打通入市堵点！监管问计理财公司 聚焦A股投资障碍与政策期待

Core Viewpoint - The regulatory authorities are actively seeking to facilitate the entry of medium- and long-term funds into the market, as highlighted in the "14th Five-Year Plan" which emphasizes the need for a coordinated capital market function [1][3]. Group 1: Regulatory Actions and Industry Feedback - Regulatory bodies have conducted surveys with wealth management companies to identify barriers to increasing bank wealth management investments in A-shares and to gather expectations for future policies [1][3]. - The focus of the surveys includes evaluating the effectiveness of existing policies and learning from mature overseas markets [2][3]. Group 2: Current Market Conditions - As of the end of Q3 2025, the total scale of wealth management products in the market is 32.13 trillion yuan, with mixed products accounting for only 2.58% and equity products at a mere 0.22% [3][4]. - The asset allocation of wealth management products is predominantly in fixed income, with equity assets only making up 2.1% of total investments [3][4]. Group 3: Challenges in Wealth Management - The limited investment in equity assets is attributed to constraints on the liability side of bank wealth management, low client risk appetite, and the need for improved investment research capabilities [4][7]. - The market is characterized by a "low volatility" orientation, which slows the pace of increasing equity asset allocations [4][7]. Group 4: Innovations in Investment Strategies - Despite the challenges, banks are exploring new avenues for equity asset allocation, including increased research on A-share listed companies and a significant rise in index-based investment products [4][5]. - As of January 6, 2026, there are 154 index-based wealth management products, with a notable increase in issuance over the past few years [4][5]. Group 5: Participation in IPOs - The new IPO underwriting regulations effective in 2025 provide substantial policy support for wealth management companies to participate in new stock subscriptions [5][6]. - Wealth management companies have been actively involved in A-share and Hong Kong stock IPOs, with several firms successfully participating in multiple new stock offerings [6][7]. Group 6: Future Outlook - With regulatory support, there is optimism that bank wealth management can further explore equity products and asset allocation, aiming to evolve into a more patient capital source for the medium to long term [7].