Core Insights - The banking wealth management market is experiencing a shift towards equity-linked products, with a notable increase in the proportion of equity investments in these products [1][2][3] - The trend of reallocating funds from pure fixed-income products to equity-linked products is driven by the need to adapt to declining market interest rates and the challenges faced in selling traditional fixed-income products [2][8] - High-net-worth investors are actively adjusting their investment strategies, favoring equity-linked products with a central equity investment ratio of at least 30% [4][5] Group 1: Market Trends - The total scale of wealth management products in August reached 31.2 trillion yuan, remaining stable compared to the previous month, indicating a trend of internal circulation of funds [1] - There is a significant net inflow of funds into equity-linked products with an equity investment ratio between 20% and 45% [2] - The issuance of mixed products by banking wealth management subsidiaries has increased, with 45 new products launched in July, surpassing the average monthly issuance in the first half of the year [7] Group 2: Investor Behavior - Investors are increasingly choosing to invest in equity-linked products rather than directly entering the stock market, reflecting a cautious approach due to past experiences with stock market volatility [3][4] - High-net-worth investors are particularly active in reallocating their funds, moving from pure fixed-income products to more balanced equity-linked products [4][5] - Many investors prefer flexible, daily-open equity-linked products over fixed-term or long-locked products, seeking liquidity amid market fluctuations [9] Group 3: Product Development Challenges - Wealth management subsidiaries face challenges in designing suitable equity-linked products that meet new investor demands, particularly regarding liquidity and risk management [9] - The rapid growth in the scale of R3-rated equity-linked products poses risks of yield dilution and position reduction, prompting companies to diversify investment strategies [8][9] - Companies are exploring customized wealth management services to cater to high-net-worth investors' specific needs, aiming to alleviate pressure from increasing fund scales [8]