理财公司增配权益资产 “固收+”加出收益新弹性

Core Insights - The A-share market has been active in the second half of the year, with major indices rising and market confidence improving, leading to an influx of incremental capital [1] - Wealth management companies are increasingly allocating funds to equity markets as a strategy to counteract the pressure on fixed-income asset returns in a low-interest-rate environment [1][5] - The issuance of equity and mixed-asset wealth management products has significantly increased, with a notable rise in "fixed income +" strategies that combine fixed-income products with equity assets [1][5] Product Development - Wealth management companies have accelerated their equity allocations, with 32 companies reporting a total investment in equity assets exceeding 600 billion yuan by mid-year [1][5] - The popularity of "fixed income +" products has surged, with many companies actively participating in capital markets and increasing direct investment efforts [1][5] - The issuance of equity wealth management products has risen sharply, with 13 new products launched this year compared to only 2 last year, indicating a shift towards passive index-tracking products [2][5] Market Trends - There is a growing willingness among clients to invest in products with net value fluctuations, reflecting a maturation in investment behavior [4] - The demand for equity investments is being driven by existing clients who are becoming more accepting of market volatility [4] - Wealth management companies are increasingly engaging in research on listed companies, with 26 companies conducting nearly 1,800 company investigations this year [5][6] Direct Investment Capability - Wealth management companies are still heavily reliant on selecting external managers for equity investments, with internal direct investment remaining limited [7] - However, there is a notable increase in direct investment activities, with companies becoming more proactive in participating in secondary market transactions [7][8] - The enhancement of investment research capabilities is expected to lead to a gradual increase in the proportion of direct investments in equity markets [7][8]