投顾周刊：LOF集体狂欢后资金炒作退潮

Group 1 - Offshore RMB against USD broke the 7 mark, reaching a 15-month high at 6.9985 on December 25, with onshore RMB also nearing the 7 mark at 7.0053, indicating a potential continued appreciation of the RMB in the coming year, though not expected to be unilateral [2][4] - After a surge in LOF funds, a significant decline was observed on December 25, with multiple LOF funds hitting the limit down, including a drop of over 9% for several gold-related LOFs, leading to restrictions on subscriptions for various funds [2][4] - The Financial Regulatory Bureau released a unified information disclosure management method for asset management products, which aims to standardize disclosure rules across different types of financial products, enhancing investor protection [3][4] Group 2 - JD.com announced that 92% of its employees will receive year-end bonuses, with total bonus investment increasing by over 70% year-on-year, indicating a significant rise in compensation within the industry [4] - A new QDII fund is set to be launched by Dacheng Fund, with the issuance period from December 29 to February 4, amidst a scarcity of new QDII quotas affecting the issuance of such funds [4][5] Group 3 - The U.S. economy showed a substantial growth in Q3 with a real GDP annualized quarter-on-quarter increase of 4.3%, driven by strong consumer spending which accelerated to a growth rate of 3.5% [6][4] - Recent trends in global stock markets showed mixed results, with the Shanghai Composite Index rising by 1.88% and the Hang Seng Index by 0.50%, while U.S. markets also saw gains [7][4] Group 4 - Recent data indicated a decline in Chinese government bond yields, with 1-year, 5-year, and 10-year yields dropping by 9.5 basis points, 4.14 basis points, and 0.82 basis points respectively [9][10] - The recent week saw a general increase in fund indices, with the Wande All Fund Index rising by 1.43%, and specific categories like equity and mixed funds showing stronger performance [11][4] Group 5 - In the commodity market, precious metals saw significant gains, with COMEX gold rising by 3.98% and silver by 18.06%, while oil prices experienced a slight increase [12][4] - The dominance of fixed-income plus funds in bank financing products was highlighted, with 384 such funds accounting for 56.31% of the total number and 74.07% of the total scale [13][14] Group 6 - The trend of bank wealth management subsidiaries becoming the core financing entities reflects a concentration and specialization in China's banking system, with regional banks remaining active but limited in scale [15][4] - The recent issuance of wealth management products showed a strong performance in benchmark yields, with leading wealth management subsidiaries achieving higher returns [20][4]