普益标准日前发布2025年二季度银行理财能力排名报告。报告显示，二季度，全市场银行理财机构 （不包括外资银行）净值型理财产品的存续数量为82245款，较2025年一季度增加5412款，环比上升 7.04%；净值型理财产品存续规模估计为30.33万亿元，环比上升5.50%。 兴银理财居全国性理财机构排名之首；苏银理财在城商系理财机构排名中位列第一；渝农商理财在 农村金融理财机构中表现突出 根据《普益标准·银行理财能力排名报告》，2025年二季度，全国性理财机构中，理财能力综合排 名前五的依次是兴银理财、招银理财、信银理财、光大理财、中银理财。 2025年2季度，城商系理财机构中，理财能力综合排名前十的依次是苏银理财、南银理财、宁银理 财、杭银理财、上银理财、北银理财、徽银理财、青银理财、吉林银行、广州银行。 2025年二季度，农村金融理财机构中，理财能力综合排名前十的依次是渝农商理财、上海农商银 行、北京农商银行、成都农商银行、青岛农商银行、江苏江南农商银行、广州农商银行、杭州联合农商 银行、江苏苏州农商银行、广东南海农商银行。 发行能力： 兴银理财排名居全国性理财机构首位；苏银理财在城商系理财机构中表现突出； ...

Core Viewpoint - The traditional asset allocation logic of the banking wealth management industry is facing challenges due to a low interest rate environment and increased volatility, prompting a shift towards diversified strategies and alternative assets [1][2]. Group 1: Market Environment - The current market is characterized by "low interest rates and high volatility," with a general decline in asset yields. As of May 20, the 1-year and 5-year LPR have decreased by 10 basis points, and the 10-year government bond yield is fluctuating between 1.6% and 1.7% [2]. - The volatility in the asset sector is increasing, complicating asset allocation strategies [2]. Group 2: Strategic Shifts - Financial institutions are transitioning from single asset investments to diversified strategies, focusing on major asset allocation to broaden income sources. The emphasis for the second half of the year will be on alternative and equity assets [1][2]. - Companies like Xinyin Wealth Management are adopting a core strategy of major asset allocation, with a focus on enhancing returns through diversified fixed income and equity assets, while controlling risks [2][3]. Group 3: Asset Class Outlook - Industry insiders are optimistic about the performance of alternative and equity assets in the second half of the year. A balanced allocation of stocks, bonds, and gold is seen as advantageous, with expectations of continued upward movement in asset prices due to low inflation and ample liquidity [3][4]. - Specific sectors such as technology and dividend strategies are expected to remain advantageous, with new consumption driven by policy potentially becoming a source of excess returns [4].

Core Viewpoint - The introduction of floating management fee rate products by bank wealth management subsidiaries marks a shift from fixed fee models, promoting a positive alignment between managers' performance and investors' returns, thus fostering healthy competition and development in the wealth management industry [1][5]. Group 1: Product Innovation - The "Zhaozhi Ruiyuan Balanced (Anying Youxuan) 68th Phase" floating management fee product launched by China Merchants Bank on July 8 features a fixed management fee of 0.25%, significantly lower than the typical 0.4% to 0.6% for similar products, with a performance-linked fee structure [2][3]. - The product allows for a maximum annual management fee of 0.5% if the annualized return exceeds 4%, thus directly linking management fees to product performance [2][3]. - The product sold out on its first day, indicating high investor interest [4]. Group 2: Market Dynamics - Experts believe that floating management fee models can alleviate the fixed fee burden on investors during poor market performance while allowing managers to earn higher rewards during strong performance, thus aligning interests [5][6]. - Such products are particularly attractive in volatile or structural market conditions, helping wealth management subsidiaries expand their management scale and incentivize research teams to enhance performance [5][6]. Group 3: Industry Implications - The floating management fee model represents a significant exploration in the transition to net value-based operations, pushing the industry from a scale-oriented approach to a performance-oriented one, enhancing investor satisfaction [5][6]. - The model is especially suitable for high-volatility, high-return products, as it allows for a more direct correlation between management compensation and actual investment capabilities [5][6]. Group 4: Operational Requirements - Bank wealth management subsidiaries must enhance their investment research capabilities, particularly in equity investments, to achieve excess returns that support floating fees [6]. - There is a need for refined risk management to balance the pursuit of high fees with the avoidance of excessive risk, especially during market fluctuations [6]. - Effective operational systems and continuous communication with investors are essential to manage expectations regarding fee structures and performance [6].

Core Insights - The development of bank wealth management has lagged behind, with public fund scale surpassing bank wealth management for the first time by June 2023, indicating a shift in competitive advantages [2] - The bank wealth management industry is undergoing a reassessment of its service clientele, operational models, and positioning to regain competitiveness [2][4] - The industry is expected to transition towards professional asset management companies in 2024, enhancing risk preference, product structure, and investment research capabilities [2][4] Industry Challenges - The year 2023 has been challenging for the industry, with both scale and performance under pressure, leading to adjustments in product performance benchmarks and fee structures to attract investors [4][5] - Bank wealth management scale fluctuated significantly, increasing from 23.4 trillion yuan at the end of 2019 to 25.34 trillion yuan by mid-2023, but saw a notable decrease compared to 2022 due to declining product yields [4][5] - The low risk tolerance of clients and the contradiction with the net value of wealth management products have led to increased volatility in product scale, complicating investment strategies [5] Strategic Shifts - The investment environment for bank wealth management has undergone five key changes, including more rational market expectations, low client confidence recovery, and a shift towards stable asset structures [8] - The focus for 2024 will be on maintaining a balanced approach to asset allocation, emphasizing safety and supporting national strategies while managing risks effectively [11] - There is a need for bank wealth management companies to diversify their product offerings, including cash and short-term debt products, while also exploring higher volatility products to create a more comprehensive product system [9][10] Future Outlook - The bank wealth management sector is projected to achieve a 10% growth in scale in 2024, with total assets expected to reach between 31 trillion and 32 trillion yuan [13] - The performance benchmark for wealth management products is anticipated to stabilize and potentially rise, which could support growth in the sector [13] - The asset allocation strategy will continue to follow the "80-20 rule," with a focus on maintaining a balance between safe assets and higher-yielding investments [13]

今年7、8月份，宁银理财多次参与线下打新，引发市场各界高度关注。 往前回溯，今年1月，中央金融办、中国证监会等六部门联合印发《关于推动中长期资金入市工作的实 施方案》，明确"允许公募基金、商业保险资金、基本养老保险基金、企(职)业年金基金、银行理财等 作为战略投资者参与上市公司定增"，并"在参与新股申购、上市公司定增、举牌认定标准方面，给予银 行理财、保险资管与公募基金同等政策待遇"。 3月28日，中国证监会正式发布《关于修改〈证券发行与承销管理办法〉的决定》，首次将银行理财产 品纳入IPO优先配售对象范围。同日，沪深交易所同步修订了《深圳证券交易所首次公开发行证券发行 与承销业务实施细则》、《深圳证券交易所上市公司证券发行与承销业务实施细则》，新增理财子公司 作为IPO网下投资者主体资格。彼时，市场一片欢腾，认为将会为资本市场带来海量资金。 但值得注意的是，自从3月份有关部门为理财子线下打新"开闸"以来，截至目前只有两家理财子有过尝 试。连日来，从智通财经记者调研多家头部理财子的情况来看，机构对于参与线下打新均持谨慎态 度，"近期没有相关计划"。 "开闸近半年，32家公司仅2家尝试" 依据公开信息，目前32 ...

Core Viewpoint - The forum hosted by China Merchants Bank focuses on the high-quality development of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, highlighting both challenges and opportunities in the banking wealth management sector as it transitions to a net worth-based model [1][4]. Group 1: Current Market Situation - The wealth management industry is experiencing a dual challenge of opportunities and risks due to the deepening low-interest rate environment and the transition to net worth-based products [6]. - The shift to a fully net worth-based model is expected to reshape the industry ecosystem significantly, with the need for wealth management companies to align their investment capabilities with client expectations for sustainable returns [5][6]. - The current market shows a trend where most individual investors hold wealth management products for less than one year, indicating a preference for short-term, low-risk products [7]. Group 2: Demand and Client Expectations - There is a growing understanding among clients regarding net worth-based products, but many still hold strong expectations for capital preservation and stable returns, which may not align with the new market realities [7]. - The traditional client base is slow to adapt to the underlying logic of net worth-based products, creating a dependency that could limit future growth for wealth management companies [7]. Group 3: Asset Management and Investment Strategies - The wealth management industry is heavily reliant on fixed-income products, which constitute 97% of the product offerings, but the attractiveness of high-grade bonds is diminishing as yields decline [8][9]. - There is a pressing need for wealth management firms to enhance their research and asset allocation capabilities, particularly in equity assets, to meet the rising demand for stable returns in a volatile market [9]. Group 4: Future Development and Strategic Focus - Wealth management companies, such as Jianxin Wealth Management, are encouraged to adopt a client-centric approach, focusing on understanding and meeting diverse client needs through tailored product offerings [10][11]. - The strategy includes expanding product lines to include multi-asset and multi-strategy offerings, particularly targeting clients in the Greater Bay Area with innovative products like "fixed income plus" strategies [12]. - Emphasis is placed on enhancing IT capabilities and implementing digital transformation to improve client experience and operational efficiency [13]. Group 5: Regional Economic Support and Collaboration - Jianxin Wealth Management aims to leverage its unique position as the only major wealth management firm registered in the Greater Bay Area to support regional economic development and meet local financial needs [14]. - The company plans to explore investment opportunities in innovative industries and green finance, while also facilitating cross-border financial services to meet client demands for international asset allocation [14].

Core Insights - The launch of the "Xinghui+" multi-asset multi-strategy product system and the "Huibin Wealth Management Macro Allocation Index" marks a significant step for Huibin Wealth Management in responding to the national financial strategy and enhancing public financial services [1][2] Group 1: Product System Overview - The "Xinghui+" product system aims to address the structural contradictions in the banking wealth management industry, particularly the shortage of quality assets in a low-interest-rate environment while meeting high return demands from cautious investors [2] - This system is built on stable fixed-income assets, with careful allocations to equities, commodities, and global assets, aiming for a better balance between risk and return through diversified investments and quantitative timing [2][3] Group 2: Research and Development Framework - The strategy index is a crucial technical support for the implementation of "Xinghui+", positioned as Huibin Wealth Management's "Research and Development No. 1 Project" for 2025, focusing on cross-market and multi-asset investment risk diversification [3][4] - The company plans to develop an open index matrix, launching several important indices and related products, enhancing the efficiency of research outcomes and promoting standardized, transparent, and regulated wealth management product supply [3][4] Group 3: Product Labeling and Market Strategy - Huibin Wealth Management has restructured its product offerings into a "five types, eight brands" framework, implementing product labeling to clarify asset attributes, risk levels, and strategy characteristics, catering to diverse investor needs [5] - The company aims to enhance its service capabilities in the wealth management industry and safeguard public wealth by focusing on four key areas: solid returns, diversified offerings, detailed strategies, and index construction by 2025 [5][6] Group 4: Future Outlook - The company will continue to innovate and deepen the practice of the "Xinghui+" system, guided by its corporate culture of integrity, professionalism, long-term vision, and altruism, while aligning with national strategies and protecting residents' wealth [6]

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]

Core Insights - The growth of wealth management subsidiaries of city commercial banks has been significant, with some achieving over 20% growth compared to the beginning of the year, while others are facing pressure due to slower growth rates [1][3] Group 1: City Commercial Banks' Performance - Ningyin Wealth Management leads with over 600 billion yuan in scale, growing by over 25% [1] - Suyin Wealth Management remains the largest among city commercial banks at nearly 750 billion yuan, with a growth of nearly 20% [1] - Other notable growth includes Hangyin Wealth Management at around 17% and Nanyin Wealth Management at nearly 15% [1] - The top five city commercial banks in terms of scale are all from the Yangtze River Delta region [1] Group 2: Performance of Joint-Stock Banks - Joint-stock banks have shown stable growth, with notable increases from Huaxia Wealth Management at around 19% [3] - However, some joint-stock banks like Zhaoyin Wealth Management have seen a decline in scale [3] - The overall wealth management market has seen a total scale of 27.48 trillion yuan, an increase of 4.44% from the beginning of the year [2] Group 3: Market Trends and Investment Strategies - The growth in wealth management scale is driven by a recovery in equity markets, with significant increases in indices such as the Shanghai Composite Index [5][6] - City commercial banks have shifted towards equity investments, with a notable increase in the number of equity and mixed products [6][7] - The performance of wealth management products is influenced by market conditions, with increased equity exposure leading to higher volatility in returns [9][10] Group 4: Distribution Channels - Successful wealth management subsidiaries have high proportions of external distribution channels, with some exceeding 50% [8] - The expansion of distribution channels is crucial for growth, particularly in large joint-stock banks and city commercial banks [10]