Core Viewpoint - The increasing participation of wealth management products in offline IPO subscriptions is driven by policy support and the need for enhanced returns in a low-interest-rate environment [1][3][4] Group 1: Company Overview - Hansang Technology officially listed on the ChiNext board on August 6, with an initial offering price of 28.91 CNY per share, reaching a peak price of 110 CNY on the first day and closing at 82.89 CNY [1] - Two wealth management products from Ningyin Wealth Management successfully participated in the offline subscription for Hansang Technology, indicating a trend of wealth management companies acting as Class A investors in IPOs [1][2] Group 2: Performance of Wealth Management Products - The "Ningying Balanced Incremental National Enterprise Dividend Mixed Day Open Wealth Management No. 6" product has an annualized return of 6.69% since its establishment on September 28, 2023, and a one-year annualized return of 9.08% [2] - The "Ningying Individual Stock Selection Mixed Open Wealth Management Product No. 1" has an annualized return of 7.77% since its establishment on August 27, 2021, and a one-year annualized return of 25.73% [2] Group 3: Market Participation Trends - Ningyin Wealth Management has been actively participating in IPOs, with its products being among the top in terms of the number of successful subscriptions [2] - Other wealth management companies, such as Everbright Wealth Management, are also participating in offline IPOs, indicating a broader trend in the industry [2] Group 4: Policy and Market Dynamics - The expansion of wealth management companies' participation in offline IPOs is supported by recent policy changes that provide equal treatment to bank wealth management products and public funds in IPO allocations [3] - The ongoing decline in interest rates is prompting asset management institutions to diversify their asset allocation strategies to enhance product returns [4]

Group 1 - Increasing participation of wealth management companies as Class A investors in the IPO market, with Ningyin Wealth Management frequently engaging in new stock subscriptions [1][2] - Other wealth management companies like ICBC Wealth Management and Everbright Wealth Management have also participated in IPOs, indicating a trend among financial institutions [1][3] - Financial regulatory experts note that the continuous optimization of the new stock issuance mechanism has led to a more active IPO market, providing more opportunities for wealth management companies [1][5] Group 2 - Ningyin Wealth Management has begun its IPO subscription activities since late July, successfully participating in multiple IPOs, including HanSang Technology and Tianfu Long [2][3] - The company has established internal procedures and a research pricing system to enhance its IPO subscription strategy, supported by a team of nearly 20 researchers [2][4] - Everbright Wealth Management and ICBC Wealth Management have also made significant moves in the IPO market, with ICBC focusing on new consumption sectors [3][4] Group 3 - The change in regulations allowing wealth management products to participate directly in A-share IPOs marks a significant shift from being Class C investors, enhancing asset allocation flexibility [5][6] - Direct participation in IPOs is seen as a new path for improving the yield of wealth management products, especially in a low-interest-rate environment [5][6] - The involvement of wealth management companies in IPOs is expected to diversify product offerings and enhance competitiveness in the asset management industry [5][6] Group 4 - The current low-interest-rate environment is pushing market funds towards equity markets, with significant potential for growth in equity assets [6][7] - While the strategy of participating in IPOs is generally stable, there are risks associated with market volatility and the potential for new stocks to break below their issue price [6][7] - The overall risk appetite of investors in wealth management products remains low, indicating that the transition to more equity-focused products will take time [7]