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 本报告统计时间为2025.06.03-2025.06.06。 短期以稳应变，关注银行等偏防守板块。关税谈判阶段预期反复的概率仍然不小，经济下行压力 有所回升，风险偏好或难以大幅回升，且在有中央汇金托底的背景下，大盘权重下行空间相对有 限，尤其银行等抛压较小的板块预计将继续保持稳健。微盘股指数、成交占比、IM贴水呈"三 高"局面，尽管短期仍可能强势，但波动风险加大，一旦出现拐点则调整风险不小。因此建议耐心 等待科技、医药、服务消费（旅游、文娱、体育等）、新消费（玩具、宠物、谷子、时尚美容 等）调整后更具性价比的布局机会。 商品市场方面， 上周，贵金属、有色板块趋势强度大幅上升，能化、黑色板块延续其趋势性；基 差动量方面，黑色、贵金属板块基差动量快速上升，能化、有色板块基差动量快速下降；波动率 方面，贵金属、黑色板块波动率迅速上升；流动性方面，能化板块流动性较强，其余板块流动性 较为一般。 期权市场方面， 从隐含波动率水平来看，端午后上证50与中证1000隐波无明显趋势，上证50相比 中证10 ...

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。 分析师承诺 风险提示及免责声明 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 本文来自：华宝证券2025年6月10日发布的证券研究报告《ETF 及指数产品网格策略周报（2025/6/10）》 ...

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 本周A股在经历五月份的震荡和短期调整后，六月初重拾上行趋势。半导体、通信等科技成长板块在经历了五 月份的调整后，同样有所反弹，银行等稳健风格板块持续保持强势表现，资金青睐程度不减。海外方面，同样 在修复关税冲击反弹后，高位有所阻力，随后六月份受到非农就业数据以及半导体行业利好等因素影响，美股 继续向前期高点靠近。 量化策略配置观点： 股基增强策略 > 常青低波策略 > 海外权益策略 A股方面，近期在关税短期冲击后，快速反弹，接近前期高点后有所回落。五月份不少科技成长板块均处于调 整状态，市场对于过快消除关税冲击的担忧得到一定程度计价，快速反弹的风险有所消化，因此我们对于A股 的观点持相对乐观态度。红利、低波等风格板块，在此轮行情中持续表现强势，充分吸收避险资金、潜在公募 基金调仓等多方面利好后，短期进一步持续上行动力存在减弱的可能。因此在A股内部，更具弹性的股基增强 组合或许在当前时点有大的空间。常青低波策略可作为打底配置，但银行等防御风格板块短期内较大的涨幅所 带来的潜在风险值得关注，前期 ...

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" represents a comprehensive and profound transformation in the financial market, requiring collective action from the industry [2][3]. - The value of research services lies in not only identifying trends but also in building a cognitive leap for practitioners, guiding them through complex market changes [2][3]. Group 2: Financial Product Overview - The report includes a detailed directory covering various financial products and market insights, indicating a structured approach to analyzing the financial landscape [3][4]. - Key topics include the challenges of customer acceptance of net value fixed-income products, the impact of index investment on product competition, and the evolution of private equity strategies under new regulations [3][4][5]. - The report also discusses the performance and outlook of different financial products, including bank wealth management, public funds, ETFs, trusts, and structured products, providing a comprehensive market review [4][5][6]. Group 3: Future Directions - The report outlines the necessity for a shift in thinking towards a buyer's perspective, emphasizing the importance of collaborative evolution within the financial ecosystem [3][6]. - It highlights the role of advanced models in reshaping wealth management services, suggesting that the industry must adapt to new paradigms brought about by technological advancements [6]. - The report concludes with a focus on the inevitable ecological leap in the wealth and asset management industry, driven by significant changes and the need for adaptation [6].

分析师：孙书娜 登记编号：S0890523070001 分析师：王骅 登记编号：S0890522090001 分析师：宋逸菲 登记编号：S0890524080003 分析师：冯思诗 登记编号：S0890524070001 分析师：顾昕 登记编码： S0890524040001 投资要点 近期市场回顾： 2025年5月，权益市场情绪修复，债券市场走出震荡行情。权益市场方面，中美就关税问 题发布联合声明，达成关税削减协议，市场情绪有所修复；债券市场方面，5月整体呈现窄幅波动态势， 在中美关税缓和、政府债发行规模较大等因素的影响下，资金利率小幅回升，债市收益率震荡回升。 权益类组合配置思路： 目前看成交量仍不够推动指数持续向上，决定了后续行情仍是轮动为主。同时需 要注意当下长线资金和政策对股市的支持不同以往，底部的支撑足够强。市场或延续"上有顶、下有底"的 震荡格局，投资配置上需兼顾成长弹性与防御稳健性，把握结构性机会，动态平衡科技成长、出海方向与 防御板块的配置，同时警惕外部环境扰动和国内经济数据波动带来的风险。 固收类组合配置思路： 纯债型基金—— 目前市场在分歧下或将继续处于震荡波动格局之中，利率顺畅下行也等 ...

Core Insights - The 2025 China Financial Products Annual Report titled "Ecological Leap" has been officially released, marking the 14th consecutive year of publication by Huabao Securities [1][2] - The report emphasizes the industry's transition towards service-oriented wealth and asset management, a concept that gained traction in the previous year and has seen significant progress in 2024 [2] - The theme of this year's report, "Ecological Leap," reflects the need for collaborative efforts across the industry to reconstruct and upgrade the wealth ecosystem, indicating a profound transformation [2][3] Section Summaries Part One - Insights into the Wealth Ecosystem in 2024 - The report discusses the potential decline in yields for deposit-replacement products and the challenges in getting clients to accept net value fixed-income products [3] - It explores insights from the "Fat Donglai" case for wealth management institutions and the hidden secrets behind investor choices between funds and wealth management [3] - The impact of the trend towards tool-based and index-based investments on the competitive landscape of financial products is analyzed [3] Part Two - Review and Outlook of Various Financial Products Across Markets - The report includes a comprehensive review of bank wealth management over the past 20 years, highlighting the return to net value [4] - It provides an overview of the public fund market, focusing on the ecological landscape and the challenges of low-profit margins [4] - The ETF market is examined, showcasing its rapid growth and the innovative policies supporting its expansion [4] Part Three - Ecological Leap: Shaping a New Landscape for Wealth and Asset Management - The report compares financial products across markets, emphasizing the cognitive load due to product homogeneity and the depiction of risk-return profiles for fully integrated products [6] - It discusses the significance of fund strategy indices in making fund investments more scientific and the lessons learned from mature overseas experiences [6] - The report highlights the transformative impact of large models on wealth management services and the evolution of practitioners within the ecosystem [6]

Market Overview - The bond market experienced a slight increase during the week of June 3 to June 6, 2025, with the China Bond Composite Wealth Index (CBA00201) rising by 0.13% and the China Bond Composite Full Price Index (CBA00203) increasing by 0.09% [12] - Interest rates on bonds generally declined, with short-term rates falling more than long-term rates, while credit bond yields primarily decreased, leading to an expansion in credit spreads [12][13] - The People's Bank of China (PBOC) conducted a 1 trillion yuan reverse repurchase operation to support liquidity in the market, indicating a proactive stance towards market conditions [12][13] REITs Market Dynamics - The total market value of China's REITs surpassed 200 billion yuan, reaching 201.99 billion yuan as of June 5, 2025, marking a historical milestone [14][15] - The Shanghai Stock Exchange accounted for 67% of this total, with a market value of 135.2 billion yuan [14] - The performance of the China Securities REITs Total Return Index increased by 1.58% during the week, with operational rights REITs outperforming property rights REITs [14] Public Fund Market Developments - On June 3, 2025, the Shanghai Municipal Development and Reform Commission issued a notice to enhance project reserves for infrastructure REITs, establishing a dynamic reserve library to support quality projects that do not yet meet issuance criteria [16][17] - The notice encourages collaboration with existing REIT platforms and aims to facilitate asset restructuring to inject projects into listed REITs [16][17] - Since March 2, 2025, various local governments have been promoting public REITs development, supported by national policies aimed at expanding the types of underlying assets for REITs [17] Fund Performance Tracking - Short-term bond fund index rose by 0.04% last week, with a cumulative return of 3.83% since inception [19] - Medium to long-term bond fund index increased by 0.10%, achieving a cumulative return of 6.24% [19] - REITs fund index saw a rise of 0.49%, with a remarkable cumulative return of 36.44% since inception [19]

权益市场回顾： 上周（2025年6月3日至2025年6月6日）A股迎来小幅反弹。板块风格上，周初创新药和新消 费延续强劲，随后受英伟达市值创新高等催化驱动，CPO、算力等板块领涨。受国补政策转向限流影响，家电 板块跌幅较大。 权益市场观察 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 关注"科技叙事"： 短期来看，DeepSeek-R1小版本升级、豆包大模型更新、苹果WWDC25开发者大会、华为 开发者大会等即将召开，有望带动科技行情反弹，但科技叙事"重回主线，核心在于应用端出现热门应用或技术 再出现革新性进步。 创新药、新消费的"跷跷板效应"： 除了主线品种外，创新药、新消费的炒作正在呈现"挖宝"式的扩散。这种现 象在历史上并非首次出现，通常发生在政策酝酿期或数据真空期。从历史经验来看，这种"炒题材"的阶段往往 是过渡性的，一旦政策信号更加明确，经济数据出现实质性改善，市场就会逐步向业绩主线靠拢。 公募基金市场动态： 6月5日，上海证券交易所召开高分红重回报暨上市公司价值提升座谈会。未来，上交所将 推动上市公司进一步加大分红力度，增加 ...

1、 当地时间6月3日，美国白宫发表声明称，美国总统特朗普宣布将进口钢铁和铝及其 衍生制品的关税从25%提高至50%，该关税政策自美国东部时间4日凌晨00时01分起生 效。 2、 6月5日，央行发布公告称，为保持银行体系流动性充裕，将于6月6日以固定数量、 利率招标、多重价位中标方式开展10000亿元买断式逆回购操作，期限为3个月。 3、 6月5日晚，国家主席习近平应约同美国总统特朗普通电话。习近平欢迎特朗普再次 访华，特朗普表示诚挚感谢。两国元首同意双方团队继续落实好日内瓦共识，尽快举行 新一轮会谈。 4、6月5日，欧洲中央银行在德国法兰克福召开货币政策会议，决定将三大关键利率分 别下调25个基点。 02 周度行情回顾 (6.2-6.8) 债市小幅上涨 6月5日央行公告将开展10000亿元买断式逆回购操作。因此本周资金面整体宽松，为债市提 供了流动性支撑。另外市场预期，人民银行国债买卖操作有望适时重启。因此本周债市小幅 上涨。 01 重要事件回顾 国内股市大幅修复 报告正文共计3017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！ 分析师承诺 ...

Core Insights - The 2025 China Financial Products Annual Report titled "Ecological Leap" has been officially released, marking the 14th consecutive year of publication by Huabao Securities [1][2] - The report emphasizes the industry's transition towards service-oriented wealth and asset management, a concept that gained traction in the previous year and has seen significant progress in 2024 [2] - The theme of this year's report, "Ecological Leap," reflects the need for collaborative efforts across the industry to reconstruct and upgrade the wealth ecosystem, indicating a profound transformation [2][3] Section Summaries Part One - Insights into the Wealth Ecosystem in 2024 - The report discusses the potential decline in yields for deposit-replacement products and the challenges in getting clients to accept net value fixed-income products [3] - It explores insights from the "Fat Donglai" case for wealth management institutions and the hidden secrets behind investor choices between funds and wealth management products [3] - The impact of the trend towards tool-based and index-based investments on the competitive landscape of financial products is analyzed [3] Part Two - Review and Outlook of Various Financial Products Across Markets - The report includes a comprehensive review of bank wealth management over the past 20 years, highlighting the return to net value [4] - It provides an overview of the public fund market, focusing on the ecological landscape and the challenges of low-profit margins [4] - The ETF market is examined, showcasing its rapid growth and the factors contributing to its success, including efficiency, transparency, and low costs [4] Part Three - Ecological Leap: Shaping a New Landscape for Wealth and Asset Management - The report compares financial products across markets, emphasizing the cognitive load due to product homogeneity and the depiction of risk-return profiles for fully integrated products [6] - It discusses the significance of fund strategy indices in making fund investments more scientific and the lessons learned from overseas experiences [6] - The report highlights the transformative potential of large models in wealth management services and the evolution of practitioners within the ecological leap [6]