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 | | --- | --- | --- | - ...

Core Insights - The report focuses on the performance of three categories of wealth management products: "Fixed Income + Equity," mixed-type, and equity-type products Group 1: "Fixed Income + Equity" Products - The "Fixed Income + Equity" products are defined as public offerings with investment cycles of 6 to 12 months, showing positive returns for each complete month over the past year [2] - The top three products in this category are: - "Stable Enjoyment Dynamic Wisdom Daily Open 5" from Jiao Yin Wealth Management with a net value growth rate of 5.95% - "Qiming Enhanced Weekly Enjoyment 1" from Ping An Wealth Management with a growth rate of 5.65% - "Annual Year Xin Shortest Holding Period 5" from Pu Yin Wealth Management with a growth rate of 5.29% [6] - Jiao Yin Wealth Management's product has a significant portion of its funds (about 70%) allocated to cash and bank deposits, with the rest mainly in bonds and a small portion in public funds [6] Group 2: Mixed-Type Products - In the mixed-type public offerings with investment cycles of 3 months or less, the top products include: - "Rui Ying Preferred Balance 10" from Xing Yin Wealth Management with a net value growth rate of 6.43% - "Fu Li Xing Cheng Alpha Daily Open 1A" from Xing Yin Wealth Management with a growth rate of 4.37% - "Zhao Yue Quantitative Hedge FOF No. 1" from Zhao Yin Wealth Management with a growth rate of 3.31% [12] Group 3: Equity-Type Products - The average net value growth rate for equity-type public wealth management products over the past year is 8.16%, with an average maximum drawdown of 15.72% [16] - The top three products in this category are: - "Tian Gong Daily Open 5 (AI Computing Power Index)" from Hua Xia Wealth Management with a growth rate of 54.81% - "Tian Gong Daily Open 2 (Digital Infrastructure Index)" from Hua Xia Wealth Management with a growth rate of 44.82% - "Sunshine Red ESG Industry Selection" from Guang Da Wealth Management with a growth rate of 30.08% [16] - Notably, four products recorded negative returns over the past year, with the largest decline being 16.07% for Guang Da Wealth Management's "Sunshine Red Health and Safety Theme Selection" [16]

| 资产类别 | 直接金额(万元) | 占比(穿透前) | | --- | --- | --- | | 现金及存款 | 28816487.60 | 11.99% | | 债权类 | 103326177.93 | 42.98% | | 权益类 | 112465.90 | 0.05% | | 其他 | 108144711.56 | 44.98% | | 合计 | 240399842.99 | 100.00% | | 资产类别 | 间接金额(万元) | 占比(穿透后) | | --- | --- | --- | | 现金及存款 | 73713336.89 | 30.33% | | 债权类 | 157734520.01 | 64.92% | | 权益类 | 1780224.60 | 0.73% | | 其他 | 9774310.58 | 4.02% | | 合计 | 243002392.08 | 100.00%- | | 资产规模(万元) | 一产品资产净值 | 资产名称 | | --- | --- | --- | | 的比例(%) | | | | 航亚科技 12965550.46 | 4.91 | | | 成秀地产 ...

随着《关于推动中长期资金入市工作的实施方案》出台，银行理财在资本市场中的角色愈发重要。4月 初，A股在外部冲击下遭遇"黑色星期一"，多家理财公司积极"增持"，发挥耐心资本、中长期资金作 用。其中，兴银理财明确宣布"自有资金拟购买含权理财产品5000万"，且公开了已申购的两只理财产 品，包括出资1700万申购"富利兴成阿尔法日开1号A"，引发外界关注。 数据显示，2024年末，兴银理财管理产品规模2.16万亿，仅次于招银理财（2.47万亿）；作为头部理财 公司，兴银理财、招银理财产品配置权益类资产比例（穿透后，下同）分别为0.73%、2.63%，而全市 场理财产品权益类资产配置比例也仅为2.58%，理财资金当前入市比例依旧较低。 南都·湾财社记者通过采访兴银理财，共探理财资金入市当前还面临哪些难点，什么因素仍影响着理财 资金充当长期资本、耐心资本。 2万亿资金配置权益不足200亿 理财资金入市难在哪？ 随着《关于推动中长期资金入市工作的实施方案》出台，理财资金参与新股申购、上市公司定增等渠道 逐步被打通，银行理财在资本市场中的角色愈发重要，市场对理财产品作为中长期增量资金入市寄予了 新希望。 4月初，A股受美国 ...