21世纪经济报道记者林汉垚 见习记者冯紫彤 自2025年1月《推动中长期资金入市实施方案》落地、银行理财正式跻身网下打新A类投资者行列以来，银行理财子公司借道IPO打新，布局新质生产力的战 略路径愈发清晰。 近日，"国产GPU第一股"摩尔线程启动发行，宁银理财旗下6只产品成功获配，获配金额在理财公司中位列第一；兴银理财旗下亦有3只产品入围。据悉，这 也是宁银理财今年参与的第25次新股申购，累计获配金额已超1000万元。 从光大理财6月率先落子成为"行业首单"，到宁银、兴银理财密集布局，银行理财资金正以规模化、系统化的方式涌入新股投资市场，成为资本市场中支持 科技企业与实体经济发展的一股重要力量。 政策开闸后理财子加速落子 本轮理财子公司打新的焦点，是被誉为"国产GPU第一股"的摩尔线程。这家成立于2020年的高性能GPU芯片企业，自启动科创板IPO以来便备受市场关注。 最新定价结果显示，该公司发行价定在114.28元/股，募资总额达80亿元，不仅是年内发行价最高的新股，更是2025年科创板最大规模的IPO。 在其公布的网下配售结果中，两家银行理财子公司——宁银理财与兴银理财成功入围。其中，宁银理财旗下6只产品 ...

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]

Core Insights - The A-share market has seen a significant increase in new listings, with 59 companies going public this year, and 52 of them experiencing a price increase of over 100% on their first trading day [2][9] - The enthusiasm for participating in IPOs through bank wealth management products has surged, with Ningyin Wealth Management becoming the second bank wealth management company to successfully participate in the offline IPO market [2][4] Summary by Sections New Listings and Market Performance - In 2023, 59 new companies were listed on the A-share market, with 52 achieving over 100% price increase on their debut, and 16 exceeding 300% [2][9] - The total fundraising amount from these IPOs reached 61.5195 billion yuan, with no companies experiencing a price drop below their issue price [8] Participation of Wealth Management Companies - Ningyin Wealth Management has successfully participated in three new stock subscriptions, including companies like Hansang Technology and Guangdong Construction Science Research Institute [3][5] - As of July 25, Ningyin Wealth Management ranked first among bank wealth management companies in terms of the number of products participating in offline IPOs [2] Regulatory Changes and Market Dynamics - Since the implementation of new IPO underwriting regulations on March 28, bank wealth management companies have been classified as "A-class investors," allowing them to participate in offline IPOs on equal footing with public funds [4][7] - Currently, nine wealth management companies have registered as offline investors, with only two successfully completing new stock subscriptions [7] Company Performance and Growth Potential - The companies that Ningyin Wealth Management has subscribed to show promising growth, with Hansang Technology projected to have a revenue growth of 40.98% and net profit growth of 86.52% from 2022 to 2024 [5] - Guangdong Construction Science Research Institute and Tianfulong Group also exhibit positive growth trends in their financial forecasts for 2023 and 2024 [5] Investment Strategies and Research - Ningyin Wealth Management has established a 20-person equity research team to analyze industry trends, competitive advantages, and financial data when selecting IPO candidates [6] - The company is actively diversifying its investment strategies, including participation in both A-share and Hong Kong IPOs [10]

Group 1 - The core viewpoint of the article highlights the increasing integration of bank wealth management and IPO subscription markets, driven by policy relaxation and the need for wealth management subsidiaries to adapt to asset scarcity [1][3][4] - Ningyin Wealth Management has recently made significant moves in the IPO subscription market, with multiple products successfully entering the new stock subscription lists of the Shenzhen and Shanghai Stock Exchanges [3][4] - The participation of bank wealth management funds in offline IPO subscriptions is expected to provide long-term stable incremental funds to the Chinese capital market, promoting its healthy development and enhancing liquidity [4][7] Group 2 - The regulatory environment has shifted, allowing bank wealth management and trust funds to actively participate in the capital market, which is expected to increase equity investment scale [6][7] - The introduction of policies in 2024 and 2025 has removed barriers for wealth management funds to directly participate in offline IPO subscriptions, recognizing their role as long-term capital [6][7] - The industry anticipates that wealth management companies will increasingly seek to enhance their investment capabilities and diversify their product offerings to adapt to the evolving market landscape [9][8] Group 3 - Challenges remain for wealth management subsidiaries in participating in IPO subscriptions, including the need to improve research capabilities and educate clients about investment risks [8][9] - The competition in the market is expected to intensify, potentially leading to reduced success rates in IPO subscriptions as more wealth management companies enter the space [8][9] - The future trend indicates a shift from being "fixed income experts" to "comprehensive asset management institutions," focusing on differentiated strategies and collaborative efforts with external partners [9]

Group 1 - The core viewpoint of the article highlights the increasing integration of bank wealth management products with the IPO subscription market, driven by policy relaxation and the need for wealth management companies to adapt to asset scarcity [1][3][4] - Ningyin Wealth Management has recently made significant moves in the IPO subscription market, with multiple products successfully entering the new stock subscription lists of the Shenzhen and Shanghai Stock Exchanges [3][4] - The participation of bank wealth management in offline IPO subscriptions is expected to bring long-term stable incremental funds to China's capital market, promoting steady development and providing sufficient liquidity [4][6] Group 2 - The policy environment has shifted, allowing bank wealth management to directly participate in offline IPO subscriptions, which was previously restricted [5][6] - The number of products participating in IPO subscriptions from wealth management companies is still limited, indicating a cautious approach from these companies despite the potential benefits [7] - Future trends suggest that wealth management companies will accelerate their transformation from "fixed income experts" to "comprehensive asset management institutions," focusing on building a robust research and investment system [8][9]

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].

Core Viewpoint - The implementation of new IPO underwriting regulations has seen limited participation from bank wealth management companies, with only two firms, 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 [1][2]. - Ningyin Wealth has shown more active participation, engaging in three IPO subscriptions within two weeks, while Everbright Wealth has only participated in two since June [3][4]. Group 2: Regulatory Changes - The new regulations, revised by the CSRC and other bodies, explicitly include bank wealth management products and insurance asset management products as priority allocation objects for IPOs, placing them alongside public funds and pension funds as Class A investors [2][4]. Group 3: Investment Research Capabilities - The slow progress of bank wealth management companies in participating in offline IPO subscriptions is attributed to the need for establishing investment research mechanisms and decision-making processes [4]. - The investment research capabilities significantly influence the success rate of bids and the performance of new stock subscriptions, as evidenced by the differing bid success rates between the two participating firms [4]. Group 4: Performance of New Stocks - The average first-day gain of new stocks in July reached 280.36%, marking the highest monthly increase of the year, with six stocks seeing first-day gains exceeding 400% [6]. - Notable performances include Dingjia Precision, which surged 479.12% on its debut, and C Han Gao, which rose 418.47% [6].

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]