Core Viewpoint - The increasing participation of wealth management products in offline IPO subscriptions is driven by policy support and the need for enhanced returns in a low-interest-rate environment [1][3][4] Group 1: Company Overview - Hansang Technology officially listed on the ChiNext board on August 6, with an initial offering price of 28.91 CNY per share, reaching a peak price of 110 CNY on the first day and closing at 82.89 CNY [1] - Two wealth management products from Ningyin Wealth Management successfully participated in the offline subscription for Hansang Technology, indicating a trend of wealth management companies acting as Class A investors in IPOs [1][2] Group 2: Performance of Wealth Management Products - The "Ningying Balanced Incremental National Enterprise Dividend Mixed Day Open Wealth Management No. 6" product has an annualized return of 6.69% since its establishment on September 28, 2023, and a one-year annualized return of 9.08% [2] - The "Ningying Individual Stock Selection Mixed Open Wealth Management Product No. 1" has an annualized return of 7.77% since its establishment on August 27, 2021, and a one-year annualized return of 25.73% [2] Group 3: Market Participation Trends - Ningyin Wealth Management has been actively participating in IPOs, with its products being among the top in terms of the number of successful subscriptions [2] - Other wealth management companies, such as Everbright Wealth Management, are also participating in offline IPOs, indicating a broader trend in the industry [2] Group 4: Policy and Market Dynamics - The expansion of wealth management companies' participation in offline IPOs is supported by recent policy changes that provide equal treatment to bank wealth management products and public funds in IPO allocations [3] - The ongoing decline in interest rates is prompting asset management institutions to diversify their asset allocation strategies to enhance product returns [4]

Core Viewpoint - Hansang Technology officially listed on the Shenzhen Stock Exchange's Growth Enterprise Market with an initial price of 28.91 CNY per share, closing at 82.89 CNY, a rise of 186.72% on the first day of trading [2]. Group 1: Company Overview - Hansang Technology is a comprehensive supplier providing high-end audio products and technical solutions [3]. - The company had a significant price surge, reaching a high of 110 CNY during trading [2]. Group 2: Investment Participation - Two financial products from Ningyin Wealth Management participated in the offline subscription for Hansang Technology, each applying for 9 million shares at a price of 29.30 CNY per share [3]. - Ningyin Wealth Management has been actively participating in the equity market through various methods such as IPO subscriptions, private placements, and dividend investments [2][7]. Group 3: Market Trends - The trend of financial companies participating in the equity market is driven by continuous policy support and the need for enhanced returns in a low-interest-rate environment [7]. - In January, a policy was issued to treat bank wealth management products similarly to public funds in terms of participating in new stock subscriptions and private placements [7]. - As interest rates decline, wealth management funds are accelerating their entry into the market, seeking to diversify asset allocation and enhance product returns [7].

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].

Core Viewpoint - The banking wealth management subsidiaries are accelerating their entry into the A-share IPO market, driven by regulatory changes that grant them equal status as Class A investors alongside public funds, amidst a challenging investment environment characterized by low fixed-income yields and asset scarcity [1][7][10]. 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 [2][5]. - 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][5]. - Everbright Wealth Management was the first to test the waters in the IPO market, successfully participating in offline subscriptions [5][10]. Group 2: Regulatory Changes and Market Dynamics - A series of regulatory reforms have been implemented to encourage banking wealth management and trust funds to participate actively in the capital market, enhancing their investment capabilities [7][8]. - The introduction of policies that equalize the status of banking wealth management products with public funds marks a significant shift in the traditional IPO subscription landscape [8][10]. Group 3: Investment Opportunities and Challenges - The current market environment, characterized by low-risk and high-return features in the A-share IPO market, presents a compelling opportunity for wealth management products to enhance their yields [6][10]. - Despite the potential benefits, challenges remain, including aligning risk-return profiles for conservative investors and developing a professional investment research system to evaluate new stock subscription values [1][11].

Group 1 - The core viewpoint of the article highlights the increasing integration of bank wealth management and IPO subscription markets, driven by policy relaxation and the need for wealth management subsidiaries to adapt to asset scarcity [1][3][4] - Ningyin Wealth Management has recently made significant moves in the IPO subscription market, with multiple products successfully entering the new stock subscription lists of the Shenzhen and Shanghai Stock Exchanges [3][4] - The participation of bank wealth management funds in offline IPO subscriptions is expected to provide long-term stable incremental funds to the Chinese capital market, promoting its healthy development and enhancing liquidity [4][7] Group 2 - The regulatory environment has shifted, allowing bank wealth management and trust funds to actively participate in the capital market, which is expected to increase equity investment scale [6][7] - The introduction of policies in 2024 and 2025 has removed barriers for wealth management funds to directly participate in offline IPO subscriptions, recognizing their role as long-term capital [6][7] - The industry anticipates that wealth management companies will increasingly seek to enhance their investment capabilities and diversify their product offerings to adapt to the evolving market landscape [9][8] Group 3 - Challenges remain for wealth management subsidiaries in participating in IPO subscriptions, including the need to improve research capabilities and educate clients about investment risks [8][9] - The competition in the market is expected to intensify, potentially leading to reduced success rates in IPO subscriptions as more wealth management companies enter the space [8][9] - The future trend indicates a shift from being "fixed income experts" to "comprehensive asset management institutions," focusing on differentiated strategies and collaborative efforts with external partners [9]

Group 1 - The core viewpoint of the article highlights the increasing integration of bank wealth management products with the IPO subscription market, driven by policy relaxation and the need for wealth management companies to adapt to asset scarcity [1][3][4] - Ningyin Wealth Management has recently made significant moves in the IPO subscription market, with multiple products successfully entering the new stock subscription lists of the Shenzhen and Shanghai Stock Exchanges [3][4] - The participation of bank wealth management in offline IPO subscriptions is expected to bring long-term stable incremental funds to China's capital market, promoting steady development and providing sufficient liquidity [4][6] Group 2 - The policy environment has shifted, allowing bank wealth management to directly participate in offline IPO subscriptions, which was previously restricted [5][6] - The number of products participating in IPO subscriptions from wealth management companies is still limited, indicating a cautious approach from these companies despite the potential benefits [7] - Future trends suggest that wealth management companies will accelerate their transformation from "fixed income experts" to "comprehensive asset management institutions," focusing on building a robust research and investment system [8][9]