亏损面扩大！上周近三成理财产品亏损

Core Viewpoint - The report highlights the current state and trends in the banking wealth management industry, emphasizing the need for timely and accurate assessments to support the industry's transformation and development [1] Market Review - The bond market remained volatile with an overall balanced and loose funding environment; the weighted average of DR007 was 1.42% and the yield on 10-year government bonds closed at 1.695% [2] - In the stock market, major A-share indices declined, with the CSI 1000, ChiNext, and Shanghai Composite Index experiencing weekly declines of 0.54%, 0.74%, and 0.94% respectively; the pharmaceutical, communication, and media sectors showed the highest weekly gains [2] Break-even Situation - The number of products below par value is low, with 24,774 public wealth management products in existence as of August 3, 2025, of which 324 had a cumulative net value below 1, resulting in a comprehensive break-even rate of 1.31% [3] - The break-even rates for equity and mixed wealth management products were 40.48% and 5.46% respectively, while fixed income products had a break-even rate of 1.02% [3] - Fixed income products with 1-2 years and over 3 years had slightly higher break-even rates of 2.27% and 2.82% respectively; 210 newly established public wealth management products in July 2025 were temporarily below par [3] New Product Issuance - A total of 441 wealth management products were issued by 32 wealth management companies from July 28 to August 1, 2025, with the highest issuance from joint-stock banks [4] - The majority of new products were R2 (medium-low risk), closed-end net value type, and fixed income public products; only 8 mixed products and 1 equity product were issued [4] - The pricing of products varied, with short-term products under 1 month dropping below 2% to 1.98%, while products over 3 years saw a rebound to 2.51%, an increase of 0.36 percentage points [4] Focus on Key Products - Everbright Wealth launched a new product "Yixiang Sunshine Gold Enjoyment 2028 Phase 1," an open-ended "fixed income + equity" product with a term of 3 years and no redemption transactions during the period [5] - The product aims for stable low-volatility returns from fixed income and targets long-term value investment returns from equity investments in broad-based and dividend ETFs [5] Yield Situation - The average net value growth rate for fixed income wealth management products was only 0.0227% over the past week, while mixed and equity products had average growth rates of 0.0363% and -0.5417% respectively [6] - The proportion of negative yield products increased, with 29.63% of RMB public wealth management products yielding negative returns; the highest negative yield was observed in fixed income products with a 51.05% rate for those over 3 years [6] Industry Hotspots - Guangyin Wealth was penalized for irregular investment operations, with a total fine and confiscation amounting to 11.5988 million yuan due to issues such as data management and information registration [7] Industry Trends - The banking wealth management market is expected to exceed 32 trillion yuan in 2025, following a projected growth to 29.95 trillion yuan by the end of 2024; the market is anticipated to reach 45 trillion yuan by 2026 [9] - The industry faces challenges in profitability despite a growing scale, with competition leading to reduced management fees and a focus on maintaining scale and net value [8][9]