上周银行理财产品发行量回升，多家理财公司宣布增配权益资产。 据同花顺数据梳理，4月7日—4月13日，银行理财市场共新发人民币理财产品984款（份额分开计算，下同），发行量 环比增加165款。根据运作方式划分，封闭式产品721款，开放式产品263款。 从发行机构来看，理财子公司为当前银行理财市场主体，31家理财公司上周共发行801款理财产品，占比81%。其中， 平安理财新发产品数量最多，达75款，其次是兴银理财、华夏理财，分别发行70款、64款产品。另有71家银行发行了 183款理财产品，天津银行发行数量最多，共新发23款理财产品，其次是吉林银行、上海农商银行，分别发行了9款、 7款理财产品。 坚决看好中国资本市场，积极推动理财资金入市，上周多家理财公司宣布增加权益资产配置。其中，苏银理财、光大 理财、中邮理财、交银理财、浦银理财、北银理财、徽银理财均发声表示，持续增持交易型开放式指数基金 （ETF）。 中银理财发文提到，面对近期市场波动，该公司迅速研判，在管理好产品整体风险的同时，积极寻找机会进行权益资 产配置，重点投向新质生产力领域和内需板块。 光大理财在增配包括ETF在内的指数化投资工具之外，还加大对上市 ...

Report Industry Investment Rating No relevant content provided. Core Views of the Report - Last week, the A-share market declined, with most major global indices also falling. Only 4 out of the Shenwan industry indices closed higher, and 7.25% of the 1021 Wind concept sector indices closed up [3][6]. - Active equity funds underperformed last week. In the fixed - income category, products with higher equity attributes had weaker average returns than purer bond - type products. QDII funds also performed poorly on average, while gold funds stood out [3]. - The total scale of newly established funds last week reached 20.469 billion yuan, a 315.90% increase from the previous week. There were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds last week. This week, 15 ETFs are to be issued and 8 are to be listed [3]. - Some forward - looking public funds are targeting "pioneering" differentiated ETF products to gain a market edge. Bank wealth management is actively entering the market through ETFs [3]. Summary by Directory Market Review - A - share market: The Shanghai Composite Index fell 3.11% to close at 3,238.23, and the Shenzhen Component Index dropped 5.13% to 9,834.44. Among other indices, the ChiNext Index fell 6.73%, and the Kechuang 50 Index declined 0.63%, while the Beizheng 50 Index rose 0.92% [3][6]. - Global market: Most major global indices declined. In the US, the S&P 500 rose 5.70%, the Nasdaq Index increased 7.29%, and the Dow Jones Industrial Index climbed 4.95%. In the Asia - Pacific region, the Hang Seng Index fell 8.47%, and the Nikkei 225 Index dropped 0.58% [7]. - Industry performance: Among the Shenwan industry indices, the agriculture, forestry, animal husbandry, and fishery sector had the largest gain of 3.28%, followed by the commerce and retail sector with a 2.88% increase. The bottom - performing sectors were power equipment, communication, machinery, media, and steel [9]. - Concept sectors: 7.25% of the 1021 Wind concept sector indices closed up. The consecutive limit - up concept had the largest gain of 23.70%, followed by the first - board concept with a 21.68% increase [11]. Fund Performance Off - exchange Funds - Equity funds: On average, they underperformed. Common stock funds fell 3.86%, partial - stock hybrid funds dropped 3.86%, balanced hybrid funds declined 2.24%, and flexible allocation funds decreased 2.77%. The weekly return of Harvest Beijing Stock Exchange Select Two - Year Fixed - Open A was the highest at 6.24% [14]. - Fixed - income funds: Due to the weaker stock market than the bond market last week, products with higher equity attributes had weaker average returns. Partial - debt hybrid funds fell 0.71%, secondary - bond funds dropped 0.49%, primary - bond funds declined 0.04%, medium - and long - term pure - bond funds rose 0.16%, short - term pure - bond funds increased 0.10%, and the average 7 - day annualized yield of money - market funds was 1.44%. The weekly return of Green Fortune Interest - Rate Bond was the highest at 3.08% [16]. - QDII funds: They performed poorly on average. Stock - type QDII funds fell 4.79%, hybrid QDII funds dropped 4.90%, bond - type QDII funds declined 1.43%, and alternative - investment QDII funds decreased 3.56%. The weekly return of Invesco Great Wall Global Gold was the highest at 2.07%, and gold funds performed well [18][19]. On - exchange Funds - ETFs: The total on - exchange scale was 392.0119 billion yuan, with a net inflow of 107.626 billion yuan. Stock - type ETFs had a net inflow of 85.512 billion yuan, bond - type ETFs had a net inflow of 5.614 billion yuan, money - market ETFs had a net inflow of 7.936 billion yuan, QDII - type ETFs had a net outflow of 7.976 billion yuan, and alternative - investment ETFs had a net inflow of 16.539 billion yuan. The Grain 50 ETF performed well, and the CSI 300 ETF had the largest capital inflow [21][23]. - LOFs: The total on - exchange scale was 4.1905 billion yuan, with a net outflow of 717 million yuan. Stock - type LOFs had a net outflow of 105 million yuan, hybrid LOFs had a net outflow of 600 million yuan, bond - type LOFs had a net inflow of 2 million yuan, QDII - type LOFs had a net inflow of 102 million yuan, and alternative - investment LOFs had a net outflow of 73 million yuan. The Yin Hua Nei Xu LOF performed well, and the Hang Seng Index Fund LOF had the largest capital inflow [21][26]. Fund Issuance Dynamics Public Fund Issuance, Establishment, and Listing Dynamics - The total scale of newly established funds last week was 20.469 billion yuan, a 315.90% increase from the previous week. Among the established funds, China AMC Shanghai Science and Technology Innovation Board Composite Linked A had the largest scale of 4.892 billion yuan [31][33]. On - exchange Fund Issuance, Establishment, and Listing Details - Last week, there were 9 newly issued, 4 newly established, and 11 newly listed on - exchange funds. This week, 15 ETFs are to be issued, including Huaxia China National Aerospace and Aviation Industry ETF, etc., and 8 ETFs are to be listed, such as Fullgoal Shenzhen 100 ETF [35][37][38]. Market Hot - spot Review Public Funds Target "Pioneering" Differentiated ETF Products - The domestic ETF market has grown explosively, with the latest scale about to exceed 4 trillion yuan. However, the problem of intensified homogeneous competition is prominent. Some public funds are targeting "pioneering" differentiated products to gain an edge. For example, GF Fund's GF CSI Smart - Selected High - Dividend Strategy ETF is the first ETF linked to the Smart - Selected High - Dividend Index, and Harvest Fund's Harvest ChiNext New Energy Industry Theme ETF is the first of its kind in the market [42][43]. Bank Wealth Management Enters the Market Actively through ETFs - With the release of the 2024 annual reports of public funds, some wealth - management companies' investment operations of entering the market through stock ETFs have emerged. Some wealth - management products are among the top ten holders of stock ETFs. This is driven by multiple factors and is expected to become the mainstream choice for wealth - management funds to enter the market [45].

Group 1 - Several banks' wealth management companies are increasing their investments in ETFs and equity assets through direct and indirect methods [1] - Major wealth management companies such as Bank of China Wealth Management, Bank of Communications Wealth Management, China Post Wealth Management, and Shanghai Pudong Development Bank Wealth Management have announced their plans to increase holdings in ETFs and equity assets [1] - These companies are set to further enhance their investment efforts in the capital markets [1]

Core Viewpoint - The article emphasizes the importance of refined management and diversified asset allocation strategies for wealth management companies in the second quarter, particularly in response to increasing external uncertainties. Companies will focus on high-grade credit bonds, duration management, and credit risk management to stabilize net value and enhance returns [1][2]. Group 1: Investment Strategies - Wealth management companies will implement refined management and diversified asset allocation to balance net value stability and return enhancement [1]. - Companies are expected to prioritize high-grade credit bonds, complemented by interest rate bonds and convertible bonds, while optimizing duration management based on macroeconomic and market changes [2][3]. - The focus will be on managing credit risk by primarily investing in medium to high-grade credit bonds and diversifying across industries and regions to mitigate risks [2][3]. Group 2: Market Conditions and Challenges - The bond market has faced a pullback in the first quarter, leading to net value pressure on bank wealth management products, prompting companies to optimize withdrawal management strategies [2]. - External uncertainties, such as U.S. tariff policies and geopolitical conflicts, may cause significant fluctuations in global asset prices, impacting domestic equity markets negatively [3][5]. - The current low-interest-rate environment necessitates adjustments in investment strategies, with a focus on "fixed income plus" strategies and exploring diverse asset classes to enhance returns [6][7]. Group 3: Asset Allocation and Risk Management - Companies will explore multi-asset and multi-strategy combinations to effectively increase product returns while managing risks associated with market volatility [4][7]. - Emphasis will be placed on liquidity management by allocating a portion of high-liquidity bond assets to meet client redemption needs while seizing market opportunities [2][3]. - The overall asset allocation strategy will align with national strategic directions and industry development trends to improve the quality and efficiency of credit bond investments [7].

理财资金入市难在哪 "推动中长期资金入市"自提出以来，广受市场关注。今年《政府工作报告》继续明确"大力推动中 长期资金入市"。理财资金体量大，如何有效引导其入市，关乎投资者的钱袋子以及权益市场的长远发 展。在业内看来，随着政策支持与市场机会增加，预计会有更多理财公司发力权益投资。但当前理财资 金入市仍存障碍，需进一步打通堵点。 投资者风险偏好低 《中国银行业理财市场年度报告（2024年）》显示，截至2024年末，权益类产品的存续规模为0.06 万亿元，占比为0.2%；理财产品资产投向权益类资产余额为0.83万亿元，占比为2.58%。普益标准研究 员崔盛悦表示，目前银行理财机构仍以发行中低风险固收类产品为主，虽然有部分机构于去年加大 了"含权"产品的发行力度，但供投资者选择的混合类、权益类产品数量仍相对较少。 中国邮政储蓄银行研究员娄飞鹏分析，理财产品相对更加追求安全稳健，主要面向稳健型投资者， 因此银行理财资金主要投向债券等固定收益领域。在银行理财产品中混合类、权益类产品规模占比低， 可能与理财公司投研能力以及投资者本身的风险偏好有一定关系。 崔盛悦分析，从认购流程来看，根据2021年5月份发布的《理财公司理 ...

证券研究报告·行业动态·理财子产品发行指数周报第 194 期 农银光大发混合类产品， 信银理财产品和资产结构 核心观点 从发行数量来看，上周样本理财子最新理财子产品发行量 139 只，发行量上升。具体来看，发行数量增加的有 7 家，占比为 63.6%。平均基准利率为 2.55%，环比下降 9 个 bp；最新理财 子产品发行数量指数 315.91；发行基准利率波动指数最新为 57.94，环比下降 3.1%。2025 年 2 月 21日样本理财子产品的破 净率为 1.46%，环比上升 109 个 bp。最新观点更新：下半年，信 银理财产品和资产结构变化。 本周指数更新（2.17-2.21） 1、三大指数环比变化情况 从发行数量来看，最新理财子产品发行数量指数 315.91，环 比上升 26.4%，发行数量增加。调整后理财子产品发行数量指数 226.56，环比上升 25.0%。从发行数量偏离度来看，最新偏离度为 1.04，偏离度下降，该指数显示：上周发行的 139 只产品中，136 只为固收类产品，3 只为混合类产品。 2、样本理财子公司发行情况 从发行数量来看，上周样本理财子公司最新理财子产品发行 数量为 139 ...

Core Viewpoint - The article highlights the increasing trend of index-based investment in bank wealth management products, indicating a shift towards equity investments to attract long-term capital into the market [1][4][6]. Group 1: Index Investment Trends - Multiple wealth management companies are intensifying their focus on equity investments, particularly through index-linked products, to facilitate the entry of long-term funds into the market [1][7]. - The number of bank wealth management products linked to passive indices has significantly increased, with 92 products identified in various stages of sale, indicating a growing acceptance of index-based investment strategies [2][4]. - Index-based investment strategies have become a popular choice in the asset management industry, with passive index public funds surpassing active equity funds for the first time in Q3 2024 [4]. Group 2: Product Characteristics and Types - Index-based wealth management products are characterized by their transparency and ability to track specific indices, making them more appealing to investors compared to traditional products [7][10]. - The products can be categorized into three types: self-developed off-market index products, linked public ETF products, and exchange-traded index products (ETP) [10]. - Some products are specifically linked to industry or thematic indices, such as AI computing power and wind power generation, reflecting a diversification in investment themes [5]. Group 3: Industry Insights and Future Directions - Industry experts believe that the shift towards index-based products requires banks to enhance their research and development capabilities, as many have historically focused on fixed-income investments [9][10]. - Companies are encouraged to learn from domestic and international index investment experiences, including establishing dedicated index investment departments and leveraging financial technology for index management [11]. - The development of index-based products is seen as a strategic move to meet the evolving needs of investors and to break traditional perceptions of wealth management products [7][8].

业内人士指出，2025年，低利率主线下银行理财"资产荒"格局或将延续，绝对收益率下行、高票息 资产的稀缺将继续掣肘资产端配置行为，进而对业绩和规模形成持续约束。"拥抱波动"或为2025年 主线。 01 基准下限进入"1字头" 最近一周，多家理财子密集调整业绩比较基准。中国理财网查询显示，大面积待售理财产品业绩比较 基准已降至2%以下。 据国信证券研究统计，1月末理财产品存量规模29.4万亿元，环比上月下降0.2万亿元；1月理财子新 发产品数量1603支，较2024年12月下降255只。 文/王晓雨 理财子仍在绞尽脑汁。 近一周内，多家理财子陆续调整产品业绩比较基准，已有部分产品业绩比较基准降至2%以下。 事实上，2025开年以来，理财子公司一直在进行业绩比较基准调整动作。年初时，已有业内分析人 士预测，2025年新发产品业绩平均比较基准下限可能下降40-50个基点至2%以下，没想到一语成 谶。 净值波动加剧、低波稳健时代不再，层出不穷的各类新产品背后是理财市场将长期面临的扩规模、稳 收益、涨信心等多重挑战。 规模、新发产品量下降的同时，理财收益率走势也在滑坡。普益标准数据显示，截至1月底，理财子 公司存续产品 ...