数据说明： 把时间拉长到近一年（2025年2月6日-2026年2月5日，下同）来看，A股三大指数震荡走强。其中创业板指涨超58%领涨，深证 成指、上证指数分别涨超37%、26%。 就板块表现而言，31个申万一级行业近1年均上涨，有色金属、通信分别涨超106%、91%涨幅居前，银行、食品饮料等板块涨幅 较小。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 | ਗੁ ਕੁਗ | 产品名称 | 净值赔 管理人 长率 | 最大回撤 | 年化波动 ਡੂਟ | | --- | --- | --- | --- | --- | | | 华夏理财友 日开理财产 品8号(贵金属指数) | 132.4 华夏理财 5% | 13.88% | 32.09% | | | 阳光红新能源主题A | 光大理财 72.73% | 19.48% | 31.07% | | | 华夏理财天工日开理财产 品5号(AI算力指数) | 华夏理财 67.05% 20.04% | | 29.24% | | 4 | 华夏理财天工日开理财产 品6号(微盘成长低波指 | 华夏理财 55.48% | 15.00% | 20.3 ...

分机构来看，兴银理财2025年到期产品数量逼近千只，招银理财、建信理财、中银理财、工银理财和平安理财到期产品数量均在600只以 上，头部理财公司成为产品到期的主要承载主体。 2025年，32家理财公司合计有13815款（按登记编码核算）封闭式公募产品到期，数量较2024年增长51.53%。 从机构、期限维度看，头部机构到期产品集中，中短期限产品到期量居前。业绩达标率呈现明显的品类与期限分化，固定收益类整体表现优 于混合类，短期限产品达标率普遍高于长期限产品；收益率方面，长期限产品平均收益显著高于短期限，固收类产品收益稳定性优于混合 类。 到期产品数量同比大增，固收类占主导 据南财理财通数据，32家理财公司合计有13815款（按登记编码核算）封闭式公募产品到期，较2024年增长51.53%。其中，固定收益类、混 合类、权益类和商品及金融衍生品理财分别到期13218只、509只、62只和26只，固定收益类产品占据绝对主导地位，其他品类到期数量相对 有限。 业绩达标与收益表现：品类及期限分化特征凸显 由于固定数值报价型产品和区间报价型产品数量占比较高，课题组主要对上述两类产品的达标率和到期收益水平进行分析。在剔除了 ...

Group 1 - The A-share media sector experienced significant gains, with multiple stocks such as Light Media, Wanda Film, and others hitting the daily limit up [1] - The "longest Spring Festival holiday" in history has officially started its online pre-sale, attracting considerable attention [1] - The AI video generation model Seedance 2.0 has gained immense popularity across the internet [1]

Core Viewpoint - The A-share market experienced narrow fluctuations on February 10, with mixed performance across the three major indices, while the Sci-Tech Innovation 50 Index rose nearly 1% [2]. Group 1: Market Performance - The computing power leasing sector showed strong performance, with stocks such as Yacon Co. hitting the daily limit up of 20%, alongside other companies like TeFa Information, Hangjin Technology, and People’s Daily also reaching their daily limits [2]. - Other stocks in the sector, including Jishi Media, Yuntian Lihui, Guanghuan New Network, and Zhejiang Data Culture, also saw gains [2]. Group 2: Industry Trends - The acceleration of large model commercialization is increasing demand for computing power, leading to expectations of price increases for certain computing power products [2]. - Google announced a price increase for its cloud services and AI computing infrastructure, effective May 1, while Amazon previously raised its EC2 machine learning capacity block prices by approximately 15% [2]. - Huaxi Securities noted that the price hikes by tech giants indicate a clear tendency for cost transmission, suggesting a positive outlook for cloud service providers, computing power leasing, and edge computing as the AI industry transitions into the Agent era [2].

Group 1 - In 2025, the A-share market experienced a comprehensive recovery, with sectors such as technology, precious metals, non-ferrous metals, communication equipment, semiconductors, and optical modules leading the market in growth [1] - The net value of high-rights financial products saw a recovery, while the bond market faced pressure due to the strong performance of the equity market, leading to a "stock in, bond out" trend [1] - By the end of December 2025, the comprehensive net loss rate of financial products decreased to 0.51%, down 39 basis points from the end of 2024, with seven financial companies achieving "0 net loss" for their public offerings [1] Group 2 - The bond market ended its two-year bull run in 2025, entering a phase of adjustment influenced by fluctuating policy expectations and the stock-bond seesaw effect [2] - The net loss rate of public financial products fluctuated significantly, peaking at 2.24% in January and February 2025 before declining to 0.54% over the next four months [2] - By the end of December 2025, the net loss rate returned to the 0.5% range, reflecting the impact of the strong equity market [2] Group 3 - As of the end of 2025, Huihua Wealth Management, Boyin Wealth Management, and Hangyin Wealth Management had the highest net loss rates among public products, with Huihua at 9.27% and Boyin at 2.22% [4] - Four wealth management subsidiaries and three joint venture companies achieved "0 net loss" for their public products by the end of 2025 [4] Group 4 - The structure of net loss products shifted significantly, with equity and mixed financial products seeing a substantial decline in net loss rates, while fixed-income products became the main type of net loss products in 2025 [6] - The average net value growth rate for public equity financial products reached 22.71%, with some companies like Xinyin Wealth Management achieving a remarkable 36.55% growth [6] - In contrast, the average net value growth rate for fixed-income products was only 2.24%, reflecting a weaker performance compared to equity products [1][12] Group 5 - The average net value growth rate for mixed financial products varied, with Ningyin Wealth Management, Huihua Wealth Management, and Hangyin Wealth Management leading at 15.44%, 12.31%, and 8.84% respectively [10] - The average net value growth rate for fixed-income public financial products was generally between 2% and 2.5%, with some companies like Nanyin Wealth Management and Hangyin Wealth Management performing slightly better [12] - Foreign currency fixed-income financial products had an overall average net value growth rate of 3.90%, with Xinyin Wealth Management and Beiyin Wealth Management exceeding 4% [14]

Group 1 - In 2025, the A-share market experienced a comprehensive recovery, with sectors such as technology, precious metals, non-ferrous metals, communication equipment, semiconductors, and optical modules leading the market in growth [1] - The overall net value of high-rights financial products saw a recovery, while the bond market faced pressure due to the strong performance of the equity market, leading to a "stock in, bond out" trend [1] - By the end of December 2025, the comprehensive net value decline rate of financial products dropped to 0.51%, a decrease of 39 basis points from the end of 2024, with seven financial companies achieving "0 net value decline" for their public offerings [1] Group 2 - The bond market ended its two-year bull run in 2025, entering a phase of adjustment influenced by fluctuating policy expectations and the stock-bond seesaw effect [2] - The net value decline rate of public financial products fluctuated significantly, peaking at 2.24% in January and February 2025 before declining to 0.54% over the next four months [2] - By the end of December 2025, the net value decline rate returned to the 0.5% range, reflecting the impact of the strong equity market [2] Group 3 - As of the end of 2025, Huihua Wealth Management, Boyin Wealth Management, and Hangyin Wealth Management had the highest net value decline rates among public products, with Huihua Wealth Management at 9.27% [4] - Four wealth management subsidiaries and three joint venture wealth management companies achieved "0 net value decline" for their public products by the end of 2025 [4] Group 4 - The structure of net value decline in the financial market changed significantly, with equity and mixed financial products seeing a substantial drop in decline rates, while fixed-income products became the main type of products with net value decline [6] - In 2025, the average net value growth rate for equity public financial products reached 22.71%, with some companies like Xinyin Wealth Management achieving a remarkable 36.55% [7] - Conversely, some companies like Bank of China Wealth Management and ICBC Wealth Management had poor performance, with average net value growth rates below 5% [8] Group 5 - The average net value growth rate for fixed-income public financial products was relatively weak, with most companies reporting rates between 2% and 2.5% [13] - The average maximum drawdown for fixed-income products was controlled within 1%, with a small portion exceeding 2% [13] - Foreign currency fixed-income financial products had a slightly higher average net value growth rate of 3.90%, with some companies exceeding 4% [15]

Core Viewpoint - The company plans to invest 50 million yuan to establish a wholly-owned subsidiary, Zhejiang Yatai Lizhong Investment Holding Co., Ltd., to enhance its industrial development layout and improve overall competitiveness [1] Group 1: Investment Details - The investment will be made using the company's own funds and will not affect the normal operation of its existing main business [1] - The new subsidiary will be registered in Shaoxing City, Zhejiang Province, and the establishment is subject to approval from the relevant authorities [1] - The decision to invest falls within the chairman's authority and does not require board or shareholder approval, thus not constituting a related party transaction or major asset restructuring [1] Group 2: Strategic Implications - The establishment of the subsidiary aims to promote the company's long-term sustainable development [1] - The company will actively advance the necessary registration procedures and strengthen risk management [1]

Core Viewpoint - In 2025, a total of 13,815 closed-end public products from 32 wealth management companies will mature, representing a 51.53% increase compared to 2024, with fixed income products dominating the maturity landscape [1][2]. Group 1: Product Maturity Overview - The number of maturing products is significantly higher, with fixed income products accounting for the majority, totaling 13,218, while mixed, equity, and commodity/financial derivative products have 509, 62, and 26 respectively [2]. - Leading institutions such as Xingyin Wealth Management will have nearly 1,000 maturing products, while other major firms like Zhaoyin, Jianxin, Bank of China, ICBC, and Ping An will each have over 600 maturing products [2]. Group 2: Investment Cycle Analysis - Products with a maturity period of 6-12 months lead in quantity, totaling 4,667, which is 33.8% of the total; followed by 3-6 months with 3,600 products (26.1%), and 1-2 years with 3,502 products (29.6%) [4]. Group 3: Performance Metrics - The overall performance threshold achievement rate for 11,092 maturing products is 48.76%, with a lower limit achievement rate of 82.36% [7]. - Fixed income products show a lower limit achievement rate of 84.28% and a mid-point achievement rate of 49.66%, with short-term products (1-3 months) performing particularly well [7][9]. - Long-term products (2-3 years and over 3 years) have significantly lower achievement rates, at 30.86% and 31.58% respectively [7]. Group 4: Yield Performance - The average annualized yield for fixed income products is 3.02%, with products over 3 years yielding the highest at 4.16% [9]. - Mixed products have a lower average annualized yield of 2.27%, with the highest yield for those over 3 years at 7.04% [9].

2025年，理财公司产品发行量大幅增加，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近 70%，发行产品仍以固收类产品为主，虽有拓展发行侧重多资产多策略的混合类和权益类产品但整体比重仍较低，同时，新发产品更侧重短期限和高流动 性。 此外，在利率下行的背景下，2025年理财产品业绩比较基准整体呈下行走势，理财产品的定价区间从原先的2.30%—3.00%下移至1.90%-2.70%，所有期限产 品的平均定价均跌至3%以下，业内普遍认为业绩比较基准下行压力仍将延续但降幅会收窄。 从"吸金"规模看，剔除部分理财公司产品募集规模未披露外，2025年理财公司单品平均募集规模为2.56亿元，低于3亿元，全年有三款募集规模超百亿的理 财产品。 新品结构：产品发行量同比大涨近70%，短期化高流动性成新品标签 据南财理财通数据，2025年，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近70%，为 66.86%，理财公司产品发行量大幅增加。 从发行机构看，发行数量排名前七的理财公司均背靠股份行，其中华 ...

此外，在利率下行的背景下，2025年理财产品业绩比较基准整体呈下行走势，理财产品的定价区间从原先的2.30%—3.00%下移至1.90%-2.70%，所有期限 产品的平均定价均跌至3%以下，业内普遍认为业绩比较基准下行压力仍将延续但降幅会收窄。 从"吸金"规模看，剔除部分理财公司产品募集规模未披露外，2025年理财公司单品平均募集规模为2.56亿元，低于3亿元，全年有三款募集规模超百亿的理 财产品。 新品结构：产品发行量同比大涨近70%，短期化高流动性成新品标签 据南财理财通数据，2025年，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近70%，为 66.86%，理财公司产品发行量大幅增加。 2025年，理财公司产品发行量大幅增加，有32家理财公司发行了23525只净值型理财产品（以产品登记编码为统计标识），同比2024年的14099只大涨近 70%，发行产品仍以固收类产品为主，虽有拓展发行侧重多资产多策略的混合类和权益类产品但整体比重仍较低，同时，新发产品更侧重短期限和高流动 性。 从发行机构看，发行数量排名前七的理财公司均背靠股份行，其中华 ...