与此同时，国际金价保持4000美元/盎司高位，投资者对资产配置的关注进一步提升。在此背景下，多 家银行理财子公司加快"固收+"产品调整步伐，布局多元化策略，以应对市场火热带来的机遇与挑战。 作者 | 第一财经 陈君君 随着A股近期持续走强，沪指突破3900点，科创50指数单日涨幅超过5%，银行理财市场也随之活跃。 10月9日，三大股指集体收涨。沪指报3933.97点，涨1.32%，创逾十年新高；深成指涨1.47%，创业板指 涨0.73%。沪深京三市全天成交额达26718亿元，较前一交易日放量4746亿元。 信银理财财富管理事业部多策略及权益投资部相关负责人分析认为，今年权益资产普遍上涨，港股和黄 金涨幅均超过30%，A股、美股、可转债及REITs等板块实现两位数涨幅。债券市场年内整体震荡，使 固收+产品中权益占比成为收益差异的核心因素。上述人士认为，中低波弹性产品收益明显优于低波产 品，未来在政策鼓励长期资金入市和多策略配置的支持下，中低波和中波产品预计将进一步拉开收益差 距。 从发行端来看，中国理财网数据显示，截至9月末，含权类理财产品发行数量明显增长。权益类产品今 年已有12只，远超去年全年2只；混合类产 ...

从调研公司数量来看，科创板和创业板公司的占比超过50%，北交所板块也占一定比例。具体而言，宁银理财、招银理财调研个股数超过200只。 其中，宁银理财关注度最高的前三只个股分别来自新能源、医疗保健和新能源板块；招银理财关注度较高的三家公司分别属于医药生物、半导 体、智能制造等板块。 值得注意的是，据兴业证券研报统计，8月固收类理财产品收益率下行，"含权"理财产品收益率上行。固定收益类理财产品收益率为1.81%，较上 月上涨1bp，其中纯固收类、固收+类理财产品收益率分别为1.80%、1.82%，分别较上月下降14bp、上涨5bp；混合类理财产品收益率为+6.06%， 较上月上涨156bp。（闻辉） 【环球网财经综合报道】在权益市场积极表现带来的投资机遇下，理财公司展开密集调研，大力推进含权产品的布局与优化。据 Wind 数据统 计，前三季度共有25家理财公司参与调研，涉及个股超过1700只。其中，半导体、通信、医疗设备，机械制造，新能源等板块成为调研重点。 华宝证券研报认为，随着权益市场逐步回暖，理财公司正以"产品端扩容+投研端深化"的"双管齐下"策略，积极把握市场机遇。多家银行理财子公 司一方面加大含权类理财 ...

本报记者 彭妍 随着权益市场逐步回暖，银行理财子公司正以"产品端扩容+投研端深化"的"双管齐下"策略，积极把握市场机遇。记者了 解到，近期，多家银行理财子公司一方面加大含权类理财产品发行力度，另一方面提升对上市公司的调研频次与深度。 中信证券首席经济学家明明在接受《证券日报》记者采访时表示，通过深入调研，银行理财子公司能更好地识别有潜力的 行业和个股。展望四季度，A股市场有望延续积极表现，银行理财子公司或加大力度布局权益市场。 受低利率环境影响，传统固收类理财产品收益持续承压，投资者对含权类产品需求显著上升。随着权益市场回暖，银行理 财子公司加快含权类产品的申报与发行节奏。 中国理财网数据显示，截至9月24日，今年以来银行理财子公司含权类理财产品（含权益类、混合类产品）发行数量呈现 显著增长态势。其中，权益类产品达12只，远超去年全年的2只；混合类产品达202只，去年全年为169只。 展望四季度，高政扬认为，权益市场有望延续稳步向上趋势，核心支撑有三方面：一是我国宏观经济稳步复苏，A股上市 公司业绩有望改善，企业盈利预期增强；二是市场流动性宽松，低利率环境下资金对权益资产的配置需求持续释放；三是政策 端加大资 ...

Core Viewpoint - The migration of deposits to wealth management products is increasing, driven by lower deposit rates and the search for higher returns, but the wealth management market faces challenges such as market volatility and declining asset yields [1][2][3]. Group 1: Deposit Migration Trends - In July, household deposits decreased by 1.1 trillion yuan, while non-bank institution deposits increased by 2.14 trillion yuan, indicating a shift of funds from traditional savings to other asset classes [2][3]. - The growth rate of household deposits has been declining for three consecutive months, with July's growth rate at 10.3%, down 0.5 percentage points from June [2][3]. - The gap between household deposit growth and M2 growth has narrowed significantly, suggesting a potential confirmation of the deposit migration trend if it falls into negative territory [2][3]. Group 2: Wealth Management Market Dynamics - The scale of bank wealth management products is expected to grow significantly, with estimates suggesting an increase of approximately 2 trillion yuan by July 2025, reaching 32.67 trillion yuan [3][6]. - The average performance benchmark for open-ended wealth management products is 2.27%, while closed-end products average 2.51%, both showing slight declines [5]. - The current market is experiencing an "asset shortage," with declining yields on underlying assets, leading to challenges in meeting investor demand for higher returns [5][6]. Group 3: Product Trends and Investor Behavior - There is a notable shift towards low-volatility and stable short-term fixed-income products as investors seek alternatives to traditional deposits [6][7]. - The popularity of rights-embedded products is increasing, driven by the recent strong performance of the A-share market and the growing demand for enhanced returns [7]. - Cash management products are experiencing negative growth, while open-ended fixed-income products remain the main growth driver due to their liquidity advantages [7].

Core Insights - The People's Bank of China released a survey indicating that the top five preferred investment methods among residents are "bank non-principal guaranteed wealth management," "fund trust products," "stocks," "bonds," and "non-consumption insurance," with respective selection rates of 34.8%, 24.7%, 16.3%, 15.3%, and 9.8% [1] Group 1: Investment Preferences - Bank non-principal guaranteed wealth management products are favored due to their higher potential returns and flexibility in investment strategies, allowing for adjustments based on market conditions [1] - The demand for diverse returns has led to a broad investment scope in bank non-principal guaranteed products, catering to various investor preferences [1] Group 2: Market Trends - As of June 2023, the bank wealth management market's total scale reached 30.67 trillion yuan, reflecting a growth of approximately 0.7 trillion yuan from the end of the previous year, indicating sustained market attractiveness [2] - Fixed income products dominate the market, with a total scale of 29.81 trillion yuan, accounting for 97.20% of all wealth management products [2] Group 3: Product Development - There is a need for banks to develop equity-based wealth management products to meet diverse investment needs and support the equity market's growth [3] - The trend of "fixed income + equity" products is gaining momentum, with increased development and supply of related products [3] Group 4: Regulatory Compliance - Following the implementation of asset management regulations, banks must enhance information disclosure and risk warnings for equity products, ensuring investors are well-informed about product characteristics and risks [4]

Core Insights - The low interest rate environment and active capital markets are driving wealth management companies to increase their research on individual stocks and enhance the issuance of rights-based financial products [1][2] Group 1: Market Trends - Wealth management companies are shifting from traditional fixed-income products to a diversified asset allocation strategy, incorporating fixed income, equities, derivatives, and alternative assets to achieve stable returns across different market cycles [1][3] - The number of rights-based financial products has significantly increased, with a notable rise in equity asset allocation, currently stabilized at around 5% [1][2] - Recent data shows that the average annualized return for mixed and equity financial products has risen, with mixed products at 3.64% and equity products at 9.93% as of July [2] Group 2: Investment Strategies - Wealth management firms are increasingly focusing on individual stock research, with 22 firms conducting 207 investigations into listed companies in the past month, particularly targeting growth sectors like machinery, electronics, and pharmaceuticals [2][3] - The shift towards "fixed income + options" strategies is being adopted to slightly increase equity asset allocation in response to low interest rates [2][4] Group 3: Challenges and Opportunities - The traditional cash management and pure bond products are yielding lower returns, making it difficult for wealth management companies to meet investor expectations [4][5] - The capital market's sustained activity is enhancing the overall value of equity asset allocation, with significant trading volumes observed in the A-share market [4][5] Group 4: Research and Development - Leading wealth management companies are investing in building robust equity research capabilities, requiring time and structural support to develop a competitive edge against traditional equity players [6][7] - The focus is on creating a specialized research and risk management system to develop impactful equity products, with an emphasis on multi-asset strategies [6][7]

Core Viewpoint - The People's Bank of China released a survey indicating that residents prefer various investment methods, with non-principal guaranteed bank wealth management products being the most favored option, reflecting a shift towards diversified investment strategies [1] Group 1: Investment Preferences - The top five investment methods preferred by residents are non-principal guaranteed bank wealth management (34.8%), fund trust products (24.7%), stocks (16.3%), bonds (15.3%), and non-consumption insurance (9.8%) [1] - Non-principal guaranteed bank wealth management products are favored due to their higher potential returns and flexibility in investment strategies, catering to diverse investor preferences [1] Group 2: Market Trends - As of June 2023, the total scale of the bank wealth management market reached 30.67 trillion yuan, showing an increase of approximately 0.7 trillion yuan from the end of the previous year, indicating sustained growth and attractiveness in the sector [2] - Fixed income products dominate the market, accounting for 97.20% of the total wealth management product scale, while mixed, equity, and derivative products remain relatively small [2] Group 3: Product Development - There is a need for banks to diversify their product offerings by developing equity-based wealth management products to meet varying customer investment needs and support the equity market's growth [3] - The trend of "fixed income + equity" products is gaining momentum, with an emphasis on developing mixed and equity products to enhance investment options [3] Group 4: Regulatory Compliance - Following the implementation of new asset management regulations, banks must improve the information disclosure and risk warnings for equity products, ensuring transparency throughout the product lifecycle [4] - Clear communication of risk characteristics and product details is essential to prevent misleading sales practices and ensure investors have a comprehensive understanding of the risks involved [4]

Market Performance - The A-share market saw a strong performance on August 20, with the Shanghai Composite Index rising by 1.04% to close at 3766.21 points, marking a near ten-year high [1] - The trading volume in the A-share market exceeded 2 trillion yuan for the sixth consecutive trading day [1] Sector Performance - The semiconductor industry chain experienced significant gains, while the defense and military sector continued to rise [1] - Consumer electronics and automotive stocks performed well, and liquor stocks rebounded from low levels [1] Investment Trends - Increased inflow of incremental capital is a key driving force for the market's upward trend, supported by a long-term shift of household wealth towards capital markets and the orderly release of policy dividends [3] - The performance of equity-based wealth management products has attracted more investor interest due to the bullish A-share market [5] Financing Activities - The margin financing business has shown a notable increase, with the financing balance exceeding 2 trillion yuan, reaching a near ten-year high [7] - Experts caution that margin trading is inherently a leveraged activity, which amplifies both potential returns and risks [7] Investor Considerations - Investors are advised to be cautious of the risks associated with over-heated market conditions and to avoid blindly chasing high prices [3] - The volatility of equity-linked wealth management products is typically greater than that of fixed-income products, necessitating careful financial planning by investors [5]

Group 1 - The recent performance of equity-based wealth management products has attracted more investor inquiries and investments, driven by the A-share market [1][5] - Many banks have reported a significant increase in customer consultations for equity-based wealth management products, with some banks experiencing a doubling in inquiries [7][9] - As of August 20, among the 53 equity-based wealth management products with disclosed net values, 48 showed positive growth, with 6 products achieving an annualized return exceeding 20% in the past six months [11] Group 2 - The policy environment is encouraging long-term capital to enter the market, leading to an increased allocation of equity assets in wealth management products [13] - These products typically have higher volatility compared to fixed-income products and involve risks related to principal fluctuations, requiring investors to plan their funds carefully [13]

Group 1 - The recent performance of rights-containing wealth management products has been impressive, with many products showing an annualized return of over 4% in the past month [1][2] - Two popular wealth management products highlighted include one from Xingyin Wealth Management with an annualized return of 5.39% year-to-date and 4.28% in the last month, and another from Zhaoyin Wealth Management with a year-to-date return of 4.83% and a last month return of 6.59% [2] - The underlying assets of these products include bonds, stocks, commodities, and derivatives, utilizing various professional investment strategies to enhance returns [2] Group 2 - Many banks are recommending rights-containing wealth management products due to low returns from traditional fixed-income products and money market funds, which have seen declining yields [3] - The average yield of money market funds has decreased from 1.79% in January to 1.32% recently, while fixed-income products have shown returns of less than 1% year-to-date [3] - Bank wealth management products are primarily positioned for stable returns rather than short-term high returns, with recent strong performance attributed to the bullish A-share market [4] Group 3 - Most recommended rights-containing wealth management products have a holding period of one year or more, which helps mitigate short-term volatility through long-term operation [4] - Investors are advised to have realistic expectations regarding different risk levels of wealth management products and to choose products that match their risk tolerance [4] - Diversification and proper asset allocation are recommended strategies for investors, who should consider their financial situation across various dimensions such as active management, stable investment, aggressive investment, and protection management [4]