Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market is experiencing a shift towards "hard technology" investments, with a focus on innovation and regulatory compliance [3][4] - The new generation of wealth management systems has been fully launched, marking a significant breakthrough in market infrastructure and laying the groundwork for improved information disclosure [3][12] - The industry is facing challenges due to low interest rates and stringent regulatory environments, prompting firms to adjust their operational strategies [3][14] Summary by Sections Market Overview - As of November, the total scale of wealth management products in the market reached 31.67 trillion yuan, a slight increase of 0.12% month-on-month and a year-on-year increase of 6.21% [5][10] - The annualized yield for cash management products recorded 1.28%, a decrease of 1.64 basis points from the previous month [5][10] - The overall market saw a decline in yields across various product categories, with pure fixed-income products yielding 2.04%, down 1.13 percentage points month-on-month [5][10] Regulatory and Industry Dynamics - The "China Banking and Insurance Asset Management Association" has completed its name change, reflecting a shift towards "functional regulation" in the asset management industry [3][12][14] - Several wealth management companies have undergone significant leadership changes, indicating a strategic shift in response to the current market conditions [3][14] - The introduction of the new wealth management system is expected to enhance data quality and reporting efficiency, promoting transparency in the industry [3][12] Product Innovations - New product launches in November included customized wealth management products and multi-asset strategies aimed at supporting technology enterprises [4][17] - The trend of wealth management funds participating in equity investments is growing, with firms actively engaging in the technology innovation sector [4][17] - The report highlights the emergence of innovative index products focused on technology and green bonds, indicating a shift in investment strategies towards sustainable development [4][19]

New Stock Issuance - New stock issuance for Yuan Chuang Co., Ltd. at a price of 24.75 on December 9, 2025[1] - The offer period for Quan Yin Gao Ke (300087) is from December 4, 2025, to January 5, 2026[1] - The offer period for Tian Pu Co., Ltd. (605255) is from November 20, 2025, to December 19, 2025[1] Delisting and Trading Alerts - ST Guang Dao (920680) enters the delisting arrangement period starting December 11, 2025[1] - ST Su Wu (600200) has 14 trading days remaining until the last trading day[1] - ST Ao Wei (002231) and ST Ya Tai (000691) are under trading alerts as of December 9, 2025[1] Market Volatility - Severe abnormal fluctuations reported for Sai Wei Electronics (300456) on December 2, 2025[1] - Multiple companies including ST Qi Bu (603557) and ST Mu Bang (603398) reported abnormal fluctuations on December 3, 2025[3]

Group 1 - The report outlines a grid trading strategy that focuses on profiting from price fluctuations rather than predicting market trends, making it suitable for volatile markets [4][13] - Characteristics of suitable grid trading targets include being exchange-traded, having stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being particularly appropriate [4][13] - The report highlights key ETFs for grid trading, including the military industry ETF, which is expected to benefit from a new procurement cycle driven by the "14th Five-Year Plan" and a projected defense budget of 1.81 trillion yuan for 2025, a 7.2% increase [4][14] Group 2 - The gaming ETF is noted for its strong growth potential due to the normalization of game license approvals, with 1,624 licenses issued from January to November 2025, significantly surpassing the previous year's total [5][17] - The software ETF is positioned to capture opportunities from domestic software replacement and AI-driven transformations, supported by policies promoting technological self-reliance and innovation [6][20] - The Hang Seng Internet ETF is expected to enhance commercial monetization through AI integration, as major internet companies are increasingly deploying AI products to improve user engagement and service capabilities [7][23]

1. Industry Investment Rating - No information provided in the report. 2. Core Viewpoints - Last week (2025.12.01 - 2025.12.05), the A - share market continued to rise with shrinking volume, and the market was waiting for a new leading line. The release of the "Guiding Opinions on the Performance Appraisal and Management of Fund Management Companies (Draft for Comment)" will promote the transformation of the public - fund industry from scale expansion to value creation and high - quality development [3][13][16]. 3. Summary by Directory 3.1. Weekly Market Observation 3.1.1. Equity Market Review and Observation - The A - share market continued to rise with shrinking volume last week. The Shanghai Composite Index rose 0.37%, the CSI 300 rose 1.28%, the CSI 500 rose 0.94%, and the ChiNext Index rose 1.86%. Growth styles outperformed value styles. The average daily trading volume of the whole A - share market was 1,687 billion yuan, a decrease from the previous week. The market is waiting for new leading lines. Multiple important policy time - windows are approaching in mid - December [13]. - In the non - banking financial sector, on December 5th, the financial regulatory authority issued a notice to adjust risk factors for insurance companies, which increased the investment space for insurance funds in equities and encouraged long - term holding. There is also strong momentum for incremental insurance funds to enter the market across the year [14]. - In the commercial aerospace sector, affected by short - term events, it was active last week. The investment in this sector may follow the "emotion first, logic follow - up" path, and the current market may be in the transition period from "emotion" to "logic" [14]. - In the precious metals sector, the rapid rise in silver prices is due to the expected recovery of global liquidity, the tight global silver spot market, and the change in the supply - demand structure. In the long run, the contraction of the US dollar credit will continue to drive the upward trend of precious metals [15]. 3.1.2. Public - Fund Market Dynamics - On December 6, 2025, the "Guiding Opinions on the Performance Appraisal and Management of Fund Management Companies (Draft for Comment)" was issued. It further refines and implements previous action plans, aiming to correct the short - term incentives and weak responsibility constraints in the public - fund industry and promote high - quality development. Balancing scale, product excess returns, and investors' account returns will be crucial for the public - fund industry in the future [16][17]. 3.2. Active Equity Fund Index Performance Tracking | Index Category | Last Week (2025.12.01 - 2025.12.05) | Last Month (2025.11.05 - 2025.12.05) | Since the Beginning of This Year (2025.01.02 - 2025.12.05) | Since Inception | | --- | --- | --- | --- | --- | | Strategy Theme - based | Active stock - fund preferred | 1.64% | 0.78% | 38.23% | 39.35% (since 2023.05.11) | | Investment Style - based | Value stock - fund preferred | 1.62% | 1.98% | 20.24% | 20.34% (since 2023.05.11) | | | Balanced stock - fund preferred | 1.00% | - 0.57% | 30.38% | 27.53% (since 2023.05.11) | | | Growth stock - fund preferred | 0.64% | - 0.16% | 52.11% | 38.44% (since 2023.05.11) | | Industry Theme - based | Pharmaceutical stock - fund preferred | - 1.73% | - 0.71% | 37.80% | 19.37% (since 2023.05.11) | | | Consumption stock - fund preferred | - 0.31% | - 0.85% | 11.70% | 4.51% (since 2023.05.11) | | | Technology stock - fund preferred | 0.56% | - 1.80% | 44.60% | 46.87% (since 2023.05.11) | | | High - end manufacturing stock - fund preferred | - 0.53% | - 2.72% | 31.07% | 24.75% (since 2023.05.11) | | | Cyclical stock - fund preferred | 1.95% | 3.19% | 27.38% | 18.39% (since 2024.11.08) | 3.2.1. Active Stock - Fund Preferred - The index selects 15 funds each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability in value, balanced, and growth styles, and balances the style allocation according to the CSI Active Stock - type Fund Index [19]. - The performance comparison benchmark is the active stock - type fund index (930980.CSI) [20]. 3.2.2. Value Stock - Fund Preferred - The index includes deep - value and quality - value styles, and selects 10 funds based on multi - period style division [23]. - The performance comparison benchmark is the CSI 800 Value Index (H30356.CSI) [23]. 3.2.3. Balanced Stock - Fund Preferred - The index selects 10 relatively balanced and value - growth style funds based on multi - period style division. The fund managers in this style balance the valuation and growth of stocks and consider cost - effectiveness in both stock - selection and industry - selection [25]. - The performance comparison benchmark is the CSI 800 (000906.SH) [25]. 3.2.4. Growth Stock - Fund Preferred - The index aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 active - growth, quality - growth, and balanced - growth style funds based on multi - period style division [27]. - The performance comparison benchmark is the 800 Growth Index (H30355.CSI) [27]. 3.2.5. Pharmaceutical Stock - Fund Preferred - The index selects funds with an average purity of no less than 60% in the pharmaceutical industry over the past 3 years or since inception. It constructs an evaluation system and ensures 15 funds are included [27]. - The performance comparison benchmark is the pharmaceutical theme fund index (fitted by Huabao Fund Research Platform) [27]. 3.2.6. Consumption Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the consumption industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [31]. - The performance comparison benchmark is the consumption theme fund index (fitted by Huabao Fund Research Platform) [33]. 3.2.7. Technology Stock - Fund Preferred - The index selects funds with an average purity of no less than 60% in the technology industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [35]. - The performance comparison benchmark is the technology theme fund index (fitted by Huabao Fund Research Platform) [35]. 3.2.8. High - end Manufacturing Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the high - end manufacturing industry over the past 3 years or since inception. It constructs an evaluation system and ensures 10 funds are included [38]. - The performance comparison benchmark is the high - end manufacturing theme fund index (fitted by Huabao Fund Research Platform) [38]. 3.2.9. Cyclical Stock - Fund Preferred - The index selects funds with an average purity of no less than 50% in the cyclical industry over the past 3 years or since inception. It constructs an evaluation system and ensures 5 funds are included [41]. - The performance comparison benchmark is the cyclical theme fund index (fitted by Huabao Fund Research Platform) [41].

New Stock Issuance - New stocks issued include 纳百川 (code: 301667) at an issuance price of 22.63 and 优迅股份 (code: 787807) at 51.66[1] Rights Issues and Announcements - 荃银高科 (code: 300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (code: 605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting and Special Notices - *ST广道 (code: 920680) will enter the delisting arrangement period starting December 11, 2025[1] - *ST苏吴 (code: 600200) will enter the delisting arrangement period starting December 9, 2025[1] Stock Performance Alerts - 赛微电子 (code: 300456) reported severe abnormal fluctuations[1] - 海王生物 (code: 000078) and 瑞达期货 (code: 002961) also reported significant fluctuations[1] Additional Stock Announcements - 航天发展 (code: 000547) and 顺灏股份 (code: 002565) have issued announcements regarding their stock performance[1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The report presents several ETF strategy indices constructed by Huabao Research, tracking their performance and positions on a weekly basis. These indices aim to achieve excess returns over the market through different methods, such as using multi - dimensional technical indicators, factor timing, and hot - spot tracking [4][5][6]. 3. Summary by Directory 1.1. Huabao Research Size Rotation ETF Strategy Index - **Strategy**: 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, deciding positions based on weekly output signals [4][14]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 20.30%, the excess return in the recent month is 0.36%, and the excess return in the recent week is 0.09%. The index return last week was 1.28%, compared to the CSI 800's 1.19% [4][13][14]. - **Position**: Holds 100% of the SSE 50 ETF (510300.SH) [18]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: Utilizes price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposures to 9 major Barra factors, covering mainstream broad - based index ETFs and some style/strategy ETFs [4]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 22.66%, the excess return in the recent month is 4.21%, and the excess return in the recent week is - 1.48%. The index return last week was - 0.29%, compared to the CSI 800's 1.19% [4][13][18]. - **Position**: Holds 25.07% of 300 Dividend Low - Volatility ETF (515300.SH), 25.01% of SSE 300 Dividend ETF (512530.SH), 25.00% of Dividend ETF (510880.SH), and 24.91% of Dividend Low - Volatility ETF (512890.SH) [22]. 1.3. Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy**: Adopts a multi - factor approach, including long - and medium - term fundamental analysis, short - term market trend tracking, and analysis of market participants' behaviors. It uses valuation and crowding signals to indicate industry risks and discovers potential sectors [5][22]. - **Performance**: As of 2025/12/5, the excess return since 2024 is 33.49%, the excess return in the recent month is - 0.60%, and the excess return in the recent week is - 0.54%. The index return last week was 0.65%, compared to the CSI 800's 1.19% [5][13][22]. - **Position**: Holds 21.18% of Oil and Gas ETF (159697.SZ), 20.71% of Bank ETF (512800.SH), 19.62% of Power ETF (159611.SZ), 19.38% of Securities and Insurance ETF (512070.SH), and 19.10% of New Energy ETF (516160.SH) [26]. 1.4. Huabao Research Quantitative Balance ETF Strategy Index - **Strategy**: Employs a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment. It also predicts the market's large - and small - cap styles to adjust equity market positions [5][26]. - **Performance**: As of 2025/12/5, the excess return since 2024 is - 10.54%, the excess return in the recent month is 1.15%, and the excess return in the recent week is - 0.71%. The index return last week was 0.57%, compared to the SSE 300's 1.28% [5][13][26]. - **Position**: Holds 9.34% of 10 - Year Treasury Bond ETF (511260.SH), 5.91% of 500ETF Enhanced (159610.SZ), 5.80% of CSI 1000ETF (512100.SH), 32.51% of 300 Enhanced ETF (561300.SH), 23.23% of Short - Term Financing ETF (511360.SH), and 23.20% of Policy Financial Bond ETF (511520.SH) [30]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: Tracks and discovers hot - spot index products through market sentiment analysis, industry event tracking, investor sentiment and professional opinions, policy and regulation changes, and historical analysis, constructing an ETF portfolio to capture market hot - spots [6][29]. - **Performance**: As of 2025/12/5, the excess return in the recent month is 3.47%, and the excess return in the recent week is 1.17%. The index return last week was 1.94%, compared to the CSI All - Share Index's 0.77% [6][13][29]. - **Position**: Holds 36.33% of Non - Ferrous Metals 50ETF (159652.SZ), 24.20% of Hong Kong Stock Dividend ETF Bosera (513690.SH), 20.83% of Hong Kong Stock Connect Pharmaceutical ETF (513200.SH), and 18.65% of Short - Term Financing ETF (511360.SH) [32]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy**: Uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine learning. It reduces long - duration positions in the bond portfolio when the expected yield is below a certain threshold [6][32]. - **Performance**: As of 2025/12/5, the excess return in the recent month is 0.39%, and the excess return in the recent week is 0.20%. The index return last week was - 0.11%, compared to the ChinaBond Aggregate Index's - 0.32% [6][13][32]. - **Position**: Holds 50.01% of 10 - Year Treasury Bond ETF (511260.SH), 25.00% of Treasury Bond ETF 5 - 10 Years (511020.SH), and 24.98% of Policy Financial Bond ETF (511520.SH) [36].

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 2025 年 12 月 07 日 证券研究报告 | 策略周报 由守转攻，布局高景气方向等风起 敬请参阅报告结尾处免责声明 华宝证券 1/9 分析师登记编码：S0890524100002 电话：021-20321091 邮箱：liufang@cnhbstock.com 021-20515355 企稳 —策略周报》2025-11-23 2、《沪指围绕 4000 点震荡整固，轮动 有所加快 —策略周报》2025-11-09 3、《波动再度放大，如何应对？ —策略 周报》2025-10-12 4、《长假期间国内外大事一览—策略周 报》2025-10-09 5、《节前波动有所放大，持股还是持币 过节？ —策略周报》2025-09-29 投资要点 分析师：刘芳 【债市方面】年末仍有扰动，静待利空落地。年末多重因素仍可能限制债市 表现，银行负债端成本管理加强，导致资产端通过拉长久期的诉求减弱；同时 年末机构卖出获利老券兑现利润需求提升，也削弱了往年的"抢配"行情；此 外 ...

New Stock Issuance - New stocks issued include Angrui Micro (787790) at a price of 83.06 and Muxi Co., Ltd. (787802) at 104.66[1] - The new stock listing for Moer Thread (688795) is also noted, although the issuance price is not specified[1] Rights Issues and Announcements - The rights offering period for Chuan Yin Gao Ke (300087) is from December 4, 2025, to January 5, 2026[1] - Tianpu Co., Ltd. (605255) has a rights offering period from November 20, 2025, to December 19, 2025[1] Delisting and Abnormal Fluctuations - *ST Guangdao (920680) will enter the delisting arrangement period starting December 11, 2025[1] - *ST Suwu (600200) will enter the delisting arrangement period starting December 9, 2025[1] - Severe abnormal fluctuations were reported for Saiwei Electronics (300456) and Beida Pharmaceutical (000788)[1] Additional Announcements - Multiple companies, including Huaitian Thermal Power (000692) and Junya Technology (603386), have recent announcements regarding their stock performance[1] - The report includes links to detailed announcements for various companies, indicating ongoing market activity and regulatory compliance[1]

证券研究报告——宏观策略月报 由守转攻，布局高景气 ——2025年12月资产配置报告 HWABAO SECURITIES 2025年12月4日 分析师： 蔡梦苑（执业证书编号：S0890521120001） 分析师： 郝一凡（执业证书编号：S0890524080002） 分析师： 刘 芳（执业证书编号：S0890524100002） ► 请仔细阅读报告结尾处风险提示及免责声明 宏观主线梳理 | | 大类资产配置观点 | | | --- | --- | --- | | 资产类别 | 本期 | 上期 | | A股 | 相对乐观 | 中性 | | 港股 | 中性 | 中性 | | 利率债 | 中性 | 中性 | | 信用债 | 中性 | 中性 | | 可转债 | 中性 | 中性 | | 美股 | 相对乐观 | 中性 | | 美债 | 相对乐观 | 相对乐观 | | 美元 | 相对谨慎 | 相对谨慎 | | 日股 | 中性 | 中性 | | 黄金 | 中性 | 中性 | | 原油 | 相对乐观 | 中性 | | 货币/存款 | 中性 注：市场观点反映对本期资产价格的趋势预判，本期相比于上期的变化对应仓位调整建议：观点 ...

| | 513870 | 纳指ETF富国 | | https://www.sse.com.cn/disclosure/fund/announcement/c/new/2025 -12- 04/513870_20251204_HOE4.pdf | | --- | --- | --- | --- | --- | | | 513110 | 纳斯达克100ETF | | https://www.sse.com.cn/disclosure/fund/announcement/c/new/2025 -12- | | 基金溢价风险提示 | | | | 04/513110_20251204_I3Y3.pdf | | | 513300 | 纳斯达克ETF | | https://www.sse.com.cn/disclosure/fund/announcement/c/new/2025 -12- 04/513300_20251204_JL99.pdf | | | | | | https://www.sse.com.cn/disclosure/fund/announcement/c/new/2025 -12- | | | 513 ...