Core Viewpoint - The performance of equity-based wealth management products has significantly improved, with over 90% of such products yielding positive annualized returns, driven by a recovering capital market and supportive macro policies [2][4]. Group 1: Performance of Equity Wealth Management Products - As of August 3, there are 46 publicly offered equity wealth management products, with 43 showing positive returns, and 17 of these exceeding 10% annualized returns [2][4]. - The average net asset value growth rate for equity wealth management products this year is 5.82%, making them standout performers in the wealth management market [4]. - The average maximum drawdown for fixed income products is only 0.19%, while mixed products have a higher average maximum drawdown of 1.26% [4]. Group 2: Market and Policy Influences - The significant rise in equity wealth management product yields is attributed to the recovery of the capital market and macro policies that boost market confidence [6]. - A policy issued in January 2025 allows bank wealth management to participate more actively in the capital market, enhancing the allocation of wealth management funds to equity assets [6]. - The current low interest rate environment is pushing wealth management companies to diversify their asset allocations to meet client demands for higher returns [6]. Group 3: Market Size and Trends - Despite the strong performance of equity wealth management products, their market size remains relatively small, with the total wealth management market reaching 30.67 trillion yuan, where fixed income products dominate [7]. - Equity products account for only 0.07 trillion yuan of the total market, indicating a low proportion in the overall wealth management landscape [7]. - Analysts predict that as the preference for bond assets diminishes due to lower yields, there will be an increased allocation towards equity assets in the future [8].

Core Viewpoint - The performance of equity bank wealth management products has been outstanding this year, with a significant number of products achieving positive annualized returns, driven by a strong capital market and supportive policies [1][2][3]. Group 1: Performance of Equity Wealth Management Products - As of August 3, 2023, out of 46 publicly offered equity wealth management products, 43 have positive annualized returns, representing a 93.48% success rate [2]. - Among the profitable products, 17 have returns exceeding 10%, accounting for 39.53% of the total [2]. - The top-performing product, "Tiangong Rikai 6 (Microplate Growth Low Volatility Index)," managed by Huaxia Wealth Management, achieved a remarkable annual return of 30.51% [2]. Group 2: Market Trends and Future Outlook - The overall market for bank wealth management products reached a scale of 30.67 trillion yuan by the end of June 2025, with fixed income products dominating at 29.81 trillion yuan [4]. - Despite the strong performance of equity products, their market share remains low, with equity products only accounting for 0.07 trillion yuan [4]. - Industry experts predict a gradual expansion of equity wealth management products, driven by policy support and improved market conditions [5]. Group 3: Investment Strategies and Recommendations - The current low interest rates on bonds are expected to lead to a shift in investor preference towards equity assets, enhancing the appeal of equity wealth management products [3][5]. - Financial institutions are encouraged to strengthen their research capabilities and innovate product offerings to meet evolving market demands [4][5]. - A strategic approach to investment is recommended, including assessing risk tolerance and diversifying asset allocation based on investment horizons [6].