hjn 2026 年 02 月 26 日 证券研究报告 | 公募基金周报 ETF 策略指数跟踪周报 2026/2/26 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 邮箱：zhangjunrui@cnhbstock.com 021-20515355 1、《地缘关税扰动并存，市场结构趋势延 续 — 公 募 基 金 指 数 跟 踪 周 报 （2026.02.09-2026.02.13）》2026-02-24 2、《节前震荡下行，风格短期切换—公募 基 金 指 数 跟 踪 周 报 （2026.02.02-2026.02.06）》2026-02-09 3、《ETF 策略指数跟踪周报—2026/2/9》 2026-02-09 4、《全球流动性巨震，盈利修复值得期待 — 公 募 基 金 指 数 跟 踪 周 报 （2026.01.26-2026.01.30）》2026-02-02 5、《E ...

分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 2026 年 02 月 25 日 证券研究报告|银行理财周报 监管整治"收益打榜" ，理财行业或告别短期业绩竞争 银行理财周度跟踪（2026.2.9-2026.2.22） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 021-20515355 捕捉高确定性收益—银行理财周度跟踪 （2026.2.2-2026.2.8）》2026-02-11 2、《银行存续理财持续压降，理财"收益 打榜"再获关注—银行理财周度跟踪 （2026.1.26-2026.2.1）》2026-02-04 3、《2025 年报：规模高增，结构优化， 增配基金和存款—银行理财周度跟踪 （2026.1.19-2026.1.25）》2026-01-28 4、《银行理财再掀"降费潮"，周开持有 期 新 品 亮 相 — 银 行 理 财 周 度 跟 踪 （2026.1.12-2026.1.18）》2026-01-21 ...

2026/2/25 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 2026 年 02 月 25 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 （3）证券保险 ETF 易方达（512070.SH）：券商发债规模同比大幅增长，为 业务扩张奠定坚实基础；沪深北交易所优化再融资政策，利好投行业务。据财 联社 2 月 21 日消息，根据 Choice 数据统计，2026 年截至 2 月 20 日，券商累 计发行债券的募资总额达 4260.4 亿元，同比增长 243.97%，体现出券商发债情 绪的高涨。与此同时，年内债券获批额度已达 3220 亿元。这一方面为券商补充 了较低成本的长期资金，有助于扩大其自营、做市、两融、 ...

2026 年 02 月 25 日 证券研究报告|银行理财周报 捕捉高确定性收益—银行理财周度跟踪 （2026.2.2-2026.2.8）》2026-02-11 2、《银行存续理财持续压降，理财"收益 打榜"再获关注—银行理财周度跟踪 （2026.1.26-2026.2.1）》2026-02-04 3、《2025 年报：规模高增，结构优化， 增配基金和存款—银行理财周度跟踪 （2026.1.19-2026.1.25）》2026-01-28 4、《银行理财再掀"降费潮"，周开持有 期 新 品 亮 相 — 银 行 理 财 周 度 跟 踪 （2026.1.12-2026.1.18）》2026-01-21 5、《公募销售新规正式落地，理财子深化 推进新直联系统上线—银行理财周度跟 踪（2025.12.29-2026.1.4）》2026-01-07 投资要点 监管整治"收益打榜" ，理财行业或告别短期业绩竞争 银行理财周度跟踪（2026.2.9-2026.2.22） 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 ...

2026 年 02 月 24 日 证券研究报告 | 公募基金周报 地缘关税扰动并存，市场结构趋势延续 公募基金指数跟踪周报（2026.02.09-2026.02.13） 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 研究助理：张琦炜 邮箱：zhangqiwei@cnhbstock.com 021-20515355 相关研究报告 1、《节前震荡下行，风格短期切 换 — 公 募 基 金 指 数 跟 踪 周 报 （2026.02.02-2026.02.06）》2026- 02-09 2026/2/9》2026-02-09 得 期 待 — 公 募 基 金 指 数 跟 踪 周 报 （2026.01.26-2026.01.30）》2026- 02-02 4 、 《 ETF 策 略 指 数 跟 踪 周 报 — 2026/2/2》2026-02-02 切换至绩优方向—公募基金指数跟踪 周 报 （ 20 ...

Market Overview - In January 2026, the equity market showed a good profit effect, with major indices rising, while the bond market stabilized after fluctuations[3] - The performance of cyclical and growth sectors remained strong, with non-ferrous metals, media, and oil and petrochemicals leading gains at 23.02%, 18.85%, and 14.95% respectively[3] - Conversely, the banking, comprehensive finance, and transportation sectors experienced declines of -6.18%, -4.46%, and -0.89% respectively[3] Bond Market Insights - The bond market showed resilience after a period of decline, with major bond fund indices recording gains of 0.24%, 0.20%, and 0.16% for long-term, bond index, and short-term pure bond indices respectively[12] - The performance of first-level, second-level, and convertible bond fund indices increased by 0.85%, 1.65%, and 6.90% respectively, following the strength of the equity market[12] Investment Strategy - The report suggests a balanced allocation strategy in February, focusing on sectors with strong profit elasticity and clear benefits from technological advancements, particularly in "light, electricity, and storage" segments[4] - Traditional dividend stocks are recommended as stabilizing components in investment portfolios, enhancing risk management[4] Risk Considerations - The report emphasizes the need for caution in the bond market, advising against extending duration too much due to the current narrow credit spreads and potential challenges in capital gains[6] - It highlights the importance of monitoring policy signals and maintaining a diversified allocation to mitigate risks in a complex market environment[6] Performance Metrics - The active equity fund selection index has achieved a cumulative net value of 1.5819 since its inception on May 11, 2023, outperforming the CSI 930950 index by 25.37%[23] - The short-term bond fund selection index has a cumulative net value of 1.0481, with an excess return of 0.5456% relative to its benchmark since December 12, 2023[31]

Investment Insights - The report discusses the significant upcoming maturity of approximately 67 trillion yuan in household time deposits in 2026, primarily formed after 2020 due to residents' precautionary savings amid uncertainties, with a notable shift from high interest rates above 3% to a low-rate environment where mainstream renewal rates are below 2% [9][15][27] - The potential reallocation of these funds is a focal point of market discussions, as it could impact the preservation and appreciation of household wealth and influence various financial asset prices [9][27] Fund Flow Directions - The report identifies three main directions for the funds from maturing deposits: 1. Renewal of deposits, which remains a default choice for most savers despite low interest rates, as consumption and housing purchases are not expected to dominate in the short term [2][15] 2. Early mortgage repayment, as the current mortgage rates exceed deposit and low-risk investment returns, leading to a high early repayment rate in RMBS, although this is not the primary direction for the funds [17] 3. Investment in both low-risk assets (such as bank wealth management products, bond funds, and insurance) and risk assets (like equity funds and the stock market), with the latter being the most debated potential direction for "deposit migration" [2][15][17] Asset Performance Influence - The ultimate direction of the maturing deposit funds towards low-risk or risk assets will depend on the actual performance of various asset classes, as funds inherently seek to chase better-performing assets and withdraw from underperforming ones [19][27] - Historical market trends indicate that funds tend to rotate based on asset performance, with recent trends showing simultaneous movements in both bond and stock markets due to significant allocations through "fixed income plus" strategies [19][27] Central Bank Perspective - The report highlights that funds from maturing deposits are likely to flow back into the banking system, albeit in a different form, as they transition from household deposits to non-bank institutional deposits [3][20][26] - By the end of 2025, over 80% of asset management products are expected to be directed towards fixed-income assets, with a significant portion returning to bank deposits, indicating a structural change rather than a mass exodus from the banking system [3][20][26]

Investment Rating - The report indicates a positive outlook for the banking wealth management industry, highlighting a new wave of fee reductions and innovative strategies among institutions [4]. Core Insights - The banking wealth management market has seen a significant increase in scale, reaching 33.29 trillion yuan by the end of 2025, with a structural shift towards fixed-income products and an expansion of mixed-asset offerings [4][12]. - The average yield of wealth management products has dropped below 2% for the first time, reflecting a challenging market environment influenced by declining interest rates and increased competition [12][18]. - Regulatory changes, including the implementation of new public fund sales regulations, aim to lower investor costs and promote long-term investment strategies [4][12]. Summary by Sections Market Overview - As of January, the total market size of wealth management products was 31.57 trillion yuan, a slight decrease of 0.10% month-on-month but an increase of 5.75% year-on-year [5][10]. - The average annualized yield for wealth management products was reported at 1.98%, marking a significant decline from previous years [12][18]. Product Dynamics - The new issuance of wealth management products in January saw an increase, maintaining a focus on three main characteristics: fixed-income plus products, closed-end products, and 1-3 year term products [6][12]. - The closed-end product compliance rate reached 86.66%, while the open-end product compliance rate was 66.53%, both showing improvements from the previous month [6][12]. Regulatory and Industry Developments - The report highlights a new wave of fee reductions across the industry, with many institutions lowering management and service fees to enhance product attractiveness [4][12]. - The introduction of the new public fund sales regulations is expected to provide greater flexibility in fee structures, benefiting the bond market and indirectly supporting the wealth management sector [12][18]. Innovation and Strategic Shifts - Institutions are increasingly focusing on innovative strategies, such as the introduction of new product types and enhanced investor engagement through technology [4][12]. - The report notes that smaller banks are shifting towards a distribution model to adapt to regulatory pressures and market dynamics, emphasizing the importance of channel partnerships [12][18].

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [1]. Core Insights - The report highlights the increasing focus on bank wealth management products, particularly in the context of commercial aerospace investments and the introduction of new "arbitrage+" strategies aimed at capturing high certainty returns [4][10]. - The performance of cash management products remains stable, with a near 7-day annualized yield of 1.28%, while money market funds saw a slight increase to 1.17% [13][15]. - The report notes a rise in the net loss ratio of bank wealth management products to 0.96%, indicating a potential increase in redemption pressure if the credit spread continues to widen [21][24]. Summary by Sections 1. Industry Innovation Dynamics - Ningyin Wealth Management successfully participated in the IPO of "Electric Science Blue Sky," which saw a first-day closing increase of 596%, with six of its products included in the allocation [10]. - Su Yin Wealth Management launched the "arbitrage+" series of wealth management products, focusing on short holding periods of 45 and 100 days, utilizing pricing discrepancies across various markets to generate returns [12]. 2. Yield Performance - Cash management products recorded a near 7-day annualized yield of 1.28%, remaining stable compared to the previous week, while money market funds increased to 1.17% [13][15]. - The yields of pure fixed income and fixed income+ products generally declined, influenced by various market factors including weaker PMI data and increased risk aversion [16][18]. 3. Net Loss Ratio Tracking - The net loss ratio for bank wealth management products increased to 0.96%, up by 0.38 percentage points, with a widening credit spread of 0.06 basis points [21][24].

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market is experiencing a new wave of fee reductions, with many institutions lowering management and sales service fees to enhance product attractiveness [4][12] - As of January 2026, the total scale of the banking wealth management market reached 33.29 trillion yuan, with a structural dominance of fixed-income products and an expansion of mixed products [4][12] - The average yield of wealth management products has fallen below 2% for the first time, indicating significant pressure on returns [12][18] Summary by Sections Market Overview - In January 2026, the total scale of wealth management products was 31.57 trillion yuan, a slight decrease of 0.10% month-on-month but an increase of 5.75% year-on-year [5][10] - The average annualized yield for cash management products was recorded at 1.28%, down 7.45 basis points month-on-month, while pure fixed-income products saw an annualized yield of 2.67%, up 0.55 percentage points [5][10] New Product Issuance - The issuance of new wealth management products in January increased, maintaining three main characteristics: dominance of fixed-income plus products, closed-end products, and 1-3 year term products [6][8] - The performance benchmark for newly issued wealth management products showed a trend of divergence in adjustments [6][8] Regulatory and Industry Dynamics - The implementation of new public fund sales regulations aims to lower investor costs and promote long-term investment, with a focus on reducing redemption fees and extending transition periods [4][12] - The report highlights a trend of "fee reduction" among wealth management companies, driven by competitive pressures and the need to attract funds amid declining deposit rates [12][18] Asset Allocation Trends - The report indicates a shift in asset allocation towards increased investments in public funds and bank deposits, with public fund investments reaching 1.82 trillion yuan, accounting for 5.10% of the total [12][18] - The proportion of bond assets in wealth management allocations has decreased, with credit bonds and interbank certificates of deposit seeing significant declines [12][18] Innovation and Market Adaptation - Wealth management companies are actively exploring new strategies, such as the introduction of innovative products like "micro-wave fixed income" strategies and participation in IPOs to capture opportunities in the technology sector [4][12][18] - The report notes that some wealth management products are using short-term high yields as a strategy to attract investments, which may raise regulatory concerns [12][18]