Report Summary 1. Report Industry Investment Rating No industry investment rating information is provided in the report. 2. Core View of the Report The report presents several ETF strategy indices constructed with the help of ETFs, and tracks the performance and holdings of these indices on a weekly basis. These indices aim to obtain excess returns relative to the market through different strategies [12]. 3. Summary by Relevant Catalog 1. ETF Strategy Index Tracking - **Overall Performance Last Week** - The table shows the performance of various ETF strategy indices last week, including their index returns, benchmark returns, and excess returns. For example, the Huabao Research Size Rotation ETF Strategy Index had a last - week index return of 3.34%, a benchmark (CSI 800) return of 3.30%, and an excess return of 0.04% [13]. - **Huabao Research Size Rotation ETF Strategy Index** - It 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. As of October 24, 2025, the excess return since 2024 was 20.29%, the excess return in the past month was 0.96%, and the excess return in the past week was 0.04%. The current holding is 100% of the CSI 300 ETF [14][18]. - **Huabao Research SmartBeta Enhanced ETF Strategy Index** - It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors. As of October 24, 2025, the excess return since 2024 was 16.69%, the excess return in the past month was - 3.36%, and the excess return in the past week was - 1.71%. The holdings include the Central State - owned Enterprise Dividend ETF, 800 Free Cash Flow ETF, High - Dividend ETF, and Dividend ETF [18][22]. - **Huabao Research Quantitative Fire - Wheel ETF Strategy Index** - It starts from a multi - factor perspective, including long - and medium - term fundamental analysis, short - term market trend tracking, and analysis of market participants' behavior. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs out potential sectors. As of October 24, 2025, the excess return since 2024 was 29.58%, the excess return in the past month was 3.36%, and the excess return in the past week was 1.45%. The holdings include the Non - Ferrous Metals ETF, Real Estate ETF, Communication ETF, Home Appliance ETF, and New Energy ETF [22][26]. - **Huabao Research Quantitative Balance - Art ETF Strategy Index** - It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior to build a quantitative timing system for equity market trend judgment. It also builds a prediction model for market size - style to adjust the equity market position distribution. As of October 24, 2025, the excess return since 2024 was - 12.08%, the excess return in the past month was - 2.08%, and the excess return in the past week was - 1.83%. The holdings include the 10 - Year Treasury Bond ETF, 500ETF Enhanced, CSI 1000ETF, 300 Enhanced ETF, Government - Financial Bond ETF, and Short - Term Financing ETF [26][29]. - **Huabao Research Hot - Spot Tracking ETF Strategy Index** - It tracks and mines hot - spot index target products in a timely manner through strategies such as market sentiment analysis, industry 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. As of October 24, 2025, the excess return in the past month was 1.88%, and the excess return in the past week was - 2.60%. The holdings include the Non - Ferrous 50ETF, Hong Kong Stock Dividend ETF Boshi, Hong Kong Stock Connect Medical ETF, and Short - Term Financing ETF [29][33]. - **Huabao Research Bond ETF Duration Strategy Index** - It uses bond market liquidity and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio. As of October 24, 2025, the excess return in the past month was 0.45%, and the excess return in the past week was 0.06%. The holdings include the Short - Term Financing ETF, 10 - Year Treasury Bond ETF, Government - Financial Bond ETF, and Treasury Bond ETF [33][36].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - Last week (2025.10.20 - 2025.10.24), the A - share market broke through in fluctuations, with the Shanghai Composite Index standing above 3950 points on Friday. The technology - growth sector made a strong comeback in the second half of the week, reflecting market expectations for policies in the "15th Five - Year Plan". However, the A - share market entered a volume - shrinking phase due to macro uncertainties [12]. - If the possible upcoming summit meeting between the two heads of state materializes, the risk appetite of the capital market may be further restored [3][12]. - The "15th Five - Year Plan" focuses on technological self - reliance and self - strength + expanding domestic demand. The strategic position of technology development has been significantly elevated, and expanding domestic demand is emphasized as a "strategic base point" [4][13]. - The market has entered a style - equilibrium stage, indicating that the style switch has basically ended, and the market has returned to a performance - driven structural market. Looking forward, the market may enter a consolidation period, and after November, it may be dominated by valuation [4][14]. 3. Summary by Relevant Catalogs 3.1 Equity Market Review and Observation - Market performance: The Shanghai Composite Index rose 2.88%, the ChiNext Index rose 8.05%, and the Hang Seng Index rose 3.62%. The technology - growth sectors such as communication, electronics, and power equipment led the gains. The average daily trading volume of the whole A - share market was 1792.8 billion, a further decline from the previous week [12]. - Sino - US consultations: The consultations in Malaysia from October 24th to 27th are seen as a key signal to ease trade tensions, laying a positive foundation for a possible summit meeting between the two heads of state at the APEC meeting. Past summit meetings have effectively broken negotiation deadlocks [12]. - "15th Five - Year Plan": Compared with the "14th Five - Year Plan", it adds "centering on economic construction" and removes "deepening supply - side structural reform as the main line". The key focuses are technological self - reliance and self - strength + expanding domestic demand, with a significant increase in the strategic position of technology development [13]. - Style switch: The market has entered a style - equilibrium stage, and the style switch has basically ended. After November, the market may be dominated by valuation, and the difficulty of judging its sustainability will increase significantly [4][14]. 3.2 Active Equity Fund Index Performance Tracking 3.2.1 Active Stock Fund Preferred Index - Performance: It rose 3.72% last week and has recorded a cumulative excess return of 13.84% since its establishment. Its performance comparison benchmark is the active stock fund (930980.CSI) [5][15]. - Index positioning: Each period selects 15 funds with equal - weight allocation. Core positions select active equity funds based on performance competitiveness and style stability within value, equilibrium, and growth styles, and balance the style distribution according to the CSI Active Stock - Type Fund Index [16]. 3.2.2 Value Stock Fund Preferred Index - Performance: It rose 1.44% last week and has recorded a cumulative excess return of 2.93% since its establishment. Its performance comparison benchmark is the CSI 800 Value Index (H30356.CSI) [6][15]. - Index positioning: It includes both deep - value and quality - value styles. It selects 10 funds of deep - value, quality - value, and equilibrium - value styles based on multi - period style division to form the index [18]. 3.2.3 Equilibrium Stock Fund Preferred Index - Performance: It rose 3.14% last week and has recorded a cumulative excess return of 7.66% since its establishment. Its performance comparison benchmark is the CSI 800 (000906.SH) [7][15]. - Index positioning: It selects 10 funds of relatively equilibrium and value - growth styles based on multi - period style division to form the index. Fund managers in this style balance the valuation and growth of individual stocks and consider cost - effectiveness at the industry level [20]. 3.2.4 Growth Stock Fund Preferred Index - Performance: It rose 5.14% last week and has recorded a cumulative excess return of 12.21% since its establishment. Its performance comparison benchmark is the 800 Growth (H30355.CSI) [7][15]. - Index positioning: It aims to capture the performance and valuation double - click opportunities of high - growth companies and selects 10 funds of active - growth, quality - growth, and equilibrium - growth styles based on multi - period style division to form the index [24]. 3.2.5 Pharmaceutical Stock Fund Preferred Index - Performance: It fell 1.12% last week and has recorded a cumulative excess return of 19.19% since its establishment. Its performance comparison benchmark is the pharmaceutical - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative pharmaceutical indexes. It constructs an evaluation system in eligible samples, mainly considering indicators such as the fund's relative benchmark index winning rate, and ensures 15 funds are included in the index [24][27]. 3.2.6 Consumption Stock Fund Preferred Index - Performance: It rose 0.59% last week and has recorded a cumulative excess return of 22.45% since its establishment. Its performance comparison benchmark is the consumption - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative consumption indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [27]. 3.2.7 Technology Stock Fund Preferred Index - Performance: It rose 5.79% last week and has recorded a cumulative excess return of 21.12% since its establishment. Its performance comparison benchmark is the technology - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative technology indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [33]. 3.2.8 High - end Manufacturing Stock Fund Preferred Index - Performance: It rose 8.47% last week and has recorded a cumulative excess return of - 2.53% since its establishment. Its performance comparison benchmark is the high - end manufacturing - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative high - end manufacturing indexes. It constructs an evaluation system in eligible samples and ensures 10 funds are included in the index [35]. 3.2.9 Cycle Stock Fund Preferred Index - Performance: It fell 1.90% last week and has recorded a cumulative excess return of - 2.85% since its establishment. Its performance comparison benchmark is the cycle - themed fund index (fitted by Huabao Fund Research and Investment Platform) [7][15]. - Index positioning: It selects funds based on the intersection market value ratio of fund equity holdings and representative cycle indexes. It constructs an evaluation system in eligible samples and ensures 5 funds are included in the index [35].

Report Summary 1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core View of the Report - Last week (from October 20 to October 24, 2025), the bond market showed a narrow - range oscillation. Driven by factors such as the easing of Sino - US trade frictions and the "15th Five - Year Plan", the stock market sentiment was boosted, and the bond market was under pressure due to the stock - bond seesaw effect [3][10]. - Bond yield is unlikely to rise significantly because the stock market may turn to stable operation after the "15th Five - Year Plan" is implemented, and there is often a "bond rush" phenomenon in the fourth quarter. However, the downward space for yield has not been fully opened, as the progress of Sino - US negotiations and the implementation of the new fund fee regulations are important variables [10]. - The US bond yield oscillated last week. Affected by multiple factors such as the US government shutdown, credit pressure, and geopolitical risks, the market's risk - aversion sentiment increased. The release of the under - expected US CPI data in September strengthened the expectation of interest rate cuts [11]. - The CSI REITs Total Return Index rose by 0.16% last week, with the environmental protection, people's livelihood, and data center sectors leading the gains. Two new public REITs made progress in the primary market [11]. 3. Summary by Related Catalogs 3.1. Weekly Market Observation - **Pan - fixed - income Market Review and Observation** - The bond market had a narrow - range oscillation last week. The 1 - year, 10 - year, and 30 - year treasury bond yields increased by 2.82BP, 2.40BP, and 1.24BP to 1.47%, 1.85%, and 2.21% respectively [3][10]. - The US bond yield oscillated. The 1 - year, 2 - year, and 10 - year US bond yields increased by 3BP, 2BP, and 2BP to 3.58%, 3.48%, and 4.02% respectively [11]. - The CSI REITs Total Return Index rose by 0.16% to 1045.13 points. Two new public REITs made progress in the primary market [11]. 3.2. Pan - fixed - income Fund Index Performance Tracking | Index Classification | Last Week | Last Month | YTD | Since Strategy Launch | | --- | --- | --- | --- | --- | | Money Enhancement Index | 0.03% | 0.12% | 1.24% | 4.22% | | Short - term Bond Fund Preferred | 0.03% | 0.15% | 0.94% | 4.35% | | Medium - and Long - term Bond Fund Preferred | 0.08% | 0.38% | 0.80% | 6.44% | | Low - volatility Fixed - income + Fund Preferred | 0.23% | 0.38% | 2.89% | 4.18% | | Medium - volatility Fixed - income + Fund Preferred | 0.73% | 0.35% | 5.15% | 5.69% | | High - volatility Fixed - income + Fund Preferred | 0.75% | 0.27% | 7.82% | 7.56% | | Convertible Bond Fund Preferred | 1.67% | 0.94% | 18.10% | 21.79% | | QDII Bond Fund Preferred | - 0.03% | 0.45% | 5.45% | 10.54% | | REITs Fund Preferred | 0.69% | - 2.75% | 23.13% | 31.92% | [12] 3.3. Money Enhancement Index Tracking - **Money Enhancement Strategy Index** - The index aims for liquidity management, seeking a curve that surpasses money funds and rises smoothly. It mainly invests in money market funds and inter - bank certificate of deposit index funds [14]. - The performance benchmark is the CSI Money Fund Index (H11025.CSI) [14]. 3.4. Pure Bond Index Tracking - **Short - term Bond Fund Preferred Index** - The index aims for liquidity management, pursuing a smooth - rising curve while controlling drawdowns. It focuses on credit and risk management and consists of 5 selected funds [16]. - The performance benchmark is 50% * Short - term Pure Bond Fund Index + 50% * Ordinary Money Fund Index [16]. - **Medium - and Long - term Bond Fund Preferred Index** - The index invests in medium - and long - term pure bond funds, aiming for stable returns while controlling drawdowns. It selects 5 funds, balancing coupon strategies and band operations [19]. - It adjusts the duration according to market conditions to cope with interest rate changes [19]. 3.5. Fixed - income + Index Tracking - **Low - volatility Fixed - income + Preferred Index** - The equity center is set at 10%, and 10 funds are selected each period. It focuses on funds with an equity position within 15% in the past three years and recently [20][22]. - The performance benchmark is 10% * CSI 800 Index + 90% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [22]. - **Medium - volatility Fixed - income + Preferred Index** - The equity center is 20%, and 5 funds are selected each period. It selects funds with an equity position between 15% - 25% [23]. - The performance benchmark is 20% * CSI 800 Index + 80% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [23]. - **High - volatility Fixed - income + Preferred Index** - The equity center is 30%, and 5 funds are selected each period. It chooses funds with an equity position between 25% - 35% [27]. - The performance benchmark is 30% * CSI 800 Index + 70% * ChinaBond New Composite Full - Price Index (CBA00303.CS) [27]. 3.6. Convertible Bond Fund Preferred Index - The sample space consists of bond - type funds with an average convertible bond investment proportion of at least 60% in the latest period and at least 80% in the past four quarters [29]. - An evaluation system is built from the perspectives of funds, fund managers, and fund companies to select 5 funds [29]. 3.7. QDII Bond Fund Preferred Index Tracking - The underlying assets of QDII bond funds are overseas bonds, covering regions such as the world, Asia, and emerging markets. They are divided into investment - grade and high - yield products based on credit ratings [32]. - 6 funds with stable returns and good risk control are selected to form the index [32]. 3.8. REITs Fund Preferred Index Tracking - The underlying assets of REITs are mainly high - quality and stable infrastructure projects. The unit net value volatility is relatively limited [33]. - 10 funds with stable operations, reasonable valuations, and certain elasticity are selected according to the underlying asset types [33].

New Stock Issuance - Daming Electronics (Code: 732376) issued at a price of 12.55[1] - Chaoying Electronics (Code: 603175) issued at a price of 17.08[1] Equity Announcements - Offer period for Shangwei New Materials (Code: 688585) is from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuations reported for *ST Yuancheng (Code: 603388) on October 24, 2025[1] Recent Trading Alerts - Multiple companies reported significant trading alerts, including ST Dongyi (Code: 002713) and ST Keli Da (Code: 603828) on October 22 and 24, 2025, respectively[1] - A total of 50 companies reported trading alerts, with the highest alert for *ST Haohua (Code: 600243) on October 24, 2025[1]

Group 1: New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - Huajian Group (600629) announced significant updates on October 22, 2025[1] - ST Dongyi (002713) reported on October 22, 2025, regarding its stock status[1] Group 2: Stock Volatility Alerts - Dayou Energy (600403) experienced severe abnormal fluctuations, with updates on October 22 and 23, 2025[1] - Multiple companies, including Tianpu Co. (605255) and Guangming Real Estate (600708), reported abnormal trading activities on October 23, 2025[1] - ST Nanzhi (002305) and ST Aowei (002231) are under scrutiny for unusual market behavior as of October 23, 2025[1]

New Stock Issuance - Dana Biological (920009) listed at an issuance price of 17.10[1] - Marco Polo (001386) issued at a price of 13.75[1] Equity Market Alerts - Offer period for Shangwei New Materials (688585) is from September 29, 2025, to October 28, 2025[1] - Significant abnormal fluctuations reported for Dayou Energy (600403) with a recent announcement on October 22, 2025[1] Recent Announcements - Tianpu Co. (605255) announced on October 21, 2025, with a price of 2051[1] - Dongbei Group (601956) announced on October 22, 2025, with a price of 4055[1] - Yuanjie Technology (688498) announced on October 22, 2025, with a price of 3755[1] Additional Market Insights - Multiple companies reported significant price fluctuations, including ST Chuntian (600381) and ST Zhongdi (000609) on October 21, 2025[2] - A total of 30 companies reported abnormal trading activities on October 14, 2025, indicating potential market volatility[3]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The wealth management industry is facing challenges due to low interest rates and asset scarcity, necessitating a shift towards multi-asset allocation strategies and enhanced technological integration [3][11] - The recent Global Wealth Management Forum highlighted the consensus among industry leaders on the importance of diversified asset strategies and overseas investments to navigate current market conditions [3][11] - The performance of cash management products has seen a decline, with a 7-day annualized yield of 1.31%, down 4 basis points from the previous week [5][15] - The report indicates a trend of decreasing performance benchmarks for wealth management products, suggesting continued pressure on yields in the medium to long term [18] Summary by Sections Regulatory and Industry Dynamics - The Global Wealth Management Forum held in Shanghai emphasized the need for multi-asset strategies and technological empowerment in the wealth management sector [3][11] - Industry leaders identified three main challenges: low interest rates leading to asset allocation difficulties, the need for differentiated services to combat "deposit migration," and the heightened performance stability requirements in the net value era [11][12] Peer Innovation Dynamics - 招银理财 launched a self-selected account date wealth management product, allowing investors to set their expected fund arrival dates, enhancing cash flow management [4][13] - 徽银理财 introduced a product focused on inclusive finance, targeting small and micro enterprises with reduced management fees [4][14] Yield Performance - Cash management products recorded a 7-day annualized yield of 1.31%, a decrease of 4 basis points, while money market funds yielded 1.16%, down 2 basis points [5][15] - Long-term fixed income products outperformed short-term ones, with the market reacting slowly to fundamental factors [17][18] Net Value Tracking - The report noted a decrease in the net value ratio of bank wealth management products to 1.69%, down 1.19 percentage points, with credit spreads also narrowing [6][25]

Core Insights - The report highlights the increasing external disturbances affecting market sentiment, particularly due to renewed concerns over tariffs and trade negotiations between China and the U.S. [3] - The "Changqing Low Volatility Strategy" has shown resilience, with a drawdown of only 2.35% since October 1, 2025, outperforming the benchmark index's drawdown of 6.97% [3] - The report suggests that despite short-term pressures, the market is expected to maintain an upward trend in the medium to long term, with limited downside potential [5] Fund Strategy Performance - The "Changqing Low Volatility Fund Strategy" reported a weekly return of -1.801%, with a year-to-date return of 10.615% [13] - The "Stock Enhancement Fund Strategy" had a weekly return of -3.196%, indicating challenges in generating excess returns in the current market environment [7] - The "Cash Growth Fund Strategy" achieved a weekly return of 0.027%, outperforming the benchmark [8] - The "Overseas Equity Allocation Fund Strategy" recorded a weekly return of -1.507%, but maintains a positive long-term outlook due to strong fundamentals in the U.S. economy [6] Investment Strategy Insights - The report emphasizes the importance of a diversified investment approach, suggesting that the "Changqing Low Volatility Strategy" can serve as a foundational allocation while enhancing overall portfolio stability [5][6] - The "Stock Enhancement Fund Strategy" is positioned to capitalize on market improvements, focusing on identifying undervalued companies [7] - The "Cash Growth Fund Strategy" is designed to optimize cash management, providing a reliable option for investors seeking stable returns [19] - The "Overseas Equity Allocation Fund Strategy" aims to leverage global market opportunities, particularly in technology sectors driven by AI advancements [22]

New Stock Offerings - The tender offer for Shangwei New Materials (688585) is open from September 29, 2025, to October 28, 2025[1] - BoRui Pharmaceutical (688166) and Nanxin Pharmaceutical (688189) announced significant abnormal fluctuations on October 10, 2025[1] - Tianpu Co., Ltd. (605255) and Pingtan Development (000592) issued announcements on October 21, 2025[1] Market Alerts - Multiple companies, including AnTong Holdings (600179) and GuoXin New Energy (600617), issued announcements on October 21, 2025, regarding their stock performance[1] - A total of 20 companies reported abnormal fluctuations in their stock prices, indicating potential volatility in the market[2] - The report highlights the importance of monitoring these fluctuations for investment strategies and risk management[2]

Group 1 - The report highlights that the equity market continued its upward trend in September 2025, although the growth rate was lower than in August, with a notable structural market characterized by strong performance in technology growth sectors [3][11] - In the bond market, September saw continued fluctuations, with a stronger equity market putting pressure on bond prices. The report notes that the bond market experienced volatility due to various factors, including changes in government policy and market sentiment [12][26] - The report emphasizes the importance of multi-dimensional asset allocation strategies to navigate market style shifts, suggesting that cyclical sectors may benefit from supportive economic policies, while funds may flow to other technology innovation areas if growth in AI-related sectors slows down [4][18] Group 2 - The report provides insights into the performance of various fund indices, indicating that active equity funds showed significant returns, with the Wande Active Equity Fund Index rising by 6.67% in September [13][14] - The report outlines the construction of preferred indices for active equity funds, focusing on sectors with high short-term prosperity and emphasizing the need for a balanced approach to fund selection based on performance and stability [21][22] - The report discusses the outlook for bond funds, suggesting that the bond market is likely to continue its oscillation, with adjustments made to the composition of bond fund indices to enhance returns through strategic selection of credit bonds [5][26]