Core Viewpoint - The increasing participation of wealth management products in offline IPO subscriptions is driven by policy support and the need for enhanced returns in a low-interest-rate environment [1][3][4] Group 1: Company Overview - Hansang Technology officially listed on the ChiNext board on August 6, with an initial offering price of 28.91 CNY per share, reaching a peak price of 110 CNY on the first day and closing at 82.89 CNY [1] - Two wealth management products from Ningyin Wealth Management successfully participated in the offline subscription for Hansang Technology, indicating a trend of wealth management companies acting as Class A investors in IPOs [1][2] Group 2: Performance of Wealth Management Products - The "Ningying Balanced Incremental National Enterprise Dividend Mixed Day Open Wealth Management No. 6" product has an annualized return of 6.69% since its establishment on September 28, 2023, and a one-year annualized return of 9.08% [2] - The "Ningying Individual Stock Selection Mixed Open Wealth Management Product No. 1" has an annualized return of 7.77% since its establishment on August 27, 2021, and a one-year annualized return of 25.73% [2] Group 3: Market Participation Trends - Ningyin Wealth Management has been actively participating in IPOs, with its products being among the top in terms of the number of successful subscriptions [2] - Other wealth management companies, such as Everbright Wealth Management, are also participating in offline IPOs, indicating a broader trend in the industry [2] Group 4: Policy and Market Dynamics - The expansion of wealth management companies' participation in offline IPOs is supported by recent policy changes that provide equal treatment to bank wealth management products and public funds in IPO allocations [3] - The ongoing decline in interest rates is prompting asset management institutions to diversify their asset allocation strategies to enhance product returns [4]

继光大理财之后，又一家银行理财公司正式进军IPO网下打新市场。8月4日，北京商报记者获悉，宁银 理财近期在新股申购市场动作频频，多只产品先后现身深交所、上交所拟IPO企业的新股申购名单。 从光大理财6月率先试水，到宁银理财7月密集出手，"银行理财"与"IPO打新"这两个曾经关联度较低的 领域加速融合。分析人士称，这一动作背后，是政策松绑的水到渠成，也是资产荒背景下理财子公司的 主动突围，更是资管行业净值化转型走稳走好的重要一步。 打新首单纷纷落地 "银行理财资金直接参与网下打新，会为中国资本市场带来长期稳定的增量资金"，中国（香港）金融衍 生品投资研究院院长王红英表示，这将促进整个资本市场长期稳健发展，同时也能提供充足的流动性和 理性定价，帮助IPO上市公司获得更多融资。 苏商银行特约研究员薛洪言认为，对投资者而言，银行理财参与打新有望提升产品整体收益水平，为稳 健型投资者提供新的配置选择。但需注意打新收益并非无风险，产品风险等级可能相应调整，投资者需 通过风险揭示材料充分理解收益波动性，建立合理预期。此外，理财子公司的投研能力提升也将间接提 升投资者的资产配置效率。 "固收专家"如何做好转型 过去，网下打新 ...

Core Viewpoint - The implementation of new IPO underwriting regulations has seen limited participation from bank wealth management products, with only two companies, Everbright Wealth and Ningyin Wealth, engaging in offline IPO subscriptions since the regulations took effect four months ago [1][2]. Group 1: Participation in IPOs - Everbright Wealth was the first bank wealth management company to participate in offline IPO subscriptions, followed by Ningyin Wealth, which joined the market a month later [3][4]. - Ningyin Wealth has shown more active participation, engaging in three offline IPO subscriptions within two weeks, while Everbright Wealth has only participated in two since June [4][6]. Group 2: Performance and Research Capability - The performance of the two bank wealth management companies in offline IPO subscriptions has varied, with Ningyin Wealth achieving a higher success rate in effective bids compared to Everbright Wealth [6][7]. - The ability to conduct research on new stocks is crucial for determining bid success rates and potential returns, with Ningyin Wealth successfully entering all three of its bids, while Everbright Wealth only succeeded in one out of two [6][7]. Group 3: Market Trends - The enthusiasm for new stock subscriptions remains high, with the average first-day increase of new stocks in July reaching 280.36%, marking a record high for the year [8][9]. - In the first half of the year, the profitability from IPO subscriptions has significantly increased, attracting attention from investors [9].

7月29日IPO企业广东建科（301632）发布《首次公开发行股票并在创业板上市发行公告》，宁波银行 全资理财公司——宁银理财的两只产品以申报价格7.36元参与网下打新，各申报3000万股，并成功入围 有效报价。 事实上，宁银理财早在7月22日就首次亮相IPO网下打新市场，彼时其参与创业板IPO企业汉桑科技 （301491）的打新；次日参与沪市主板IPO企业天富龙（603406）的网下询价。 这是自6月17日光大银行全资子公司光大理财成为业内首家参与IPO网下打新的银行理财公司后的第二 家"入局者"。 首发（IPO）承销新规实施已满4个月，银行理财参与IPO网下打新进展如何？ 据悉，今年3月28日证监会与沪深交易所、证券业协会等多部门分别修订《证券发行与承销管理办法》 《首次公开发行证券发行与承销业务实施细则》《首次公开发行证券网下投资者管理规则》等制度文 件，其中新增明确将银行理财产品、保险资产管理产品作为IPO优先配售对象，即与公募基金、社保基 金、养老金、年金基金、保险资金等列为A类投资者。而在此之前，银行理财产品主要通过基金专户参 与。 时隔光大理财作为首家银行理财公司参与IPO网下打新1个月后，近期 ...

Core Viewpoint - The article discusses the progress of bank wealth management companies participating in offline IPO subscriptions since the implementation of new underwriting regulations four months ago, highlighting the slow pace and differences in performance between the two companies involved, namely Everbright Wealth Management and Ningyin Wealth Management [1][5]. Group 1: Participation in IPOs - Everbright Wealth Management was the first bank wealth management company to participate in offline IPO subscriptions, followed by Ningyin Wealth Management, which joined the market later [3][4]. - As of now, only these two bank wealth management companies have engaged in offline IPO subscriptions since the new regulations were implemented [1][2]. - Ningyin Wealth Management has shown more active participation, engaging in three IPO subscriptions within two weeks, while Everbright Wealth Management has only participated in two since June [4][6]. Group 2: Performance and Research Capabilities - The differences in performance between the two companies can be attributed to their investment research capabilities and the establishment of necessary operational mechanisms for IPO participation [5][6]. - Ningyin Wealth Management successfully entered all three IPO subscriptions it participated in, while Everbright Wealth Management only succeeded in one out of two attempts [6][7]. - The article provides specific examples of successful bids, including the pricing strategies of both companies during the IPO processes, illustrating the impact of research capabilities on bid success [7][8]. Group 3: Market Trends - The article notes a high level of enthusiasm for new stock subscriptions this year, with the average first-day increase of newly listed stocks in July reaching 280.36%, marking a record high for the year [1][8]. - The article also presents data on the average first-day closing price changes for new stocks listed each month, indicating a strong performance trend in the IPO market [9].

Core Insights - The article highlights the significant milestone achieved by Everbright Wealth Management, which has successfully entered the A-class investor category, allowing it to participate directly in offline IPO subscriptions, marking a shift from a supporting role to a leading role in the capital market [1][3]. Group 1: Industry Developments - Everbright Wealth Management participated in the offline IPO of Shandong Xintong Electronics Co., Ltd. at a subscription price of 17 yuan per share, becoming the first bank wealth management subsidiary to do so as an A-class investor [1][2]. - The participation of bank wealth management in the capital market is accelerating, with several subsidiaries actively engaging in IPO allocations, indicating a new trend of deepening capital market investments [1][2][6]. - The shift to A-class investor status allows bank wealth management products to enjoy the same preferential treatment as public funds, enhancing the allocation of new shares and potentially increasing product returns [2][3]. Group 2: Policy and Regulatory Changes - Recent policy changes have facilitated the entry of bank wealth management into the A-class investor category, driven by the need to boost capital market participation from long-term funds [3][4]. - The China Securities Regulatory Commission (CSRC) has amended regulations to include bank wealth management products as priority allocation objects for IPOs, aligning them with public funds in terms of policy treatment [4][5]. Group 3: Future Outlook - Bank wealth management is expected to continue increasing its participation in offline IPOs while enhancing its research and analysis capabilities in equity investments [2][5]. - The industry is exploring diversified investment strategies, with a focus on equity assets, as traditional fixed-income returns are under pressure due to low interest rates [5][6]. - Reports indicate that as of the end of 2024, the total investment assets of wealth management products will reach 32.13 trillion yuan, with equity assets only accounting for 2.58%, suggesting significant room for growth in this area [5].

Report Industry Investment Rating Not provided in the content Core Viewpoints of the Report - The macro - economic policy aims to support consumption upgrade, with the third - batch of consumer goods trade - in funds to be issued in July, and a series of financial support measures for consumption [1][11][12] - Fiscal policy emphasizes using proactive policies, implementing incremental policies in a timely manner, and over half of the 500 billion yuan fiscal injection into large banks has been used [2][16][17] - Monetary policy conducts additional operations of repurchase agreements, focuses on non - bank leverage, and continues to pay attention to long - term bond interest rate risks [3][20][21] - Financial regulatory policies include the introduction of risk management measures for banks and restrictions on the dividend levels of insurance [4][24][25] - Real estate policies aim to optimize existing policies and promote the stabilization and recovery of the real estate market [5][29][30] - In terms of tariff policies, China and the US have further confirmed the framework details of the Geneva economic and trade talks [6][34][35] Summary According to the Table of Contents 1. Macro - economic Tone - A military parade will be held on September 3rd to commemorate the 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War, showcasing new military achievements [10][15] - Six departments including the central bank jointly issued a guiding opinion on financial support for boosting and expanding consumption, with a 500 billion yuan re - loan quota for service consumption and elderly care, and promoting auto loans [11][15] - The suspension of national subsidies in some regions is temporary, and the third - batch of consumer goods trade - in funds will be issued in July, with a more balanced and sequential plan for fund use [12][15] 2. Fiscal Policy - The government will make full use of proactive fiscal policies, implement existing policies effectively, and introduce incremental policies in a timely manner [16] - The 500 billion yuan fiscal injection into large banks has been more than half used, and Bank of Communications and Bank of China have completed over - 100 billion yuan private placements [17][19] - Many local governments have disclosed the progress of using special bonds to clear arrears to enterprises, with a total of 55.6 billion yuan earmarked for "arrears clearance" and about 146.5 billion yuan including "arrears clearance" in the use of special bond funds [17][18][19] 3. Monetary Policy - The central bank carried out additional operations of 6 - month repurchase agreements, with a total net injection of 20 billion yuan in June, and continued a relatively active MLF operation at the end of the month [20][23] - At the Lujiazui Forum, the central bank governor focused on global financial governance and the supervision of non - bank institutions' leverage [20] - The State Administration of Foreign Exchange will issue a new batch of QDII investment quotas [21][22] - The central bank's second - quarter monetary policy meeting suggested increasing the intensity of monetary policy regulation and continued to emphasize long - term bond interest rate risks and preventing capital idling [21][23] 4. Financial Supervision - At the Lujiazui Forum, the chairmen of the CSRC and the financial regulatory authority put forward measures such as setting up a science and technology growth layer on the STAR Market and promoting pilot projects for financial asset investment companies [24][27] - The General Administration of Financial Supervision issued the "Measures for the Market Risk Management of Commercial Banks", and a bank wealth management product participated in offline new - share subscriptions for the first time [25][27][28] - Insurance regulators prohibited the random increase of dividend levels for dividend - paying insurance products, and jointly issued an implementation plan for the high - quality development of inclusive finance in the banking and insurance industries [25][26][28] 5. Real Estate Policy - The State Council executive meeting and the central bank's monetary policy meeting emphasized promoting the stabilization and recovery of the real estate market and increasing the utilization of existing commercial housing and land [29][33] - Five cities including Shenzhen and Meizhou plan to allow cross - regional housing provident fund withdrawals for home purchases by the end of the year, and Hangzhou has launched a service for direct payment of housing down - payments with provident funds [30][33] - Xi'an has implemented a policy of installment payment for land transfer fees, and Shenzhen has allowed the adjustment of a certain proportion of affordable housing to commercial housing [31][33][34] 6. Tariff Policy - China and the US have further confirmed the framework details of the Geneva economic and trade talks. China will approve the export applications of eligible controlled items according to law, and the US will cancel a series of restrictive measures against China [6][34][35]

Core Viewpoint - The successful participation of Everbright Wealth Management as an A-class investor in the offline issuance of new shares marks a significant breakthrough for bank wealth management subsidiaries, opening new investment paths and injecting strong momentum into the capital market with long-term funds [1][4]. Group 1: Participation in New Share Issuance - Everbright Wealth Management participated in the offline subscription of Shandong Xintong Electronics Co., Ltd. at a bid price of 17 yuan per share, successfully entering the effective bid list with a scale of 9 million shares [2][3]. - Traditionally, investors in the offline subscription market were categorized into three classes, with A-class seats dominated by public funds and social security funds, while bank wealth management products previously participated as C-class investors [2][4]. Group 2: Policy and Market Environment - The breakthrough is attributed to a combination of policy incentives and market demand, with recent regulatory changes allowing bank wealth management to enjoy the same treatment as public funds in new share subscriptions [4][6]. - The ongoing decline in interest rates and the shrinking yield space for traditional assets have prompted bank wealth management to seek new growth points, with offline subscriptions offering relatively stable returns [4][5]. Group 3: Future Outlook - The successful entry of Everbright Wealth Management is expected to encourage more bank wealth management subsidiaries to accelerate their participation in offline subscriptions, enhancing their investment strategies and product offerings [6][7]. - The A-class investor status provides significant advantages in subscription allocation, which is likely to attract more wealth management funds into the primary market, supporting the real economy [3][6].

Group 1 - The core viewpoint is that Everbright Wealth has become the first bank wealth management company to participate in offline IPO subscriptions as an A-class investor, marking a significant development in the industry [1][2] - Everbright Wealth participated in the offline IPO subscription of Xintong Electronics at a declared price of 17 yuan per share, using its mixed product "Sunshine Orange Incremental Absolute Return Strategy" [2] - This move allows bank wealth management companies to enjoy the same policy treatment as public funds, potentially increasing the allocation of new shares to wealth management products and enhancing their yield flexibility [2][4] Group 2 - Xintong Electronics, established in 1996, has a competitive advantage in the market with a 25%-30% market share in intelligent inspection systems for transmission lines and is ranked first in the intelligent terminal segment for communication operations [2] - According to its prospectus, Xintong Electronics expects revenue growth of 19.08% and 7.97% for 2023 and 2024, respectively, with net profit growth of 5.60% and 15.11% for the same years [2] - The participation of bank wealth management companies as A-class investors is supported by policies aimed at facilitating the entry of long-term funds into the capital market, as outlined in recent government initiatives [4]

Core Viewpoint - Everbright Wealth Management has become the first bank wealth management company to participate in offline IPO subscriptions as an A-class investor, marking a significant shift in the industry [1][3]. Group 1: Participation in IPOs - Everbright Wealth Management participated in the offline IPO subscription of Xintong Electronics at a declared price of 17 CNY per share, successfully entering valid bids [1][3]. - The company utilized its mixed product "Sunshine Orange Absolute Return Strategy" for this participation, elevating the status of bank wealth management companies to A-class investors, allowing them to enjoy the same policy treatment as public funds [3][5]. Group 2: Market Impact and Future Outlook - This move is expected to increase the proportion of new stock allocations for bank wealth management products, enhancing the yield flexibility of these products and contributing to the optimization of financial resource allocation to support high-quality development of the real economy [3][4]. - Xintong Electronics, established in 1996, has a competitive advantage in the domestic market with a market share of 25% to 30% in intelligent inspection systems for transmission lines and ranks first in the communication operation and maintenance terminal market [3]. - According to its prospectus, Xintong Electronics anticipates revenue growth of 19.08% and 7.97% for 2023 and 2024, respectively, with net profit growth of 5.60% and 15.11% for the same years [3]. Group 3: Policy Support and Future Developments - The ability of bank wealth management companies to participate as A-class investors is supported by policy initiatives aimed at facilitating the entry of long-term funds into the market [5][6]. - The Central Political Bureau's meeting in 2024 emphasized the need to "unblock the entry points for social security, insurance, and wealth management funds into the market" [5]. - The industry anticipates that with the continuous opening of policy space, wealth management institutions will innovate and develop more capital market-related products, further enhancing their product offerings [6].