Group 1 - The market has long called for banks to channel medium- to long-term funds into investments, but the allocation of equity assets in bank wealth management remains limited despite the establishment of various investment mechanisms [1] - As of the end of 2024, the balance of equity asset allocation in wealth management products reached 0.83 trillion yuan, accounting for 2.58% of total investment assets, with a slight increase to 2.6% by the end of March this year [1] - Banks are exploring new meaningful avenues for increasing equity asset allocation, including enhanced research on A-share listed companies and active participation in index investments and IPO cornerstone investments [1] Group 2 - Several wealth management companies, including Bank of China Wealth Management and Postal Savings Bank Wealth Management, have announced plans to increase their holdings in exchange-traded funds (ETFs) and various equity-related products [2] - There has been a significant increase in the number of wealth management products involved in index investments compared to the same period last year [2] Group 3 - More wealth management companies are participating in offline IPO subscriptions and cornerstone investments in Hong Kong IPOs, marking a shift in their investment strategies [3] - Notable participation includes Everbright Wealth Management's involvement in the offline subscription for the IPO of Xintong Electronics and cornerstone investments by Postal Savings Bank Wealth Management and ICBC Wealth Management in various Hong Kong IPOs [3] - The need for strong control capabilities in asset admission, post-investment management, product design, and client engagement is emphasized as banks navigate their roles as "patient capital" in equity investments [3]

Group 1 - Financial companies are increasing their allocation to equity assets, with significant actions and new approaches taken in the first half of this year [1] - Multiple financial companies, including Bank of China Wealth Management and Postal Savings Bank Wealth Management, have announced plans to increase investments in exchange-traded funds (ETFs) through direct or indirect means [1] - The number of index-based financial products has significantly increased in the first half of this year compared to the same period last year [1] Group 2 - Financial companies are accelerating their research efforts on A-share listed companies, with 24 companies conducting a total of 1,473 research visits in the first half of this year [1] - A total of 1,249 different stocks were researched, with a significant portion belonging to the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [1] - The stocks researched from these boards accounted for over 51% of the total [1]

Core Insights - The banking wealth management industry is undergoing a paradigm shift towards diversified asset allocation and multi-asset strategies due to the challenges posed by low interest rates and high market volatility [1][2][3] Group 1: Market Environment - The current market is characterized by "low interest rates and high volatility," leading to a decline in yields across various asset classes [1] - As of May 20, the one-year and five-year LPR rates decreased by 10 basis points, while the 10-year government bond yield fluctuates between 1.6% and 1.7% [1] - The asset allocation in wealth management products is predominantly in fixed-income assets, with bonds, cash, and bank deposits accounting for 43.9%, 23.3%, and 13.5% of total investment assets, respectively [1] Group 2: Strategic Shifts - Wealth management firms are shifting from single-asset strategies to diversified approaches, focusing on broad asset classes to enhance returns [2] - The emphasis is on large-scale asset allocation, with a focus on enhancing fixed-income and equity asset layouts [2] - Companies are adopting strategies such as optimizing trading strategies and actively allocating to dividend low-volatility combinations and market-neutral strategies [2][4] Group 3: Asset Class Outlook - Industry insiders are optimistic about alternative assets and equity assets for the second half of the year [3] - Balanced allocation among stocks, bonds, and gold is seen as advantageous, with expectations of continued upward movement in asset prices due to low inflation and ample liquidity [3] - The demand for gold remains significant, with a notable increase in wealth management products featuring gold themes, totaling 46 products as of June 26 [4] Group 4: Risk Management and Absolute Returns - Wealth management companies prioritize achieving absolute returns, necessitating a focus on risk control and drawdown management in equity investments [5] - Strategies such as "fixed income + options" and multi-asset approaches are critical for managing risks while pursuing returns [5][6] - The growth of equity-based wealth management products is evident, with an increase of approximately 20 billion in the first quarter, although the overall scale remains relatively small [6]

Core Insights - Moody's warns that the influx of retail investors into private credit assets poses increasing risks to the U.S. economy [1] - Since the pandemic, the share of credit markets has shifted from public banks to private credit firms, with assets under management exceeding $2 trillion since 2014 [1] - The trend of retail investment in private credit continues despite market volatility, driven by the rise of open-ended perpetual funds [1] Group 1 - Retail investors are gaining exposure to the expanding private credit sector, primarily due to the emergence of open-ended perpetual funds that have fewer restrictions compared to traditional closed-end funds [1] - The popularity of exchange-traded funds (ETFs) focused on private credit is increasing, which may redefine access to private markets, provided that appropriate safeguards are in place [1] Group 2 - Moody's highlights that ETFs and perpetual funds offer greater flexibility in terms of investment acceptance and redemption compared to closed-end funds [2] - However, this flexibility introduces risks similar to bank runs, as mismatches between liquidity terms and investor expectations could undermine trust in fund sponsors [2] - The credit agreements in perpetual funds are less restrictive compared to closed-end funds, which raises concerns about liquidity management and transparency, essential for long-term success [2]

关键因素 图利 绝对差值和边际变化 重要指标 II 价值成长轮动策略 II 深圳证券交易所 ( SHENZHEN STOCK EXCHANGE 深交所ETF投资问答(42) 如何的身上了 II t FE ALKE 0 n - 编者按 - 近年来我国指数型基金迅速发展,交易型开 放式指数基金(ETF) 备受关注。为帮助广 大投资者系统全面认识ETF,了解相关投资 方法,特摘编由深圳证券交易所基金管理部 编著的《深交所ETF投资问答》（中国财政 经济出版社2024年版）形成图文解读。本 篇是第42期,一起来看看如何通过ETF构建 风格配置策略。 风格轮动是依据ETF特征进行交易的 行为，常见的风格轮动有大小盘轮动、 成长价值轮动等。风格轮动的分析框 架需要对比指数间的相对强弱，因此 预测难度更大。 II 影响风格轮动强弱的因素 II 价值和成长两类股票具有明显基本面 的差异。 价值类股票往往具备更好 的安全边际 成长类股票则可能具备更 好的盈利前景 观察风格间的相对业绩增速趋势,有 助于进行风格配置。除此之外，市场 中也有投资者通过估值指数来衡量价 值与成长之间的风格轮动。 u 大小鱼论动策略 ! 大小盘轮动通常 ...

Core Insights - The total scale of Exchange-Traded Funds (ETFs) in China has surpassed 4 trillion yuan for the first time, reaching 4.06 trillion yuan as of April 24, 2023, indicating a continuous growth trend in the ETF market [1][2] - The rapid growth of the ETF market reflects increasing investor recognition of index-based investment tools, with a diverse product system enhancing the investment value of ETFs [1][2] - The demand for low-cost and efficient investment tools is rising, with institutional and individual investors increasingly favoring ETFs for their stability, risk diversification, and low costs [2][3] Market Development - The ETF market has experienced accelerated growth since the first ETF was launched in December 2004, with significant milestones reached in 2020, 2023, and 2024, showcasing a trend of rapid expansion [1] - Recent policy support, including the "National Nine Articles" and the China Securities Regulatory Commission's action plan, has contributed to the high-quality development of the ETF market [2][3] Product Diversification - The ETF product pool is expanding to cover multiple asset classes, including stocks, bonds, and commodities, providing systematic risk management tools for investors [2][3] - New ETF products, such as the first batch of nine CSI All-Share Free Cash Flow ETFs, are being introduced, focusing on financial health indicators of companies [2] Future Outlook - The ETF market is expected to continue its high-quality development trend, with a more diverse index system and the introduction of emerging themes like ESG and carbon neutrality [3] - Institutional investors are anticipated to increase their allocation to ETFs, providing stable capital inflows to the market [3]

Core Viewpoint - The A-share market is experiencing a rebound following a significant drop, supported by various government and institutional measures aimed at stabilizing the market and boosting investor confidence [1][4][12]. Group 1: Government and Institutional Support - Multiple government agencies, including the central bank and state-owned enterprises, have expressed their commitment to maintaining market stability through increased investments in stocks and ETFs [1][4][12]. - The Central Huijin Investment Company has reaffirmed its role as a "national team" in the capital market, indicating plans to increase its holdings in ETFs to stabilize the market [3][4]. - The People's Bank of China has pledged to support the Central Huijin's efforts by providing sufficient re-lending support when necessary, further enhancing market stability [4]. Group 2: Insurance Capital Influx - The National Financial Regulatory Administration has announced an increase in the investment ratio of insurance funds in the stock market, potentially bringing in an additional 1.66 trillion yuan to the capital market [6][8]. - Major insurance companies, including China Life and China Pacific Insurance, have committed to increasing their investments in the A-share market [7][8]. Group 3: Corporate Buybacks and Investments - Over 30 listed companies announced share buyback plans on April 8, demonstrating confidence in their future prospects and aiming to bolster market sentiment [10][11]. - Notable companies like Ningde Times and Haier Smart Home have also disclosed significant buyback plans, further contributing to market stability [11]. Group 4: Market Outlook and Sentiment - Analysts from various firms, including China Galaxy Securities and CICC, have expressed a generally optimistic outlook for the A-share market, citing its relatively low valuation compared to global markets [13][14]. - Despite short-term volatility due to external factors like tariffs, the long-term potential for foreign capital inflow into the Chinese market remains strong, supported by favorable domestic policies [2][14].

Core Viewpoints - Central Huijin's recent announcement of increasing its holdings in ETFs reflects a strong confidence in the development prospects of the Chinese capital market and acknowledges the current value of A-shares [2][3] - The move is seen as a stabilizing force for the capital market, especially in light of external disturbances such as the ongoing trade tensions and market volatility [3][8] Market Performance - On April 7, the A-share market experienced significant declines, with the Shanghai Composite Index dropping by 7.34%, the CSI 300 by 7.04%, and the All A-shares by 9.26% [3] - Central Huijin's announcement came at a critical time when the market was down nearly 9% during intraday trading, indicating its role as a stabilizer [3] Central Huijin's ETF Holdings - As of the end of Q4 2024, Central Huijin holds over 1.05 trillion yuan in ETFs, with significant positions in the CSI 300 (approximately 690.5 billion yuan) and other major indices [3][7] - The holdings are diversified across various sectors, including financials, non-ferrous metals, semiconductors, pharmaceuticals, and telecommunications [3] Economic Outlook - The report suggests that the fundamentals of the A-share market are on a recovery path, supported by long-term capital inflows and state-owned enterprise buybacks, which enhance risk appetite [8] - Upcoming economic data releases and corporate earnings reports are expected to validate the improving macroeconomic conditions [8] Sector Allocation - The technology sector is identified as a key focus for the year, with an emphasis on "self-controllable" industries and AI-driven opportunities [9][10] - The report highlights the resilience of strategically important industries amid external uncertainties, particularly in advanced materials, manufacturing, and communication technologies [9] Valuation Metrics - The overall valuation levels of A-shares are considered attractive compared to global equity markets, with the CSI 300's price-to-earnings ratio falling to around 11 times, which is significantly lower than that of markets in the US, Europe, and Japan [8][11] - The report provides detailed valuation metrics for various indices, indicating a general decline in valuations across the board, which may present buying opportunities [11]

Report Industry Investment Rating - The overall rating for commodities and stock index futures is neutral [4] Core Viewpoints - External risks are rising, but the domestic trend remains optimistic. The Two Sessions in China set a positive tone for the year, with more proactive fiscal and moderately loose monetary policies. The government has also increased the deficit ratio and set clear targets for CPI, while expanding government credit. China's official manufacturing PMI in March showed improvement, but the year-on-year performance is still weak, and the industry is showing differentiation. The external tariff pressure from the US has increased the possibility of further domestic easing [2] - Trump's "reciprocal tariff" policy has led to a significant shock in the global financial market. China has quickly taken countermeasures. The US tariff policy will lead to a decrease in demand and an increase in inflation, which will ultimately harm the US economy itself and put the Fed in a policy dilemma of stagflation. After a short-term adjustment, anti-inflation assets such as commodities and gold can be over-allocated [2] - From the perspective of commodity investment, in the short term, we need to be vigilant against the emotional impact of the tariff event, especially for industrial products. In the long term, we should focus on the stagflation configuration. Currently, the certainty of gold is relatively high [3] - For investment strategies, in the short term, pay attention to the liquidity risk caused by the tariff event. After the market stabilizes, focus on the allocation opportunities of anti-inflation assets such as gold and commodities, as well as A-shares [4] Summary by Related Catalogs Market Analysis - The Two Sessions in China set a positive tone for the year, with a deficit ratio of 4% and a CPI target of 2%. The government has also set a special bond quota of 4.4 trillion, a local debt replacement quota of 2 trillion, and a special treasury bond of 1.8 trillion. China's official manufacturing PMI in March was 50.5, showing a month-on-month improvement but a year-on-year weakness [2] - On April 7, the US tariff policy led to a global financial market shock. A-shares opened lower, and the central Huijin Company carried out market stabilization operations. The Shanghai Composite Index fell 7.34%, the Shenzhen Component Index fell 9.66%, and the ChiNext Index fell 12.5%. The central bank has continuously increased its gold reserves for five months, and the Ministry of Commerce held a roundtable meeting for US-funded enterprises [2] - Trump signed an executive order on "reciprocal tariffs" on April 2, imposing a 10% "minimum benchmark tariff" on trading partners and higher tariffs on some. China has taken countermeasures, including imposing a 34% tariff on all US imports and controlling the export of medium and heavy rare earths. The US tariff policy will lead to stagflation and put the Fed in a policy dilemma [2] Commodity Analysis - For industrial products such as black and non-ferrous metals, be vigilant against the emotional impact of the US stock adjustment. For agricultural products, the probability of price upward fluctuations caused by tariffs is greater, and pay attention to the change in the soybean-palm oil price difference. In the energy sector, the crude oil price has declined, and the medium-term supply is expected to be relatively loose [3] - Currently, the certainty of gold is relatively high, as the de-dollarization and overseas stagflation narratives support the gold price [3] Strategy - The overall strategy for commodities and stock index futures is neutral. In the short term, pay attention to the liquidity risk caused by the tariff event. After the market stabilizes, focus on the allocation opportunities of anti-inflation assets such as gold and commodities, as well as A-shares [4] - Pay attention to three signals of market sentiment easing: the stop of the decline of US stocks and gold, the unexpected easing of central banks such as the Fed, and the progress of tariff negotiations [4] Important News - Affected by overseas tariffs, A-shares adjusted, with the Shanghai Composite Index falling 7.34% to 3096.58 points, the Shenzhen Component Index falling 9.66%, and the ChiNext Index falling 12.5% [2][6] - The central Huijin Company announced that it has increased its holdings of exchange-traded funds (ETFs) and will continue to do so to maintain the stability of the capital market [6] - China's gold reserves at the end of March were 73.7 million ounces, an increase from 73.61 million ounces at the end of February [6] - The Ministry of Commerce held a roundtable meeting for US-funded enterprises, strongly condemning the US tariff policy and emphasizing China's countermeasures to protect the legitimate rights and interests of enterprises and promote the US to return to the correct track of the multilateral trading system [6] - Central banks in Indonesia, South Korea, and Japan have taken measures to stabilize the market. The US Treasury yield curve has become steeper, and the market expects the Fed to cut interest rates significantly this year [6] - The Fed will hold a closed-door meeting on April 7 to review and determine the advance and discount rates charged by the Federal Reserve Banks [2][6] - The US dollar has depreciated against the Japanese yen and the Swiss franc [6]

Group 1 - Central Huijin expressed strong confidence in the development prospects of the Chinese capital market and announced plans to continue increasing holdings in exchange-traded funds (ETFs) to maintain market stability [1][2] - China Chengtong Group stated its commitment to significantly increase holdings in central state-owned enterprise stocks and technology innovation stocks, supporting high-quality development of listed companies [4] - China Guoxin announced an initial investment of 80 billion yuan through special refinancing to increase holdings in central enterprise stocks, technology innovation stocks, and ETFs, contributing to market stability [6] Group 2 - China Electronics Technology Group (CETC) completed a stock repurchase exceeding 2 billion yuan, reinforcing its commitment to the capital market and supporting the high-quality development of listed companies [8][11] - Contemporary Amperex Technology Co., Ltd. (CATL) plans to repurchase shares with a total amount between 4 billion and 8 billion yuan, with a maximum repurchase price set at 392.32 yuan per share [12][14]