New Stock Offerings - The offer period for the acquisition of Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - The latest announcements for various stocks include BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) on October 10, 2025[1] - Significant abnormal fluctuations were reported for Nanxin Pharmaceutical (688189) on October 10, 2025[1] Trading Alerts - A total of 30 stocks have trading alerts issued on October 20, 2025, including Anlikang (002940) and ST Baoying (002047)[1] - The trading alerts cover various sectors, indicating potential volatility in the market[1] - The latest announcements for stocks such as YD Holdings (000626) and ST Nanzhi (002305) were made on October 20, 2025[1]

Report Industry Investment Rating No relevant content provided. Core View of the Report The report presents several ETF strategy indices constructed with the help of ETFs, tracking their performance and positions on a weekly basis. These indices aim to obtain excess returns relative to the market through different strategies and models [12]. Summary by Directory 1. ETF Strategy Index Tracking - **Overall Performance**: A table shows the performance of various ETF strategy indices last week, including their returns, comparison benchmarks, benchmark returns, and excess returns. For example, the Huabao Research Large - Small Cap Rotation ETF Strategy Index had a last - week return of - 2.16%, a benchmark (CSI 800) return of - 3.03%, and an excess return of 0.87% [13]. 1.1. Huabao Research Large - Small Cap Rotation ETF Strategy Index - **Strategy**: It 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. The model outputs signals weekly to predict the strength of the indices in the next week and determines positions accordingly to obtain excess returns [3][14]. - **Performance**: As of 2025/10/17, the excess return since 2024 was 19.59%, the excess return in the past month was 0.35%, and the excess return in the past week was 0.87% [3][14]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors to obtain returns exceeding the market. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [3]. - **Performance**: As of 2025/10/17, the excess return since 2024 was 15.54%, the excess return in the past month was 0.23%, and the excess return in the past week was - 1.38% [3]. 1.3. Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy**: It starts from a multi - factor perspective, including the grasp of medium - and long - term fundamental dimensions, the tracking of short - term market trends, and the analysis of the behavior of various market participants. It uses valuation and crowding signals to prompt industry risks and multi - dimensionally digs out potential sectors to obtain excess returns [4][22]. - **Performance**: As of 2025/10/17, the excess return since 2024 was 26.43%, the excess return in the past month was 2.76%, and the excess return in the past week was - 1.23% [4][22]. 1.4. Huabao Research Quantitative Balance Art ETF Strategy Index - **Strategy**: It adopts a multi - factor system, including economic fundamentals, liquidity, technical aspects, and investor behavior factors, to build a quantitative timing system for trend analysis of the equity market. It establishes a prediction model for the market's large - and small - cap styles to adjust the position distribution of the equity market and obtains excess returns through comprehensive timing and rotation [25]. - **Performance**: As of 2025/10/17, the excess return since 2024 was - 9.54%, the excess return in the past month was 0.62%, and the excess return in the past week was 0.97% [25]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: It tracks and mines hot - spot index target products in a timely manner based on strategies such as market sentiment analysis, industry major event tracking, investor sentiment and professional opinions, policy and regulatory changes, and historical deduction, and constructs an ETF portfolio that can capture market hot - spots in time to provide references for investors' short - term market trends and help them make more informed investment decisions [5][29]. - **Performance**: As of 2025/10/17, the excess return in the past month was 3.44%, and the excess return in the past week was 1.33% [5][29]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy**: It uses bond market liquidity indicators and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is lower than a certain threshold, it reduces the positions of long - duration bonds in the bond investment portfolio to improve the long - term return and drawdown control ability of the portfolio [5][33]. - **Performance**: As of 2025/10/17, the excess return in the past month was 0.29%, and the excess return in the past week was - 0.03% [5][33].

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]

证券研究报告——宏观策略月报 重磅会议将至，政策催化与风格变化 ——2025年10月资产配置报告 HWABAO SECURITIES 2025年10月14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 宏观主线梳理 就业市场持续降温，中美关税博弈增加 海外宏观 Ø 中美近期关税博弈增加 经济运行承压，政策加码可能性上升，关注中长期政策催化 国内宏观 Ø 政策加码可能性上升，重磅会议将释放中长期政策信号 Ø 就业市场持续降温，通胀符合预期 u 劳动力市场持续降温。美国8月非农就业仅增2.2万人，远低于预期及7月修正值（7.9万）。6月数据下修至减少1.3万，失业率升 至4.3%，反映劳动力市场压力加剧。美国8月CPI同比上涨2.9%，环比上涨0.4%，显示出通胀温和回升的态势。 u 美国总统特朗普10月10日在社交媒体威胁从11月1日起对华加征100%关税。其背后有两方面原因：一来，随着美联储进入降息周期， ...

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]