从规模来看，截至今年6月末，银行理财市场存续规模达30.67万亿元，较去年年末规模增长约0.7万亿 元，行业吸引力持续增强。张翘楚认为，银行理财行业在服务实体经济方面持续发力，在绿色金融、区 域发展等重点领域的布局方向不断深化，既响应国家政策目标，也实现了行业发展与实体经济需求的良 性互动。 不过，从《中国银行业理财市场半年报告(2025年上)》披露的理财产品类型结构看，截至今年6月末， 固定收益类产品存续规模为29.81万亿元，占全部理财产品存续规模的比例达97.20%；而混合类产品、 权益类产品和商品及金融衍生品类产品的存续规模相对较小。 在宏观经济持续向好的背景下，银行理财应顺应市场需求调整产品策略，满足居民家庭理财投资多元需 求。娄飞鹏建议，在固收类理财产品占据绝对优势的情况下，银行理财有必要适当发展权益类理财产 品，丰富产品类型更好满足不同类型客户的投资需求，同时也有助于为权益市场发展提供长期耐心资 本。在此过程中，银行理财需要加强投研能力建设，创新权益类或挂钩权益类理财产品。 近日，中国人民银行发布《2025年第二季度城镇储户问卷调查报告》显示，在消费、储蓄和投资意愿方 面，居民偏爱的前五位投资方 ...

◎记者 徐潇潇 低利率环境与资本市场的活跃，正驱动银行理财公司加大个股调研力度，并强化含权类理财产品的布局 和发行力度。 面对复杂的市场环境与投资者增值预期，受访人士表示，理财公司应进一步加强对固收、权益、衍生品 及另类资产等多类别资产的统筹布局，并通过灵活运用多种投资策略，实现在不同市场周期下的稳健收 益。 含权类理财产品数量明显上升 理财资金配置权益资产的意愿增强，原因是多元的。除了监管层鼓励中长期资金入市的政策因素，更主 要的是受资本市场活跃、市场竞争加剧等影响。 就销售端来看，投资者偏好也有改变。有理财经理向记者称，最近来咨询含权类理财产品的客户有所增 加，有的产品甚至能当日售罄。 投资者也尝到了甜头。从收益角度来看，部分产品近月年化收益率能在4%左右。 普益数据显示，7月，混合类、权益类理财产品今年以来的平均年化收益率分别较6月上升0.51个百分 点、7.19个百分点，至3.64%和9.93%。 以招银理财旗下的含权产品为例，截至8月27日，一款R3级产品权益中枢20%（指权益资产占比），近1 年投资收益率达5.31%。 冠苕咨询创始人、资深金融监管政策专家周毅钦说，从近期产品发行和市场动向来看，理 ...

近日，中国人民银行发布《2025年第二季度城镇储户问卷调查报告》显示，在消费、储蓄和投资意愿方 面，居民偏爱的前五位投资方式依次为"银行非保本理财""基金信托产品""股票""债券"和"非消费型保 险"，选择这五种投资方式的居民占比分别为34.8%、24.7%、16.3%、15.3%和9.8%。 银行非保本理财是指银行不承诺保障本金和收益，实际收益由投资项目表现决定的理财产品。普益标准 研究员张翘楚认为，这类产品受到投资者青睐，主要在于收益潜力相对更高，有机会更好地实现财富增 值，同时投资策略能随市场变化调整，更具灵活性。此外，其投资范围广泛，涵盖多种资产，投资者可 根据自身情况灵活选择，丰富了投资渠道。从市场层面看，银行非保本理财顺应了投资者对多样化收益 的追求，满足了不同投资偏好人群的需求。对银行而言，这类产品能降低自身风险压力，提升资金运作 灵活性，也符合监管对资管业务的导向。 按照资管新规要求，银行理财作为资产管理类产品，本身均为非保本产品，与其他资管产品相比又相对 稳健。中国邮政储蓄银行研究员娄飞鹏分析，今年以来，受存款利率下行推动居民存款向理财市场转 移、银行理财公司积极创新产品服务客户等因素影响， ...

Core Viewpoint - The recent surge in demand for equity-linked wealth management products is driven by favorable policies and market conditions, with many products achieving annualized returns exceeding 4% in the past month [1][2]. Group 1: Product Performance - Several equity-linked wealth management products have shown strong performance, with one product achieving an annualized return of 5.39% year-to-date and 4.28% in the last month, while another reached 4.83% year-to-date and 6.59% in the last month [2]. - The popularity of these products is reflected in their rapid sales, with some banks releasing around 1 billion yuan worth of products daily, which sell out within minutes [1]. Group 2: Market Trends - The banking sector is increasingly focusing on equity-linked products as a response to the "asset shortage" environment, viewing them as a key opportunity to enhance product scale [1][4]. - Following the recovery of the A-share market, many investors are opting for equity-linked products to participate in stock market gains, leading to a significant increase in the issuance of such products by banks [4][5]. Group 3: Investor Behavior - Investors are shifting from low-yield fixed-income products to equity-linked products due to declining returns on traditional investments, with some expressing dissatisfaction with the low yields of money market funds and fixed-income products [3][6]. - Bank wealth management professionals are advising clients to consider equity-linked products for higher returns, especially for those with a certain risk tolerance [3][6]. Group 4: Strategic Adjustments - Banks are enhancing their investment capabilities in equity-linked products, with a focus on diversifying their product offerings to meet varying risk appetites among investors [5][6]. - The low interest rate environment is prompting banks to reduce reliance on traditional fixed-income products and to capture structural opportunities in the equity market [4][5].

Group 1 - The core viewpoint of the article highlights the increasing sales of wealth management products with rights, indicating a trend of sustained capital inflow into these financial instruments [1] Group 2 - The article notes that the sales of rights-based wealth management products have seen a significant uptick, reflecting a growing investor interest in these offerings [1] - It emphasizes the importance of these products in the current financial landscape, suggesting they are becoming a preferred choice for investors seeking returns [1]

Group 1 - The core viewpoint of the articles highlights the increasing popularity of equity-linked wealth management products driven by favorable policies and market conditions, with many products showing annualized returns exceeding 4% in the past month [1][2][3] - Banks are actively promoting equity-linked wealth management products, with some products selling out quickly, indicating strong demand from investors seeking higher returns compared to traditional fixed-income products [1][2] - The growth in equity-linked products is a strategic response from banks to the "asset shortage" environment, aiming to enhance product scale and capture market opportunities [1][3] Group 2 - Several banks have reported a significant increase in the issuance of equity-linked wealth management products, with some institutions seeing a multiple increase compared to the same period last year [3] - The low interest rate environment poses challenges for asset management firms, prompting them to diversify their portfolios by increasing equity asset allocations to seek higher returns [3][4] - Experts suggest that banks should optimize product structures and expand marketing channels to develop diversified wealth management products, particularly equity and mixed products, to meet varying investor risk preferences [4][5] Group 3 - The majority of recommended equity-linked products have holding periods of one year or more, which helps mitigate short-term volatility associated with underlying stock assets [5][6] - Industry insiders emphasize that wealth management products are primarily designed for stable returns rather than short-term high yields, and recent performance improvements are largely attributed to the A-share market rally [5][6] - Investment advisors recommend that investors adopt a diversified investment strategy, balancing their portfolios across different asset classes and industries to manage risk effectively [6]

Group 1 - Financial companies are increasing their allocation to equity assets, with significant actions and new approaches taken in the first half of this year [1] - Multiple financial companies, including Bank of China Wealth Management and Postal Savings Bank Wealth Management, have announced plans to increase investments in exchange-traded funds (ETFs) through direct or indirect means [1] - The number of index-based financial products has significantly increased in the first half of this year compared to the same period last year [1] Group 2 - Financial companies are accelerating their research efforts on A-share listed companies, with 24 companies conducting a total of 1,473 research visits in the first half of this year [1] - A total of 1,249 different stocks were researched, with a significant portion belonging to the Sci-Tech Innovation Board, Growth Enterprise Market, and Beijing Stock Exchange [1] - The stocks researched from these boards accounted for over 51% of the total [1]

Core Viewpoint - The article emphasizes the increasing role of bank wealth management in supporting long-term investments, particularly in equity assets and technology innovation bonds, in response to government policies promoting "long money and long investment" [1][2]. Group 1: Bank Wealth Management and Equity Investment - Bank wealth management companies are actively increasing their allocation to equity assets, with a focus on index-based investments, as part of a broader strategy to support capital market development [2][5]. - As of May 18, 2023, 25 wealth management companies conducted over 1,100 research visits to A-share listed companies, with nearly half of the companies being from the Sci-Tech Innovation Board and the Growth Enterprise Market [4][5]. - The number of bank wealth management products linked to indices has significantly increased, with 116 products currently in various stages of sale or fundraising, compared to the previous year [2][5]. Group 2: Focus on Technology Innovation - Bank wealth management is also engaging in technology innovation bonds, with several state-owned banks participating in the first batch of such bonds to direct funds towards high-tech sectors [6][7]. - By May 2023, bank wealth management companies had invested over 200 billion yuan in technology enterprises during the 14th Five-Year Plan period, with specific investments in various technology sectors [6][7]. - The investment in technology innovation bonds is expanding, with companies like Agricultural Bank of China Wealth Management participating in multiple bond issuances, supporting a range of enterprises from private to state-owned [7].

Group 1 - The new "National Nine Articles" has been in effect for over a year, accelerating the formation of a new ecosystem in the capital market, emphasizing the importance of promoting long-term funds into the market and establishing rational, value, and long-term investment concepts [1][2] - The "Three Investment" concept is seen as a timely principle that can guide social funds to invest long-term in emerging strategic industries and key transformation areas, ensuring sufficient funding for enterprises [2][3] - The banking wealth management sector, as a significant part of the asset management industry, is expected to actively implement the "Three Investment" concept to enhance long-term investment capabilities [1][4] Group 2 - The wealth management market, valued at approximately 30 trillion yuan, has seen the establishment of 32 "clean start" wealth management subsidiaries, which are now the main players in the market [3] - Despite the growth of the wealth management industry being driven by fixed income markets, there are still challenges in aligning short-term product liabilities with long-term equity market investments [3][4] - The industry is exploring adjustments in investment capabilities, culture, team building, and investor engagement to better support capital market development [3][5] Group 3 - The diversification of investment strategies is viewed as a significant leap following the net value transformation, with wealth management companies expected to leverage their advantages in macroeconomic insights and asset allocation [4][5] - The "Three Investment" concept is crucial for attracting long-term funds into the market and establishing a stable mechanism for the capital market [5][6] - Wealth management firms are encouraged to extend the duration of liabilities to attract more long-term funds and better utilize long-term investment scenarios [7][8] Group 4 - Wealth management companies are advised to design products that cater to different client needs and to expand their "fixed income plus" product strategy library [7][8] - The alignment of interests between wealth management firms and clients is being strengthened, with practices such as waiving management fees for underperforming equity products being implemented [7][8] - The trend of extending liability durations is becoming more common among institutions, allowing for a broader investment scope and increasing the potential for enhanced client returns [7][8]