股债分化格局下：两款“固收+权益”产品三季度涨超10%

Overall Performance - In Q3 2025, the capital market exhibited significant differentiation due to the "stock-bond seesaw" effect, with the equity market performing strongly while the bond market faced overall pressure [5] - The A-share market experienced a notable upward trend, with the CSI 300 index rising by 17.90% and the Wind All A index increasing by 19.46%, while the ChiNext index surged over 50%, highlighting a growth style dominated by sectors such as artificial intelligence and technology [5][6] Product Analysis - The "fixed income + equity" products generally had conservative equity positions, with many products holding less than 2% in equities, resulting in limited impact from the stock market's rise [6] - The top 10 products listed primarily came from eight wealth management companies, with the top two products achieving net value growth rates exceeding 10% and exhibiting low maximum drawdowns [6][7] - The top-ranked product, "Xing Shi (Minimum Holding 14 Days) Daily Open 2B" from Yunnan Rural Commercial Bank Wealth Management, was positioned to allocate 0-20% in equity assets but held no equity assets as of Q2 2025, with over 51.33% of its assets in cash and bank deposits [6][7] - The second-ranked product, "Stable Wealth (Quarterly Increment) 001C" from Bank of China Wealth Management, had a bond asset ratio of 71.22% as of June 2025, with a significant portion of its holdings in financial bonds, corporate bonds, and private placement bonds [7] - Looking ahead to Q4, the market sentiment remains relatively optimistic towards the equity market, while the bond market may present short-term trading opportunities after the Q3 correction, although further declines in yields are expected to be limited [7]