周报 | 理财公司节前加大发行力度；超千亿资金或加仓权益市场

Market Overview - The bond market experienced fluctuations with a tight funding environment, as evidenced by a weighted average of DR007 at 1.5556% and a 10-year government bond yield closing at 1.8% [2] - A-share market showed divergence, with the Sci-Tech Innovation 50 Index and the ChiNext Index increasing by 6.47% and 1.96% respectively, while the Shanghai Composite Index and CSI 300 Index rose by 0.21% and 1.07% respectively [2] Financial Product Performance - The rate of financial products breaking net value has increased, with 367 out of 26,298 public financial products having a cumulative net value below 1, resulting in a comprehensive breaking net rate of 1.4% [3] - The breaking net rates for equity and mixed financial products were 20.41% and 2.82% respectively, while fixed income public financial products had a breaking net rate of 1.29% [3] - Fixed income products with 2-3 year and 6-12 month terms had slightly higher breaking net rates of 2.58% and 2.29% respectively [3] New Product Issuance - A total of 536 financial products were issued by 32 financial companies in the week of September 22-26, marking a 14.78% increase from the previous week [4] - Major issuers included Shanghai Pudong Development Bank Wealth Management with 42 products, Huaxia Wealth Management with 41 products, and Xingyin Wealth Management with 35 products [4] Product Characteristics - Newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 8 mixed products and no new equity or derivative products [7] - Pricing varied across different term products, with those under 1 month declining by 14 basis points to 1.95%, while 3-6 month and 6-12 month products also saw declines [7] - Products with terms over 3 years had a pricing of 2.35% [7] Investment Strategies - New products from Xinyin Wealth Management included charitable series that integrate finance with social responsibility, with performance benchmarks set at 2.35%-3.15% for one product and 2.30%-2.35% for another [9] - The charitable donations from these products are aimed at supporting local charities, with a portion allocated for management fees [9] Weekly Yield Performance - Fixed income product yields decreased due to poor bond market performance, with an average net value growth rate of 0.0125% for fixed income products [10] - Mixed and equity products had higher average net value growth rates of 0.0515% and 0.7661% respectively, while products with terms over 3 years had the lowest yield at -0.0425% [10] Cash Management Products - The average annualized yield for cash public financial products in RMB, USD, and AUD was 1.325%, 3.806%, and 2.77% respectively [14] - The proportion of negative yield products increased, with 28.42% of RMB public financial products yielding negative returns in the past week [14] - Among fixed income products, those with terms over 3 years had the highest negative yield proportion at 52.07% [14] Industry Trends - There is a noticeable shift in bank wealth management towards equity investments, with an increase in job postings for roles related to equity and multi-asset investments [17] - The direct equity allocation in wealth management reached a five-year low, while fund allocations hit a five-year high, indicating a growing trend towards indirect equity investments [18] - It is projected that over 100 billion RMB will be allocated to equity investments in the second half of 2025 and throughout 2026 [18]