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]

Core Viewpoint - Jiangyin Huaxin Precision Technology Co., Ltd. (Huaxin Precision) is set to list on the Shanghai Stock Exchange, with notable participation from Ningyin Wealth Management in its IPO, marking the fourth IPO project for the company this year [1][3]. Group 1: Participation in IPOs - Ningyin Wealth Management's two financial products received an initial allocation of 811 shares each in Huaxin Precision's IPO, with a total allocation amount of 15,100 yuan, based on an effective bid price of 19.29 yuan per share [2]. - Prior to Huaxin Precision, Ningyin Wealth Management successfully participated in three other IPO projects: Hansang Technology, Tianfulong, and Guangdong Jianke [3]. - The participation of bank wealth management subsidiaries in IPOs has increased following regulatory changes that allow these products to be prioritized in allocations, enhancing their role as A-class investors [3]. Group 2: Market Trends and Performance - The A-share IPO market has shown significant returns, with an average first-day increase of 239.67% for 67 newly listed stocks as of August 28 [5]. - The stocks from the three IPOs that Ningyin Wealth Management participated in have seen substantial price increases, with gains of 126.74%, 90.25%, and 411.59% respectively [5]. - The annualized returns for Ningyin Wealth Management's two financial products are reported at 10.16% and 31.43% over the past year [5]. Group 3: Challenges and Strategic Directions - Despite the active participation in IPOs, bank wealth management subsidiaries face challenges such as insufficient research capabilities and mismatches in product risk and client risk preferences [6]. - Continuous improvement in research capabilities, product design innovation, and client education is essential for overcoming development bottlenecks [6]. - Engaging in IPOs is seen as a necessary step for bank wealth management subsidiaries to transition towards net value-based operations, enhancing their competitive edge in equity research [6].

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% [1] Group 1: Company Overview - Hansang Technology is a comprehensive supplier of high-end audio products and technology solutions [1] - The company’s stock price reached a peak of 110 CNY during trading on its debut day [1] Group 2: Investment Participation - Two financial products from Ningyin Wealth Management participated in the offline subscription for Hansang Technology's IPO, each applying for 9 million shares at 29.30 CNY per share [1] - Ningyin Wealth Management has been actively participating in the equity market through various methods such as IPO subscriptions, private placements, and dividend investments [1][5] Group 3: Market Trends - The trend of financial companies participating in the equity market is driven by ongoing policy support and the need for enhanced returns in a low-interest-rate environment [5] - In January, a policy was introduced to treat bank wealth management products on par with public funds in terms of participating in new stock subscriptions and private placements [5] - The continuous decline in interest rates has prompted asset management institutions to diversify their asset allocation to enhance product returns [5] Group 4: Performance of Participating Products - Financial companies are adopting absolute return strategies, focusing on high-quality assets with predictable returns and controllable volatility [6] - Recent IPOs, such as Sanhua Intelligent Controls and IFBH, have shown significant price increases post-listing, indicating successful participation by wealth management products [6]

Core Viewpoint - The participation of bank wealth management products in IPO offline subscriptions is increasing, with Ningyin Wealth Management becoming the second bank wealth management company to enter this market after Everbright Wealth Management, amid a high enthusiasm for new stock subscriptions in 2023 [1][2]. Group 1: Regulatory Changes - The new regulations implemented on March 28, 2023, by the China Securities Regulatory Commission and other entities allow bank wealth management products and insurance asset management products to be prioritized in IPO allocations, alongside public funds and pension funds [2]. - Everbright Wealth Management was the first to participate in the IPO offline subscription market in June 2023, followed by Ningyin Wealth Management in July 2023 [2]. Group 2: Participation and Performance - Ningyin Wealth Management participated in three IPO offline subscriptions within ten days in July 2023, successfully entering effective quotes each time with its products [3][4]. - In the IPO of Hansa Technology, Ningyin Wealth Management's products were able to secure a total allocation of over 140,000 yuan, while Everbright Wealth Management was excluded due to a lower bid price [5]. Group 3: Market Trends - The average first-day closing price increase of new stocks in July 2023 reached 280.36%, marking a monthly high for the year [7]. - Six new stocks have seen first-day price increases exceeding 400% in 2023, with two of these occurring in July [7].

Core Viewpoint - The implementation of new IPO underwriting regulations has seen limited participation from bank wealth management products, with only two companies, Everbright Wealth and Ningyin Wealth, engaging in offline IPO subscriptions since the regulations took effect four months ago [1][2]. Group 1: Participation in IPOs - Everbright Wealth was the first bank wealth management company to participate in offline IPO subscriptions, followed by Ningyin Wealth, which joined the market a month later [3][4]. - Ningyin Wealth has shown more active participation, engaging in three offline IPO subscriptions within two weeks, while Everbright Wealth has only participated in two since June [4][6]. Group 2: Performance and Research Capability - The performance of the two bank wealth management companies in offline IPO subscriptions has varied, with Ningyin Wealth achieving a higher success rate in effective bids compared to Everbright Wealth [6][7]. - The ability to conduct research on new stocks is crucial for determining bid success rates and potential returns, with Ningyin Wealth successfully entering all three of its bids, while Everbright Wealth only succeeded in one out of two [6][7]. Group 3: Market Trends - The enthusiasm for new stock subscriptions remains high, with the average first-day increase of new stocks in July reaching 280.36%, marking a record high for the year [8][9]. - In the first half of the year, the profitability from IPO subscriptions has significantly increased, attracting attention from investors [9].

Core Viewpoint - The implementation of new IPO underwriting regulations has seen limited participation from bank wealth management companies, with only two firms, Everbright Wealth and Ningyin Wealth, engaging in offline IPO subscriptions since the regulations took effect four months ago [1][2]. Group 1: Participation in IPOs - Everbright Wealth was the first bank wealth management company to participate in offline IPO subscriptions, followed by Ningyin Wealth, which joined the market a month later [1][2]. - Ningyin Wealth has shown more active participation, engaging in three IPO subscriptions within two weeks, while Everbright Wealth has only participated in two since June [3][4]. Group 2: Regulatory Changes - The new regulations, revised by the CSRC and other bodies, explicitly include bank wealth management products and insurance asset management products as priority allocation objects for IPOs, placing them alongside public funds and pension funds as Class A investors [2][4]. Group 3: Investment Research Capabilities - The slow progress of bank wealth management companies in participating in offline IPO subscriptions is attributed to the need for establishing investment research mechanisms and decision-making processes [4]. - The investment research capabilities significantly influence the success rate of bids and the performance of new stock subscriptions, as evidenced by the differing bid success rates between the two participating firms [4]. Group 4: Performance of New Stocks - The average first-day gain of new stocks in July reached 280.36%, marking the highest monthly increase of the year, with six stocks seeing first-day gains exceeding 400% [6]. - Notable performances include Dingjia Precision, which surged 479.12% on its debut, and C Han Gao, which rose 418.47% [6].

Core Viewpoint - The article discusses the progress of bank wealth management companies participating in offline IPO subscriptions since the implementation of new underwriting regulations four months ago, highlighting the slow pace and differences in performance between the two companies involved, namely Everbright Wealth Management and Ningyin Wealth Management [1][5]. Group 1: Participation in IPOs - Everbright Wealth Management was the first bank wealth management company to participate in offline IPO subscriptions, followed by Ningyin Wealth Management, which joined the market later [3][4]. - As of now, only these two bank wealth management companies have engaged in offline IPO subscriptions since the new regulations were implemented [1][2]. - Ningyin Wealth Management has shown more active participation, engaging in three IPO subscriptions within two weeks, while Everbright Wealth Management has only participated in two since June [4][6]. Group 2: Performance and Research Capabilities - The differences in performance between the two companies can be attributed to their investment research capabilities and the establishment of necessary operational mechanisms for IPO participation [5][6]. - Ningyin Wealth Management successfully entered all three IPO subscriptions it participated in, while Everbright Wealth Management only succeeded in one out of two attempts [6][7]. - The article provides specific examples of successful bids, including the pricing strategies of both companies during the IPO processes, illustrating the impact of research capabilities on bid success [7][8]. Group 3: Market Trends - The article notes a high level of enthusiasm for new stock subscriptions this year, with the average first-day increase of newly listed stocks in July reaching 280.36%, marking a record high for the year [1][8]. - The article also presents data on the average first-day closing price changes for new stocks listed each month, indicating a strong performance trend in the IPO market [9].