1 . 外资加速布局A股，QFII持股市值增长8%。 外资机构加速入场布局A股。高盛PrimeBrokerage数据显 示，全球对冲基金正以6月底以来的最快速度买入中国股票。Wind数据显示，截至今年8月21日，外资机构持 有A股市值约2.5万亿元，相比2024年末的2.31万亿元增长8%，占A股总流通市值的2.72%。此外，截至8月 21日，A股市场已有920家公司披露了2025年中报，其中有261家公司的前十大流通股股东名单里出现合格 境外机构投资者（QFII）的身影，合计持股市值约301.40亿元。高盛、瑞银、摩根士丹利等外资机构的最新 研报观点认为，A股市场情绪显著回暖、中期展望向好。 2. 公募与社保基金连续两季"同框"98只个股。 A股上市公司2025年半年报正在陆续披露中，社保基金与公 募基金作为资本市场重要力量，其持仓布局引人关注。截至8月21日，二者连续两个季度共同持有的个股为 98只，集中分布于医药生物、化工等高成长领域。上述98只个股截至二季度末的流通A股市值较一季度末整 体增长3.64%。 3. 沪指迭创十年新，仍有94只主动权益基金十年未回本。 沪指迭创新高下，仍有部分基民陷在亏损泥 ...

8月22日，沪指突破3800点，再创十年新高。随着近期股市走高，含权类理财产品收益随之上行， 成为银行理财机构的"明星产品"。 近日，《国际金融报》记者在走访银行网点时发现，"固收+"等含权理财产品成为近期客户经理的 主推款。与此同时，多家理财公司在推送中频频出现"固收增强"等字眼。多只理财产品收益率表现亮 眼。 受访专家指出，近期权益市场持续走强，纯固收类产品收益率普遍下滑，含权理财产品的投资价值 凸显，机构顺势加大营销力度。投资者应保持理性投资心态，可采取分散投资策略，避免盲目追逐短期 高收益而忽视潜在风险。展望后续，"固收+"策略认可度将进一步提升。 含权理财产品热度上升 "最近股票市场整体表现较好，固收市场整体收益率较低。目前一至三个月期限理财产品整体利率 在1.8%左右。如果客户风险偏好较高，想要更高的收益率，我们近期偏向推荐'固收+'产品，风险等级 基本在R3级别（中等风险）。"一位股份行客户经理向《国际金融报》记者介绍道。 近日，含权理财产品魅力大增。记者注意到，不少理财公司近期推送的产品中密集出现含权理财产 品的身影。 8月22日，招银理财批量推送了7只"全+福"系列产品（八大系列含权产品）， ...

中报季，当前已至少有12家银行理财子公司披露了2025年上半年理财产品业务数据。在收益波动增加、渠道变革等多因素交织下，理财公司竞争格局依旧难 言稳定。 其中，截至2025年6月末，有8理财公司产品规模较去年末扩张，增速普遍达两位数，恒丰理财以增速25.1%领先，但有4家产品规模出现缩水。"万亿俱乐 部"中，光大理财产品规模增至1.79万亿元，而农银理财产品规模则较去年末缩水2163亿元至1.75万亿元；光大理财成为近年来除招银理财、兴银理财、信银 理财外，又一产品规模超越头部国有行理财子的股份行理财子公司。此外，中邮理财产品规模半年增加超1800亿元，首次登上"万亿"台阶。 近日以来，股市、债市"跷跷板"效应明显。据业务报告，截至2025年上半年末，12家理财公司中多家存续产品投资债券金额占总配置资产比例较去年末下 降，且包含股票的权益类资产配置比例同样普遍减少。 农银理财产品规模降超2000亿 中邮理财首次跻身"万亿俱乐部" A股上市银行半年报披露进入最后阶段，部分银行理财子公司已提前一步公开上半年理财业务数据。据记者统计，当前至少已有12家银行理财子公司披露了 理财业务2025年半年报，包括2家国有行、 ...

近期，人力资源社会保障部等5部门发布《关于领取个人养老金有关问题的通知》（以下简 称"《通知》"），今年9月1日起正式实施。 从个人养老金领取情形看，在原有规定的基础上，《通知》新增3种情形，包括申请之日前 12个月内，本人（或配偶、未成年子女）发生的与基本医保相关的医药费用支出，扣除医保 报销后个人负担（指医保目录范围内的自付部分）累计超过本省（自治区、直辖市）上一年 度居民人均可支配收入；申请之日前2年内领取失业保险金累计达到12个月；正在领取城乡 最低生活保障金。 此外，在通过个人养老金资金账户开户银行申请领取的同时，《通知》增加国家社会保险公 共服务平台、电子社保卡、掌上12333App等全国统一线上服务入口，参加人当前基本养老 保险关系所在地社会保险经办机构2类申请渠道。 个人养老金新增3种领取情形， 涉患病、失业及低保人群 近日，人力资源社会保障部等五部门联合印发《通知》，针对个人养老金的领取条件和领取 方法等问题，明确了具体的操作办法，自今年9月1日起正式实施。 《通知》显示，符合六种情形之一的，可以领取个人养老金。其中，原有政策共有三种情 形，包括达到领取基本养老金年龄、完全丧失劳动能力、出国 ...

Core Viewpoint - The article discusses the ongoing transformation of bank wealth management towards diversified asset allocation, driven by low interest rates and asset scarcity, necessitating a restructuring of risk-return strategies [3][8]. Group 1: Regulatory Policies and Industry News - The transition to diversified asset allocation is characterized by a shift from "fixed income" to "fixed income+" strategies, which includes expanding investment regions, asset types, strategies, and scenarios [3][10]. - Recent developments include the launch of the "Xinghui+" multi-asset product system by Huibin Wealth Management, which integrates various investment strategies [7]. - The collaboration between Xingyin Wealth Management and the Straits Equity Exchange Center marks a significant step in equity registration services [7]. Group 2: Market Trends and Performance - As of July, the total market size of wealth management products saw a slight increase of 1.75% to 31.28 trillion yuan, with a year-on-year growth of 5.90% [4]. - The annualized yield for cash management products decreased by 9.81 basis points to 1.35%, while pure fixed income products yielded 1.87%, down by 0.79 percentage points [4]. - The new issuance of wealth management products declined in July, reflecting a contrast to the issuance peak in June, with most performance benchmarks being adjusted downward [4]. Group 3: Product Performance and Standards - The compliance rate for closed-end wealth management products reached 85.89% in July, showing a slight increase from June, while the compliance rate for open-end products was 70.13% [5].

分析师：蔡梦苑 登记编号：S0890521120001 分析师：周佳卉 登记编号：S0890525040001 监管和行业动态： 8月16日，由《21世纪经济报道》和浦发银行联合主办，浦银理财、浦银安 盛基金协办的"2025资产管理年会"在上海隆重启幕。本届年会以"破局与重构——大资管再造竞 争力"为核心主题，设置主论坛和平行主题论坛，在各论坛上，多位理财公司高管发表洞见。 同业创新动态： 1、8月16日，"2025资产管理年会"在上海启幕，主论坛后续环节中，浦银理财 举办了"日鑫悦益"产品体系2.0焕新暨科技金融五力模型主题产品发布会。该产品体系进行了四 大主产品线的战略进阶："日"系列实现现金管理类产品功能进阶"功能+"；"鑫"系列升级"债券 +"策略；"悦"系列深耕信用资产价值"项目+"；"益"系列强化多元配置，构建"固收+"多元矩阵。 2、8月19日，招银理财首度发布SMARP大类资产配置指数。该指数由招银理财和中诚信指数 联合发布，涵盖稳健、平衡和进取三种策略，旨在优化资产配置，实现动态风险管理，捕捉 债、股、商等多资产多策略机会。 收益率表现： 上周（2025.8.11-2025.8.17，下同） ...

2025 年 08 月 20 日 证券研究报告|银行理财月报 021-20515355 多元资产配置新浪潮，银行理财涌现哪些新范式？ 2025 年 7 月银行理财市场月报 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师：周佳卉 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 1、《银行理财 IPO 布局提速，费率模 式市场化探索破局—2025 年 6 月银行 理财市场月报》2025-07-25 2、《存款搬家效应强化，信披新规和 科创债布局引关注—2025 年 5 月银行 理财市场月报》2025-06-17 3、《理财规模季节性显著回升，固收 +产品为发行主力—2025 年 4 月银行 理财市场月报》2025-05-23 财增幅较大—2024 年 12 月银行理财 市场月报》2025-01-24 理财发行增多—2024 年 11 月银行理 财市场月报》2024-12-26 投资要点 监管政策与行业要闻解读：银行理财 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry. Core Insights - The 2025 Asset Management Annual Conference highlighted the need for a competitive restructuring in the asset management sector, focusing on multi-asset and multi-strategy investment approaches [3][11]. - The report indicates a general decline in the annualized returns of cash management products and fixed-income products, reflecting market volatility and changing investor sentiment [5][16][18]. - The report emphasizes the importance of enhancing research capabilities and service quality in the asset management industry to adapt to market changes and investor needs [12][13]. Regulatory and Industry Dynamics - The 2025 Asset Management Annual Conference took place on August 16, focusing on the theme of "Breaking the Deadlock and Restructuring - Rebuilding Competitiveness in Asset Management" [3][11]. - Key executives from various financial institutions shared insights on the future of multi-asset investment strategies and the importance of AI infrastructure in driving growth [11][12]. Peer Innovation Dynamics - The report discusses the launch of the "日鑫悦益" product system by浦银理财, which includes strategic upgrades across four main product lines to enhance functionality and investment strategies [4][14]. - 招银理财 introduced the SMARP index, aimed at optimizing asset allocation and dynamic risk management across various asset classes [15]. Yield Performance - For the week of August 11-17, 2025, cash management products recorded an annualized yield of 1.31%, down 3 basis points from the previous week, while money market funds yielded 1.20%, down 1 basis point [5][16][20]. - The report notes a general decline in annualized yields for fixed-income products across different maturities, influenced by market factors such as U.S.-China tariff concerns and consumer loan policies [18][19]. Net Value Tracking - The report indicates that the net value ratio of bank wealth management products rose to 1.52%, an increase of 0.65 percentage points week-on-week, reflecting a widening credit spread [6][24][26]. - The widening credit spread is noted to be at historical low levels since September 2024, suggesting limited value for investors [26].

Core Viewpoint - The recent surge in demand for equity-linked wealth management products is driven by favorable policies and market conditions, with many products achieving annualized returns exceeding 4% in the past month [1][2]. Group 1: Product Performance - Several equity-linked wealth management products have shown strong performance, with one product achieving an annualized return of 5.39% year-to-date and 4.28% in the last month, while another reached 4.83% year-to-date and 6.59% in the last month [2]. - The popularity of these products is reflected in their rapid sales, with some banks releasing around 1 billion yuan worth of products daily, which sell out within minutes [1]. Group 2: Market Trends - The banking sector is increasingly focusing on equity-linked products as a response to the "asset shortage" environment, viewing them as a key opportunity to enhance product scale [1][4]. - Following the recovery of the A-share market, many investors are opting for equity-linked products to participate in stock market gains, leading to a significant increase in the issuance of such products by banks [4][5]. Group 3: Investor Behavior - Investors are shifting from low-yield fixed-income products to equity-linked products due to declining returns on traditional investments, with some expressing dissatisfaction with the low yields of money market funds and fixed-income products [3][6]. - Bank wealth management professionals are advising clients to consider equity-linked products for higher returns, especially for those with a certain risk tolerance [3][6]. Group 4: Strategic Adjustments - Banks are enhancing their investment capabilities in equity-linked products, with a focus on diversifying their product offerings to meet varying risk appetites among investors [5][6]. - The low interest rate environment is prompting banks to reduce reliance on traditional fixed-income products and to capture structural opportunities in the equity market [4][5].

Market Overview - The bond market experienced an unexpected correction last week, with an overall balanced and loose funding environment. The weighted average of DR007 on August 15 was 1.48%, and the yield on 10-year government bonds closed at 1.75% [2] - In the stock market, major A-share indices surged, with the ChiNext Index, STAR 50 Index, and Shenzhen Component Index recording weekly gains of 8.58%, 5.53%, and 4.55% respectively. The communication, electronics, and non-bank financial sectors led the gains [2] Product Performance - The number of underperforming products remains low, with 25,210 public wealth management products in existence as of August 17, 2025. Among these, 141 products had a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.56% for bank wealth management. The break-even rates for equity and mixed wealth management products were 35.71% and 4.8%, respectively, while fixed income products had a break-even rate of 0.28% [3] - The break-even rates for fixed income products of various maturities remained low, with 1-2 year and over 3-year products slightly higher at 0.71% and 0.57% respectively [3] New Product Issuance - A total of 433 wealth management products were issued by 32 wealth management companies from August 11 to August 15, with joint-stock banks leading in issuance. Everbright Wealth issued 39 products, followed by Xinyin Wealth with 30 and Xinyin Wealth with 29 [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 4 mixed products issued, accounting for 1.8%. No new equity or financial derivative products were launched [4] - Pricing trends showed a decline in most product maturities, with 1-2 year and 2-3 year products dropping below 2.80%, while products with maturities over 3 years saw a significant rebound to 2.55% [4] Investment Strategies - Notably, Xinyin Wealth launched a fixed income enhancement product named "Fengli Xindong Ruixiang 3M Holding Period Target Red 3 (Jixing Version)", which is a "fixed income+" product with a risk level of three and a minimum holding period of 90 days. The product's performance benchmark is based on a combination of various indices and deposit rates [5] Yield Performance - Fixed income wealth management yields declined, with an average net value growth rate of 0.0511% over the past week. Mixed and equity products had average net value growth rates of 0.2075% and 1.354%, respectively. Among fixed income products, those with maturities over 3 years had the highest average net value growth rate of 0.0794% [6] - The average annualized yield for cash public wealth management products in RMB, USD, and AUD was 1.338%, 3.924%, and 2.87%, respectively [6] - The proportion of negative yield products increased, primarily due to fixed income products, with 9.94% of RMB public wealth management products experiencing negative returns last week [6][7] Industry Trends - The scale of bank wealth management grew unexpectedly by approximately 2 trillion RMB to 32.67 trillion RMB by the end of July 2025, driven by the maturity of high-interest deposits and the relative attractiveness of wealth management products compared to deposit rates [8] - In August, the wealth management scale is expected to exceed 33 trillion RMB, with an annual target of 33.5 trillion RMB [8] - Last week, 16 new ESG-themed wealth management products were launched, indicating a rapid expansion of thematic wealth management offerings [9]