Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies in volatile markets, allowing investors to profit from price fluctuations without predicting market trends [3][12] - The report identifies suitable characteristics for grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [3][12] Group 2 - The semiconductor ETF (512480.SH) is highlighted due to the increasing domestic substitution under technical sanctions and the rising demand for computing chips driven by AI applications, with a predicted 20% year-on-year growth in AI PC, tablet, and mobile phone shipments by 2025 [3][13] - The artificial intelligence ETF (159819.SZ) benefits from government policies promoting AI technology across various sectors, with 433 domestic large models registered by June 30, 2025, indicating a significant push towards industrial transformation [4][16] - The robotics ETF (159770.SZ) is supported by national policies aiming to establish a humanoid robot innovation system by 2025, showcasing advancements in technology and commercial viability [5][19] - The medical ETF (512170.SH) is driven by the aging global population and supportive policies for innovative drug development, aiming to enhance the quality and efficiency of clinical trials and drug approvals [6][20]

New Stock Issuance - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - Zhongcheng Tui (300208) has 12 trading days remaining until the last trading day[1] - Delisting Jinguang (600190) has 12 trading days remaining until the last trading day[1] - Delisting Jinguang B (900952) has 12 trading days remaining until the last trading day[1] Delisting and Trading Alerts - Hengli Tui (000622) is in the delisting arrangement period with 9 trading days remaining[1] - Delisting Jiuyou (600462) has 8 trading days remaining until the last trading day[1] - Delisting Gongzhi Tui (000584) has 6 trading days remaining until the last trading day[1] - Delisting Haiyue (600387) has 2 trading days remaining until the last trading day[1] - Renle Tui (002336) has 1 trading day remaining until the last trading day[1]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The report highlights the pressure on bank wealth management product yields due to the stock-bond seesaw effect and seasonal liquidity constraints, indicating a potential long-term decline in yields [4][17] - Regulatory changes are pushing for innovation in financial products to meet household wealth management needs, which is crucial for the banking wealth management sector [10][11] - The report notes that the valuation rectification of bank wealth management products is ongoing, with many institutions completing their mid-year plans by the end of June [11][12] Summary by Sections Regulatory and Industry Dynamics - On June 24, the People's Bank of China and five other departments issued guidelines to support consumption and promote financial products that meet household wealth management needs [3][10] - The valuation rectification of bank wealth management products is a significant focus, with many banks reporting progress in their mid-year plans [11] - As of the end of May, the total net asset value of public funds in China reached 33.74 trillion yuan, reflecting a growth of 6.26 billion yuan from April [12] Yield Performance - For the week of June 23-29, cash management products recorded a 7-day annualized yield of 1.42%, up by 1 basis point, while money market funds reported a yield of 1.32%, up by 2 basis points [4][14] - Most pure fixed income and fixed income+ products saw a decline in annualized yields, influenced by various factors including the stock-bond seesaw effect and geopolitical risks [16][17] Net Asset Value Tracking - The report indicates that the net asset value of bank wealth management products was 0.83%, up by 0.1 percentage points, remaining at a low level [25][26] - Credit spreads have narrowed, indicating limited value, and future trends in credit spreads will be closely monitored as they may impact the net asset value [25][27]

New Stock Issuance - The new stock "同宇新材" (code: 301630) is listed at an issuance price of 84.00[1] - "信通电子" (code: 001388) has an issuance price of 16.42[1] Rights Issues and Announcements - "济川药业" (code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - "中程退" (code: 300208) has 13 trading days remaining until the last trading day[1] - "退市锦港" (code: 600190) also has 13 trading days remaining until the last trading day[1] - "恒立退" (code: 000622) has 10 trading days remaining until the last trading day[1] Abnormal Fluctuations - "浙江东日" (code: 600113) reported severe abnormal fluctuations[1] - "汇金股份" (code: 300368) is noted for abnormal fluctuations[3]

| https://www.cninfo.com.cn/new/disclosure/detail?stockCode=002015&announcementId=122391 | 002015 | 协鑫能科 | 1249&orgId=gssz0002015&announcementTime=2025 | -06-19 | | | --- | --- | --- | --- | --- | --- | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=688203&announcementId=122388 | 688203 | 海正生材 | 8409&orgId=9900048188&announcementTime=2025 | -06-17 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=688291&announcementId=122388 | 688291 | 金橙子 | 7880&orgId=gfbj0839562&announcementTime ...

New Stock Issuance - Yitang Co., Ltd. (Stock Code: 787729) issued shares at a price of 8.45 on June 27, 2025[1] - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (Stock Code: 603389) has a tender offer period from June 10 to July 9, 2025[1] Delisting and Trading Reminders - ST Zhongcheng (Stock Code: 300208) will enter the delisting arrangement period starting June 30, 2025[1] - ST Jinguang (Stock Code: 600190) will also enter the delisting arrangement period starting June 30, 2025[1] - ST Hengtai (Stock Code: 000622) has 12 trading days remaining until the last trading day[1] - ST Jiuyou (Stock Code: 600462) has 11 trading days remaining until the last trading day[1] - ST Gongzhi (Stock Code: 000584) has 9 trading days remaining until the last trading day[1] - ST Haiyue (Stock Code: 600387) has 5 trading days remaining until the last trading day[1] - ST Renle (Stock Code: 002336) has 4 trading days remaining until the last trading day[1] - ST Longyu (Stock Code: 603003) has 1 trading day remaining until the last trading day[1] - ST Pengbo (Stock Code: 600804) has 1 trading day remaining until the last trading day[1] Abnormal Fluctuations - Tongyuan Petroleum (Stock Code: 300164) has reported severe abnormal fluctuations[2] - Shunhao Co., Ltd. (Stock Code: 002565) reported a trading volume of 4,233 on June 25, 2025[3] - Jinlongyu (Stock Code: 002882) reported a trading volume of 3,535 on June 25, 2025[3] - Zhaofeng Co., Ltd. (Stock Code: 300695) reported a trading volume of 4,150 on June 24, 2025[3] - Boliang Optoelectronics (Stock Code: 301421) reported a trading volume of 2,978 on June 24, 2025[3]

New Stock Listings - Guangxin Technology (Stock Code: 920037) listed at an issuance price of 10.00[1] Equity Offers - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (Stock Code: 603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - ST Zhongcheng (Stock Code: 300208) enters delisting arrangement starting June 30, 2025[1] - ST Jinguang (Stock Code: 600190) enters delisting arrangement starting June 30, 2025[1] - Hengli (Stock Code: 000622) has 13 trading days remaining until the last trading day[1] - Delisting Jiuyou (Stock Code: 600462) has 12 trading days remaining until the last trading day[1] Trading Alerts - ST Longyu (Stock Code: 603003) has 2 trading days remaining until the last trading day[1] - ST Pengbo (Stock Code: 600804) has 2 trading days remaining until the last trading day[1] - Longjin (Stock Code: 002750) has its last trading day on June 26, 2025[1] Significant Price Fluctuations - Tongyuan Petroleum (Stock Code: 300164) reported significant price fluctuations[1] - Jinshi Technology (Stock Code: 002951) reported significant price fluctuations[1] - Huilong Co., Ltd. (Stock Code: 002556) reported significant price fluctuations[1]

- The report tracks multiple quantitative factors across different markets, including equity market factors, commodity market factors, options market factors, and convertible bond market factors[7] Quantitative Factors and Construction Equity Market Factors - **Factor Name**: Market Style Factors - **Construction Idea**: Tracks the dominance of large-cap vs. small-cap and value vs. growth styles in the market[11][13] - **Construction Process**: - Large-cap vs. small-cap style: Evaluates the relative performance of large-cap stocks compared to small-cap stocks - Value vs. growth style: Assesses the relative performance of value-oriented stocks compared to growth-oriented stocks - Volatility metrics: Tracks the fluctuation in style dominance over time[11][13] - **Evaluation**: The market style is currently skewed towards large-cap and value stocks, with reduced volatility in style dominance[13] - **Factor Name**: Market Structure Factors - **Construction Idea**: Measures the dispersion and rotation within industry indices and stock concentration in trading[11][13] - **Construction Process**: - Industry index excess return dispersion: Tracks the spread of returns across different industry indices - Industry rotation speed: Measures the rate at which industries gain or lose prominence - Stock concentration: Evaluates the trading concentration of the top 100 stocks and the top 5 industries[11][13] - **Evaluation**: Industry return dispersion is at a one-year low, while industry rotation speed has increased. Stock concentration remains stable at low levels[13] - **Factor Name**: Market Activity Factors - **Construction Idea**: Tracks overall market volatility and turnover rates[12][13] - **Construction Process**: - Index volatility: Measures the fluctuation in market indices - Index turnover rate: Tracks the frequency of stock trading within indices[12][13] - **Evaluation**: Market volatility is at a one-year low, while turnover rates have slightly increased[13] Commodity Market Factors - **Factor Name**: Commodity Futures Factors - **Construction Idea**: Tracks trends, volatility, and liquidity across commodity sectors[28][31] - **Construction Process**: - Trend strength: Measures the directional movement in sectors like black metals, precious metals, and agricultural products - Volatility: Tracks the fluctuation in commodity prices - Liquidity: Assesses the ease of trading in different commodity sectors - Basis momentum: Evaluates the change in the basis (difference between spot and futures prices) for sectors like precious metals and non-ferrous metals[28][31] - **Evaluation**: Precious metals and non-ferrous metals show declining basis momentum, while agricultural products exhibit stronger trends. Liquidity in the energy sector is at a one-year high[31] Options Market Factors - **Factor Name**: Implied Volatility and Skewness - **Construction Idea**: Tracks implied volatility levels and skewness in options markets[36] - **Construction Process**: - Implied volatility: Measures the market's expectation of future volatility for indices like SSE 50 and CSI 1000 - Skewness: Evaluates the asymmetry in the distribution of returns, particularly for put options[36] - **Evaluation**: CSI 1000 implied volatility remains at historically low levels, and skewness for put options has increased, indicating reduced concerns over small-cap risks[36] Convertible Bond Market Factors - **Factor Name**: Convertible Bond Valuation Factors - **Construction Idea**: Tracks valuation metrics and trading activity in the convertible bond market[38] - **Construction Process**: - Premium rate: Measures the difference between the bond price and its conversion value - Trading activity: Tracks the turnover and liquidity in the convertible bond market - Credit spread: Evaluates the difference in yields between convertible bonds and risk-free bonds[38] - **Evaluation**: Premium rates have risen to near-May peaks, while low-premium bonds have decreased in proportion. Credit spreads have slightly narrowed[38] Backtesting Results Equity Market Factors - **Market Style Factors**: - Large-cap dominance observed - Value style outperformed growth style - Style volatility reduced to a one-year low[13] - **Market Structure Factors**: - Industry return dispersion at a one-year low - Increased industry rotation speed - Stable stock concentration at low levels[13] - **Market Activity Factors**: - Volatility at a one-year low - Slight increase in turnover rates[13] Commodity Market Factors - **Commodity Futures Factors**: - Decline in trend strength for black and precious metals - Increase in agricultural product trends - Energy sector liquidity at a one-year high - Decline in basis momentum for precious and non-ferrous metals[31] Options Market Factors - **Implied Volatility and Skewness**: - CSI 1000 implied volatility at historical lows - Increased skewness for put options, indicating reduced small-cap risk concerns[36] Convertible Bond Market Factors - **Convertible Bond Valuation Factors**: - Premium rates near May peaks - Decrease in low-premium bonds - Slight narrowing of credit spreads[38]

New Stock Issuance - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] Delisting Information - ST Zhongcheng (300208) and ST Jinguang (600190) will enter the delisting arrangement period starting June 30, 2025[1] - Hengli Tui (000622) has 14 trading days remaining until the last trading day[1] - Delisting Jiuyou (600462) has 13 trading days remaining until the last trading day[1] - Delisting Gongzhi (000584) has 11 trading days remaining until the last trading day[1] - Delisting Haiyue (600387) has 7 trading days remaining until the last trading day[1] - Delisting Renle (002336) has 6 trading days remaining until the last trading day[1] - Delisting Longyu (603003) and Delisting Pengbo (600804) each have 3 trading days remaining until the last trading day[1] - Delisting Longjin (002750) has 1 trading day remaining until the last trading day[1] Stock Volatility - Jiekang Equipment (300875) reported severe abnormal fluctuations[1] - ST Sailong (002898) also reported abnormal fluctuations[3]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific products [2]. Core Insights - The report highlights a trend of declining yields in bank wealth management products, with cash management products recording a 7-day annualized yield of 1.41% and money market funds at 1.30%, both remaining stable week-on-week [4][14]. - The report indicates a significant shift in China's wealth management industry towards a buyer advisory era, emphasizing diversified, globalized, and flexible asset allocation strategies as key paths for growth [11][10]. Regulatory and Industry Dynamics - The China State Administration of Foreign Exchange announced the release of a new batch of QDII investment quotas to meet the reasonable demand for overseas investments by domestic entities [3][10]. - The expansion of the middle-income group in China is driving the wealth management sector, which is now the second largest globally, with a shift towards diversified and professional asset allocation [3][10]. Peer Innovation Dynamics - Xinyin Wealth Management has made its first investment in a clean energy real estate ABS, indicating a new financing option that bridges traditional ABS and public REITs [12]. - Jiaoyun Wealth Management launched a product linked to the technology finance bond index, aimed at directing financial resources towards the technology innovation sector [12]. - Everbright Wealth Management participated as an A-class investor in a new stock offline issuance, marking a shift in the traditional investment structure [13]. Yield Performance - The report notes that yields for pure fixed income and fixed income+ products have generally declined, with the 10-year government bond yield remaining around 1.64% [4][18]. - Credit spreads have remained at historical lows since September 2024, indicating limited value in the current market [4][27]. Net Value Tracking - The bank wealth management product's net value ratio was recorded at 0.83%, down 6 basis points week-on-week, indicating a low level of risk [4][27]. - The report emphasizes the correlation between net value ratios and credit spreads, suggesting that ongoing monitoring of credit spread trends is essential [4][27].