理财公司增配权益资产“固收+”加出收益新弹性

Core Viewpoint - The A-share market has been active in the second half of the year, with major indices rising and market confidence improving, leading to increased inflow of incremental funds into equity markets as a hedge against low interest rates [1][2]. Group 1: Market Activity and Trends - The issuance of equity and mixed financial products has significantly increased, with a notable rise in "fixed income +" strategies that combine equity assets and derivatives to enhance returns [1][4]. - As of mid-2023, the total investment in equity assets by 32 financial companies exceeded 600 billion yuan, with expectations for further growth [4][5]. - The demand for equity-linked financial products has surged, with companies like China Merchants Bank Wealth Management seeing their "All + Fortune" multi-strategy product series surpass 300 billion yuan in scale by September 25 [2][4]. Group 2: Investment Strategies - Financial companies are increasingly using direct investments and various equity-linked strategies, including ETFs, to support capital market development [2][6]. - The trend of increasing equity allocation is supported by a growing acceptance among clients of products with net value fluctuations, indicating a shift towards more mature investment behavior [3][4]. - The issuance of mixed and "fixed income +" products has risen significantly since August, with projections suggesting over 100 billion yuan in additional equity market allocations by the end of 2026 [4][6]. Group 3: Research and Development - Financial companies are enhancing their research capabilities, with 26 companies conducting nearly 1,800 company surveys to identify high-quality investment targets [5][6]. - The relationship between the expansion of equity-linked products and increased company research activity is evident, as the demand for quality investment opportunities grows [5][6]. - There is a push for financial companies to build internal investment teams and improve direct investment capabilities, moving away from reliance on external managers [6][7].