公募配置型产品“搭桥”铺就中长期资金入市新路径

Core Insights - The shift in resident wealth management from preservation to appreciation is being facilitated by public "fixed income +" and FOF products, acting as a bridge for stable market entry [1][4] - The trend of funds flowing from bank deposits to public funds is expected to continue, driven by declining deposit rates and improving capital market performance [2][3] Group 1: Market Trends - In August, new deposits from residents increased by 110 billion, a decrease of 600 billion compared to the same period last year, while non-bank financial institutions saw an increase of 1.18 trillion, up by 550 billion year-on-year [2] - The average return for public "fixed income +" products and FOF products over the past year was 9.55% and 36.24% respectively, indicating strong performance [3] Group 2: Product Development - Recent adjustments in bond fund registrations have led to the introduction of secondary bond funds with a minimum equity position of 5%, indicating a trend towards higher equity allocations [3] - The number of new "fixed income +" products launched this year exceeded 300, with many products having initial scales over 2 billion, while 44 new FOF products were issued, surpassing last year's total [3] Group 3: Investment Strategy - The "fixed income +" funds are expected to play a crucial role in balancing returns and volatility, catering to a broad spectrum of risk-averse investors [4][5] - The increasing popularity of "fixed income +" products is prompting fund companies to adjust their strategies, including the application of quantitative management in equity investments to enhance volatility management [5]