New Stock Issuance - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - Zhongcheng Tui (300208) has 12 trading days remaining until the last trading day[1] - Delisting Jinguang (600190) has 12 trading days remaining until the last trading day[1] - Delisting Jinguang B (900952) has 12 trading days remaining until the last trading day[1] Delisting and Trading Alerts - Hengli Tui (000622) is in the delisting arrangement period with 9 trading days remaining[1] - Delisting Jiuyou (600462) has 8 trading days remaining until the last trading day[1] - Delisting Gongzhi Tui (000584) has 6 trading days remaining until the last trading day[1] - Delisting Haiyue (600387) has 2 trading days remaining until the last trading day[1] - Renle Tui (002336) has 1 trading day remaining until the last trading day[1]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The report highlights the pressure on bank wealth management product yields due to the stock-bond seesaw effect and seasonal liquidity constraints, indicating a potential long-term decline in yields [4][17] - Regulatory changes are pushing for innovation in financial products to meet household wealth management needs, which is crucial for the banking wealth management sector [10][11] - The report notes that the valuation rectification of bank wealth management products is ongoing, with many institutions completing their mid-year plans by the end of June [11][12] Summary by Sections Regulatory and Industry Dynamics - On June 24, the People's Bank of China and five other departments issued guidelines to support consumption and promote financial products that meet household wealth management needs [3][10] - The valuation rectification of bank wealth management products is a significant focus, with many banks reporting progress in their mid-year plans [11] - As of the end of May, the total net asset value of public funds in China reached 33.74 trillion yuan, reflecting a growth of 6.26 billion yuan from April [12] Yield Performance - For the week of June 23-29, cash management products recorded a 7-day annualized yield of 1.42%, up by 1 basis point, while money market funds reported a yield of 1.32%, up by 2 basis points [4][14] - Most pure fixed income and fixed income+ products saw a decline in annualized yields, influenced by various factors including the stock-bond seesaw effect and geopolitical risks [16][17] Net Asset Value Tracking - The report indicates that the net asset value of bank wealth management products was 0.83%, up by 0.1 percentage points, remaining at a low level [25][26] - Credit spreads have narrowed, indicating limited value, and future trends in credit spreads will be closely monitored as they may impact the net asset value [25][27]

New Stock Issuance - The new stock "同宇新材" (code: 301630) is listed at an issuance price of 84.00[1] - "信通电子" (code: 001388) has an issuance price of 16.42[1] Rights Issues and Announcements - "济川药业" (code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - "中程退" (code: 300208) has 13 trading days remaining until the last trading day[1] - "退市锦港" (code: 600190) also has 13 trading days remaining until the last trading day[1] - "恒立退" (code: 000622) has 10 trading days remaining until the last trading day[1] Abnormal Fluctuations - "浙江东日" (code: 600113) reported severe abnormal fluctuations[1] - "汇金股份" (code: 300368) is noted for abnormal fluctuations[3]

New Stock Offerings - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - ST Zhongcheng (300208) has 14 trading days remaining until the last trading day[1] Delisting and Trading Reminders - ST Jinguang (600190) has 14 trading days remaining until the last trading day[1] - ST Jinguang B (900952) also has 14 trading days remaining until the last trading day[1] - Hengli Tui (000622) has 11 trading days remaining until the last trading day[1] Abnormal Fluctuations - Nord Shares (600110) reported severe abnormal fluctuations on June 27, 2025[1] - ST Wanfang (000638) reported abnormal fluctuations on June 26, 2025[3] - ST Bailin (002424) reported abnormal fluctuations on June 23, 2025[3]

New Stock Issuance - Yitang Co., Ltd. (Stock Code: 787729) issued shares at a price of 8.45 on June 27, 2025[1] - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (Stock Code: 603389) has a tender offer period from June 10 to July 9, 2025[1] Delisting and Trading Reminders - ST Zhongcheng (Stock Code: 300208) will enter the delisting arrangement period starting June 30, 2025[1] - ST Jinguang (Stock Code: 600190) will also enter the delisting arrangement period starting June 30, 2025[1] - ST Hengtai (Stock Code: 000622) has 12 trading days remaining until the last trading day[1] - ST Jiuyou (Stock Code: 600462) has 11 trading days remaining until the last trading day[1] - ST Gongzhi (Stock Code: 000584) has 9 trading days remaining until the last trading day[1] - ST Haiyue (Stock Code: 600387) has 5 trading days remaining until the last trading day[1] - ST Renle (Stock Code: 002336) has 4 trading days remaining until the last trading day[1] - ST Longyu (Stock Code: 603003) has 1 trading day remaining until the last trading day[1] - ST Pengbo (Stock Code: 600804) has 1 trading day remaining until the last trading day[1] Abnormal Fluctuations - Tongyuan Petroleum (Stock Code: 300164) has reported severe abnormal fluctuations[2] - Shunhao Co., Ltd. (Stock Code: 002565) reported a trading volume of 4,233 on June 25, 2025[3] - Jinlongyu (Stock Code: 002882) reported a trading volume of 3,535 on June 25, 2025[3] - Zhaofeng Co., Ltd. (Stock Code: 300695) reported a trading volume of 4,150 on June 24, 2025[3] - Boliang Optoelectronics (Stock Code: 301421) reported a trading volume of 2,978 on June 24, 2025[3]

New Stock Listings - Guangxin Technology (Stock Code: 920037) listed at an issuance price of 10.00[1] Equity Offers - Jichuan Pharmaceutical (Stock Code: 600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (Stock Code: 603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] - ST Zhongcheng (Stock Code: 300208) enters delisting arrangement starting June 30, 2025[1] - ST Jinguang (Stock Code: 600190) enters delisting arrangement starting June 30, 2025[1] - Hengli (Stock Code: 000622) has 13 trading days remaining until the last trading day[1] - Delisting Jiuyou (Stock Code: 600462) has 12 trading days remaining until the last trading day[1] Trading Alerts - ST Longyu (Stock Code: 603003) has 2 trading days remaining until the last trading day[1] - ST Pengbo (Stock Code: 600804) has 2 trading days remaining until the last trading day[1] - Longjin (Stock Code: 002750) has its last trading day on June 26, 2025[1] Significant Price Fluctuations - Tongyuan Petroleum (Stock Code: 300164) reported significant price fluctuations[1] - Jinshi Technology (Stock Code: 002951) reported significant price fluctuations[1] - Huilong Co., Ltd. (Stock Code: 002556) reported significant price fluctuations[1]

- The report tracks multiple quantitative factors across different markets, including equity market factors, commodity market factors, options market factors, and convertible bond market factors[7] Quantitative Factors and Construction Equity Market Factors - **Factor Name**: Market Style Factors - **Construction Idea**: Tracks the dominance of large-cap vs. small-cap and value vs. growth styles in the market[11][13] - **Construction Process**: - Large-cap vs. small-cap style: Evaluates the relative performance of large-cap stocks compared to small-cap stocks - Value vs. growth style: Assesses the relative performance of value-oriented stocks compared to growth-oriented stocks - Volatility metrics: Tracks the fluctuation in style dominance over time[11][13] - **Evaluation**: The market style is currently skewed towards large-cap and value stocks, with reduced volatility in style dominance[13] - **Factor Name**: Market Structure Factors - **Construction Idea**: Measures the dispersion and rotation within industry indices and stock concentration in trading[11][13] - **Construction Process**: - Industry index excess return dispersion: Tracks the spread of returns across different industry indices - Industry rotation speed: Measures the rate at which industries gain or lose prominence - Stock concentration: Evaluates the trading concentration of the top 100 stocks and the top 5 industries[11][13] - **Evaluation**: Industry return dispersion is at a one-year low, while industry rotation speed has increased. Stock concentration remains stable at low levels[13] - **Factor Name**: Market Activity Factors - **Construction Idea**: Tracks overall market volatility and turnover rates[12][13] - **Construction Process**: - Index volatility: Measures the fluctuation in market indices - Index turnover rate: Tracks the frequency of stock trading within indices[12][13] - **Evaluation**: Market volatility is at a one-year low, while turnover rates have slightly increased[13] Commodity Market Factors - **Factor Name**: Commodity Futures Factors - **Construction Idea**: Tracks trends, volatility, and liquidity across commodity sectors[28][31] - **Construction Process**: - Trend strength: Measures the directional movement in sectors like black metals, precious metals, and agricultural products - Volatility: Tracks the fluctuation in commodity prices - Liquidity: Assesses the ease of trading in different commodity sectors - Basis momentum: Evaluates the change in the basis (difference between spot and futures prices) for sectors like precious metals and non-ferrous metals[28][31] - **Evaluation**: Precious metals and non-ferrous metals show declining basis momentum, while agricultural products exhibit stronger trends. Liquidity in the energy sector is at a one-year high[31] Options Market Factors - **Factor Name**: Implied Volatility and Skewness - **Construction Idea**: Tracks implied volatility levels and skewness in options markets[36] - **Construction Process**: - Implied volatility: Measures the market's expectation of future volatility for indices like SSE 50 and CSI 1000 - Skewness: Evaluates the asymmetry in the distribution of returns, particularly for put options[36] - **Evaluation**: CSI 1000 implied volatility remains at historically low levels, and skewness for put options has increased, indicating reduced concerns over small-cap risks[36] Convertible Bond Market Factors - **Factor Name**: Convertible Bond Valuation Factors - **Construction Idea**: Tracks valuation metrics and trading activity in the convertible bond market[38] - **Construction Process**: - Premium rate: Measures the difference between the bond price and its conversion value - Trading activity: Tracks the turnover and liquidity in the convertible bond market - Credit spread: Evaluates the difference in yields between convertible bonds and risk-free bonds[38] - **Evaluation**: Premium rates have risen to near-May peaks, while low-premium bonds have decreased in proportion. Credit spreads have slightly narrowed[38] Backtesting Results Equity Market Factors - **Market Style Factors**: - Large-cap dominance observed - Value style outperformed growth style - Style volatility reduced to a one-year low[13] - **Market Structure Factors**: - Industry return dispersion at a one-year low - Increased industry rotation speed - Stable stock concentration at low levels[13] - **Market Activity Factors**: - Volatility at a one-year low - Slight increase in turnover rates[13] Commodity Market Factors - **Commodity Futures Factors**: - Decline in trend strength for black and precious metals - Increase in agricultural product trends - Energy sector liquidity at a one-year high - Decline in basis momentum for precious and non-ferrous metals[31] Options Market Factors - **Implied Volatility and Skewness**: - CSI 1000 implied volatility at historical lows - Increased skewness for put options, indicating reduced small-cap risk concerns[36] Convertible Bond Market Factors - **Convertible Bond Valuation Factors**: - Premium rates near May peaks - Decrease in low-premium bonds - Slight narrowing of credit spreads[38]

New Stock Issuance - Jichuan Pharmaceutical (600566) has a tender offer period from June 18, 2025, to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10, 2025, to July 9, 2025[1] Delisting Information - ST Zhongcheng (300208) and ST Jinguang (600190) will enter the delisting arrangement period starting June 30, 2025[1] - Hengli Tui (000622) has 14 trading days remaining until the last trading day[1] - Delisting Jiuyou (600462) has 13 trading days remaining until the last trading day[1] - Delisting Gongzhi (000584) has 11 trading days remaining until the last trading day[1] - Delisting Haiyue (600387) has 7 trading days remaining until the last trading day[1] - Delisting Renle (002336) has 6 trading days remaining until the last trading day[1] - Delisting Longyu (603003) and Delisting Pengbo (600804) each have 3 trading days remaining until the last trading day[1] - Delisting Longjin (002750) has 1 trading day remaining until the last trading day[1] Stock Volatility - Jiekang Equipment (300875) reported severe abnormal fluctuations[1] - ST Sailong (002898) also reported abnormal fluctuations[3]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific products [2]. Core Insights - The report highlights a trend of declining yields in bank wealth management products, with cash management products recording a 7-day annualized yield of 1.41% and money market funds at 1.30%, both remaining stable week-on-week [4][14]. - The report indicates a significant shift in China's wealth management industry towards a buyer advisory era, emphasizing diversified, globalized, and flexible asset allocation strategies as key paths for growth [11][10]. Regulatory and Industry Dynamics - The China State Administration of Foreign Exchange announced the release of a new batch of QDII investment quotas to meet the reasonable demand for overseas investments by domestic entities [3][10]. - The expansion of the middle-income group in China is driving the wealth management sector, which is now the second largest globally, with a shift towards diversified and professional asset allocation [3][10]. Peer Innovation Dynamics - Xinyin Wealth Management has made its first investment in a clean energy real estate ABS, indicating a new financing option that bridges traditional ABS and public REITs [12]. - Jiaoyun Wealth Management launched a product linked to the technology finance bond index, aimed at directing financial resources towards the technology innovation sector [12]. - Everbright Wealth Management participated as an A-class investor in a new stock offline issuance, marking a shift in the traditional investment structure [13]. Yield Performance - The report notes that yields for pure fixed income and fixed income+ products have generally declined, with the 10-year government bond yield remaining around 1.64% [4][18]. - Credit spreads have remained at historical lows since September 2024, indicating limited value in the current market [4][27]. Net Value Tracking - The bank wealth management product's net value ratio was recorded at 0.83%, down 6 basis points week-on-week, indicating a low level of risk [4][27]. - The report emphasizes the correlation between net value ratios and credit spreads, suggesting that ongoing monitoring of credit spread trends is essential [4][27].

Group 1 - The report indicates that the A-share market continues to show a slight decline under the influence of international geopolitical risks, with the Shanghai Composite Index reaching a low near 3350, but the overall pullback remains limited, suggesting some support [2] - The report highlights that the U.S. stock market exhibits similar characteristics, showing a slight decline due to multiple resistance factors, including geopolitical impacts and proximity to previous highs [2] - The report notes that as geopolitical tensions ease, there is potential for short-term upward momentum in both domestic and overseas equity markets, with previous recommendations for low-entry opportunities in the domestic equity market starting to yield results [2] Group 2 - The report emphasizes that the "Evergreen Low Volatility Fund Strategy" has shown strong stability, with a return of -1.042% this week, outperforming the benchmark index [6][13] - The "Stock Enhancement Fund Strategy" recorded a return of -1.235%, indicating that the current market remains volatile, and the strategy's performance may improve as the market environment stabilizes [7][13] - The "Cash Growth Fund Strategy" achieved a return of 0.031%, outperforming the benchmark, and has accumulated excess returns since its inception [7][13] Group 3 - The report discusses the "Overseas Equity Allocation Fund Strategy," which recorded a return of -1.477% this week, reflecting the impact of previous concerns in the U.S. stock market, but notes potential for recovery as geopolitical tensions ease [8][13] - The report suggests that the current market environment presents opportunities for overseas investments, particularly in the context of easing tariff risks and improving economic data [5][8] - The report indicates that the overseas equity allocation strategy has accumulated significant excess returns since its inception, benefiting from the global technology sector's growth [21]