规模低至0！华夏理财成立大量“迷你”产品丨机警理财周报

Market Overview - The bond market experienced a slight increase, with short-term bonds outperforming long-term ones. The overall liquidity remains balanced and slightly loose, with the weighted average of DR007 at 1.49% and the 10-year government bond yield at 1.64% [2] - The stock market declined due to escalating conflicts in the Middle East, with major indices such as the CSI 300, Shanghai Composite, and Shenzhen Component dropping by 0.45%, 0.51%, and 1.16% respectively. The banking, communication, and electronics sectors showed the highest weekly gains [2] Product Performance - The number of underperforming wealth management products remained stable, with 24,272 public wealth management products in existence as of June 22, 2025. The overall breaking net value rate for bank wealth management products is 0.59%. The breaking net value rates for equity and mixed products are 51.28% and 6.68% respectively, while fixed income products have a rate of 0.17% [3] - Fixed income products with maturities of 2-3 years and 1-2 years have slightly higher breaking net value rates of 0.35% and 0.32% respectively, while all other maturity categories remain below 1% [3] New Product Issuance - A total of 543 wealth management products were issued by 32 companies from June 16 to June 20, with Huaxia Wealth leading by issuing 95 products. Other companies issued fewer than 40 products each [4] - The newly issued products primarily consist of R2 (medium-low risk), closed-end net value type, and fixed income public products. Only 11 mixed products and 1 equity product were issued during this period [4] - The pricing for products with maturities of less than 2 years has continued to decline, with a decrease of 0.16 percentage points for 1-3 month products. However, products with maturities of over 2 years saw a slight increase, with those over 3 years rising to 2.79% [4] Fundraising Trends - Huaxia Wealth's recent issuance of 95 products indicates a strong focus on cash management products, with approximately half (46 products) categorized as such. Many of these products had low or zero fundraising targets, raising concerns about their long-term viability and investor experience [5] - The trend of issuing small-scale or zero-scale products may lead to inflated performance metrics initially, but could result in disappointing returns as quality assets become scarce [5] Yield Performance - All categories of RMB public wealth management products, except for equity, recorded positive returns over the past week. Fixed income products had an average net value growth rate of 0.062%, while mixed, equity, and commodity/financial derivative products had growth rates of 0.0071%, -0.3781%, and 0.0492% respectively [6][7] - The average weekly yield for fixed income products across all maturities remained positive, with the 2-3 year maturity category achieving the highest average net value growth rate of 0.0706% [7] - The proportion of negative yield products increased, with 3.32% of RMB public wealth management products reporting negative returns over the past week. The highest negative yield rates were observed in equity products at 72.97% [7] Industry Developments - A significant milestone was achieved as Everbright Wealth became the first bank wealth management subsidiary to directly participate in offline IPO subscriptions, marking a new investment avenue for bank wealth management [8] - This development is seen as a result of policy optimization, market changes, and the need for institutional transformation, potentially leading to more wealth management subsidiaries engaging in similar activities and enhancing their investment research capabilities [8]