继续走低！4只新发行理财产品业绩基准跌破2%丨机警理财周报

Market Overview - The bond market is experiencing a tightening of funds, with short-term yields declining and slight adjustments in long-term yields. As of May 16, the weighted average of DR007 was 1.64%, and the yield on 10-year government bonds closed at 1.68% [2] - In the stock market, the Hang Seng Index, Hang Seng Tech, and ChiNext Index saw weekly increases of 2.09%, 1.95%, and 1.38% respectively, with the beauty care, non-bank financials, and automotive sectors leading the gains [2] Break-even Situation - The number of underperforming wealth management products continues to decrease. As of May 18, 2025, there were 23,379 active public wealth management products, with 149 having a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.64% [3] - The break-even rates for various investment categories remained relatively stable, with equity and mixed products at 52.63% and 6.93% respectively, while fixed income products had a break-even rate of 0.19% [3] New Product Issuance - A total of 356 wealth management products were issued by 31 companies from May 12 to May 16, with joint-stock banks leading in issuance. Huaxia Wealth and Xingyin Wealth each issued 32 products [4] - The newly issued products primarily consisted of R2 (medium-low risk), closed-end net value type, and fixed income public products, with mixed products totaling 8. Notably, the "Jinghua Huiying Qiu Series Ruiying 13M" from Beiyin Wealth is highlighted for its investment strategy [4] Product Pricing - The performance benchmark for newly issued products with a duration of over one year continues to decline, with an average benchmark of 2.69% for newly issued fixed income products, and several products having benchmarks below 2% [5] - The "ESG Preferred Stable Direct Train" from Bank of China has a benchmark of only 1.85%, focusing on fixed income assets and utilizing ESG investment principles [5] Yield Situation - All categories of RMB public wealth management products reported positive average yields last week, with fixed income products showing an average net value growth rate of 0.0879% [6] - The average weekly yield for cash management products in RMB, USD, and AUD was 1.495%, 3.945%, and 3.08% respectively [7] Industry Trends - The Shanghai Stock Exchange held a special training session for wealth management companies to promote equity fund entry, aiming to enhance the role of ETFs in attracting long-term funds [8] - The scale of bank wealth management has rebounded, surpassing 31 trillion yuan, driven by rising yields in the bond market and a shift in deposit strategies [9]