Market Overview - The equity market experienced a collective decline last week, with the North Certificate 50 index dropping the most at 2.55% [5][6] - The bond market saw a collective decline in both short and long-term interest rates, with the 1-year government bond rate decreasing by 4.50 basis points to 1.355% [9][13] - The fund market reflected the equity market's downturn, with the偏股基金指数 down 1.65% and the二级债基指数 down 0.07% [15][16] Event-Driven Strategy - The National Medical Products Administration has initiated support for the innovation of high-end medical devices, highlighting investment opportunities in funds such as 南方医药保健 A (000452), 鹏华品牌传承 (000431), and 信澳健康中国 A (003291) [17] - Xiaomi's first SUV is set to launch, presenting potential investment in 工银新能源汽车 A (005939), 嘉实港股互联网产业核心资产 A (011924), and 鹏华新能源汽车 A (016067) [17][18] - The World Mobile Communications Conference held in Shanghai showcased advancements in robotics, indicating investment potential in 华夏智造升级 A (016075), 嘉实制造升级 A (018240), and 鹏华碳中和主题 A (016530) [19] Asset Allocation Strategy - The report suggests a balanced core and barbell strategy, focusing on dividend and technology sectors, with recommended funds including 安信红利精选 A (018381) and 嘉实港股互联网核心资产 (011924) [20][21] - The report emphasizes the value of high-dividend assets due to the low interest rate environment and government policies encouraging dividends [20] - The technology growth sector is highlighted for its investment value, driven by national policy support and the global trend towards artificial intelligence [21] Stable Product Allocation Strategy - The central bank's recent actions indicate a net injection of 102.1 billion yuan, maintaining a balanced and loose funding environment [24] - The report notes that the LPR remained unchanged at 3.0% for the 1-year rate, aligning with market expectations [25] - Economic data from May showed better-than-expected performance, with industrial value-added growth at 5.8% year-on-year [25] Key Focus Products - Recommended funds include 诺德短债 A (005350) for short-term strategies and 安信新价值 A (003026) for a bond-equity hybrid approach [30][29]

Core Viewpoint - The event "Encountering Yunnan, Strolling in Tengchong" organized by Huaxia Bank's Shijiazhuang branch successfully combined natural scenery, cultural experiences, and professional financial services, showcasing the bank's commitment to customer-centric service [1]. Group 1 - The event included a multi-day itinerary starting in Kunming, featuring cultural immersion in Dali with its Bai ethnic charm and historical architecture [3]. - In Tengchong, the spectacular Hot Sea and the serene North Sea Wetland provided customers with a unique experience of nature's beauty [5]. Group 2 - A carefully prepared wealth dinner allowed investment advisors and clients to discuss market dynamics, asset allocation strategies, and customized financial solutions in a relaxed atmosphere [5]. - Customers expressed high satisfaction with the event, appreciating both the stunning scenery of Yunnan and the financial knowledge gained, reinforcing their relationship with Huaxia Bank [5]. Group 3 - The successful execution of the event not only provided memorable travel experiences but also established a communication bridge between the bank and its clients [5]. - Huaxia Bank's Shijiazhuang branch aims to continue innovating service formats to offer more quality and exclusive services, fostering a collaborative future with clients [5].

Group 1 - The core viewpoint is that many banks are lowering the performance benchmark for their wealth management products, leading to lower expected returns for investors [2][3] - Major banks such as Bank of China, Huaxia Bank, and Minsheng Bank have announced reductions in their wealth management product performance benchmarks, with some products' benchmarks approaching or falling below the current fixed deposit rates [2][3] - As of the end of April, the average yield for wealth management products with a term of over three years dropped from 4.3519% to 1.8691%, while the yield for products with a term of one to three years decreased from 3.7615% to 2.4605% [3] Group 2 - The decline in wealth management product yields is attributed to the overall decrease in yields of fixed-income assets such as deposits and bonds [4] - Analysts expect continued downward pressure on the yield center for wealth management products this year, suggesting that banks are adjusting benchmarks to align with changing market conditions [5] - Investors are advised to optimize their asset allocation strategies in response to the anticipated long-term decline in interest rates, with a focus on stable short-term investments and higher-yielding products from smaller banks [5]

Core Viewpoint - The "fixed income +" funds have gained significant attention and recognition in the market this year, with some public fund companies achieving rapid growth through these products [1] Group 1: Market Trends - The balanced characteristics of "fixed income +" funds help diversify investment risks and enhance overall portfolio stability, which is a key driver for the growth of fund companies [1] - As of the end of last year, the public fund management scale of the company reached 61.9 billion, with fixed income products accounting for over 70% of the total, highlighting the significant contribution of "fixed income +" products [1] Group 2: Investment Strategies - In the current environment of declining interest rates and volatile equity markets, investors are increasingly focusing on stable asset appreciation, making "fixed income +" funds an important choice for asset allocation [1] - The company emphasizes the importance of adjusting asset allocation within the "fixed income +" strategy, recommending a low-position, low-duration strategy due to low bond yield recovery and still low cost-effectiveness [1] - Close attention should be paid to macroeconomic data and monetary policy trends; when economic data improves and expectations for tightening monetary policy increase, it is advisable to reduce duration to mitigate interest rate risk [1] - Conversely, duration can be moderately increased to enhance bond asset returns when economic conditions are less favorable [1] Group 3: Credit and Equity Investments - In credit bond investments, the company stresses the need for strict selection of bonds with good credit quality to avoid credit risks [1] - For equity asset allocation, a balanced allocation strategy is recommended, utilizing a "dividend + growth" barbell strategy, where dividend-paying stocks provide stability during market fluctuations, while growth assets capture investment opportunities during economic transformation and industrial upgrades [1]