Group 1 - The core viewpoint of the article highlights the increasing integration of bank wealth management products with the IPO subscription market, driven by policy relaxation and the need for wealth management companies to adapt to asset scarcity [1][3][4] - Ningyin Wealth Management has recently made significant moves in the IPO subscription market, with multiple products successfully entering the new stock subscription lists of the Shenzhen and Shanghai Stock Exchanges [3][4] - The participation of bank wealth management in offline IPO subscriptions is expected to bring long-term stable incremental funds to China's capital market, promoting steady development and providing sufficient liquidity [4][6] Group 2 - The policy environment has shifted, allowing bank wealth management to directly participate in offline IPO subscriptions, which was previously restricted [5][6] - The number of products participating in IPO subscriptions from wealth management companies is still limited, indicating a cautious approach from these companies despite the potential benefits [7] - Future trends suggest that wealth management companies will accelerate their transformation from "fixed income experts" to "comprehensive asset management institutions," focusing on building a robust research and investment system [8][9]