理财产品配置策略需调整 值得注意的是，理财产品的资产配置策略也面临调整。 "按照新规要求，随着市场波动加大，一些权益类理财产品正逐步调整配置策略，倾向于增配流动性更 强、价格波动较小的主板标的。即使继续参与权益市场，操作上也以短线波段为主。在此过程中，产品 估值管理的复杂性随之上升，净值波动幅度或将进一步放大。"周毅钦说。 邵科提到，ST类股票涨跌幅限制的放宽将促使理财产品投资策略进行调整，及时评估组合风险收益特 征，有针对性地优化资产配置方案。追求稳定收益的稳健型理财产品，或将大幅降低相关股票的配置， 将资金投向其他股票或者固定收益类资产，保持产品净值的稳定；追求超额收益的进取型产品，或将调 整相关股票的估值，明确投资比例限制、控制风险敞口、完善压力测试机制，并适当增加低波动资产的 配置，保持投资的风险收益匹配。同时，理财产品将进一步强化风险监控，建立更加严格的风险预警机 制，及时采取调整仓位、止损等措施控制风险。此外，理财公司也将强化投资者教育工作，帮助客户理 解新规下的风险变化。 （文章来源：中国经营报） 日前，沪深交易所宣布就调整主板风险警示股票价格涨跌幅限制比例及有关事项公开征求意见，拟将主 板风险 ...

Core Viewpoint - Major Chinese banks, including ICBC, CCB, and CMB, have recently suspended the issuance of 5-year large-denomination certificates of deposit (CDs) as a strategy to reduce funding costs amid low net interest margins in the banking sector [1] Group 1: Banking Sector Actions - Several large and medium-sized commercial banks, along with rural commercial banks, have withdrawn 5-year large-denomination CDs from the market [1] - The issuance volume of 3-year large-denomination CDs has also decreased significantly [1] Group 2: Financial Strategy - The banking industry is currently facing low net interest margins, prompting banks to explore ways to stabilize these margins by reducing funding costs [1] - Deposits are a primary source of liabilities for banks, making it essential to lower the costs associated with deposits [1] Group 3: Expert Recommendations - Experts suggest that in a low-interest-rate environment, households should adopt a "fixed income +" strategy by allocating investments in medium- and short-term bond funds [1] - Additionally, global asset allocation is recommended to capture economic growth opportunities worldwide [1]

Core Viewpoint - The investment strategies of insurance asset management institutions are shifting towards a focus on fixed income, increased equity allocation, and diversified alternative investments in response to the ongoing decline in market interest rates [1][2]. Group 1: Investment Strategy Adjustments - As of the end of Q1, the asset allocation of insurance funds shows a trend of "debt as ballast, equity enhancement," with expectations for a continued focus on fixed income and increased equity and alternative investments in the second half of the year [1][2]. - The proportion of bank deposits held by life insurance companies has decreased to 8.21%, down 1.31 percentage points year-on-year, while the bond allocation has surpassed 51%, marking a historical high [2]. - The CEO of Taikang Asset Management emphasizes the necessity for insurance funds to prioritize equity asset allocation to meet the sustainable development and yield requirements of life insurance liabilities [2][3]. Group 2: Equity Market Considerations - Insurance funds are increasing their equity asset allocation both as a passive adjustment to low interest rates and as an active strategy, with A-share valuations being relatively low and dividend yields high [3]. - The strategy includes increasing high-dividend assets in FVOCI categories to reduce performance volatility and investing in high-dividend blue-chip stocks through private equity funds [3][4]. - The low interest rate environment is seen as an opportunity for insurance funds to optimize their asset allocation structure, enhancing the attractiveness of equity market valuations [3][4]. Group 3: Global Asset Allocation - Insurance funds are not only focusing on A-shares but are also increasing their allocation to Hong Kong stocks and exploring global investment opportunities [5][6]. - The Hong Kong stock market is particularly appealing due to its low valuations and high dividends, with 14 out of 17 equity stakes taken by insurance funds in the first half of the year being in Hong Kong companies [5]. - By 2025, 63% of insurance institutions plan to increase their investment in Hong Kong stocks, primarily through the Hong Kong Stock Connect [5][6]. Group 4: QDII and International Investments - As of June 30, 48 insurance institutions have obtained a total of $39.323 billion in QDII investment quotas, with only five institutions receiving new quotas this year [6]. - There is a growing trend among insurance companies to request increased overseas investment quotas, indicating a potential rise in QDII limits in the future [6]. - The strategic significance of investing in Hong Kong and global markets is highlighted as essential for insurance funds to manage risks and enhance returns in a low interest rate environment [6].

Core Viewpoint - The recent issuance of a total of $3.08 billion in QDII (Qualified Domestic Institutional Investor) quotas by the State Administration of Foreign Exchange represents a significant step in supporting cross-border investment by qualified institutions, reflecting China's commitment to financial market openness and enhancing investor confidence [1] Group 1: Impact on Financial Market - The expansion of QDII quotas promotes the two-way opening of China's financial market, enhancing its influence in the global financial system and signaling China's determination to integrate into the global financial landscape [2] - The QDII system, alongside the QFII (Qualified Foreign Institutional Investor) system, facilitates the dual flow of capital, optimizing global capital allocation and creating a new pattern of coordinated development between "bringing in" and "going out" [2] Group 2: Internationalization of Renminbi - Certain QDII products allow for investments in offshore RMB-denominated assets, which helps expand the use and acceptance of the Renminbi abroad, enhancing its attractiveness as an international investment currency [3] - The healthy development of the QDII system contributes to the steady rise of the Renminbi's status in the international monetary system [3] Group 3: Investor Demand and Asset Management - The growing demand for cross-border investment has led to an increase in the scale of QDII funds, with the latest net asset value reaching 654.28 billion yuan, reflecting investor recognition and demand for QDII products [4] - The issuance of new QDII quotas provides strong support for asset management institutions to meet the increasing global asset allocation and risk diversification needs of domestic residents [4] Group 4: Competitiveness of Domestic Financial Institutions - The recent QDII quota expansion allows financial institutions, particularly fund companies and brokerages, to enhance their international competitiveness and global asset management capabilities [5] - The expansion is not merely about increasing scale; it aims to guide domestic funds to invest abroad, fulfilling various investor needs while strengthening the integration of the Chinese economy into the global financial system [5]

(文/解红娟 编辑/张广凯） 7月2日，戴德梁行发布2025年上半年上海大宗物业交易市场报告。报告指出，2025上半年，上海大宗物 业交易市场以158亿元总成交额、37宗交易完成阶段性收官，尽管成交数据同比有所回落，不足往年同 期一半水平。 戴德梁行华东区董事总经理黎庆文表示，围绕推动高质量发展首要任务和构建新发展格局战略任务，上 海正在加快建设国际经济、金融、贸易、航运和科技创新中心，进一步强化城市核心功能。在这一进程 中，政策的调控为房地产市场发展指明了方向，通过优化营商环境、加大产业扶持力度，为各类企业在 沪投资兴业提供肥沃土壤。 戴德梁行指出，在大宗市场，上半年上海内外资分化进一步加剧，内资展现出强劲逆势布局能力，以全 数占比再创记录；外资机构策略性收缩释放优质资产，部分项目以折价形式加速流转，为投资者开辟配 置窗口。 本文系观察者网独家稿件，未经授权，不得转载。 具体来看，投资者行为明显分化，自用型买家成交依旧以办公研发、商业为主，如自用型企业收购 BFC三个楼面，乐鑫科技布局张江研发物业，安踏收购南京东路阳光大厦等；投资型买家则呈现两极化 策略——非机构投资人上半年典型交易为西子联合体最终于二季度 ...

大类资产 3 季度配置信号 ： 根据 2025 年 6 月底的最新数据，信用利差和期限利差均发出收窄信号， Q3 宏观环境预测结果为 Inflation 。 宏观动量模型配置信号： 根据 2025 年 6 月底的最新数据，股票、债券和黄金市场在 2025 年 7 月信号 分别为正向，负向和正向。 报告导读： 根据 2025 年 6 月底的最新数据，股票、债券和黄金市场在 2025 年 7 月信 号分别为正向，负向和正向。 行业复合趋势因子组合表现及信号： 2015 年 1 月至 2025 年 6 月，行业复合趋势因子组合的累积收益 为 86.40% ，超额收益为 40.53% 。上月（ 2025 年 6 月）因子信号为正向， Wind 全 A 当月收益率 为 4.74% 。根据 2025 年 6 月底的最新数据，行业复合趋势因子为 -0.34 ，有所回升，继续维持正向 信号。 风险提示： 模型失效风险、因子失效风险、海外市场波动风险。 报告来源 以上内容节选自国泰海通证券已发布的证券研究报告。 报告名称：大类资产及择时观点月报（2025.07） 报告日期：2025.07.02 报告作者： 郑雅斌 （分析师）， ...

▼点击阅读原 文，免费学习大额家庭资产配置课程 文 | 银行螺丝钉 （转载请注明出处） ...

Core Viewpoint - The recent approval of a new batch of QDII (Qualified Domestic Institutional Investor) quotas by the State Administration of Foreign Exchange (SAFE) indicates a growing demand for overseas investment from domestic institutions, particularly in the Hong Kong stock market, which has shown significant returns in the first half of the year [1][2][5]. Summary by Categories QDII Quota Expansion - As of June 30, 2025, the total approved QDII investment quota reached $170.87 billion, an increase of $3.08 billion from $167.79 billion on May 9, 2024 [1]. - A total of 82 institutions received the new quota, including banks, insurance companies, trust companies, securities firms, and fund companies, with individual quotas ranging from $10 million to $50 million [1][2]. Institutional Winners - Major beneficiaries of the new QDII quotas include 10 banks and their wealth management subsidiaries, each receiving $50 million, as well as 22 fund companies, including E Fund and GF Fund, which also received $50 million [2]. - Other institutions received varying amounts, with 12 institutions getting $40 million, 9 institutions receiving $30 million, and several others receiving smaller amounts [2]. Market Performance and Investor Sentiment - Domestic investors are showing heightened interest in the Hong Kong stock market, driven by strong performance from QDII products, particularly those focused on the pharmaceutical sector, which saw returns exceeding 85% in the first half of the year [5]. - In contrast, QDII products focused on the U.S. stock market have underperformed, with over half of them reporting negative returns, attributed to various uncertainties affecting the U.S. market [6]. Future Outlook - The expansion of QDII quotas is expected to enhance the competitiveness and internationalization of domestic asset management institutions, contributing to a more open financial system [3]. - Analysts suggest that the Hong Kong market remains attractive for investment, while the U.S. market faces uncertainties, particularly regarding trade policies and economic conditions [7][8].

证券研究报告 | 金融工程 gszqdatemark 2025 07 01 年 月 日 量化点评报告 七月配置建议：不轻易低配 A 股 资产配置：A 股配置价值相对较高。 1）A 股：高赔率-中等胜率品种。基于 ERP 和 DRP 的标准化数值等权计 算 A 股赔率，截至 6 月底 A 股赔率为 1.2 倍标准差，仍然处于较高水平； 近期降准降息以及信贷见底推动 A 股胜率回升至 0 轴附近，但增长方向仍 然为负，A 股胜率预计仍维持在中等水平。 2）债券：极低赔率-高胜率品种。当前债券赔率处于-1.5 倍标准差的极低 水平，表明长债仍存在一定估值风险；近期债券胜率指标由于货币宽松和 增长下行上行至 20%的较高水平，若信用和增长筑底回升可能压低胜率。 3）美股：极低赔率-中高胜率品种。美股 AIAE 指标当前位于 52%的极高 水平，处于历史 99.7%分位数，回撤风险仍然较高；美联储流动性指数当 前位于 20%的中高水平，表明美联储流动性较为宽松，我们将持续关注后 续信号是否发生转向，若转向美股则回到一季度低赔率-低胜率状态，配置 价值进一步降低。 风格配置：价值风格微观打分最高。价值风格微观打分最高：当 ...

房子的价格为什么会回落？ 这几年，相信大家都能意识到，此刻 我们正在经历一个财富不断减少的时代。 说一个扎心的数据： 根据机构统计的数据显示，这 几年居民财富 总市值从 400 万亿人民币，降到现在的 300 万亿， 大概损失了 100 万亿左右。 这其中，居民财富主要流失的份额，大多来自于房产。 所以这几年居民的财富缩水，基本上都是因为房子的价格回落。 你可以说很多的原因，但是最根本的原因只有一个： 通S 在统计局公布的最新数据中，有两个关键的数据值得关注： 第一个 是 PPI数据 ，这项数据代表的是工厂的商品出厂价，下跌了3.3%； 第二个是 CPI数据 ，这项数据代表的是居民端买东西消费的价格，下跌3.6%。 这两个指数双双下跌，可以说紧缩已经形成了大趋势。 但老实说，通S本身其实并不可怕，对于多数人而言，真正可怕的是： 很多人还在用匹配通胀的资产结构应对着通S，做着错误的资产配置。 为什么说现在很多人正在做错误的资产配置？ 原因很简单，就是 没有经历过通S 。 这事情其实就和谈恋爱是一样的—— 吃过见过的人，自然能应对自如；没有经历过的人，肯定要交学费。 可以说 过去这40年以来，我们从来没经历过这么 ...