理财公司发力权益投资，养老理财试点扩至全国

Market Overview - The bond market showed strength under the central bank's liquidity support, with credit bond yields declining across the board [2] - The A-share market experienced a high-level correction, with major indices showing volatility; most sectors declined, while banking, coal, food and beverage, transportation, and textiles saw gains [2] Product Performance - As of November 3, 2025, there are 30,539 active public wealth management products, with a comprehensive net asset value decline rate of 0.3% for bank wealth management [3] - The net asset value decline rates for equity and mixed wealth management products are 8.9% and 1.97%, respectively, while fixed income public wealth management products have a decline rate of 0.18% [3] New Product Issuance - From October 27 to October 31, 31 wealth management companies issued a total of 456 new products, with the largest issuers being state-owned banks [4] - The majority of new products are R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 4 mixed products and 1 equity product launched [6] Product Characteristics - The pricing of new products varied; products with a maturity of over 3 years saw an increase in pricing to 2.82%, while products with a maturity of less than 1 month increased by 10 basis points to over 2% [6] Product Innovation - The expansion of equity public products includes the launch of Hangyin Wealth Management's first equity public product with a fundraising scale of 1.756 million yuan [8] - Qingyin Wealth Management also launched an equity public product in October, although its fundraising scale was relatively low at 400,000 yuan [8] Weekly Returns - As of November 3, the average net value growth rate for public RMB wealth management products was 0.10%, with equity products showing the highest growth at 1.73% [9] - Fixed income and mixed wealth management products had average net value growth rates of 0.1% and 0.26%, respectively [9] Cash Management Products - The average annualized yield for cash management public wealth management products in RMB, USD, and AUD is 1.310%, 3.695%, and 2.710%, respectively [11] - Approximately 14.35% of RMB public wealth management products reported negative returns in the past week, with the proportions of negative returns for fixed income, mixed, and equity products being 11.99%, 20.37%, and 66.9%, respectively [11] Industry Trends - The pilot program for pension wealth management has been expanded nationwide, with the fundraising limit for each wealth management company increased to five times the net capital after risk capital deductions [12] - In Q3, the scale of bank wealth management reached a new high of over 32 trillion yuan, with a noted increase in equity investments by 3 percentage points among some wealth management companies [13]