影响万亿市场！最新解读来了

Core Viewpoint - The new regulations on public fund sales are expected to enhance the focus of bank wealth management on equity funds, while also reducing investor costs and improving the overall investment environment [1][2]. Group 1: Impact of New Regulations - The new regulations will lower subscription and service fees for public funds, which will help reduce costs for wealth management allocations [2][3]. - The flexibility in redemption fees and the extension of the transition period to 12 months will significantly ease liquidity constraints for wealth management products [2][3]. - The new rules aim to shift the industry focus from short-term gains to long-term holdings, promoting a more sustainable investment environment [2][3]. Group 2: Changes in Asset Allocation - There is an anticipated shift in the asset allocation structure of bank wealth management, with a greater emphasis on equity funds while maintaining bond funds as a stable base [4][5]. - The reduction in fees for index funds is expected to increase the willingness to allocate to these funds, enhancing their share in the overall portfolio [4][5]. - The demand for mixed funds and other equity assets is likely to rise as investors seek to enhance returns in a low-interest-rate environment [4][5]. Group 3: Future Projections for Wealth Management - The scale of wealth management assets is projected to grow steadily, with an estimated increase of around 3 trillion yuan by the end of 2026, reaching between 36 trillion and 37 trillion yuan [7][8]. - The demand for low-volatility, stable products will remain strong, serving as a foundation for absorbing deposits transitioning to wealth management [7][8]. - The focus on "fixed income plus" products, which combine bond assets with equity investments, is expected to align well with investor needs in a low-interest-rate environment [7][8].