广银理财张长彬：围绕“固收+”框架，将权益投资作为收益增厚工具

Core Viewpoint - The discussion at the strategy meeting highlighted the investment opportunities in the bank wealth management market amidst high volatility, emphasizing the importance of equity investments as a tool for enhancing returns within a "fixed income plus" framework rather than solely focusing on equity products [1][3]. Group 1: Investment Strategies - The equity investment scale of wealth management companies is projected to reach approximately 830 billion yuan by the end of 2024, with an equity asset investment ratio of about 2.58%, indicating a low level of engagement [3]. - The proportion of R1 and R2 risk-rated products has increased from 88.7% in 2022 to 95.7% by the end of 2024, reflecting a continued low risk appetite among wealth management clients [3]. - Zhang Changbin proposed three strategies to enhance equity investment: product positioning, investment vehicles, and capability building [3][5]. Group 2: Product Positioning - Wealth management should focus on absolute return-enhanced fixed income products and low-mix products as the primary means for expanding the scale of equity-inclusive wealth management products [4]. - The development of products should include clearer risk-return characteristics to help investors understand the nature of the products [4][6]. Group 3: Investment Vehicles - Passive investment is seen as a crucial breakthrough for wealth management funds entering the market, with the public ETF market exceeding 4 trillion yuan, providing a comprehensive asset coverage [4][5]. - Other flexible investment vehicles include private placements, new stock funds, and REITs, which can offer stable dividends and inflation protection [4][5]. Group 4: Capability Building - The investment research teams in wealth management companies are generally weak, and enhancing research capabilities is essential for effective equity investment [5]. - Companies should focus on building a layered research framework and strengthen external collaborations with public funds and financial technology firms [5]. Group 5: Multi-Asset Multi-Strategy Products - Multi-asset multi-strategy products aim for diversified income sources by leveraging low or negative correlations between assets to control volatility [6]. - Recommendations include reflecting the weight of various assets in performance benchmarks and clearly communicating multi-asset strategies to clients [8]. Group 6: Market Conditions and Recommendations - The current global financial market is characterized by high volatility and uncertainty, necessitating a cautious approach to asset allocation [9]. - For investors with low risk tolerance, it is advisable to choose short-term cash management products during uncertain periods before reallocating to higher-risk assets when trends become clearer [9].