分析师：李亭函 2025 年 09 月 17 日 证券研究报告 | 金融工程周报 市场波动加剧，但上行趋势不变 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师登记编码：S0890524100001 电话：021-20321081 邮箱：baiyifan@cnhbstock.com 市场环境因子跟踪周报（2025.09.17） 分析师登记编码：S0890524080001 电话：021-20321077 zhangshuai564576@cnhbstock.com 邮箱：zhangjunrui@cnhbstock.com 销售服务电话： 021-20515355 相关研究报告 1、《市场陷入震荡，短期难免颠簸—市场 环 境 因 子 跟 踪 周 报 （ 2025.09.10 ）》 2025-09-10 2、《市场或有颠簸，但牛市不变—市场环 2025-09-03 市场环境因子跟踪周报（2025.08.27）》 2025-08-27 4、《市场情绪仍偏强，追高时需注意风险 防 范 — 市 场 环 境 因 子 跟 踪 周 报 ...

| 新股发行及今日交易提示 | 2025/9/17 | 星期三 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/9/17 | 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=000627&announcementId=122466 | 现金选择权 | 000627 | *ST天茂 | 现金选择权申报期 | ：2025年9月15日至2025年9月19日 | 4663&orgId=gssz0000627&announcementTime=2025 | -09-17 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=300280&announcementId=122465 | 退市整理期 | 300280 | 紫天退 | 距最后交易日剩余 | 12个交易日 | 89 ...

2025 年 09 月 17 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 2025/9/17 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 华宝证券 1/9 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。 ◆适用网格交易 ...

2025 年 09 月 16 日 证券研究报告 | 公募基金周报 A 股市场短暂回调，重回上行趋势创年内新高 公募基金量化遴选类策略指数跟踪周报（2025.09.14） 分析师：李亭函 分析师登记编码：S0890519080001 电话：021-20321017 邮箱：litinghan@cnhbstock.com 分析师：黄浩 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 量化策略配置观点： 股基增强策略 > 海外权益策略> 常青低波策略 销售服务电话： 021-20515355 1、《景气为矛，静待新高—公募基金权 益 指 数 跟 踪 周 报 （ 2025.09.08- 2025.09.12）》2025-09-15 2、《债市区间震荡，静待政策信号—公 募 基 金 泛 固 收 指 数 跟 踪 周 报 15 3 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/9/15》2025-09-15 4、《市场再度高位震荡调整，低波策略 显现降波作用—公募基金量化遴选类策 略指数跟踪周报（2025.09.07）》2025- ...

| 新股发行及今日交易提示 | 2025/9/16 | 星期二 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/9/16 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | 920015 | 锦华新材 | 18.15 | 301584 | 建发致新 | 7.05 | | | | 2025/9/16 | 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=000627&announcementId=122466 | 现金选择权 | 000627 | *ST天茂 | 现金选择权申报期 | ：2025年9月15日至2025年9月19日 | 0693&orgId=gssz0000627&announcementTime=2025 | -09-16 | | https://www.cninfo.com.cn/new/disclosure/deta ...

| 新股发行及今日交易提示 | 2025/9/15 | 星期一 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/9/15 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | | | | 301656 | 联合动力 | 12.48 | 2025/9/15 | 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=000627&announcementId=122465 | 现金选择权 | 000627 | *ST天茂 | 现金选择权申报期 | ：2025年9月15日至2025年9月19日 | | 8405&orgId=gssz0000627&announcementTime=2025 | -09-15 | https://www.cninfo.com.cn/new/disc ...

New Stock Issuance - YouSheng Co., Ltd. (Securities Code: 732418) issued shares at a price of 46.36 RMB on September 12, 2025[1] - *ST Tianmao (Securities Code: 000627) has a cash option declaration period from September 15 to September 19, 2025[1] - *ST Zitian (Securities Code: 300280) enters the delisting arrangement period starting September 15, 2025[1] Trading Alerts - Hangke Technology (Securities Code: 688006) reported severe abnormal fluctuations on September 11, 2025[1] - Shanghai Electric Power (Securities Code: 600021) had a trading volume of 8,487 on September 10, 2025[1] - Tianji Co., Ltd. (Securities Code: 002759) reported a trading volume of 8,705 on September 10, 2025[1] Abnormal Fluctuations - ST Lingnan (Securities Code: 002717) reported a trading volume of 7,965 on September 10, 2025[3] - ST Huaxi (Securities Code: 002630) reported a trading volume of 9,579 on September 11, 2025[3] - ST Jianye (Securities Code: 600381) reported a trading volume of 5,420 on September 3, 2025[3]

New Stock Issuance - The new stock issued by Haocreat Technology (证券代码: 301668) is priced at 21.00 RMB per share, effective from September 11, 2025[1] - Cash option declaration period for *ST Tianmao (证券代码: 000627) is from September 15 to September 19, 2025[1] - *ST Zitian (证券代码: 300280) will enter the delisting arrangement period starting September 15, 2025[1] Market Alerts - Significant abnormal fluctuations reported for Kaipu Cloud (证券代码: 688228) on September 11, 2025[1] - The latest announcements for various stocks can be accessed through the provided links, indicating ongoing market activity and updates[1] Trading Updates - Multiple stocks including Shanghai Electric (证券代码: 600021) and Tianji Shares (证券代码: 002759) have recent announcements affecting their trading status[1] - The report includes a comprehensive list of stocks with their respective announcements and trading updates, reflecting the dynamic nature of the market[1]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The new public offering sales fee regulations are expected to have a dual impact on banking wealth management, enhancing its traditional advantages in liquidity management and stability of returns, potentially attracting individual investors away from bond funds [11][12] - Several banks in Sichuan are actively pursuing joint applications for wealth management subsidiary licenses, which could serve as a significant demonstration for small and medium-sized banks to break through regional barriers [13] - The recent rise in gold prices has led wealth management subsidiaries to launch more gold-linked products, capitalizing on the market trend [14][15] Regulatory and Industry Dynamics - The new public offering sales fee regulations were released, marking the implementation of a three-step fee reduction strategy [11] - Banks in Sichuan are working together to apply for wealth management subsidiary licenses, which could optimize competition and resource utilization in the industry [13] - Wealth management subsidiaries are increasingly focusing on gold-linked products due to rising gold prices [14] Peer Innovation Dynamics -浦银理财 has launched a new wealth management product based on a "Five Forces" technology model to select investment opportunities [16] - 招银理财 has developed a global asset allocation index aimed at optimizing investment across major markets [17] - 招银理财 and 中诚信 have jointly released a defensive index to capture the performance of companies with defensive characteristics [18] - 交银理财 has introduced a diversified asset allocation index to balance risk and return across different market conditions [19] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.30%, a decrease of 1 basis point from the previous week [20][21] - The yield of pure fixed-income products generally increased slightly, while the yield of fixed-income plus products decreased [21] - The bond market continues to exhibit a volatile pattern, with short-term rates remaining stable amid limited central bank interventions [21][22] Net Value Tracking - The net value of banking wealth management products has a broken net rate of 1.62%, a decrease of 0.57 percentage points from the previous week [28][31] - The credit spread has narrowed, indicating limited cost-effectiveness in the current market [30]

- The report tracks multiple market factors, including stock market factors, commodity market factors, options market factors, and convertible bond market factors, providing a comprehensive analysis of market dynamics during the period from September 1 to September 5, 2025 [1][10][11] - **Stock Market Factors**: The report highlights the following: - **Market Style**: Large-cap style outperformed small-cap, and value style significantly outperformed growth style [11][13] - **Market Style Volatility**: Volatility in large-cap vs. small-cap styles increased, while volatility in value vs. growth styles decreased [11][13] - **Market Structure**: Industry index excess return dispersion and industry rotation speed increased, while the proportion of rising constituent stocks decreased. Additionally, the concentration of trading in the top 100 stocks increased, while the top 5 industries' trading concentration remained unchanged [11][13] - **Market Activity**: Both market volatility and turnover rate continued to rise [12][13] - **Commodity Market Factors**: The report identifies the following: - **Trend Strength**: The energy and chemical sectors showed increased trend strength, while other sectors remained stable [19][26] - **Basis Momentum**: Basis momentum for the black and energy sectors increased [19][26] - **Volatility**: Volatility in the black and precious metals sectors rose [19][26] - **Liquidity**: Liquidity performance varied across sectors [19][26] - **Options Market Factors**: The report notes: - Implied volatility for the SSE 50 and CSI 1000 indices remained high but showed marginal easing. The skew of put options for the SSE 50 rose rapidly, while the CSI 1000 remained unchanged. Additionally, the discount for the CSI 1000 index narrowed, indicating increased market divergence and the rotation and diffusion of market hotspots [30] - **Convertible Bond Market Factors**: The report highlights: - The convertible bond market experienced a volatile week, with a decline followed by recovery. The valuation of bonds with a par conversion premium stabilized at a mid-level, while the proportion of low-conversion-premium bonds significantly adjusted. Low-premium bonds performed relatively better. Market trading volume slightly contracted but remained healthy, and credit spreads showed an upward trend [31]