Core Viewpoint - The banking wealth management industry is redefining its concept of stability in the context of a transition to net value and a low interest rate environment, emphasizing the importance of controlling drawdowns while pursuing higher long-term performance targets [1][2][6] Group 1: Market Environment and Challenges - The reduction in interest rates has led to thinner "cushions" for investors, resulting in increased volatility in wealth management product returns [1][2] - The transition to the "Net Value 2.0 Era" has amplified the net value fluctuations of wealth management products, but banks still maintain a lower overall volatility compared to public funds and other asset management products [2][6] Group 2: Investment Strategy and Approach - The company focuses on creating products with a high Calmar ratio, which balances drawdown control with maximizing long-term performance [2][3] - The investment strategy is driven by market dynamics rather than reliance on single asset classes, allowing for resilience in yield even as the company expands its product scale [3][4] Group 3: Client Adaptation and Trust Building - The company has segmented its product line into categories based on volatility to better match client risk preferences, ensuring that products align with customer needs [5] - Building long-term trust with clients is crucial, and the company implements regular product reporting, client education activities, and training for sales personnel to foster understanding of product logic over mere yield chasing [5][6]

近期，债券市场出现了一轮调整，债市价格走弱，以债券为底层资产的理财产品、债基等，收益也出现 了下滑。近期，部分固收类理财产品近1个月年化收益率的平均水平环比下跌35BP，多只债基近1个月 以来收益跌超4%。对此，业内人士建议，在债市调整之际，投资者可采取"固收打底+权益增强+另类分 散"的方式，合理配置"固收+"产品，适度提升权益资产。 多只债基近1个月以来收益跌超4% 近期，债市走弱，8月6日，10年期国债收益率走高至1.71%附近，较此前1.64%的低点，上行了约7BP， 由于债券收益率和价格成反比，这也意味着债券价格走低，债市走弱。 债市的调整，令底层资产投资债券的理财产品、基金产品的收益走低。普益标准监测数据显示，截至8 月3日，存续开放式固收类理财产品（不含现金管理类产品）的近1个月年化收益率的平均水平为 2.46%，环比下跌0.35个百分点。Choice数据显示，近一个月以来，恒生前海恒源昭利债券E、富安达富 祥利率债D、光大保德信永利债券D等债基，收益跌超4%。 "债市调整背后，受多重因素共同影响。"苏商银行特约研究员薛洪言分析，股市及商品市场反弹吸引资 金转向高风险资产，导致债市面临资金分流， ...

Core Viewpoint - The continuous decline in risk-free interest rates poses new challenges for bank wealth management, prompting companies like Xingyin Wealth Management to innovate in their investment strategies to meet public demand for returns [1][2]. Group 1: Investment Strategy and Performance - Xingyin Wealth Management has launched the "Alpha 2" product, which has achieved an absolute return of 18.9% since its inception on March 27, 2023, with a cash dividend of 0.03 yuan per unit, representing a distribution ratio of approximately 2.54% [1]. - The "Alpha 1" product managed by investment manager Li Feng has delivered an impressive absolute return of 22.189% from June 14, 2024, to July 30, 2025, showcasing the effectiveness of its unique low-valuation value investment strategy [2]. - Xingyin Wealth Management has established a proactive equity investment team, differentiating itself from traditional bank wealth management practices that often rely on fund-of-funds (FOF) and outsourcing [2][6]. Group 2: Team and Research Development - The proactive equity investment team at Xingyin Wealth Management was built over five years, focusing on creating a self-reliant research and investment system, which includes a diverse product matrix covering various risk levels [6][7]. - The team is led by experienced professionals, including Li Feng, who has a strong background in finance and investment, and is supported by analysts with diverse academic backgrounds [7][8]. - The investment team employs advanced technologies such as quantitative analysis and artificial intelligence to enhance decision-making processes [7]. Group 3: Investment Framework and Methodology - Li Feng has developed a comprehensive PB-ROE investment framework that integrates value, cycle, and growth, aiming to provide a more nuanced approach to equity valuation [13]. - The framework emphasizes the importance of low valuation to mitigate human biases in investment decisions, reflecting a more rational investment attitude [13]. - The investment strategy also incorporates a lifecycle approach to pricing, allowing for a more dynamic assessment of companies' operational cycles and growth potential [13][14]. Group 4: Long-term Value Creation - Xingyin Wealth Management is committed to creating long-term value for clients, aligning its investment strategies with the evolving regulatory landscape and market conditions [18][19]. - The recent cash dividend from the Alpha 2 product exemplifies the company's focus on enhancing client experience and meeting their liquidity needs while delivering strong investment performance [18]. - The company believes that sustainable growth in bank wealth management can only be achieved by integrating the underlying operational chain and focusing on long-term client value [19].

具体来看，城商行理财子中，规模增幅最大的是宁银理财，截至6月底规模达到了6010.90亿元，较年初 增长26.94%；其次是苏银理财，规模仍是城商行理财子里最大的，为7453.81亿元，较年初增长了 17.72%；杭银理财规模较年初增长17.28%，达到了5143.89亿元；南银理财较年初增长了14.75%，规模 来到了5432.57亿元；北银理财规模较年初增长了11.79%，规模为4174.92亿元。 整体来看，城商行理财子规模前五中，前四家被长三角地区的理财子包揽，依次为苏银理财、宁银理 财、南银理财、杭银理财，最后一家为北银理财，规模也分别沿着7000亿、6000亿、5000亿、4000亿递 延，其中在5000亿规模区间，南银理财和杭银理财竞争焦灼，目前杭银理财增势更猛。 虽然不如城农商行理财子增幅大，但是一些股份行理财子也在原本存续规模基数较大的基础上，继续稳 定增长，规模也不断突破原有上限。 有人欢喜，有人忧。《中国银行业理财市场半年报告（2025年上）》数据显示，截至 2025 年 6 月末， 理财公司存续产品只数 2.79 万只，存续规模 27.48 万亿元，较年初增加 4.44%。在城商行理财 ...

Group 1 - The core viewpoint of the articles highlights the increasing participation of bank wealth management subsidiaries in the IPO offline subscription market, with Ningyin Wealth Management becoming the second bank to engage in this area after Everbright Wealth Management [1][2] - Ningyin Wealth Management has successfully participated in three IPO projects in July, with effective bids from multiple mixed wealth management products, indicating a growing trend among bank wealth management subsidiaries to enter the equity market [2][3] - The participation of bank wealth management subsidiaries in IPO offline subscriptions is expected to provide long-term capital support to the capital market, diversify funding sources, and promote sustainable market development [2][3] Group 2 - The revision of the "Securities Issuance and Underwriting Management Measures" by the China Securities Regulatory Commission in March has allowed bank wealth management products to be included as priority allocation objects for IPOs, enabling direct participation in offline new stock subscriptions [3][4] - Despite the regulatory changes, the actual participation of bank wealth management subsidiaries in IPO offline subscriptions remains limited due to compliance and operational challenges, which increase the costs associated with their involvement [3][4] - Experts suggest that bank wealth management subsidiaries need to enhance their research and investment capabilities, develop comprehensive strategies, and improve customer education to effectively compete in the IPO offline subscription market [4][5]

Group 1 - The core viewpoint of the articles is that bank wealth management subsidiaries are increasingly participating in offline IPO subscriptions, with Ningyin Wealth Management being the latest to join this trend, following Everbright Wealth Management [1][2] - Ningyin Wealth Management has successfully participated in three IPO projects in July, with effective bids from multiple mixed wealth management products, indicating a growing trend among banks to engage in equity markets [2][3] - The participation of bank wealth management subsidiaries in IPOs is expected to provide long-term capital support to the capital market, enhance investment options for investors, and contribute to the healthy development of the market [2][3] Group 2 - The regulatory environment has changed, allowing bank wealth management products to be included as priority allocation objects for IPOs, which is a significant shift in investment strategy [3][4] - Despite the new regulations, the actual participation of bank wealth management subsidiaries in IPOs remains limited due to compliance and operational challenges, which increase costs and complexity [3][4] - Experts suggest that bank wealth management subsidiaries need to enhance their research and investment capabilities, develop comprehensive strategies, and improve client education to effectively compete in the IPO subscription market [4][5]

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]

Core Viewpoint - The participation of bank wealth management subsidiaries in IPO offline subscriptions is increasing, with Ningyin Wealth Management becoming the second bank to engage in this area after Everbright Wealth Management, indicating a growing trend in the industry towards direct involvement in equity markets [2][3]. Group 1: Participation in IPOs - Ningyin Wealth Management has successfully participated in three IPO projects in July, with effective bids from multiple mixed wealth management products [3]. - In the IPO project of Tianfulong, Ningyin Wealth Management's three mixed products successfully bid at a price of 25.14 yuan per share, with allocated shares of 1211, 1526, and 1526 respectively [3]. - The involvement of bank wealth management subsidiaries in IPOs is expected to provide long-term capital support to the capital market and enhance investor service through product innovation [3]. Group 2: Regulatory and Market Context - The revised "Securities Issuance and Underwriting Management Measures" in March 2023 allows bank wealth management products to be included in the priority allocation for IPOs, enabling direct participation in offline subscriptions [4]. - Despite the regulatory changes, the actual participation of bank wealth management subsidiaries in IPO offline subscriptions remains limited due to compliance and operational challenges [4][5]. Group 3: Challenges and Recommendations - Bank wealth management subsidiaries face challenges in developing the necessary research and investment capabilities for effective participation in IPOs, as their current asset allocation is predominantly in fixed-income assets [5][6]. - It is recommended that these subsidiaries enhance their research capabilities, innovate product designs, and improve customer education to better align with market demands and investor preferences [6].

Core Viewpoint - Hansang Technology officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market with an initial price of 28.91 CNY per share, closing at 82.89 CNY, a rise of 186.72% [1] Group 1: Company Overview - Hansang Technology is a comprehensive supplier of high-end audio products and technology solutions [1] - The company’s stock price reached a peak of 110 CNY during trading on its debut day [1] Group 2: Investment Participation - Two financial products from Ningyin Wealth Management participated in the offline subscription for Hansang Technology's IPO, each applying for 9 million shares at 29.30 CNY per share [1] - Ningyin Wealth Management has been actively participating in the equity market through various methods such as IPO subscriptions, private placements, and dividend investments [1][5] Group 3: Market Trends - The trend of financial companies participating in the equity market is driven by ongoing policy support and the need for enhanced returns in a low-interest-rate environment [5] - In January, a policy was introduced to treat bank wealth management products on par with public funds in terms of participating in new stock subscriptions and private placements [5] - The continuous decline in interest rates has prompted asset management institutions to diversify their asset allocation to enhance product returns [5] Group 4: Performance of Participating Products - Financial companies are adopting absolute return strategies, focusing on high-quality assets with predictable returns and controllable volatility [6] - Recent IPOs, such as Sanhua Intelligent Controls and IFBH, have shown significant price increases post-listing, indicating successful participation by wealth management products [6]

Core Viewpoint - Hansang Technology officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market with an initial price of 28.91 CNY per share, closing at 82.89 CNY, a rise of 186.72% on the first day of trading [2]. Group 1: Company Overview - Hansang Technology is a comprehensive supplier providing high-end audio products and technical solutions [3]. - The company had a significant price surge, reaching a high of 110 CNY during trading [2]. Group 2: Investment Participation - Two financial products from Ningyin Wealth Management participated in the offline subscription for Hansang Technology, each applying for 9 million shares at a price of 29.30 CNY per share [3]. - Ningyin Wealth Management has been actively participating in the equity market through various methods such as IPO subscriptions, private placements, and dividend investments [2][7]. Group 3: Market Trends - The trend of financial companies participating in the equity market is driven by continuous policy support and the need for enhanced returns in a low-interest-rate environment [7]. - In January, a policy was issued to treat bank wealth management products similarly to public funds in terms of participating in new stock subscriptions and private placements [7]. - As interest rates decline, wealth management funds are accelerating their entry into the market, seeking to diversify asset allocation and enhance product returns [7].