“924”一周年资管变局：股债历经四阶段，权益投资偏好切换

Core Viewpoint - The announcement of significant financial policies by the central bank and regulatory authorities on September 24, 2023, marked a turning point for the A-share market, leading to a substantial market rally and increased trading volumes [1][2]. Market Performance - Prior to September 24, 2023, the Shanghai Composite Index decreased by 8.6%, while the Shenzhen Component Index fell by 17.12%. In contrast, after this date, the Shanghai Composite Index surged by 40.19%, and the Shenzhen Component Index increased by 65.23% [2]. - The trading volume for major indices doubled after September 24, with the Shanghai Composite Index's trading volume rising from 82.09 trillion yuan to 165.91 trillion yuan [4]. Wealth Management and Investment Trends - The financial policies have positively impacted wealth management companies, leading to increased interest in equity investment products, which previously had lower recognition compared to fixed-income products. As of June 2025, equity products accounted for only 0.23% of the total bank wealth management market [6]. - Following the policy announcement, there has been a notable increase in job postings for roles related to equity investment and multi-asset strategies within wealth management firms [6]. - Equity investment products have shown strong performance, with an average net value growth rate of 13.39% in the first eight months of the year, prompting wealth management companies to increase their focus on multi-asset and equity products [10]. Bond Market Dynamics - The bond market has experienced a bull market since 2024, with the one-year government bond yield dropping to a record low of 0.9307% in December 2024. However, fluctuations have been observed, necessitating close monitoring by fixed-income investors [7]. - The relationship between the stock and bond markets has evolved, with periods of both correlation and independence, indicating a departure from the traditional stock-bond "teeter-totter" effect [9]. Shifts in Investment Preferences - There has been a shift in investment preferences from dividend stocks to technology sectors post-September 24, reflecting changing market dynamics and investor sentiment [10][12]. - Despite increased allocations to high-risk financial assets, the risk appetite among new affluent individuals remains conservative, with a significant portion unwilling to accept losses exceeding 10% [12].