银行理财“打新”收益透视，未来如何布局？

Core Viewpoint - The active participation of bank wealth management companies in the new stock market is highlighted, with notable allocations and performance of their products, indicating a shift towards equity investments due to declining bond yields [1][6][8]. Group 1: Performance of Wealth Management Products - Two wealth management companies, Ningyin Wealth and Xingyin Wealth, successfully allocated 10 products in the recent new stock issuance, marking their second participation in such allocations [1]. - The stock of Moer Thread, in which these products participated, saw a strong performance with a cumulative increase of over 700% in five trading days post-listing [1]. - Short-term fluctuations in net values of some products were observed, but long-term performance remains strong, with annualized returns for certain products reaching between 14% and 24% [2][3]. Group 2: Fund Inflows and Investment Strategies - Significant inflows into long-term products were noted, with the "Xingyin Wealth Alpha Day Open 1" product seeing an increase of nearly 1 billion units in the third quarter [3]. - The investment strategy for this product involved increasing positions in technology and undervalued new energy sectors, achieving good absolute returns [3]. - Other products from Ningyin Wealth also experienced substantial increases in their share volumes during the same period [5]. Group 3: Shift Towards Equity Investments - The fourth quarter saw a notable increase in the issuance of equity products, with a reported increase of 1.2 billion yuan in November [6]. - Wealth management companies are shifting focus to equity assets as bond yields decline, with a consensus that the next step involves increasing equity allocations to develop multi-asset products [6][8]. - Regulatory frameworks are facilitating this shift, allowing bank wealth management to participate in new stock subscriptions on par with public funds [7]. Group 4: Future Projections for Wealth Management Funds - The total scale of wealth management funds is projected to reach 34 trillion yuan by the end of November 2025, with a significant increase expected [9]. - The entry of wealth management funds into the market is expected to be characterized by a gradual and diversified approach, primarily through "fixed income+" and "multi-asset" strategies [9]. - This approach is anticipated to provide a stable and continuous inflow channel, with annual incremental funds estimated between 150 billion to 250 billion yuan [9].