Group 1 - The core viewpoint of the article highlights the increasing integration of bank wealth management and IPO subscription markets, driven by policy relaxation and the need for wealth management subsidiaries 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 funds in offline IPO subscriptions is expected to provide long-term stable incremental funds to the Chinese capital market, promoting its healthy development and enhancing liquidity [4][7] Group 2 - The regulatory environment has shifted, allowing bank wealth management and trust funds to actively participate in the capital market, which is expected to increase equity investment scale [6][7] - The introduction of policies in 2024 and 2025 has removed barriers for wealth management funds to directly participate in offline IPO subscriptions, recognizing their role as long-term capital [6][7] - The industry anticipates that wealth management companies will increasingly seek to enhance their investment capabilities and diversify their product offerings to adapt to the evolving market landscape [9][8] Group 3 - Challenges remain for wealth management subsidiaries in participating in IPO subscriptions, including the need to improve research capabilities and educate clients about investment risks [8][9] - The competition in the market is expected to intensify, potentially leading to reduced success rates in IPO subscriptions as more wealth management companies enter the space [8][9] - The future trend indicates a shift from being "fixed income experts" to "comprehensive asset management institutions," focusing on differentiated strategies and collaborative efforts with external partners [9]