华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 未来， ...

Group 1: Private Equity and Government Bonds - The number of private equity securities products registered in the first five months of the year reached 4,361, marking a significant year-on-year increase of 45.03% [1] - In May alone, 870 private equity securities products were registered, showing a remarkable year-on-year growth of 77.19% [1] - The Ministry of Finance announced the issuance of 50 billion yuan in savings bonds, with fixed interest rates of 1.63% for a 3-year bond and 1.7% for a 5-year bond [1] Group 2: Investment Sentiment and Market Trends - Major global financial institutions, including Morgan Stanley, JPMorgan, Goldman Sachs, and HSBC, have expressed positive sentiments towards Chinese assets, highlighting valuation advantages and low investor positions in Chinese stocks [2] - The MSCI Hong Kong Index's price-to-earnings ratio is approximately 9 times, close to historical lows, indicating potential investment opportunities [2] - The first quarter of 2025 saw a 21% year-on-year increase in global semiconductor equipment shipments, amounting to $32.05 billion [3] Group 3: Automotive Industry Insights - The China Automobile Circulation Association reported ongoing price wars in the new car market, which may suppress the second-hand car market's activity [3] - In the first quarter of 2025, nearly 2.8 million vehicles were replaced through trade-in programs, reflecting a year-on-year increase of 100.2% [3] - GAC Group reported a 24.8% year-on-year decline in vehicle sales for May, with total sales of 117,700 units [9] Group 4: Corporate Developments - Procter & Gamble announced plans to cut up to 7,000 non-manufacturing jobs over the next two years, representing about 15% of such positions [4] - Jianghan New Materials plans to repurchase shares worth between 200 million and 400 million yuan, with a maximum price of 30 yuan per share [10] - Ningbo Construction's wholly-owned subsidiary won a bid for an EPC project valued at 787 million yuan [11]

每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 华宝证券出品的2025中国金融产品年度报告《生态跃迁》，已经正式发布了。这是我们 连续第 十四年 发布这个报告。 图：2025中国金融产品年度报告封面 | ** ...

全球大型机构投资者正在悄然减持美国资产，包括加拿大魁北克储蓄投资集团、橡树资本等在内的多家 大型机构已开始减少对美投资，转向欧洲等更具稳定性的市场。 据英国《金融时报》6月5日报道，大型机构投资者正在从美国市场转移资金，贸易政策动荡与快速膨胀 的政府债务动摇了投资者对美国资产的信心。美国银行上月发布的基金经理调查显示，美元配置出现近 二十年来最大幅度的低配。 这一转变的市场表现尤为明显：标普500指数今年仅上涨不到2%，而欧洲Stoxx 600指数则飙升了9%。 美元更是接近三年低点，今年已下跌9%。 "赤字问题日益恶化，"管理7800亿美元资产的联博(AllianceBernstein)首席执行官Seth Bernstein指出，美 国当前的借贷速度不可持续。特朗普标志性税改法案预计将在十年内推高联邦债务2.4万亿美元，加剧 了美债压力。 他称，应该让投资者暂停并考虑："你真的想把多少资金集中在一个市场？" 华尔街见闻文章提及，面对特朗普关税冲击波与万亿赤字阴云，高盛率先启动风控机制——主动削减风 险敞口，囤积流动性弹药。 总裁Waldron预警美国经济将陷"慢胀"泥潭（增长放缓通胀上升），更与戴蒙等金融巨 ...

作 者丨叶麦穗吴斌 编 辑丨包芳鸣刘雪莹 黄金盘中跳水！现货黄金盘中一度冲破3400美元/盎司，随后迅速跌破3380美元/盎司。 | W | | 伦敦金现 | | | | --- | --- | --- | --- | --- | | | | SPTAUUSDOZ.IDC | | | | 3371.633 | | 昨结 3371.890 开盘 | 3374.250 | | | -0.257 -0.01% | | 总量(kg) 0.00 现手 | | O | | 3403.440 最高价 | 持 仓 | 0 | | 0.000 | | 最低价 3360.925 | 增 位 | O | | 0.000 | | 공개4 五日 | HK 周Ｋ 月Ｋ | 申名 | | | | 叠加 | | | | | | | | な | | | | 3403.440 | | 0.94% 卖1 | 3372.064 | O | | | | 示 | 3371.633 | 0 | | | | | 23:11 3371.520 0 | | | | | | 23:11 3371.500 0 | | | | | 0.00% 23:11 3371. ...

今年以来黄金表现强劲，出乎不少机构的预料，现货黄金盘中一度触及3499.45美元/吨，年内涨幅逼近30%。华尔街虽然连续"撕报告"，但是仍然难赶上黄 金的上涨幅度。 道富环球投资管理对金价最新的中期走势持乐观态度，认为在多种策略性因素及结构性因素推动下，金价前景仍然乐观。该行预期今年金价下限将会到更高 水平，由原本的每盎司2000美元，上升至3000美元。今年余下时间，黄金市场将过渡到3000美元以上的波动区间，预期未来12至24个月内，可测试4000至 5000美元。 道富环球指出，金价上行受五大主题支撑，分别是（1）黄金ETF流入金额潜在上升；（2）中国买入黄金的消费者增加；（3）央行对黄金需求保持强劲； （4）替代性货币需求及全球债务上升，支持金价上涨；（5）美联储仍会减息。 此外，一些策略性因素如贸易政策的不确定性、经济衰退风险也在推动金价。 21世纪经济报道记者 叶麦穗 广州报道黄金盘中跳水，盘中已经跌破3400美元/盎司。 道富环球表示，基准情境下，虽然包括中美在内的高关税税率已下降，但贸易政策的不确定性，加上地缘政治紧张局势仍会在今年余下时间占主导地位，同 时通胀压力仍在，限制美联储减息空间。 ...

疲软的经济数据和贸易不确定性使得市场对美联储降息的预期显著升温。根据LSEG数据，市场预计美 联储在9月会议上降息至少25个基点的可能性高达77%。特朗普多次公开呼吁美联储主席鲍威尔降低利 率，认为当前的经济环境需要更宽松的货币政策来刺激增长。Monex USA交易主管Juan Perez表示， ADP就业数据的意外疲软表明劳动力市场正在放缓，这对美元构成不利影响，同时也为降息预期提供了 依据。 尽管美联储官员普遍表示将保持耐心，观察关税对通胀的潜在影响，但ISM服务投入物价指数从4月的 65.1升至68.7，创下2022年11月以来最高水平，显示通胀压力依然存在。BondBloxx投资管理公司合伙 人JoAnne Bianco指出，当前市场仍对降息时点存在分歧，关税对通胀的潜在影响尚未完全显现。这种 复杂背景下，黄金作为对冲通胀和货币政策不确定性的资产，受到越来越多投资者的青睐。 摘要周四（6月5日）欧市盘中，国际黄金区间维持震荡走势，截至发稿报3373.55美元/盎司，涨幅 0.03%，今日金价开盘于3373.55美元/盎司，最高上探3383.91美元/盎司，最低触及3360.88美元/盎司。 【黄金行情 ...

近日，安联全球投资的Ze Yi Ang和Jenny Zeng表示，在今年余下时间，数个因素支持亚洲信贷延续去年的强劲表 现。今年以来，美国关税政策令市场波动加剧，亚洲定息收益市场再次展现韧性，息差优于美国和新兴市场同类债 券。比较其他地区的同类债券，中国的美元计价高收益债券一直是表现最佳的高收益债券市场。在分化世界中，亚 洲凭借区域贸易深化、经济金融一体化等推动的结构性优势，支持相对具韧性的亚洲增长，推动良性循环，有望推 动债券和信贷资产结构性重新定价，成为2025年多元化回报的吸引来源。 亚洲定息收益在龙年（二月时完结）表现强劲。支持因素包括中国出口表现理想，以及韩国、中国台湾省和马来西 亚等地区的科技和半导体出口激增。东南亚多个经济体的内需增长稳健，印度也顺利完成大选。 即使是蒙古等前沿国家也实现了强劲增长，巴基斯坦和斯里兰卡在债务重组或负债管理方面亦取得重大进展。亚洲 企业的盈利稳健，而中国加大政策支持力度，显著降低了系统的尾部风险。因此，亚洲定息收益各个领域的表现均 优于其他定息收益市场的同类产品（图1）。 图1：2024年亚洲定息收益表现强劲 资料来源：彭博；安联投资，截至2024年12月31日。 ...

Group 1 - The core viewpoint of the report indicates that the A-share market is experiencing a volatile trend with noticeable theme rotation, while defensive sectors like banking are performing well, and small-cap stocks represented by the CSI 2000 and Northbound 50 indices show signs of upward movement [1] - In the Hong Kong stock market, high-quality leading companies listed in both A and H shares are gaining attention, driven by profit effects and incremental capital, reflecting the structural growth potential of new consumption and new technology companies [1] - The report highlights that companies with strong fundamental growth are increasingly being recognized in the current market style, which places more weight on fundamentals [1] Group 2 - The company believes that many excellent firms are demonstrating strong operational resilience and growth capabilities amidst various fundamental factors, providing more selection opportunities for bottom-up stock picking [2] - The focus for future opportunities includes: first, leading companies in high-end manufacturing with global operational capabilities that can shift production from China to global markets; second, companies in the AI innovation upgrade space, such as smart terminals, consumer electronics, and data centers, which maintain strong profitability; third, investments in self-controllable sectors represented by semiconductor equipment and domestic computing power [2] - Despite existing uncertainties, the report asserts that the growth resilience exhibited by excellent companies based on their strengths offers relatively scarce certainty from a micro perspective [2]

Group 1 - The proportion and influence of insurance funds in the asset management industry are increasing, with total asset management net value in China expected to reach approximately 161.1 trillion yuan by the end of 2024, a year-on-year growth of 11.8%, while insurance funds are projected to be around 33.3 trillion yuan, with a growth rate of 18.1%, significantly higher than the industry average [1] - As of May 31, there are 1,388 combination-type insurance asset management products that disclosed nearly one year of annualized returns, with 1,222 products achieving positive returns, the highest annualized return being 62.9398% and the lowest at -45.833%. Over 75% of fixed income, equity, and mixed products have shown positive returns, indicating the strong asset allocation capabilities and stable operational levels of insurance asset management institutions [1] Group 2 - In the fixed income product category, out of 960 products that disclosed data, 900 achieved positive returns, with an average annualized return of 2.76% and a median of 2.34%. In the equity product category, among 240 disclosed products, 180 achieved positive returns, with an average return of 7.42% and a median of 5.57%. The performance of equity products is closely related to market trends, with the A-share market showing active rotation in technology and consumer sectors this year, providing structural opportunities for insurance fund investments [2] - Mixed products demonstrated a balanced advantage, with 143 out of 188 products achieving positive returns, an average return of 5.21% and a median of 3.38% [2] Group 3 - According to a recent survey by the China Insurance Asset Management Association, 50% of insurance asset management institutions and 53.57% of insurance companies hold an optimistic view of the A-share market for 2025, an increase from the second half of last year. Additionally, 52.78% of institutions and 51.19% of companies believe the A-share market will show a fluctuating upward trend this year [3] - The survey indicates that insurance institutions are optimistic about sectors such as electronics, banking, computers, public utilities, home appliances, food and beverages, communications, and national defense, focusing on new technologies, dividend assets, and high-dividend investments. Ongoing favorable policies to facilitate the entry of insurance funds and other long-term capital into the market have strengthened insurance institutions' interest and confidence in stock allocation [3]