宁银理财打新动作频频 汉桑科技发行价为28.91元/股，上市首日最高价达到110元，当日收盘价为82.89元。 7月23日，汉桑科技发布的《首次公开发行股票并在创业板上市发行公告》显示，宁银理财旗下两只产 品"宁赢平衡增利国企红利混合类日开理财6号""宁赢个股臻选混合类开放式理财产品1号（最短持有2 年）"，以29.30元/股的价格各申报900万股，并入围有效报价。 事实上，这并非宁银理财唯一参与打新的IPO企业。7月30日，广东建科发布的《首次公开发行股票并 在创业板上市发行公告》显示，上述两只理财产品以7.36元/股的价格各申报3000万股，同样成功入围 有效报价。 两只参与网下打新的理财产品近期业绩表现良好。其中，"宁赢平衡增利国企红利混合类日开理财6 号"成立于2023年9月28日，风险等级为R3，成立以来年化收益率为6.69%，近1年年化收益率为 9.08%；"宁赢个股臻选混合类开放式理财产品1号（最短持有2年）"成立于2021年8月27日，风险等级为 R4，业绩比较基准为6%，成立以来年化收益率为7.77%，近1年年化收益率为25.73%。 近期宁银理财打新动作频频。据其披露，7月23日，公司2只 ...

Core Viewpoint - The banking wealth management subsidiaries are accelerating their entry into the A-share IPO market due to continuous regulatory support, aiming to enhance returns amid a challenging investment environment characterized by low fixed-income yields and asset scarcity [1][4][6]. Group 1: Market Entry and Participation - Ningyin Wealth Management has successfully entered the IPO subscription list for multiple products, leading among banking wealth management subsidiaries as of July 25 [1]. - Two mixed wealth management products from Ningyin Wealth Management were allocated 6,557 shares each, with an initial allocation amount of 43,000 yuan, participating at a subscription price of 7.36 yuan per share [2]. - Everbright Wealth Management was the first to test the waters in the A-share IPO market, successfully participating in offline IPOs, marking a shift in the traditional investor structure [4]. Group 2: Regulatory Changes and Implications - A series of policy changes have granted banking wealth management products equal status with public funds in participating in A-share IPOs, breaking the previous C-class investor limitations [5][6]. - The Central Financial Office and the China Securities Regulatory Commission have issued guidelines to encourage long-term funds, including bank wealth management, to enter the capital market [5]. Group 3: Investment Characteristics and Trends - The A-share IPO market is exhibiting a "low risk, high return" characteristic, with a low initial public offering (IPO) break rate of 4.17% in the first half of 2025, and an average first-day increase of 219% for new stocks [8]. - The direct participation of wealth management subsidiaries in IPOs is expected to enhance product yields and diversify investment strategies, moving away from a heavy reliance on fixed-income assets [8]. Group 4: Challenges Ahead - There are challenges regarding risk adaptation for clients, as the majority of wealth management product investors have a low-risk preference, with 33.83% classified as conservative [9]. - The investment research system needs to evolve to assess new stock investment values effectively, requiring enhanced tracking of company fundamentals and the establishment of specialized research teams [9].

继光大理财之后，又一家银行理财公司正式进军IPO网下打新市场。8月4日，北京商报记者获悉，宁银 理财近期在新股申购市场动作频频，多只产品先后现身深交所、上交所拟IPO企业的新股申购名单。 从光大理财6月率先试水，到宁银理财7月密集出手，"银行理财"与"IPO打新"这两个曾经关联度较低的 领域加速融合。分析人士称，这一动作背后，是政策松绑的水到渠成，也是资产荒背景下理财子公司的 主动突围，更是资管行业净值化转型走稳走好的重要一步。 打新首单纷纷落地 "银行理财资金直接参与网下打新，会为中国资本市场带来长期稳定的增量资金"，中国（香港）金融衍 生品投资研究院院长王红英表示，这将促进整个资本市场长期稳健发展，同时也能提供充足的流动性和 理性定价，帮助IPO上市公司获得更多融资。 苏商银行特约研究员薛洪言认为，对投资者而言，银行理财参与打新有望提升产品整体收益水平，为稳 健型投资者提供新的配置选择。但需注意打新收益并非无风险，产品风险等级可能相应调整，投资者需 通过风险揭示材料充分理解收益波动性，建立合理预期。此外，理财子公司的投研能力提升也将间接提 升投资者的资产配置效率。 "固收专家"如何做好转型 过去，网下打新 ...