading companies disclose advancements in solid-state products, particularly for use in electric vehicles [20] Fund Market Dynamics - In the first half of 2025, the top 100 fund distribution institutions reported a total equity and non-cash asset scale of 5.14 trillion yuan and 10.20 trillion yuan, respectively, reflecting growth of 6% and 7% since the beginning of the year [21][22] - The growth in the fund market is heavily concentrated in passive investment products, while active fund scales have seen limited growth due to client redemption behaviors [21][22] Active Equity Fund Index Performance - The Active Equity Fund Index rose by 2.41% last week, achieving a cumulative excess return of 12.88% since inception [6] - The Growth Stock Fund Index saw a weekly increase of 3.75%, with a cumulative excess return of 15.78% since inception [9][34] - The Technology Stock Fund Index increased by 3.55%, with a cumulative excess return of 19.94% since inception [12][43]

Core Viewpoint - The article highlights the recent performance of equity and bond markets, emphasizing the strong growth in the equity market driven by technology sectors, particularly AI and semiconductor industries, while the bond market faces pressure due to rising yields and macroeconomic factors [3][6][7]. Equity Market Overview - In August 2025, the equity market experienced a broad rally, with major indices reaching new highs, particularly in the technology sector, driven by AI hardware and domestic semiconductor stocks [6][10]. - The overall performance of major equity fund indices was positive, with notable increases of 12.26%, 11.91%, and 11.81% for various fund indices [6][10]. Bond Market Overview - The bond market saw a steep rise in yields, influenced by the strong performance of the equity market and changes in monetary policy expectations [7][20]. - Major bond fund indices showed varied performance, with convertible bond funds outperforming pure bond funds, reflecting the impact of equity market dynamics [7][20]. Fund Performance Review - The article discusses the performance of public funds, noting that growth and small-cap style funds significantly outperformed, with growth funds rising by 14.86% and small-cap funds by 17.67% in August [8][9]. - The article also highlights the increasing differentiation among industry-themed funds, with hard technology sectors leading the gains, driven by supportive policies and strong earnings from leading companies [9][10]. Investment Strategy Insights - The article suggests a focus on stock selection, valuation, and EPS growth potential in a stable macro environment, with opportunities in sectors like anti-involution, cyclical recovery, and technology [11][12]. - Specific strategies for equity and fixed-income funds are outlined, emphasizing the importance of maintaining a diversified approach to manage risks and capture market opportunities [25][27][28]. Historical Performance of Selected Indices - The active equity fund selection index has shown a cumulative net value of 1.3375 since its inception, outperforming the active equity fund index by 15.40% [17]. - The short-term bond fund index has achieved a cumulative net value of 1.0419, exceeding its benchmark by 0.62% since its inception [21].

Key Points - The article discusses the impact of new public fund sales fee regulations on bank wealth management products, highlighting a dual effect on the liability and asset sides of banks [7][8] - It mentions the ongoing trend of banks in Sichuan province applying for wealth management subsidiary licenses, which could signify a restart in license approvals and provide a model for small and medium-sized banks [9][10] - The article notes the rising gold prices and how wealth management companies are launching gold-linked products to capitalize on this trend [11][12] - It outlines various innovations in the industry, including new product offerings from banks that leverage technology and quantitative models for investment selection [13][14][15][17] Regulatory and Industry Dynamics - The new public fund sales fee regulations were released on September 5, 2025, aiming to lower fees and optimize redemption arrangements, which will likely attract investors to bank wealth management products [7][8] - Several banks in Sichuan are actively pursuing joint applications for wealth management subsidiary licenses, which could enhance resource utilization and improve competitive dynamics in the industry [9][10] Market Performance - Cash management products recorded a 7-day annualized yield of 1.30%, while money market funds yielded 1.18%, both showing a slight decline [18] - The bond market continues to exhibit a volatile pattern, with short-term rates remaining stable and long-term rates fluctuating due to market sentiment [21][22] Innovations in Wealth Management -浦银理财 has introduced a technology-driven product using a "Five Forces" model to evaluate tech companies [13] - 招银理财 has developed a global asset allocation index that incorporates momentum factors for diversified investment [14] - The collaboration between 招银理财 and 中诚信 has led to the creation of a defensive index aimed at capturing low-volatility stocks [15] - 交银理财 has launched a multi-strategy asset allocation index that aims to balance risk and return across different market conditions [17]

Market Overview - The current market sentiment remains heated, with the A-share upward cycle not yet over, but transitioning from a unilateral rise to a "slow bull" phase, indicating potential short-term volatility [1][4] - Growth style shows greater elasticity supported by industrial trends and earnings growth prospects, while cyclical style remains more stable; a balanced approach is recommended for investors [1][4] Equity Market Analysis - Last week, the market style favored large-cap stocks, with value style significantly outperforming; the volatility of large and small-cap styles increased rapidly, while value and growth style volatility decreased [6][7] - The excess return dispersion of industry indices increased, indicating a rise in industry rotation speed, while the proportion of rising constituent stocks decreased, suggesting a weakening of the strong index trend [6] - The trading concentration increased, with the top 100 stocks' trading volume share rising, while the top five industries' trading volume share remained stable compared to the previous period [6] Market Activity - Market volatility and turnover rate continued to rise last week, indicating increased market activity [7] Commodity Market Insights - In the commodity market, the energy and chemical sector's trend strength increased, while other sectors remained stable; the basis differential momentum for black and energy sectors rose [21] - Volatility increased in the black and precious metals sectors, with liquidity performance showing divergence across sectors [21] Options Market Overview - Implied volatility for the SSE 50 and CSI 1000 remains high but has shown marginal easing; the skew of put options for the 50ETF has risen rapidly, while the CSI 1000 remains unchanged [25] Convertible Bond Market Analysis - The convertible bond market experienced a decline followed by recovery, with significant volatility; the premium rate for bonds convertible at 100 yuan stabilized at a mid-level [27] - The proportion of low premium convertible bonds has notably decreased, with these bonds performing relatively well; market trading volume has contracted but remains within a healthy range [27]

分析师：程秉哲 登记编号：S0890522110001 分析师：黄浩 登记编号：S0890524110001 投资要点 A股权益市场本周接近2025年8月份高点后，再度出现较快速调整，上证指数最低回落至3750下方后有所回升。在本周的调整中，上证指 数最大回撤为-2.83%，中证主动股基指数回撤幅度更大，本周最大回撤为-4.60%，常青低波策略在这一类行情中依旧保持稳健低波特征， 最大回撤仅-1.94%。策略指数在不断保持上行趋势的同时，能够有效降低组合的波动和回撤，提供较优持有体验。 量化策略配置观点： 股基增强策略 > 海外权益策略> 常青低波策略 A股方面，上证指数从今年6月份以来，持续表现强势，对于多个整百点位均在短期震荡调整后快速突破，强力突破去年的高点。综合当前 市场情绪、市场风险偏好以及内外部环境等多重因素，市场有望保持向上的趋势，即使短期有所阻力，回调空间也较为有限，市场高位震 荡整固后有望重新开启上行趋势。在A股权益基金策略内部，更具弹性的股基增强组合依旧在当前时点有相对更大空间。常青低波策略可 作为打底配置，优化组合波动特征，同时银行等防御风格板块在经历调整后性价比提升，依旧具有较高长期配 ...