世纪证券研究所 冯乐宁 首先，券商是以权益资产为主的机构，更适合扮演跨境资产配置的买方投顾角色。尤其在制度优化后， 可投产品种类增多，出现了更多股票型、混合型等公募基金，客户结构中高净值和主动资产配置型投资 者比重上升，他们关心的不再是单一产品的短期收益，而是境内外资产的整体搭配及家庭资产的长期稳 健增值。券商在权益、固收、量化及投研方面拥有深厚积累，能够围绕客户目标及风险承受能力，提供 多元化、组合化的资产配置。 摘要： 作为推动大湾区金融互联互通的重要举措，跨境理财通自优化升级为2.0版后，试点券商有望从传统产 品通道，逐步向跨境财富管理平台升级。然而，当前业务发展仍面临多重挑战：市场对跨境理财通的整 体认知依然有限，南北向资金需求结构不均衡，合规要求严格制约客户触达，投资者教育不足也限制了 机构拓展空间。尽管香港证监会最新公布的2.0 Pro版缓解了在沟通机制方面的长期问题，但要实现规模 化发展，未来跨境理财通3.0版仍需两地监管在资产配置能力建设、披露标准化、跨境投顾互认和产品 丰富度等方面推动更多实质性突破。本文基于券商视角，系统梳理并重点分析了在跨境理财通业务中券 商所具备的竞争优势与面临的发展瓶 ...

Core Viewpoint - The A-share market is experiencing a surge in leveraged funds, with financing balances reaching a new high, indicating increased investor optimism and risk appetite [1][3][4]. Group 1: Market Activity - As of July 29, the financing balance of A-shares reached 1.97 trillion yuan, marking the highest level since July 3, 2015 [1][3]. - The proportion of daily financing purchases to total A-share trading volume has exceeded 10% for seven consecutive trading days, signaling a significant increase in market risk appetite [4][6]. - The trading volume in the A-share market has been consistently high, with average daily turnover maintaining above 3%, reflecting an active trading environment [6][8]. Group 2: Institutional and Retail Investor Behavior - Institutional funds are showing positive signals, with a notable increase in the issuance of equity public funds since June, particularly in mixed public funds [5][6]. - The reduction in the scale of share reductions by industrial capital has decreased by approximately 40% compared to the previous month, alleviating market pressure [5][6]. - Retail investor activity is also on the rise, as indicated by the sustained high proportion of financing purchases, which reflects a strong internal consensus among individual investors [4][6]. Group 3: Future Market Outlook - Analysts suggest that the core index may challenge its yearly high, although the process may face challenges due to policy implementation speed and external environment changes [2][8]. - The market is expected to maintain a long-term upward trend, driven by factors such as lower risk-free interest rates and improved economic structure [8][9]. - The ongoing policies aimed at stabilizing growth and expanding domestic demand are likely to support the market, with a greater probability of macroeconomic data stabilizing in the second half of the year [9].

Core Insights - The report indicates a decline in the average annualized yield of selected bank wealth management products, with a one-year investment yield of 0.92% and a six-month investment yield of 0.59% over the past three months [1][2] - The comprehensive yield index for low-risk six-month investment cycle products increased slightly, while the one-year investment cycle products also saw a minor rise, indicating a slowdown in growth [2] - The weighted average yield of collective trust products decreased, with short-term and long-term products showing declines as well [2][3] Banking Wealth Management Market - The average annualized yield of selected cash management products was 1.42%, down 4 basis points from June 1, 2025, and down 185 basis points from the baseline period of April 4, 2021 [1] - The yield for low-risk six-month investment cycle products was 0.59%, up 1 basis point month-on-month, but down 21 basis points over the past six months [1] Trust Market - The weighted average yield of collective trust products fell by 11 basis points to 5.40%, with short-term products at 5.06% (down 9 basis points) and long-term products at 5.55% (down 13 basis points) [2] Public Fund Market - The average seven-day annualized yield of money market funds was 1.33%, down 2 basis points month-on-month and down 115 basis points from the peak in December 2020 [2] - Bond funds increased by 1.13%, mixed funds by 3.64%, and stock funds by 3.14% over the past six months [2] Private Fund Market - The composite strategy private funds saw a six-month increase of 4.69%, while stock strategy private funds increased by 4.17% over the same period [3]

Group 1 - The core viewpoint of the report indicates that the average annualized yield of selected cash management products in the national bank wealth management market has increased to 1.55% as of April 27, 2025, compared to a decrease of 172 basis points from the baseline period [1] - The comprehensive yield index for medium and low-risk six-month investment cycle products in the national bank wealth management market reached 115.45 points in April, reflecting a month-on-month increase of 0.21% and a growth of 15.45% from the baseline period [2] - The weighted average yield of collective trust products in the trust market decreased by 6 basis points to 5.61% in April, with short-term products dropping to 5.27% and long-term products to 5.78% [2] Group 2 - The average seven-day annualized yield of money market funds was 1.41% in April, down 3 basis points from the previous month and 107 basis points from the peak in December 2020 [2] - The bond fund yield index fell to 76.89 points in April, a decrease of 2.65 points from the previous month and a decline of 23.11 points from the December 2020 baseline [3] - The composite strategy private equity fund saw a six-month increase of 0.53%, while the stock strategy private equity fund had a six-month increase of 0.22% [3]