6月破净率创新低，权益类平均涨超10%

Core Insights - The performance of equity products was the best in the first half of the year, while fixed income products performed the worst [1][3] - The overall number of existing wealth management products reached 27,381, with a significant majority being fixed income products [1][12] - The average net value growth rate for equity products was 5.82%, while fixed income products had a much lower average growth rate of 1.26% [3][10] Product Distribution - As of June 30, 2025, 72.97% of existing wealth management products were rated as medium-low risk (Level 2), followed by medium risk (Level 3) at 12.22% and low risk (Level 1) at 12.11% [1] - Fixed income products dominated the investment nature, accounting for 92.55% of the total, while equity products only made up 0.55% [1] Performance Analysis - Equity products experienced a significant rebound in the A-share and Hong Kong stock markets, leading to their strong performance in the first half of the year [3][12] - Fixed income products showed the lowest performance, with an average maximum drawdown of only 0.19%, indicating their stability despite lower returns [3][6] Company-Specific Insights - The top three wealth management companies by the number of existing products were Xingyin Wealth Management (1,976 products), Xinyin Wealth Management (1,946 products), and Zhaoyin Wealth Management (1,869 products) [1][18] - The highest average net value growth rate for fixed income products was recorded by Su Yin Wealth Management at 1.61% [10] Break-even Rate Trends - The break-even rate for wealth management products reached a new low by the end of June 2025, with nine companies reporting a break-even rate of 0% [12][16] - The break-even rate for fixed income products decreased to 0.17%, while mixed products had a break-even rate of 5.58% [16][18]