| 新股发行及今日交易提示 | 2025/7/11 | 星期五 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/7/11 | 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=600566&announcementId=122408 | 要约收购 | 600566 | 济川药业 | 要约申报期：2025年6月18日至2025年7月17日 | 3581&orgId=gssh0600566&announcementTime=2025 | -07-05 | | | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=300208&announcementId=122413 | 300208 | 中程退 | 距最后交易日剩余 | 5个交易日 | 0674&orgId=9900018895&announc ...

New Stock Listings - The new stock "同宇新材" (code: 301630) is listed at an issue price of 84 on July 10, 2025[1] - "中程退" (code: 300208) and "退市锦港" (code: 600190) have 6 trading days remaining until their last trading day[1] - "恒立退" (code: 000622) has 3 trading days remaining until its last trading day[1] Delisting and Trading Alerts - "退市九有" (code: 600462) has 2 trading days remaining until its last trading day[1] - "工智退" (code: 000584) will have its last trading day on July 10, 2025[1] - "美迪西" (code: 688202) is listed with no specific trading alerts mentioned[1] Market Volatility - "北方长龙" (code: 301357) has been flagged for severe abnormal fluctuations[1] - "浙江东日" (code: 600113) and "诺德股份" (code: 600110) have also been noted for abnormal trading activities[1] - "长春一东" (code: 600148) is included in the list of stocks with trading alerts[1]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market's total scale reached 31.22 trillion yuan by the end of June, reflecting a 5.22% increase since the beginning of the year, indicating resilience amid market pressures [12] - Recent trends show a recovery in the yields of bank wealth management products, with cash management products recording a 7-day annualized yield of 1.48%, up 5 basis points week-on-week [16][20] - The report highlights a significant increase in the issuance of QDII quotas, totaling 30.8 billion USD, aimed at enhancing the operational capacity of qualified domestic institutional investors [11] Regulatory and Industry Dynamics - The State Administration of Foreign Exchange has issued new QDII quotas to qualified domestic institutional investors, totaling 30.8 billion USD, to support healthy development in the foreign exchange market [11] - The banking wealth management market maintained a stable scale of 31 trillion yuan, driven by a "deposit migration" phenomenon due to a new round of deposit rate cuts [12] Peer Innovation Dynamics - 招银理财 has introduced a floating management fee model for its wealth management products, significantly reducing fees to 0.25% per year, which is lower than the conventional rates of 0.4%-0.6% [13] - 工银理财 participated in the cornerstone investment for the IPO of IFBH in Hong Kong, securing approximately 4 million USD, marking a significant move into the new consumption sector [14] - 交银理财 launched its first charitable wealth management product, successfully donating excess returns to a public welfare foundation [15] Yield Performance - The yields of various bank wealth management products have shown a general recovery, with cash management products and fixed-income products experiencing different degrees of yield increases [18][19] - The report notes that the credit spread has continued to narrow, remaining at historical low levels since September 2024, which may limit the attractiveness of credit investments [19] Net Value Tracking - The net value of bank wealth management products has a current break-even rate of 0.70%, which has increased by 0.26 percentage points week-on-week, indicating ongoing low levels [27][29] - The report emphasizes the relationship between the break-even rate and credit spreads, noting that a sustained increase in credit spreads could pressure the break-even rate further [27]

2025 年 07 月 09 日 证券研究报告 | 公募基金月报 国内主题轮动加剧，基金组合如何应对？ 基金配置策略报告（2025 年 7 月期） 分析师：孙书娜 分析师登记编码：S0890523070001 电话：021-20321306 邮箱：sunshuna@cnhbstock.com 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 分析师登记编码：S0890524070001 电话：021-20321079 邮箱：fengsishi@cnhbstock.com 分析师登记编码：S0890524040001 电话：021-20321096 邮箱：guxin@cnhbstock.com 021-20515355 结 构 性 机 会 — 基 金 配 置 策 略 报 告 （2025 年 6 月期）》2025-06-10 2、《降息降准落地，静待破局机遇— 基金配置策略报告（2025 年 5 月期）》 3、《哪些方向备受主动权益基金经理 4、《关税扰动加剧，基金组合如何应 固收+型基金——我们在之前策略的基础上进行了策略的拆分，根据 ...

异常波动 | 601003 | 柳钢股份 | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=601003&announcementId=122408 | | | --- | --- | --- | --- | | | | 5528&orgId=9900002182&announcementTime=2025 | -07-05 | | 600537 | 亿晶光电 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600537&announcementId=122407 1693&orgId=gssh0600537&announcementTime=2025 | -07-04 | | 688321 | 微芯生物 | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=688321&announcementId=122407 1597&orgId=9900038965&announcementTime=2025 | - ...

Group 1: Overview of Grid Trading Strategy - The essence of "grid trading" is a high buy low sell strategy, which is based on price fluctuations rather than predicting market trends, making it suitable for markets with frequent price movements [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 relatively suitable for grid trading [3][12] Group 2: Focused ETF Grid Strategy Targets - **Asia-Pacific Selected ETF (159687.SZ)**: This ETF tracks the FTSE Russell Asia-Pacific Low Carbon Selected Index, covering major companies in sectors like semiconductors, internet, automotive, and consumer goods across the Asia-Pacific region. In the first half of 2025, Japan's M&A activity surged with a transaction volume of $232 billion, more than doubling year-on-year, enhancing foreign investment enthusiasm [3][13] - **Photovoltaic ETF (515790.SH)**: The "anti-involution" policy is expected to alleviate overcapacity in the photovoltaic industry, leading to a bottom reversal. Recent government initiatives have aimed at addressing low-price competition and promoting high-quality development in the industry [4][16] - **Coal ETF (515220.SH)**: Extreme summer temperatures are driving up rigid demand for coal, with national electricity load reaching a historical high of 1.465 billion kilowatts on July 4, 2025, an increase of approximately 200 million kilowatts from the end of June [5][17] - **Medical ETF (512170.SH)**: Long-term global aging is driving continuous growth in medical demand. In 2025, several policies supporting the innovative drug industry have been introduced, enhancing the structural investment value of innovative drugs [6][21] Group 3: Additional ETF Grid Strategy Targets - A diverse combination of ETFs with low correlation is recommended for grid trading, such as pairing broad-based and sector-specific ETFs or combining A-shares and Hong Kong stocks to enhance capital utilization and risk diversification [24]

2025 年 07 月 08 日 证券研究报告 | 公募基金周报 市场情绪持续抬升，海内外权益策略指数均收涨 公募基金量化遴选类策略指数跟踪周报（2025.07.06） 分析师：程秉哲 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：黄浩 分析师登记编码：S0890524110001 电话：021-20321391 邮箱：huanghao@cnhbstock.com 销售服务电话： 021-20515355 4、《债市行情清淡，关注固收+方向— 公 募 基 金 泛 固 收 指 数 跟 踪 周 报 （ 2025.06.23-2025.06.27 ）》 2025-06- 30 5、《指数冲高下的板块轮动，银行调整 和科技复苏—公募基金权益指数跟踪周 报 （ 2025.06.23-2025.06.27 ）》 2025- 06-30 投资要点 海内外权益市场近两周均表现强势，风险因素缓和，市场情绪持续回暖等多 重因素作用下，均呈现持续上行态势。这也验证了前期对于短期海内外权益具 有短期上行动力的观点。本周各策略指数均收获 ...

New Stock Listings - Yitang Co., Ltd. (688729) listed at an issue price of 8.45 on July 8, 2025[1] - Jichuan Pharmaceutical (600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10 to July 9, 2025[1] Delisting and Trading Reminders - Tui Shi Jin Gang (600190) has 8 trading days remaining until the last trading day[1] - Hengli Tui (000622) has 5 trading days remaining until the last trading day[1] - Tui Shi Jiu You (600462) has 4 trading days remaining until the last trading day[1] Market Volatility - North China Long Dragon (301357) reported severe abnormal fluctuations[1] - Multiple stocks including ST Zhengping (603843) and Hunan Tianyan (600698) have reported abnormal fluctuations[3]

2025 年 07 月 07 日 证券研究报告 | 公募基金周报 "反内卷"政策加码，科技主题轮动加速 公募基金权益指数跟踪周报（2025.06.30-2025.07.04） 分析师：王骅 分析师登记编码：S0890522090001 电话：021-20321067 邮箱：wanghua@cnhbstock.com 分析师：宋逸菲 分析师登记编码：S0890524080003 电话：021-20321087 邮箱：songyifei@cnhbstock.com 021-20515355 相关研究报告 06-30 3、《指数冲高下的板块轮动，银行调 整和科技复苏—公募基金权益指数跟 踪周报（2025.06.23-2025.06.27）》 2025-06-30 4 、《 ETF 策 略 指 数 跟 踪 周 报 — 2025/6/30》2025-06-30 权益或具短期动力—公募基金量化遴 选 类 策 略 指 数 跟 踪 周 报 （2025.06.22）》2025-06-24 投资要点 权益市场回顾：上周（2025.06.30-2025.07.04）A 股震荡上涨，全周累计看，沪深 300 上涨 1.54%，中证 ...

| 新股发行及今日交易提示 | 2025/7/7 | 星期一 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/7/7 | 新股发行 | | | | | | | | | 证券代码 | 证券简称 | 发行价格 | | | | | | | | 730930 | 华电新能 | 3.18 | 2025/7/7 | 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=600566&announcementId=122408 | 600566 | 济川药业 | 要约申报期：2025年6月18日至2025年7月17日 | | 3581&orgId=gssh0600566&announcementTime=2025 | -07-05 | 要约收购 | http://www.cninfo.com.cn/new/disclosure/detail?sto ...