CITIC Securities: It is the right time for the transformation of bank wealth management equity, and the inflection point of products is clear.

The research report by CITIC Securities Investment indicates that with the downward shift in interest rates, it is imperative to transform the equity of financial management subsidiaries. The transformation of financial management subsidiaries can be carried out along a path of three stages: foundation-building, shaping, and maturity. The proportion of equity class assets should be gradually increased, while simultaneously constructing a dynamic development system for equity class product transformation and an "core-satellite" equity asset allocation strategy. In the first five months of 2026, a turning point in financial products has already appeared, with performance benchmarks stabilizing, risk indices rising, and product term premiums beginning to rise. It is expected that this trend will continue, and in the second half of 2026, after the establishment of the turning point in financial products, it will be necessary to accelerate the transformation of equity in financial management subsidiaries and transition to multi-asset, multi-strategy products. It is predicted that in the second half of 2026, the scale of financial management will increase by 2-3 trillion yuan to reach 37-38 trillion yuan, the proportion of public funds and equity class assets will rise, the average performance benchmark is expected to continue to improve, and the proportion of mixed funds will also increase.