当含“权”产品成为进击低利率的“长矛”

Group 1 - The core viewpoint is that in a persistently low interest rate environment, there is a shift in asset allocation towards "equity-related" products as traditional low-risk assets yield diminishing returns [1][2] - Low-risk asset returns have significantly declined, with money market funds nearing an annualized yield of 1%, and most bank wealth management products yielding around 2% [1] - The rise of "equity-related" products is evident, with secondary bond funds and "fixed income plus" funds gaining popularity, as seen in the rapid fundraising success of various bond funds [1][2] Group 2 - The shift towards "fixed income plus" funds is driven by the long-term low-risk yield environment, which raises concerns about "asset scarcity" and pushes funds towards higher-yielding options [2] - Regulatory changes have dismantled the expectation of guaranteed returns from bank wealth management products, leading to increased volatility and a clearer risk-return profile for public funds [2] - The reforms in the capital market over recent years have enhanced the attractiveness of equity assets, fostering long-term investor confidence [2] Group 3 - Strategic allocation to equity assets is essential for preserving real purchasing power, rather than merely chasing short-term trends [3] - Investors are advised to consider their risk tolerance and investment horizon when incorporating equity assets, potentially through methods like index fund dollar-cost averaging or selecting high-quality actively managed funds [3]