Core Viewpoint - The participation of bank wealth management subsidiaries in A-share IPO subscriptions marks a significant development in China's capital market, indicating a shift towards direct financing and a potential restructuring of market dynamics and valuation systems [4][5][8]. Group 1: Recent Developments - Ningyin Wealth Management has directly participated in offline IPO subscriptions as an A-class investor, with seven of its products successfully entering the effective bidding lists for three companies: Hansan Technology, Tianfulong, and Guangdong Jianke [1][2]. - As of August 7, 2023, Tianfulong and Guangdong Jianke are set to list on the Shanghai Stock Exchange, while Hansan Technology has already listed on the Shenzhen Stock Exchange [2]. - Ningyin Wealth Management's products have collectively secured allocations of 4,263 shares of Tianfulong, 13,114 shares of Guangdong Jianke, and 4,886 shares of Hansan Technology, with total investment amounts of approximately 10.06 million yuan, 8.6 million yuan, and 14.13 million yuan respectively [2]. Group 2: Market Implications - The involvement of bank wealth management subsidiaries in IPOs is seen as a key step in the reform of China's capital market, which could lead to a more stable investment environment and a more rational pricing mechanism for new stocks [4][5]. - Experts believe that the stable funding characteristics of bank wealth management can help mitigate market volatility and improve the investor structure in the A-share market [4]. Group 3: Future Outlook - The participation of bank wealth management in A-share IPOs is expected to accelerate as regulatory policies evolve and as firms enhance their research capabilities [8]. - The successful experiences of companies like Guangda Wealth Management and Ningyin Wealth Management are likely to serve as models for other institutions, encouraging them to adopt similar strategies in capital market participation [8].

Core Viewpoint - The core viewpoint emphasizes that the definition of stability in bank wealth management should shift from "zero volatility" to achieving higher long-term performance while strictly controlling drawdowns in the context of the "Net Value 2.0 Era" [3][4][9] Group 1: Market Environment and Challenges - The reduction in coupon yields has led to increased volatility in wealth management product returns, as the protective "buffer" provided by higher yields has diminished significantly [4][5] - Regulatory policies are accelerating the transition to net value management in the banking wealth management industry, resulting in larger fluctuations in product net values compared to the past [4][6] Group 2: Investment Strategy and Performance - The company aims to create products with a high Calmar ratio, focusing on maximizing long-term performance while controlling drawdowns [5][6] - The investment strategy is driven by trading capabilities rather than asset-driven models, allowing the company to maintain yield levels despite market fluctuations [6][7] - The firm has been proactive in developing multi-asset and multi-strategy investment approaches to adapt to the low-interest-rate environment [6][7] Group 3: Client Adaptation and Trust Building - The company has categorized its product lines into low, medium-low, and medium volatility products to match client risk preferences accurately [8][9] - Building long-term trust with clients is crucial, and the company has implemented mechanisms such as weekly product reports and regular client education activities to foster this trust [8][9]

在低票息时代理解稳健 "票息'保护垫'变薄，是投资者近期感到理财产品收益波动变大的核心原因。"王阳用数字说明这一变 化，过去利率较高，较高的票息收益如同厚厚的"缓冲垫"，例如收益率为3.65%的债券，一周的票息收 益率约7个基点，即便短期内债市承压，丰厚的票息收益也能覆盖市场波动带来的损失。 "如今票息收益率已降至'1'字头，这层'垫子'薄了很多，覆盖市场波动的能力锐减。同时，存款类资产 的收益率也无法像过去那样为资产组合提供强力缓冲，体现到理财产品上，就是净值波动变大。"王阳 说。 政策层面，银行理财行业在监管政策指引下加速推进净值化转型。王阳表示，在波动显性化、常态化 的"净值2.0时代"，理财产品净值波幅较从前有所放大，但这并不意味着银行理财舍弃了稳健的基因。 "相较公募基金及其他资管产品，银行理财净值整体波动小的特点不会消失。关键是如何定义稳健，是 完全没有波动？还是在严控回撤的前提下，追求长期业绩达标率？我们在后者的定义下深耕。"王阳 说。 ● 本报记者 李静 随着票息变薄、估值整改等系列措施陆续出台，以及净值化转型不断深化，银行理财的稳健内涵亟待重 新定义。 对此，平安理财首席固收投资官王阳给出清 ...

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].

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]

"银行理财子公司参与打新，不仅能为资本市场提供长期资金支持，丰富长期资金来源，还能推动资本 市场持续健康发展。同时，通过产品创新，丰富投资选择，更好地服务投资者。"中国邮政储蓄银行研 究员娄飞鹏在接受《证券日报》记者采访时表示，考虑到权益市场预期收益率较高的因素，理财公司参 与打新并推出含权理财产品，也有助于提升理财投资者的预期收益。 增强投研能力建设 过去，银行理财子公司主要通过投资公募基金等间接参与打新。在政策引导理财等中长期资金入市的背 景下，今年3月份，中国证监会修订《证券发行与承销管理办法》（以下简称《承销办法》）后，银行 理财产品被纳入IPO优先配售对象范围，银行理财子公司作为A类投资者，可以直接将产品募集资金用 于网下新股申购。 然而，自新版《承销办法》发布以来，银行理财子公司参与IPO网下打新的实践仍较为有限。"银行理 财子公司参与IPO网下打新，需完成网下投资者注册、配售对象备案等流程，涉及合规审查、系统对接 等，耗时较长，这在一定程度上增加了银行理财子公司参与IPO网下打新的成本。"普益标准研究员何 雨芮表示。 受访专家认为，除了外部因素，更为关键的是，银行理财子公司参与IPO网下打新的专 ...

今年，权益市场的投资热情再度被点燃。DeepSeek、机器人、创新药、CPO等热门赛道轮番演绎，带动 前七个月主要指数全线飘红。数据显示，恒生指数、恒生科技指数涨幅分别为23.5%、22.05%，中证 1000指数、中证500指数、上证指数涨幅分别为11.81%、8.74%和6.61%。 受益于股市上涨，混合类理财收益水平也有明显提升。部分产品开启分红模式，提前为投资者兑现收 益。据南财理财通课题组不完全统计，截至发稿日，今年以来已有兴银理财、光大理财、宁银理财等多 家公司旗下部分混合类产品发布分红公告。 分红的背后，是理财较好的投资收益。据2025年8月6日公告，"富利兴成阿尔法一个月持有期2号"拟进 行现金分红，每单位份额分配0.03元。截至7月30日，"阿尔法2号"累计净值涨幅达18.92%。该产品荣获 混合类公募产品近三个月业绩第一（7月21日发布的《机警理财日报》，理财公司3个月以内期限混合类 公募理财近三月业绩榜单）。此外，该系列的"阿尔法1号"荣获混合类公募产品上半年业绩第一。 | 序号 产品名称 | | | 除值增长率 | 大中国 | 年化波动率 | | --- | --- | --- | - ...

Regulatory and Industry Dynamics - The Ministry of Finance and the State Taxation Administration announced that starting from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to a 3% value-added tax (VAT) [3][7] - As of August 3, 2025, 43 out of 46 public equity bank wealth management products have positive annualized returns this year, with 17 products exceeding 10% [3][8] - Ningyin Wealth Management has actively participated in IPO offline subscriptions, engaging in three instances within ten days [3][9][10] - Su Yin Wealth Management launched a "Wealth Management + Charity" product, directing excess returns to support leukemia patients from low-income families [3][11] Yield Performance - For the week of July 28 to August 3, 2025, cash management products recorded a 7-day annualized yield of 1.38%, up 3 basis points from the previous week [3][13] - The bond market sentiment improved due to multiple factors, including sustained liquidity support from the central bank and favorable outcomes from political meetings and US-China tariff negotiations [3][17] - The 10-year government bond yield decreased by 3 basis points to 1.70%, while credit spreads continued to widen but at a slower pace [3][17] Net Value Tracking - The net value ratio of bank wealth management products was 2.22%, an increase of 0.17 percentage points week-on-week, with credit spreads widening by 1.28 basis points [3][20] - The relationship between net value ratios and credit spreads is generally positive, indicating potential redemption pressure when net value ratios exceed 5% [3][20]

Core Viewpoint - The banking wealth management subsidiaries are accelerating their entry into the A-share IPO market due to continuous regulatory support, aiming to enhance returns amid a challenging investment environment characterized by low fixed-income yields and asset scarcity [1][4][6]. Group 1: Market Entry and Participation - Ningyin Wealth Management has successfully entered the IPO subscription list for multiple products, leading among banking wealth management subsidiaries as of July 25 [1]. - Two mixed wealth management products from Ningyin Wealth Management were allocated 6,557 shares each, with an initial allocation amount of 43,000 yuan, participating at a subscription price of 7.36 yuan per share [2]. - Everbright Wealth Management was the first to test the waters in the A-share IPO market, successfully participating in offline IPOs, marking a shift in the traditional investor structure [4]. Group 2: Regulatory Changes and Implications - A series of policy changes have granted banking wealth management products equal status with public funds in participating in A-share IPOs, breaking the previous C-class investor limitations [5][6]. - The Central Financial Office and the China Securities Regulatory Commission have issued guidelines to encourage long-term funds, including bank wealth management, to enter the capital market [5]. Group 3: Investment Characteristics and Trends - The A-share IPO market is exhibiting a "low risk, high return" characteristic, with a low initial public offering (IPO) break rate of 4.17% in the first half of 2025, and an average first-day increase of 219% for new stocks [8]. - The direct participation of wealth management subsidiaries in IPOs is expected to enhance product yields and diversify investment strategies, moving away from a heavy reliance on fixed-income assets [8]. Group 4: Challenges Ahead - There are challenges regarding risk adaptation for clients, as the majority of wealth management product investors have a low-risk preference, with 33.83% classified as conservative [9]. - The investment research system needs to evolve to assess new stock investment values effectively, requiring enhanced tracking of company fundamentals and the establishment of specialized research teams [9].

继光大理财之后，又一家银行理财公司正式进军IPO网下打新市场。8月4日，北京商报记者获悉，宁银 理财近期在新股申购市场动作频频，多只产品先后现身深交所、上交所拟IPO企业的新股申购名单。 从光大理财6月率先试水，到宁银理财7月密集出手，"银行理财"与"IPO打新"这两个曾经关联度较低的 领域加速融合。分析人士称，这一动作背后，是政策松绑的水到渠成，也是资产荒背景下理财子公司的 主动突围，更是资管行业净值化转型走稳走好的重要一步。 打新首单纷纷落地 "银行理财资金直接参与网下打新，会为中国资本市场带来长期稳定的增量资金"，中国（香港）金融衍 生品投资研究院院长王红英表示，这将促进整个资本市场长期稳健发展，同时也能提供充足的流动性和 理性定价，帮助IPO上市公司获得更多融资。 苏商银行特约研究员薛洪言认为，对投资者而言，银行理财参与打新有望提升产品整体收益水平，为稳 健型投资者提供新的配置选择。但需注意打新收益并非无风险，产品风险等级可能相应调整，投资者需 通过风险揭示材料充分理解收益波动性，建立合理预期。此外，理财子公司的投研能力提升也将间接提 升投资者的资产配置效率。 "固收专家"如何做好转型 过去，网下打新 ...