“9·24”一周年资管变局：股债历经四阶段 权益投资偏好切换

Group 1 - The announcement of significant financial policies by the central bank and regulatory bodies on September 24, 2023, marked a turning point for the A-share market, leading to substantial market gains in the following year [1] - The Shanghai Composite Index increased by 40.19%, while the Shenzhen Component Index rose by 65.23% in the year following the announcement, contrasting with declines in the previous year [1] - Trading volumes for major indices doubled after September 24, 2023, with the Shanghai Composite's trading volume reaching 165.91 trillion yuan [1] Group 2 - The low risk appetite among clients has historically limited the acceptance of equity-based financial products compared to fixed-income products, with equity products only accounting for approximately 0.23% of the total bank wealth management market as of June 2025 [2] - Following the September 24 announcement, there has been a notable increase in the hiring of positions related to equity investment and multi-asset strategies within wealth management firms [2] - The performance of equity-based financial products has improved significantly, with an average net value growth rate of 13.39% in the first eight months of the year [6] Group 3 - The bond market has experienced a bull market since 2024, with the 1-year government bond yield dropping to a record low of 0.9307% in December 2024 [3] - The bond market has shown different volatility patterns compared to the stock market, with periods of both correlation and independence in their movements [4][5] - The investment preference has shifted from dividend stocks to technology sectors, reflecting changing market dynamics [6][7] Group 4 - Despite increased interest in equity investments, clients maintain a low risk tolerance, with a significant portion of new affluent individuals unwilling to accept losses exceeding 10% [8] - The asset allocation of new affluent individuals has shifted, with a decrease in cash and fixed deposits and an increase in fund investments, indicating a growing interest in higher-risk financial assets [8]