（原标题：收益走低！招银、广银6只现金类理财近3月平均七日年化低于1%） 数据说明： 产品统计范围为理财公司发行的公募现金类产品，统计截止日期为2025年8月14日，统计区间为近3个 月。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 一、整体表现 南财理财通数据显示，截至8月14日，理财公司人民币公募现金管理类产品近3个月的七日年化收益率均 值为1.417%。 从具体产品收益分布来看，人民币公募现金类产品（此处各份额分开统计，榜单为合并份额）合计5559 只，其中近3个月七日年化收益率均值超过2%的有77只，占比仅为1.4%；收益处于1.5%至2%区间的产 品数量为1411只，占比25.4%，即收益超1.5%的现金类产品占比不足三成。 值得关注的是，招银理财"招赢日日金"和广银理财"鎏金日日薪"系列合计有6只产品近3个月平均七日年 化收益率低于1%。 二、亮点产品分析 苏银理财"启源货币3号G""启源现金4号N"、中邮理财"邮银财富·邮鸿宝22号B"近3月平均七日年化收益 率位列前三，苏银理财两只产品收益较为领先，平均七日年化收益率分别为2.949%、2.870%。 ...

（原标题：仅两成6-12月期限纯固收产品近一年收益率超3%） 数据说明： 产品统计范围为理财公司发行的投资周期在6—12个月（含）的公募纯固收产品，且近1年每个完整的自 然月月末均为正收益。产品统计截止日期为2025年8月14日，统计区间为近1年。 民生理财"富竹固收稳健封闭37号G"、南银理财"珠联璧合鑫逸稳一年175期封闭式C"和信银理财"安盈 象固收稳健两百天持有期1号G类"三只产品近1年净值增长率超3.2%。 据南财理财通数据，榜首民生理财"富竹固收稳健封闭37号G"成立于2024年8月2日，已于2025年8月18 日到期，业绩比较基准为3.10%~3.20%，首次购买起点5万元。 截至2025年上半年末，该产品净资产10.3亿元，资产配置上，债券、资产支持证券等固定收益资产占比 66.2%，债券及货币类基金占比9.39%，其他符合监管要求的债权类资产占比23.5%，此外还有少量银行 存款、结算备付金等现金类资产和其他资产。 前十大资产中，占比最高的前两项资产均为信托贷款，到期收益分配分别为3.79%、3.56%，合计资产 占比略超20%。该产品半年报显示，上半年大类资产价格波动较大，产品通过积极的杠 ...

Group 1 - The stock market has shown a reversal in sentiment since September 24 last year, with a notable increase in risk appetite and structural market trends expected to continue into 2025 [1] - The Shanghai Composite Index reached a nearly ten-year high of 3731.76 points on August 18, indicating a strong performance in technology stocks, AI, robotics, and military sectors [1] - There is a noticeable divergence in the market, where the index rises but individual stocks do not follow suit, highlighting a selective investment environment [1] Group 2 - For ordinary investors, equity products from wealth management companies are a favorable choice, with an average net value growth rate of 28.74% over the past year and a maximum drawdown of 12.85% [2] - The top three equity public wealth management products in terms of one-month returns are from China Merchants Bank, China Post, and Everbright, with notable performances from new products launched by China Post [2][3] - China Post's "Hongbo Equity Class Shortest Holding 14 Days No. 1 (Technology Manufacturing)" achieved a one-month net value growth rate of 7.97%, ranking second, while its other product ranked tenth with a growth rate of 3.01% [2][3] Group 3 - The low interest rate environment and supportive policies have created favorable conditions for equity market investments, prompting wealth management companies to enhance their equity research capabilities and product offerings [4] - China Post's "Hongbo Equity Class Shortest Holding 14 Days No. 1 (Technology Manufacturing)" focuses on emerging industries, particularly in technology and innovation, which are expected to drive significant investment opportunities [5] - The product employs a strategy combining ETFs and actively managed funds to capture industry growth while mitigating individual stock risks, with a current net asset value of 1.0796 as of August 14 [5] Group 4 - The management fee for the aforementioned product has been significantly reduced from 0.5% to 0.05% per year, benefiting investors by lowering costs [6] - The market outlook suggests that technological assets will have considerable allocation value due to a combination of industrial cycles and a loose monetary environment, with a shift towards high-yield assets as risk-free rates decline [7]

（文章来源：北京商报） 北京商报讯8月19日，国家金融监督管理总局上海监管局发布《关于Yuxing TIAN（田宇星）法巴农银 理财有限责任公司副总经理任职资格的批复》，核准Yuxing TIAN（田宇星）法巴农银理财副总经理的 任职资格。 ...

Group 1 - The core viewpoint of the article emphasizes the growth of fixed income enhancement products in the asset management industry, which has become a new growth point for the sector [1][3] - Asset management institutions are focusing on improving research and investment capabilities as well as customer service to enhance competitiveness [1][3] - The market outlook suggests that the bond market may remain volatile, while there are higher expectations for the stock market, supported by regulatory confidence in the healthy development of capital markets [3][4] Group 2 - The performance of fixed income enhancement products has improved this year due to favorable stock market conditions, contributing to wealth creation for investors [3][4] - Central Bank Wealth Management has seen a significant change in asset allocation, with a steady increase in equity proportion, focusing on "fixed income + products" and mixed debt products as strategic development priorities [3][4] - The company aims to enhance multi-asset and multi-strategy allocation capabilities, establishing an integrated management system for research, decision-making, investment, and post-evaluation [3][4] Group 3 - There is a strong push for improving research capabilities and transitioning from bond-dominated investments to a higher level of multi-asset allocation [4] - The company plans to align with national strategic development directions, particularly in developing pension products and responding to policy guidance for retirement wealth planning [4] - The focus will also be on guiding investment funds into the market and enhancing research capabilities for equity assets, aiming to discover investment opportunities in strategic emerging industries [4][5] Group 4 - As the distribution landscape for wealth management companies expands, there is an increasing demand for enhanced channel service capabilities [5] - The industry needs to shift from a product sales orientation to an investor demand orientation, improving the pre-sale, sale, and post-sale service systems to provide comprehensive and high-quality services to clients [5]

Core Viewpoint - The article emphasizes the evolution of multi-asset allocation strategies among investors, highlighting the shift from single-market investments to diversified cross-border investments to reduce reliance on any single market and pursue richer sources of returns [2][3]. Group 1: Cross-Border Investment Team - The cross-border investment team at China Merchants Bank has successfully navigated several overseas risk events by proactive positioning, maintaining net value stability through precise timing in U.S. Treasury transactions and adjustments in response to credit defaults [3][4]. - The team has a management scale exceeding 90 billion yuan, with a diverse product line that includes cross-border RMB fixed income and structured products [5][11]. Group 2: Investment Strategy and Research - The team employs a multi-faceted research approach, analyzing macroeconomic trends, interest rates, and asset allocation logic to inform investment decisions [6][12]. - The team has developed a "global economic cycle matrix" to track key factors such as growth, inflation, and policy across major economies, which aids in understanding market dynamics [25][27]. Group 3: Product Offerings and Risk Management - The cross-border investment department offers a diverse range of products categorized by currency, underlying strategy, risk level, and product opening period, catering to various investor preferences [20][21]. - The department emphasizes the importance of risk management, employing both subjective judgment and mechanized hedging strategies to protect against extreme risks [33][34]. Group 4: Market Awareness and Adaptability - The team recognizes the necessity of understanding the complexities of cross-border investments, including currency risks and market differences, to avoid hidden barriers for ordinary investors [35][36]. - Continuous monitoring of global market conditions and proactive adjustments to investment strategies are crucial for navigating uncertainties in the international landscape [39][40].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The policy signals are clear, and the valuation starts to be repaired in advance, but the fundamentals have not been verified. The supporting effect of the policy end on the stock index will decrease in the later stage [2] - The stock index still maintains a good upward trend, and the market's enthusiasm for going long is high [2] - In the medium - to - long - term, A - shares have a high investment cost - performance ratio. CSI 500 and CSI 1000 are supported by more science and innovation policies and may bring higher returns, while SSE 50 and CSI 300 have more defensive value in the current macro - environment [2] 3. Summary by Relevant Catalogs 3.1 Stock Index Futures Market - **IF Contracts**: The closing prices of IF contracts increased, with the price increases of 20.40, 33.40, 38.80, and 42.00 for IF current month, next month, next quarter, and far - quarter contracts respectively. The trading volumes were 13599.00, 90646.00, 28331.00, and 8179.00 respectively, and the changes in open interest were - 18664.00, - 1010.00, 4354.00, and 1883.00 respectively [1] - **IH Contracts**: The closing prices of IH contracts increased, with price increases of 3.40, 9.60, 11.20, and 15.60 for IH current month, next month, next quarter, and far - quarter contracts respectively. The trading volumes were 7048.00, 52795.00, 13707.00, and 3746.00 respectively, and the changes in open interest were - 9100.00, - 406.00, 3833.00, and 1062.00 respectively [1] - **IC Contracts**: The closing prices of IC contracts increased, with price increases of 109.80, 134.80, 136.20, and 141.40 for IC current month, next month, next quarter, and far - quarter contracts respectively. The trading volumes were 10893.00, 77380.00, 23724.00, and 10050.00 respectively, and the changes in open interest were - 14200.00, 14105.00, 4243.00, and 2741.00 respectively [1] - **IM Contracts**: The closing prices of IM contracts increased, with price increases of 100.40, 150.00, 160.40, and 163.00 for IM current month, next month, next quarter, and far - quarter contracts respectively. The trading volumes were 21170.00, 163237.00, 53477.00, and 19693.00 respectively, and the changes in open interest were - 25264.00, 14638.00, 7010.00, and 4365.00 respectively [1] - **Inter - month Spreads**: The inter - month spreads of IF, IH, IC, and IM contracts changed, for example, the current value of the IF next month - current month spread was 4.40, and the previous value was - 8.80 [1] 3.2 Stock Index Spot Market - **Index Performance**: The CSI 300 index increased by 0.79%, the SSE 50 index increased by 0.12%, the CSI 500 index increased by 2.16%, and the CSI 1000 index increased by 2.02% [1] - **Industry Index Performance**: Among different industries, the raw materials industry had a 1.38% increase, the industrial industry had a 0.93% increase, the optional consumption industry had a 0.61% increase, the information technology industry had a 1.68% increase, etc. Some industries such as the main consumption industry had a decline of - 0.15% [1] 3.3 Basis between Futures and Spot - The basis between different stock index futures contracts and their corresponding spot indexes changed, for example, the basis between IF current month contract and CSI 300 index changed from - 0.71 two days ago to 2.65 [1] 3.4 Other Domestic and Overseas Indexes - **Domestic Indexes**: The Shanghai Composite Index increased by 0.83%, the Shenzhen Component Index increased by 1.60%, the Small and Medium - sized Board Index increased by 1.08%, and the ChiNext Index increased by 2.61% [1] - **Overseas Indexes**: The Hang Seng Index decreased by 0.98%, the Nikkei 225 increased by 1.71%, the DAX index decreased by 0.29%, and the S&P index decreased by 0.07% [1] 3.5 Macroeconomic Information - US President Trump will meet with Ukrainian President Zelensky at the White House on August 18, and if things go well, a tri - party meeting between the US, Russia, and Ukraine will be arranged. EU and NATO leaders will also participate in the meeting [2] - Hong Kong's Financial Secretary Chen Maobo said that the international geopolitical situation is evolving, and US tariff measures will continue to suppress global trade. There are both challenges and opportunities, and Hong Kong should transform the tension in the economic transformation process into a driving force for economic upgrading [2] - EU Commission President von der Leyen met with Ukrainian President Zelensky, reiterated Ukraine's right to decide its own territorial issues, and said that the EU is preparing the 19th round of sanctions against Russia to be announced in early September [2] 3.6 Industry Information - The 2025 World Humanoid Robot Games ended successfully in Beijing on August 17. It was the world's first comprehensive sports event for humanoid robots, with 26 events, 487 matches, and teams from 16 countries participating. The World Humanoid Robot Sports Federation was officially established [2] - Thirteen wealth management companies including Everbright Wealth Management and Agricultural Bank of China Financial Management disclosed their 2025 H1 wealth management business reports. Eight companies' product scale increased, with BNP Paribas Agricultural Bank of China Financial Management leading with a 64.83% increase, while four companies' scale decreased, and Agricultural Bank of China Financial Management had the largest shrinkage of about 216.3 billion yuan compared to the end of last year [2] - Hainan Province issued a three - year action plan for high - quality development of marine tourism (2025 - 2027), deploying eight key actions, including building surfing, diving, and sea - fishing bases and developing the "low - altitude + ocean" tourism model [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The overall market is influenced by various factors such as international political events, economic data, and policy changes. Different commodities show different trends and potential investment opportunities and risks [2][3][4]. - For financial products, the stock index may continue to rise in the short - term, but the policy support effect may weaken later. The bond market may continue to be under pressure [12][13]. - In the energy and chemical sector, the prices of different products are affected by supply - demand relationships, inventory levels, and international policies [14][15][16]. - In the metal market, precious metals may fluctuate due to inflation data and interest - rate expectations, while base metals are affected by factors such as supply, demand, and tariffs [20][21][22]. - In the agricultural product market, different products are affected by factors such as production, inventory, and international trade policies [28][29][30]. 3. Summary by Relevant Catalogs 3.1 Key Varieties - **Crude Oil**: SC night - trading declined slightly. The US unemployment rate may rise in August, inflation has intensified, and the possibility of the Fed's September interest - rate cut has decreased. Attention should be paid to OPEC's production increase [2][14]. - **Precious Metals**: Inflation data has put pressure on gold and silver. However, the weakening employment market and long - term driving factors support the prices. They may show a volatile trend under the increasing expectation of interest - rate cuts [3][20]. - **Steel**: The supply - side pressure of steel is gradually emerging, but the supply - demand contradiction is not significant. The market is expected to be volatile and slightly bullish [4][25]. 3.2 Main News on the Day - **International News**: The US - Russia leaders' meeting made progress, and the US may promote a broader peace agreement. The US has expanded the scope of tariffs on steel and aluminum imports [1][5]. - **Domestic News**: The Hong Kong Special Administrative Region government is promoting the construction of a commodity trading ecosystem and plans to develop Hong Kong into an international gold trading center [7]. - **Industry News**: Thirteen wealth - management companies have disclosed their semi - annual reports. Most of them are concentrating on public - offering and fixed - income products [8]. 3.3 Daily Returns of Overseas Markets - Different overseas market indices and commodities have different price changes, including increases and decreases in stock indices, commodities, and currencies [9]. 3.4 Morning Comments on Main Varieties 3.4.1 Financial - **Stock Index**: The stock index has risen, but the policy support may weaken later. A - shares have high investment value in the long - term, with different indices having different characteristics [11][12]. - **Treasury Bond**: The long - end bond price has fallen. The Fed's interest - rate cut expectation has decreased, and the bond market may continue to be under pressure [13]. 3.4.2 Energy and Chemical - **Crude Oil**: Similar to the key variety analysis, pay attention to OPEC's production increase [14]. - **Methanol**: The short - term trend is mainly bullish, with inventory accumulation and a relatively high operating rate [15]. - **Rubber**: The price is mainly supported by the supply side, and the demand side is weak. It may fluctuate and decline [16][17]. - **Polyolefin**: The market is in a stable stage after a rebound, and the terminal demand may pick up in the second half of August [18]. - **Glass and Soda Ash**: Both are in the process of inventory digestion, and the price decline has stopped. Attention should be paid to the inventory digestion speed [19]. 3.4.3 Metal - **Precious Metals**: Similar to the key variety analysis, they may show a volatile trend [20]. - **Copper**: The copper price may fluctuate within a range due to the balance of supply and demand factors [21]. - **Zinc**: The zinc price may fluctuate widely, and attention should be paid to various influencing factors [22]. - **Lithium Carbonate**: The supply is expected to increase slightly, and the demand is also growing. The price may have a callback risk and then rise if the inventory is digested [23]. 3.4.4 Black - **Iron Ore**: The demand is supported, but the supply may increase in the second half of the year. The market is expected to be volatile and slightly bullish [24]. - **Steel**: Similar to the key variety analysis, the market is expected to be volatile and slightly bullish [25]. - **Coking Coal and Coke**: The short - term trend is restricted by various factors, and attention should be paid to future supply and iron - water production [26]. 3.4.5 Agricultural Products - **Protein Meal**: The US soybean production is expected to decrease, and the domestic soybean meal is expected to be bullish. The impact of the Canadian rapeseed anti - dumping event has weakened [28]. - **Edible Oils**: The Malaysian palm oil inventory is lower than expected, but the market is under short - term pressure [29]. - **Sugar**: The international sugar market is about to enter the inventory - accumulation stage, and the domestic sugar price is supported by low inventory but may be dragged down by processing sugar [30]. - **Cotton**: The US cotton price has fallen, and the domestic cotton price may be volatile and slightly bullish, but the upside space is limited [31]. 3.4.6 Shipping Index - **Container Shipping to Europe**: The freight rate has declined, and the 10 - contract price is at a deep discount to the spot price. Attention should be paid to the follow - up price cuts of other shipping companies [32].

Core Viewpoint - The asset management industry is undergoing significant changes, necessitating a transformation in product systems, core research capabilities, and customer service frameworks to adapt to market dynamics and client needs [3][4][5]. Group 1: Market Changes - The asset management market has experienced substantial shifts, with traditional asset scarcity continuing while the equity market shows signs of improvement [3]. - There is an acceleration in the reallocation of household wealth, with deposits flowing out of traditional accounts and increasing demand for wealth management products [3]. Group 2: Product System Transformation - The focus should shift from "deposit-like" products to genuine asset management products, requiring a complete overhaul of the product system [4]. - The new product offerings must align with market trends and client risk preferences, providing a diverse range of stable investment options [3][4]. Group 3: Core Research Capability Development - The company is concentrating on building a systematic and platform-based research framework, particularly in multi-asset and multi-strategy allocation [4][5]. - The goal is to ensure that the systematic and platform-based construction is effectively implemented across the organization [3][4]. Group 4: Customer Service System Construction - Establishing a robust ecosystem that integrates clients, channels, and asset management companies is crucial for transitioning from "deposit-like" to asset management models [4]. - A well-constructed customer service system is a prerequisite for successful transformation and product innovation [4]. Group 5: Asset Allocation Perspective - Core assets such as equities and bonds are vital for asset management companies, with an emphasis on embracing market volatility in the bond market and moving away from bearish mindsets in the equity market [4][5]. - The current market environment necessitates a diversified approach to investment strategies, moving beyond traditional single fixed-income strategies [5]. Group 6: Industry Competition and Differentiation - The asset management industry faces challenges related to competition, including issues of "involution" where companies engage in homogeneous competition [6]. - To achieve differentiation, companies should focus on a comprehensive financial service model that integrates product offerings with customer asset allocation and wealth management, rather than solely pursuing yield [6].

Core Viewpoint - The article discusses the recent developments in international relations, particularly the meeting between the US and Russia, and its implications for various commodities, including oil, precious metals, and steel. It highlights the impact of inflation data on market expectations and the ongoing adjustments in supply and demand dynamics across different sectors [1][2][3]. Group 1: International News - The meeting between US President Trump and Ukrainian President Zelensky is set for August 18, with potential for a trilateral meeting involving Russia [1]. - The US government has expanded tariffs on steel and aluminum imports by 50%, affecting hundreds of derivative products [1]. Group 2: Commodity Focus Oil - SC night trading saw a slight decline, with no clear conclusions from the US-Russia talks. Initial jobless claims in the US decreased, but weak domestic demand may push the unemployment rate to 4.3% in August [2][13]. - The Producer Price Index (PPI) for July rose by 0.9% month-on-month, leading to reduced bets on a rate cut by the Federal Reserve in September [2][13]. Precious Metals - Inflation data exceeded expectations, putting pressure on gold and silver prices. The PPI for July increased by 0.9% month-on-month and 3.3% year-on-year, the highest in five months [3][18]. - The US Treasury Secretary indicated a significant likelihood of a 50 basis point rate cut in September, affecting market sentiment towards precious metals [3][18]. Steel - Steel mills are maintaining profitability, but supply pressures are beginning to show. Steel inventories continue to decline, and while exports face tariff challenges, the export of steel billets remains strong [4][24]. - The overall steel market is currently balanced, with no significant supply-demand conflicts, and is expected to maintain a bullish trend in the near term [4][24]. Group 3: Domestic Developments - The Hong Kong government is progressing towards establishing a commodity trading ecosystem, focusing on becoming an international gold trading center [6]. - Reports from various wealth management companies indicate growth in their product scales, with some companies experiencing significant increases in their asset management [7]. Group 4: Market Performance - The US stock indices showed mixed results, with a notable increase in financing balances, indicating a positive market sentiment driven by anti-involution policies [10]. - The bond market saw a rise in yields, with the 10-year treasury yield reaching 1.7355%, influenced by inflation data and expectations of future rate cuts [11]. Group 5: Agricultural Products - The USDA report indicated a reduction in US soybean planting area, leading to a decrease in projected soybean production, which is expected to tighten inventories [26]. - The palm oil market is experiencing mixed signals due to production increases and export growth, while the market is also digesting the implications of anti-dumping measures on canola [27]. Group 6: Shipping Index - The European shipping index showed fluctuations, with a notable drop in container prices, indicating potential pressure on shipping rates as the market adjusts to seasonal demand [31].