Core Insights - The article discusses the evolving trend of "deposit migration," where depositors are increasingly moving funds from traditional savings accounts to higher-yielding financial products, particularly in the context of a recovering stock market [2][3]. Group 1: Market Trends - The shift from direct bank-to-bank transfers to more complex investment strategies is noted, with a focus on wealth management products that offer higher returns [2]. - The issuance of mixed financial products has increased, with the scale of mixed products rising from 6470.76 billion yuan at the end of June to 6548.11 billion yuan by the end of September, reflecting a growth of 77 billion yuan [2]. - Analysts predict that the allocation of wealth management funds to equity markets could exceed 100 billion yuan from the second half of this year through 2026, despite direct investments in stocks being at a five-year low [2][3]. Group 2: Product Issuance and Demand - A significant increase in the issuance of equity-related financial products has been observed, with 13 products launched this year compared to only 2 last year, highlighting a growing interest in themes like high dividends and AI [3]. - The active engagement of 25 wealth management companies in A-share listed company research, with over 2000 research instances, indicates a strong focus on sectors such as semiconductors, healthcare, and renewable energy [3]. - The trend of "deposit migration" is further supported by the rising popularity of mixed financial products, as clients shift funds from maturing fixed deposits to these higher-yielding options [3]. Group 3: Future Outlook - Predictions suggest that high-yield fixed deposits will reach maturity between 2025 and 2026, potentially leading to a significant shift of deposits into more liquid forms or non-bank deposits [4]. - The strategic adjustment of wealth management towards active management and equity investment is closely tied to macroeconomic conditions, policy directions, and changing client needs [3].

Core Viewpoint - The article highlights the increasing attractiveness of "equity + fixed income" bank wealth management products due to the rising equity market, leading to a shift in investor preferences from pure fixed income products [3][6] Regulatory and Industry Dynamics - The annualized yield of certain equity-linked bank wealth management products has shown impressive performance, prompting investors to reallocate funds from pure fixed income products to these hybrid options [3][6] - Bank wealth management subsidiaries are intensifying collaborations with local small and medium-sized banks to expand distribution channels and business scope [3][6] Peer Innovation Dynamics - On August 26, China Post Wealth Management launched two new personal pension wealth management products with different holding periods, designed to meet diverse retirement planning needs [7] - On August 23, Xingyin Wealth Management completed an equity investment in Beijing Mainline Technology Co., Ltd., driven by a long-term investment logic in smart driving [7][8] Yield Performance - For the week of August 18-24, 2025, cash management products recorded a 7-day annualized yield of 1.31%, remaining stable compared to the previous week, while money market funds reported a yield of 1.20% [4][9] - The yield of various fixed income and hybrid products has generally declined, with the 1-year government bond yield increasing by 0.4 basis points to 1.37% and the 10-year government bond yield rising by 3.5 basis points to 1.78% [4][10] Net Value Tracking - The net value ratio of bank wealth management products rose to 3.04%, an increase of 1.47 percentage points week-on-week, while credit spreads narrowed by 2.90 basis points [5][15] - Despite a weakening sentiment in the bond market, credit spreads remain at historically low levels, indicating limited value [5][15]

Core Viewpoint - The recent strong performance of the equity market has led to a noticeable shift in investor preference from pure fixed-income products to "fixed income + equity" products, resulting in increased marketing efforts by banks for these products [1][4]. Group 1: Market Trends - The equity market's upward trend has caused some investors to redeem pure fixed-income products in favor of higher-risk, equity-inclusive "fixed income +" products [3]. - In July, the average annualized yield for cash management and fixed-income products decreased to 1.50% and 2.73%, respectively, while mixed and equity products saw increases to 3.64% and 9.93% [3]. - The average annualized yield for bank wealth management products dropped to 2.12% in the first half of 2025, down from 2.65% in 2024 and 2.94% in 2023, indicating a challenging environment for traditional fixed-income products [4]. Group 2: Product Characteristics - "Fixed income + equity" products typically allocate over 80% to fixed-income assets while including a small portion of equity assets, offering higher overall returns with moderate risk [2]. - Certain mixed products linked to passive indices, such as the "Zhongyin Wealth Management - Smart Index Tracking Strategy," have reported impressive annualized yields of 12.70% over the past month [3]. Group 3: Opportunities and Challenges - The rise of equity-inclusive wealth management products is driven by declining yields in traditional fixed-income products and a strong equity market performance, creating a demand for enhanced returns [4][5]. - Banks face challenges in promoting these products due to their traditional customer base's low risk tolerance and sensitivity to market fluctuations, necessitating improved research and investment capabilities [5][6]. - Recommendations for banks include enhancing investment research capabilities, optimizing product design to balance risk and return, and tailoring offerings to meet diverse investor needs [5][6].

Core Viewpoint - The recent strong performance of the equity market has led to a noticeable shift in investor preference from pure fixed-income products to "fixed income + equity" products, resulting in increased marketing efforts by banks for these products [1][4]. Group 1: Market Trends - The equity market's upward trend has caused some investors to redeem pure fixed-income products in favor of higher-risk, equity-inclusive "fixed income +" products [3]. - The average annualized yield of cash management and fixed-income products has decreased to 1.50% and 2.73% respectively in July, while mixed and equity products have seen increases to 3.64% and 9.93% [3]. - The average annualized yield of bank wealth management products has dropped from 2.94% in 2023 to 2.12% in the first half of 2025, indicating a downward trend in traditional fixed-income yields [4]. Group 2: Product Development - Banks are increasingly promoting "fixed income + equity" products, which typically allocate over 80% to fixed-income assets while including a small portion of equity assets, offering higher overall returns with moderate risk [2][5]. - Certain mixed wealth management products linked to passive indices have shown impressive annualized yields, such as a product from Bank of China with a yield of 12.70% over the past month [3]. Group 3: Challenges and Opportunities - The rise of equity-inclusive wealth management products presents both opportunities and challenges, as banks must navigate the low-risk appetite of traditional clients and the inherent volatility of equity markets [5][6]. - To enhance their research capabilities, banks are encouraged to incorporate experienced equity or quantitative teams and optimize product design to balance risk and return [5][6].