金融工程丨深度报告 [Table_Title] 持中守正，应势而动 ——金融工程 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 报告要点 [Table_Summary] 风格上，在利率低位及流动性充裕的宏观背景下，红利+微盘的杠铃策略有望持续占优。长期来 看，红利和微盘是天然的风格对冲工具，二者的长期战略配置中枢在 7:3 左右，能有效降低回 撤，提高收益。行业上，寻找尚未过热的强趋势赛道，目前可关注的方向有：红利方向的城商 行，医药方向的医药零售、化学制药，消费方向的其他农产品加工、快递、零售-专业市场等。 分析师及联系人 [Table_Author] 覃川桃 邓越 SAC：S0490513030001 SAC：S0490517070010 SFC：BUT353 请阅读最后评级说明和重要声明 2 / 20 [Table_Title 持中守正，应势而动 2] ——金融工程 2025 年度中期投资策略 [Table_Summary2] 宽基横盘降波，主题轮动加速 回顾 2025 年 ...

Core Viewpoint - The global capital markets are experiencing volatility due to ongoing policy disturbances and structural changes, with a focus on the relationship between transformation and balance, as well as risk and return [1][2]. Policy Environment - A series of incremental policies have been introduced to stabilize market expectations and boost investor confidence, covering fiscal, financial, consumption, and investment areas [2][3]. - Since September 2022, the Shanghai Composite Index has risen over 20%, indicating a recovery in market sentiment [2]. Market Dynamics - The current macro environment is favorable for both equity and bond markets, with ongoing policy support and a positive economic structural transition [3][4]. - Investors are encouraged to consider "fixed income plus" products, which combine stable fixed income assets with some equity exposure to enhance returns [3][5]. Investment Strategies - For bond funds, the overall performance has been weaker compared to previous years, necessitating new strategies to enhance fund returns [5][6]. - Investors should adjust their portfolios based on their risk tolerance, with options ranging from cash-like assets for low-risk tolerance to "fixed income plus" products for moderate risk tolerance [6][7]. Fund Selection - Different types of fixed income funds exist, including pure bond funds categorized by duration and credit quality, which exhibit varying levels of volatility [7][8]. - Investors should prioritize funds with a history of stable performance and consider factors such as lock-up periods and fees when selecting products [8].

Group 1 - The bond market has shown significant recovery since June, leading to increased investment in bond funds, with 99% of bond funds achieving positive returns in the month [1][2] - Over three trading days, 2448 bond fund products reached historical net value highs, representing over 60% of the total, with 76% of bond funds achieving this milestone within the month [3] - The inflow of funds into bond ETFs has accelerated, with a net inflow of 319.79 billion yuan in the first half of June, surpassing the total inflow for April [5] Group 2 - The demand for bond funds has improved, with many funds initiating purchase limits due to increased interest, as at least 127 bond funds announced restrictions on large purchases [3][5] - Fund companies are focusing on marketing bond funds, particularly pure bond products, to meet their semi-annual scale targets [5] - The current market sentiment is favorable for bonds, with expectations of continued low interest rates and potential opportunities for buying if short-term rates rise due to concerns about bank liabilities [6][7]

在多重因素交织影响下，国内股市与债市均表现出复杂而有韧性的走势，股市热点纷呈，债市波动加 大。 此刻选股还是选债，必定两难。多元化的资产配置策略，或许是当下的较优应对方案。从基金投资的角 度，选择以大类资产配置见长的固收增强类产品，或可轻松做好股债搭配。 股债两市各有机会 结合当前的市场环境来看，股债资产都蕴藏着较好的投资机会，通过多资产布局，既有助于把握不同资 产行情，也有望加强投资的抗风险能力。 债市方面，国内宏观经济延续弱复苏态势，4月工业增加值、制造业投资、出口等经济数据出现一定下 滑，5月制造业PMI为49.5%，仍处于荣枯线下方。在此背景下，市场利率中枢或进一步下行，债市行情 有望继续演绎。（数据来源：国家统计局，截至2025年5月31日。） 以固收增强类产品中的二级债基为例，截至6月4日，二级债基指数自2004年以来累计涨幅、年化收益率 达394.08%、7.98%，优于仅配置股票（以上证指数代表）、债券（以中证全债指数代表）单一资产的 回报。同时，该指数的年化波动率、最大回撤也明显小于股票资产，显然，固收增强策略可以平滑投资 波动，优化投资人持有体验。（数据来源：WIND，时间区间：2024. ...

Core Viewpoint - The recent interest rate cuts have positively impacted short and medium-term bonds, leading to a notable decline in rates, while long-term bonds are experiencing a "buying expectation, selling reality" scenario [1][2]. Group 1: Market Reactions - Following the "double cut" (interest rate and reserve requirement ratio), the 1-year government bond yield fell to 1.40%, while long-term bonds showed mixed performance due to market dynamics [2]. - The average yield of long-term bond funds slightly outperformed that of short-term bond funds, with yields at 0.13% and 0.10% respectively, indicating a growing interest in short-term assets [4]. Group 2: Key Players in the Market - Major buyers of short-term bonds include rural commercial banks and foreign investors, with net purchases exceeding 10 billion yuan for bonds with maturities of one year or less [2]. - Non-bank institutions have also been active in the secondary market, significantly increasing their purchases of certificates of deposit, with eight out of twelve types of institutions net buying [2][3]. Group 3: Fund Performance - The performance of various bond funds showed minimal yield differences, with top-performing long-term funds yielding around 0.299% and short-term funds yielding around 0.253% [6][7]. - The overall leverage ratio in the bond market has remained low, with a slight increase to 106.70%, while fund leverage has seen a rebound, indicating a shift in investment strategies [3]. Group 4: Future Outlook - The bond market is expected to remain in a volatile state, with the potential for further rate declines, although the pace may not be smooth [5]. - The market is currently in a phase where the effects of previous policy stimuli are diminishing, and economic fundamentals are showing signs of weakening, suggesting a cautious approach moving forward [4][5].

Core Viewpoint - Xinghua Fund Management Co., Ltd. celebrates its fifth anniversary, emphasizing its investment philosophy of "deep research creates excess returns" and its differentiated development path in the public fund industry [1][2] Group 1: Company Overview - Xinghua Fund is the first public fund institution headquartered in Qingdao, Shandong, and has established a comprehensive product matrix covering various types such as credit bonds, interest rate bonds, fixed income+, FOF, and equity [1] - As of March 31, 2025, Xinghua Fund serves nearly 160,000 clients and has distributed a total of 499 million yuan in dividends [1] Group 2: Investment Performance - The Xinghua Anyu Interest Rate Bond A fund has achieved a net value growth of 7.41% over the past year, significantly outperforming its performance benchmark, and a cumulative net value growth of 14.05% since inception [1] - According to the China Galaxy Securities Fund Research Center, Xinghua Fund ranks 8th among 121 companies in terms of long-term active bond investment management capabilities over the past three years [1] Group 3: Future Strategy - In 2025, Xinghua Fund plans to enhance its product matrix by focusing on traditional strengths in interest rate bonds and credit bonds while also emphasizing short bond funds, bond index funds, and equity funds to create a diversified product system [2] - The company has established branches in Beijing, Jinan, Qingdao, and Shanghai, with a professional team of over 60 members, more than 40% of whom are in research and investment roles [2] - Xinghua Fund aims to support local quality enterprises and optimize capital allocation to contribute to the industrial structure upgrade in Shandong and nationwide [2]

文 | 银行螺丝钉 （转载请注明出处） 今天A股港股微涨微跌，波动不大，还在4.8星。 沪深300等大盘股波动不大，小盘股略微下跌。 沪深300等大盘股微涨，小盘股微跌。 银行、红利等价值风格略微上涨。 1. 债券基金有哪些类别？ 债基的品种也很多。按照风险从低到高： （1）短期纯债基金。波动最小，一般回撤在1%以内。收益率比货币基金略高。 （2）长期纯债基金。波动在百分之几。期限越长，波动风险越大。 （3）一级债基。大多数纯债+少量可转债。这类品种数量相对较少。 港股也略微上涨，港股红利类品种微涨。 港股科技微跌。 今年股票市场比较强势，整体上涨。 但债券市场就比较低迷，从年初到本周，迎来了一波熊市下跌。 螺丝钉也收集了一些大家对债券基金的问题。 今年短债基金波动不大。 波动大的主要是长期纯债基金。 （4）二级债基。20%以内的股票+80%以上的债券。短期会受到股票涨跌的影响。 （5）偏债混合基金。30%以内的股票+70%以上的债券。属于混合基金类别，但偏债基属性。 二级债基和偏债混合基金也属于"固收+"类基金。 2. 今年下跌的主要是什么债基？ 今年股票上涨。 固收+，也就是二级债基，还是整体上涨的。 例 ...

作 者丨黎雨辰 编 辑丨姜诗蔷 图 源丨IC p h o t o 公募业推动中长期资金入市的工作方案，正呼之欲出。 2 1世纪经济报道记者注意到，此次即将落地的公募基金改革方案初步细节有几大关注点。 一是基金考核指标上新，强调客户盈利与业绩基准 。 方案显示，未来的基金公司及从业人员考核，将会以业绩与投资者服务类指标作为重点。 其中在公募基金高级管理人员考核方面，方案提到要降低规模、排名、收入、利润等指标在考 核中的权重，而公司业绩指标权重的占比要保持过半。 在基金经理考核方面， 新增"投资者获得感"的相关指标 ，则是此次方案的一大亮点。方案指 出，要将净值增长率、基金利润率、盈利客户占比、业绩与基准偏离度、基金利润率等指标加 入基金经理考核，并占据相对较高的权重比例。在基金公司分类评价指标中，盈利客户占比、 业绩比较基准对比等指标也将在未来占据一席之地。 二是进一步推动费率与薪酬改革，强化业绩比较基准的约束作用。 方案初稿进一步强调推动公募基金产品业绩表现与费率挂钩，对于超越业绩比较基准的产品适 当提高费率，对低于业绩比较基准的产品要降低费率。不过据了解，现阶段的方案中暂未提及 费率降低的具体比例。同时， ...

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， • 看病吃药，需要医生，医生就是顾问； 什么是「固收+」，有哪些品种? • 有法律问题，需要律师，律师也是顾问。 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门免费课程，详细介绍了基金投顾的相关知识。 长按识别下方二维码，添加@课程小助手，回复「 基金投顾 」即可领取～ 『 银行螺丝钉 1420 07 5 - 1 - 快速了解基金投顾 课程介绍 ·基金投顾是什么 ·基金投顾有哪些优势 · 如何通过「投」和「顾」帮你 获得好收益 #螺丝钉小知识 und 银行螺丝钉 固收其实很好理解,就是固定收益。 例如纯债,就属于固收类品种。类似的, 还有像一些理财,也属于这一类。 在纯债的基础上，增加少量的股票、可转 债等资产,就属于「固收+」类基金。 「出版」、十年中世出或公如我· ' 凹拟「」） 工玄四鬥卧儿 ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ⁄ ...