理财加码“含权”，新尝试与新挑战

Core Viewpoint - The banking wealth management market is experiencing a shift towards the issuance of rights-containing products in response to low interest rates and an "asset shortage" environment, with a focus on balancing returns and risks [1][2]. Group 1: Market Trends - Since mid-November, the issuance of rights-containing products has increased, with 13 new equity products launched between November 17 and 18, including 12 index-type products from Huaxia Wealth Management [2]. - Currently, there are 63 existing equity wealth management products in the banking sector, reflecting a trend of increasing equity asset allocation to enhance product appeal and yield flexibility [2]. - The issuance of mixed and "fixed income +" products has increased by over 50% year-on-year since August, with expectations of raising performance benchmarks by 30-50 basis points to meet investor yield demands [2]. Group 2: Performance and Risks - The pursuit of yield flexibility has led to increased volatility risks, with recent market fluctuations causing rights-containing products to experience significant drawdowns, with a weekly withdrawal exceeding 25 basis points [3]. - For example, one equity product from a certain bank saw a monthly decline of 0.43% and an annualized return of -5.08% [3][4]. Group 3: Regulatory and Policy Framework - The rise in rights-containing product issuance is supported by regulatory frameworks, such as the "Implementation Plan for Promoting Long-term Funds into the Market," which allows wealth management funds to participate in new stock subscriptions on par with public funds [5]. - This policy has led to active participation from several wealth management companies in offline new stock subscriptions, with notable allocations in high-profile IPOs [5]. Group 4: Caution and Future Outlook - Despite the potential for increased returns through new stock subscriptions, many wealth management companies remain cautious due to associated risks and the need for specialized capabilities in stock analysis and pricing [7]. - The overall allocation of equity assets in wealth management remains low, with only 2.1% of total wealth management assets allocated to equity as of the end of Q3 [8]. - Future growth in equity allocations is expected to be driven by yield requirements, with a gradual increase in equity exposure anticipated if market conditions stabilize [9].