Group 1: New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - Huajian Group (600629) announced significant updates on October 22, 2025[1] - ST Dongyi (002713) reported on October 22, 2025, regarding its stock status[1] Group 2: Stock Volatility Alerts - Dayou Energy (600403) experienced severe abnormal fluctuations, with updates on October 22 and 23, 2025[1] - Multiple companies, including Tianpu Co. (605255) and Guangming Real Estate (600708), reported abnormal trading activities on October 23, 2025[1] - ST Nanzhi (002305) and ST Aowei (002231) are under scrutiny for unusual market behavior as of October 23, 2025[1]

New Stock Issuance - Dana Biological (920009) listed at an issuance price of 17.10[1] - Marco Polo (001386) issued at a price of 13.75[1] Equity Market Alerts - Offer period for Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuations reported for Dayou Energy (600403) with a recent announcement on October 22, 2025[1] Recent Announcements - Tianpu Co. (605255) announced on October 21, 2025, with a price of 2051[1] - Dongbei Group (601956) announced on October 22, 2025, with a price of 4055[1] - Yuanjie Technology (688498) announced on October 22, 2025, with a price of 3755[1] Additional Market Insights - Multiple companies reported significant price fluctuations, including ST Chuntian (600381) and ST Zhongdi (000609) on October 21, 2025[2] - A total of 30 companies reported abnormal trading activities on October 14, 2025, indicating potential market volatility[3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The wealth management industry is facing challenges due to low interest rates and asset scarcity, necessitating a shift towards multi-asset allocation strategies and enhanced technological integration [3][11] - The recent Global Wealth Management Forum highlighted the consensus among industry leaders on the importance of diversified asset strategies and overseas investments to navigate current market conditions [3][11] - The performance of cash management products has seen a decline, with a 7-day annualized yield of 1.31%, down 4 basis points from the previous week [5][15] - The report indicates a trend of decreasing performance benchmarks for wealth management products, suggesting continued pressure on yields in the medium to long term [18] Summary by Sections Regulatory and Industry Dynamics - The Global Wealth Management Forum held in Shanghai emphasized the need for multi-asset strategies and technological empowerment in the wealth management sector [3][11] - Industry leaders identified three main challenges: low interest rates leading to asset allocation difficulties, the need for differentiated services to combat "deposit migration," and the heightened performance stability requirements in the net value era [11][12] Peer Innovation Dynamics - 招银理财 launched a self-selected account date wealth management product, allowing investors to set their expected fund arrival dates, enhancing cash flow management [4][13] - 徽银理财 introduced a product focused on inclusive finance, targeting small and micro enterprises with reduced management fees [4][14] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.31%, a decrease of 4 basis points, while money market funds yielded 1.16%, down 2 basis points [5][15] - Long-term fixed income products outperformed short-term ones, with the market reacting slowly to fundamental factors [17][18] Net Value Tracking - The report noted a decrease in the net value ratio of bank wealth management products to 1.69%, down 1.19 percentage points, with credit spreads also narrowing [6][25]

Core Insights - The report highlights the increasing external disturbances affecting market sentiment, particularly due to renewed concerns over tariffs and trade negotiations between China and the U.S. [3] - The "Changqing Low Volatility Strategy" has shown resilience, with a drawdown of only 2.35% since October 1, 2025, outperforming the benchmark index's drawdown of 6.97% [3] - The report suggests that despite short-term pressures, the market is expected to maintain an upward trend in the medium to long term, with limited downside potential [5] Fund Strategy Performance - The "Changqing Low Volatility Fund Strategy" reported a weekly return of -1.801%, with a year-to-date return of 10.615% [13] - The "Stock Enhancement Fund Strategy" had a weekly return of -3.196%, indicating challenges in generating excess returns in the current market environment [7] - The "Cash Growth Fund Strategy" achieved a weekly return of 0.027%, outperforming the benchmark [8] - The "Overseas Equity Allocation Fund Strategy" recorded a weekly return of -1.507%, but maintains a positive long-term outlook due to strong fundamentals in the U.S. economy [6] Investment Strategy Insights - The report emphasizes the importance of a diversified investment approach, suggesting that the "Changqing Low Volatility Strategy" can serve as a foundational allocation while enhancing overall portfolio stability [5][6] - The "Stock Enhancement Fund Strategy" is positioned to capitalize on market improvements, focusing on identifying undervalued companies [7] - The "Cash Growth Fund Strategy" is designed to optimize cash management, providing a reliable option for investors seeking stable returns [19] - The "Overseas Equity Allocation Fund Strategy" aims to leverage global market opportunities, particularly in technology sectors driven by AI advancements [22]

New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) announced significant abnormal fluctuations on October 10, 2025[1] - Tianpu Co., Ltd. (605255) and Pingtan Development (000592) issued announcements on October 21, 2025[1] Market Alerts - Multiple companies, including AnTong Holdings (600179) and GuoXin New Energy (600617), issued announcements on October 21, 2025, regarding their stock performance[1] - A total of 20 companies reported abnormal fluctuations in their stock prices, indicating potential volatility in the market[2] - The report highlights the importance of monitoring these fluctuations for investment strategies and risk management[2]

Group 1 - The report highlights that the equity market continued its upward trend in September 2025, although the growth rate was lower than in August, with a notable structural market characterized by strong performance in technology growth sectors [3][11] - In the bond market, September saw continued fluctuations, with a stronger equity market putting pressure on bond prices. The report notes that the bond market experienced volatility due to various factors, including changes in government policy and market sentiment [12][26] - The report emphasizes the importance of multi-dimensional asset allocation strategies to navigate market style shifts, suggesting that cyclical sectors may benefit from supportive economic policies, while funds may flow to other technology innovation areas if growth in AI-related sectors slows down [4][18] Group 2 - The report provides insights into the performance of various fund indices, indicating that active equity funds showed significant returns, with the Wande Active Equity Fund Index rising by 6.67% in September [13][14] - The report outlines the construction of preferred indices for active equity funds, focusing on sectors with high short-term prosperity and emphasizing the need for a balanced approach to fund selection based on performance and stability [21][22] - The report discusses the outlook for bond funds, suggesting that the bond market is likely to continue its oscillation, with adjustments made to the composition of bond fund indices to enhance returns through strategic selection of credit bonds [5][26]

Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell strategy, which differs from trend trading that relies on long-term market predictions. Grid trading is based on price fluctuations and aims to profit from natural price movements within a certain range, making it suitable for frequently fluctuating markets. In a volatile market, investors can enhance returns by repeatedly capturing small price differences before adjusting positions and strategies when a new market direction becomes clear [4][12]. Group 2: Characteristics of Suitable Grid Trading Targets - Suitable characteristics for grid trading targets include: 1) selection of on-market targets; 2) stable long-term trends; 3) low transaction costs; 4) good liquidity; 5) high volatility. Based on these characteristics, equity ETFs are considered relatively suitable for grid trading [4][12]. Group 3: Analysis of ETF Grid Trading Targets - The report highlights three key ETFs for grid trading: 1. **Saudi ETF (159329.SZ)**: This ETF is one of the two domestic tools linked to the Saudi capital market, capturing the long-term economic transformation benefits under Saudi's "Vision 2030". The plan aims to reduce oil dependency and diversify the economy, with strategic goals including increasing the non-oil GDP share from 16% to at least 50% and elevating Saudi's global economic ranking from 19th to 15th. As of October 20, the financial sector accounted for over 40% of the ETF's holdings, with consumer and technology sectors exceeding 20%, while traditional fossil energy represented only about 10% [4][13]. 2. **Banking ETF (512800.SH)**: This ETF, tracking the CSI 800 Banking Index, has a dividend yield of 4.40% as of September 30, 2025, significantly higher than the market average and the ten-year government bond yield. It is expected to remain a key allocation direction for medium to long-term funds, particularly from insurance companies, as they seek to mitigate the impact of declining interest rates and address "asset scarcity" [5][15]. 3. **Military Industry ETF (512660.SH)**: The report notes that China's defense budget for 2025 is set at 1.81 trillion yuan, a 7.2% increase year-on-year, marking a historical high. However, this budget still represents less than 1.3% of GDP, significantly lower than the U.S. and Russia. The ETF tracks the CSI Defense Index, focusing on core areas such as aviation equipment, missiles, and new materials, and is expected to benefit from improvements in the defense sector's fundamentals [6][7][17]. Group 4: Recommendations for Grid Trading Strategy - Investors are advised to use grid trading strategies by selecting several suitable ETFs with low correlation to form a diversified portfolio. This can include combinations of different types of ETFs, such as "broad-based + sector" or "A-shares + Hong Kong stocks", which not only helps to spread risk but also enhances capital utilization through rotation effects [20][21].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - Last week (Oct 13 - Oct 17, 2025), the bond market sentiment warmed up with yields oscillating and recovering. The stock market's decline and the central bank's loose liquidity pushed the ultra - long - end bonds to rebound and lead the market. The short - term bond market's allocation cost - performance improved, and it may continue a mild oscillating pattern [3][10]. - The continuous decline of bond yields needs further observation, affected by factors such as the "15th Five - Year Plan" policy signals from the Fourth Plenary Session, the possibility of monetary policy easing (e.g., interest rate cuts), and the results of Sino - US trade negotiations [10]. - Last week, the US Treasury yields declined. The 10 - year US Treasury yield once fell below 4.0% and then rebounded above 4.0% due to improved market sentiment [10]. - Last week, the CSI REITs Total Return Index declined by 1.44%. Various types of REITs generally fell, but there were new developments in the primary market [11]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Pan - Fixed - Income Market Review and Observation - **Domestic Bond Market**: From Oct 13 to Oct 17, 2025, the 1 - year Treasury yield rose 5.93BP to 1.44%, the 10 - year yield dropped 1.4BP to 1.82%, and the 30 - year yield dropped 7BP to 2.20%. The short - term bond market may maintain a mild oscillating pattern, and the continuous decline of yields needs further observation [10]. - **US Bond Market**: From Oct 13 to Oct 17, 2025, the 1 - year US Treasury yield dropped 4BP to 3.56%, the 2 - year yield dropped 6BP to 3.46%, and the 10 - year yield dropped 3BP to 4.02%. The 10 - year yield once fell below 4.0% and then rebounded [10]. - **REITs Market**: From Oct 13 to Oct 17, 2025, the CSI REITs Total Return Index declined 1.44% to 1043.46 points. There were 3 new first - issue REITs and 2 new expansion - offering REITs in the primary market [11]. 3.1.2 Public Fund Market Dynamics - On Oct 14, 2025, the CITIC Construction Investment Shenyang International Software Park Closed - end Infrastructure Securities Investment Fund completed its fundraising, becoming the first successfully issued public REITs project in Northeast China [3][12]. 3.2 Pan - Fixed - Income Fund Index Performance Tracking | Index Classification | Last Week's Return | Since Inception Return | | --- | --- | --- | | Money Enhancement Index | 0.03% | 4.19% | | Short - Term Bond Fund Preferred Index | 0.05% | 4.32% | | Medium - and Long - Term Bond Fund Preferred Index | 0.16% | 6.23% | | Low - Volatility Fixed - Income + Fund Preferred Index | - 0.06% | 3.93% | | Medium - Volatility Fixed - Income + Fund Preferred Index | - 0.85% | 4.69% | | High - Volatility Fixed - Income + Fund Preferred Index | - 1.00% | 6.70% | | Convertible Bond Fund Preferred Index | - 2.61% | 19.80% | | QDII Bond Fund Preferred Index | 0.18% | 10.57% | | REITs Fund Preferred Index | - 2.43% | 31.01% | [4][5][13] 3.2.1 Money Enhancement Index Tracking - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve surpassing money funds. It mainly allocates money market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money Fund Index [14]. 3.2.2 Pure Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Aims at liquidity management, pursues a smooth curve while controlling drawdowns. It mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute return capabilities. The performance benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money Fund Index [18]. - **Medium - and Long - Term Bond Fund Preferred Index**: Invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns. It selects 5 funds each period, adjusting duration and the ratio of credit bond funds and interest - rate bond funds according to the market [18]. 3.2.3 Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: The equity center is 10%, with 10 funds selected each period. It focuses on funds with an equity center within 15% in the past three years and recently. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [22]. - **Medium - Volatility Fixed - Income + Preferred Index**: The equity center is 20%, with 5 funds selected each period. It selects funds with an equity center between 15% - 25% in the past three years and recently [23]. - **High - Volatility Fixed - Income + Preferred Index**: The equity center is 30%, with 5 funds selected each period. It selects funds with an equity center between 25% - 35% in the past three years and recently, focusing on bond - end stability and equity - end offensive capabilities [27]. 3.2.4 Convertible Bond Fund Preferred Index - Selects bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters. It constructs an evaluation system from multiple dimensions and selects 5 funds to form the index [30]. 3.2.5 QDII Bond Fund Preferred Index Tracking - The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control according to credit and duration [32]. 3.2.6 REITs Fund Preferred Index Tracking - The underlying assets are mainly high - quality and stable infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity according to the type of underlying assets [33].

New Stock Offerings - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - The latest announcements for various stocks include BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) on October 10, 2025[1] - Significant abnormal fluctuations were reported for Nanxin Pharmaceutical (688189) on October 10, 2025[1] Trading Alerts - A total of 30 stocks have trading alerts issued on October 20, 2025, including Anlikang (002940) and ST Baoying (002047)[1] - The trading alerts cover various sectors, indicating potential volatility in the market[1] - The latest announcements for stocks such as YD Holdings (000626) and ST Nanzhi (002305) were made on October 20, 2025[1]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents several ETF strategy indices constructed with the help of ETFs, tracking their performance and positions on a weekly basis. These indices aim to obtain excess returns relative to the market through different strategies and models [12]. Summary by Directory 1. ETF Strategy Index Tracking - **Overall Performance**: A table shows the performance of various ETF strategy indices last week, including their returns, comparison benchmarks, benchmark returns, and excess returns. For example, the Huabao Research Large - Small Cap Rotation ETF Strategy Index had a last - week return of - 2.16%, a benchmark (CSI 800) return of - 3.03%, and an excess return of 0.87% [13]. 1.1. Huabao Research Large - Small Cap Rotation ETF Strategy Index - **Strategy**: 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 signals weekly to predict the strength of the indices in the next week and determines positions accordingly to obtain excess returns [3][14]. - **Performance**: As of 2025/10/17, the excess return since 2024 was 19.59%, the excess return in the past month was 0.35%, and the excess return in the past week was 0.87% [3][14]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors to obtain returns exceeding the market. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [3]. - **Performance**: As of 2025/10/17, the excess return since 2024 was 15.54%, the excess return in the past month was 0.23%, and the excess return in the past week was - 1.38% [3]. 1.3. Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy**: 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 prompt industry risks and multi - dimensionally digs out potential sectors to obtain excess returns [4][22]. - **Performance**: As of 2025/10/17, the excess return since 2024 was 26.43%, the excess return in the past month was 2.76%, and the excess return in the past week was - 1.23% [4][22]. 1.4. Huabao Research Quantitative Balance Art ETF Strategy Index - **Strategy**: It adopts a multi - factor system, including economic fundamentals, liquidity, technical aspects, and investor behavior factors, to build a quantitative timing system for trend analysis of the equity market. It establishes a prediction model for the market's large - and small - cap styles to adjust the position distribution of the equity market and obtains excess returns through comprehensive timing and rotation [25]. - **Performance**: As of 2025/10/17, the excess return since 2024 was - 9.54%, the excess return in the past month was 0.62%, and the excess return in the past week was 0.97% [25]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: It tracks and mines hot - spot index target products in a timely manner based on strategies such as market sentiment analysis, industry major event tracking, investor sentiment and professional opinions, policy and regulatory changes, and historical deduction, and constructs an ETF portfolio that can capture market hot - spots in time to provide references for investors' short - term market trends and help them make more informed investment decisions [5][29]. - **Performance**: As of 2025/10/17, the excess return in the past month was 3.44%, and the excess return in the past week was 1.33% [5][29]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy**: It uses bond market liquidity indicators and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is lower than a certain threshold, it reduces the positions of long - duration bonds in the bond investment portfolio to improve the long - term return and drawdown control ability of the portfolio [5][33]. - **Performance**: As of 2025/10/17, the excess return in the past month was 0.29%, and the excess return in the past week was - 0.03% [5][33].