Industry Investment Rating - The report does not explicitly mention an industry investment rating [1][2][3] Core Views - The report highlights the decline in yields of liquidity management tools post the year-end effect [1] - Cash management products and money funds show a narrowing yield gap, with cash management products yielding 1.63% and money funds yielding 1.49% as of January 5, 2025 [3][8] - The yield gap between cash management products and money funds widened by 5BP to 14BP [3][8] - The report notes a temporary increase in short-term yields due to year-end liquidity tightening, which has since normalized [9] Product Performance Summary Cash Management Products - 7-day annualized yield for cash management products was 1.63%, down 7BP from the previous week [3][8] Fixed-Income Non-Cash Products - 1-month annualized yield for daily open fixed-income non-cash products was 2.95%, down 18BP from the previous week [4][10] - 6-month annualized yield for 6-12 month closed fixed-income products was 3.41%, up 3BP from the previous week [4][10] - 1-year annualized yield for 1-3 year closed fixed-income products was 3.90%, down 1BP from the previous week [4][10] Maturity and Compliance - Total maturity scale for wealth management products from December 30, 2024, to January 5, 2025, was 1768.49 billion yuan, with an average compliance rate of 79%, up 3BP from the previous week [5][11] - Closed-end products had a higher average compliance rate of 84% compared to the overall rate [5][11] - Specific wealth management companies such as Hangyin Wealth Management, Suyin Wealth Management, and Boshin Wealth Management achieved a 100% compliance rate [5][11] Company-Specific Performance - Detailed compliance rates for various wealth management companies are provided, with some achieving 100% compliance in closed-end products [13]

2025 年 01 月 05 日 证券研究报告 | 策略周报 市场情绪转弱，防守待反击 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 分析师：刘芳 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 相关研究报告 1、《成交量延续回落，再回"哑铃型" 配置 —策略周报》2024-12-29 2、《政策博弈暂歇，静待扩内需政策加 码—策略周报》2024-12-22 3、《会议定调积极，跨年行情可期—策 略周报》2024-12-15 4、《重磅会议即将召开，进入预期博弈 阶段 —策略周报》2024-12-08 5、《市场活跃度降低，短期或延续震 荡—策略周报》2024-12-01 投资要点 基本面回顾与资产配置展望：美国制造业 PMI 继续回升，经济韧性仍然偏强， 美元指数升至 109 点高位，非美货币贬值压力上升。国内方面，政策进入部署的空 窗期，12 月制造业 PMI 回落，显示复苏脉冲有所转弱，叠加 ...

敬请参阅报告结尾处免责声明 华宝证券 9/9 2024 年 12 月 31 日 证券研究报告 | 公募基金周报 常青低波策略震荡中显优势，关注调整后低位机会 公募基金量化遴选类策略指数跟踪周报（2024.12.29） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 投资要点 本周 A 股呈现缓慢上行态势，在两会结束后的市场博弈了结期后，市场有所 企稳并小幅回升，大盘风格和红利风格表现较强，带动上证综指录得 0.95%涨 幅。红利风格受到市场资金的青睐，也带动常青低波组合表现强势，这与我们 在 2024 年 12 月 24 日发布的周报以及 2024 年 12 月 25 日发布的金融产品观 察推荐方向一致，当前处于波动水平有所提高，避险情绪边际升温的节点，防 御属性的低波策略有望取得更高性价比。海外市场方面，在受到 12 月份美联 储议息会议上鹰派表态影响回调后，美股快速反弹，收复大部分跌幅，随后接 近前期高位后再次小幅回调。此轮较大波动的行情，验证了我们此前对于美股 的风险提示，随着本轮波动消化市场分歧后，风险 ...

2024 年 12 月 29 日 证券研究报告 | 策略周报 成交量延续回落，再回"哑铃型"配置 策略周报 分析师：郝一凡 分析师登记编码：S0890524080002 电话：021-20321080 邮箱：haoyifan@cnhbstock.com 投资要点 基本面回顾与资产配置展望：美国经济、通胀预期偏强，推动美债收益率近期走 强，10 年期美债收益率升至 4.6%，对权益资产估值形成一定短期扰动。国内方 面，政策进入部署的空窗期，且企业盈利仍然偏弱，11 月，规模以上工业企业利 润同比增长-7.3%。 A 股市场回顾与展望：本周（12 月 23 日-12 月 27 日）A 股市场成交活跃度延续 回落，两市日均成交额 13791 亿元，较前一周降低 1439 亿元，为国庆后新低，市 场情绪从偏热回归常态。本周市场指数震荡小幅上涨，但大小盘分化，大盘权重指 数表现相对偏强，小微盘走弱。银行股表现偏强，四大行本周均创新高，支撑指数 回升，成长方向上电子、通信、军工板块有所表现。短期内，市场预期偏震荡运 行，建议关注哑铃型配置机会，一端红利资产降低组合波动，另一端待调整阶段布 局高波动的 AI 相关板块获取弹 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The non-bank interbank deposit pricing regulation is set to take effect on December 1, 2024, which aims to lower banks' funding costs and mitigate the pressure on net interest margins [12][33] - The total scale of public funds reached 31.99 trillion yuan by the end of November 2024, reflecting a month-on-month increase of 479.48 billion yuan [14][34] - The net interest margin of commercial banks decreased to 1.53% in Q3 2024, down 0.01 percentage points from Q2 2024, indicating a continued downward trend in profitability [15][35] Summary by Sections 1. Regulatory Policies and Asset Management Market News - The self-regulatory mechanism for market interest rate pricing was introduced to optimize non-bank interbank deposit management, effective from December 1, 2024 [12][33] - The new regulations will help standardize investment behaviors of asset management institutions and reduce risk-free arbitrage opportunities [13] 2. Monthly Overview of the Wealth Management Market - In November 2024, 2,582 non-principal guaranteed wealth management products were issued, a year-on-year decrease of 14.8% but a month-on-month increase of 11.9% [38] - The issuance of net value-type products included 2,435 fixed income products, 60 mixed products, 16 equity products, and 10 commodity and financial derivative products [38] 2.1 Non-Principal Guaranteed Wealth Management Products - The issuance of non-principal guaranteed products in November 2024 was dominated by fixed income products, which accounted for 94.3% of the total [38] 2.2 Wealth Management Subsidiary Products - In November 2024, wealth management subsidiaries issued a total of 1,691 products, with 1,626 being fixed income products [21][44] 2.3 Product Performance Comparison - The average performance benchmark for fixed income products with absolute values for different durations in November 2024 was as follows: 3 months or less at 2.25%, 3-6 months at 2.58%, 6-12 months at 2.62%, 1-3 years at 3.03%, and over 3 years at 3.13% [44][45] 2.4 Product Tracking - Charity Wealth Management - The issuance of charity wealth management products has increased, with new products launched by various financial institutions aimed at supporting specific charitable projects [55][56]

分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 销售服务电话： 021-20515355 2024 年 12 月 24 日 证券研究报告 | 公募基金周报 美联储"鹰派降息"引回落，海内外权益调整显机会 公募基金量化遴选类策略指数跟踪周报（2024.12.22） 分析师：李亭函 1 、《 ETF 策 略 指 数 跟 踪 周 报 — 2024/12/20》2024-12-23 2、《海内外权益策略获正收益，关注上 行趋势中逢低布局—公募基金量化遴选 类策略指数跟踪周报（2024.12.15）》 2024-12-17 3 、《 ETF 策 略 指 数 跟 踪 周 报 — 2024/12/13》2024-12-15 4、《政策暖风吹，消费配置正当时—金 融产品观察》2024-12-12 5、《政治局会议财政货币双积极，密切 把握权益布局机会—公募基金量化遴选 类策略指数跟踪周报（2024.12.08）》 ...

Group 1 - The report indicates that the A-share market is entering a policy game vacuum period after important meetings, with the index likely to shift towards a consolidation phase due to high trading activity and limited downside risk, while structural opportunities remain [21][50]. - Economic data for November shows a slowdown in growth momentum, with industrial value-added increasing by 5.4% year-on-year, fixed asset investment rising by 3.3%, and retail sales growing by only 3%, indicating a need for further expansion of domestic demand policies [15][53]. - The report highlights a focus on sectors related to "AI+" and "new consumption," suggesting investment opportunities in media, communication, robotics, artificial intelligence, consumer electronics, dining, tourism, sports entertainment, and retail [21][15]. Group 2 - The average daily trading volume in the A-share market decreased to 15,229.74 billion yuan, down by 4,099.70 billion yuan from the previous week, reflecting a decline in trading sentiment [13][21]. - The report notes that the risk premium for A-shares has increased, while the dividend yield of the Shanghai Dividend Index has risen, leading to an improvement in the stock-bond valuation ratio [57][21]. - The report mentions that the turnover rates for various indices, particularly small-cap indices like the CSI 2000 and Wind Micro-cap Index, have significantly decreased, indicating a reduction in market activity [59][61].

Macro Insights - The report indicates a shift towards more proactive macro policies aimed at stabilizing expectations and boosting confidence, with a focus on fiscal policy to enhance livelihoods and consumption [14][19][20] - The central economic work conference emphasized the need for a more active fiscal policy, increasing the fiscal deficit ratio and expanding fiscal spending, while monetary policy will remain moderately loose [19][20] - The report highlights that the economic situation remains complex, with insufficient effective demand and low inflation, necessitating patience for the effects of these policies to materialize [8][16] Industry Insights - In the steel industry, November saw a continued increase in supply, but the growth rate has slowed, with steel consumption weakening and exports maintaining double-digit growth [32][36] - The report notes that the profitability of different steel products is diverging, with rebar profits deteriorating while hot-rolled and cold-rolled products show improvement [33][66] - The magnesium market is expected to see an increase in operating rates and production due to rising demand from the automotive and 3C industries, despite a slight decline in average magnesium prices [46][47][71] New Energy - The new energy vehicle market continues to thrive, with November sales reaching 151.2 million units, a year-on-year increase of 47.4%, driven by strong demand and supportive policies [76][80] - The report anticipates that the demand for lithium batteries will remain robust, with production levels stabilizing and a positive outlook for the industry as supply chain issues are addressed [51][80] - The report also mentions that the overall price of lithium carbonate has stabilized at around 76,000 yuan per ton, indicating a bottoming out of prices [81]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry [1]. Core Insights - The yield gap between cash management products and money market funds has narrowed to approximately 10 basis points (BP) [1]. - Cash management products have a 7-day annualized yield of 1.67%, while money market funds yield 1.55%, both showing a 1 BP increase from the previous week [1]. - Non-cash fixed income products have shown an increase in yield, with a 1-month annualized yield of 3.08%, up 19 BP from the previous week [1]. - The performance of closed-end fixed income products has also improved, with yields of 3.43% for 6-12 month products and 3.95% for 1-3 year products, reflecting increases of 2 BP and 8 BP respectively [1]. Summary by Sections 1. Cash Management Products 7-Day Annualized Yield - As of December 15, 2024, cash management products yield 1.67%, up 1 BP from the previous week, while money market funds yield 1.55%, also up 1 BP, maintaining a yield gap of 12 BP [1][15]. 2. Performance Review of Wealth Management Products - The report indicates that the performance of wealth management products has improved due to favorable bond market conditions, with non-cash fixed income products yielding 3.08% for the past month, an increase of 19 BP [1][15]. - Closed-end fixed income products have shown yields of 3.43% for 6-12 month terms and 3.95% for 1-3 year terms, reflecting increases of 2 BP and 8 BP respectively [1][15]. 3. Maturity and Compliance Status of Wealth Management Products - From December 9 to December 15, 2024, the total maturity scale of wealth management products was 233.09 billion, with an average compliance rate of 77%, up 3 percentage points from the previous week [1][21]. - Companies achieving a 100% compliance rate include Bo Yin Wealth Management, Goldman Sachs ICBC Wealth Management, and BNP Paribas Agricultural Bank Wealth Management [1][21].

Grid Trading Strategy Overview - Grid trading is a high buy low sell strategy that capitalizes on price fluctuations without predicting market trends, suitable for volatile markets[1] - Investors can enhance returns by repeatedly capturing small price differences in a sideways market until a clear market direction emerges[1] Suitable ETF Characteristics - Ideal grid trading targets include on-exchange products, stable long-term trends, low transaction costs, good liquidity, and high volatility[1] - Equity ETFs are considered appropriate for grid trading due to these characteristics[1] Key ETF Recommendations - **Hong Kong Dividend ETF (159691.SZ)**: High dividend yield remains attractive despite a 20%-28% dividend tax for Hong Kong Stock Connect investors; AH premium index at 145.75 indicates a favorable valuation[2] - **Pharmaceutical ETF (512010.SH)**: Long-term growth potential remains strong due to aging population and ongoing clinical challenges; overall industry risk has been largely cleared[3] - **Nasdaq Technology ETF (159509.SZ)**: Expected to benefit from a clear fiscal policy under "Trump 2.0" and cautious Fed rate cuts, supporting a potential market uptrend[3] Risk Considerations - Risks include slower-than-expected domestic economic recovery, U.S. economic rebound, inflation data, and geopolitical uncertainties[4] - Past performance of funds does not guarantee future results; reliance on historical data may lead to discrepancies in real trading scenarios[4]