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].

今年，权益市场的投资热情再度被点燃。DeepSeek、机器人、创新药、CPO等热门赛道轮番演绎，带动 前七个月主要指数全线飘红。数据显示，恒生指数、恒生科技指数涨幅分别为23.5%、22.05%，中证 1000指数、中证500指数、上证指数涨幅分别为11.81%、8.74%和6.61%。 受益于股市上涨，混合类理财收益水平也有明显提升。部分产品开启分红模式，提前为投资者兑现收 益。据南财理财通课题组不完全统计，截至发稿日，今年以来已有兴银理财、光大理财、宁银理财等多 家公司旗下部分混合类产品发布分红公告。 分红的背后，是理财较好的投资收益。据2025年8月6日公告，"富利兴成阿尔法一个月持有期2号"拟进 行现金分红，每单位份额分配0.03元。截至7月30日，"阿尔法2号"累计净值涨幅达18.92%。该产品荣获 混合类公募产品近三个月业绩第一（7月21日发布的《机警理财日报》，理财公司3个月以内期限混合类 公募理财近三月业绩榜单）。此外，该系列的"阿尔法1号"荣获混合类公募产品上半年业绩第一。 | 序号 产品名称 | | | 除值增长率 | 大中国 | 年化波动率 | | --- | --- | --- | - ...