随着摩尔线程上市首日大涨，中一签（500股）浮盈就接近28万元，参与的银行理财子公司旗下相关产 品收益也表现可观，如宁银理财"宁赢个股臻选混合类开放式理财产品1号"年化收益达超过20%；兴银 理财"富利兴成阿尔法一个月持有期2号混合类理财产品"年化收益达到23%。 今年下半年以来，权益类 理财产品收益率表现较为突出。普益标准数据显示，截至9月末，混合类与权益类理财产品平均年化收 益分别为5.03%和13.72%，较6月末分别提升1.89个和9.97个百分点。11月末，在多数固收类产品净值下 滑的同时，权益类产品净值较上月仍上行7.94BP（基点）。（第一财经） ...

摩尔线程（688795.SH）火爆上市，让银行理财子公司也尝到了打新的甜头。 12月5日，"国产GPU第一股"摩尔线程在科创板正式挂牌，开盘大涨468.78%，收盘价较发行价涨幅则达 425.46%。此前的11月底，摩尔线程启动网下发行，宁银理财旗下6只产品成功获配约3.44万股，兴银理 财3只产品获配1.79万股。这意味着理财子公司直接参与新股网下申购的路径进一步明朗。 业内人士表示，在固收收益持续走低的背景下，通过权益市场增厚回报、优化资产配置已成为理财子公 司的长期趋势。 布局"国产GPU第一股" 此次摩尔线程网下发行吸引了267家投资者参与，管理的有效配售对象达到7555个，创2025年以来科创 板新股申购新高。最终定价为114.28元/股，对应发行后市值约537.15亿元，募资总额达80亿元，创下年 内发行价纪录，并成为今年科创板最大规模IPO之一。股票于12月5日上市并纳入科创成长层。 公告显示，在网下配售环节，两家银行理财子公司表现突出。宁银理财6只产品合计中签3.44万股，获 配金额392.9万元，位居银行理财子公司之首；兴银理财3只产品共中签1.79万股，获配金额超过200万 元。 "一方面 ...

摩尔线程（688795.SH）火爆上市，让银行理财子公司也尝到了打新的甜头。 12月5日，"国产GPU第一股"摩尔线程在科创板正式挂牌，开盘大涨468.78%，收盘价较发行价涨幅则达 425.46%。此前的11月底，摩尔线程启动网下发行，宁银理财旗下6只产品成功获配约3.44万股，兴银理 财3只产品获配1.79万股。这意味着理财子公司直接参与新股网下申购的路径进一步明朗。 "打新"步伐加速，权益类理财继续扩容 业内人士表示，在固收收益持续走低的背景下，通过权益市场增厚回报、优化资产配置已成为理财子公 司的长期趋势。 布局"国产GPU第一股" 此次摩尔线程网下发行吸引了267家投资者参与，管理的有效配售对象达到7555个，创2025年以来科创 板新股申购新高。最终定价为114.28元/股，对应发行后市值约537.15亿元，募资总额达80亿元，创下年 内发行价纪录，并成为今年科创板最大规模IPO之一。股票于12月5日上市并纳入科创成长层。 公告显示，在网下配售环节，两家银行理财子公司表现突出。宁银理财6只产品合计中签3.44万股，获 配金额392.9万元，位居银行理财子公司之首；兴银理财3只产品共中签1.79万股 ...

Core Insights - The article highlights the increasing participation of bank wealth management subsidiaries in IPOs, particularly in the context of the new policy allowing them to act as A-class investors in offline subscriptions starting January 2025 [2][3][4]. Group 1: Investment Activities - Bank wealth management subsidiaries, such as Ningyin Wealth Management and Xingyin Wealth Management, have actively participated in the IPO of the domestic GPU leader, Moer Thread, with Ningyin securing the highest allocation among wealth management companies at approximately 393,000 yuan [2][3]. - Ningyin Wealth Management has participated in 25 new stock subscriptions this year, achieving a success rate of 96% with a total allocation exceeding 1 million yuan [3][4]. - The wealth management sector is increasingly focusing on equity investments, with a notable shift from fixed-income assets to a more diversified asset allocation strategy [13][14]. Group 2: Market Trends - The IPO of Moer Thread, priced at 114.28 yuan per share and raising a total of 8 billion yuan, is noted as the largest IPO on the Sci-Tech Innovation Board in 2025 [2][3]. - The article mentions that the average first-day price increase for the 24 IPOs tracked is over 200%, with some stocks experiencing gains as high as 418.58% [9][11]. - The focus on technology sectors, particularly in high-tech and hard technology fields, is emphasized, with many new stocks coming from industries such as semiconductors and electric vehicles [6][8]. Group 3: Performance Metrics - Wealth management products participating in IPOs have shown significant returns, with some products achieving annualized returns exceeding 20% [11][12]. - For instance, the Ningyin Wealth Management product "Ningying Individual Stock Selection Mixed Open-End Wealth Management Product No. 1" reported an annualized return of 23.55% [11]. - The performance of these products is attributed to the successful participation in high-growth IPOs, which enhances overall product performance and investor appeal [14]. Group 4: Strategic Implications - The shift towards equity investments and participation in IPOs is seen as a strategic move to enhance the competitiveness of wealth management firms in a low-yield environment [14]. - The article suggests that this transformation will not only reshape the development path of bank wealth management but also facilitate deeper integration of financial resources into the real economy, particularly in supporting technological innovation [14].