Core Viewpoint - The announcement highlights Yandong Micro's strategic decision to transfer its 6.27% stake in Shanghai Xinxiang Microelectronics Co., Ltd. to its controlling shareholder, Beijing Electronics Holdings Co., Ltd., for a price of RMB 600,166,458, marking a significant step in optimizing asset allocation and focusing on core business development [1][2]. Group 1: Share Transfer Details - Yandong Micro completed the transfer of its shares on June 26, 2025, following the approval process that began with the disclosure of the plan on March 19, 2025, and received formal approval from Beijing Electronics on March 21, 2025 [1]. - The transfer increased Beijing Electronics' ownership in Xinxiang Micro from 5.67% to 11.94%, establishing it as a significant shareholder in the company [1]. Group 2: Strategic Implications - The share transfer is part of Yandong Micro's strategic adjustment aimed at concentrating resources on core business areas and enhancing long-term value for shareholders [1]. - Yandong Micro intends to continue its commitment to technological innovation and business expansion in the semiconductor sector, contributing to the industry's development [2].

Core Viewpoint - The total scale of ETFs has reached a historical high, indicating strong demand for core assets in the A-share market and reflecting confidence in China's economic recovery [1] Group 1: ETF Market Performance - As of June 27, the total scale of ETFs approached 4.3 trillion yuan, marking a significant increase since early April when it stabilized at 4 trillion yuan [1] - The scale of stock ETFs has officially surpassed 3 trillion yuan, highlighting a growing trend in this segment [1] Group 2: Market Sentiment - The continuous increase in stock ETF scale suggests enhanced demand for core asset allocation in the A-share market [1] - The growth in ETF scale is seen as a deeper reflection of market confidence in the recovery of the Chinese economy [1]

从股票型ETF主题分类来看，大型宽基指数ETF规模持续领先，例如沪深300ETF总规模目前已达1.06万亿元，今年以来增 长765亿元；上证50ETF总规模为1760亿元，今年以来规模增长166亿元。 从单只宽基来看，目前规模超过1000亿元的有6只，分别是华泰柏瑞沪深300ETF、沪深300ETF易方达、沪深300ETF华 夏、嘉实沪深300ETF、华夏上证50ETF和南方中证500ETF，这些产品规模在年内均有不同程度的增长，例如沪深300ETF华夏 年内规模增长近340亿元。 商品型ETF规模在年内也呈现出较显著增长态势，例如黄金主题ETF目前总规模已超1400亿元，年内增长近746亿元；上海 金主题ETF总规模约120亿元，年内增长近84亿元。 博时黄金ETF基金经理王祥表示，在今年全球经济波动背景下，投资者加大买入黄金等避险资产以对冲不确定性。从市场 表现来看，年内商品市场波动加剧，黄金价格持续走强，提升了相关ETF的收益潜力。在资产收益率和风险特征上，黄金ETF 表现出的与股市低相关性特征，更优化了投资组合的风险收益平衡。 另外，今年以来债券型ETF规模增长明显。 本报记者 王宁 ETF（交易型开 ...

文 | 银行螺丝钉 （转载请注明出处） 投资个人养老金，既可以为自己的养老增添一份保障，还能享受个税递延的优惠。 个人养老金账户如何开通？5大品种如何投资？ 这里有一门限时免费的福利课程，介绍了个人养老金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 养老金 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ◆◆◆ ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

Group 1 - The core viewpoint of the articles highlights the rapid growth of the insurance trust market in China, with the wealth management service trust scale exceeding 1 trillion yuan by the end of 2024, and the insurance trust scale reaching 270.3 billion yuan, accounting for over 26% of the total [1] - As of the first quarter of this year, the proportion of insurance trusts in wealth management service trusts has further increased to 38% [1] - The growth of the insurance trust market is attributed to the core demand for asset safety, low entry barriers, and regulatory policy guidance, with a typical establishment threshold of 1 million yuan [1] Group 2 - Many clients are upgrading their insurance trusts to more powerful family trusts after a year, indicating a trend where high-net-worth individuals initially set up insurance trusts as a trial before transitioning to family trusts [2] - Family trusts have higher regulatory requirements, with a minimum asset scale or value of 10 million yuan, and can manage a wider range of assets compared to insurance trusts [2] - Establishing a family trust is a complex process that requires professional assistance to ensure it meets the long-term interests of the family [2]

以下文章来源于富国基金 ，作者填志愿 富国基金 . 因此，最近各个社交平台都上演着"志愿填报血泪史"，小编看到不少家长和考生线上发帖，有纠 结"专业如何选"、"热门专业是哪些"，也有焦虑"冲一冲会不会滑档"、"985有点坑的专业VS双非王 牌专业如何选"……刷着这些充满困惑的讨论，小编深有感触：无论是选学校选专业，还是选基金， 一定程度上可以说都是对未来的投资，细细品味，其实这志愿填报和买基金的弯弯绕绕颇有异曲同 工之处~ ★ 第一波 ★ 难选程度——眼花缭乱？ 高考选择院校、专业之难，就如同选基一样，通过下面这组数据可见数量之繁多。 志愿填报： 根据教育部2025年最新发布的普通高等学校本科专业目录，共包含93个专业类，845种专业， 其中今年新设了29种新专业，分别涉及区域国别学、碳中和科学与工程、海洋科学与技术、 航空运动、智能分子工程、人工智能教育等方向。同时，截至2024年6月20日，全国高等学校 共计3117所，其中普通高等学校2868所。可见院校林立，选择维度之复杂。 选基： 截至2025年6月25日，数据显示，共有12869只公募基金（仅含主代码），其中非货12499 只，基金经理共有4043 ...

证券研究报告 2025年6月27日 行业：固收 从国内复苏斜率到全球波动率看资产配置 ——2025年下半年投资策略 分析师：张河生 SAC编号：S0870523100004 目录 SECTION 2 一、国内宏观经济或延续上半年弱复苏态势 二、债市收益率调整后再次回落，后续谨慎看多 三、股市筑底成功，新叙事或接力 四、美联储选择等待观察，债务上限博弈进行中 五、美国股债大幅震荡，美元走弱，黄金走强 六、风险提示 一、国内宏观经济或延续上半年弱复苏态势 1 固定资产投资、外贸在下半年有望延续较好表现 ◆ 我们认为固定资产投资在下半年有望延续好的表现 ◆ 设备更新政策支撑设备购置维持15%以上超高速同比增长，支撑固定资产投资尤其是制造业投资增速； ◆ 基建投资发挥逆周期作用保持10%以上高增长； 图 我国固投细分项累计同比 图 我国制造业与基建投资累计同比 1.20 2.40 17.30 0 2 4 6 8 10 12 14 16 18 20 -5 -4 -3 -2 -1 0 1 2 3 4 5 2024/03 2024/04 2024/05 2024/06 2024/07 2024/08 2024/09 202 ...

首先，美债市场的不确定性促使投资者寻求替代性资产。根据戴蒙的测算，若美国债务占GDP比例突破 130%（2025年已接近125%），主权信用风险溢价将显著抬升，而中国科技企业的估值洼地则凸显吸引 力。其次，阿里巴巴的全球化布局与数字经济渗透率提升，使其成为对冲美国政策风险的理想标的。摩 根大通在2025年4月的内部报告中指出，中国消费市场的韧性（2025年社会消费品零售总额预计增长 6.2%）为阿里核心电商业务提供了基本面支撑，而跨境贸易数字化趋势则强化了其作为基础设施提供 者的角色。此外，港股通的扩容（阿里巴巴于2024年9月被纳入）为国际资本提供了更便捷的配置渠 道，南向资金的持续流入进一步巩固了其流动性优势。 从更宏观的视角看，摩根大通的策略调整映射出全球资本流动的新动向。传统上，美债被视为"无风险 资产"，但在债务货币化与地缘政治冲突加剧的当下，其避险属性正被重新评估。戴蒙在2025年6月的发 言中强调："当市场意识到债务问题无法通过印钞解决时，资本将加速流向实际产出更高的经济体。"这 一判断与阿里巴巴的业绩表现形成对应，其2025年ROE（净资产收益率）达13.01%，显著低于同期摩 根大通自身的1 ...

Core Viewpoint - The banking wealth management companies are actively seeking strategies to overcome challenges posed by ongoing "asset scarcity" and volatility in the bond market, focusing on diversifying asset allocation and exploring alternative and equity assets for better returns [1][3]. Group 1: Market Conditions - The current market is characterized by "low interest rates and high volatility," with a recent 10 basis point reduction in both 1-year and 5-year LPR rates, and a 10-year government bond yield fluctuating between 1.6% and 1.7% [1]. - As of the end of Q1, the allocation of wealth management products to bonds, cash, and bank deposits was 43.9%, 23.3%, and 13.5% respectively, indicating a heavy reliance on fixed-income assets [1]. Group 2: Strategic Shifts - Wealth management companies are shifting towards diversified layouts, with 招银理财 focusing on enhancing fixed-income assets and equity assets through strategies like low-dividend combinations and market-neutral strategies [3]. - Alternative and equity assets are becoming focal points for the second half of the year, with a balanced allocation among stocks, bonds, and gold expected to yield opportunities due to a low inflation and ample liquidity environment [3]. Group 3: Risk Management and Product Development - Wealth management firms emphasize absolute returns over relative returns, focusing on risk control and drawdown management in equity investments [3][4]. - 招银理财 aims to develop a product system centered on absolute return goals, with its PR3 and above products exceeding 240 billion yuan [4]. - Despite challenges, wealth management companies are responding to the "long money, long investment" call by increasing investments in capital markets, including ETFs, indicating a commitment to diversification and transformation [4].

Core Insights - The banking wealth management industry is undergoing a paradigm shift towards diversified asset allocation and multi-asset strategies due to the challenges posed by low interest rates and high market volatility [1][2][3] Group 1: Market Environment - The current market is characterized by "low interest rates and high volatility," leading to a decline in yields across various asset classes [1] - As of May 20, the one-year and five-year LPR rates decreased by 10 basis points, while the 10-year government bond yield fluctuates between 1.6% and 1.7% [1] - The asset allocation in wealth management products is predominantly in fixed-income assets, with bonds, cash, and bank deposits accounting for 43.9%, 23.3%, and 13.5% of total investment assets, respectively [1] Group 2: Strategic Shifts - Wealth management firms are shifting from single-asset strategies to diversified approaches, focusing on broad asset classes to enhance returns [2] - The emphasis is on large-scale asset allocation, with a focus on enhancing fixed-income and equity asset layouts [2] - Companies are adopting strategies such as optimizing trading strategies and actively allocating to dividend low-volatility combinations and market-neutral strategies [2][4] Group 3: Asset Class Outlook - Industry insiders are optimistic about alternative assets and equity assets for the second half of the year [3] - Balanced allocation among stocks, bonds, and gold is seen as advantageous, with expectations of continued upward movement in asset prices due to low inflation and ample liquidity [3] - The demand for gold remains significant, with a notable increase in wealth management products featuring gold themes, totaling 46 products as of June 26 [4] Group 4: Risk Management and Absolute Returns - Wealth management companies prioritize achieving absolute returns, necessitating a focus on risk control and drawdown management in equity investments [5] - Strategies such as "fixed income + options" and multi-asset approaches are critical for managing risks while pursuing returns [5][6] - The growth of equity-based wealth management products is evident, with an increase of approximately 20 billion in the first quarter, although the overall scale remains relatively small [6]