New Stock Listings - New stock "能之光" (Code: 920056) listed at an issue price of 7.21 on August 22, 2025[1] - "申科股份" (Code: 002633) has a tender offer period from July 29 to August 27, 2025[1] - "抚顺特钢" (Code: 600399) has a tender offer period from August 12 to September 10, 2025[1] Abnormal Fluctuations - "赛诺医疗" (Code: 688108) reported severe abnormal fluctuations on August 19, 2025[1] - "ST苏吴" (Code: 600200) announced abnormal fluctuations on August 21, 2025[1] - "汇嘉时代" (Code: 603101) reported abnormal fluctuations on August 22, 2025[1] Other Notable Announcements - "酒鬼酒" (Code: 000799) reported an announcement on August 21, 2025[1] - "国机精工" (Code: 002046) had an announcement on August 21, 2025[1] - "全柴动力" (Code: 600218) reported an announcement on August 21, 2025[1]

New Stock Offerings - Shenke Co., Ltd. (002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - Changcheng Military Industry (601606) announced a significant event on August 14, 2025[1] Market Alerts - Dongxin Co., Ltd. (688110) reported severe abnormal fluctuations on August 16, 2025[1] - ST Suwu (600200) has an announcement dated August 21, 2025, regarding market conditions[1] - Yunnan Zhiye (002428) and other companies have recent announcements on August 21, 2025, indicating market activity[1] Financial Performance - ST Jiangsu (600021) reported significant fluctuations on August 20, 2025, with a notable announcement[1] - ST Huanrong (600421) has an announcement dated August 20, 2025, reflecting market conditions[1] - ST Jinhong (000669) reported on August 20, 2025, indicating financial performance concerns[1]

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 transformation towards diversified asset allocation driven by low interest rates and asset scarcity, necessitating a reconfiguration of risk-return strategies [2][12] - The essence of diversified asset allocation is the transition from "fixed income" to "fixed income plus," which includes broadening investment regions, extending asset types, and enhancing investment strategies [3][13] Summary by Sections Regulatory Policies and Industry News Interpretation - The transformation towards diversified asset allocation in banking wealth management is deepening, with new product systems being launched and collaborations with financial institutions being established [11] - The low interest rate environment and asset scarcity are pushing wealth management companies to explore new revenue sources and capture structural opportunities during the interest rate decline [12] Current Status: Scale Growth and Yield Decline - In July, the total market wealth management product scale increased by 1.75% to 31.28 trillion yuan, with a year-on-year growth of 5.90% [23][25] - The annualized yield of cash management products decreased to 1.35%, while fixed income products saw a decline to 1.78% [28][31] New Issuance: Scale Decline and Product Characteristics - The new issuance scale of wealth management products in July fell, with fixed income plus products dominating the market, reflecting a shift towards multi-asset strategies [46][47] - The majority of new product performance benchmarks have been adjusted downwards, indicating a consensus on the long-term low interest rate environment [53] Maturity: Performance Rates - The achievement rate for closed-end products reached 85.89%, while the rate for open-end products was 70.13%, showing a slight improvement from the previous month [55][60]

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The 2025 Asset Management Annual Conference highlighted the need for a competitive restructuring in the asset management sector, focusing on multi-asset and multi-strategy investment approaches [3][11]. - The report indicates a general decline in the annualized returns of cash management products and fixed-income products, reflecting market volatility and changing investor sentiment [5][16][18]. - The report emphasizes the importance of enhancing research capabilities and service quality in the asset management industry to adapt to market changes and investor needs [12][13]. Regulatory and Industry Dynamics - The 2025 Asset Management Annual Conference took place on August 16, focusing on the theme of "Breaking the Deadlock and Restructuring - Rebuilding Competitiveness in Asset Management" [3][11]. - Key executives from various financial institutions shared insights on the future of multi-asset investment strategies and the importance of AI infrastructure in driving growth [11][12]. Peer Innovation Dynamics - The report discusses the launch of the "日鑫悦益" product system by浦银理财, which includes strategic upgrades across four main product lines to enhance functionality and investment strategies [4][14]. - 招银理财 introduced the SMARP index, aimed at optimizing asset allocation and dynamic risk management across various asset classes [15]. Yield Performance - For the week of August 11-17, 2025, cash management products recorded an annualized yield of 1.31%, down 3 basis points from the previous week, while money market funds yielded 1.20%, down 1 basis point [5][16][20]. - The report notes a general decline in annualized yields for fixed-income products across different maturities, influenced by market factors such as U.S.-China tariff concerns and consumer loan policies [18][19]. Net Value Tracking - The report indicates that the net value ratio of bank wealth management products rose to 1.52%, an increase of 0.65 percentage points week-on-week, reflecting a widening credit spread [6][24][26]. - The widening credit spread is noted to be at historical low levels since September 2024, suggesting limited value for investors [26].

Group 1 - The core viewpoint of the report emphasizes the grid trading strategy as a method to profit from price fluctuations without predicting market trends, making it suitable for volatile markets [3][11] - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [3][11] Group 2 - The report highlights three specific ETFs for grid trading: - The S&P Consumer ETF (159529.SZ) benefits from expectations of interest rate cuts in the US and improved US-China trade relations, making it a tool for regional diversification [3][12] - The Xinchuang ETF (562570.SH) is driven by policy support and domestic substitution, with significant government investment aimed at supporting projects in electronic information and industrial sectors [4][15] - The New Economy ETF (159822.SZ) captures new economic growth drivers in China, supported by government policies promoting technological and industrial innovation [5][16]

New Stock Issuance - The new stock issuance for Balanshi is priced at 15.78 RMB per share, effective from August 19, 2025[1] - The offer period for Shenke Co., Ltd. (stock code: 002633) is from July 29, 2025, to August 27, 2025[1] - The offer period for Fushun Special Steel (stock code: 600399) is from August 12, 2025, to September 10, 2025[1] Corporate Actions - China Shipbuilding (stock code: 600150) is undergoing a merger and absorption process[1] - North Long Dragon (stock code: 301357) has announced significant corporate actions[1] - Changcheng Military Industry (stock code: 601606) has reported recent developments[1] Market Alerts - Dongxin Co., Ltd. (stock code: 688110) has experienced severe abnormal fluctuations in its stock price[1] - Sainuo Medical (stock code: 688108) is under scrutiny for unusual trading activity[1] - Nanya New Materials (stock code: 688519) has been flagged for market volatility[1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The A-share equity market showed strong performance throughout the week, with major fund strategy indices hitting new highs. Overseas equities also resumed their upward trend after an early - month shock, and the market was less sensitive to risk factors [2]. - The recommended order of quantitative strategy allocation is: stock fund enhancement strategy > evergreen low - volatility strategy > overseas equity strategy. The A - share market is expected to maintain an upward trend, and the stock fund enhancement portfolio has more room. The evergreen low - volatility strategy can be used as a base configuration, and defensive sectors like banks still have high long - term allocation value. Overseas, the US stock market has been rising, but it's not advisable to chase high in the short term, while maintaining a long - term optimistic view [3][4]. 3. Summary by Related Catalogs 3.1 Quantified Strategy Allocation View - **A - share Market**: The Shanghai Composite Index is strong, breaking through multiple round - number points and last year's high. The market is expected to keep rising, with limited callback space. The stock fund enhancement portfolio has more room, and the evergreen low - volatility strategy and defensive sectors have long - term value [3]. - **Overseas Market**: The US stock market has been rising due to various factors. It's not advisable to chase high in the short term, but the long - term upward trend is still optimistic, and attention should be paid to potential dips for layout [4]. - **Equity Fund Strategies**: The evergreen low - volatility fund strategy rose this week with a return of 1.897% and an excess return of - 2.355%. It can reduce portfolio volatility and is still worth being a base - position configuration. The stock fund enhancement fund strategy rose with a return of 1.922% and an excess return of - 2.330%. The cash - enhancing fund strategy had a return of 0.028%, outperforming the benchmark. The overseas equity allocation fund strategy rose with a return of 1.868% and an excess return of - 1.045% [4][5]. 3.2 Tool - based Fund Portfolio Performance Tracking - **Evergreen Low - Volatility Fund Portfolio**: It has low - volatility characteristics, with significantly better volatility and maximum drawdown than the CSI Active Stock Fund Index. It has achieved significant excess returns since the strategy started in July 31, 2023, and has both defensive and offensive capabilities [11][13]. - **Stock Fund Enhancement Fund Portfolio**: Since the strategy started recently, its performance is close to the CSI Active Stock Fund Index. It is expected to have more elasticity when the market environment improves and can maintain a similar trend to the benchmark in a weak market [11][16]. - **Cash - Enhancing Fund Portfolio**: After double - screening, it continuously outperforms the benchmark, and has accumulated an excess return of over 0.41% since July 2023, providing a reference for cash management [11][17]. - **Overseas Equity Allocation Fund Portfolio**: Since July 31, 2023, in the context of the Fed's interest - rate cut cycle and the boost of AI technology, it has accumulated high - level excess returns, and global allocation can increase portfolio returns [11][20]. 3.3 Tool - based Fund Portfolio Construction Ideas - **General Idea**: Use quantitative methods to build a new - style fund selection pool for different market environments and risk - preference investors. For money funds and bond funds, also use quantitative methods to develop relevant tool - based portfolios [23]. - **Evergreen Low - Volatility Fund Portfolio**: Select funds with long - term stable returns from high - equity - position actively managed funds. Consider factors such as maximum drawdown, volatility, and valuation to build a low - volatility active equity fund portfolio [26]. - **Stock Fund Enhancement Fund Portfolio**: Aims to meet the needs of high - risk - preference investors. Select fund managers with strong alpha - mining ability, and build a portfolio based on the continuation of alpha returns [27]. - **Cash - Enhancing Fund Portfolio**: Build a money - fund selection system considering multiple factors to help investors obtain higher returns and reduce return volatility [28]. - **Overseas Equity Allocation Fund Portfolio**: Select QDII equity funds corresponding to overseas equity indices based on long - and short - term technical indicators, momentum, and reversal effects to meet the needs of global allocation [25][29].

Group 1: Report Summary - The report is a weekly report on public - offering funds from August 11 to August 15, 2025, focusing on the performance of the equity market and public - offering funds [1][2] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - Global markets rose last week, with A - shares remaining strong, and investors' risk appetite increasing. The trading volume and margin trading balance in the two markets both exceeded 2 trillion yuan. The market has shifted from a focus on banks and micro - cap stocks to pricing based on fundamental trends, mainly in the growth - style sectors driven by industry trends [2][10] - The technology sector continued its strong performance, with growth sectors such as AI, semiconductors, and robots surging. The ChiNext Index and the STAR 50 Index rose by 8.58% and 5.53% respectively [10] - When the market pricing driver shifts from low - volatility focus to improved fundamental expectations, trading - type funds may sell the dividend sector. As anti - involution policies deepen and major infrastructure projects start, the style market may change [11] - As the Fed's interest - rate cuts approach, the pressure on the Hong Kong dollar exchange rate may ease, and Hong Kong technology and consumer assets may attract more south - bound capital inflows [4][12] - The details of the "Action Plan for Promoting the High - Quality Development of Public - Offering Funds" are being gradually implemented, including new product launches, performance comparison benchmarks, fee reforms, and information disclosure regulations [4][13] Group 4: Equity Market Review and Observation - Global markets rose last week, A - shares were strong, and investors' risk appetite increased. The trading volume and margin trading balance in the two markets exceeded 2 trillion yuan. The Shanghai Composite Index reached a four - year high, and the technology sector was strong. The ChiNext Index and the STAR 50 Index rose significantly [10] - Market hotspots were around AI PCB, CPO, non - ferrous metals, medicine, and military industries. The market has shifted to pricing fundamental trends, mainly in growth - style sectors. Institutional investors show trend - following behavior, and the clustering of funds creates a liquidity premium [10] - When the market focuses on fundamental improvements, trading - type funds may leave the dividend sector. Policy changes and project progress may lead to a turning point in the style market [11] - As the Fed's interest - rate cuts approach, the pressure on the Hong Kong dollar may ease, and Hong Kong technology and consumer assets may attract more south - bound capital due to their scarcity [12] Group 5: Public - Offering Fund Market Dynamics - In May 2025, the CSRC issued the "Action Plan for Promoting the High - Quality Development of Public - Offering Funds". Details are being implemented, including new product launches, performance comparison benchmarks, fee reforms, and information disclosure regulations [4][13] Group 6: Active Equity Fund Index Performance Tracking 6.1 Active Stock Fund Preferred Index - It rose 2.84% last week and has an accumulated excess return of 11.32% since its establishment. It selects 15 funds equally weighted, with core positions selected based on performance and style stability, and the style distribution is balanced according to the CSI Active Stock - type Fund Index [5][14][15] 6.2 Value Stock Fund Preferred Index - It rose 1.79% last week and has an accumulated excess return of - 1.75% since its establishment. It includes deep - value and quality - value styles, and selects 10 funds based on multi - period style classification, with the CSI 800 Value Index as the benchmark [5][14][17] 6.3 Balanced Stock Fund Preferred Index - It rose 3.33% last week and has an accumulated excess return of 8.41% since its establishment. It selects 10 relatively balanced and value - growth style funds, with the CSI 800 as the benchmark [5][14][20] 6.4 Growth Stock Fund Preferred Index - It rose 4.06% last week and has an accumulated excess return of 19.51% since its establishment. It selects 10 active - growth, quality - growth, and balanced - growth style funds, with the 800 Growth Index as the benchmark [5][14][23] 6.5 Pharmaceutical Stock Fund Preferred Index - It rose 5.17% last week and has an accumulated excess return of 23.51% since its establishment. It selects 15 funds based on the intersection market value of fund equity holdings and the pharmaceutical index, with a self - fitted pharmaceutical theme fund index as the benchmark [5][14][25] 6.6 Consumption Stock Fund Preferred Index - It rose 1.34% last week and has an accumulated excess return of 17.00% since its establishment. It selects 10 funds based on the intersection market value of fund equity holdings and consumption - related indices, with a self - fitted consumption theme fund index as the benchmark [5][14][31] 6.7 Technology Stock Fund Preferred Index - It rose 5.29% last week and has an accumulated excess return of 19.30% since its establishment. It selects 10 funds based on the intersection market value of fund equity holdings and technology - related indices, with a self - fitted technology theme fund index as the benchmark [5][14][34] 6.8 High - end Manufacturing Stock Fund Preferred Index - It rose 3.82% last week and has an accumulated excess return of - 2.27% since its establishment. It selects 10 funds based on the intersection market value of fund equity holdings and high - end manufacturing - related indices, with a self - fitted high - end manufacturing theme fund index as the benchmark [5][14][35] 6.9 Cyclical Stock Fund Preferred Index - It rose 1.84% last week and has an accumulated excess return of - 1.36% since its establishment. It selects 5 funds based on the intersection market value of fund equity holdings and cyclical - related indices, with a self - fitted cyclical theme fund index as the benchmark [5][14][37]

New Stock Issuance - Shenke Co., Ltd. (002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - Fushun Special Steel (600399) has a tender offer period from August 12, 2025, to September 10, 2025[1] - China Shipbuilding Industry (600150) announced a merger absorption on August 15, 2025[1] Market Alerts - Changcheng Military Industry (601606) reported severe abnormal fluctuations on August 14, 2025[1] - Dongxin Co., Ltd. (688110) and Sino Medical (688108) both reported significant market activities on August 16, 2025[1] - ST Jinggu (600265) experienced abnormal trading on August 16, 2025[1] Financial Instruments - Jintong Convertible Bond (113068) announced updates on August 16, 2025[1] - Zhejiang Dongri (600113) and Nanmo Biology (688265) also provided updates on August 16, 2025[1] - ST Xinchao (600777) and Yishitong (688733) reported significant market movements on August 16, 2025[1]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - Last week (from August 11 to August 15, 2025), the bond market performed weakly, with yields of major bond types generally rising. The ChinaBond - Composite Wealth Index (CBA00201) dropped 0.33%, and the ChinaBond - Composite Full - Price Index (CBA00203) declined 0.38%. Yields of interest - rate bonds across all tenors generally increased, and those of credit bonds across all tenors and ratings were under upward pressure. Credit spreads showed a narrowing trend [2][10]. - The marginal convergence of the capital market was moderate, and the "see - saw" effect between stocks and bonds was prominent. The US bond market fluctuated within a narrow range, and the expectation of interest - rate cuts was inconsistent. The secondary market of REITs continued to adjust, and trading activity decreased [2]. - The Science and Technology Innovation Bond ETF continued to attract funds. As of August 15, 2025, the total scale of the first - batch Science and Technology Innovation Bond ETF products exceeded 110 billion yuan, reaching 116.124 billion yuan in total, with 8 products having a scale exceeding 10 billion yuan [3]. 3. Summary According to Relevant Catalogs 3.1. Pan - Fixed - Income Market Review and Observation - **Bond Market Review**: Last week, the bond market was weak. The ChinaBond - Composite Wealth Index and the ChinaBond - Composite Full - Price Index both declined. Yields of interest - rate bonds and credit bonds generally increased, and credit spreads narrowed. For example, the 1 - year, 3 - year, 5 - year, and 10 - year Treasury yields changed by 1.06bp, - 1.47bp, 3.14bp, and 5.02bp respectively compared to the previous week [2][10]. - **Market Observation**: The capital market marginally converged moderately, and the "see - saw" effect between stocks and bonds was obvious. The central bank's net withdrawal of funds led to a slight increase in capital interest rates. The US bond market fluctuated narrowly, and the expectation of interest - rate cuts was inconsistent. The secondary market of REITs continued to adjust, and trading activity decreased [11][12][13]. 3.2. Public Fund Market Dynamics - The Science and Technology Innovation Bond ETF continued to attract funds. As of August 15, 2025, the total scale of the first - batch products exceeded 110 billion yuan, with 8 products having a scale over 10 billion yuan. The total scale of the bond ETF market in the whole market reached 538.2 billion yuan, nearly tripling compared to the end of 2024. Multiple fund companies are preparing to apply for the second - batch Science and Technology Innovation Bond ETFs [3][14][15]. 3.3. Performance Tracking of Pan - Fixed - Income Fund Indexes - **Money Enhancement Index**: It rose 0.02% last week and has accumulated a return of 3.93% since its establishment [4]. - **Short - Term Bond Fund Optimal Selection**: It had a flat return of 0.00% last week and has accumulated a return of 4.12% since its establishment [4]. - **Medium - and Long - Term Bond Fund Optimal Selection**: It dropped 0.16% last week and has accumulated a return of 6.30% since its establishment [4]. - **Low - Volatility Fixed - Income + Fund Optimal Selection**: It rose 0.04% last week and has accumulated a return of 3.32% since its establishment [4]. - **Medium - Volatility Fixed - Income + Fund Optimal Selection**: It rose 0.51% last week and has accumulated a return of 3.62% since its establishment [4]. - **High - Volatility Fixed - Income + Fund Optimal Selection**: It rose 0.44% last week and has accumulated a return of 5.17% since its establishment [4]. - **Convertible Bond Fund Optimal Selection**: It rose 1.29% last week and has accumulated a return of 17.35% since its establishment [5]. - **QDII Bond Fund Optimal Selection**: It rose 0.14% last week and has accumulated a return of 9.06% since its establishment [5]. - **REITs Fund Optimal Selection**: It dropped 0.76% last week and has accumulated a return of 36.05% since its establishment [5].