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 article emphasizes the importance of facilitating the entry of medium- and long-term funds into the market, as highlighted by regulatory efforts to gather industry feedback for more precise policy implementation [1][2]. Group 1: Regulatory Insights - The 20th National Congress of the Communist Party of China approved the "14th Five-Year Plan" which aims to enhance the coordination between investment and financing in capital markets, with a focus on promoting medium- and long-term funds entering the market [2]. - Regulatory bodies have conducted research on various wealth management companies to identify obstacles that restrict banks from increasing their investments in A-shares and to understand industry expectations for future policies [2][3]. Group 2: Current Investment Landscape - As of the end of Q3 2025, the total scale of wealth management products in the market reached 32.13 trillion yuan, with mixed-asset products accounting for only 2.58% and equity products at a mere 0.22% [5]. - The asset allocation of wealth management products is predominantly in fixed-income assets, with equity assets only making up 2.1% of the total investment assets, which amounts to 34.33 trillion yuan [6]. Group 3: Challenges in Equity Investment - The low allocation of equity investments in wealth management products is attributed to constraints on the liability side, low client risk appetite, and the need for improved investment research capabilities and asset management systems [6]. - The current market environment, characterized by a preference for low volatility, has resulted in a slow increase in the allocation of equity assets by wealth management products [6]. Group 4: Exploration of New Investment Avenues - Despite the challenges, wealth management companies 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 [7]. - As of January 6, 2026, the number of index-based wealth management products reached 154, with a notable increase in issuance over the past years [7]. - Wealth management companies are also participating in IPOs, with several firms successfully obtaining allocations in new stock offerings, indicating a growing interest in equity investments [8]. Group 5: Future Outlook - The article concludes with optimism that, with regulatory support, wealth management companies can further explore equity products and asset allocation, ultimately evolving into a source of patient capital for the medium- and long-term [9].