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 liquidity 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, Shanghai Composite Index, and CSI 500 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 underperformance rate of 0.72% for bank wealth management [3] - The underperformance rates for equity and mixed wealth management products were 38.1% and 5.46%, respectively, while fixed income public wealth management products had an underperformance rate of 0.4% [3] - Fixed income products with 1-2 year and over 3-year terms had slightly higher underperformance rates of 0.9% and 1.12%, respectively [3] New Product Issuance - A total of 443 wealth management products were issued by 31 wealth management companies from August 4 to August 8, with joint-stock banks leading in issuance. Xinyin Wealth Management and Huaxia Wealth Management each issued 36 products, while Everbright Wealth Management issued 32 [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 issued, accounting for 1.8%, and no new equity products [6] Pricing Trends - Pricing for different term products varied, with 1-2 year and 2-3 year products seeing an increase, particularly the 2-3 year products which rose by 24 basis points to 2.86%. In contrast, products with terms of 1-3 months, 3-6 months, 6-12 months, and over 3 years saw declines, with the latter dropping by 36 basis points to 2.15% [6] 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 net value growth rates of 0.091% and 0.8529%, respectively. The highest average net value growth rate among fixed income products was for those with over 3-year terms at 0.1075% [8] - Cash public wealth management products in RMB, USD, and AUD had annualized yields of 1.364%, 3.91%, and 2.83%, respectively [12] - The proportion of negative yield products decreased, with 5.19% of RMB public wealth management products yielding negative returns over the past week. The negative yield proportions for fixed income, mixed, and equity products were 4.02%, 23.3%, and 33.33%, respectively [12] 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 participating more frequently [14] - 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%, indicating ongoing pressure for rectification [15] - Conversely, some city commercial bank wealth management subsidiaries experienced significant growth, with Ningyin Wealth Management's scale exceeding 600 billion RMB, reflecting a growth of over 25% compared to the beginning of the year [16]