Core Viewpoint - The continuous decline in risk-free interest rates poses new challenges for bank wealth management, prompting companies like Xingyin Wealth Management to innovate in their investment strategies to meet public demand for returns [1][2]. Group 1: Investment Strategy and Performance - Xingyin Wealth Management has launched the "Alpha 2" product, which has achieved an absolute return of 18.9% since its inception on March 27, 2023, with a cash dividend of 0.03 yuan per unit, representing a distribution ratio of approximately 2.54% [1]. - The "Alpha 1" product managed by investment manager Li Feng has delivered an impressive absolute return of 22.189% from June 14, 2024, to July 30, 2025, showcasing the effectiveness of its unique low-valuation value investment strategy [2]. - Xingyin Wealth Management has established a proactive equity investment team, differentiating itself from traditional bank wealth management practices that often rely on fund-of-funds (FOF) and outsourcing [2][6]. Group 2: Team and Research Development - The proactive equity investment team at Xingyin Wealth Management was built over five years, focusing on creating a self-reliant research and investment system, which includes a diverse product matrix covering various risk levels [6][7]. - The team is led by experienced professionals, including Li Feng, who has a strong background in finance and investment, and is supported by analysts with diverse academic backgrounds [7][8]. - The investment team employs advanced technologies such as quantitative analysis and artificial intelligence to enhance decision-making processes [7]. Group 3: Investment Framework and Methodology - Li Feng has developed a comprehensive PB-ROE investment framework that integrates value, cycle, and growth, aiming to provide a more nuanced approach to equity valuation [13]. - The framework emphasizes the importance of low valuation to mitigate human biases in investment decisions, reflecting a more rational investment attitude [13]. - The investment strategy also incorporates a lifecycle approach to pricing, allowing for a more dynamic assessment of companies' operational cycles and growth potential [13][14]. Group 4: Long-term Value Creation - Xingyin Wealth Management is committed to creating long-term value for clients, aligning its investment strategies with the evolving regulatory landscape and market conditions [18][19]. - The recent cash dividend from the Alpha 2 product exemplifies the company's focus on enhancing client experience and meeting their liquidity needs while delivering strong investment performance [18]. - The company believes that sustainable growth in bank wealth management can only be achieved by integrating the underlying operational chain and focusing on long-term client value [19].

Group 1 - The investment enthusiasm in the equity market has been reignited this year, with major indices showing significant gains, including the Hang Seng Index and the Hang Seng Tech Index, which rose by 23.5% and 22.05% respectively [1] - Mixed-asset financial products have seen a notable increase in returns due to the stock market rally, with several companies announcing cash dividends for their mixed-asset products [1] - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product announced a cash dividend of 0.03 yuan per unit, achieving a cumulative net value increase of 18.92% as of July 30 [1][4] Group 2 - Xingyin Wealth Management has adapted to the complex internal and external environment by innovating products and diversifying investment strategies, leading to initial success in its equity investment business [2] - The company has transitioned from a single strategy to a diversified strategy system, covering absolute and relative returns, self-management and co-management, direct stock investment and FOF investment, among others [2] - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product has a maximum drawdown of only 3.27% since its inception, indicating effective execution of its absolute return strategy [4][6] Group 3 - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product employs a low valuation value investment strategy, focusing on stocks with low price-to-book ratios and high return on equity [4] - The product manager's compensation is linked to investor interests, as no management fees are charged when the net value falls below 1, and there are no subscription or redemption fees [6] - The "Alpha 1" product, which also follows a low valuation stock selection strategy, achieved a cumulative net value increase of 22.2% as of July 30, 2025 [4][6]