Group 1 - The core viewpoint of the articles highlights the expansion of wealth management companies participating in IPOs, with a noticeable acceleration in their business activities [1][2] - In August, Ningyin Wealth Management and Xingyin Wealth Management participated in the IPO offline subscription for two stocks, marking their entry into the IPO subscription arena [1][2] - The participation of wealth management companies in IPOs is driven by the "fixed income + IPO" strategy, which aims to enhance returns while managing risks through low-risk fixed income assets [2][3] Group 2 - The report from Huabao Securities indicates that the attractiveness of IPO subscription returns is increasing in the current market environment, with significant contributions to returns expected from A/B class accounts in 2025 [2][3] - The analysis suggests that in a low-interest-rate environment, wealth management companies are likely to enter the market more actively due to the combined benefits of yield advantages and policy incentives [3] - Wealth management companies are encouraged to develop a systematic framework for IPO asset selection and risk assessment, focusing on improving due diligence and fundamental analysis capabilities [5] Group 3 - There is a noticeable trend of pricing differentiation in IPO subscriptions by wealth management products, with varying levels of effective bids from different companies [4][5] - The current limitations in pricing capabilities of wealth management companies are attributed to their relatively shallow experience in equity investment research, which affects their ability to make competitive bids [4][5] - Huabao Securities emphasizes the need for wealth management companies to optimize product design and enhance liquidity management to balance long-term investment opportunities with short-term liquidity needs [5]