含权理财半年考：可转债、公募REITs成收益引擎

Overall Performance - In the first half of 2025, the bond market entered a high volatility phase, while the A-share market showed a mild upward trend. The "fixed income +" products promoted by bank wealth management performed well, with one product yielding over 5% and five products yielding over 4.5% [4] - Among the top ten "fixed income + equity" products, Beiyin Wealth Management stood out with three products making the list, while Jiaoyin Wealth Management had two products. Other products came from five different wealth management companies [4] - The top-ranked product, "Happiness 99 Hongyi (Double Bond Enhancement) 100-Day Holding Period" from Hangyin Wealth Management, achieved a net value growth rate of 5.48% [4] Highlighted Product Analysis - The top product, "Happiness 99 Hongyi (Double Bond Enhancement) 100-Day Holding Period," is a medium-risk public fixed income product with a minimum holding period of 100 days. Its high yield is primarily attributed to investments in convertible bonds, alongside fixed income and equity assets [5][6] - The second-ranked product, "Ruiying Year-on-Year Growth No. 8," is a one-year fixed income product that has seen a significant drop in total shares, down over 65% from the previous year. However, it rebounded in 2025 with a net value growth rate of 5.42% due to a shift towards more active management and increased equity positions [6][9] - The third-ranked product, "Jinghua Vision Infrastructure Public REITs," benefited from the strong performance of the public REITs market, achieving a net value growth rate of 4.74%. The product primarily invests in short-duration credit bonds and REITs [10] Market Performance - In the first half of 2025, the A-share market showed a mixed performance, with the North Exchange market being the standout performer, as the North Certificate 50 Index rose by 38.72%. The broader indices, such as the Shanghai Composite Index and Shenzhen Component Index, increased by 2.76% and 0.48%, respectively [14] - Traditional cyclical and financial sectors became safe havens for funds, with the non-ferrous metals, banking, and defense industries leading in gains [14] Product Performance - Industry-specific products yielded strong returns, with five industry index theme products from Huaxia Wealth Management entering the top ten, focusing on precious metals and micro-growth styles, both exceeding 25% in gains [14] - The product "Sunshine Red Infrastructure Public REITs Preferred No. 1" from Everbright Wealth Management achieved third place, with over 80% of its assets allocated to public REITs, benefiting from stable cash flow returns amid low bond yields [14]