2025 年 12 月 31 日 证券研究报告|银行理财周报 信披统一框架正式落地，苏银理财深耕持有型不动产 ABS 实践 银行理财周度跟踪（2025.12.22-2025.12.28） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 021-20515355 1、《理财共议高质量发展新路径，首单科 创债 ETF 质押式回购交易落地—银行理 财周度跟踪（2025.12.15-2025.12.21）》 2025-12-24 再 添 硕 果 — 银 行 理 财 周 度 跟 踪 （2025.12.8-2025.12.14）》2025-12-17 3、《指数型理财迎爆发增长，第三方估值 引 行 业 热 议 — 银 行 理 财 周 度 跟 踪 （2025.12.1-2025.12.7）》2025-12-10 4、《资管协会更名筑牢协同根基，理财打 新聚焦硬科技赛道—银行理财周度跟踪 （ ...

证券研究报告——宏观策略月报 识变、应变 ——2026年宏观资配展望 HWABAO SECURITIES 2025年12月31日 01 市场回顾 02 海外经济环境及政策影响 03 国内经济环境及政策影响 04 2026年宏观资配十大展望 05 资产配置观点展望（1月） 大类资产表现回顾：风险资产普涨 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 | 2026年年度资配观点 | | 谨慎 | 相对谨慎 | 中性 | 相对乐观 | 乐观 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 资产类别 | | 核心逻辑观点 | | | | | 年度观点 | | | | 牛市有望延续，涨势大概率放缓，高景气与高股息轮动 | | | | | | | A股 | Ø | 2026年A股仍有望延续上涨，但涨幅放缓，上半年确定性相对更强。 | | | | | 相对乐观 | | | ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The equity market rebounded last week, with the Shanghai Composite Index achieving an "eight - consecutive - yang" pattern. The rebound was due to the pulse of incremental funds in A500ETF and the pre - emptive action under high expectations for the "Spring Rally." Mid - term, global liquidity is expected to be loose, and there are opportunities for the undervalued pro - cyclical style to make up for losses. [2][3][12] - The bond market continued to recover last week. In the current environment, the space for a deep adjustment in the bond market is limited, and the 10 - year Treasury yield may maintain a narrow - range oscillation pattern in the future. [3][13] - The subscription funds for Huaxia Zhonghe Clean Energy REIT exceeded 160 billion, indicating strong investor recognition. [4][17] Summary According to the Directory 1. Weekly Market Observation 1.1. Equity Market Review and Observation - Last week, the CSI 300 index rose 1.95%, the Shanghai Composite Index rose 1.88%, and the CSI 500 index rose 4.03%. The average daily trading volume of the whole A - share market was 1,956.9 billion, showing an increase compared to the previous week. The rebound was due to A500ETF incremental funds and the pre - emptive action for the "Spring Rally." [2][10] - The mid - term US monetary policy is expected to be loose. Short - term market focus is on US inflation and employment data. If the data shows economic cooling, the stock market may continue to rise; otherwise, it may affect the domestic growth style. [11] - At the end of the year, the focus of the market has shifted to commercial aerospace. Overseas, SpaceX signaled an IPO, and Google made related investments; domestically, many commercial aerospace companies are queuing up for IPOs on the Science and Technology Innovation Board. [12] 1.2. Fixed - Income Market Review and Observation - Last week, the bond market continued to recover. The 1 - year Treasury yield decreased by 6.75BP to 1.29%, the 10 - year Treasury yield increased by 0.68BP to 1.84%, and the 30 - year Treasury yield decreased by 0.19BP to 2.22%. The 10 - year Treasury yield may maintain a narrow - range oscillation pattern. [3][13] - Last week, the US Treasury yield oscillated downward. The 1 - year, 2 - year, and 10 - year US Treasury yields all decreased by 2BP. The GDP data initially pushed up the yield, but it later declined due to the consumer confidence index. [14] - Last week, the CSI REITs Total Return Index rose 1.56%. In the primary market, 4 new public REITs made progress, and Huaxia Zhonghe Clean Energy REIT was established. [15][16] 1.3. Public Fund Market Dynamics - The subscription funds for Huaxia Zhonghe Clean Energy REIT exceeded 160 billion, with the public investor effective subscription multiple about 392 times and the offline investor effective subscription multiple exceeding 340 times. [4][17] 2. Fund Index Performance Tracking 2.1. Equity Strategy Theme - Based Index - **Active Stock Fund Selection**: The index selects 15 funds each period, with equal - weight allocation. It selects active equity funds based on performance competitiveness and style stability, and balances the style according to the CSI Equity - Oriented Fund Index. The performance benchmark is the CSI Equity - Oriented Fund Index. [20][21] 2.2. Investment Style - Based Index - **Value Stock Fund Selection**: It selects 10 funds with deep - value, quality - value, and balanced - value styles. The performance benchmark is the CSI 800 Value Index. [23] - **Balanced Stock Fund Selection**: It selects 10 funds with relatively balanced and value - growth styles. The performance benchmark is the CSI 800. [25][26] - **Growth Stock Fund Selection**: It selects 10 funds with active - growth, quality - growth, and balanced - growth styles. The performance benchmark is the 800 Growth Index. [28] 2.3. Industry Theme - Based Index - **Pharmaceutical Stock Fund Selection**: It selects 15 funds based on the intersection market value of fund equity holdings and the representative index, and constructs an evaluation system. The performance benchmark is the pharmaceutical theme fund index. [32][33] - **Consumption Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the consumption theme fund index. [33][34] - **Technology Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the technology theme fund index. [37] - **High - end Manufacturing Stock Fund Selection**: It selects 10 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the high - end manufacturing theme fund index. [42][43] - **Cyclical Stock Fund Selection**: It selects 5 funds based on the intersection market value of fund equity holdings and relevant representative indices. The performance benchmark is the cyclical theme fund index. [45][46] 2.4. Money - Market Enhanced Index - **Money - Market Enhancement Strategy**: The index aims for liquidity management and a smooth - upward curve. It mainly invests in money - market funds and inter - bank certificate of deposit index funds. The performance benchmark is the CSI Money - Market Fund Index. [49] 2.5. Pure - Bond Index - **Short - Term Bond Fund Selection**: It selects 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. [52] - **Medium - and Long - Term Bond Fund Selection**: It selects 5 medium - and long - term pure - bond funds, balancing coupon strategies and band - trading operations. It adjusts the duration and the ratio of credit - bond funds and interest - rate - bond funds according to the market. [54] 2.6. Fixed - Income + Index - **Low - Volatility Fixed - Income + Selection**: It selects 10 funds with an equity central position of 10%. The performance benchmark is 10% CSI 800 Index + 90% ChinaBond New Composite Full - Price Index. [56] - **Medium - Volatility Fixed - Income + Selection**: It selects 5 funds with an equity central position of 20%. The performance benchmark is 20% CSI 800 Index + 80% ChinaBond New Composite Full - Price Index. [60] - **High - Volatility Fixed - Income + Selection**: It selects 5 funds with an equity central position of 30%. The performance benchmark is 30% CSI 800 Index + 70% ChinaBond New Composite Full - Price Index. [63] 2.7. Other Fixed - Income - Related Indices - **Convertible Bond Fund Selection**: It selects 5 funds based on the proportion of convertible - bond investment and constructs an evaluation system. [66] - **QDII Bond Fund Selection**: It selects 6 funds with stable returns and good risk control based on credit and duration. [69] - **REITs Fund Selection**: It selects 10 funds with stable operation, reasonable valuation, and certain elasticity based on the underlying asset type. [70]

Group 1: Report Overview - The report is a public fund special report on the investment value analysis of fund manager Chen Huaiyi of Huabao Fund, focusing on his investment capabilities through the analysis of Huabao Emerging Growth [1] Group 2: Fund Manager Information 2.1 Fund Manager Introduction - Chen Huaiyi previously worked in Southwest Securities and Essence Securities. He joined Huabao Fund in September 2018, and has served as a senior analyst and fund manager assistant. Since December 2021, he has been the fund manager of Huabao Emerging Growth, and since October 2022, he has been the fund manager of Huabao Emerging Industries [10] 2.2 Management Product Introduction 2.2.1 Representative Product - Since December 14, 2021, Chen Huaiyi has managed Huabao Emerging Growth (010114.OF), with a total scale of 254 million yuan as of September 30, 2025. Considering the similar styles of the two products he currently manages, Huabao Emerging Growth, which he has managed for a longer time, is selected as the representative product [11] 2.2.2 Representative Product Net Value Performance - As of November 25, 2025, after excluding the 3 - month construction period, Huabao Emerging Growth significantly outperformed the performance benchmark, recording a cumulative positive excess return of 49.28%. Its return performance among high - equity - position hybrid funds is remarkable, surpassing 96% of similar funds. Although its drawdown control is slightly weak, it is still at a mid - level among similar funds, and its volatility control is relatively good [12][14][16] Group 3: Fund Manager Investment Ability Analysis 3.1 Investment Framework - Guided by the Industrial Cycle and Highlighting Industrial Thinking - The investment framework centers around "good industries, good companies, and good prices", with the core principle of "beta first", focusing on the industrial cycle of the technology manufacturing industry. Through industrial cycle positioning, position structure division, and market value space assessment, it captures industries with strong growth potential in the next 2 - 3 years. The positions are divided into three parts: the main position (beta - following position) in strong - beta industries, the value position (alpha position) for companies with outstanding alpha in a declining industry, and the flexible position (about 10%) for supplementary trading opportunities. Investment decisions are based on the dynamic calculation of the long - term market value space of individual stocks, and strict selling discipline is enforced when the logic is falsified or the market value approaches the target [3][21][23] 3.2 Shareholding Characteristics - Emphasizing the Match between Valuation and Fundamentals - Industry allocation shows the characteristics of "focusing on the main line and diversifying internally", and the portfolio is a reflection of industrial thinking. In stock selection, he prefers segment leaders, pays attention to "good prices", is cautious about high - valuation popular stocks, and digs out stocks with better odds through in - depth research in the early stage of the industry or when there are cognitive differences [3][21][29] 3.3 Operational Characteristics - Keeping Pace with the Times and Dynamically Optimizing - He maintains a high - position operation, and the excess return mainly comes from structural adjustments and individual stock selection based on industry comparisons rather than macro - timing. He focuses on industrial trends, continuously adjusts the portfolio through "dynamic optimization": the core holdings remain stable, while marginal changes are keenly captured through high - frequency research and expert interviews, and the flexible position is used for flexible adjustments. The concentration of holdings changes dynamically with the confidence of research, and once a high - certainty direction is locked, he dares to make heavy allocations and then continuously rebalances according to the valuation difference and technological evolution [4][22][40] Group 4: Summary - Chen Huaiyi is a "stone - turning" expert who is good at pursuing excess returns through refined industrial navigation and dynamic portfolio management in the wave of manufacturing growth stocks. His investment capabilities are characterized by being guided by the industrial cycle, emphasizing the match between valuation and fundamentals, and keeping pace with the times and dynamically optimizing [52][53] Group 5: Appendix - The appendix provides the product elements of Huabao Emerging Growth, including the fund name, abbreviation, full name, establishment date, comparison benchmark, investment objective, investment scope, management fee rate, custody fee rate, and the tenure of the current fund manager [55]

Report Information - Report Title: ETF Strategy Index Tracking Weekly Report, Public Fund Weekly Report [1] - Report Date: December 29, 2025 [1] Investment Ratings - Not provided in the report Core Views - The report presents several ETF strategy indices constructed by Huabao Securities, aiming to obtain excess returns relative to the market through different quantitative models and strategies. It also tracks the performance and positions of these indices on a weekly basis [4][5][12] Summary by Directory 1. ETF Strategy Index Tracking - **Overall Performance**: The table shows the performance of various ETF strategy indices last week, including the index name, last week's index return, comparison benchmark, last week's benchmark return, and excess return [13] | Index Name | Last Week's Index Return | Comparison Benchmark | Last Week's Benchmark Return | Excess Return | | --- | --- | --- | --- | --- | | Huabao Research Large - Small Cap Rotation ETF Strategy Index | 1.96% | CSI 800 | 2.50% | -0.54% | | Huabao Research Quantitative Fire - Wheel ETF Strategy Index | 4.18% | CSI 800 | 2.50% | 1.67% | | Huabao Research Quantitative Balance Technique ETF Strategy Index | 1.04% | SSE 300 | 1.95% | -0.91% | | Huabao Research SmartBeta Enhanced ETF Strategy Index | 3.94% | CSI 800 | 2.50% | 1.43% | | Huabao Research Hot - Spot Tracking ETF Strategy Index | 2.03% | CSI All - Share | 2.78% | -0.75% | | Huabao Research Bond ETF Duration Strategy Index | 0.03% | ChinaBond Aggregate Index | 0.04% | -0.01% | 1.1 Huabao Research Large - Small Cap Rotation ETF Strategy Index - **Strategy**: 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 [4][14] - **Performance**: As of December 26, 2025, the excess return since 2024 is 19.71%, the excess return in the past month is - 0.63%, and the excess return in the past week is - 0.54% [4][14] - **Position**: Holds 100% of the SSE 300ETF (fund code: 510300.SH) [18] 1.2 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: Uses volume - price indicators to time self - built barra factors, and then maps the timing signals to ETFs based on the exposure of ETFs to 9 barra factors. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [4] - **Performance**: As of December 26, 2025, the excess return since 2024 is 22.50%, the excess return in the past month is - 1.98%, and the excess return in the past week is 1.43% [4] - **Position**: Holds 25.05% of the Huaxia Science and Technology Innovation Composite Index ETF (fund code: 589000.SH), 25.04% of the Fuguo Science and Technology Innovation Composite Index ETF (fund code: 589600.SH), 25.02% of the Southern GEM 200ETF (fund code: 159270.SZ), and 24.89% of the Wanjia GEM Composite ETF (fund code: 159541.SZ) [22] 1.3 Huabao Research Quantitative Fire - Wheel ETF Strategy Index - **Strategy**: 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 [22] - **Performance**: As of December 26, 2025, the excess return since 2024 is 38.65%, the excess return in the past month is 2.06%, and the excess return in the past week is 1.67% [22][25] - **Position**: Holds 20.97% of the Securities and Insurance ETF (fund code: 512070.SH), 20.60% of the Chemical ETF (fund code: 159870.SZ), 19.54% of the Steel ETF (fund code: 515210.SH), 19.49% of the Oil and Gas ETF (fund code: 159697.SZ), and 19.39% of the New Energy ETF (fund code: 516160.SH) [26] 1.4 Huabao Research Quantitative Balance Technique ETF Strategy Index - **Strategy**: Adopts a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior. It constructs a quantitative timing system to judge the trend of the equity market and establishes a prediction model for the market's large - and small - cap styles to adjust the equity market position distribution [26] - **Performance**: As of December 26, 2025, the excess return since 2024 is - 11.11%, the excess return in the past month is - 1.05%, and the excess return in the past week is - 0.91% [26][27] - **Position**: Holds 9.23% of the Ten - Year Treasury Bond ETF (fund code: 511260.SH), 6.11% of the 500ETF Enhanced (fund code: 159610.SZ), 5.98% of the CSI 1000ETF (fund code: 512100.SH), 32.84% of the 300 Enhanced ETF (fund code: 561300.SH), 22.94% of the Government Financial Bond ETF (fund code: 511520.SH), and 22.89% of the Short - Term Financing ETF (fund code: 511360.SH) [29] 1.5 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: 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 views, policy and regulatory changes, and historical deduction. It constructs an ETF portfolio that can capture market hot spots in a timely manner [29] - **Performance**: As of December 26, 2025, the excess return in the past month is - 1.22%, and the excess return in the past week is - 0.75% [29][32] - **Position**: Holds 38.33% of the Non - Ferrous Metals 50ETF (fund code: 159652.SZ), 23.48% of the Boshi Hong Kong Stock Dividend ETF (fund code: 513690.SH), 19.50% of the Hong Kong Stock Connect Pharmaceutical ETF (fund code: 513200.SH), and 18.69% of the Short - Term Financing ETF (fund code: 511360.SH) [33] 1.6 Huabao Research Bond ETF Duration Strategy Index - **Strategy**: Uses bond market liquidity and volume - price indicators to screen effective timing factors and predicts bond yields through a machine - learning method. When the expected yield is lower than a certain threshold, it reduces the long - duration positions in the bond investment portfolio [6][33] - **Performance**: As of December 26, 2025, the excess return in the past month is 0.18%, and the excess return in the past week is - 0.01% [6][33] - **Position**: Holds 50.01% of the Ten - Year Treasury Bond ETF (fund code: 511260.SH), 25.00% of the Government Financial Bond ETF (fund code: 511520.SH), and 25.00% of the 5 - to 10 - Year Treasury Bond ETF (fund code: 511020.SH) [36]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Since taking charge of Huabao Growth Strategy in May 2020, Tang Hui has achieved excellent returns, outperforming 97% of similar funds, with relatively good drawdown control [4][14][40]. - Tang Hui has an investment system centered on "industry trends + stock odds", a portfolio management concept of "beta (60%-70%) + alpha (30%-40%)", and an operation style of dynamic adjustment and disciplined execution [3][18][41]. 3. Summary by Relevant Catalogs 3.1 Fund Manager Information 3.1.1 Fund Manager Introduction - Tang Hui was a senior strategy analyst at Haitong Securities Research Institute and joined Huabao Fund in June 2015. She currently manages 3 products and is the fund manager of Huabao Growth Strategy since May 2020, Huabao Baokang Flexible since January 2021, and Huabao Baokang Consumer Goods since December 2021 [4][9][37]. 3.1.2 Management Product Introduction 3.1.2.1 Representative Product - Tang Hui manages three public - offering funds. Huabao Growth Strategy is used as the representative product for analysis. As of September 30, 2025, its scale is 146 million yuan [10]. 3.1.2.2 Representative Product Net Value Performance - As of November 25, 2025, after excluding the 3 - month establishment period, Huabao Growth Strategy significantly outperformed the benchmark, with a cumulative positive excess return of 83.04%. It outperformed 97% of similar funds, and its drawdown control is in the upper - middle level. It had a weak performance in 2023 but was excellent in other years, especially in 2025 [11][14][40]. 3.2 Fund Manager Investment Ability Analysis 3.2.1 Investment Framework - Guided by Industry Trends and Focused on Odds Space - Tang Hui's investment system combines understanding of industry trends and control of stock odds. She selects high - growth and long - logic tracks from a top - down perspective, captures inflection points of industry prosperity "second - order derivatives", and then conducts bottom - up stock selection based on odds [18][19][20]. - For industry trend judgment, she has a macro view of the whole market. For example, she focuses on the AI industry, believing that its technological evolution is ongoing and capital expenditure is not in a bubble [19]. - She constructs a dynamic screening system that combines top - down and bottom - up approaches, and uses odds as the core criterion for secondary screening. This includes comparing industry prosperity, evaluating stock odds, and building differentiated portfolios based on product contracts [20]. - Her investment scope is wide, with a growth preference, and she is relatively cautious about sectors like semiconductors [21]. 3.2.2 Shareholding Characteristics - Carrying Prosperity and Mining Alpha under Portfolio Thinking - Tang Hui's shareholding is based on the concept of "beta + alpha". The beta position (60% - 70%) is concentrated in no more than three prosperous industries, such as the AI computing power industry chain from 2023 to 2025. The alpha position (30% - 40%) is used to invest in stocks with independent growth logic [22][23]. - In stock selection, she makes a three - dimensional layout in the industrial chain, considering both position and odds. Her holding period is flexible, depending on industry prosperity and market value targets [26]. 3.2.3 Operation Characteristics - Dynamic Adjustment and Disciplined Execution under Agile Tracking - Tang Hui rarely conducts position timing and usually keeps the stock position at a relatively high level. Her excess returns mainly come from industry allocation and stock selection [18][31][41]. - The fund has a relatively high turnover rate, which reflects her tracking of prosperity and dynamic evaluation of stock odds. She adjusts positions according to industry data, company reports, and odds changes [33]. 3.3 Summary - Tang Hui's resume and management of funds are the same as mentioned above. Huabao Growth Strategy has excellent performance, and her investment ability has the characteristics of an investment system centered on industry trends and stock odds, portfolio management, and dynamic adjustment [37][40][41]. 3.4 Appendix - Information about Huabao Growth Strategy, such as its fund name, abbreviation, establishment date, comparison benchmark, investment objective, investment scope, management fee rate, and custody fee rate, is provided [44].

- The report tracks various quantitative factors across equity, commodity, options, and convertible bond markets, providing insights into market trends and factor performance during the week of December 15-19, 2025[3][9][24] - **Equity Market Factors**: - **Market Style**: The market showed a slight preference for large-cap and value styles, reversing the trend from the previous week[10][12] - **Market Structure**: Industry excess return dispersion and rotation speed increased, while the proportion of rising constituent stocks decreased. Concentration in the top 100 stocks remained stable, and the top 5 industries saw a slight decline in transaction concentration[10][12] - **Market Activity**: Both market volatility and turnover rate continued to decline[11][12] - **Commodity Market Factors**: - **Trend Strength**: All sectors except the black sector showed an increase in trend strength[24][29] - **Volatility**: Volatility decreased in the precious metals and agricultural sectors but increased in other sectors[24][29] - **Liquidity**: Liquidity declined in the energy and agricultural sectors but slightly improved in other sectors[24][29] - **Basis Momentum**: Basis momentum increased in the energy and black sectors but decreased in other sectors[24][29] - **Options Market Factors**: - Implied volatility for both the SSE 50 and CSI 1000 rebounded from low levels. The skew of call and put options for the SSE 50 decreased, while the skew of put options for the CSI 1000 continued to rise, indicating risk release in large-cap stocks and risk accumulation in small-cap stocks[32][36] - **Convertible Bond Market Factors**: - The market stabilized and recovered, with transaction volume exceeding the median level of the past year. The premium rate for bonds priced at 100 yuan reached a new annual high, while the proportion of low premium rate bonds continued to decline[34][38][40]

Investment Rating - The report does not explicitly provide an investment rating for the industry [3]. Core Insights - The banking wealth management industry is moving towards "Net Value 3.0," with multi-asset and multi-strategy becoming mainstream [11][12]. - The introduction of the first "Science and Technology Innovation Bond ETF" repurchase transaction marks a significant breakthrough in liquidity management tools for wealth management companies [17]. - The report highlights the performance of cash management products and fixed-income products, indicating a stable yield environment despite market fluctuations [20][24]. Regulatory and Industry Dynamics - A conference on high-quality development in the banking industry was held, where leaders discussed the current landscape and future directions of wealth management [4][11]. - The industry is facing challenges and opportunities, including a "deposit migration" window and the potential for significant growth in corporate wealth management [12]. - The report notes the appointment of Dai Kang, a former chief asset researcher, to a key position in a wealth management firm, indicating a strategic focus on enhancing equity investment capabilities [14][16]. Innovations in the Industry - Su Yin Wealth Management successfully executed the first market transaction using "Science and Technology Innovation Bond ETF" as collateral, providing a new path for asset liquidity [17][18]. - Hui Yin Wealth Management launched a new product, "Star Hui Global+," which is linked to a self-developed index and aims to diversify asset allocation [19]. Yield Performance - Cash management products recorded a 7-day annualized yield of 1.27%, remaining stable week-on-week, while money market funds saw a slight increase [20][22]. - The report indicates that the yields of fixed-income products have generally risen, reflecting a stable economic environment and expectations of monetary policy adjustments [24][25]. Net Value Tracking - The report states that the net value ratio of banking wealth management products decreased to 2.55%, indicating a slight improvement in the market [31][33]. - The credit spread has widened, suggesting limited value for investors, and future trends in credit spreads will be closely monitored [32].

Group 1 - The report outlines a grid trading strategy that capitalizes on price fluctuations rather than predicting market trends, making it suitable for volatile markets [4][13] - 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 [4][13] Group 2 - The report highlights key ETFs for grid trading, including the Robot ETF (159770.SZ), which is expected to benefit from a confluence of policy support, technological advancements, and increasing demand, projecting a significant growth year in 2025 [4][14] - The Central Enterprise Technology ETF (560170.SH) focuses on state-owned enterprises in core technology sectors, aligning with national strategies for technological self-reliance and modernization [5][17] - The Securities ETF Leader (159993.SZ) indicates growth potential for leading brokerage firms, supported by improved market conditions and ongoing capital market reforms, with a reported 62.48% year-on-year increase in net profit for the sector [6][20] - The Hong Kong Central Enterprise Dividend ETF (513910.SH) emphasizes high dividend yields, which are expected to gain traction in a low-interest-rate environment, supported by government policies promoting shareholder returns [7][23]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The bond market continued to recover last week, with yields on various tenors generally declining. The bullish sentiment in the bond market has rebounded, but the space for further capital gains may be limited. A neutral and oscillatory mindset is advisable [3]. - The yields of money market funds have been continuously declining, and multiple money market funds have imposed purchase restrictions [4][13]. 3. Summary by Relevant Catalog 3.1. Pan-fixed-income Market Review and Observation 3.1.1. Bond Market Performance - Last week (December 15 - December 19, 2025), the 1-year, 10-year, and 30-year Treasury yields decreased by 3.32BP, 0.88BP, and 2.35BP to 1.35%, 1.83%, and 2.23% respectively. The bullish sentiment in the bond market has recovered [3]. - US Treasury yields declined across the board last week. The 1-year, 2-year, and 10-year US Treasury yields decreased by 3BP, 4BP, and 3BP to 3.51%, 3.48%, and 4.16% respectively [12]. 3.1.2. REITs Market Performance - Last week, the CSI REITs Total Return Index fell 2.85% to 999.19 points. The highway and rental housing sectors led the decline. In the primary market, 4 new public REITs made progress last week [12]. 3.2. Public Fund Market Dynamics - The yields of money market funds have been continuously declining. As of December 16, the median seven-day annualized yield of money market funds was 1.24%, and over a hundred funds had a yield of less than 1%. Multiple funds have announced short-term purchase restrictions [4][13]. 3.3. Pan-fixed-income Fund Index Performance Tracking 3.3.1. Overall Performance | Index Classification | Weekly Return | Cumulative Return Since Inception | | --- | --- | --- | | Money Enhancement Index | 0.03% | 4.43% | | Short-term Bond Fund Selection | 0.04% | 4.57% | | Medium- and Long-term Bond Fund Selection | 0.08% | 6.77% | | Low-volatility Fixed-income + Fund Selection | 0.22% | 4.49% | | Medium-volatility Fixed-income + Fund Selection | 0.12% | 6.25% | | High-volatility Fixed-income + Fund Selection | 0.13% | 8.00% | | Convertible Bond Fund Selection | 0.01% | 22.42% | | QDII Bond Fund Selection | 0.05% | 10.05% | | REITs Fund Selection | -2.22% | 29.35% | [6] 3.3.2. Index Positioning - **Money Enhancement Strategy Index**: Aims for liquidity management, targeting a curve that outperforms money market funds. It mainly invests in money market funds and interbank certificate of deposit index funds. The performance benchmark is the CSI Money Market Fund Index [15]. - **Short-term Bond Fund Selection Index**: Focuses on liquidity management, aiming for a smooth curve with controlled drawdowns. It selects 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 Selection Index**: Seeks stable returns by investing in medium- and long-term pure bond funds. It aims for excess returns relative to the medium- and long-term bond fund index and a steady upward net value curve. It adjusts the duration and the ratio of credit bond funds to interest rate bond funds according to market conditions [20]. - **Low-volatility Fixed-income + Selection Index**: The equity center is set at 10%. It selects 10 fixed-income + funds with an equity position of less than 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 + Selection Index**: The equity center is set at 20%. It selects 5 fixed-income + funds with an equity position between 15% - 25% in the past three years and recently. The performance benchmark is 20% * CSI 800 Index + 80% * ChinaBond New Composite Full Price Index [26]. - **High-volatility Fixed-income + Selection Index**: The equity center is set at 30%. It selects 5 fixed-income + funds with an equity position between 25% - 35% in the past three years and recently. The performance benchmark is 30% * CSI 800 Index + 70% * ChinaBond New Composite Full Price Index [27]. - **Convertible Bond Fund Selection Index**: Selects 5 bond funds with a high proportion of convertible bond investments. It constructs an evaluation system from multiple dimensions to select the best funds [31]. - **QDII Bond Fund Selection Index**: The underlying assets are overseas bonds. It selects 6 funds with stable returns and good risk control [34]. - **REITs Fund Selection Index**: The underlying assets are high-quality infrastructure projects. It selects 10 funds with stable operations, reasonable valuations, and certain elasticity [35].