PAB(SZ:000001) Shang Hai Zheng Quan Bao·2025-09-07 18:30Core Viewpoint - The current market environment and the decline in asset yield levels have made wealth management products a core solution for investors seeking enhanced returns [1] Group 1: Investment Strategy - Ping An Wealth Management aims to pursue "absolute returns" and provide clients with a "better experience on top of stability" through a "platform + industrialization" investment management model [1][2] - The company emphasizes a steady approach to asset allocation, avoiding blind pursuit of market trends, and instead focusing on multi-asset and multi-strategy combinations to deliver sustainable long-term returns [1][3] Group 2: Market Landscape - As of June, there are 41,800 wealth management products in the market, with significant homogeneity in investment strategies and underlying assets, primarily concentrated in "fixed income +" strategies [1][2] - The majority of wealth management investors have a low-risk appetite, seeking returns slightly above deposit rates with lower volatility than equity markets [3][4] Group 3: Product Development - The "fixed income +" strategy remains the mainstream product, typically allocating 5% to 15% to equity assets, with dynamic rebalancing through quantitative strategies to prevent excessive risk exposure [4][5] - The company is exploring the development of R3-level products, which can help clients achieve wealth appreciation and risk diversification through multi-asset and multi-strategy configurations [5]