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] Delisting and Trading Reminders - ST Zhongcheng (300208) and ST Jinguang (600190) will enter the delisting arrangement period starting June 30, 2025[1] - ST Hengli (000622) will enter the delisting arrangement period starting June 25, 2025[1] - ST Jiuyou (600462) will enter the delisting arrangement period starting June 24, 2025[1] Trading Days Remaining - Gongzhi Tui (000584) has 13 trading days remaining until the last trading day[1] - Tuihai Haoyue (600387) has 9 trading days remaining until the last trading day[1] - Renle Tui (002336) has 8 trading days remaining until the last trading day[1] - Tui Longyu (603003) and Tui Pengbo (600804) each have 5 trading days remaining until the last trading day[1] - Longjin Tui (002750) has 3 trading days remaining until the last trading day[1]

New Stock Issuance - New stock issuance includes Xintong Electronics (Code: 001388) at an issue price of 16.42[1] - Xinhenghui (Code: 301678) issued at 12.80[1] - Huazhi Jie (Code: 603400) issued at 19.88[1] Rights Offerings - Jichuan Pharmaceutical (Code: 600566) has a tender offer period from June 18 to July 17, 2025[1] - *ST Yazhen (Code: 603389) has a tender offer period from June 10 to July 9, 2025[1] - *ST Hengli (Code: 000622) will enter the delisting arrangement period starting June 25, 2025[1] Delisting Notices - *ST Jiuyou (Code: 600462) will enter the delisting arrangement period starting June 24, 2025[1] - Gongzhi Tui (Code: 000584) has 14 trading days remaining until the last trading day[1] - Tui Shi Haiyue (Code: 600387) has 10 trading days remaining until the last trading day[1] Abnormal Fluctuations - Tongyuan Petroleum (Code: 300164) reported severe abnormal fluctuations[1] - New stock listings and rights offerings are expected to impact market dynamics significantly[1]

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] Delisting and Trading Reminders - ST Gongzhi (000584) will enter the delisting arrangement period starting June 20, 2025[1] - ST Hengli (000622) will enter the delisting arrangement period starting June 25, 2025[1] - ST Jiuyou (600462) will enter the delisting arrangement period starting June 24, 2025[1] - Haiyue (600387) has 11 trading days remaining until the last trading day[1] - Renle (002336) has 10 trading days remaining until the last trading day[1] - Longyu (603003) has 7 trading days remaining until the last trading day[1] - Pengbo (600804) has 7 trading days remaining until the last trading day[1] - Longjin (002750) has 5 trading days remaining until the last trading day[1] Abnormal Fluctuations - Lianhua Technology (002250) reported severe abnormal fluctuations[1] - ST Sairong (002898) is under observation for abnormal fluctuations[2]

Group 1 - The core viewpoint of the report emphasizes the effectiveness of grid trading strategies in volatile markets, allowing investors to profit from price fluctuations without predicting market trends [3][11] - The report identifies suitable characteristics for grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are particularly appropriate for this strategy [3][11] Group 2 - The report highlights specific ETFs for grid trading, starting with the Medical ETF (512170.SH), which benefits from increasing demand due to global aging and supportive regulatory changes aimed at accelerating drug approval processes [3][12] - The report discusses the Zhongzheng 1000 ETF (512100.SH), which diversifies risks associated with individual stocks and sectors, featuring small-cap growth companies that align with national policies on new productivity [4][13] - The report mentions the China Concept Internet ETF (159605.SZ), which focuses on leading Chinese internet companies and is positioned to benefit from the commercialization of generative AI across various sectors [4][17] - The report also covers the Hang Seng Technology ETF (513010.SH), which includes major technology firms and is expected to benefit from favorable government policies promoting technological innovation [4][19]

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] Delisting and Trading Reminders - ST Gongzhi (000584) will enter the delisting arrangement period starting June 20, 2025[1] - ST Jiuyou (600462) will enter the delisting arrangement period starting June 24, 2025[1] - Haiyue (600387) has 12 trading days remaining until the last trading day[1] - Renle (002336) has 11 trading days remaining until the last trading day[1] - Longyu (603003) has 8 trading days remaining until the last trading day[1] - Pengbo (600804) has 8 trading days remaining until the last trading day[1] - Longjin (002750) has 6 trading days remaining until the last trading day[1] Market Volatility - Lianhua Technology (002250) reported severe abnormal fluctuations[1] - ST Kailin (002425) and ST Xuefa (002485) also reported abnormal fluctuations[2]

| 新股发行及今日交易提示 | 2025/6/17 | 星期二 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/17 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | | 920037 | 广信科技 | 10.00 | 2025/6/17 | 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=600566&announcementId=122388 | 600566 | 济川药业 | 要约申报期：2025年6月18日至2025年7月17日 | | 7019&orgId=gssh0600566&announcementTime=2025 | -06-17 | 要约收购 | https://www.cninfo.com.cn/new/disclosure/detail?stockCode=603389&a ...

Group 1: 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] Group 2: Delisting Information - *ST Gongzhi (000584) will enter the delisting arrangement period starting June 20, 2025[1] - Delisting Haiyue (600387) has 14 trading days remaining until the last trading day[1] - Renle Tui (002336) has 13 trading days remaining until the last trading day[1] - Delisting Longyu (603003) has 10 trading days remaining until the last trading day[1] - Delisting Pengbo (600804) has 10 trading days remaining until the last trading day[1] - Longjin Tui (002750) has 8 trading days remaining until the last trading day[1] Group 3: Abnormal Fluctuations - Lianhua Technology (002250) reported severe abnormal fluctuations[1] - ST Kailin (002425) reported abnormal fluctuations[1] - ST Xianfeng (002141) reported abnormal fluctuations[1] - ST Shihuan (000518) reported abnormal fluctuations[1]

| 新股发行及今日交易提示 | 2025/6/13 | 星期五 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/13 | 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=603389&announcementId=122378 | 要约收购 | 603389 | *ST亚振 | 要约申报期：2025年6月10日至2025年7月9日 | 9053&orgId=9900026793&announcementTime=2025 | -06-06 | | | http://www.cninfo.com.cn/new/disclosure/detail?stockCode=600387&announcementId=122380 | 600387 | *ST海越 | 退市整理期起始日 | : | 2025年6月16日 | 4286&orgId=gssh06003 ...

| 新股发行及今日交易提示 | 2025/6/11 | 星期三 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 2025/6/11 | 新股发行 | 证券代码 | 证券简称 | 发行价格 | | | | | 301678 | 新恒汇 | 12.80 | 2025/6/11 | 新股上市 | | | | | 证券代码 | 证券简称 | 发行价格 | 688775 | 影石创新 | 47.27 | | | | 2025/6/11 | 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=603389&announcementId=122378 | 要约收购 | 603389 | *ST亚振 | 要约申报期：2025年6月10日至2025年7月9日 | 9053&orgId=9900026793&announcementTime=2025 | -06-06 | | | http ...

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management industry is undergoing a valuation rectification process, with some wealth management subsidiaries having completed their adjustments ahead of schedule. The central bank's new round of interest rate cuts has led to a significant decline in large-denomination time deposit rates, with many banks removing 5-year products, indicating a proactive optimization of liability structures under net interest margin pressure [10][11] - The continuous decline in deposit rates has triggered profound changes in the banking wealth management market, with companies like Agricultural Bank Wealth Management innovating strategies to capture market opportunities, focusing on long-term and dividend-type wealth management products [11][12] - Recent discussions around the central bank's potential resumption of government bond purchases have increased, leading to fluctuations in interest rate bond yields and a slight widening of credit spreads after a period of convergence [13][16] Industry Dynamics - The valuation rectification in the banking wealth management sector is at its midpoint, with regulatory requirements mandating that asset management products adhere to standardized valuation methods by the end of the year. Some subsidiaries have already completed their adjustments [10] - The interest rates for large-denomination time deposits have entered the "1" era, with 3-year rates generally between 1.55% and 1.75%, down approximately 80 basis points compared to the same period in 2024 [10][11] Peer Innovation Dynamics - Wealth management subsidiaries are innovating to adapt to the declining deposit rates, launching long-term closed-end products and flexible dividend models to attract investors [11][12] - Xinyin Wealth Management has implemented multiple stock option businesses across various sectors, including biomedicine and high-end manufacturing, as part of its strategy to support specialized and innovative enterprises [11] - Puyin Wealth Management has introduced two "Xin" series green technology-themed products, aligning with indices that track green company bonds and technology innovation bonds, supporting themes like clean energy and ecological protection [12] Yield Performance - For the week of June 2 to June 8, 2025, cash management products recorded an annualized yield of 1.43%, down 1 basis point, while money market funds reported a yield of 1.34%, down 2 basis points. The yield difference between cash management products and money market funds increased by 1 basis point [13][16] - The annualized yields for pure fixed income and fixed income+ products generally increased during the same period, reflecting market reactions to the central bank's potential actions [16][19] Net Asset Value Tracking - The net asset value (NAV) ratio for banking wealth management products was 0.81%, a decrease of 0.56 percentage points, indicating a low level of NAV pressure. The NAV ratio is positively correlated with credit spreads, and ongoing monitoring of credit spread trends is essential [21][24]