银行优先股、可转债接连赎回，“固收+”还能加什么？

Core Viewpoint - The banking sector is facing a "redemption" wave, including preferred shares and convertible bonds, exacerbating the ongoing "asset shortage" in wealth management products, leading to challenges in asset allocation for investors [1][2][3]. Group 1: Wealth Management Products - As of May 23, the total scale of wealth management products reached 31.32 billion, with fixed income and cash management products accounting for 75.03% and 22.65% respectively [1]. - The decline in overall interest rates has intensified the "high-yield asset shortage," making non-risky assets with yields above 2.5% increasingly scarce [1]. - Investors still view wealth management as a "deposit alternative," seeking yields above deposit rates while demanding high safety for product returns [1]. Group 2: Preferred Shares - On May 24, Industrial Bank announced plans to redeem a total of 56 billion in preferred shares, which adds to the pressure on the already limited supply of preferred shares [2]. - The total issuance of bank preferred shares peaked at 837.1 billion in January 2020, but no new issuances have occurred since, leading to a reduction in available options [4]. - The redemption of preferred shares has raised concerns among equity investors, as these shares were previously favored for their high yields and low volatility [3][4]. Group 3: Convertible Bonds - Convertible bonds are becoming an important source for enhancing fixed income investment returns, with banks showing significant interest in this asset class [5]. - The market for convertible bonds has seen increased volatility, with a shift towards higher valuations, necessitating improved active management capabilities [6]. - The redemption of convertible bonds is linked to rising bank stock prices, with the banking sector index increasing over 63.66% since early 2024 [7]. Group 4: Investment Opportunities - In response to the increased redemption of preferred shares, banks are beginning to explore investment opportunities in perpetual bonds, which have seen a slight increase in trading volume [8]. - Other potential investment avenues include public REITs, gold, equity ETFs, and private placements, which are gaining traction due to their favorable characteristics and historical performance [9].