2025 年 07 月 31 日 证券研究报告|银行理财周报 理财市场半年报出炉，债市调整致理财收益普降 银行理财周度跟踪（2025.7.21-2025.7.27） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 021-20515355 1、《合资理财规模高增，银行理财产品收 益 分 化 — 银 行 理 财 周 度 跟 踪 （2025.7.14-2025.7.20）》2025-07-23 2、《券商理财代销重启在望，适当性管理 新 规 落 地 — 银 行 理 财 周 度 跟 踪 （2025.7.7-2025.7.13）》2025-07-16 3、《跨季后资金面转松，银行理财产品收 益 回 升 — 银 行 理 财 周 度 跟 踪 （2025.6.30-2025.7.6）》2025-07-09 4、《股债跷跷板效应凸显，银行理财产品 收 益 承 压 — 银 行 理 财 周 度 ...

New Stock Listings - HanGao Group listed on July 30, 2025, with an issue price of 15.43[1] - *ST Zitian and *ST Suwu are under severe abnormal fluctuations as of July 30, 2025[1] - Tianlu Convertible Bonds listed on July 30, 2025, with a risk warning[1] Market Alerts - Multiple stocks including *ST Xinchao and *ST Yuancheng are flagged for severe abnormal fluctuations on July 30, 2025[1] - New listings include companies like Xianghe Precision and Shenshui Planning, with announcements made on July 30, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1] Trading Insights - The report highlights the importance of monitoring newly listed stocks for potential volatility and investment opportunities[1] - Investors are advised to review the latest announcements and risk warnings associated with these stocks to make informed decisions[1]

Group 1 - The report outlines a grid trading strategy, which is essentially a high buy low sell trading approach that capitalizes on price fluctuations without predicting market trends, making it suitable for volatile markets [4][14] - Characteristics of suitable grid trading targets include selecting on-market assets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate for this strategy [4][14] - The report highlights key ETFs for grid trading, including the New Economy ETF, which benefits from policy incentives and industrial upgrades, capturing new economic growth drivers in China [4][15] Group 2 - The report discusses the Germany ETF, which tracks the DAX index and benefits from Germany's economic stimulus policies, focusing on high-end manufacturing and technology leaders [5][18] - The Chip ETF is noted for its short-term easing of overseas pressures and long-term focus on domestic substitution, with significant investments in the semiconductor industry to enhance self-sufficiency [6][19] - The Robot ETF is emphasized as a strategic core area for technological innovation and high-end manufacturing in China, supported by government policies aimed at advancing intelligent manufacturing [8][24]

Core Insights - The report indicates that the public fund quantitative selection strategy index continues to reach new highs, with equity fund enhancement strategies maintaining high elasticity [1][3] - The A-share equity market has shown strong performance, with the Shanghai Composite Index breaking through key resistance levels, supported by multiple favorable factors that enhance market sentiment [3][4] - The report highlights that various strategy indices have recorded positive returns, with the Evergreen Low Volatility Strategy and Equity Fund Enhancement Strategy yielding returns of 1.990% and 2.284% respectively, indicating the latter's stronger elasticity [3][5] Quantitative Strategy Allocation Views - The preferred strategy ranking is Equity Fund Enhancement Strategy > Evergreen Low Volatility Strategy > Overseas Equity Strategy [4] - The report notes that the A-share market is experiencing a positive upward trend, with the technology growth sector gaining more attention and funds shifting towards related low-position sectors [4][5] - The Evergreen Low Volatility Strategy has shown strong stability since its inception, effectively reducing portfolio volatility while maintaining decent returns [5][15] Performance Tracking of Fund Strategies - The Evergreen Low Volatility Fund Strategy has achieved a return of 1.990% this week, 4.909% over the past month, and 6.627% year-to-date, with a total return of 14.953% since its inception [13] - The Equity Fund Enhancement Strategy has recorded a return of 2.284% this week, 7.292% over the past month, and 11.397% year-to-date, with a total return of 19.794% since its inception [13] - The Cash Growth Fund Strategy has achieved a return of 0.028% this week, outperforming the benchmark, with cumulative excess returns exceeding 0.41% since its inception [18] Fund Strategy Construction Ideas - The report emphasizes the need for a quantitative approach to construct a fund selection pool that meets the diverse needs of investors in different market environments and risk preferences [22][29] - The Evergreen Low Volatility Fund Strategy aims to select funds with long-term stable return characteristics, focusing on funds with low volatility and drawdown levels [26] - The Equity Fund Enhancement Strategy seeks to identify funds with strong alpha generation capabilities, aiming for higher returns in improving market conditions [27]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week (July 21 - July 25, 2025), bond yields oscillated upwards. The ChinaBond Composite Wealth Index (CBA00201) fell 0.39%, and the ChinaBond Composite Full - Price Index (CBA00203) fell 0.44%. Interest - rate bonds and credit bonds across all tenors and ratings saw yield increases, and most credit spreads widened. The bond market adjusted due to the release of negative factors, the US Treasury yield curve flattened, and the secondary market for REITs declined while trading activity picked up [3][10]. - As of July 25, the total scale of 39 bond ETF products in the market exceeded 500 billion yuan, reaching 510.505 billion yuan, a nearly 200% increase from the beginning of the year, with science - innovation bond ETFs as the core growth driver [4]. Summary by Related Catalogs 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Last week, bond yields oscillated upwards. Interest - rate bonds across all tenors declined, with medium - and long - term yields rising significantly more than short - term ones. Credit bond yields across all tenors and ratings increased, and most credit spreads widened. The 1 - year, 3 - year, 5 - year, and 10 - year Treasury yields rose 3.38bp, 6.64bp, 9.14bp, and 7.07bp respectively [3][10]. - **Bond Market Adjustment**: The bond market adjusted due to the release of negative factors. The central bank's net open - market injection was 10.95 billion yuan last week. The money market was tight at first and then loose, with DR007 and R007 rising 14.56bp and 18.65bp respectively. The bond market adjusted significantly due to factors such as improved fundamental expectations, a higher issuance rate of 30 - year special Treasury bonds, and the stock - bond seesaw effect. In the short term, the broad - money direction is unlikely to change, and the money market may be a disturbing factor. The central bank's support means limited liquidity risk, but the stock market may continue to affect the bond market [10][11]. - **US Treasury Yield Curve**: The US Treasury yield curve flattened. At the beginning of the week, yields declined due to risk - aversion, then rebounded as tensions eased. On Thursday, lower - than - expected initial jobless claims data pushed up short - term yields. In the future, the FOMC meeting may keep interest rates unchanged, and strong economic data may further dampen rate - cut expectations. Short - term yields can be traded on the dips, while caution is advised for long - term bonds [12]. - **REITs Market**: The secondary market for REITs declined, but trading activity picked up. The CSI REITs Total Return Index fell 1.56% last week. After the decline in July, the valuations of REITs projects adjusted, and the cash distribution rate increased. Individual bonds in sectors such as consumption and affordable housing have increased cost - effectiveness [13]. 1.2. Public Fund Market Dynamics - As of July 25, the total scale of 39 bond ETF products in the market reached 510.505 billion yuan, a nearly 200% increase from the beginning of the year. Science - innovation bond ETFs were the core growth driver, with the first batch of 10 products reaching over 100 billion yuan in scale in the first week after listing. The bond ETF market has diverse product types, and there is still room for development in terms of supply, product innovation, and investor structure [4][14][15]. 2. Pan - Fixed - Income Fund Index Performance Tracking | Index Classification | This Week | Last Month | YTD | Since Strategy Inception | | --- | --- | --- | --- | --- | | Short - Term Bond Fund Selection | - 0.08% | 0.07% | 0.59% | 4.00% | | Medium - and Long - Term Bond Fund Selection | - 0.30% | - 0.13% | 0.68% | 6.32% | | Low - Volatility Fixed - Income + Fund Selection | - 0.11% | 0.40% | 1.62% | 2.90% | | Medium - Volatility Fixed - Income + Fund Selection | 0.14% | 1.02% | 2.33% | 2.85% | | High - Volatility Fixed - Income + Fund Selection | 0.42% | 1.34% | 4.68% | 4.42% | | Convertible Bond Fund Selection | 2.24% | 4.77% | 11.60% | 15.09% | | QDII Bond Fund Selection | 0.33% | 0.42% | 3.17% | 8.16% | | REITs Fund Selection | - 1.61% | - 3.99% | 26.83% | 35.47% | 2.1. Pure Bond Index Tracking - **Short - Term Bond Fund Selection Index**: Aims at liquidity management, selects 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities, and uses 50% Short - Term Pure Bond Fund Index + 50% General Money - Market Fund Index as the benchmark [17]. - **Medium - and Long - Term Bond Fund Selection Index**: Aims at stable returns by investing in medium - and long - term pure bond funds, selects 5 funds, adjusts duration and the ratio of credit and interest - rate bond funds according to market conditions [19]. 2.2. Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Selection Index**: Has an equity central position of 10%, selects 10 funds with an equity central position of less than 15% in the past three years and recently, and uses 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index as the benchmark [24]. - **Medium - Volatility Fixed - Income + Selection Index**: Has an equity central position of 20%, selects 5 funds with an equity central position between 15% - 25% in the past three years and recently [24]. - **High - Volatility Fixed - Income + Selection Index**: Has an equity central position of 30%, selects 5 funds with an equity central position between 25% - 35% in the past three years and recently, and focuses on funds with strong stock - picking ability in the equity segment [27]. 2.3. Convertible Bond Fund Selection Index - Selects bond - type funds with an average convertible - bond investment ratio of at least 60% in the latest period and at least 80% in the past four quarters as the sample space, and selects 5 funds based on an evaluation system [29][33]. 2.4. QDII Bond Fund Selection Index Tracking - Selects 6 QDII bond funds with stable returns and good risk control based on credit and duration [35]. 2.5. REITs Fund Selection Index Tracking - Selects 10 REITs funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset type [37].

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, A-share market showed strong bullish sentiment, with significant trading volume increase. Cyclical stocks performed well, but funds shifted from high - risk themes to low - risk and high - certainty targets on Thursday and Friday. [2][11] - Active equity funds in the second - quarter adjusted their positions around prosperity and valuation repair, with a focus on the computing power chain, innovative drugs, military, and financial sectors. [12] - The "anti - involution" market is a theme - driven market under a capital - rich environment, and state - owned enterprises may see more marginal improvements. [13] - The technology wave is ongoing, with AI still having room for growth, and semiconductors are also worth attention due to potential low - level rebound. [4][13] Summary by Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - **Market Performance**: From July 21 to 25, 2025, major A - share indices rose. The average daily trading volume was about 1.85 trillion yuan, a significant increase of 300 billion yuan compared to the previous week. Cyclical stocks led the rise, but funds shifted on Thursday and Friday. [11] - **Public Fund Q2 Report Adjustment**: Active equity funds increased their positions in the ChiNext and slightly raised their Hong Kong stock holdings. They concentrated less on heavy - position stocks. The top five industries for increased holdings were communication, medicine, non - bank finance, bank, and national defense and military industry, while the top five for reduced holdings were food and beverage, automobile, commerce and retail, power equipment and new energy, and machinery. [12] - **Re - discussion on "Anti - involution"**: The "anti - involution" theme stimulates traditional cyclical industries. It is a theme - driven market, and state - owned enterprises may have more marginal improvements. [13] - **Technology Sector Rebound**: The 2025 World Artificial Intelligence Conference was held. The AI industry is booming, and semiconductors may benefit from low - level rebound. [13] 1.2. Public Fund Market Dynamics - On July 24, the second batch of 12 new floating - rate funds was approved, including industry - themed products. Some funds adjusted their management fee thresholds to strengthen performance constraints. [4][14] 2. Active Equity Fund Index Performance Tracking 2.1. Active Stock Fund Selection - The index selects 15 funds equally weighted, with core positions balanced according to the style distribution of the CSI Active Stock Fund Index. Its performance benchmark is the Active Stock Fund Index (930980.CSI). It rose 1.67% last week and has a cumulative excess return of 12.31% since its establishment. [15][16] 2.2. Value Stock Fund Selection - The index includes value - style funds, selecting 10 funds based on style classification. Its performance benchmark is the CSI 800 Value Index (H30356.CSI). It rose 2.49% last week and has a cumulative excess return of - 3.41% since its establishment. [15][19] 2.3. Balanced Stock Fund Selection - The index selects 10 balanced - style funds. Its performance benchmark is the CSI 800 (000906.SH). It rose 1.25% last week and has a cumulative excess return of 6.01% since its establishment. [15][20] 2.4. Growth Stock Fund Selection - The index selects 10 growth - style funds. Its performance benchmark is the 800 Growth Index (H30355.CSI). It rose 1.68% last week and has a cumulative excess return of 18.39% since its establishment. [15][24] 2.5. Pharmaceutical Stock Fund Selection - The index selects 15 pharmaceutical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the pharmaceutical - themed fund index. It fell 0.95% last week and has a cumulative excess return of 22.21% since its establishment. [15][26] 2.6. Consumption Stock Fund Selection - The index selects 10 consumption - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the consumption - themed fund index. It rose 0.84% last week and has a cumulative excess return of 14.87% since its establishment. [15][28] 2.7. Technology Stock Fund Selection - The index selects 10 technology - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the technology - themed fund index. It rose 2.35% last week and has a cumulative excess return of 17.37% since its establishment. [15][32] 2.8. High - end Manufacturing Stock Fund Selection - The index selects 10 high - end manufacturing - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the high - end manufacturing - themed fund index. It rose 1.67% last week and has a cumulative excess return of - 2.78% since its establishment. [15][32] 2.9. Cyclical Stock Fund Selection - The index selects 5 cyclical - themed funds based on the intersection of equity holdings and the representative index. Its performance benchmark is the cyclical - themed fund index. It rose 2.28% last week and has a cumulative excess return of - 0.40% since its establishment. [15][37]

New Stock Issuance - Tianfu Long (732406) issued at a price of 23.60 on July 28, 2025[1] - Shenkai Co. (002633) has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly (300326) has a tender offer period from July 17 to August 15, 2025[1] Abnormal Fluctuations - ST Wanfang (000638) reported significant abnormal fluctuations on July 25, 2025[2] - ST Zhengping (603843) experienced abnormal fluctuations on July 24, 2025[2] - Jiangnan Chemical (002226) noted abnormal fluctuations on July 23, 2025[2] Market Alerts - ST Zitian (300280) reported severe abnormal fluctuations on July 21, 2025[1] - Huayin Power (600744) indicated abnormal fluctuations on July 15, 2025[1] - ST Gaohong (000851) reported abnormal fluctuations on July 23, 2025[3]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints The report presents several ETF strategy indices developed by Huabao Research, aiming to help investors convert quantitative models or subjective views into practical investment strategies. It tracks the performance and positions of these indices on a weekly basis, providing data on their excess returns over different time - frames [4][5][6]. 3. Summary by Directory 1. ETF Strategy Index Tracking - **ETF Strategy Index Last Week's Performance**: - The table shows the last week's performance of six ETF strategy indices, including their returns, benchmark returns, and excess returns. For example, the Huabao Research Size Rotation ETF Strategy Index had a last - week return of 1.78%, a benchmark (CSI 800) return of 2.10%, and an excess return of - 0.33% [13]. 1.1. Huabao Research Size Rotation ETF Strategy Index - **Strategy Principle**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. The model outputs weekly signals to determine positions and obtain excess returns [4][14]. - **Performance**: As of July 25, 2025, the excess return since 2024 was 17.92%, the recent one - month excess return was 0.16%, and the recent one - week excess return was - 0.33% [4][14]. - **Position**: As of July 25, 2025, it held 100% of the CSI 300 ETF [18]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy Principle**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposures to 9 Barra factors to obtain excess returns. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [4]. - **Performance**: As of July 25, 2025, the excess return since 2024 was 15.29%, the recent one - month excess return was - 1.20%, and the recent one - week excess return was 0.25% [4]. - **Position**: As of July 25, 2025, it held multiple ETFs such as the Value 100ETF, CSI 2000ETF, etc. [23]. 1.3. Huabao Research Quantitative Cyclone ETF Strategy Index - **Strategy Principle**: It starts from a multi - factor perspective, including the grasp of medium - and long - term fundamental dimensions, the tracking of short - term market trends, and the analysis of the behavior of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs out potential sectors to obtain excess returns [5][22]. - **Performance**: As of July 25, 2025, the excess return since 2024 was 8.22%, the recent one - month excess return was 4.29%, and the recent one - week excess return was 2.67% [5][22]. - **Position**: As of July 25, 2025, it held ETFs like the Building Materials ETF, Non - Ferrous Metals 60ETF, etc. [26]. 1.4. Huabao Research Quantitative Balance ETF Strategy Index - **Strategy Principle**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend analysis. It also builds a prediction model for market size styles to adjust equity market position distribution and obtains excess returns through comprehensive timing and rotation [5][26]. - **Performance**: As of July 25, 2025, the excess return since 2024 was - 2.75%, the recent one - month excess return was - 2.91%, and the recent one - week excess return was - 1.03% [5][26]. - **Position**: As of July 25, 2025, it held ETFs such as the 10 - Year Treasury Bond ETF, CSI 1000ETF, etc. [30]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy Principle**: It tracks and mines hot - spot index target products in a timely manner based on strategies such as market sentiment analysis, industry event tracking, investor sentiment and professional views, policy and regulatory changes, and historical deduction. It constructs an ETF portfolio that can capture market hot - spots in time to provide investors with short - term market trend references [6][30]. - **Performance**: As of July 25, 2025, the recent one - month excess return was - 0.38%, and the recent one - week excess return was 1.48% [6][30]. - **Position**: As of July 25, 2025, it held ETFs such as the Non - Ferrous Metals 50ETF, Hong Kong Stock Consumption ETF, etc. [33]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy Principle**: It uses bond market liquidity and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio to improve long - term returns and drawdown control ability [6][33]. - **Performance**: As of July 25, 2025, the recent one - month excess return was 0.19%, and the recent one - week excess return was 0.12% [6][33]. - **Position**: As of July 25, 2025, it held ETFs such as the 10 - Year Treasury Bond ETF, Treasury Bond ETF 5 - 10 Years, etc. [38].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - In Q2 2025, A - shares and Hong Kong stocks showed different performances, with the overall market - value style in A - shares being dominant, and the bond market slightly recovered in June after fluctuations from April to May. REITs and convertible bond funds led the performance, and "fixed - income +" funds performed well driven by the equity market [4]. - Most fund managers expect the economy to continue a weak recovery in Q3 2025, with monetary policy remaining loose but limited room for interest - rate decline. Strategies focus on coupon income from medium - short - duration, medium - high - grade urban investment bonds and financial bonds, and the overall tone is prudent and flexible [40]. 3. Summary by Directory 3.1 固收型公募基金2025Q2季报数据解读 Performance - In Q2 2025, in the context of weak economic recovery, gradually restored equity sentiment, and intensified long - short game and fluctuations in the bond market, REITs and convertible bond funds led the performance, and "fixed - income +" funds performed well driven by the equity market. Pure - bond fund net values generally recovered [4]. - The top - performing funds in terms of Q2 2025 compounded unit net - value growth rate (%) were REITs funds (8.07%), convertible bond funds (3.49%), and QDII bond - type funds (1.38) [5]. Scale - By the end of Q2 2025, passive index - type bond funds received significant capital inflows and had the fastest scale growth [8]. Leverage - As of June 30, 2025, compared with March 31, 2025, the overall fund leverage showed an upward trend [11]. Duration - As of June 30, 2025, compared with March 31, 2025, the fitted durations of pure - bond funds all showed an upward trend [14]. Weighted Position Changes of Fixed - Income + Funds - By the end of Q2 2025, the convertible - bond positions of different types of fixed - income + funds were basically the same as in the previous quarter, while the stock positions all showed a downward trend [17]. - The top five industries for stock increase were non - bank finance, banking, communications, electronics, and medicine; the top five industries for stock reduction were food and beverage, automobiles, coal, basic chemicals, and home appliances [28]. Individual Stock Positions of Fixed - Income + Funds - The top ten stocks with the highest market value of holdings in Q2 2025 were Zijin Mining, Tencent Holdings, Yangtze Power, Contemporary Amperex Technology, China Merchants Bank, Midea Group, Kweichow Moutai, Alibaba - W, SF Holdings, and Haier Smart Home [30]. - The top ten stocks with the largest increase in market value of holdings in Q2 2025 were New H3C Technologies, Inphi Corporation, AVIC Shenyang Aircraft, Bank of Hangzhou, China Minsheng Bank, Yunnan Aluminum Co., Ltd., Zhaojin Mining Industry, China Merchants Bank, Zhongjin Gold, and SF Holdings [32]. - The top ten stocks with the largest decrease in market value of holdings in Q2 2025 were Wuliangye, Midea Group, Kweichow Moutai, Wanhua Chemical, Zijin Mining, Honglu Steel Structure, Hunan Gold, BYD, Shunxin Agriculture, and Luzhou Laojiao [34]. 3.2 固收型重点基金2025Q2后市展望观点汇总 Key Short - Term Bond Fund Managers' Views - Most short - term bond fund managers expect the bond market to continue the volatile market with high winning probability but low odds, and the bond - market trend is mainly determined by the liability side and policy orientation [39]. - Strategies focus on coupon income from medium - short - duration, medium - high - grade urban investment bonds and financial bonds, and the overall tone is prudent and flexible [40]. Key Medium - and Long - Term Bond Fund Managers' Views - Most medium - and long - term bond fund managers expect the bond market to continue the volatile pattern, with loose monetary policy continuing to support the bond market, while domestic demand is weak and the real - estate market is weakening marginally [41]. - Some managers suggest actively participating in interest - rate bond band trading, while others believe that the space for credit - spread compression is limited. Most still focus on medium - high - grade credit bonds [41]. Equity - Linked Fixed - Income Fund Managers' Views - For stock assets, most managers are relatively optimistic about the medium - term market outlook. Low - equity - position fixed - income + fund managers are relatively conservative, while some medium - and high - equity - position managers will increase the exploration and allocation in industries with relatively guaranteed short - and medium - term supply - demand environments and reasonable valuations [42]. - For convertible - bond assets, the supply - demand balance in the convertible - bond market remains tight, with overall high valuations and potential increased volatility, but there are still structural opportunities. Some managers will maintain a neutral - to - low position and shift to equity - oriented and balanced varieties [42]. - For pure - bond assets, managers generally maintain a neutral view, expecting the central - bank policy to remain consistent, the capital market to remain loose, and limited upward space for interest rates [42]. Key High - Position Convertible - Bond Enhanced Fund Managers' Views - Managers will maintain a relatively positive position, seize structural opportunities, and pay attention to the layout opportunities in technology self - controllability and the allocation opportunities after the sentiment of new consumption and innovative drugs cools down [45]. - They believe that the convertible - bond market has a relatively high valuation, with short - term cost - effectiveness and fault - tolerance rate reduced, but there are still structural opportunities, especially in equity - oriented convertible bonds [45]. QDII Bond - Fund Managers' Views - The global market in Q2 2025 was still dominated by policy. The impact of Trump's tariff policy continued to push up inflation expectations, and there were differences in the market's pricing of the Fed's interest - rate cut [46]. - In the future, although the probability of a US recession is relatively low, attention should be paid to the recurrence of tariff policies, and the US bond market may fluctuate bidirectionally in the short term [46][47]. REITs Fund Managers' Views - In Q2 2025, the performance of different types of REITs varied. The performance of rental - protection REITs was stable, the industrial - park REITs were under pressure, the consumer - infrastructure REITs performed steadily, the transportation REITs showed growth driven by traffic flow, the warehousing - logistics REITs were under pressure in terms of revenue, and the energy and environmental - protection REITs showed different performances [50][51][52].

Report Overview - Report Title: How to Construct Option Trading Strategies - Option Strategy Details (Part Two) [1] - Report Date: July 25, 2025 [1] - Analysts: Cheng Bingzhe, Zhang Shuai [2] Core Viewpoint - The real charm of options lies in constructing diverse trading strategies through combining different contracts, precisely expressing specific views on the market, and controlling risks and returns within a preset range [3][9]. - All option strategies are based on processing basic option positions to adapt to different market environments and manage risks. Understanding the option structure behind these strategies is the key to identifying their real risk and return sources [3][17]. Industry Investment Rating - Not mentioned in the report. Summary by Directory 1. On - site Option Strategies - Single - leg trading, which involves directly buying or selling call or put options, is the cornerstone of complex trading. Buying call options is suitable for bullish markets with limited cost and unlimited theoretical returns, while buying put options is for bearish markets. Selling options aims to earn stable cash flow but bears the risk of exercise. The covered call strategy, which combines with the underlying asset, is a relatively stable return - enhancement strategy [10]. - When investors have more refined views on the market, they can use combination strategies. Directional combinations like bull spreads are suitable for moderately bullish markets, and bear spreads for moderately bearish markets. Butterfly spreads are used for markets with narrow - range fluctuations. Volatility strategies such as straddle combinations are for markets with significant but uncertain - direction fluctuations. Calendar spreads use the time - value difference between different - maturity contracts and are suitable for stable or moderately volatile markets [11][13] 2. Off - site Option Strategies - Off - site options are customized agreements between financial institutions and customers to meet special risk - management needs. The "Snowball" product is well - known. Investors can get high coupons in a moderately rising or volatile market but face principal - loss risks in a sharp - falling market. The Dynamic Coupon Note (DCN) is a more flexible "Snowball - like" product. It optimizes cash flow and meets regulatory requirements but still has risks, such as one - time principal loss at maturity and dependence on the futures discount environment [15][16]