New Stock Issuance - Hongyuan Co., Ltd. (stock code: 920018) issued shares at a price of 9.17 on August 11, 2025[1] - China Shipbuilding Industry Corporation (stock code: 600150) has a cash acquisition request period from August 13 to August 15, 2025[1] - ST Kelly (stock code: 300326) has a tender offer period from July 17 to August 15, 2025[1] Rights and Announcements - China Heavy Industry (stock code: 601989) has a cash option declaration period starting August 13, 2025[1] - Fushun Special Steel (stock code: 600399) has a tender offer period from August 12 to September 10, 2025[1] - North Long Dragon (stock code: 301357) has an announcement link for further details[1] Market Volatility - Several stocks, including ST Xifa (stock code: 000752) and ST Aowei (stock code: 002231), are under observation for significant price fluctuations[1] - The report highlights abnormal fluctuations in stocks such as ST Songfa (stock code: 603268) and ST Yancheng (stock code: 603063)[2]

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - Last week (2025.08.04 - 2025.08.08), the market rebounded with the support of the banking sector. The CSI 300 index rose 1.23% and the CSI 500 index rose 1.78% weekly. However, market structural instability increased, featuring faster theme rotation, intensified differentiation, and more obvious poor - performance characteristics of hot stocks [2][11]. - The robot industry is shifting from "showcasing technology" to "practical use", driven by technological progress and cost reduction. The military industry will remain a key focus in the market due to factors like performance repair, approaching parade, and geopolitical conflicts [3][12]. - In the short - term, the performance of AI chain's computing power and vertical application companies is highly related to the release rhythm of domestic and foreign models and their horizontal comparison. In the long - term, it is affected by actual commercialization progress and implementation [4][13]. - Many active equity funds have announced restrictions on purchases to ensure stable operation and protect the interests of fund holders in the context of significantly improved excess returns of active funds [4]. 3. Summary by Relevant Catalogs 3.1 Weekly Market Observation 3.1.1 Equity Market Review and Observation - Market trends: The market rebounded last week with the support of the banking sector. Some indices reached new rebound highs, but structural instability increased. The market hotspots shifted to military and robot sectors, while innovative drugs and the North American AI industry chain declined. Since August, incremental funds have changed, with the accelerated inflow of margin trading funds pushing small - cap stocks to new highs. The current market trading volume is moderately increasing but still far from the previous high. The margin trading balance exceeded 2 trillion yuan last week, bringing potential risks [11]. - Industry trends: The robot industry is moving towards practical use, with technological progress and cost reduction driving development. The military industry will be a market focus due to factors such as performance repair, approaching parade, and geopolitical conflicts. The performance of the AI chain is affected by model releases in the short - term and commercialization in the long - term [3][12][13]. 3.1.2 Public Fund Market Dynamics - Many active equity funds have announced purchase restrictions. For example, China Europe Fund announced restrictions on China Europe Medical Innovation and China Europe Science and Technology Innovation Theme funds to ensure stable operation and protect the interests of fund holders [4][14]. 3.2 Active Equity Fund Index Performance Tracking 3.2.1 Active Stock - Picking Fund Index - Index positioning: 15 actively managed equity funds are selected each period, equally weighted. Core positions select funds based on performance competitiveness and style stability in value, balanced, and growth styles, and the style distribution is balanced according to the CSI Active Stock - Type Fund Index [16]. - Performance: It rose 1.55% last week and has accumulated an excess return of 12.73% since its establishment [6]. 3.2.2 Value Stock - Picking Fund Index - Index positioning: Select 10 funds of deep - value, quality - value, and balanced - value styles based on multi - period style classification. The value style includes different types of value investment [18]. - Performance: It rose 1.69% last week and has accumulated an excess return of - 3.29% since its establishment [6]. 3.2.3 Balanced Stock - Picking Fund Index - Index positioning: Select 10 relatively balanced and value - growth style funds based on multi - period style classification. Fund managers balance stock valuation and growth and consider cost - effectiveness in both stock selection and industry allocation [20]. - Performance: It rose 1.70% last week and has accumulated an excess return of 7.85% since its establishment [6]. 3.2.4 Growth Stock - Picking Fund Index - Index positioning: Select 10 funds of active - growth, quality - growth, and balanced - growth styles based on multi - period style classification, aiming to capture the double - click opportunities of performance and valuation in high - growth companies [23]. - Performance: It rose 1.05% last week and has accumulated an excess return of 20.49% since its establishment [6]. 3.2.5 Pharmaceutical Stock - Picking Fund Index - Index positioning: Select 15 funds based on the intersection market value ratio of fund equity holdings and the representative pharmaceutical index, and evaluate them through multiple indicators such as relative benchmark index winning rate, drawdown level, style stability, and overall performance competitiveness [23]. - Performance: It fell 1.90% last week and has accumulated an excess return of 22.32% since its establishment [6]. 3.2.6 Consumption Stock - Picking Fund Index - Index positioning: Select 10 funds based on the intersection market value ratio of fund equity holdings and representative consumption - related indices, and evaluate them through multiple indicators [26]. - Performance: It rose 3.34% last week and has accumulated an excess return of 16.68% since its establishment [6]. 3.2.7 Technology Stock - Picking Fund Index - Index positioning: Select 10 funds based on the intersection market value ratio of fund equity holdings and representative technology - related indices, and evaluate them through multiple indicators [30]. - Performance: It rose 1.48% last week and has accumulated an excess return of 19.53% since its establishment [6]. 3.2.8 High - end Manufacturing Stock - Picking Fund Index - Index positioning: Select 10 funds based on the intersection market value ratio of fund equity holdings and representative high - end manufacturing indices, and evaluate them through multiple indicators [30]. - Performance: It rose 1.85% last week and has accumulated an excess return of - 1.33% since its establishment [6]. 3.2.9 Cyclical Stock - Picking Fund Index - Index positioning: Select 5 funds based on the intersection market value ratio of fund equity holdings and representative cyclical indices, and evaluate them through multiple indicators [34]. - Performance: It rose 2.88% last week and has accumulated an excess return of - 0.57% since its establishment [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report provides several ETF strategy indices constructed with the help of ETFs and tracks the performance and positions of these indices on a weekly basis. These indices aim to achieve excess returns relative to the market through different strategies [13]. 3. Summary by Directory 1. ETF Strategy Index Tracking - **Overall Performance**: The table shows the performance of various ETF strategy indices last week, including index returns, benchmark returns, and excess returns. For example, the Huabao Research Small - Large Cap Rotation ETF Strategy Index had a last - week index return of 1.27%, a benchmark (CSI 800) return of 1.38%, and an excess return of - 0.11% [14]. 1.1. Huabao Research Small - Large Cap Rotation ETF Strategy Index - **Strategy**: 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. It outputs signals weekly to decide positions and obtain excess returns. - **Performance**: As of 2025/8/8, the excess return since 2024 was 17.66%, the excess return in the recent month was - 0.25%, and the excess return in the recent week was - 0.11%. The current position is 100% in the SSE 50 ETF (510300.SH) [15][18][19]. 1.2. Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: It uses price - volume indicators to time self - built barra factors and maps timing signals to ETFs based on their exposures to 9 major barra factors to achieve market - outperforming returns. - **Performance**: As of 2025/8/8, the excess return since 2024 was 15.81%, the excess return in the recent month was - 0.76%, and the excess return in the recent week was - 0.34%. The positions include CSI 1000 ETF (512100.SH) with a weight of 6.25%, STAR 50 ETF (588000.SH) with a weight of 51.51%, etc. [19][20][23]. 1.3. Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy**: It starts from a multi - factor perspective, including the grasp of medium - and long - term fundamentals, tracking of short - term market trends, and analysis of market participants' behaviors. It uses valuation and crowding signals to prompt industry risks and multi - dimensionally dig potential sectors. - **Performance**: As of 2025/8/8, the excess return since 2024 was 9.46%, the excess return in the recent month was 4.80%, and the excess return in the recent week was 1.54%. The positions include Industrial Mother Machine ETF (159667.SZ) with a weight of 20.56%, Non - ferrous Metals ETF (512400.SH) with a weight of 20.47%, etc. [23][25][27]. 1.4. Huabao Research Quantitative Balance Art ETF Strategy Index - **Strategy**: It uses a multi - factor system including economic fundamentals, liquidity, technical aspects, and investor behavior. It constructs a quantitative timing system to judge the equity market trend, predicts the market's small - large cap style, and adjusts the equity market position distribution. - **Performance**: As of 2025/8/8, the excess return since 2024 was - 1.88%, the excess return in the recent month was - 0.84%, and the excess return in the recent week was - 0.48%. The positions include 10 - year Treasury Bond ETF (511260.SH) with a weight of 9.74%, CSI 1000 ETF (512100.SH) with a weight of 5.70%, etc. [27][28][31]. 1.5. Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: It tracks and mines hot - spot index target products in a timely manner through strategies such as market sentiment analysis, industry event tracking, and policy changes, and constructs an ETF portfolio to capture market hot - spots. - **Performance**: As of 2025/8/8, the excess return in the recent month was 0.78%, and the excess return in the recent week was 0.91%. The positions include Non - ferrous Metals 50 ETF (159652.SZ) with a weight of 29.66%, Hong Kong Consumption ETF (513230.SH) with a weight of 26.50%, etc. [31][34][35]. 1.6. Huabao Research Bond ETF Duration Strategy Index - **Strategy**: It uses bond market liquidity and price - volume indicators to select effective timing factors and predicts bond yields through machine - learning. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio. - **Performance**: As of 2025/8/8, the excess return in the recent month was 0.05%, and the excess return in the recent week was 0.06%. The positions include 10 - year Treasury Bond ETF (511260.SH) with a weight of 50.03%, 5 - to 10 - year Treasury Bond ETF (511020.SH) with a weight of 25.01%, etc. [35][36][38].

New Stock Listings - Hansang Technology (301491) listed at an issue price of 28.91 on August 6, 2025[1] - China Heavy Industry (601989) cash option declaration period from August 13, 2025[1] - China Shipbuilding (600150) buyback request period from August 13 to August 15, 2025[1] Offer and Acquisition Periods - Shenkou Co. (002633) offer period from July 29 to August 27, 2025[1] - ST Kelly (300326) offer period from July 17 to August 15, 2025[1] - Happiness Blue Ocean (300528) announcement on severe abnormal fluctuations[1] Abnormal Fluctuations - Tibet Tourism (600749) reported severe abnormal fluctuations on July 31, 2025[1] - Longyang Electronics (301389) announcement on August 4, 2025[1] - ST Suwu (600200) announcement on August 6, 2025[1] Additional Announcements - ST Dongjing (002199) announcement on August 6, 2025[1] - ST Yashan (000691) announcement on August 5, 2025[1] - ST Huamei (600360) announcement on July 31, 2025[1]

Group 1: Grid Trading Strategy Overview - The essence of "grid trading" is a high buy low sell trading strategy, which does not predict market trends but utilizes natural price fluctuations within a certain range to generate profits, suitable for frequently fluctuating markets [3][12] - Characteristics of suitable grid trading targets include: selecting on-market targets, stable long-term trends, low transaction costs, good liquidity, and high volatility, with equity ETFs being relatively suitable for grid trading [3][12] Group 2: ETF Grid Strategy Target Analysis - The Hang Seng Technology ETF (513010.SH) benefits from improved liquidity in the Hong Kong stock market and the return of quality listed companies, making it a cost-effective investment tool in a low-interest-rate environment. In the first half of 2025, net inflows from southbound funds into Hong Kong stocks reached HKD 731.2 billion, equivalent to 91% of last year's total net purchases [3][13] - The Robotics ETF (562500.SH) is positioned in a strategic core area of China's technological innovation and high-end manufacturing, supported by government policies aimed at accelerating technological autonomy and industrial cluster breakthroughs [4][16] - The Chip ETF (159995.SZ) sees a temporary easing of overseas suppression factors, while "domestic substitution" remains the long-term development theme, with significant investments planned in critical areas of the semiconductor industry [5][17] - The Infrastructure ETF (516950.SH) is expected to benefit from fiscal expansion and the implementation of major projects, with the government planning to issue special bonds totaling CNY 1.3 trillion and project lists supporting 1,459 projects in key areas [6][18]

Group 1 - The A-share equity market has shown strong performance, breaking through key levels, with the Shanghai Composite Index approaching 3600 points before facing resistance and adjusting to around 3550 points [2][4] - The stock-based enhancement strategy remains relatively strong despite adjustments in various equity fund strategy indices, with returns of -0.858% for the stock-based enhancement strategy and -1.951% for the evergreen low-volatility strategy [2][6] - The evergreen low-volatility strategy has demonstrated strong stability since its inception, effectively reducing portfolio volatility during market fluctuations, and is recommended for long-term allocation [5][14] Group 2 - The overseas equity allocation strategy has faced a decline of -1.307%, but the long-term outlook remains positive due to the resilience of the U.S. economy and technological advancements [7][20] - The cash-enhanced fund strategy has outperformed its benchmark, achieving a return of 0.027%, indicating effective cash management for investors [6][17] - The report emphasizes the importance of a diversified investment approach, particularly in the context of global asset allocation through QDII funds, to enhance returns [24][28]

New Stock Issuance - The new stock issuance for Zhigao Machinery (证券代码: 920101) is priced at 17.41 CNY per share, effective from August 5, 2025[1] - China Heavy Industry (证券代码: 601989) has a cash option declaration period from August 13, 2025[1] - China Shipbuilding (证券代码: 600150) has a buyback request period from August 13 to August 15, 2025[1] Offer and Acquisition Periods - Shenkou Co., Ltd. (证券代码: 002633) has a tender offer period from July 29 to August 27, 2025[1] - ST Kelly (证券代码: 300326) has a tender offer period from July 17 to August 15, 2025[1] - Happiness Blue Ocean (证券代码: 300528) has a significant announcement on July 30, 2025[1] Market Volatility - There are reports of severe abnormal fluctuations for Tibet Tourism (证券代码: 600749) as of July 31, 2025[1] - ST Suwu (证券代码: 600200) also reported significant volatility on July 30, 2025[1] - The stock of ST YaTai (证券代码: 000691) is under observation for abnormal trading activities as of August 5, 2025[1]

Group 1: New Stock Offerings - Shenke Co., Ltd. (002633) has a tender offer period from July 29, 2025, to August 27, 2025[1] - ST Kelly (300326) has a tender offer period from July 17, 2025, to August 15, 2025[1] - ST Zitian (300280) has a tender offer period ending on July 21, 2025[1] Group 2: Market Alerts - Xizang Tourism (600749) reported severe abnormal fluctuations on July 31, 2025[1] - Tianlu Convertible Bonds (110060) announced significant market activity on July 30, 2025[1] - ST Suwu (600200) experienced unusual trading patterns on July 30, 2025[1] Group 3: Additional Announcements - Happiness Blue Ocean (300528) issued a notice on July 30, 2025, regarding market conditions[1] - Common Pharmaceutical (300966) provided updates on August 1, 2025, related to stock performance[1] - Dongjie Intelligent (300486) released a statement on August 1, 2025, concerning market volatility[1]

Group 1 - The report indicates that the bond market pressure has eased, signaling a potential turning point. The marginal softening of the "anti-involution" policy has reduced inflation expectations, and recent deep corrections in commodity futures have alleviated panic in the bond market, enhancing the willingness of investors to enter the market [4][23][25] - The stock market is expected to maintain a volatile pattern in the short term, with the Shanghai Composite Index likely to fluctuate due to a vacuum in incremental policy. The omission of "rate cuts" in the recent political bureau meeting suggests a lower probability of new stimulus policies, shifting focus to the implementation of existing measures [5][25] - The report highlights two main investment directions: defensive stocks such as banks and non-bank financials that serve as stabilizers for the index, and opportunities in rare earths due to the US-China competition and price increases, as well as low-position opportunities in other thematic rotations [5][25] Group 2 - The report reviews significant events, including the continuation of US-China trade negotiations and the Chinese government's emphasis on stabilizing economic policies without aggressive measures like rate cuts. The meeting reiterated the need for a proactive macro policy while avoiding mention of "disorderly competition" [13][14] - The weekly market review indicates a rebound in the bond market, with a decrease in manufacturing PMI reflecting short-term disturbances in economic recovery. The report notes that the A-share market has seen a significant pullback, with some sectors reaching high valuations after a rapid increase since June [16][19] - The report tracks key indicators in the A-share and bond markets, noting that the yield curve remains historically low, and the valuation of A-shares has significantly adjusted downwards. The market's turnover rate has decreased, indicating lower trading enthusiasm and a decline in the profit-making effect [28][31][32]

Investment Rating - The report does not explicitly provide an investment rating for the banking wealth management industry Core Insights - The banking wealth management market has shown significant growth, with the total scale reaching 30.67 trillion yuan by the end of June 2025, a year-on-year increase of 7.53% [3][10] - The proportion of closed-end products with a duration of over one year has increased to 72.86%, indicating a trend towards longer-duration products [3][10] - Fixed-income products dominate the market, accounting for 97.20% of the total wealth management product scale, while cash management products are experiencing a contraction [3][11] - The proportion of wealth management products investing in public funds has risen to 4.2%, reflecting a shift in investment strategy [3][12] - The weight of credit bonds in wealth management products has decreased, with holdings at 312.79 billion yuan, representing 38.79% of total investment assets, down 2.34 percentage points year-on-year [3][12] Summary by Sections Regulatory and Industry Dynamics - The banking wealth management market has seen a notable increase in product scale, driven by factors such as the reduction in deposit rates and continuous innovation by wealth management companies [3][10] - The trend towards longer-duration products is aimed at enhancing yield and improving asset-liability matching [3][10] Yield Performance - For the week of July 21-27, 2025, cash management products recorded an annualized yield of 1.35%, down 2 basis points from the previous week [3][14] - The yield of fixed-income products has generally declined, influenced by market conditions and inflation expectations [3][15] Break-even Rate Tracking - The break-even rate for banking wealth management products rose to 2.02%, an increase of 1.23 percentage points week-on-week, indicating potential pressure on the products [3][23][25] - The expansion of credit spreads is correlated with the break-even rate, suggesting a need for close monitoring of credit market trends [3][23][24]