Group 1 - The report highlights the ongoing fluctuations in US tariff policies, indicating that despite recent legal challenges, the Trump administration is likely to continue pursuing its tariff agenda, which may lead to further negotiations and uncertainties [9][10]. - The manufacturing Purchasing Managers' Index (PMI) for May improved to 49.5%, reflecting a 0.5 percentage point increase from the previous month, while the non-manufacturing business activity index was at 50.3%, slightly down by 0.1 percentage points, indicating continued expansion in the non-manufacturing sector [9]. - The report suggests that the bond market is currently in a volatile phase, with a recommendation to actively allocate around the 1.7% yield on ten-year government bonds while waiting for a potential decline in interest rates [12][10]. Group 2 - In the stock market, there is an increasing risk associated with concentrated investments in defensive sectors such as banking, pharmaceuticals, and new consumption themes, with a recommendation to wait for adjustment pressures to ease before making further investments [3][12]. - The report notes that the A-share market is experiencing weak fluctuations, with a focus on defensive sectors, while high-level concentrated themes are facing increased rotation and divergence, leading to higher adjustment pressures [10][12]. - The report emphasizes the importance of monitoring key indicators in both the A-share and bond markets, noting a decline in market turnover and a drop in average daily trading volume to 1,093.9 billion yuan, the lowest level since September 24 of the previous year [21][20].

2025 年 05 月 30 日 证券研究报告 | 公募基金深度报告 浮动费率基金的前世今生 公募基金深度报告 分析师：王骅 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 分析师登记编码：S0890524080003 电话：021-20321087 邮箱：songyifei@cnhbstock.com 021-20515355 芯片设计有何不同？—金融产品观 察》2025-01-02 2、《美联储降息五大变化，金融产品 影响有何不同？—深度点评报告》 2024-09-19 3、《跨境固收产品投资手册：QDII 债 基和债券型互认基金—公募基金专题 报告》2024-08-01 4、《寻找基金中的"Alpha 捕手"，构 建股基增强基金组合—基金量化因子 探析（四）》2024-07-18 投资要点 分析师：宋逸菲 浮动管理费基金的历史沿革 早期探索：2013 年之前 初具规模：2014 年-2022 年 产品试水：2023 年-2024 年 基本成型：2025 年 新型浮动费率基金剖析 销售服务电话： 首批 26 只新型浮动费率基金 ...

New Stock Issuance - New stock issuance for Ying Shi Innovation (787775) priced at 47.27 on May 30, 2025[1] - ST Longjin (002750) enters delisting arrangement starting June 6, 2025[1] - United Chemical (301209) and Zhongyou Technology (688648) have recent announcements on May 29, 2025[1] Trading Alerts - Significant abnormal fluctuations reported for Zhongzhou Special Materials (300963) on May 29, 2025[1] - Multiple companies including Nanjing Port (002040) and Chengfei Integration (002190) have recent trading alerts[1] - A total of 30 companies reported trading alerts on May 30, 2025, indicating increased market activity[1] Market Trends - The market shows a trend of increased new stock issuances and trading alerts, suggesting heightened investor interest and volatility[1] - The delisting of ST Longjin may impact investor sentiment towards similar stocks in the market[1]

| 新股发行及今日交易提示 | 2025/5/29 | 星期四 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/5/29 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | | | 001390 | 古麒绒材 | 12.08 | 2025/5/29 | 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 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=001390&announcementId=122371 | 上市首日风险提示 | 001390 | 古麒绒材 | | 1687&orgId=gfbj0831908&announcementTime=2025 | -05-29 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=002750&announcementId=122371 | 退市整理期 ...

低利率运行周期加速深化下的银行理财变局 ——银行理财专题 分析师：蔡梦苑 2025 年 05 月 29 日 证券研究报告 | 银行理财深度报告 销售服务电话： 存款搬家效应强化，规模重返 30 万亿。2024 年 4 月监管部门取消"手工补息 "政策，引发资金大规模转配理财，叠加存款利率持续下行，存款加速向风险收 益比更优的理财产品迁移，推动理财规模重返 30 万亿关口。 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师：周佳卉 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 021-20515355 投资要点 2024 年我国低利率运行周期加速深化，低利率环境对银行理财形成双重传导 效应：负债端受益于存款搬家效应，居民财富转化动能随着存款利率持续调降 而不断增强；资产端则面临收益持续下行的压力，倒逼理财机构加速构建多元 化资产配置体系，在利率下行周期中捕捉结构性机遇。 在此背景下，银行理财市场围绕低利率环境展开战略调整，呈现三大演 ...

- The report tracks various market environment factors, including stock market factors, commodity market factors, options market factors, and convertible bond market factors[1][3][6] Stock Market Factors 1. **Factor Name**: Market Style - **Construction Idea**: The factor tracks the performance of different market styles, such as large-cap vs. small-cap and value vs. growth[10] - **Construction Process**: The factor is constructed by analyzing the performance and volatility of different market styles. For example, the large-cap style is compared to the small-cap style, and the value style is compared to the growth style[10] - **Evaluation**: The large-cap value style is currently dominant, with increased volatility in both large-cap vs. small-cap and value vs. growth styles[10][12] 2. **Factor Name**: Market Structure - **Construction Idea**: The factor examines the structure of the market by analyzing industry index excess return dispersion, component stock rise ratio, and industry rotation speed[10] - **Construction Process**: The factor is constructed by measuring the dispersion of excess returns among industry indices, the proportion of rising component stocks, and the speed of industry rotation[10] - **Evaluation**: The dispersion of industry index excess returns and the proportion of rising component stocks have decreased, while the speed of industry rotation has also decreased[10][12] 3. **Factor Name**: Market Activity - **Construction Idea**: The factor tracks market activity by analyzing market volatility and turnover rate[11] - **Construction Process**: The factor is constructed by measuring the volatility and turnover rate of the market[11] - **Evaluation**: Market volatility remains low, and the turnover rate continues to decline[11][12] Commodity Market Factors 1. **Factor Name**: Trend Strength - **Construction Idea**: The factor tracks the strength of trends in different commodity sectors[25] - **Construction Process**: The factor is constructed by analyzing the trend strength in sectors such as energy, metals, and agriculture[25] - **Evaluation**: The energy and metals sectors show strong trends, while the trend strength in the precious metals sector is rising[25][29] 2. **Factor Name**: Basis Momentum - **Construction Idea**: The factor tracks the momentum of the basis in different commodity sectors[25] - **Construction Process**: The factor is constructed by measuring the basis momentum in sectors such as energy, metals, and agriculture[25] - **Evaluation**: Except for the agricultural sector, which has low basis momentum, other sectors have high basis momentum[25][29] 3. **Factor Name**: Volatility - **Construction Idea**: The factor tracks the volatility levels in different commodity sectors[25] - **Construction Process**: The factor is constructed by measuring the volatility levels in sectors such as energy, metals, and agriculture[25] - **Evaluation**: The energy sector has high volatility, while the metals and agricultural sectors have low volatility[25][29] 4. **Factor Name**: Liquidity - **Construction Idea**: The factor tracks the liquidity levels in different commodity sectors[25] - **Construction Process**: The factor is constructed by measuring the liquidity levels in sectors such as energy, metals, and agriculture[25] - **Evaluation**: Liquidity levels have decreased across all sectors[25][29] Options Market Factors 1. **Factor Name**: Implied Volatility - **Construction Idea**: The factor tracks the implied volatility levels of different options[35] - **Construction Process**: The factor is constructed by measuring the implied volatility levels of options on indices such as the SSE 50 and CSI 1000[35] - **Evaluation**: Implied volatility levels for both the SSE 50 and CSI 1000 options are rising[35] 2. **Factor Name**: Skewness - **Construction Idea**: The factor tracks the skewness of different options[35] - **Construction Process**: The factor is constructed by measuring the skewness of call and put options on indices such as the SSE 50 and CSI 1000[35] - **Evaluation**: The skewness of both call and put options on the SSE 50 has decreased, while the skewness of put options on the CSI 1000 remains higher than that of call options[35] Convertible Bond Market Factors 1. **Factor Name**: Valuation - **Construction Idea**: The factor tracks the valuation levels of convertible bonds[36] - **Construction Process**: The factor is constructed by measuring the premium rates of convertible bonds[36] - **Evaluation**: The premium rates of convertible bonds have slightly decreased, and the market activity has weakened[36] Factor Backtesting Results 1. **Market Style Factor**: Large-cap value style is dominant, with increased volatility in both large-cap vs. small-cap and value vs. growth styles[10][12] 2. **Market Structure Factor**: Decreased dispersion of industry index excess returns, decreased proportion of rising component stocks, and decreased speed of industry rotation[10][12] 3. **Market Activity Factor**: Low market volatility and declining turnover rate[11][12] 4. **Trend Strength Factor**: Strong trends in the energy and metals sectors, rising trend strength in the precious metals sector[25][29] 5. **Basis Momentum Factor**: High basis momentum in all sectors except agriculture[25][29] 6. **Volatility Factor**: High volatility in the energy sector, low volatility in the metals and agricultural sectors[25][29] 7. **Liquidity Factor**: Decreased liquidity levels across all sectors[25][29] 8. **Implied Volatility Factor**: Rising implied volatility levels for both SSE 50 and CSI 1000 options[35] 9. **Skewness Factor**: Decreased skewness for both call and put options on the SSE 50, higher skewness for put options on the CSI 1000 compared to call options[35] 10. **Valuation Factor**: Slightly decreased premium rates for convertible bonds, weakened market activity[36]

| http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600610&announcementId=122358 | 600610 | 中毅达 | 9225&orgId=gssh0600610&announcementTime=2025 | -05-20 | | | --- | --- | --- | --- | --- | --- | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=002909&announcementId=122362 | 002909 | 集泰股份 | 5158&orgId=9900031818&announcementTime=2025 | -05-22 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=601022&announcementId=122363 | 601022 | 宁波远洋 | 3364&orgId=9900051994&announcementTime=2 ...

2025 年 05 月 27 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2025/5/27 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 2025/5/20》2025-05-20 2、《ETF 及指数产品网格策略周报— 2025/5/13》2025-05-13 3、《ETF 及指数产品网格策略周报— 2025/5/9》2025-05-09 4、《ETF 及指数产品网格策略周报— 2025/4/22》2025-04-22 5、《ETF 及指数产品网格策略周报— 投资要点 分析师：程秉哲 ◆网格交易策略概述：简单来说，"网格交易"本质上是一种高抛低吸的交易 策略。但与依赖判断长期走势的趋势交易不同，网格交易是一种基于价格波动 的策略，它不预测市场的具体走势，而是利用价格在一定范围内的自然波动来 获取利润，适用于价格频繁波动的市场。在震荡行情中，投资者可以考虑灵活 运用网格交易，通过反复多次地赚取相对较小的差价来增强投资收益，待新的 方向或市场主线明确之后再进行仓位及策略上的切换。 分析师登 ...

New Stock Issuance - New stock issuance for Jiao Da Tie Fa at an issuance price of 8.81[1] - ST Li Fang and United Chemical have recent announcements dated May 14 and May 23 respectively[1] - Multiple companies including Zhongzhou Special Materials and San Sheng Guo Jian have announcements on May 23[1] Market Alerts - Significant abnormal fluctuations reported for Nanjing Port and Li Jun Co. on May 23[1] - ST Er Ya and ST Jin Hong have recent announcements regarding market conditions[1] - Companies like Hainan Development and ST Haihua have reported abnormal trading activities[1] Trading Updates - Trading updates for various companies including ST Ya Zhen and ST Jian Gang on May 27[1] - Multiple companies have links to their announcements for further details on trading activities[1] - The report includes a comprehensive list of companies with their respective announcement dates and links for investor reference[1]

Group 1 - The report indicates that the A-share market has faced downward pressure due to domestic and international events, leading to a market pullback after approaching previous highs [3][4] - Defensive sectors such as banking and dividends have shown relative stability amidst the market fluctuations, while sectors that rebounded significantly after tariff impacts have experienced larger corrections [3][4] - The report maintains a relatively optimistic view on A-shares, suggesting that the recent pullback has absorbed some of the risks accumulated since April [4][5] Group 2 - The quantitative strategy allocation suggests prioritizing stock enhancement strategies over low-volatility strategies and overseas equity strategies [4] - The report highlights that the low-volatility strategy has performed well, achieving a return of 0.647% this week, indicating strong defensive characteristics [6][12] - The overseas equity allocation strategy has faced challenges, recording a return of -0.412% this week, but the long-term outlook remains positive due to the potential for recovery in the U.S. market [6][20] Group 3 - The report outlines the performance of various fund strategies, with the low-volatility fund strategy showing a year-to-date return of 1.351% and a cumulative return of 9.264% since its inception [12][14] - The stock enhancement fund strategy has a year-to-date return of 1.863% and a cumulative return of 9.541% since its inception, indicating potential for future performance improvement [12][16] - The cash enhancement fund strategy has consistently outperformed its benchmark, accumulating an excess return of 0.408% since its inception [12][17] Group 4 - The report emphasizes the importance of a quantitative approach in constructing fund strategies to meet diverse investor needs in varying market conditions [21][22] - The low-volatility fund strategy aims to provide stable returns while minimizing volatility, making it suitable for risk-averse investors [25] - The overseas equity allocation strategy focuses on selecting QDII funds based on market trends and momentum, enhancing global investment opportunities [28]