Core Viewpoint - The article emphasizes the importance of independent and objective research in investment analysis, highlighting the commitment to accurately reflect research opinions without external influence [2]. Group 1 - The company is committed to a diligent professional attitude in producing reports [2]. - The research conclusions are not influenced by any third party [2]. - The company will not receive any form of compensation for the specific recommendations or opinions in the report [2].

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 Ecology in 2024 - The report discusses the potential decline in yields of deposit-replacement products and the challenges in getting clients to accept net value fixed-income products [3][4]. - It explores insights from the "Fat Donglai" case for wealth management institutions and the hidden secrets behind investors' choices between funds and wealth management [3][4]. - The report addresses the impact of the toolization trend and how index-based investments are reshaping the competitive landscape of financial products [3][4]. Group 2: Review and Outlook of Various Financial Products - The report includes a comprehensive review of bank wealth management over the past 20 years, focusing on net value returns and the landscape of low-volatility products [4][5]. - It provides an overview of the public fund market, highlighting the ecological structure in a low-profit era and the collaborative evolution of product insights and strategies [4][5]. - The ETF section discusses the market's rapid growth, with both scale and market share reaching new highs, and the innovative policies supporting the ETF sector [4][5]. Group 3: Ecological Leap and New Industry Landscape - The report outlines the necessity of an ecological leap in the wealth and asset management industry, driven by five significant articles that catalyze industry transformation [6]. - It emphasizes the importance of a buyer's perspective in product comparison across markets and the scientific approach to fund investment through strategy indices [6]. - The report discusses the implications of large models in wealth management, exploring how they can enhance household service capabilities and reshape the service paradigm [6].

Group 1 - The core viewpoint of the article highlights the current fluctuations in the A-share market, with the Shanghai Composite Index showing slight declines influenced by international geopolitical conflicts, while certain technology sectors are beginning to rebound after previous adjustments [2][4] - The quantitative strategy configuration suggests a preference for stock-based enhancement strategies over low-volatility strategies and overseas equity strategies, indicating a more optimistic outlook for A-shares despite potential risks in defensive sectors [3][4] - The article emphasizes the performance of various fund strategies, noting that the low-volatility fund strategy has shown strong stability and excess returns during recent market fluctuations, while the stock-based enhancement strategy is expected to gain traction as market conditions improve [5][6] Group 2 - The low-volatility fund strategy has maintained its characteristics of low volatility and small drawdowns, outperforming the benchmark indices since its inception, demonstrating effective risk management and stable returns [10][21] - The stock-based enhancement fund strategy, while still in its early stages, is expected to show stronger performance as market conditions improve, focusing on funds with strong alpha generation capabilities [11][22] - The cash-enhancing fund strategy has consistently outperformed its benchmark, accumulating excess returns since its launch, providing effective cash management solutions for investors [14][23] - The overseas equity allocation fund strategy has benefited from the easing of tariff risks and the growth of technology sectors, indicating a positive outlook for global investments despite short-term volatility [15][24]

Market Overview - The equity market experienced fluctuations last week (June 9 to June 13, 2025), with a decline in risk appetite due to external events. The average daily trading volume for the entire A-share market was 1.3716 trillion, continuing to rise week-on-week, driven mainly by event-related trading, with sectors like non-ferrous metals, oil and petrochemicals, and agriculture leading the gains [2][13]. AH Share Premium - The AH share premium index fell to a low level of 128 points, breaking below the previous lows of January 2023 and October 2024, placing it in the 0.8% percentile over the past five years. The Hang Seng Index has risen by 19.11% year-to-date, with recent trends indicating that the inflow of southbound capital has slowed, focusing more on sectors with significant gains [3][13]. Banking Sector Performance - The banking sector achieved excess returns, with the banking index rising by 0.67% last week, outperforming the CSI 300 index, which fell by 0.21%. Since May, the banking sector has generated an excess return of 6.21% compared to the CSI 300. Despite overall performance pressure, banks maintained a return on equity (ROE) above 10%, highlighting their stability and dividend certainty [14]. Technology Sector Activity - The technology sector saw a resurgence in trading activity, with its trading volume share increasing to 29.21% in June, following a decline to 25.8% in May. The sector experienced internal differentiation and rotation, with high external demand and performance recovery in areas like computing and optical modules [15]. Public Fund Market Dynamics - On June 11, the Shanghai Stock Exchange held a seminar to discuss the development of index investment in the Sci-Tech Innovation Board, focusing on the construction of a high-quality investment ecosystem for long-term investments. The board has established various indices, including the Sci-Tech 50 and industry-specific indices [16][17]. Active Equity Fund Index Performance - The active equity fund indices showed varied performance last week, with the active stock fund index rising by 0.60%, the value stock fund index up by 0.68%, and the growth stock fund index increasing by 0.76%. The medical stock fund index had a notable rise of 4.72%, reflecting strong performance across different sectors [4][5][7][8].

低波固收+基金优选：上周收涨0.13%，成立以来累计录得2.23%的收益。 中波固收+基金优选：上周收涨0.12%，成立以来累计录得1.51%的收益。 分析师：孙书娜 登记编号：S0890523070001 分析师：冯思诗 登记编号：S0890524070001 分析师：顾昕 登记编号：S0890524040001 投资要点 市场回顾： 上周（2025.06.09-2025.06.13）债券市场小幅上涨，中债-综合财富指数（CBA00201）收涨 0.18%，中债-综合全价指数(CBA00203)收涨0.15%。利率债收益率基本走平。信用债收益率以下行为主，信用 利差有所收窄。 市场观察： 中美二轮谈判尘埃落地，宏观经济数据偏弱；临近税期资金偏紧，央行积极维护资金面；降息预期 升温，美债标售需求稳健；首单保租房REIT扩募完成，"首发+扩募"带动市场平稳发展。 公募基金市场动态： 年内信用债ETF大扩容，基金公司积极上报科创债指数基金：据悉，近期，数十家基金公 司已递交了关于科创债ETF的申请，此次科创债ETF有数十家基金公司参与申请，首批名单或有10家。首批科 创债ETF可能主要跟踪中证AAA科技创新公司债 ...

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。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 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。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 | 3. ETF 规模：高歌猛进，规模份额双双创下新高 ……………………………………………………………………… 101 | | --- | | 4. ETF 创新:政策支持下的深度与广度双向奔赴 …………………………………………………………………………… ...

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, marking the 14th consecutive year of publication [1][2]. - The concept of "ecological leap" signifies a comprehensive and profound transformation in the financial sector, requiring collective action from the industry [2][3]. - The value of research services is underscored as essential for identifying trends and guiding industry transformation [2][3]. Group 2: Financial Product 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][6]. Group 3: Future Directions - The report outlines the necessity for a buyer-centric approach in research, aiming for a synergistic evolution of the financial ecosystem [3][6]. - It discusses the importance of adapting to new market conditions and leveraging advanced models to enhance wealth management services [6][7].

Core Viewpoint - The significant increase in the scale of standard trust products is driven by both the accelerated transformation of the trust industry and the flexibility advantages of standard trust products, alongside favorable conditions in the bond market [1][2]. Group 1: Scale Growth Driven by "Borrowing Path" - The growth in scale has lost its momentum due to the continuous regulatory efforts to eliminate institutional arbitrage and fill regulatory gaps across financial sectors [2][3]. - The lack of specific regulatory guidelines for standard trust products allows for greater operational flexibility compared to public funds and bank wealth management products, leading to increased inflow of funds, particularly from low-risk preference bank wealth management [2][3]. - The collaboration between trust companies and wealth management firms has resulted in a significant increase in standard trust product scales, achieving historical highs [2][3]. Group 2: Risks Associated with "Borrowing Path" - The regulatory authorities have raised concerns regarding the risks accumulated through the "borrowing path," prompting a notification to trust companies to strengthen compliance management in their cooperation with wealth management firms [3][4]. - Investors may face mismatched risk profiles and potential losses due to the improper use of smoothing mechanisms in product returns, which can lead to unfair distribution of returns among different investors [4][5]. - The risks associated with low-rated bonds and improper valuation methods can result in significant losses for investors, deviating from their actual risk tolerance [6]. Group 3: Scale Growth Driven by Strong Performance - The increase in the scale of standard trust products is also attributed to the accelerated transformation of trust companies towards standard trust products and the strong performance of the bond market in 2024 [13][14]. - Trust companies are leveraging their experience in the municipal investment sector to enhance their bond investment strategies, leading to higher-than-average returns in their standard trust products [14][15]. - The current low-risk return environment and the preference for low-volatility bonds have attracted substantial funds into standard trust products, contributing to the industry's record scale [15]. Group 4: Regulatory Actions and Future Outlook - Regulatory measures are being implemented to address institutional arbitrage and ensure fair competition among asset management institutions, guiding them back to their core investment functions [10][11]. - The ongoing regulatory cleanup aims to protect investors and ensure fair distribution of investment returns, while also addressing the risks associated with fixed-income products [10][11]. - Looking ahead, the challenge for trust companies will be to find new business opportunities in a declining yield environment, as the previous strategies may not yield similar results in the future [15].

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 行业动态： 银行理财估值整改行至半程，目前行业整改进度呈现差异化特征，个别股份行理财 子在去年底已完成全面整改。随着新一轮降息潮的到来，大额存单的利率已全面进入"1"时代， 甚至多家银行下架了5年期大额存单产品，反映了银行在净息差压力下对负债结构的主动优化。 同业创新动态： 存款利率持续下行引发银行理财市场深度变革，农银理财等理财公司纷纷以创 新策略抢占市场先机，发力长周期与分红型理财产品。兴银理财为响应金融"五篇大文章"，通 过联动兴业银行各地分行，落地多单认股权业务，覆盖生物医药、国产超算、高端制造等多个 行业领域。浦银理财推出两款"鑫"系列绿色科技主题理财产品，紧密跟踪上证绿色公司债指数 和上证科技创新公司债指数，深度支持清洁能源、绿色交通、生态环保等主题，前瞻布局科技 创新、战略新兴产业等。 收益率表现： 上周（2025/6/2-2025/6/8，下同）现金管理类产品近7日年化收益率录得1.43%， 环比下行1BP；同期货币型基金近7日年化收益率报1.34%，环比下行2BP。现 ...

Core Viewpoint - The significant increase in the scale of standard trust products is driven by both the accelerated transformation of the trust industry and the flexibility advantages of standard trust products, alongside favorable conditions in the bond market [1][2]. Group 1: Scale Growth Driven by "Borrowing Path" - The growth in scale has lost its momentum due to regulatory measures aimed at eliminating institutional arbitrage and ensuring fair competition among financial sub-industries [2][3]. - The lack of specific regulatory guidelines for standard trust products allows for greater operational flexibility compared to public funds and bank wealth management products, attracting significant capital inflow, particularly from low-risk preference bank wealth management funds [2][3]. - The collaboration between trust companies and wealth management firms has led to a reliance on smoothing mechanisms to adjust product yields, which may pose risks to investors and the overall market [3][4]. Group 2: Risks and Regulatory Attention - Regulatory bodies have issued notifications to strengthen compliance management regarding the cooperation between trust companies and wealth management firms, focusing on issues such as improper use of smoothing mechanisms and risk asset transactions [3][4]. - Investors may face mismatched risk exposure and potential losses due to the improper adjustment of yields between different wealth management products [4][5]. - The regulatory focus aims to prevent liquidity risks and ensure that the actual risks of products are accurately reflected, protecting investors from misleading risk perceptions [6][10]. Group 3: Performance-Driven Scale Increase - The increase in the scale of standard trust products is also attributed to the accelerated transformation of trust companies towards standard trust products and the strong performance of the bond market in 2024 [13][14]. - Trust companies are leveraging their experience in the municipal investment sector to enhance their bond investment strategies, leading to higher-than-average returns in their standard trust products [14][15]. - The current low-risk yield environment and the preference for low-volatility bonds have further driven capital into standard trust products, contributing to record-high industry scales [15]. Group 4: Future Outlook - The ability to sustain growth in scale driven by performance may become challenging as the bond market experiences lower absolute yields and reduced credit spreads [15]. - Trust companies may need to diversify their asset allocation strategies to seek stable long-term returns, which poses a challenge for their management capabilities [15][16]. - The ongoing regulatory efforts to eliminate arbitrage opportunities and ensure fair competition will likely shape the future landscape of the asset management industry [10][11].