Report Overview - The report provides a weekly tracking of the performance and positions of several ETF strategy indices developed by Huabao Research, covering the period up to December 19, 2025 [12]. 1. ETF Strategy Index Tracking 1.1. Huabao Research Size Rotation ETF Strategy Index - Utilizes multi - dimensional technical indicators and a machine - learning model to predict the return difference between the Shenwan large - cap and small - cap indices, determining positions weekly to gain excess returns [14]. - As of December 19, 2025, the excess return since 2024 is 20.03%, the excess return in the past month is - 0.48%, and the excess return in the past week is 0.07% [14]. - The current position is 100% in the CSI 300ETF [19]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - Uses price - volume indicators to time self - built barra factors and maps timing signals to ETFs based on their exposure to 9 barra factors, aiming for market - outperforming returns [19]. - As of December 19, 2025, the excess return since 2024 is 19.82%, the excess return in the past month is - 0.33%, and the excess return in the past week is - 2.33% [19]. - The current positions include 25.05% in the ChiNext ETF, 25.03% in the ChiNext Large - cap ETF, 24.98% in the STAR Market - ChiNext ETF, and 24.95% in the STAR 50ETF [23]. 1.3. Huabao Research Quantitative Fire - Wheel ETF Strategy Index - Adopts a multi - factor approach, including fundamental analysis, short - term trend tracking, and market participant behavior analysis, using valuation and crowding signals to identify risks and potential sectors for excess returns [23]. - As of December 19, 2025, the excess return since 2024 is 34.96%, the excess return in the past month is - 1.12%, and the excess return in the past week is 1.47% [23]. - The current positions are 21.32% in the Securities and Insurance ETF, 20.08% in the Chemicals ETF, 19.97% in the Oil and Gas ETF, 19.51% in the Steel ETF, and 19.12% in the New Energy ETF [27]. 1.4. Huabao Research Quantitative Balance ETF Strategy Index - Builds a quantitative timing system with four types of factors (economic fundamentals, liquidity, technicals, and investor behavior) to judge equity market trends and adjust positions between large - and small - cap styles for excess returns [27]. - As of December 19, 2025, the excess return since 2024 is - 9.79%, the excess return in the past month is - 0.93%, and the excess return in the past week is 0.39% [27]. - The current positions include 9.32% in the 10 - Year Treasury Bond ETF, 5.95% in the CSI 500 Enhanced ETF, 5.80% in the CSI 1000ETF, 32.60% in the CSI 300 Enhanced ETF, 23.18% in the Policy Financial Bond ETF, and 23.14% in the Short - Term Financing ETF [30]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - Tracks market sentiment, industry events, investor sentiment, policies, and historical trends to capture hot - spot index products and build an ETF portfolio for short - term market trend reference [30]. - As of December 19, 2025, the excess return in the past month is - 1.31%, and the excess return in the past week is - 0.05% [30]. - The current positions are 37.33% in the Non - Ferrous Metals 50ETF, 23.72% in the Bosera Hong Kong Stock Dividend ETF, 19.94% in the Hong Kong Stock Connect Pharmaceutical ETF, and 19.01% in the Short - Term Financing ETF [34]. 1.6. Huabao Research Bond ETF Duration Strategy Index - Uses bond market liquidity and price - volume indicators to select timing factors and predicts bond yields through machine learning, reducing long - duration positions when expected yields are low to improve long - term returns and control drawdowns [34]. - As of December 19, 2025, the excess return in the past month is 0.29%, and the excess return in the past week is 0.07% [34]. - The current positions include 50.00% in the 10 - Year Treasury Bond ETF, 25.00% in the Policy Financial Bond ETF, and 24.99% in the 5 - to 10 - Year Treasury Bond ETF [37].

Group 1 - The report emphasizes the importance of patiently positioning in high-growth sectors despite year-end market volatility, with a focus on sectors like AI, semiconductors, new energy, and non-ferrous metals [3][12] - The bond market shows signs of recovery in bullish sentiment, with expectations for interest rate cuts and new public fund fee regulations, although the report advises maintaining a neutral duration stance due to potential resistance in further declines of the 10-year government bond yield [3][12] - The report highlights that the A-share market has shown resilience in certain high-growth sectors, suggesting a favorable outlook for the upcoming spring market in January and February [3][12] Group 2 - Recent economic data indicates a decline in consumer growth to 1.3% in November, with fixed asset investment growth falling to -2.6%, reflecting increased pressure on the domestic economy [9] - The report notes that the bond market has priced in negative factors, leading to improved market sentiment, while the A-share market has experienced fluctuations due to global market concerns, particularly following the Bank of Japan's interest rate hike [10][12] - The report tracks key indicators in the A-share and bond markets, noting a slight decline in A-share valuation and trading activity, with average daily trading volume dropping to 17,605 billion yuan [20]

| 新股发行及今日交易提示 | 2025/12/19 | 星期五 | 2025/12/19 | 新股发行 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 发行价格 | 787809 | 强一股份 | 85.09 | | | | | 001396 | 誉帆科技 | 22.29 | 001369 | 双欣环保 | 6.85 | | | | | 2025/12/19 | 新股上市 | 证券代码 | 证券简称 | 发行价格 | | | | | | 688807 | 优迅股份 | 51.66 | 2025/12/19 | 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=300087&announcementId=122486854 | 要约申报期：2025年12月4日至2026年1月5日 | 300087 | 荃银高科 | | 0 ...

- The report covers the period from December 8, 2025, to December 12, 2025[2][10] - The A-share market showed limited incremental funds and a characteristic of stock game due to seasonal tightening of funds towards the end of the year[3][10] - In the stock market, the style was biased towards small-cap and growth, with decreased volatility in the small-cap style and increased volatility in the growth style[11][13] - The market structure showed a decrease in industry excess return dispersion, industry rotation speed, and the proportion of rising constituent stocks[11][13] - The trading concentration increased for the top 100 stocks but decreased for the top 5 industries[11][13] - Market activity showed a decline in both market volatility and turnover rate[12][13] - In the commodity market, trend strength increased, especially in precious metals and non-ferrous metals, while the basis momentum rose in the energy and chemical sectors but fell in others[26][33] - Volatility increased in all sectors except energy and chemicals, with precious metals maintaining high volatility, and liquidity rose slightly in all sectors except black metals[26][33] - In the options market, the implied volatility of the SSE 50 and CSI 1000 further declined to historical lows, with the put skew decreasing for the SSE 50 and increasing for the CSI 1000[37] - In the convertible bond market, the market showed low volatility, with the premium rate of bonds convertible at par remaining high, the pure bond premium rate decreasing, and the proportion of low premium convertible bonds declining[41]

New Stock Issuance - New stock listing for Yuan Chuang Co., Ltd. at an issuance price of ¥24.75[1] - Offer period for Qian Yin Gao Ke (stock code: 300087) from December 4, 2025, to January 5, 2026[1] - Offer period for Tian Pu Co., Ltd. (stock code: 605255) from November 20, 2025, to December 19, 2025[1] Market Alerts - Guo Sheng Technology (stock code: 603778) reported severe abnormal fluctuations[1] - ST Li Fang (stock code: 300344) and ST Su Wu (stock code: 600200) are in the delisting arrangement period with 9 and 7 trading days remaining, respectively[1] - ST Ao Wei (stock code: 002231) and ST Hu Ke (stock code: 600608) have reported recent trading activity with prices at ¥3 and ¥0, respectively[1] Trading Updates - Bai Da Group (stock code: 600865) has a trading price of ¥64[1] - Longzhou Co., Ltd. (stock code: 002682) and Fei Wo Technology (stock code: 301232) both have trading prices of ¥3[1] - Multiple companies, including ST Yan Shi (stock code: 600696) and Bo Na Film (stock code: 001330), have reported trading prices of ¥7 and ¥3, respectively[1]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management industry has achieved a significant breakthrough in interest rate risk management, allowing wealth management companies to independently participate in the interbank market for interest rate derivatives, enhancing product net value stability [4][12][13] - Wealth management companies are increasingly active in IPO allocations, with notable participation in high-tech sectors, reflecting a strategic shift towards equity investments to enhance returns in a low-interest-rate environment [14][15][16] - The introduction of the "Zhaoyin Wealth Management ETF Covered Call Strategy Index" indicates a trend towards strategy-based and tool-oriented transformations within wealth management firms, aiming to provide transparent benchmarks for evaluating performance [17][18] Regulatory and Industry Dynamics - Shanghai Clearing House has facilitated the entry of Xinyin Wealth Management and Zhongyin Wealth Management as the first batch of wealth management companies to obtain qualifications for centralized clearing of interbank market interest rate derivatives, marking a shift to independent participation [4][12] - The restructuring of the relationship between wealth management companies and their parent banks has transformed wealth management companies into independent decision-making entities in the interbank interest rate derivatives market [13] Peer Innovation Dynamics - Ningyin Wealth Management and Xinyin Wealth Management have successfully allocated shares in the IPO of Muxi Co., with a total of 42,300 shares across 10 wealth management products [14] - The launch of the "Zhaoyin Wealth Management ETF Covered Call Strategy Index" aims to present the risk-return characteristics of covered call strategies in a standardized manner, enhancing transparency for investors [17][18] Yield Performance - Cash management products recorded an annualized yield of 1.27% for the week of December 8-14, 2025, a decrease of 1 basis point from the previous week, while money market funds saw a slight increase to 1.17% [19][20] - The overall yield in the bond market has shown fluctuations, with the 10-year government bond yield rising by 1 basis point to 1.84% during the same period [22][23] Net Value Tracking - The net value of banking wealth management products decreased to 2.64%, down 0.38 percentage points from the previous week, indicating a potential pressure on the liability side if the net value exceeds 5% [30][36]

Group 1: Overview of Grid Trading Strategy - The grid trading strategy is essentially a high buy low sell trading approach, focusing on price fluctuations rather than predicting market trends, making it suitable for volatile markets [3][12] - 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 [3][12] Group 2: Analysis of ETF Grid Strategy Targets - The military industry ETF (512710.SH) is expected to benefit from a new round of military procurement driven by the "14th Five-Year Plan" and the upcoming "15th Five-Year Plan," with China's defense budget for 2025 projected at 1.81 trillion yuan, a 7.2% increase year-on-year [3][13] - The Hang Seng Pharmaceutical ETF (159892.SZ) focuses on innovative drugs, with China's pipeline of 7,041 projects, accounting for 29.5% of the global total, and a year-on-year growth of 15.1%, indicating strong development in the pharmaceutical sector [4][16] - The Hong Kong Automotive ETF (520600.SH) is positioned to benefit from the trends of electrification and globalization in the automotive industry, with domestic sales of new energy vehicles reaching 10.929 million units, a 25.7% increase year-on-year, and exports growing by 90.4% [5][18] - The Gaming ETF (159869.SZ) is supported by the normalization of game license approvals, with 1,624 licenses issued from January to November 2025, and overseas sales of Chinese-developed games reaching $9.501 billion, an 11.07% increase year-on-year [6][21]

New Stock Issuance - New stock listing for Muxi Co., Ltd. at an issuance price of 104.66 CNY[1] Tender Offer Periods - Tender offer period for Quanyin High-Tech from December 4, 2025, to January 5, 2026[1] - Tender offer period for Tianpu Co., Ltd. from November 20, 2025, to December 19, 2025[1] Delisting and Trading Alerts - Guandao Co. is in the delisting arrangement period with 10 trading days remaining[1] - Suwu Co. is in the delisting arrangement period with 8 trading days remaining[1] Stock Price Fluctuations - Significant abnormal fluctuation reported for Guosheng Technology with a price of 0 CNY[1] - Abnormal fluctuation reported for *ST Yanzhen with a price of 81 CNY[3] - Abnormal fluctuation reported for Guangxi Broadcasting with a price of 61 CNY[3]

New Stock Issuance - Jiangtian Technology (920121) issued at a price of 21.21[1] - Angrui Micro (688790) issued at a price of 83.06[1] Tender Offer Periods - Tender offer for Quanyin High-Tech (300087) from December 4, 2025, to January 5, 2026[1] - Tender offer for Tianpu Co., Ltd. (605255) from November 20, 2025, to December 19, 2025[1] Delisting and Trading Reminders - Guandao Tui (920680) has 11 trading days remaining until the last trading day[1] - Delisting period for Suwu (600200) has 9 trading days remaining[1] Abnormal Fluctuations - Severe abnormal fluctuations reported for *ST Lifang (300344)[1] - Abnormal fluctuations noted for *ST Yaping (600678)[2]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week (2025.12.08 - 2025.12.12), the bond market showed a slight recovery. Looking ahead, the pressure on the bond market is expected to gradually ease, mainly due to the improvement in the supply - demand pattern and the potential for further interest rate cuts. The supply pressure in the bond market in 2026 is expected to be lower than in the same period of 2025, and the central bank will maintain relatively abundant market liquidity, leaving room for reserve requirement ratio cuts and interest rate cuts. As a result, bond yields are more likely to decline slowly in fluctuations [4][10]. Summary by Related Catalogs 1. Weekly Market Observation 1.1. Pan - Fixed - Income Market Review and Observation - **Domestic Bond Market**: Last week, the domestic bond market recovered slightly. The 1 - year, 10 - year, and 30 - year Treasury yields all declined. In the future, the supply pressure in 2026 is expected to be lower than in 2025, and the central bank will maintain market liquidity, which may help stabilize bond market sentiment and lead to a slow decline in bond yields [10]. - **US Bond Yields**: Different - term US bond yields showed a differentiated trend last week. The 1 - year and 2 - year yields declined, while the 10 - year yield increased. The market has different views on the scope and rhythm of further interest rate cuts next year, and the focus has shifted to the non - farm payroll data. The Bank of Japan's interest rate hike also affected long - term US bonds [11]. - **REITs**: The CSI REITs Total Return Index fell 0.29% last week. The data center, environmental protection, and affordable housing sectors led the gains, while the warehousing and logistics and expressway sectors led the losses. In the primary market, 19 REITs have been successfully issued in 2025 as of December 12, 2025, and 2 new REITs made progress last week [11]. 1.2. Public Fund Market Dynamics - Multiple fund companies have started the statistics work on performance benchmarks. With the upcoming implementation of the new regulations on the performance comparison benchmarks of publicly - offered securities investment funds, fund companies have received notices to submit plans for revising the performance benchmarks of existing products [12]. 2. Pan - Fixed - Income Fund Index Performance Tracking 2.1. Money Enhancement Index Tracking - **Money Enhancement Strategy Index**: Aims at liquidity management, pursues a curve that surpasses money market funds and rises smoothly. It mainly allocates money market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money Fund Index [14]. 2.2. Pure Bond Index Tracking - **Short - Term Bond Fund Preferred Index**: Focuses on liquidity management, pursues a smooth - rising curve while controlling drawdowns. It mainly allocates 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% * General Money Market 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 funds with both returns and drawdown control, and adjusts the duration and the proportion of credit bond funds and interest - rate bond funds according to market conditions [20]. 2.3. Fixed - Income + Index Tracking - **Low - Volatility Fixed - Income + Preferred Index**: The equity center is set at 10%, with 10 funds selected each period. It selects fixed - income + products 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 fixed - income + products with an equity center between 15% and 25% in the past three years and recently [26]. - **High - Volatility Fixed - Income + Preferred Index**: The equity center is 30%, with 5 funds selected each period. It selects fixed - income + products with an equity center between 25% and 35% in the past three years and recently, and focuses on funds with strong stock - picking ability in the equity segment [27]. 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 as the sample space. It constructs an evaluation system from multiple dimensions to select 5 funds to form the index [31]. 2.5. QDII Bond Fund Preferred Index Tracking - The underlying assets of QDII bond funds are overseas bonds. It selects 6 funds with stable returns and good risk control based on credit and duration conditions to form the index [34]. 2.6. REITs Fund Preferred Index Tracking - The underlying assets of REITs are mainly high - quality and stable infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity based on the underlying asset types to form the index [35].