Core Viewpoint - The bond market is experiencing fluctuations due to various factors, impacting the performance of bank wealth management products, particularly pure fixed-income products, which have seen a short-term decline in yields. However, with the recent recovery in equity and commodity markets, some "fixed income+" products have shown strong performance [1][2]. Group 1: Market Performance - Since late July, the bond market has undergone adjustments, leading to a decline in yields for pure fixed-income wealth management products, which primarily invest in bonds. For instance, from July 21 to July 27, the average annualized yield for open-ended fixed-income products was 2.81%, down 0.23 percentage points from the previous period [2]. - The average redemption yield for open-ended fixed-income products was 2.43%, a decrease of 0.21 percentage points, lagging behind the average performance benchmark by 0.23 percentage points [2]. Group 2: Investment Opportunities - Industry experts believe that the configuration value of "fixed income+" wealth management products will become more prominent in the second half of the year. These products are seen as important tools for balancing returns and volatility due to their moderate risk levels and higher yield elasticity [3]. - There is an expectation for the continued expansion of the scale of rights-inclusive wealth management products, driven by structural contradictions in the market, such as ample funds and a scarcity of quality assets [3]. Group 3: Asset Allocation Strategies - Financial institutions are encouraged to move beyond traditional fixed-income reliance and explore project-based asset values, focusing on stable cash flow assets like infrastructure REITs. They should also capture structural opportunities in the equity market through quantitative index enhancement strategies and other financial instruments [3]. - Future asset allocation may reduce dependence on bond coupons and increase the allocation to interest rate bonds to seize trading opportunities, with public funds being a significant channel for this diversification [3].

Group 1 - The article discusses the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It highlights the significance of USD bond funds as a crucial component of investment diversification [2] - A free course is offered to provide systematic knowledge on investing in USD bond funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - The article explains the concept of the CSI A500 index, which belongs to the A series of indices, and its classification into several major types [5] - It points out the drawbacks of market capitalization-weighted indices, such as increased index risk due to short-term speculative companies and high concentration in certain industries [5] - The A series indices incorporate two strategies: broad-based indices and strategy indices, along with industry and thematic indices to enhance long-term returns [6]

Core Insights - The total savings deposits in Chinese banks decreased by approximately 427 billion yuan in Q2 2025 compared to Q1 2025, indicating a significant decline in residents' willingness to save in banks [1] - The savings willingness index dropped to its lowest point in nearly five years at 78.3, down 12.6 percentage points from the same period in 2024 [1] Group 1: Shift in Savings Behavior - Residents are increasingly directing their savings into bank wealth management products, which have become more attractive due to lower bank deposit rates [2][4] - The annualized return on bank wealth management products ranges from 2.3% to 2.8%, compared to a 3-year deposit rate of only 1.55% [4] - The scale of bank wealth management products exceeded 35 trillion yuan in Q2 2025, reflecting a year-on-year growth of 19.8% [4][5] Group 2: Investment Trends - Stock market investments have gained attention, with 12.5 million new A-share accounts opened in the first half of 2025, an increase of 18.7% year-on-year [7] - A net inflow of 689 billion yuan into the A-share market was recorded in the first seven months of the year, with a significant portion coming from funds that would have otherwise been deposited in banks [7] Group 3: Mortgage Prepayment - Many residents are opting to prepay their mortgages as a response to declining deposit rates and rising investment risks, with personal housing loan balances decreasing by 852 billion yuan in the first seven months of 2025 [9] - Prepaying mortgages is viewed as a more favorable asset allocation strategy given the current interest rate environment [9] Group 4: Consumer Spending - There has been a rebound in consumer demand, particularly in the mid-to-low-end markets such as dining, entertainment, and tourism, as residents withdraw savings for consumption [11] - Domestic tourism reached 3.08 billion trips in the first half of 2025, a year-on-year increase of 18.5%, with total tourism revenue surpassing 3.2 trillion yuan [11] - The number of outbound tourists grew by over 40% to 89.5 million [11]

近期债市调整、股市一度突破3600点，"股债跷跷板"效应再现。随着投资难度加大，通过多元化资产配 置分散风险的多元配置策略越来越受欢迎。理财通评评"理"第44期继续测评银行热销产品，本期测评民 生银行APP"每周热销理财"中排第一的产品：贵竹固收增强多策略日开1号。该产品为一款多策略产 品，通过多元化配置分散风险以及增加多元化收入来源。 上周债市出现持续调整，而股市气势如虹一度突破3600点，"股债翘翘板效应"再现，部分资金从债市悄 悄"搬家，债券型基金赎回压力明显增大。据浙商银行FICC公众号发布的相关报告，经脱敏处理的机构 净申赎数据显示，上周三纯债型基金单日赎回规模已逼近5月末"商业银行季末浮盈兑现"传闻的单日水 平。从收益率曲线形态观察，近一个月在资金分流、风险偏好提升等多重因素压制下，收益率底部呈现 渐进式抬升形态，叠加微观结构尚未修复，债市或延续震荡筑底格局。 债市调整意味着固收类产品净值面临回撤压力，那么同时配置了权益类资产的"固收+"产品，权益投资 部分是否能起到对冲效果，缓冲债市带来的净值下跌压力呢？ 从本期测评的"贵竹固收增强多策略日开1号"的净值走势来看，该产品对股市波动较为敏感，4月7 ...

Group 1 - Many investors aim to diversify their funds, covering both RMB and foreign currency assets, as well as stock and bond assets [1] - Dollar bonds are an important component of this diversification strategy [2] Group 2 - A free course is available that systematically introduces investment knowledge related to dollar bond funds [2] - Interested individuals can add the "Course Assistant" and reply with "Dollar Bond" to access the course [3]

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [1] - It highlights that USD bonds are a significant component of this diversification strategy and poses the question of how to invest in USD bond funds [2] - A free course is offered to systematically introduce the knowledge of investing in USD bond funds, which can be accessed by adding a course assistant and responding with "USD Bond" [3] Group 2 - The article provides additional resources such as course notes and mind maps to facilitate efficient learning and understanding of the course content [3] - It encourages readers to click on the link to access a free family asset allocation course, indicating a broader educational initiative [4]

Core Insights - Construction Bank has adjusted its deposit rates, leading to discussions among depositors about wealth preservation strategies in a low-interest environment [2][4] - The new rates show a decline across all deposit terms, with significant reductions in three-year large certificates of deposit [4][7] Deposit Rate Adjustments - The three-year large certificate of deposit rate has decreased by 35 basis points compared to the same period last year, falling below 1.5% [4] - Current deposit rates are as follows: - Demand deposits: 0.05% (annual interest of only 100 yuan for 200,000 yuan) - Regular time deposits: - 3 months: 0.65% (325 yuan) - 6 months: 0.85% (850 yuan) - 1 year: 0.95% (1900 yuan) - 2 years: 1.05% (4200 yuan) - 3 years: 1.25% (7500 yuan) - 5 years: 1.3% (13000 yuan) - Large certificates of deposit (starting from 200,000 yuan): - 1 year: 1.2% (2400 yuan) - 3 years: 1.55% (9300 yuan) [4] Deposit Strategy Analysis - **Liquidity Priority Plan**: Dividing 200,000 yuan into smaller time deposits (5,000 yuan each for 3 months, 6 months, 1 year, and 2 years) yields an estimated total return of 2275 yuan, allowing for flexibility but risking reduced returns if funds are withdrawn early [5] - **Maximizing Returns Plan**: Investing the entire 200,000 yuan into a three-year large certificate of deposit results in a total return of 9300 yuan, averaging 3100 yuan per year, but carries high risk if funds are withdrawn early [6] - **Laddered Combination Plan**: Allocating 200,000 yuan into different terms (5,000 yuan for 1 year, 100,000 yuan for 3 years, and 5,000 yuan for 5 years) is expected to yield 7475 yuan, balancing liquidity and long-term returns [8] Investment Strategies in Low-Interest Environment - Diversification is crucial as relying solely on bank deposits is insufficient for achieving ideal returns in a declining interest rate cycle [9] - Options include: - Large certificates of deposit: Caution is advised due to product scarcity and interest rate inversion risks [9] - Deposits in small and medium banks: Higher yields come with increased risks, including credit risk [9] - Alternative investments: Government bonds offer higher rates than large certificates of deposit, while money market funds provide good liquidity [9] Common Questions Addressed - Longer deposit terms do not always guarantee higher interest rates, as seen with the minimal difference between three-year and five-year rates [9] - Early withdrawals are calculated at demand deposit rates [10] - The value of large certificates of deposit compared to regular time deposits depends on individual financial plans [11] Conclusion - In a low-interest environment, the potential returns on a principal of 200,000 yuan are limited, necessitating careful selection of deposit strategies and exploration of diversified investment options [12]

Group 1: Financial Performance - In Q1 2025, the bank's revenue was CNY 33.709 billion, a year-on-year decrease of 13.1% [2] - Net profit for Q1 2025 was CNY 14.096 billion, down 5.6% year-on-year [2] - The bank's operating expenses were CNY 9.055 billion, a decrease of 13.2% year-on-year [2] Group 2: Dividend Distribution - For the year 2024, the bank plans to distribute a cash dividend of CNY 6.08 per 10 shares, totaling CNY 11.799 billion, which is 28.32% of the net profit attributable to ordinary shareholders [3] - The interim dividend for 2024 is CNY 2.46 per 10 shares, amounting to CNY 4.774 billion [3] - The final dividend for 2024 is CNY 3.62 per 10 shares, totaling CNY 7.025 billion [3] Group 3: Asset Quality - As of March 2025, the non-performing loan (NPL) ratio was 1.06%, unchanged from the end of the previous year [5] - The provision coverage ratio was 236.53%, with a provision-to-loan ratio of 2.50% [5] - In Q1 2025, the bank wrote off loans amounting to CNY 17.065 billion and recovered CNY 9.425 billion in non-performing assets [5] Group 4: Interest Margin - The net interest margin in Q1 2025 was 1.83%, a decrease of 18 basis points year-on-year [4] - The bank anticipates continued downward pressure on the net interest margin in 2025, but at a slower rate [4] Group 5: Wealth Management - Wealth management fee income in Q1 2025 was CNY 1.208 billion, a year-on-year increase of 12.5% [6] - Personal insurance income grew by 38.7% to CNY 0.344 billion, while personal fund income increased by 5.7% to CNY 0.522 billion [6] Group 6: Capital Adequacy - As of the end of 2024, the bank's capital adequacy ratios were 9.12% for core tier 1, 10.69% for tier 1, and 13.11% for total capital [8] - The bank plans to balance internal and external capital replenishment to maintain adequate capital levels [8] Group 7: Deposit Growth - As of March 2025, personal deposits totaled CNY 1,330.883 billion, a growth of 3.4% from the end of the previous year [9] - The average daily balance of personal deposits in Q1 2025 was CNY 1,316.631 billion, up 6.5% year-on-year [9] Group 8: Loan Growth - As of March 2025, personal loan balances were CNY 1,729.046 billion, a decrease of 2.2% from the end of the previous year [10] - Housing mortgage loans increased by 4.1% to CNY 339.434 billion, while credit card receivables decreased by 7.9% to CNY 400.638 billion [10]

Group 1: New Listings in Hong Kong - Five companies, including Lens Technology, Geek+, Peak Technology, Dazhong Dental, and Xunzhong Communication, were listed on the Hong Kong Stock Exchange on July 9, reflecting a growing interest in emerging industries and technology firms [1] - Four out of the five companies saw an increase in their stock prices during the pre-market trading on July 8, indicating positive market sentiment [1] Group 2: Bond Issuance by Henderson Land - Henderson Land announced plans to issue Hong Kong dollar-denominated guaranteed convertible bonds through its subsidiary, targeting professional investors only [2] - The net proceeds from the bond issuance are intended for general corporate purposes or refinancing, showcasing the company's proactive approach to capital market tools [2] Group 3: Tianqi Materials' Hong Kong Listing - Tianqi Materials announced its intention to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and improve its capital structure [3] - This move is expected to attract foreign investment and signal the internationalization of the new materials industry [3] Group 4: Huabao International's Financial Product Investment - Huabao International reported an investment of 565 million yuan in financial products from Zheshang Bank, indicating a strategy for diversified asset allocation [4] - This investment aims to enhance capital efficiency and may provide funding for future business development [4] Group 5: Hong Kong Market Performance - The Hang Seng Index closed at 24,148.07, with a gain of 1.09% on July 8, while the Hang Seng Tech Index rose by 1.84% [5] - The overall market performance reflects a positive trend in investor sentiment towards the Hong Kong stock market [5]

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [1] - It highlights the significance of USD bonds as a crucial component in investment diversification strategies [2] - The article offers a free course that systematically introduces knowledge about investing in USD bond funds, aimed at enhancing investors' understanding [2][3] Group 2 - The course includes additional resources such as course notes and mind maps to facilitate efficient learning and comprehension of the investment topics covered [3] - There is a call to action for readers to engage with the course by adding a course assistant and responding with "USD bond" to receive the course materials [3]