Core Viewpoint - The first batch of 26 new floating-rate funds has seen 13 established with a total fundraising scale exceeding 12.6 billion yuan, indicating strong market interest and a shift towards performance-based fee structures [1][3][6]. Fund Establishment and Performance - As of June 24, 13 out of 26 new floating-rate funds have announced their establishment, raising over 12.6 billion yuan in total [1][3]. - The top three funds by fundraising scale are: - Dongfanghong Core Value managed by Zhou Yun at 1.991 billion yuan - E Fund Growth Progress managed by Liu Jianwei at 1.704 billion yuan - Ping An Value Enjoy managed by He Jie at 1.322 billion yuan [3][4]. Fee Structure and Investor Alignment - The floating-rate funds implement a tiered management fee structure with a "reward for excellence and punishment for poor performance" mechanism, aligning the interests of fund managers with those of investors [1][6]. - If a fund's annualized return lags the benchmark by more than 3 percentage points, the management fee is halved to 0.6%. Conversely, if excess returns exceed 6 percentage points, the fee increases to 1.5% [6]. Investment Strategies and Manager Profiles - Fund managers are divided into three styles: growth, value, and balanced strategies, with a focus on A-shares and Hong Kong stocks for diversification [6][7]. - Growth-style managers focus on sectors like technology and emerging consumption, while value-style managers prefer low-valuation, high-return on equity companies [7][10]. Market Trends and Opportunities - Fund managers are encouraged to identify investment opportunities amid uncertainty, with a focus on sectors such as AI and pharmaceuticals [11]. - The dynamic adjustment of investment strategies is emphasized, with a slower pace in bullish markets and an accelerated approach in bearish conditions [11].

Market Overview - The overall market experienced a decline today, closing at a 5-star rating [1] - Large-cap stocks saw less decline compared to small and mid-cap stocks, with value and dividend indices showing smaller fluctuations [2] - Growth style stocks faced more significant declines during market volatility [2] Hong Kong Stock Market - The Hong Kong stock market exhibited considerable volatility today [3] - After a significant drop in early April, the market rebounded strongly, with 8 out of 9 weeks showing gains, outperforming A-shares by 20% since the Lunar New Year [4] - The Hang Seng Index has seen three waves of increases and three waves of corrections over the past year [6] - The index's performance ranged from 16,000-17,000 points at a 5.9-star rating last year to 18,000-19,000 points at the beginning of this year, and 19,000-20,000 points after the April drop [7] - Earnings for Hong Kong stocks grew by 16% year-on-year in Q1, contributing to the market's gradual rise [8] - Future increases are expected to be accompanied by corrections of 10%-20%, similar to previous bull markets [9] Investment Products - The monthly salary product has shown relative stability, with minor fluctuations during market corrections [11] - The product typically follows a pattern of advancing three times and retreating once, with each correction leading to a gradual increase in the market's bottom [12] - A decline in deposit rates has led to an increase in income-generating assets, with products like dividends, REITs, and monthly salary products performing better in 2024 compared to previous years [13][14] Monthly Salary Product Composition - The monthly salary product consists of 40% stocks and 60% bonds, with a focus on value style for the stock portion [16][17] - Value style characteristics include lower volatility during bear markets and higher dividend yields, providing stable income regardless of market fluctuations [19][20] - The bond portion is primarily focused on short to medium-term bonds, with current interest rates around 1.6%-1.7% [21] - Rebalancing strategies have been employed to capitalize on market fluctuations, with the last adjustment occurring in early 2024 during a market dip [22][23] Future Expectations - The monthly salary product reached a historical high in Q2, surpassing previous stock purchase levels [23] - A rebalancing strategy is anticipated post-Q2, likely reducing stock exposure back to 40% and reallocating funds to bonds [26] - This rebalancing aims to create additional returns through low-buy high-sell opportunities, although such chances are not frequent [27] Dividend Indices and Funds - A summary of dividend indices and high-dividend funds' valuations has been provided for reference [30] - Various indices, such as the Hang Seng Dividend Index, have been analyzed for their earnings yield, dividend yield, and other financial metrics [31]

2025 年 6 月 18 日 N 型下半场，认准方向，无惧颠簸 ---2025 年股指期货半年度行情展望 毛磊 投资咨询从业资格号：Z0011222 maolei@gtht.com 报告导读： 货 研 究 所 我们的观点：我们 2025 年年报中 N 字型走势的判断，目前看主要的调整阶段已经出现。下半年，N 字型后半段将持续演绎。 当然，后半段并非单边反弹，内外宏观因素的反复与利多的脉冲式效应，将带来行情走出蛇年"蛇型"的震荡上行走势。但 即使面对重重扰动，方向已明，无惧颠簸。 国 泰 君 安 期 二 我们的逻辑：今年，外部扰动一度带来了宏观预期与股指悲观情绪的大幅宣泄，但外生性的扰动犹如压力测试，给出了小概 率黑天鹅事件下中国经济的下限以及股指的下限。后期出现更大程度黑天鹅的难度无疑更为困难，反而提升了最悲观投资者 的入市信心。后期来看，经济与贸易博弈的反复性，宏观预期仍会出现波动，对股市的传导仍不可避免。但基本面环境的不 确定性强化政策托底与稳市场，也带来看空资金翻多的潜在空间。利率下行环境下，结合资本市场制度优化均提升股市配置 价值，有望持续带来增量资金。最终股指或依靠估值抬升，震荡上行。风格方面，成 ...

Market Overview - The market opened lower today but the decline narrowed by the close, indicating low volatility and maintaining a five-star rating [1] - Large, mid, and small-cap stocks exhibited similar volatility [2] - Value stocks showed little fluctuation, with the 300 Value index slightly up, demonstrating resilience during market volatility [3] - Growth style stocks experienced a slight decline [4] Hong Kong Market Insights - The Hong Kong stock market also saw a decline during the day, but the drop significantly reduced by the close, resulting in a slight decrease [5] - Technology stocks in Hong Kong remained relatively stable with low volatility [6] - Recent weeks have seen Hong Kong tech stocks return to a normal low valuation, with current valuations not far from being undervalued [7] - The performance growth rate of tech stocks in Q1 was strong, and if this trend continues into Q2, there is potential for further upward movement in tech stocks [8] Investment Strategies - The article promotes a limited-time discount on investment books as part of a promotional event [9][10][12] - A systematic investment plan is introduced, with specific amounts allocated for different investment strategies, such as the Index Enhanced Advisory Portfolio and Active Selection Advisory Portfolio [14] - The systematic investment strategy follows a "regular but variable" approach, investing more when valuations are lower [18] - Two methods for following investment strategies are outlined: manual and automatic [20][22] Pension Fund Investment - A personal pension fund investment plan is detailed, including specific funds and their current prices [23] - A valuation table for personal pension index funds is provided, offering insights into various indices and their financial metrics [29] Bond Market Insights - A bond valuation table is included, showing various bond indices and their respective metrics such as yield and duration [38] - The article indicates that the bond market is being monitored for valuation updates and insights [41]

Group 1 - The core viewpoint of the news is that the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight increase, indicating a positive trend in state-owned enterprises' stock performance, particularly in dividend-paying stocks [1][2] - The top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index account for 15.83% of the index, highlighting the concentration of investment in a few key companies [2] - The report from Xinda Securities suggests that if significant monetary and fiscal policies are implemented, there could be improvements in M2 and M1-M2 differential, which may positively impact market conditions [1] Group 2 - The China Securities State-Owned Enterprises Dividend ETF (159515) closely tracks the performance of the China Securities State-Owned Enterprises Dividend Index, which includes 100 listed companies with high and stable cash dividend yields [2] - As of May 30, 2025, the top weighted stocks include COSCO Shipping Holdings (601919), Jizhong Energy (000937), and Chengdu Bank (601838), among others, indicating a diverse portfolio within the index [2][4] - The report indicates that the absolute and relative price-to-earnings (PE) ratios are high, but the trading volume has decreased since early April, suggesting a potential for future market adjustments [1]

Core Viewpoint - The A-share market is expected to experience a structural upward trend in the second half of 2025, driven by economic recovery and policy support, with a focus on sectors like AI, high-end manufacturing, and innovative pharmaceuticals [1][15][20]. Market Outlook - The overall market is anticipated to continue favoring undervalued domestic equity assets with higher certainty, while also emphasizing the hedging value of gold against market volatility [4][17]. - Domestic economic indicators show a positive trend, with credit cycles in the early stages of recovery, contrasting with developed countries facing peak credit cycles [6][16]. - A-shares are seen as having better cost-performance ratios, making them suitable for medium to long-term investments [8][20]. Investment Strategies - Investment strategies should focus on structural opportunities in the stock market, particularly in technology growth and consumer sectors, while maintaining a balanced approach to equity and bond allocations [12][21]. - The preference for growth-oriented assets is highlighted, with an emphasis on actively managed equity funds that can capitalize on emerging trends [24][25]. - Gold is recommended for its dual role as a hedge against geopolitical risks and inflation, with expectations of continued price appreciation [27][28]. Asset Allocation - The allocation strategy should include a mix of high-quality growth stocks, dividend-paying blue-chip stocks, and value-oriented funds, with a focus on sectors benefiting from policy support [22][24]. - Fixed-income investments should prioritize high-grade credit bonds, while maintaining a core position in pure bond funds to stabilize portfolio volatility [26][30]. - The overall asset allocation should remain flexible to adapt to changing market conditions, with a focus on risk management and dynamic rebalancing [30][31]. Global Economic Factors - Global economic uncertainties, particularly related to U.S. trade policies and geopolitical tensions, are expected to influence market dynamics and investment strategies [29][30]. - The potential for U.S. interest rate cuts and ongoing geopolitical conflicts may create volatility in commodity prices, particularly in oil and gold [28][30].

Group 1 - The report introduces a quantitative model solution for addressing the issue of value and growth style rotation based on odds and win rates [1][8] - The recent performance of the growth style portfolio was -0.01%, while the value style portfolio returned -0.14% [8] Group 2 - The estimated odds for the growth style is 1.10, while the value style is estimated at 1.08, indicating a negative correlation between relative valuation levels and expected odds [2][14] - The current win rates indicate that 3 out of 7 indicators favor growth, resulting in a win rate of 68.88% for growth and 31.12% for value [3][16] Group 3 - The latest investment expectation for the growth style is calculated at 0.44, while the value style has an investment expectation of -0.35, leading to a recommendation for the growth style [4][18] - Since 2013, the annualized return of the style rotation model based on investment expectations is 27.10%, with a Sharpe ratio of 0.98 [4][19]

Group 1 - The ChiNext 50 Index has shown a strong increase of 1.43%, with notable gains from constituent stocks such as Guide Infrared (up 4.14%), CATL (up 3.23%), and Yangjie Technology (up 3.17%) [1][4] - The ChiNext 50 ETF managed by Harvest has seen a trading volume of 14.55 million yuan, with a turnover rate of 3.89% [4] - Over the past three months, the ChiNext 50 ETF has experienced a significant growth in scale, increasing by 254 million yuan, ranking among the top two in comparable funds [4] Group 2 - The latest price-to-book ratio (PB) for the ChiNext 50 Index is 4.2 times, which is lower than 81.33% of the time over the past five years, indicating a favorable valuation [4] - The top ten weighted stocks in the ChiNext 50 Index account for 65.6% of the index, with major players including CATL, Dongfang Wealth, and Mindray [4] - The market has shown a strong performance in June, with leading sectors including telecommunications, electronics, and non-ferrous metals, reflecting a recovery in market sentiment driven by growth styles [4][5] Group 3 - The market style in June is expected to lean towards large-cap stocks, with a balanced approach between growth and value [5] - Investment opportunities are suggested to focus on traditional capacity clearance, the rise of new consumption, and sectors with high industry prosperity [5] - Investors are encouraged to consider the ChiNext 50 ETF linked fund to capitalize on these investment opportunities [5]

Core Viewpoint - The A-share market opened strong with significant gains across major indices, indicating a positive market sentiment and potential recovery in the A-share landscape [1] Market Performance - The Shanghai Composite Index surpassed the 3400-point mark, while the Shenzhen Component Index rose nearly 1% and the ChiNext Index increased by approximately 1.4% [1] - Nearly 4000 stocks in the two markets experienced an increase, showcasing broad market participation [1] Sector Highlights - The automotive parts sector showed collective strength, and the energy metals sector also saw a rise, with the IP economy concept becoming active again [1] - The ChiNext-listed companies performed strongly, with related funds experiencing significant gains [1] Fund Performance - The ChiNext ETF by Guotai Junan (159371) demonstrated strong leadership, with an intraday increase of over 2% [1] - Other related ETFs, such as the ChiNext ETF (159971) and the ChiNext Enhanced ETF (159676), saw intraday increases of 1.91% and 1.67%, respectively, and closed up 1.42% and 1.11% [1] Market Trends - The market achieved a "good start" in June, with the ChiNext Index showing impressive gains, particularly in the communication, electronics, and non-ferrous metals sectors, indicating a return to growth style that is boosting market sentiment [1] - Various sectors, including computing power, digital currency, rare earths, sports, and 6G, exhibited varying degrees of performance [1] Investment Opportunities - The ChiNext Index, composed of the 100 most representative ChiNext-listed companies, reflects the operational status of the ChiNext market, characterized by a high proportion of emerging industries and high-tech enterprises [1] - As one of the most representative growth stock indices in A-shares, the ChiNext Index is seen as a "leader" during upward phases, suggesting that investors may consider forward-looking investments through the ChiNext ETF (159971) and its linked funds (Class A 161022/Class C 013277) to capitalize on the A-share recovery opportunities [1]

Group 1 - The report introduces a quantitative model solution for addressing the issue of value and growth style switching, based on the combination of odds and win rates [1][8] - Last week's market performance showed a growth style portfolio return of 3.01%, while the value style portfolio return was 1.51% [1][8] Group 2 - The estimated odds for the current growth style is 1.10, while the value style is estimated at 1.08, indicating a negative correlation between relative valuation levels and expected odds [2][14] - The current win rates indicate that 58.26% favor the growth style, while 41.74% favor the value style, based on seven win rate indicators [3][16] Group 3 - The latest investment expectation for the growth style is calculated at 0.22, while the value style's investment expectation is -0.13, leading to a recommendation for the growth style [4][18] - Since 2013, the annualized return for the style rotation model based on investment expectations has been 27.12%, with a Sharpe ratio of 0.99 [4][19]