宁银理财姚爽：含权理财的绝对回报之道

Core Insights - The article highlights the increasing popularity of wealth management products with equity investments, particularly those with a 20%-45% allocation to equity assets, as the stock market reaches new highs [1][2] - The investment philosophy of the equity investment manager at Ningyin Wealth Management emphasizes three principles: focusing on win rates, balanced diversification, and left-side trading [1][2][3] - The performance of various wealth management products managed by the company has been strong, with notable annualized returns, such as 8.5% for a mixed fund since its inception and 10.6% for a Hong Kong stock strategy product [1][2] Investment Strategy - The investment range for wealth management products is broader than that of public funds, allowing for more diverse asset allocation and risk management strategies [2] - The absolute return assessment model used by wealth management firms helps managers focus on the quality of listed companies and balanced asset allocation rather than short-term market trends [2][3] - The "left-side trading" principle is crucial in investment decisions, where the manager evaluates the growth prospects of equity assets before making buy or sell decisions [3] Market Trends - The article notes a shift in the dividend strategy landscape, with a focus on three categories: stable dividend stocks, cyclical dividend stocks, and individual stock exploration [4][5] - The stable dividend stocks provide consistent returns but may see a decline in yield as prices rise, while cyclical stocks are expected to benefit from economic recovery and increased cash flow [4] - The new policy allowing wealth management products to participate directly in IPOs and private placements is seen as a significant advantage, enhancing potential returns [6] Performance Metrics - The performance of the wealth management products has been commendable, with specific products achieving annualized returns of 6.8% since their inception [5] - The focus on maintaining a favorable ratio of annualized absolute return to maximum drawdown is emphasized as a key metric for attracting investors [3][5] - The company is committed to continuously optimizing asset allocation strategies based on market conditions to ensure sustained, robust returns for investors [3][6]