Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating expected performance above the market benchmark by over 10% [5][40]. Core Insights - The impact of new fund sales regulations is manageable, with expectations that the formal implementation will likely occur in the second half of 2026, thus reducing potential redemption pressures on bond funds [1]. - The overall scale of wealth management products has slightly decreased, with a total of 30.8 trillion yuan at the end of September, reflecting a month-on-month decline of approximately 0.4 trillion yuan [1][12]. - A balanced allocation between equities and bonds is essential for managing product value fluctuations while pursuing returns, likening bonds to an "engine" for stability and equities to an "accelerator" for growth [2]. - The development of multi-asset strategies is crucial for creating diverse revenue sources and managing risks, with a focus on incorporating commodities, quantitative strategies, and alternative assets into product offerings [3]. Summary by Sections Market Trends - The weighted average annualized yield of bank wealth management products in September 2025 was 1.68%, a decrease of 35 basis points from the previous month [11]. - The initial fundraising scale for newly issued products in September was 342.2 billion yuan, primarily consisting of fixed-income products [18]. Product Performance - Most maturing wealth management products in September met their performance benchmarks, with 2,141 closed-end products reaching their targets [27]. - The average performance benchmark for newly issued products in September was 2.42%, continuing a downward trend [18]. Asset Allocation - The primary assets in bank wealth management products include bonds (mainly high-grade credit bonds), equities (primarily through outsourced investments), and non-standard assets, with recent performance data provided [30].

Investment Rating - The report maintains an "Outperform" rating for the banking sector, indicating that it expects the sector to perform better than the market benchmark by over 10% in the next 6 to 12 months [5][40]. Core Insights - The impact of new fund sales regulations is manageable, with expectations that the formal implementation will likely occur in the second half of 2026, thus reducing the anticipated redemption pressure on bond funds [1]. - The overall scale of wealth management products has slightly decreased, with a total of 30.8 trillion yuan at the end of September, reflecting a month-on-month decline of approximately 0.4 billion yuan [1][12]. - A balanced allocation between equities and bonds is crucial for managing product value fluctuations while pursuing returns, likening bonds to an "engine" for stability and equities to an "accelerator" for growth [2]. - The development of multi-asset strategies is essential for creating diverse revenue sources and managing risks, with a focus on incorporating various asset classes such as commodities and derivatives [3]. Summary by Sections Market Trends - The weighted average annualized return of bank wealth management products in September was 1.68%, a decrease of 35 basis points from the previous month [11]. - The initial fundraising scale for newly issued products in September was 342.2 billion yuan, primarily consisting of fixed-income products [18]. Product Performance - Most maturing wealth management products in September met their performance benchmarks, with 2,141 closed-end products reaching their targets [27]. - The average performance benchmark for newly issued products in September was 2.42%, continuing a downward trend [18]. Asset Allocation - The primary assets in bank wealth management products include bonds, equities, and non-standard assets, with a focus on high-grade credit bonds [30].

Core Viewpoint - The global market continues to exhibit a "strong stocks, weak bonds" pattern, with stock markets generally rising while bonds and gold are under pressure [1][3]. Weekly Market Review - Global stock markets saw widespread increases, with notable performances from Japan and A-shares. The Shanghai Composite Index and CSI 300 rose by 2.84%, while the Hang Seng Index increased by 1.08% [2][4]. - Non-equity assets faced downward pressure, with the overall bond market declining by 0.56% and U.S. 20-year+ Treasury bonds falling by 1.12% [4][6]. Performance of Investment Portfolios - The "Rui Ding Tou Global Version" portfolio reached a new high, with a year-to-date return of 11.19%. The portfolio has shown consistent performance, with returns of 13.13% in 2023 and 7.87% in 2024 [6]. - The "Lazy Balanced" portfolio increased by 0.53% this week, achieving a cumulative return of 7.80% year-to-date. The portfolio aims for an 8% return by year-end [9]. - The "Peace of Mind Bond" portfolio decreased by 0.42% this week, with a year-to-date return of only 0.58%. This portfolio is designed for defensive positioning and aims to mitigate significant losses during market downturns [12]. Future Outlook - The company remains cautious about future market conditions, aiming to maintain existing gains and avoid missing out on opportunities. The target is to secure a return of over 10% for the year [6][9].

中信证券研报称，经济基本面面临的风险有限，宏观环境有望保持平稳运行，海外环境对国内资产也较 为友好。预计市场风险偏好仍将保持高位，对权益资产或可保持中期乐观，不过短期看指数估值的上行 可能导致权益资产波动的反弹，因此短期建议保持股债的均衡配置以实现胜率和弹性的平衡。具体而 言，权益市场建议关注哑铃型策略配置价值，债券市场建议关注宽松流动性下的利率小幅回落机会，商 品市场建议关注金价上涨的可能性。 ...