与此同时，国际金价保持4000美元/盎司高位，投资者对资产配置的关注进一步提升。在此背景下，多 家银行理财子公司加快"固收+"产品调整步伐，布局多元化策略，以应对市场火热带来的机遇与挑战。 作者 | 第一财经 陈君君 随着A股近期持续走强，沪指突破3900点，科创50指数单日涨幅超过5%，银行理财市场也随之活跃。 10月9日，三大股指集体收涨。沪指报3933.97点，涨1.32%，创逾十年新高；深成指涨1.47%，创业板指 涨0.73%。沪深京三市全天成交额达26718亿元，较前一交易日放量4746亿元。 信银理财财富管理事业部多策略及权益投资部相关负责人分析认为，今年权益资产普遍上涨，港股和黄 金涨幅均超过30%，A股、美股、可转债及REITs等板块实现两位数涨幅。债券市场年内整体震荡，使 固收+产品中权益占比成为收益差异的核心因素。上述人士认为，中低波弹性产品收益明显优于低波产 品，未来在政策鼓励长期资金入市和多策略配置的支持下，中低波和中波产品预计将进一步拉开收益差 距。 从发行端来看，中国理财网数据显示，截至9月末，含权类理财产品发行数量明显增长。权益类产品今 年已有12只，远超去年全年2只；混合类产 ...

从调研公司数量来看，科创板和创业板公司的占比超过50%，北交所板块也占一定比例。具体而言，宁银理财、招银理财调研个股数超过200只。 其中，宁银理财关注度最高的前三只个股分别来自新能源、医疗保健和新能源板块；招银理财关注度较高的三家公司分别属于医药生物、半导 体、智能制造等板块。 值得注意的是，据兴业证券研报统计，8月固收类理财产品收益率下行，"含权"理财产品收益率上行。固定收益类理财产品收益率为1.81%，较上 月上涨1bp，其中纯固收类、固收+类理财产品收益率分别为1.80%、1.82%，分别较上月下降14bp、上涨5bp；混合类理财产品收益率为+6.06%， 较上月上涨156bp。（闻辉） 【环球网财经综合报道】在权益市场积极表现带来的投资机遇下，理财公司展开密集调研，大力推进含权产品的布局与优化。据 Wind 数据统 计，前三季度共有25家理财公司参与调研，涉及个股超过1700只。其中，半导体、通信、医疗设备，机械制造，新能源等板块成为调研重点。 华宝证券研报认为，随着权益市场逐步回暖，理财公司正以"产品端扩容+投研端深化"的"双管齐下"策略，积极把握市场机遇。多家银行理财子公 司一方面加大含权类理财 ...

Group 1 - The issuance of equity and mixed financial products has significantly increased in 2025, with over 300 products currently available in the market [1][5] - As of September 2025, wealth management companies have conducted over 2,100 surveys of A-share listed companies, with a focus on the ChiNext and STAR Market, accounting for nearly half of the total surveys [2][4] - The active engagement of wealth management companies in surveys reflects a strategic shift towards active management and equity investment, influenced by macroeconomic conditions and changing client demands [1][4] Group 2 - The number of equity and mixed financial products issued in 2025 reached 259, with a total scale of 727 billion yuan, surpassing the entire issuance scale of the previous year [5][6] - The focus on "hard technology" companies has emerged, with frequent surveys conducted on firms like Zhongkong Technology and Dongxin Co., indicating a trend towards sectors with strong growth potential [4][6] - The current market environment shows a preference for "fixed income plus" products, as wealth management companies seek to meet client demand for higher risk-return profiles [5][6] Group 3 - The direct equity allocation scale for wealth management products dropped to a five-year low in the first half of 2025, while indirect allocation through funds reached a five-year high [6][7] - The issuance of mixed and "fixed income plus" products has significantly increased since August 2025, with expectations that total equity allocation will exceed 100 billion yuan in the latter half of the year [7] - The construction of equity investment capabilities within wealth management companies is deemed crucial for meeting the increasing client demand for equity investments as market conditions improve [7]

一场新闻发布会上，央行、金融监管总局、证监会联合宣布了涵盖降准、降息、降存量房贷利率、引导 中长期资金入市等一系列重磅金融政策，立刻引爆市场行情。 一组数据的对比或许更为直观。 Wind数据显示，2024年9月24日前一年，上证指数增幅为-8.6%，深证成指增幅为-17.12%，恒生指数增 幅为5.22%；科创100指数增幅为-33.04%。2024年9月24日后的一年，上证指数增幅为40.19%，深证成 指增幅为65.23%，恒生指数增幅为45.33%；科创100指数增幅为121.85%。 受股指增长的提振，成交额也均实现翻倍。2024年9月24日前一年，上证指数、深证成指、恒生指数、 科创100的成交额分别为82.09万亿元、107.13万亿元、25.25万亿元、3.04万亿元；而一年之后的成交额 分别为165.91万亿元、240.29万亿元、59.49万亿元、8.07万亿元。 一年前的9月24日是A股市场的关键转折点。 最后一段是7月中下旬以后，即股票市场3500点一直到现到3800点之前。而这一阶段又表现出了明显的 股债跷跷板效应。原因是，突破3500点这一关键点位之后，市场开始相信牛市已经再次开启， ...

Core Viewpoint - The announcement of significant financial policies by the central bank and regulatory authorities on September 24, 2023, marked a turning point for the A-share market, leading to a substantial market rally and changes in investment preferences [1]. Market Performance - Before September 24, 2023, the Shanghai Composite Index decreased by 8.6%, while the Shenzhen Component Index fell by 17.12%. In contrast, after this date, the Shanghai Composite Index surged by 40.19%, and the Shenzhen Component Index increased by 65.23% [2]. - Trading volumes also doubled post-September 24, with the Shanghai Composite Index's trading volume rising from 82.09 trillion yuan to 165.91 trillion yuan [5]. Wealth Management and Investment Products - The financial policies have positively impacted wealth management companies, leading to increased interest in equity investment products, which previously had low market recognition compared to fixed-income products. As of June 2025, equity products accounted for only 0.23% of the total bank wealth management market [4]. - The average net value growth rate for equity wealth management products reached 13.39% in the first eight months of the year, significantly outperforming mixed and fixed-income products [10]. Investment Strategy Shifts - Post-September 24, there has been a noticeable shift in investment preferences from dividend stocks to technology sectors, reflecting changing market dynamics and investor sentiment [11]. - Despite increased interest in equity investments, clients maintain a low-risk appetite, with a significant portion of new affluent individuals unwilling to accept losses exceeding 10% [12]. Bond Market Dynamics - The bond market has experienced a bull market since 2024, with the one-year government bond yield dropping to a record low of 0.9307% in December 2024. However, fluctuations in bond yields have been observed, necessitating close monitoring by fixed-income investors [7]. - The relationship between stocks and bonds has shown atypical behavior, with periods of both interdependence and independence, deviating from the traditional "stock-bond seesaw" effect [8][9].

目前市场上至少有20只混合类理财产品自成立以来年化收益率超10% 近期，多只以权益类资产作为重要配置方向的混合类理财产品业绩表现亮眼。《证券日报》记者注意 到，有多只混合类理财产品自成立以来的年化收益率超过10%。 目前，多家银行理财子公司的混合类理财产品展现出较强的收益能力。例如，民生理财发行的"民生理 财银竹混合灵动A股机遇理财产品"近3个月(6月19日至9月17日)区间涨幅达11.21%，年化收益率为 45.46%。在业绩比较基准方面，封闭期内，持有期间绝对收益目标为20%；封闭期结束后为4%-8%(成 立以来年化)。 此外，记者据法询金融理财网数据统计，目前市场上至少有20只混合类理财产品自成立以来年化收益率 超10%。 苏商银行特约研究员薛洪言在接受《证券日报》记者采访时表示，当前混合类理财产品表现较好的原因 有三点：一是权益市场回暖显著提升了产品收益弹性；二是多元资产配置策略发挥了关键作用，通过债 券资产提供稳定票息收益，同时借助权益资产捕捉市场机会，有效分散了单一市场风险；三是产品设计 上采用封闭期或最短持有期机制，有利于管理人在市场波动中把握中长期投资机会，避免短期频繁申赎 带来的干扰。 "在 ...

本课题组成员： 研究员：黄桂煊 薛茹云 陈子卉 数据分析师：张稆方 数据来源：粤港澳大湾区（广东）财经数据中心、南财理财通 编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了 现金、纯固收、固收+期权、固收+权益、混合、权益、衍生品七大类，已实现对银行理财市场的每日 追踪。为了进一步反映银行理财行业发展现状，南财理财通课题组特开设银行理财月报独家专题，力求 及时准确研判理财行业趋势、洞悉理财产品表现，以期为银行理财行业转型发展带来参考价值。 本期，南财理财通课题组发布8月份银行理财行业运作报告，对理财产品破净情况、新发情况、到期情 况和存续情况进行分析。 摘要： 存续情况：权益类理财产品为今年前8个月表现最好的理财产品，前8个月平均净值增长率高达 13.39%。混合类理财今年前8个月的平均净值涨幅为3.36%，而固收类理财产品平均净值增长率仅 1.68%。从稳健性来看，固收产品依旧有优势，前8个月平均最大回撤仅0.2%，而权益类理财的平均最 大回撤达到9.66%，混合类理财平均最大回撤为1.32%。 破净情况：南财理财通数据显示，截至8月末，32家理财公司共有2942 ...

Group 1 - The article discusses the diverse range of bank wealth management products available, particularly focusing on mixed-type products, and emphasizes the importance of investor selection criteria [1][2] - A performance ranking list is created based on two main criteria: product type (focusing on pure fixed income, fixed income +, and mixed-type products) and performance stability, requiring products to have been established for at least three months [1] - The ranking includes products from six state-owned banks, twelve large joint-stock banks, and select city commercial banks with assets over 2 trillion RMB, as well as three internet banks [1] Group 2 - Recent positive performance in the equity market has led to an increase in the returns of mixed-type wealth management products issued by wealth management companies [2] - The ranking of available products is based on their investment cycle, but actual availability may vary due to factors like sold-out quotas or differences in product listings for different customers [2] - The article aims to provide objective and fair evaluations, although it does not guarantee the authenticity, completeness, or accuracy of the ranking information [2]

Core Viewpoint - The appointment of Yang Fan as the Deputy General Manager and Chief Investment Officer of Huihua Wealth Management is expected to enhance the company's asset allocation capabilities and strengthen its focus on absolute returns in investment strategies [1][4]. Group 1: Company Overview - Huihua Wealth Management is the first Sino-foreign joint venture wealth management company in China, established in September 2020 through a partnership between the largest European asset management firm, Amundi, and Bank of China’s wholly-owned subsidiary [1]. - The company has seen significant growth, with its total assets exceeding 28 billion, representing an over 80% increase since the beginning of the year [1]. Group 2: Investment Strategy - Huihua Wealth Management advocates for global multi-asset allocation and aims to pursue absolute returns, with a new product system called "Global Navigator" set to launch in 2024 [2]. - The company has a dedicated equity research team, and its mixed-asset products have performed well, ranking first in annualized returns among 26 wealth management companies and major commercial banks as of August 15, 2025 [2]. Group 3: Talent Acquisition and Team Structure - The company is expanding its research and investment team by recruiting talents skilled in asset allocation and absolute returns from various sectors, including wealth management, pension funds, and insurance [3]. - The team comprises professionals with both global perspectives and local market knowledge, enhancing the company's investment capabilities [3]. Group 4: Channel Development - Huihua Wealth Management is the first joint venture wealth management company to expand into foreign banks and joint-stock banks, with its products available through multiple channels, including Bank of China and other banks [3]. - The company’s external distribution scale accounts for approximately 20% of its total, showing rapid growth this year [3]. Group 5: Market Context - The recent bullish trend in the A-share market presents opportunities for equity investments, prompting wealth management companies to focus on equity investment as a key growth area [4]. - Yang Fan's expertise in managing pension funds is expected to enhance Huihua Wealth Management's capabilities in managing "fixed income plus" portfolios and deepen its involvement in equity-linked wealth management products [4].

Market Overview - The bond market experienced an unexpected correction last week, with an overall balanced and loose funding environment. The weighted average of DR007 on August 15 was 1.48%, and the yield on 10-year government bonds closed at 1.75% [2] - In the stock market, major A-share indices surged, with the ChiNext Index, STAR 50 Index, and Shenzhen Component Index recording weekly gains of 8.58%, 5.53%, and 4.55% respectively. The communication, electronics, and non-bank financial sectors led the gains [2] Product Performance - The number of underperforming products remains low, with 25,210 public wealth management products in existence as of August 17, 2025. Among these, 141 products had a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.56% for bank wealth management [3] - The break-even rates for equity and mixed wealth management products were 35.71% and 4.8% respectively, while fixed income public wealth management products had a break-even rate of 0.28% [3] - Fixed income products with 1-2 year and over 3-year terms had slightly higher break-even rates of 0.71% and 0.57% respectively [3] New Product Issuance - A total of 433 wealth management products were issued by 32 wealth management companies from August 11 to August 15, with joint-stock bank wealth management companies leading in issuance. Everbright Wealth issued 39 products, followed by Xinyin Wealth with 30 and Xinyin Wealth with 29 [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 4 mixed products issued, accounting for 1.8%. No new equity or financial derivative products were launched [7] Product Pricing and Strategy - Product pricing saw a decline in most terms, except for 3-6 month and over 3-year products, which experienced a rebound. The pricing for 1-2 year and 2-3 year products fell below 2.80%, while products with a term of less than 1 month dropped below 2% [7] - Notably, Xinyin Wealth launched a fixed income enhancement product with a minimum holding period of 90 days and an innovative investment strategy that combines debt assets with quantitative volatility strategies [9] Yield Performance - Fixed income wealth management yields declined, with an average net value growth rate of 0.0511% over the past week. Mixed and equity products had average net value growth rates of 0.2075% and 1.354% respectively [10] - Among fixed income products, those with over 3-year terms had the highest average net value growth rate of 0.0794%, while products with a term of less than 1 month had the lowest at 0.0363% [10] Industry Trends - The scale of bank wealth management saw an unexpected increase of approximately 2 trillion yuan in July, reaching 32.67 trillion yuan, driven by the maturity of high-interest deposits and the relative attractiveness of wealth management products [16] - The growth in non-bank deposits significantly contributed to the increase in wealth management scale, with cash management and short-term fixed income products being the primary beneficiaries [16] - In August, the wealth management scale is expected to exceed 33 trillion yuan, with an annual target of 33.5 trillion yuan [16] - Last week, 16 new ESG-themed wealth management products were launched, indicating a rapid expansion of thematic wealth management offerings [17]