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 article highlights the increasing trend of index-based investment in bank wealth management products, indicating a shift towards equity investments to attract long-term capital into the market [1][4][6]. Group 1: Index Investment Trends - Multiple wealth management companies are intensifying their focus on equity investments, particularly through index-linked products, to facilitate the entry of long-term funds into the market [1][7]. - The number of bank wealth management products linked to passive indices has significantly increased, with 92 products identified in various stages of sale, indicating a growing acceptance of index-based investment strategies [2][4]. - Index-based investment strategies have become a popular choice in the asset management industry, with passive index public funds surpassing active equity funds for the first time in Q3 2024 [4]. Group 2: Product Characteristics and Types - Index-based wealth management products are characterized by their transparency and ability to track specific indices, making them more appealing to investors compared to traditional products [7][10]. - The products can be categorized into three types: self-developed off-market index products, linked public ETF products, and exchange-traded index products (ETP) [10]. - Some products are specifically linked to industry or thematic indices, such as AI computing power and wind power generation, reflecting a diversification in investment themes [5]. Group 3: Industry Insights and Future Directions - Industry experts believe that the shift towards index-based products requires banks to enhance their research and development capabilities, as many have historically focused on fixed-income investments [9][10]. - Companies are encouraged to learn from domestic and international index investment experiences, including establishing dedicated index investment departments and leveraging financial technology for index management [11]. - The development of index-based products is seen as a strategic move to meet the evolving needs of investors and to break traditional perceptions of wealth management products [7][8].