Summary of Key Points from Conference Call Industry Overview - The conference call discusses the A-share market in China, focusing on high and low volatility strategies, economic recovery, and the impact of global competition on China's economy [1][3][11]. Core Insights and Arguments - **High Volatility Strategy**: Reflects capital expansion and encourages capital expenditure, but has faced pressure since June due to high market sentiment and significant inflows into the technology sector [1][3][6]. - **Low Volatility Strategy**: Associated with supply constraints, consumption expansion, and globalization, benefiting large core enterprises and enhancing their profitability [4][10]. - **Current Bull Market Foundation**: Driven by Price-to-Book (PB) ratios rather than traditional Price-to-Earnings (PE) ratios, indicating a shift in focus towards long-term sustainable growth [5][10]. - **Economic Recovery and Debt Cycle**: The current economic recovery is decoupled from the debt cycle, with asset prices recovering ahead of economic indicators, driven by supply constraints and high actual interest rates [7][12]. - **Supply-Driven Economic Recovery**: Characterized by price expansion through supply constraints, requiring ongoing globalization and parallel development of traditional and high-end manufacturing [8][9]. - **Global Competition Strategy**: China has strategically navigated the U.S. economic cycles, capitalizing on inflation periods for exports and implementing supply constraints during interest rate cuts to mitigate risks [2][11]. Additional Important Content - **Market Dynamics**: The transition from high volatility to low volatility strategies is necessary for focusing on stable long-term returns rather than short-term speculation [10][15]. - **Impact of U.S. Interest Rates**: U.S. interest rate cuts have led to historically low import levels, affecting global export prices, but are expected to improve as inflation pressures build [16]. - **Wealth Effect and Consumer Behavior**: A low volatility environment is crucial for stimulating consumer spending and creating a wealth effect, contrasting with the risks of high volatility leading to market bubbles [12][13]. This summary encapsulates the key points discussed in the conference call, highlighting the strategic shifts in investment approaches and the broader economic context affecting the A-share market in China.

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The US ETF innovation products continue to expand with options and single - stock leveraged products. The flow of funds into US stock ETFs has significantly increased, and the performance of mixed - allocation products shows some differentiation. The US non - money public funds have seen certain changes in capital flows, with domestic stock funds experiencing outflows and bond products having inflows [3] Group 3: Summary According to the Directory 1. US ETF Innovation Products: Options, Single - Stock Leveraged Products Continue to Expand - Last week, there were 32 new US ETF products. BlackRock converted two over - the - counter active funds into ETFs, with an original scale of over $3 billion. The GraniteShares YieldBOOST product line expanded, and 12 single - stock leveraged products were issued. Dana launched 2 active ETFs, and there were also expansions in bond products [6][7][8] 2. US ETF Dynamics 2.1 US ETF Funds: Inflow of US Stock ETFs Amplifies - Last week, US stock ETFs re - inflowed nearly $40 billion, and asset - allocation products also had obvious inflows. iShares' S&P 500 ETF had a return flow, while factor - rotation ETFs and AI products had more inflows, and semiconductor leveraged products continued to have outflows [9][11] 2.2 US ETF Performance: Mixed - Allocation Products Show Some Differentiation - Among mixed - allocation products, Pacer's timing strategy has performed poorly this year, with PTLC based on the S&P 500 having a gain of less than 2% since the beginning of the year. Fixed - ratio products have performed relatively well, such as WisdomTree's 1.5 - times leveraged NTSX with a gain close to 16% [13] 3. Recent Capital Flows of US Ordinary Public Funds - In July 2025, the total amount of US non - money public funds was $22.57 trillion, a decrease of $0.12 trillion compared to June. From September 3rd to September 10th, US domestic stock funds had a net outflow of about $22 billion, and bond products had an inflow of about $4.8 billion [14]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The innovation of US ETF products continues, with the expansion of options and single - stock leverage products; the inflow of US stock ETFs has increased significantly, and the performance of mixed - allocation products is somewhat differentiated; the US ordinary public funds have different trends, with stock funds facing redemption pressure and some inflows into bond products [1] Summary by Directory 1. US ETF Innovation Products: Continuous Expansion of Options and Single - Stock Leverage Products - Last week, 32 new products were issued in the US, an increase in quantity [1][6] - BlackRock converted two over - the - counter active funds into ETFs, with an original scale of over $3 billion. The dynamic stock ETF invests in global stocks, and the disciplined volatility stock ETF focuses on low - volatility strategies, both with qualitative and quantitative features and a fee rate of about 0.4% [1][8] - The GraniteShares YieldBOOST product line continued to expand, with new products linked to Amazon and AMD. Defiance issued leveraged + option strategies and a long + end - of - day option overlay strategy product based on the Nasdaq 100 [8] - 12 single - stock leverage products were issued, all 2x leveraged, linked to various companies such as Unity Software, Goldman Sachs, etc. [8] - Dana issued 2 active ETFs, one focusing on high - concentration dividend stocks and the other on disruptive innovation technology companies [9] - Some bond products were also expanded, including high - yield bond ETFs, target - maturity bond products, and active credit bond products [9] 2. US ETF Dynamics 2.1 US ETF Funds: Increased Inflow of US Stock ETFs - Last week, the inflow of US stock ETFs approached $40 billion, a significant increase, and asset - allocation products also had obvious inflows [1][10] - iShares' S&P 500 ETF had a return, and factor - rotation ETFs, AI products, etc. had more inflows. Semiconductor leverage products continued to outflow, and ARKK outflowed over $2 billion [1][12] - Gold ETFs continued to have inflows, Vanguard's S&P 500 ETF had the largest continuous inflow, and the Russell 2000 ETF also began to have obvious inflows [13] 2.2 US ETF Performance: Differentiated Performance of Mixed - Allocation Products - Among mixed - allocation products, Pacer's timing strategy has performed poorly this year, with PTLC based on the S&P 500 having a year - to - date increase of less than 2%. Fixed - ratio products performed relatively better. WisdomTree's 1.5x leveraged NTSX had a gain close to 16%, similar to BlackRock's aggressive products [1][15] 3. Recent Fund Flows of US Ordinary Public Funds - In July 2025, the total amount of non - money public funds in the US was $22.57 trillion, a decrease of $0.12 trillion compared to June. Although the S&P 500 rose 2.17% in July, the scale of US domestic equity products decreased by 0.95%, indicating high redemption pressure [16] - From September 3rd to September 10th, US domestic equity funds outflowed about $22 billion in a single week, and have outflowed over $400 billion since the beginning of the year, while bond products had an inflow of about $4.8 billion [16]

来源：市场投研资讯 （来源：民生加银资讯） 近期A股市场波动加剧，这让不少投资者在构建配置组合时更加谨慎。在震荡前进的行情中，单一资产 配置的短板较为明显，你的资金或需要搭配"低波"策略~ 01 短债基金——"低波"中的"多边形战士" 具体来看，纯债型短债基金，不投资于股票、可转债（可分离交易可转债的纯债部分除外）、可交换 债，免受权益市场波动的影响；同时，短期债券剩余期限较短，通常不会因为发行人在长时间内可能出 现的经营问题或市场政策变动而受到太大影响。以万得短期纯债型基金指数为例，据Wind数据显示， 截至今年9月11日，自基日以来其累计回报达85.14%，最大回撤仅-1.32%，期间连续18个完整年度均实 现了正收益，长期表现值得关注。 数据来源：Wind，统计区间：2007.1.1-2024.12.31。指数过往业绩不预示未来表现，不代表跟踪指数进 行投资的基金实际收益表现，不构成基金投资收益的承诺与保证。万得短期纯债型基金指数代码为 885062.WI。基金有风险，投资需谨慎。 02 多重 buff加持，短债配置正当时 当下配置短债基金，更有三重"buff"叠加赋能。 第一重"货币政策buff"：国 ...

Group 1 - The article discusses the recent investment strategies of Pacific Insurance (太保) in the context of a long-term low interest rate environment, highlighting the challenges faced by traditional fixed-income assets [7][8][9] - It emphasizes the necessity for equity investments to enhance overall returns and alleviate pressure from declining interest spreads, citing the long-term annualized return of the CSI Dividend Total Return Index at approximately 14% since 2006 [15][16][21] - The shift from relative return strategies to absolute return strategies is noted, with a focus on passive investment approaches and the increasing importance of Smart Beta strategies [22][28][29] Group 2 - The article outlines the trend of insurance institutions transitioning from traditional financial investors to strategic investors, with a focus on long-term partnerships and governance in listed companies, particularly in undervalued and high-dividend sectors [30][31] - It discusses the impact of new accounting standards on financial reporting, emphasizing the need for insurance companies to carefully consider asset classification to manage volatility and ensure stable returns [33][35] - Key indicators for long-term asset allocation are identified, including sustainable competitive advantage, consistent profitability, operational stability, and shareholder return capabilities [36][37] Group 3 - Recommendations for regulatory adjustments are provided to encourage long-term capital market investments, including capital incentives for long-term equity holdings and differentiation between trading and strategic investments [40][41][42]

Core Viewpoint - The article discusses the evolving dynamics between fund managers and investors, emphasizing the importance of achieving mutual benefits through investment strategies that focus on lower volatility and long-term factors [1]. Group 1: Fund Characteristics - The first key factor for desirable fund returns is lower volatility, which allows investors to achieve better "lifetime return rates" [2]. - The second key factor is the inclusion of long-term factors, such as dividend yield, to align fund uncertainty with investor goals [3]. - The HuaTai BaRui Dividend Low Volatility ETF (512890) has recently surpassed a scale of 20 billion, indicating a shift in investor behavior towards products that combine these two factors [4][5]. Group 2: Market Trends - In the first half of the year, the A-share market presented significant structural opportunities, with the Wande Equity Mixed Fund Index rising by 8.75%, outperforming the CSI 300 Index, which only increased by 1.44% [7]. - Despite this, there has not been a substantial increase in the scale of actively managed equity funds; instead, more low-volatility strategy products are emerging as important alternatives for investors [7][9]. - The market's product innovation is primarily focused on reducing volatility, with strategies including the allocation of low-correlated assets and incorporating gold as a risk-hedging tool [9][10]. Group 3: Performance Analysis - The HuaTai BaRui Dividend Low Volatility ETF has achieved positive returns every year since its inception, outperforming its benchmark in each complete year from 2019 to 2024 [17][18]. - The ETF's annual returns from 2019 to 2024 show that it achieved over 20% returns in 2019 and 2024, and between 10% to 20% in 2021 and 2023, with only 2022 yielding less than 5% [20][25]. - The ETF's performance illustrates that low-volatility strategies can provide stable returns while minimizing risk, aligning with the changing investor demand for long-term wealth growth rather than short-term gains [22][24]. Group 4: Company Development - HuaTai BaRui Fund has demonstrated significant growth, with its ETF total scale exceeding 500 billion as of July 9, 2025, reflecting a successful strategy focused on reducing volatility [24][25]. - The company has established a strong reputation in the industry for its low-volatility products, contributing to its leadership in the market [24][25].

Core Viewpoint - The bond market has experienced significant fluctuations, with a focus on the strong sales performance of fixed-income products, particularly the "Hengying Stable Profit Fixed Income Daily Open 1st Phase A" product, which has accumulated sales of 599 billion yuan over the past three months [1][5]. Group 1: Product Performance - The "Hengying Stable Profit Fixed Income Daily Open 1st Phase A" product has shown a notable increase in net value in mid-March, but the growth rate has slowed since April [4]. - Despite its strong sales, the product's performance in terms of returns is average compared to similar products, particularly over the last three months and one month [4][5]. Group 2: Product Features - The product's appeal lies in its flexible holding period, allowing investors to choose their investment duration from 1 day up to 365 days, which can be adjusted after purchase [5]. - The product maintains a 0 drawdown, attributed to its low volatility strategy, primarily investing in deposits and bonds from high-quality financial institutions [5]. Group 3: Evaluation Metrics - The product received a score of 7 for returns, 100 for risk control, 27 for risk-adjusted returns, and 71 for comprehensive fees, ranking 373rd, 1st, 424th, and 41st respectively among 499 similar products, achieving an overall score that surpasses 42.28% of its peers [5]. - The evaluation process considers four dimensions: return performance (40% weight), risk control (30% weight), risk-adjusted return (20% weight), and comprehensive fees (10% weight), with the aim of identifying relatively strong products in the market [6].

Core Viewpoint - The A-share market continues to show a slight decline under the influence of international geopolitical risks, but overall support remains strong, with opportunities for low-cost positioning in quality dividend sectors [2][3] Market Overview - The A-share market has experienced a slight pullback, with the Shanghai Composite Index reaching a low near 3350, but the decline is limited, indicating some support [2] - The overseas US stock market shows similar characteristics, with slight declines due to geopolitical influences and resistance at previous highs [2] - Increased risk aversion and a preference for quality dividend sectors have led to strong performance in low-volatility strategies [2] Quantitative Strategy Allocation - The recommended strategy allocation is: Enhanced Equity Strategy > Evergreen Low-Volatility Strategy > Overseas Equity Strategy [3] - The A-share market is showing signs of stabilization in technology growth sectors after adjustments, leading to a relatively optimistic outlook [3] - The performance of dividend and low-volatility sectors remains strong, but there may be a potential reduction in upward momentum due to the risk of declining dividend yields [3] Overseas Market Insights - The easing of US tariff attitudes has led to a rebound in the US stock market and other regions, with economic data exceeding expectations [4] - Short-term opportunities in overseas markets may arise from further easing of tariff risks and progress in trade negotiations [4] - The Nasdaq is approaching its early-year highs, and while upward momentum is expected, caution is advised due to high index levels [4] Fund Strategy Performance - The Evergreen Low-Volatility Fund Strategy recorded a return of -1.042% this week, with a cumulative excess return of 0.631% [5] - The Enhanced Equity Fund Strategy also saw a decline of -1.235%, with a cumulative excess return of 0.438% [5] - The Cash Growth Fund Strategy achieved a return of 0.031%, outperforming the benchmark [6] Fund Composition Insights - The Evergreen Low-Volatility Fund has maintained low volatility and drawdown characteristics, providing stable returns [12] - The Enhanced Equity Fund is still in its early stages, with performance closely aligned with the benchmark, but potential for stronger returns as market conditions improve [14] - The Cash Growth Fund has consistently outperformed its benchmark since its strategy launch, providing effective cash management options [15] - The Overseas Equity Allocation Fund has accumulated significant excess returns, benefiting from the global technology sector's growth [17]

Group 1 - The core viewpoint of the article highlights the current fluctuations in the A-share market, with the Shanghai Composite Index showing slight declines influenced by international geopolitical conflicts, while certain technology sectors are beginning to rebound after previous adjustments [2][4] - The quantitative strategy configuration suggests a preference for stock-based enhancement strategies over low-volatility strategies and overseas equity strategies, indicating a more optimistic outlook for A-shares despite potential risks in defensive sectors [3][4] - The article emphasizes the performance of various fund strategies, noting that the low-volatility fund strategy has shown strong stability and excess returns during recent market fluctuations, while the stock-based enhancement strategy is expected to gain traction as market conditions improve [5][6] Group 2 - The low-volatility fund strategy has maintained its characteristics of low volatility and small drawdowns, outperforming the benchmark indices since its inception, demonstrating effective risk management and stable returns [10][21] - The stock-based enhancement fund strategy, while still in its early stages, is expected to show stronger performance as market conditions improve, focusing on funds with strong alpha generation capabilities [11][22] - The cash-enhancing fund strategy has consistently outperformed its benchmark, accumulating excess returns since its launch, providing effective cash management solutions for investors [14][23] - The overseas equity allocation fund strategy has benefited from the easing of tariff risks and the growth of technology sectors, indicating a positive outlook for global investments despite short-term volatility [15][24]

投资要点 A股在关税冲击后有所反弹，本周持续反弹力量有所减弱，本周中证全指小幅收涨0.3%，由于行情的支撑主要来源于大盘权重风格，代表 基金表现的中证主动股基表现较弱些，小幅收跌0.23%。常青低波策略持续受益于波动行情，稳健风格持续受到资金青睐，本周逆市上涨 0.87%，录得超额收益1.1%。 量化策略配置观点： 常青低波策略 > 海外权益策略 > 股基增强策略 A股方面，近期受到美国关税等因素影响，市场波动较大，资金避险情绪以及市场稳定资金力量支撑A股行情表现较为稳定，相应红利风 格等防御属性板块表现较优，常青低波策略也在此期间积累了一定超额收益。A股工具策略内部，常青低波策略依旧有望获得更高的性价 比，当前仍处于相对左侧区域，更适合配置于攻守兼备的策略。可以随着紧张局势有逐步缓解的迹象，再逐步切换至更具有进攻性的策略 中。 海外方面，目前市场已经计价大部分关税比例大超预期以及我国强硬反制的措施，随着关税延期以及市场对于美国进一步加征中国关税的 反应敏感度降低，美股市场或接近短期底部，短期的机会或来源于美国关税态度的边际缓和，对于海外仓位较低的投资者可适当布局底部 区域。但是短期内谈判进展不确定性、政策不 ...