周报 | 固收理财近一周收益回暖，两家理财公司试水线下打新

Market Overview - The bond market continued to experience fluctuations, with an overall balanced and loose funding environment. The weighted average of DR007 on August 8 was 1.425%, and the yield on 10-year government bonds closed at 1.69% [2] - In the stock market, major A-share indices saw gains, with the CSI 1000 index, Shanghai Composite Index, and CSI 500 index increasing by 2.51%, 2.11%, and 1.78% respectively. The defense, non-ferrous metals, and machinery equipment sectors led the weekly gains [2] Product Performance - The number of underperforming products remains low, with 25,003 public wealth management products in existence as of August 10, 2025, of which 179 had a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.72%. The break-even rates for equity and mixed wealth management products were 38.1% and 5.46%, respectively, while fixed income products had a break-even rate of 0.4% [3] - Fixed income products with 1-2 year and over 3-year terms had slightly higher break-even rates of 0.9% and 1.12%, respectively [3] New Product Issuance - A total of 443 wealth management products were issued by 31 companies from August 4 to August 8, 2025. The leading issuers were Xinyin Wealth Management and Huaxia Wealth Management, each issuing 36 products, followed by Everbright Wealth Management with 32 products [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 8 mixed products (1.8% of total) and no new equity products [4] - Pricing varied across different term products, with 2-3 year products seeing a rise of 24 basis points to 2.86%. In contrast, longer-term products (over 3 years) saw a decline of 36 basis points to 2.15% [4] Yield Performance - Fixed income wealth management products showed signs of recovery, with an average net value growth rate of 0.0718% over the past week. Mixed and equity products had average growth rates of 0.091% and 0.8529%, respectively. The highest growth rate among fixed income products was for those with over 3-year terms at 0.1075% [5] - The average annualized yield for cash public wealth management products in RMB, USD, and AUD was 1.364%, 3.91%, and 2.83%, respectively [5] - The proportion of negative yield products decreased, with 5.19% of RMB public wealth management products reporting negative returns over the past week. The negative yield rates for fixed income, mixed, and equity products were 4.02%, 23.3%, and 33.33%, respectively [5] Industry Trends - Since the opening of offline IPO participation for wealth management subsidiaries in March, only two companies, Everbright Wealth Management and Ningyin Wealth Management, have attempted this, with Ningyin being more active [6][7] - In the first half of 2025, 36 out of 69 city commercial banks without wealth management subsidiaries saw their asset management business scale decrease by over 10%, reflecting ongoing regulatory pressure [8] - Conversely, some city commercial bank wealth management subsidiaries experienced significant growth, with Ningyin Wealth Management's scale exceeding 600 billion RMB, marking a growth of over 25% compared to the beginning of the year [9]