Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core View of the Report - Last week (from October 20 to October 24, 2025), the bond market showed a narrow - range oscillation. Driven by factors such as the easing of Sino - US trade frictions and the "15th Five - Year Plan", the stock market sentiment was boosted, and the bond market was under pressure due to the stock - bond seesaw effect [3][10]. - Bond yield is unlikely to rise significantly because the stock market may turn to stable operation after the "15th Five - Year Plan" is implemented, and there is often a "bond rush" phenomenon in the fourth quarter. However, the downward space for yield has not been fully opened, as the progress of Sino - US negotiations and the implementation of the new fund fee regulations are important variables [10]. - The US bond yield oscillated last week. Affected by multiple factors such as the US government shutdown, credit pressure, and geopolitical risks, the market's risk - aversion sentiment increased. The release of the under - expected US CPI data in September strengthened the expectation of interest rate cuts [11]. - The CSI REITs Total Return Index rose by 0.16% last week, with the environmental protection, people's livelihood, and data center sectors leading the gains. Two new public REITs made progress in the primary market [11]. 3. Summary by Related Catalogs 3.1. Weekly Market Observation - **Pan - fixed - income Market Review and Observation** - The bond market had a narrow - range oscillation last week. The 1 - year, 10 - year, and 30 - year treasury bond yields increased by 2.82BP, 2.40BP, and 1.24BP to 1.47%, 1.85%, and 2.21% respectively [3][10]. - The US bond yield oscillated. The 1 - year, 2 - year, and 10 - year US bond yields increased by 3BP, 2BP, and 2BP to 3.58%, 3.48%, and 4.02% respectively [11]. - The CSI REITs Total Return Index rose by 0.16% to 1045.13 points. Two new public REITs made progress in the primary market [11]. 3.2. Pan - fixed - income Fund Index Performance Tracking | Index Classification | Last Week | Last Month | YTD | Since Strategy Launch | | --- | --- | --- | --- | --- | | Money Enhancement Index | 0.03% | 0.12% | 1.24% | 4.22% | | Short - term Bond Fund Preferred | 0.03% | 0.15% | 0.94% | 4.35% | | Medium - and Long - term Bond Fund Preferred | 0.08% | 0.38% | 0.80% | 6.44% | | Low - volatility Fixed - income + Fund Preferred | 0.23% | 0.38% | 2.89% | 4.18% | | Medium - volatility Fixed - income + Fund Preferred | 0.73% | 0.35% | 5.15% | 5.69% | | High - volatility Fixed - income + Fund Preferred | 0.75% | 0.27% | 7.82% | 7.56% | | Convertible Bond Fund Preferred | 1.67% | 0.94% | 18.10% | 21.79% | | QDII Bond Fund Preferred | - 0.03% | 0.45% | 5.45% | 10.54% | | REITs Fund Preferred | 0.69% | - 2.75% | 23.13% | 31.92% | [12] 3.3. Money Enhancement Index Tracking - **Money Enhancement Strategy Index** - The index aims for liquidity management, seeking a curve that surpasses money funds and rises smoothly. It mainly invests in money market funds and inter - bank certificate of deposit index funds [14]. - The performance benchmark is the CSI Money Fund Index (H11025.CSI) [14]. 3.4. Pure Bond Index Tracking - **Short - term Bond Fund Preferred Index** - The index aims for liquidity management, pursuing a smooth - rising curve while controlling drawdowns. It focuses on credit and risk management and consists of 5 selected funds [16]. - The performance benchmark is 50% * Short - term Pure Bond Fund Index + 50% * Ordinary Money Fund Index [16]. - **Medium - and Long - term Bond Fund Preferred Index** - The index invests in medium - and long - term pure bond funds, aiming for stable returns while controlling drawdowns. It selects 5 funds, balancing coupon strategies and band operations [19]. - It adjusts the duration according to market conditions to cope with interest rate changes [19]. 3.5. Fixed - income + Index Tracking - **Low - volatility Fixed - income + Preferred Index** - The equity center is set at 10%, and 10 funds are selected each period. It focuses on funds with an equity position within 15% in the past three years and recently [20][22]. - The performance benchmark is 10% * CSI 800 Index + 90% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [22]. - **Medium - volatility Fixed - income + Preferred Index** - The equity center is 20%, and 5 funds are selected each period. It selects funds with an equity position between 15% - 25% [23]. - The performance benchmark is 20% * CSI 800 Index + 80% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [23]. - **High - volatility Fixed - income + Preferred Index** - The equity center is 30%, and 5 funds are selected each period. It chooses funds with an equity position between 25% - 35% [27]. - The performance benchmark is 30% * CSI 800 Index + 70% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [27]. 3.6. Convertible Bond Fund Preferred Index - The sample space consists of 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 [29]. - An evaluation system is built from the perspectives of funds, fund managers, and fund companies to select 5 funds [29]. 3.7. QDII Bond Fund Preferred Index Tracking - The underlying assets of QDII bond funds are overseas bonds, covering regions such as the world, Asia, and emerging markets. They are divided into investment - grade and high - yield products based on credit ratings [32]. - 6 funds with stable returns and good risk control are selected to form the index [32]. 3.8. REITs Fund Preferred Index Tracking - The underlying assets of REITs are mainly high - quality and stable infrastructure projects. The unit net value volatility is relatively limited [33]. - 10 funds with stable operations, reasonable valuations, and certain elasticity are selected according to the underlying asset types [33].

New Stock Issuance - Daming Electronics (Code: 732376) issued at a price of 12.55[1] - Chaoying Electronics (Code: 603175) issued at a price of 17.08[1] Equity Announcements - Offer period for Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuations reported for *ST Yuancheng (Code: 603388) on October 24, 2025[1] Recent Trading Alerts - Multiple companies reported significant trading alerts, including ST Dongyi (Code: 002713) and ST Keli Da (Code: 603828) on October 22 and 24, 2025, respectively[1] - A total of 50 companies reported trading alerts, with the highest alert for *ST Haohua (Code: 600243) on October 24, 2025[1]

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]

| 新股发行及今日交易提示 | 2025/10/22 | 星期三 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025/10/22 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | 920009 | 丹娜生物 | 17.10 | 2025/10/22 | 新股上市 | | | | 证券代码 | 证券简称 | 发行价格 | 001386 | 马可波罗 | 13.75 | | | 2025/10/22 | 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=122472 | 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 | 1731&orgId=9900042956&announcementTime=2025 | -10-21 | | http://www.cninf ...

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]

2025 年 10 月 21 日 证券研究报告 | 公募基金周报 关税担忧再起，常青低波再发挥降波作用 公募基金量化遴选类策略指数跟踪周报（2025.10.17） 分析师：李亭函 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 1、《外部扰动不断，债市震荡修复—公 募 基 金 泛 固 收 指 数 跟 踪 周 报 （ 2025.10.13-2025.10.17 ）》 2025-10- 20 骤 起 — 公 募 基 金 权 益 指 数 跟 踪 周 报 （ 2025.10.13-2025.10.17 ）》 2025-10- 20 2025/10/20》2025-10-20 公 募 基 金 权 益 指 数 跟 踪 周 报 （ 2025.09.29-2025.10.10 ）》 2025-10- 13 5、《美国政府持续停摆，国内债市呈现 震荡走势—公募基金泛固收指数跟 ...

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].