Group 1 - The report indicates that the bond market is expected to experience moderate fluctuations, with the direction of bond yields dependent on the upcoming "15th Five-Year Plan" meeting policy signals, potential monetary policy easing (such as interest rate cuts), and the outcomes of China-US trade negotiations [2][12][10] - In the stock market, attention is drawn to signals from significant meetings, suggesting a potential continuation of style switching. The report anticipates that the upcoming "15th Five-Year Plan" meeting may provide favorable signals, but due to substantial growth in the growth sector this year, the probability of style switching in the fourth quarter is increasing [3][12][10] - The report recommends a cautious approach to technology growth sectors post-meeting, suggesting a reduction in positions or a shift towards broader indices and low-volatility dividend stocks for a more stable investment strategy [3][12][10] Group 2 - The report highlights that the A-share market has seen a slight decline in valuation, with a decrease in turnover rate indicating a reduction in market activity [18][19] - The domestic macro multi-asset model has achieved a year-to-date return of 12.84%, outperforming the benchmark by 5.12%, with a Sharpe ratio of 2.9396, indicating strong performance relative to risk [22][24] - The global macro multi-asset model has recorded a year-to-date return of 11.93%, exceeding the benchmark by 4.21%, with a Sharpe ratio of 2.5879, reflecting favorable investment conditions [22][24]

Investment Rating - The report does not explicitly state an investment rating for the banking wealth management industry Core Insights - The banking wealth management market is experiencing growth, with a focus on innovative product offerings and strategic partnerships to enhance revenue structures and market reach [4][15][19] - Regulatory changes, such as the new public offering sales fee regulations, are reshaping liquidity management and may drive investors towards banking wealth management products [13][15] - The trend towards index-based investment products is gaining momentum, with banks actively developing proprietary indices to diversify risk and enhance returns [5][19] Summary by Sections Regulatory and Industry Dynamics - In September, new regulations on public offering sales fees were introduced, impacting both the asset and liability sides of banking wealth management [13] - The rise in gold prices has led to an increase in the issuance of gold-linked wealth management products by banks [13][15] - Several banks in Sichuan are collaborating to apply for wealth management licenses, which could serve as a model for other small and medium-sized banks [13][15] Market Performance - The total market size of wealth management products in September was 30.80 trillion yuan, showing a slight decrease of 0.48% month-on-month but a year-on-year increase of 6.30% [6][11] - The annualized yield for cash management products was recorded at 1.30%, a decrease of 1.86 basis points from the previous month [6][11] - The issuance of new wealth management products increased in September, aligning with seasonal trends, with a focus on fixed income and closed-end products [6][11] Product Development and Innovation - Wealth management companies are increasingly focusing on index-based products, with significant activity in the development of proprietary indices [5][19] - The report highlights the launch of various innovative products, including those linked to technology and gold, as banks seek to capture market opportunities [5][19] - The trend of wealth management companies participating in the issuance of science and technology bonds is noted, reflecting a strategic alignment with national innovation policies [19][22] Performance Metrics - The closed-end product compliance rate reached 86.09% in September, while the open-end product compliance rate was 54.35% [6][11] - The report indicates that the majority of new wealth management products have seen a downward adjustment in performance benchmarks, reflecting a consensus on the long-term low interest rate environment [6][11]

| 新股发行及今日交易提示 | 2025/10/17 | 星期五 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/17 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | 787759 | 必贝特 | 17.78 | 2025/10/17 | 新股上市 | | | | 证券代码 | 证券简称 | 发行价格 | 601026 | 道生天合 | 5.98 | | | 2025/10/17 | 内地市场权益提示 | 类别 | 证券代码 | 证券简称 | 权益日期 | 最新公告链接 | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=688585&announcementId=122470 | 要约收购 | 688585 | 上纬新材 | 要约申报期：2025年9月29日至2025年10月28日 | 6521&orgId=9900042956&announcementTime=2025 | -10-11 | | http://www.cninfo. ...

New Stock Issuance - Xi'an Yicai (787783) issued at a price of 8.62[1] - Changjiang Energy Technology (920158) issued at a price of 5.33[1] Equity Market Alerts - Tender offer for Shangwei New Materials (688585) from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuation reported for Nanjing New Pharmaceutical (688189) with a recent announcement on October 10, 2025[1] Recent Announcements - Multiple companies reported significant fluctuations, including ST Yanzhen (603389) with a recent announcement on October 16, 2025[1] - ST Hengjiu (002808) reported a fluctuation with an announcement on October 16, 2025[1] Trading Alerts - A total of 50 companies reported trading alerts with varying degrees of fluctuation, with the highest being 9889 for ST Jianyi (002789) on October 14, 2025[1] - The lowest fluctuation reported was 1,010 for ST Xinyuan (300472) on October 13, 2025[1]

New Stock Issuance - New stock issuance includes 泰凯英 (code: 920020) at an issuance price of 7.50 and 超颖电子 (code: 732175) at 17.08[1] Equity Market Alerts - 上纬新材 (code: 688585) is undergoing a tender offer from September 29, 2025, to October 28, 2025[1] - 科思科技 (code: 688788) and 博瑞医药 (code: 688166) have recent announcements dated September 26, 2025, and October 10, 2025, respectively[1] - 南新制药 (code: 688189) reported severe abnormal fluctuations on October 10, 2025[1] Trading Alerts - A total of 50 stocks have trading alerts with the latest announcements on October 15, 2025, including 国光连锁 (code: 605188) and 中持股份 (code: 603903)[1] - The lowest trading alert price recorded is 1,116 for 赛恩斯 (code: 688480)[1]

Group 1 - The report highlights the increasing pressure on the domestic economy, with investment, consumption, and real estate growth rates continuing to slow down, indicating weak internal recovery dynamics [5][6][38] - The upcoming 20th Central Committee's Fourth Plenary Session is expected to release long-term policy signals, which may boost market confidence and focus on technology innovation and improving livelihood mechanisms [5][6][38] - The report notes that the A-share market remains relatively optimistic due to high trading volumes and the influx of new capital, despite external tariff disturbances being less impactful than previous rounds [7][8] Group 2 - The report indicates that the employment market in the U.S. is cooling, with non-farm employment growth significantly below expectations, reflecting increased pressure on the labor market [6][23] - U.S. inflation is showing a moderate rebound, with the Consumer Price Index (CPI) rising by 2.9% year-on-year, driven by energy, food, and housing prices [6][23] - The report discusses the potential for a shift in market style towards more stable investments as the technology growth sector experiences increased volatility and reduced upward space [7][8] Group 3 - The report emphasizes the performance of various asset classes, noting that A-shares and Hong Kong stocks have shown significant gains, with the Hang Seng Technology Index rising by 13.95% in September [11][12] - It highlights the strong performance of sectors such as electric power equipment, non-ferrous metals, and real estate, while financial stocks have underperformed [13][14] - The report suggests a cautious approach towards technology growth investments, recommending a shift towards broader indices and low-volatility dividend stocks as market conditions evolve [7][8]

New Stock Issuance - He Yuan Bio (787765) issued shares at a price of 29.06 on October 14, 2025[1] - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Nanjing New Pharmaceutical (688189) on October 10, 2025[1] - Multiple companies including Hefei Urban Construction (002208) and ST Jianyi (002789) have recent announcements regarding their stock performance[1] Trading Notifications - A total of 30 companies have trading notifications on October 14, 2025, indicating various market activities[1] - Companies such as ST Er Ya (600107) and Guangdong Mingzhu (600382) are among those with recent trading alerts[1]

Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell strategy, which differs from trend trading as it does not predict market trends but instead capitalizes on natural price fluctuations within a certain range to generate profits, making it suitable for frequently fluctuating markets [3][10] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate for grid trading [3][10] Group 2: Analysis of ETF Grid Strategy Targets - The Saudi ETF (159329.SZ) is one of the only two instruments linked to the Saudi capital market, capturing the long-term economic transformation dividends under Saudi Arabia's "Vision 2030," which aims to reduce oil dependency and diversify the economy [3][11] - As of October 13, 2025, the Saudi ETF's underlying holdings show over 40% in the financial sector, over 20% in consumer and technology sectors, and only about 10% in traditional fossil energy, reflecting a diversified and emerging industry structure [3][11] - The Tourism ETF (159766.SZ) is a key driver in China's shift from investment-driven to consumption-driven growth, supported by government measures to stimulate domestic tourism consumption, with significant increases in domestic travel and spending during the 2025 National Day and Mid-Autumn Festival holidays [4][14]

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints - The bond market in China showed a volatile trend. Before the National Day (2025.09.22 - 2025.09.30), it maintained a weak oscillation, and after the National Day (2025.10.09 - 2025.10.10), the bond market sentiment improved, and the yields generally declined. The central bank will continue to support liquidity, and the bond supply in the fourth quarter may gradually decrease, so the relatively fragile situation of the bond market sentiment is expected to improve. However, the current market's continuous bullish sentiment is not strong, and the repair amplitude may be relatively limited [2][9]. - The US Treasury yields fluctuated. Before the National Day, they rose, and during and after the National Day, they declined. The continuous "shutdown" of the US government and the divergence of Fed officials on interest - rate cuts have affected the market [10]. - REITs continued to face pressure. Before and after the National Day, the CSI REITs Total Return Index declined, with only the environmental protection and people's livelihood sector rising slightly after the National Day. In the primary market, there were new developments for some REITs [11]. Summary by Relevant Catalogs 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Before the National Day, the 1 - year Treasury yield decreased by 1.72BP to 1.37%, the 10 - year yield decreased by 0.42BP to 1.86%, and the 30 - year yield increased by 5.7BP to 2.25%. After the National Day, the 1 - year yield decreased by 0.88BP to 1.37%, the 10 - year yield decreased by 1.45BP to 1.85%, and the 30 - year yield increased by 3.68BP to 2.28%. Due to the relief of the pressure to realize floating profits at the end of the quarter and the central bank's continuous support for market liquidity, the bond market sentiment improved [2][9]. - **US Treasury Yield Fluctuation**: Before the National Day, the 1 - year US Treasury yield increased by 8BP to 3.68%, the 2 - year yield increased by 3BP to 3.60%, and the 10 - year yield increased by 2BP to 4.16%. During and after the National Day, the 1 - year yield decreased by 8BP to 3.60%, the 2 - year yield decreased by 8BP to 3.52%, and the 10 - year yield decreased by 11BP to 4.05%. The continuous "shutdown" of the US government and the divergence of Fed officials on interest - rate cuts affected the market [10]. - **REITs Performance**: Before the National Day, the CSI REITs Total Return Index decreased by 0.92% to 1061.47 points, and all types of REITs generally declined. After the National Day, the index decreased by 0.26% to 1058.71 points, with only the environmental protection and people's livelihood sector rising slightly. As of October 10, 2025, 16 REITs had completed fundraising and listing in 2025. Last week, 3 new public REITs and 1 expansion - offering REIT made new progress [11]. 1.2. Public Fund Market Dynamics - The first foreign - funded consumer REIT, Huaxia CapitaLand Commercial REIT, was successfully listed on the Shanghai Stock Exchange on September 29, 2025. It is the 75th public REIT in China and a benchmark case for the internationalization, diversification, and specialization of the Chinese public REIT market [3][12]. 2. Pan - Fixed - Income Fund Index Performance Tracking - **Currency Enhancement Index**: Last week (2025.10.09 - 2025.10.10), it rose by 0.00%, with a cumulative return of 4.16% since its establishment. It aims at liquidity management, pursues a curve that surpasses money - market funds and rises smoothly, and mainly allocates money - market funds and inter - bank certificate of deposit index funds. The performance comparison benchmark is the CSI Money Fund Index [4][13][15]. - **Pure Bond Index**: - **Short - Term Bond Fund Preferred Index**: Last week, it rose by 0.00%, with a cumulative return of 4.27% since its establishment. It aims at liquidity management, pursues a smooth - rising curve on the basis of ensuring drawdown control, and mainly configures 5 funds with stable long - term returns, strict drawdown control, and significant absolute - return capabilities. The performance comparison benchmark is 50% * Short - Term Pure Bond Fund Index + 50% * Ordinary Money - Market Fund Index [4][13][18]. - **Medium - and Long - Term Bond Fund Preferred Index**: Last week, it rose by 0.01%, with a cumulative return of 6.06% since its establishment. It invests in medium - and long - term pure bond funds, pursues stable returns while controlling drawdowns, and selects 5 funds each period. It adjusts the duration and the ratio of credit bond funds and interest - rate bond funds according to market conditions [4][14][20]. - **Fixed - Income + Index**: - **Low - Volatility Fixed - Income + Preferred Index**: Last week, it fell by 0.18%, with a cumulative return of 3.99% since its establishment. The equity center is positioned at 10%, and 10 funds are selected each period. It selects fixed - income + targets with an equity center within 15% in the past three years and recently. The performance comparison benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index [4][14][22]. - **Medium - Volatility Fixed - Income + Preferred Index**: Last week, it fell by 0.45%, with a cumulative return of 5.59% since its establishment. The equity center is positioned at 20%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 15% and 25% in the past three years and recently [4][14][23]. - **High - Volatility Fixed - Income + Preferred Index**: Last week, it fell by 0.42%, with a cumulative return of 7.78% since its establishment. The equity center is positioned at 30%, and 5 funds are selected each period. It selects fixed - income + targets with an equity center between 25% and 35% in the past three years and recently [4][14][27]. - **Convertible Bond Fund Preferred Index**: Last week, it rose by 0.89%, with a cumulative return of 23.01% since its establishment. It selects bond - type funds with a convertible - bond investment proportion of at least 60% in the latest period and at least 80% on average in the past four quarters as the sample space, and selects 5 funds to form the index [4][14][29]. - **QDII Bond Fund Preferred Index**: Last week, it rose by 0.23%, with a cumulative return of 10.37% since its establishment. It selects 6 funds with stable returns and good risk control based on the credit and duration of overseas bonds [4][14][32]. - **REITs Fund Preferred Index**: Last week, it fell by 0.19%, with a cumulative return of 34.27% since its establishment. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset types of REITs [4][14][33].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - During the two trading days before and after the double festivals (2025.09.29 - 2025.10.10), the market once reached a new high, with upstream resource products leading the rise, and lithium batteries, steel, and military industries taking turns to perform. However, the capital support for the pre - holiday rebound was weaker than before, and the market quickly declined on Friday after a brief post - holiday rebound. Some funds saw the decline as an opportunity to increase positions [11]. - The resurgence of the tariff issue is a continuation of the global tariff war since April. Although the current valuation of the equity market is significantly higher than in April, China's "double - loose" policy is clear, and investors have more experience in dealing with such situations [11]. - The market under the current friction may mainly involve profit - taking of the booming assets since the third quarter. If a style switch occurs, the market's development path depends on specific triggering factors [13]. - The essence of the current upstream resource stock market represented by non - ferrous metals is the switch of the valuation logic of resource stocks from the cycle to DCF with higher cash - flow visibility under the background of supply constraints and geopolitical instability. This logic will continue as long as commodity prices do not continuously decline [4][13]. 3. Summary by Directory 3.1 Weekly Market Observation - **Equity Market Review and Observation** - From 2025.09.29 to 2025.10.10, the market reached a new high, with upstream resource products leading. The pre - holiday rebound lacked capital support, and the market declined on Friday after a brief post - holiday rebound. When the market tumbled last Friday, there were net purchases of CSI 300, ChiNext, and STAR Market ETFs [11]. - On the evening of October 10, 2025, Trump threatened to impose a 100% tariff on China and cancel the APEC meeting between Chinese and US leaders, causing a sharp decline in risk assets. This trade conflict is a continuation of the global tariff war since April, and the conflict may escalate and spread to other fields [11]. - The current valuation of the equity market is higher than in April, but China's "double - loose" policy is clear, and investors have more experience in dealing with such situations [11]. - In the third quarter, the market's structural market was extreme, with technology innovation sectors rising significantly and pro - cyclical assets performing poorly. The market's ability to continue to rise depends on whether high - valuation hot sectors can maintain their upward momentum and whether low - valuation traditional pro - cyclical sectors can improve their fundamentals [12]. - The market under the current friction may mainly involve profit - taking of booming assets. If a style switch occurs, the development path depends on specific factors such as economic policies, the slowdown of booming industries, or geopolitical factors [13]. - The demand for energy metals is increasing, and the supply of strategic minor metals is restricted by anti - globalization. The valuation logic of upstream resource stocks represented by non - ferrous metals has switched from the cycle to DCF, and this logic will continue as long as commodity prices do not continuously decline [13]. 3.2 Active Equity Fund Index Performance Tracking - **Performance Statistics** - From 2025.10.09 to 2025.10.10, the Active Stock Fund Preferred Index fell 1.63%, the Value Stock Fund Preferred Index fell 0.09%, the Balanced Stock Fund Preferred Index fell 2.13%, the Growth Stock Fund Preferred Index fell 2.63%, the Pharmaceutical Stock Fund Preferred Index fell 2.66%, the Consumption Stock Fund Preferred Index fell 0.93%, the Technology Stock Fund Preferred Index fell 2.63%, the High - end Manufacturing Stock Fund Preferred Index fell 4.56%, and the Cyclical Stock Fund Preferred Index fell 1.42% [6][14]. - Since its establishment, the Active Stock Fund Preferred Index has recorded an excess return of 13.38%, the Value Stock Fund Preferred Index 4.80%, the Balanced Stock Fund Preferred Index 8.75%, the Growth Stock Fund Preferred Index 13.56%, the Pharmaceutical Stock Fund Preferred Index 19.67%, the Consumption Stock Fund Preferred Index 23.42%, the Technology Stock Fund Preferred Index 20.72%, the High - end Manufacturing Stock Fund Preferred Index - 5.99%, and the Cyclical Stock Fund Preferred Index - 1.99% [6]. - **Index Positioning and Benchmarks** - **Active Stock Fund Preferred Index**: 15 funds are selected each period and equally weighted. The core positions select active equity funds based on performance competitiveness and style stability, and the style distribution is balanced according to the CSI Active Stock Fund Index. The performance benchmark is the Active Stock Index (930980.CSI) [15]. - **Value Stock Fund Preferred Index**: It includes deep - value and quality - value styles. 10 funds of deep - value, quality - value, and balanced - value styles are selected to form the index. The performance benchmark is the CSI 800 Value Index (H30356.CSI) [17][18]. - **Balanced Stock Fund Preferred Index**: Balanced - style fund managers balance the valuation and growth of individual stocks. 10 funds of relatively balanced and value - growth styles are selected to form the index. The performance benchmark is the CSI 800 (000906.SH) [21]. - **Growth Stock Fund Preferred Index**: It aims to capture the performance and valuation double - click opportunities of high - growth companies. 10 funds of active - growth, quality - growth, and balanced - growth styles are selected to form the index. The performance benchmark is the 800 Growth Index (H30355.CSI) [23][24]. - **Pharmaceutical Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and the representative index (CITIC Pharmaceutical). 15 funds are selected to form the index. The performance benchmark is the Pharmaceutical Theme Fund Index (fitted by Huabao Fund Research Platform) [26]. - **Consumption Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and representative indices (CITIC Automobile, Home Appliances, etc.). 10 funds are selected to form the index. The performance benchmark is the Consumption Theme Fund Index (fitted by Huabao Fund Research Platform) [26][29]. - **Technology Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and representative indices (CITIC Electronics, Communication, etc.). 10 funds are selected to form the index. The performance benchmark is the Technology Theme Fund Index (fitted by Huabao Fund Research Platform) [29]. - **High - end Manufacturing Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and representative indices (CITIC Construction, Light Industry Manufacturing, etc.). 10 funds are selected to form the index. The performance benchmark is the High - end Manufacturing Theme Fund Index (fitted by Huabao Fund Research Platform) [32]. - **Cyclical Stock Fund Preferred Index**: Funds are selected based on the intersection market value of their equity holdings and representative indices (CITIC Petroleum and Petrochemical, Coal, etc.). 5 funds are selected to form the index. The performance benchmark is the Cyclical Theme Fund Index (fitted by Huabao Fund Research Platform) [32][33].