在新时代金融强国建设的背景下，公募基金作为普惠金融的重要载体，正日益成为投资者资产配置的核 心工具。在"公募基金行业高质量发展"成为时代命题的当下，公募基金行业正迎来前所未有的发展机遇 与转型挑战。中加基金积极把握行业趋势，以"忠您所托、信赖有加"为初心，围绕科技金融、绿色金 融、普惠金融、养老金融、数字金融"五篇大文章"，以客户需求为导向，着力打造涵盖固收、固收+、 权益、FOF、货币等多元业务的拳头产品体系，形成了层次丰富、功能完善的产品矩阵。通过持续优化 资产配置策略和风险管理机制，中加基金致力于为广大投资者提供更加专业、稳健、高效的财富管理服 务，展现出责任担当与高质量发展同频共振的企业形象。 一、立足"五篇大文章"，精准布局产品线 中加基金深刻理解金融服务实体经济、促进共同富裕的核心使命，将产品体系建设与国家战略、市场趋 势、客户需求紧密结合。中加基金产品体系包含四大基础产品类型：现金管理类产品，货币基金和同业 存单指数基金，以高流动性和低风险特性满足短期资金管理需求；固收产品，中短债、中长债等纯债基 金通过利率债和信用债搭配、灵活调整久期和杠杆等多元策略，为追求稳定收益的投资者提供优质选 择；固收 ...

"今日买入，明日起息""节前出手早，玩 '赚'假期不打烊""节前巧布局，假期更无忧"……距离"十一"长 假仅剩两天，贝壳财经记者发现，多家银行理财公司发布了"节前理财攻略"，吸引投资者在节前将资金 购入理财产品，以确保在8天的长假期间财富"不打烊"。 贝壳财经记者了解到，大部分理财公司发布的攻略中，主要包括了现金管理类产品和日开产品，部分 T+1的产品需要于9月29日收盘前购入，可在9月30日确认并在8天小长假中赢得收益。另有部分日开产 品最晚可于9月30日购入，亦可在假期享受收益。 有业内人士指出，节假日是银行理财传统的营销时节，今年又恰逢银行存款"搬家"热兴起，越来越多的 银行存款转移至银行理财、基金股票等领域。因此，今年银行理财公司更需加大力度来吸引更多资金和 投资者，以抢占市场。 十一专项理财产品普遍风险低、流动性较好 临近十一长假，工银理财、交银理财、平安理财、招银理财、民生理财、徽银理财等多家银行理财公司 发布了十一假期前的理财"攻略"。 据贝壳财经记者不完全统计，招银理财、民生理财、平安理财等多家银行理财公司均在今日开设了夜市 专场，在24:00之前购买指定的理财产品，均可在国庆假期计息。 如招 ...

Group 1 - The article highlights the increasing marketing activities by banks and their wealth management subsidiaries around "holiday financial products" as the Mid-Autumn Festival and National Day approach [1][3] - Various banks and wealth management companies are promoting holiday investment plans through WeChat public platforms, encouraging investors to plan and complete their investments before the holiday [1][3] - The recommended products primarily feature low-risk and stable styles, including open-ended, closed-end, cash management, and products with holding period requirements [1][3] Group 2 - ICBC Wealth Management released a "pre-holiday investment guide" on September 25, recommending six cash management and open-ended products, along with two newly issued fixed-income closed-end products [3] - Zhaoshang Bank Wealth Management announced on September 24 that investors could pre-arrange cash and short-term debt investments for the dual holiday, with specific deadlines for maximizing holiday returns [3] - Other institutions like Ping An Wealth Management, Minsheng Wealth Management, Hangzhou Bank Wealth Management, and Jiangsu Bank have also launched related financial products [3]

Group 1 - Local small and medium-sized banks are continuously lowering deposit interest rates, with some banks announcing reductions of up to 35 basis points [1][2] - The recent trend of lowering deposit rates is a response to the pressure on net interest margins and follows similar actions taken by larger national banks earlier this year [2][3] - Retail deposit outflows have been significant, prompting banks to focus on wealth management strategies to mitigate the negative impact of declining deposits [1][4] Group 2 - The downward pressure on deposit rates is expected to continue, and banks need to diversify their products and services to enhance competitiveness [3] - Retail deposit growth has slowed for several banks, indicating increased pressure on retail liabilities [5][6] - Specific banks, such as China Merchants Bank and Ping An Bank, have reported significant declines in retail deposit growth compared to the previous year [6][7] Group 3 - In response to declining retail deposits, banks are expanding their wealth management offerings, with a focus on cash management and investment products [8] - The recent bull market in capital markets has led to increased sales of equity funds and other investment products by banks [8] - The "fixed income plus" products are seen as a new avenue for banks to attract deposits in a low-interest-rate environment [8]

Core Viewpoint - Since September, local small and medium-sized banks have been continuously lowering deposit interest rates to alleviate net interest margin pressure and follow the trend set by larger banks [1][4]. Summary by Sections Deposit Rate Adjustments - On September 25, several banks in Henan, including Luoyang Rural Commercial Bank, announced reductions in RMB deposit rates, with the highest cut reaching 35 basis points [2][4]. - The new rates for fixed-term deposits at Luoyang Rural Commercial Bank are now 0.75% for three months, 1.00% for six months, 1.30% for one year, and 1.35% for two years, reflecting a decrease of 15 basis points for the shorter terms and 35 basis points for the longer terms [4]. Retail Deposit Trends - There has been a noticeable outflow of retail deposits, with many customers opting for wealth management products that offer better returns compared to traditional deposits [2][6]. - Retail deposit growth has significantly slowed for several banks, with major banks like China Merchants Bank and Ping An Bank experiencing declines in growth rates compared to the previous year [8][9]. Wealth Management Strategies - In response to the decline in retail deposits, banks are focusing on expanding their wealth management services, with a notable increase in the sales of public fund products [10]. - The shift towards cash management products is driven by their relatively low risk and better returns compared to traditional fixed-term deposits [10]. Market Dynamics - The current low deposit rates have led many depositors to transfer their funds into various asset management products, indicating a shift in investment behavior among customers [7][10]. - The trend of "deposit migration" is becoming a significant factor for banks, with large state-owned banks emerging as key players in absorbing these funds [10].

Core Viewpoint - Since September, local small and medium-sized banks have been continuously lowering deposit interest rates to alleviate net interest margin pressure and follow the lead of larger banks [1][3]. Group 1: Deposit Rate Adjustments - On September 25, several banks in Henan, including Luoyang Rural Commercial Bank, announced reductions in RMB deposit rates, with the highest cut reaching 35 basis points [2][3]. - The new rates for fixed-term deposits at Luoyang Rural Commercial Bank are now 0.75% for three months, 1.00% for six months, 1.30% for one year, and 1.35% for two years, reflecting a reduction of 15 basis points [3]. - Other banks, such as Jieyang Rural Commercial Bank and Shanghai Huarui Bank, have also lowered rates across various deposit products, indicating a broader trend among local banks to adjust rates following national banks [3]. Group 2: Retail Deposit Trends - There is a noticeable outflow of retail deposits as customers shift to investment products with higher returns, such as cash management and fixed-income bank wealth management products, which offer annual yields of 2% to 3% [2][5]. - Retail deposit growth has significantly slowed, with banks facing challenges in attracting new customers and retaining existing deposits [5][6]. - Data shows that major banks like China Merchants Bank and Ping An Bank experienced a decline in retail deposit growth rates in the first half of 2025 compared to the same period in 2024, with decreases of 3.43 and 3.73 percentage points, respectively [8]. Group 3: Wealth Management Strategies - In response to declining retail deposits, banks are focusing on expanding their wealth management services, leveraging the recent bullish trends in capital markets [9][10]. - Wealth management products, particularly those linked to equity funds, are becoming key revenue drivers for banks as they seek to retain customer assets [9]. - The "fixed income plus" product category is seen as a new pathway for banks to attract deposits in a low-interest-rate environment, highlighting the need for diversified investment options [10].

Core Viewpoint - The bond market has experienced a correction, with product net values showing differentiation, particularly favoring rights-inclusive fixed income products over traditional bond funds [2][3][11]. Summary by Sections Fixed Income Product Returns Review - In the past month, the bond market corrected while the stock market rose. The performance of products showed differentiation, with rights-inclusive fixed income products yielding 0.54% (down from 0.84%), high-grade interbank certificates of deposit yielding 0.13% (down from 0.14%), and cash management products yielding 0.10% (unchanged). Short-term bond funds yielded 0.05% (up from 0.03%), while medium to long-term bond funds yielded -0.07% (improved from -0.25%) [3][9][10]. Bond Market Review - The bond market saw a correction with overall sentiment remaining weak. Short-term bonds outperformed long-term bonds, and the yield curve continued to steepen. Key factors influencing the bond market included a gradual increase in market risk appetite, new regulations on public fund fees, and a weak economic backdrop [11][12][19]. Industry Events Tracking - On September 5, the China Securities Regulatory Commission solicited public opinions on the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations (Draft for Comments)," which aims to lower costs for investors and promote long-term investment [35]. Outlook - **Short-term (1 month)**: The interbank certificate of deposit rates are expected to remain stable, with continued pressure for corrections in the market. Long-term bonds are anticipated to underperform compared to short-term bonds [11]. - **Medium-term (3-6 months)**: Economic recovery and inflation trends are under observation, with the potential for a slight rise in interest rates. If the central bank initiates a new round of interest rate cuts, it may alleviate correction pressures in the bond market [11][30]. Fixed Income Product Strategy - Investors are advised to prioritize short to medium-term products, with caution advised for long-term investments. The strategy includes maintaining cash positions and considering stable low-volatility financial products, short-term bond funds, or wealth management products [36][39]. Equity Market Overview - The A-share market has shown upward momentum, with the Shanghai Composite Index rising 4.0%, the CSI 300 Index up 7.8%, and the ChiNext Index increasing by 21% over the past month [28]. Asset Class Trends - The bond market is expected to face increased volatility, with a potential top in interest rate increases. The supply of government bonds is projected to decrease, while demand remains supported, leading to a neutral impact on the bond market [30][31]. Investment Recommendations - For conservative investors, maintaining pure bond products is recommended, with a cautious approach to extending duration. For those with higher risk tolerance, mid to long-term bond funds may be considered as interest rates rise above 1.8% [39][40]. Conclusion - The bond market is currently experiencing a phase of correction, with varying performance across different products. Investors are encouraged to adopt a strategic approach based on their risk tolerance and market conditions [36][39].

Core Viewpoint - The introduction of rights-containing products by banks is driven by the need to address the challenges posed by declining market interest rates and the pressure to increase revenue from wealth management product distribution [1][3][11]. Group 1: Market Trends - The bank wealth management market is experiencing a shift towards rights-containing products, with a significant increase in the proportion of equity investments [2][5]. - In August, the total scale of wealth management products in the market remained stable at 31.2 trillion yuan, indicating that funds are circulating internally rather than shrinking [2][3]. Group 2: Investment Preferences - High-net-worth investors are actively reallocating their investments from pure fixed-income products to rights-containing products with an equity investment ratio of at least 30% [6][8]. - The preference for rights-containing products with an equity investment ratio between 20% and 45% has led to substantial net inflows of wealth management funds [3][6]. Group 3: Product Development Challenges - The rapid growth of rights-containing products has created challenges in maintaining yield, as larger fund sizes can dilute returns [11][12]. - Banks are facing pressure to design and develop rights-containing products that meet new investor demands, particularly for flexible, daily-open products [12]. Group 4: Performance Metrics - Rights-containing products linked to dividend strategies and index strategies have achieved annualized returns exceeding 10%, with maximum drawdowns below 2.5%, aligning with investor risk preferences [9][11]. - The introduction of performance management metrics, such as the ratio of annualized absolute return to maximum drawdown, is being considered to balance high return targets with low investment risk [12].

1. 投向领域扩围，多地专项债券注入政府投资基金。 截至目前，全国已有27个省份（含兵团）披露了9月份地方债发行计划，拟发行规模约7771亿 元，其中新增专项债计划发行规模4601亿元。值得注意的是，多地拟将专项债投向领域扩大至政府投资基金。业内人士表示，这是财政资金的一次创新尝 试，将专项债投向扩大至政府投资基金或有助于提高专项债资金使用效率，同时拓宽政府投资基金的资金来源，更好助力地方产业升级。 2. 公募机构大力布局增强指数型基金。 在近年被动产品大发展的背景下，"进可攻退可守"的增强指数型基金得到了公募机构的青睐，众多基金公司今 年以来加大了对该类产品的布局力度。数据显示，今年以来新发行的增强指数型基金数量已破百，超过2024年和2023年的全年新发数量。在业绩方面，部 分增强指数型基金取得了良好的超额收益，人气激增。 5. 第二批科创债ETF正式获批 "花落"14家基金公司。 第二批科创债ETF正式获批，"花落"14家基金公司。从具体跟踪指数看，10只科创债ETF将跟 踪中证AAA科技创新公司债指数，3只跟踪上证AAA科技创新公司债指数，1只跟踪深证AAA科技创新公司债指数。多位业内人士表示，科创债 ...

Core Insights - The banking wealth management market is experiencing a shift towards equity-linked products, with a notable increase in the proportion of equity investments in these products [1][2][3] - The trend of reallocating funds from pure fixed-income products to equity-linked products is driven by the need to adapt to declining market interest rates and the challenges faced in selling traditional fixed-income products [2][8] - High-net-worth investors are actively adjusting their investment strategies, favoring equity-linked products with a central equity investment ratio of at least 30% [4][5] Group 1: Market Trends - The total scale of wealth management products in August reached 31.2 trillion yuan, remaining stable compared to the previous month, indicating a trend of internal circulation of funds [1] - There is a significant net inflow of funds into equity-linked products with an equity investment ratio between 20% and 45% [2] - The issuance of mixed products by banking wealth management subsidiaries has increased, with 45 new products launched in July, surpassing the average monthly issuance in the first half of the year [7] Group 2: Investor Behavior - Investors are increasingly choosing to invest in equity-linked products rather than directly entering the stock market, reflecting a cautious approach due to past experiences with stock market volatility [3][4] - High-net-worth investors are particularly active in reallocating their funds, moving from pure fixed-income products to more balanced equity-linked products [4][5] - Many investors prefer flexible, daily-open equity-linked products over fixed-term or long-locked products, seeking liquidity amid market fluctuations [9] Group 3: Product Development Challenges - Wealth management subsidiaries face challenges in designing suitable equity-linked products that meet new investor demands, particularly regarding liquidity and risk management [9] - The rapid growth in the scale of R3-rated equity-linked products poses risks of yield dilution and position reduction, prompting companies to diversify investment strategies [8][9] - Companies are exploring customized wealth management services to cater to high-net-worth investors' specific needs, aiming to alleviate pressure from increasing fund scales [8]