Group 1: New Stock Offerings - 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] Group 2: Delisting Information - *ST Gongzhi (000584) will enter the delisting arrangement period starting June 20, 2025[1] - Delisting Haiyue (600387) has 14 trading days remaining until the last trading day[1] - Renle Tui (002336) has 13 trading days remaining until the last trading day[1] - Delisting Longyu (603003) has 10 trading days remaining until the last trading day[1] - Delisting Pengbo (600804) has 10 trading days remaining until the last trading day[1] - Longjin Tui (002750) has 8 trading days remaining until the last trading day[1] Group 3: Abnormal Fluctuations - Lianhua Technology (002250) reported severe abnormal fluctuations[1] - ST Kailin (002425) reported abnormal fluctuations[1] - ST Xianfeng (002141) reported abnormal fluctuations[1] - ST Shihuan (000518) reported abnormal fluctuations[1]

| 新股发行及今日交易提示 | 2025/6/13 | 星期五 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/13 | 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=603389&announcementId=122378 | 要约收购 | 603389 | *ST亚振 | 要约申报期：2025年6月10日至2025年7月9日 | 9053&orgId=9900026793&announcementTime=2025 | -06-06 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600387&announcementId=122380 | 600387 | *ST海越 | 退市整理期起始日 | : | 2025年6月16日 | 4286&orgId=gssh06003 ...

| 新股发行及今日交易提示 | 2025/6/11 | 星期三 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/11 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | 301678 | 新恒汇 | 12.80 | 2025/6/11 | 新股上市 | | | | | 证券代码 | 证券简称 | 发行价格 | 688775 | 影石创新 | 47.27 | | | | 2025/6/11 | 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=603389&announcementId=122378 | 要约收购 | 603389 | *ST亚振 | 要约申报期：2025年6月10日至2025年7月9日 | 9053&orgId=9900026793&announcementTime=2025 | -06-06 | | | http ...

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management industry is undergoing a valuation rectification process, with some wealth management subsidiaries having completed their adjustments ahead of schedule. The central bank's new round of interest rate cuts has led to a significant decline in large-denomination time deposit rates, with many banks removing 5-year products, indicating a proactive optimization of liability structures under net interest margin pressure [10][11] - The continuous decline in deposit rates has triggered profound changes in the banking wealth management market, with companies like Agricultural Bank Wealth Management innovating strategies to capture market opportunities, focusing on long-term and dividend-type wealth management products [11][12] - Recent discussions around the central bank's potential resumption of government bond purchases have increased, leading to fluctuations in interest rate bond yields and a slight widening of credit spreads after a period of convergence [13][16] Industry Dynamics - The valuation rectification in the banking wealth management sector is at its midpoint, with regulatory requirements mandating that asset management products adhere to standardized valuation methods by the end of the year. Some subsidiaries have already completed their adjustments [10] - The interest rates for large-denomination time deposits have entered the "1" era, with 3-year rates generally between 1.55% and 1.75%, down approximately 80 basis points compared to the same period in 2024 [10][11] Peer Innovation Dynamics - Wealth management subsidiaries are innovating to adapt to the declining deposit rates, launching long-term closed-end products and flexible dividend models to attract investors [11][12] - Xinyin Wealth Management has implemented multiple stock option businesses across various sectors, including biomedicine and high-end manufacturing, as part of its strategy to support specialized and innovative enterprises [11] - Puyin Wealth Management has introduced two "Xin" series green technology-themed products, aligning with indices that track green company bonds and technology innovation bonds, supporting themes like clean energy and ecological protection [12] Yield Performance - For the week of June 2 to June 8, 2025, cash management products recorded an annualized yield of 1.43%, down 1 basis point, while money market funds reported a yield of 1.34%, down 2 basis points. The yield difference between cash management products and money market funds increased by 1 basis point [13][16] - The annualized yields for pure fixed income and fixed income+ products generally increased during the same period, reflecting market reactions to the central bank's potential actions [16][19] Net Asset Value Tracking - The net asset value (NAV) ratio for banking wealth management products was 0.81%, a decrease of 0.56 percentage points, indicating a low level of NAV pressure. The NAV ratio is positively correlated with credit spreads, and ongoing monitoring of credit spread trends is essential [21][24]

Group 1 - The report highlights a recovery in equity market sentiment in May 2025, driven by a joint statement between China and the US regarding tariff reductions, which improved market sentiment [3][11][12] - The equity market is expected to continue a rotational pattern due to insufficient trading volume to push indices higher, with a strong support at the bottom [3][19] - The report emphasizes the need for a balanced investment strategy that combines growth potential with defensive stability, focusing on structural opportunities in technology growth, overseas expansion, and defensive sectors [3][19] Group 2 - In the fixed income market, May 2025 saw a narrow fluctuation in bond yields, influenced by tariff easing and significant government bond issuance, leading to a slight recovery in funding rates [12][27] - The report suggests maintaining a slightly higher duration than the market average for long-term perspectives, while balancing allocations between interest rate bonds and credit bonds [5][34] - The report outlines a strategy for fixed income plus funds, categorizing them into low, medium, and high volatility, with a focus on stable returns and risk management [4][41][42] Group 3 - The report notes that the performance of various fund indices showed a divergence, with value and balanced styles outperforming growth styles in May 2025 [14][15] - The medical theme fund led the sector performance with a 5.92% increase, driven by significant advancements in innovative drugs [15][18] - The report indicates that the market is currently in a transitional phase, with a focus on sectors with strong narratives and liquidity rather than those with solid earnings support [18][19]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management industry is undergoing a valuation rectification process, with some wealth management subsidiaries having completed their adjustments ahead of schedule. The central bank's new round of interest rate cuts has led to a significant decline in large-denomination certificate of deposit (CD) rates, with many banks removing 5-year CD products, indicating a proactive optimization of liability structures under net interest margin pressure [10][11] - The continuous decline in deposit rates has triggered profound changes in the banking wealth management market, with companies like Agricultural Bank Wealth Management adopting innovative strategies to capture market opportunities, focusing on long-term and dividend-type wealth management products [11][12] - Recent discussions around the central bank's potential resumption of government bond purchases have increased, leading to fluctuations in interest rate bond yields and a slight widening of credit spreads after a period of convergence [13][16] Industry Dynamics - The valuation rectification in the banking wealth management sector is at its midpoint, with regulatory requirements mandating that asset management products adhere to standardized valuation methods by the end of the year. The progress of rectification varies among institutions, with some completing their adjustments as early as last December [10] - The interest rates for large-denomination CDs have entered the "1" era, with 3-year rates generally between 1.55% and 1.75%, down approximately 80 basis points compared to the same period in 2024. This shift has led some depositors to consider alternative low-risk options, such as high-quality short-term bond funds or structured deposits [10][11] Peer Innovation Dynamics - Wealth management subsidiaries are innovating to adapt to the changing market, focusing on long-term closed-end products and flexible dividend models to attract investors. Notable institutions include Agricultural Bank Wealth Management and others that are exploring non-standard debt assets to enhance long-term returns [11][12] - Xingyin Wealth Management has launched multiple stock option businesses in collaboration with local branches, targeting high-tech sectors such as biomedicine and advanced manufacturing [11] -浦银 Wealth Management has introduced two "Xin" series green technology-themed wealth management products, supporting themes like clean energy and ecological protection [12] Yield Performance - For the week of June 2 to June 8, 2025, cash management products recorded an annualized yield of 1.43%, down 1 basis point from the previous week, while money market funds reported a yield of 1.34%, down 2 basis points. The yield difference between cash management products and money market funds increased by 1 basis point, but remains within a converging trend [13][16] - The annualized yields for pure fixed income and fixed income plus products generally increased during the same period, reflecting market reactions to the central bank's potential actions [16][19] Net Value Tracking - The net value ratio of banking wealth management products was 0.81%, a decrease of 0.56 percentage points week-on-week, indicating a low level of net value pressure. The net value ratio is positively correlated with credit spreads, and ongoing monitoring of credit spread trends is essential [21][24]

Group 1 - The report indicates that the A-share market has resumed an upward trend after experiencing fluctuations and short-term adjustments in May, with technology growth sectors like semiconductors and communications rebounding [2][3] - The report highlights that the overseas markets are recovering as the U.S. tariff stance has softened, leading to a significant reduction in tariff risks, although short-term uncertainties remain [4][6] Group 2 - The report presents a quantitative strategy allocation view, ranking strategies as follows: equity enhancement strategy > evergreen low volatility strategy > overseas equity strategy [3] - The evergreen low volatility fund strategy has shown strong performance, with a weekly return of 0.688%, and has effectively reduced portfolio volatility while maintaining decent returns [5][11] - The equity enhancement fund strategy recorded a weekly return of 1.023%, indicating potential for excess returns as market conditions improve [5][11] - The overseas equity allocation fund strategy has accumulated high levels of excess returns since its inception, benefiting from the global technology growth driven by artificial intelligence [19][27]

Group 1 - The report emphasizes the grid trading strategy as a method to profit from price fluctuations without predicting market trends, making it suitable for volatile markets [3][14] - 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 [3][14] Group 2 - The report highlights the Medical ETF (512170.SH) as a focus due to the increasing demand driven by global aging and supportive government policies aimed at enhancing drug quality and innovation [5][15] - The Home Appliance ETF (159996.SZ) is noted for benefiting from the expanded recycling policy, which has shown a retail sales growth of 12.3% year-on-year in 2024, and is expected to continue in 2025 [6][18] - The Sci-Tech Chip ETF (588200.SH) is positioned to benefit from high industry growth, domestic substitution, and policy support, with a significant investment fund established to enhance semiconductor capabilities [7][20] - The Hang Seng Technology ETF (513010.SH) is highlighted for its focus on leading tech companies and favorable government policies promoting technological innovation and integration [8][21] Group 3 - The report suggests that investors can enhance returns by combining multiple low-correlation ETFs, such as mixing broad-based and sector-specific ETFs or combining A-shares and Hong Kong stocks [25]

| 新股发行及今日交易提示 | 2025/6/9 | 星期一 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/9 | 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=603389&announcementId=122378 | 要约收购 | 603389 | *ST亚振 | 要约申报期：2025年6月10日至2025年7月9日 | 9053&orgId=9900026793&announcementTime=2025 | -06-06 | | | | https://www.cninfo.com.cn/new/disclosure/detail?plate=szse&orgId=9900010033&stockCode=0 | 002336 | *ST人乐 | 退市整理期起始日 | : | 2025年6月13日 | 02336&an ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week (2025.06.03 - 2025.06.06), the bond market rose slightly, with the ChinaBond - Aggregate Wealth Index (CBA00201) up 0.13% and the ChinaBond - Aggregate Full Price Index (CBA00203) up 0.09%. Interest - rate bond yields generally declined, with short - term yields falling more than long - term ones. Credit bond yields mainly declined, and credit spreads widened [3][11]. - The central bank pre - renewed a trillion - yuan outright repo to support the capital market. Sino - US high - level talks dampened the bond market sentiment. The expectation of interest rate cuts cooled, and uncertainties in overseas markets remained. The scale of REITs exceeded 200 billion yuan, and market enthusiasm continued [3]. - On June 3, 2025, the Shanghai Development and Reform Commission issued a notice to promote the quality improvement and expansion of infrastructure REITs in the city. With top - down policy support, the categories of REITs underlying assets will expand, and the secondary - market trading volume and activity may increase [4][14][15]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: The bond market rose slightly last week. Interest - rate bond yields generally declined, with short - term yields falling more than long - term ones. Credit bond yields mainly declined, and credit spreads widened. For example, the yields of 1 - year, 3 - year, 5 - year, and 10 - year China Development Bank bonds declined by 2.5bp, 2.6bp, 2.9bp, and 1.2bp respectively [11]. - **Central Bank's Action**: On June 5, the central bank announced a 1 - trillion - yuan 3 - month outright reverse repo on June 6, showing its care for the market's capital. Despite reverse - repo fund withdrawals and large - scale maturing of inter - bank certificates of deposit, the capital market loosened, and short - term bond yields dropped significantly [11]. - **Sino - US Talks**: On the evening of June 5, Sino - US leaders' call boosted short - term market risk appetite and suppressed the long - term bond market. The outcome of the second - round Sino - US tariff talks and May's economic fundamentals data may further affect the bond market [12]. - **Interest Rate Cut Expectation and Overseas Uncertainties**: US bond yields first declined and then rose last week. Economic data in the first half of the week were weak, increasing the expectation of interest rate cuts. However, the unexpectedly high non - farm payrolls on Friday postponed the expectation. Uncertainties such as the "Beautiful Big Bill" and the next - stage negotiations may lead to continued adjustment of long - term US bonds [12]. - **REITs Market**: As of June 5, 2025, the total market value of C - REITs exceeded 200 billion yuan for the first time. Last week, the CSI REITs Total Return Index rose 1.58%.经营权 - based REITs performed better than property - based ones, and energy and transportation REITs, which had fallen deeply before, rebounded. Since the beginning of the year, the CSI REITs index (14.4%) outperformed the CSI All - Bond index (0.71%) and the CSI 300 index (- 1.55%). In a low - interest - rate environment, the allocation value of REITs has increased [13]. 3.1.2 Public Fund Market Dynamics - The Shanghai Development and Reform Commission issued a notice to promote the quality improvement and expansion of infrastructure REITs, including establishing a dynamic reserve pool, supporting asset acquisition and expansion, and optimizing the review and recommendation mechanism. Other local governments have also issued policies to encourage the development of public REITs since March 2025 [14][15][17]. 3.2 Pan - Fixed - Income Fund Index Performance Tracking 3.2.1 Pure - Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Aims at liquidity management, selects 5 funds with stable long - term returns, strict risk control, and significant absolute - return ability. The performance benchmark is 50% * Short - Term Pure - Bond Fund Index+50% * General Money - Market Fund Index [18]. - **Medium - and Long - Term Bond Fund Preferred Index**: Invests in medium - and long - term pure - bond funds, selects 5 funds with both return and risk - control capabilities, and adjusts the duration and the ratio of credit - bond funds and interest - rate bond funds according to market conditions [19]. 3.2.2 Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: The equity center is 10%, selects 10 funds with an equity center within 15% in the past three years and recently, and focuses on the cost - performance of return and risk and the holding experience. The performance benchmark is 10% * CSI 800 Index+90% * ChinaBond - New Aggregate Full Price Index [23]. - **Medium - Volatility Fixed - Income + Preferred Index**: The equity center is 20%, selects 5 funds with an equity center between 15% - 25% in the past three years and recently, and focuses on return - risk cost - performance and performance elasticity [25][26]. - **High - Volatility Fixed - Income + Preferred Index**: The equity center is 30%, selects 5 funds with an equity center between 25% - 35% in the past three years and recently, and focuses on return - risk cost - performance and performance elasticity. It selects funds with stable bond - end returns, no credit downgrading, and strong equity - end stock - selection ability [28]. 3.2.3 Convertible Bond Fund Preferred Index Selects 5 funds from a sample space 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, based on an evaluation system considering fund products, fund managers, and fund companies [30][31]. 3.2.4 QDII Bond Fund Preferred Index Tracking Selects 6 funds with stable returns and good risk control from QDII bond funds with overseas bonds as underlying assets, covering different investment regions and credit grades [32]. 3.2.5 REITs Fund Preferred Index Tracking Selects 10 funds with stable operation, reasonable valuation, and certain elasticity from REITs funds with mature and high - quality infrastructure projects as underlying assets [35].