周报 | 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 a strong performance under the central bank's liquidity support, with credit bond yields declining across the board [3] - The A-share market experienced a high-level adjustment, with major indices showing volatility and significant declines in small and mid-cap growth indices [3] Product Performance - As of November 3, 2025, there are 30,539 active public wealth management products, with a comprehensive net value decline rate of 0.3% for bank wealth management [4] - The net value decline rates for equity and mixed wealth management products are 8.9% and 1.97%, respectively, while fixed income products have a decline rate of 0.18% [4] New Product Issuance - In the week from October 27 to October 31, 31 wealth management companies issued a total of 456 products, with the highest issuance from joint-stock banks [5] - The majority of new products are R2 (medium-low risk), closed-end net value type, and fixed income public products, with only one equity product issued [5] - The pricing of products varied, with over three-year products increasing to 2.82%, and one-month products rising by 10 basis points to over 2% [5] Product Innovation - The issuance of equity public products is expanding, with Hangyin Wealth Management launching its first equity public product with a fundraising scale of 1.756 million yuan [6] - Qingyin Wealth Management also issued an equity public product in October, although its fundraising scale was relatively low at 400,000 yuan [6] Yield Performance - 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% [7] - In cash management products, the annualized yield for RMB, USD, and AUD cash public wealth management products averaged 1.310%, 3.695%, and 2.710%, respectively [8] Industry Trends - The pilot program for pension wealth management products has been expanded nationwide, with the fundraising limit for each wealth management company increased to five times the net capital after risk capital deductions [9] - The asset allocation of wealth management subsidiaries is diversifying, with a notable increase in equity investments, rising by three percentage points this year [10] - Wealth management companies are increasingly considering diverse asset allocation strategies, including investments in gold, US stocks, US bonds, and innovative debt ETFs [10]