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 ...

Core Viewpoint - Hengli Hydraulic (601100.SH) plans to use up to RMB 3 billion of its own funds for entrusted wealth management investments to enhance fund utilization efficiency and increase company revenue [1] Investment Plan - The total amount for investment will not exceed RMB 3 billion, and the funds can be used on a rolling basis, with the total amount of outstanding wealth management products at any given time not exceeding RMB 3 billion [1] - The investment aims to improve cash management and utilize self-owned funds reasonably [1] Investment Strategy - The investment will focus on low-risk, highly liquid short-term financial products [1] - The investment scope includes but is not limited to fixed-income financial products, treasury reverse repos, money market funds, trust products, and targeted asset management plans [1] Approval Process - The investment decision has been approved by the company's fifth board of directors at its fifteenth meeting and the fifth supervisory board at its fourteenth meeting [1]

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]

Market Overview - The bond market continued to experience fluctuations, with an overall balanced and loose liquidity environment. The weighted average of DR007 on August 8 was 1.425%, and the yield on 10-year government bonds closed at 1.69% [2] - In the stock market, major A-share indices saw gains, with the CSI 1000, Shanghai Composite Index, and CSI 500 increasing by 2.51%, 2.11%, and 1.78% respectively. The defense, non-ferrous metals, and machinery equipment sectors led the weekly gains [2] Product Performance - The number of underperforming products remains low, with 25,003 public wealth management products in existence as of August 10, 2025, of which 179 had a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.72% for bank wealth management [3] - The underperformance rates for equity and mixed wealth management products were 38.1% and 5.46%, respectively, while fixed income public wealth management products had an underperformance rate of 0.4% [3] - Fixed income products with 1-2 year and over 3-year terms had slightly higher underperformance rates of 0.9% and 1.12%, respectively [3] New Product Issuance - A total of 443 wealth management products were issued by 31 wealth management companies from August 4 to August 8, with joint-stock banks leading in issuance. Xinyin Wealth Management and Huaxia Wealth Management each issued 36 products, while Everbright Wealth Management issued 32 [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 8 mixed products issued, accounting for 1.8%, and no new equity products [6] Pricing Trends - Pricing for different term products varied, with 1-2 year and 2-3 year products seeing an increase, particularly the 2-3 year products which rose by 24 basis points to 2.86%. In contrast, products with terms of 1-3 months, 3-6 months, 6-12 months, and over 3 years saw declines, with the latter dropping by 36 basis points to 2.15% [6] Yield Performance - Fixed income wealth management products showed signs of recovery, with an average net value growth rate of 0.0718% over the past week. Mixed and equity products had average net value growth rates of 0.091% and 0.8529%, respectively. The highest average net value growth rate among fixed income products was for those with over 3-year terms at 0.1075% [8] - Cash public wealth management products in RMB, USD, and AUD had annualized yields of 1.364%, 3.91%, and 2.83%, respectively [12] - The proportion of negative yield products decreased, with 5.19% of RMB public wealth management products yielding negative returns over the past week. The negative yield proportions for fixed income, mixed, and equity products were 4.02%, 23.3%, and 33.33%, respectively [12] Industry Trends - Since the opening of offline IPO participation for wealth management subsidiaries in March, only two companies, Everbright Wealth Management and Ningyin Wealth Management, have attempted this, with Ningyin participating more frequently [14] - In the first half of 2025, 36 out of 69 city commercial banks without wealth management subsidiaries saw their asset management business scale decrease by over 10%, indicating ongoing pressure for rectification [15] - Conversely, some city commercial bank wealth management subsidiaries experienced significant growth, with Ningyin Wealth Management's scale exceeding 600 billion RMB, reflecting a growth of over 25% compared to the beginning of the year [16]

Market Overview - The bond market continued to experience fluctuations, with an overall balanced and loose funding environment. The weighted average of DR007 on August 8 was 1.425%, and the yield on 10-year government bonds closed at 1.69% [2] - In the stock market, major A-share indices saw gains, with the CSI 1000 index, Shanghai Composite Index, and CSI 500 index increasing by 2.51%, 2.11%, and 1.78% respectively. The defense, non-ferrous metals, and machinery equipment sectors led the weekly gains [2] Product Performance - The number of underperforming products remains low, with 25,003 public wealth management products in existence as of August 10, 2025, of which 179 had a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.72%. The break-even rates for equity and mixed wealth management products were 38.1% and 5.46%, respectively, while fixed income products had a break-even rate of 0.4% [3] - Fixed income products with 1-2 year and over 3-year terms had slightly higher break-even rates of 0.9% and 1.12%, respectively [3] New Product Issuance - A total of 443 wealth management products were issued by 31 companies from August 4 to August 8, 2025. The leading issuers were Xinyin Wealth Management and Huaxia Wealth Management, each issuing 36 products, followed by Everbright Wealth Management with 32 products [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 8 mixed products (1.8% of total) and no new equity products [4] - Pricing varied across different term products, with 2-3 year products seeing a rise of 24 basis points to 2.86%. In contrast, longer-term products (over 3 years) saw a decline of 36 basis points to 2.15% [4] Yield Performance - Fixed income wealth management products showed signs of recovery, with an average net value growth rate of 0.0718% over the past week. Mixed and equity products had average growth rates of 0.091% and 0.8529%, respectively. The highest growth rate among fixed income products was for those with over 3-year terms at 0.1075% [5] - The average annualized yield for cash public wealth management products in RMB, USD, and AUD was 1.364%, 3.91%, and 2.83%, respectively [5] - The proportion of negative yield products decreased, with 5.19% of RMB public wealth management products reporting negative returns over the past week. The negative yield rates for fixed income, mixed, and equity products were 4.02%, 23.3%, and 33.33%, respectively [5] Industry Trends - Since the opening of offline IPO participation for wealth management subsidiaries in March, only two companies, Everbright Wealth Management and Ningyin Wealth Management, have attempted this, with Ningyin being more active [6][7] - In the first half of 2025, 36 out of 69 city commercial banks without wealth management subsidiaries saw their asset management business scale decrease by over 10%, reflecting ongoing regulatory pressure [8] - Conversely, some city commercial bank wealth management subsidiaries experienced significant growth, with Ningyin Wealth Management's scale exceeding 600 billion RMB, marking a growth of over 25% compared to the beginning of the year [9]

Core Insights - Several bank wealth management companies reported significant profit growth in 2021, with net profit increases exceeding 30% for seven companies [1] - Some companies, such as Xinyin Wealth Management and Everbright Wealth Management, saw their net profits more than double, with increases of 108.62% and 181.21% respectively [2] - The total assets and management scale of these wealth management companies have surged, largely due to the transfer of products from their parent banks [3] Financial Performance - As of the end of 2021, Zhaoyin Wealth Management reported total assets of 12.097 billion yuan and net profit of 3.203 billion yuan, with a 13.47% increase in managed wealth products [2] - Jiao Yin Wealth Management achieved a net profit of 1.155 billion yuan, a 73.61% year-on-year increase, with total assets reaching 10.206 billion yuan [2] - Xinyin Wealth Management's net profit reached 2.806 billion yuan, ranking second among disclosed bank wealth management companies [2] Product Management Scale - Jiao Yin Wealth Management's product balance reached 1.224 trillion yuan, a 129.43% increase from the previous year [3] - The total scale of non-insurance wealth management products for Xinyin Wealth Management and its parent bank was 1.403 trillion yuan, with 90% of products meeting new asset management regulations [3] Market Trends - A significant number of wealth management products have experienced net value fluctuations, with 16% of products showing negative total returns this year [4] - Several banks have begun purchasing their own wealth management products to reassure clients and boost confidence [4] - The proportion of equity products remains low, with fixed income products continuing to dominate the market [5][6] Product Composition - As of the end of 2021, fixed income products accounted for 92.34% of the total wealth management product balance, while equity products made up only 0.28% [6]

Investment Rating - The industry investment rating is maintained at "Overweight" [4] Core Insights - The bank wealth management market experienced steady growth in the first half of 2025, with a total scale of 30.67 trillion yuan, representing a year-on-year increase of 7.53%. The scale of wealth management companies reached 27.48 trillion yuan, up 12.98% year-on-year. This growth is attributed to the migration of funds due to low deposit interest rates, indicating potential for continued stable expansion [6][14] - The structure of wealth management products shows that fixed-income products account for 97.20% of the total scale, with a slight decrease of 0.13 percentage points since the beginning of the year. This decline is expected to be related to bond market volatility and improved conditions in the equity market [6][16] - In terms of asset allocation, there has been an increase in cash and deposit assets as well as public funds, while allocations to bonds and interbank certificates of deposit have decreased. Specifically, the allocation ratios for bonds, interbank certificates, and equity assets have decreased by 1.7%, 0.6%, and 0.5% to 41.8%, 13.8%, and 2.4%, respectively [6][20] Wealth Management Product Yield - The yield of cash management wealth management products has continued to decline, with a 7-day annualized yield of 1.44% in July, down 6 basis points from the previous month and 40 basis points from December of the previous year. In comparison, the yield of money market funds was 1.25%, down 9 basis points month-on-month and 31 basis points year-on-year [8][24] - The average annualized yield for short-term pure fixed-income wealth management products was 2.15%, up 0.03 percentage points from the previous month, while the yields for medium-term and long-term products decreased [9][27] - The overall break-even rate for fixed-income + wealth management products increased to approximately 2.4% in July, indicating a rise from the previous month, although the number of deeply discounted products remains low [10][35] Market Performance - Over the past 12 months, the industry has shown a relative return of 13.49% and an absolute return of 25.64%, indicating strong performance compared to the market benchmark [5]

Core Insights - The banking wealth management market in China reported a total scale of 30.67 trillion yuan as of June 2025, reflecting a 2.38% increase from the beginning of the year and a 7.53% year-on-year growth [2][4] - The average annualized yield of wealth management products in the first half of the year was 2.12%, generating a total return of 389.6 billion yuan for investors, which is a 14.18% increase compared to the same period last year [2][5] - There has been significant growth in personal pension wealth management, with the number of accounts exceeding 1.439 million, marking a 46.2% increase since the beginning of the year [2] Investment Product Composition - Fixed income products dominate the market, with a total scale of 29.81 trillion yuan, accounting for 97.2% of the total wealth management products, showing a slight decrease of 0.13 percentage points from the beginning of the year but an increase of 0.32 percentage points year-on-year [3] - Mixed products have a scale of 0.77 trillion yuan, representing 2.51% of the total, with a slight increase of 0.07 percentage points from the beginning of the year but a decrease of 0.22 percentage points year-on-year [3] - Equity products and commodity/financial derivatives are relatively small, with scales of 0.07 trillion yuan and 0.02 trillion yuan, respectively [3] Operational Trends - Open-ended wealth management products are increasingly favored, with a total scale of 24.82 trillion yuan, making up 80.93% of all wealth management products, which is an increase of 0.13 percentage points from the beginning of the year and 1.06 percentage points year-on-year [3] - Cash management products account for 6.4 trillion yuan, representing 25.79% of open-ended products, but have seen a decrease of 4.38 percentage points from the beginning of the year and 7.09 percentage points year-on-year [3] Market Drivers - The growth of the wealth management market is attributed to the continuous decline in deposit rates, leading investors to seek safer and more stable returns through bank wealth management products [4] - The number of investors holding wealth management products reached 136 million, an increase of 8.37% since the beginning of the year [4] - Increased awareness of asset allocation among individual investors has led to a greater demand for diversified investment channels, with bank wealth management products standing out due to their transparency and strict regulation [5]

Core Insights - The banking wealth management market in China has shown growth in both scale and investor participation, with a total size of 30.67 trillion yuan as of June 2025, reflecting a 2.38% increase from the beginning of the year and a 7.53% year-on-year growth [2] - The number of investors holding wealth management products reached 136 million, an increase of 8.37% from the start of the year, generating a total return of 389.6 billion yuan for investors in the first half of 2025 [2] - Personal pension wealth management products have seen significant growth, with over 1.439 million accounts opened, a 46.2% increase since the beginning of the year, and a total purchase balance of 110.36 billion yuan [2][11] Wealth Management Product Structure - The wealth management market has a strong focus on stability, with fixed-income products dominating, accounting for 97.20% of the total scale, and low-risk products making up 95.89% of the market [4][5] - The average duration of newly issued closed-end wealth management products ranged from 377 to 489 days, with closed-end products over one year accounting for 72.86% of all closed-end products, an increase of 5.71 percentage points from the beginning of the year [8][9] Factors Influencing Investor Preferences - The preference for low-risk products is driven by the uncertain global economic environment and domestic market volatility, leading investors to favor stable returns [5][6] - The shift in investor demographics towards younger, more educated individuals is expected to gradually change the client structure, allowing for a broader acceptance of mixed and equity products over the next 5 to 10 years [6] Pension Wealth Management Products - The rapid development of personal pension wealth management products is supported by government policies, with an average annualized return exceeding 3.4% [11][12] - The market has seen the introduction of multiple pension products, with six wealth management companies launching a total of 35 pension products, managing over 15.16 billion yuan [12] Recommendations for Investors - Investors are advised to diversify their asset allocation based on their risk tolerance and retirement goals, focusing on products with stable historical performance and controlled volatility [12][13]

Core Viewpoint - The banking wealth management market in China has shown steady growth in the first half of 2025, with a notable increase in personal pension wealth management products driven by policy support and changing demographics [2][10]. Group 1: Market Overview - As of June 2025, the total scale of the banking wealth management market reached 30.67 trillion yuan, an increase of 2.38% from the beginning of the year and 7.53% year-on-year [2]. - The number of investors holding wealth management products reached 136 million, growing by 8.37% since the start of the year [2]. - Wealth management products generated a total return of 389.6 billion yuan for investors in the first half of 2025 [2]. Group 2: Product Structure - Fixed income products dominate the market, accounting for 97.20% of the total scale of wealth management products, while low-risk products represent 95.89% of the total scale [4]. - The proportion of closed-end products with a maturity of over one year increased to 72.86%, up by 5.71 percentage points from the beginning of the year [8]. - Cash management products saw a decline, with their scale at 6.40 trillion yuan, representing 25.79% of all open-end wealth management products, down by 4.38 percentage points since the start of the year [8][9]. Group 3: Personal Pension Wealth Management - The number of investors opening personal pension wealth management accounts exceeded 1.439 million, a growth of 46.2% since the beginning of the year [10][12]. - Personal pension wealth management products provided an average annualized return of over 3.4% [10]. - The market has seen the launch of 35 personal pension wealth management products with a total management scale exceeding 15.16 billion yuan [12]. Group 4: Investor Preferences and Trends - Investors are increasingly favoring low-risk, stable-return products due to the low interest rate environment and market volatility [5][6]. - The shift in investor demographics towards younger, more educated individuals is expected to gradually change the client structure over the next 5 to 10 years [6]. - The development of personal pension products is supported by government policies aimed at enhancing the third pillar of pension finance, which includes tax incentives for personal pension investments [12].