10月报：理财产品破净率明显下降，债市回暖助推募集规模飙升

Summary of Key Points Core Viewpoint - The report provides an analysis of the banking wealth management industry for October 2025, highlighting the performance of various financial products, including their net value, issuance, maturity, and ongoing status. Group 1: Break-even Situation - The break-even ratio of wealth management products in October was 0.31%, a decrease of 1.81 percentage points month-on-month. The break-even rate for fixed-income products was 0.17%, down 1.89 percentage points, while mixed products were at 2.42%, down 0.24 percentage points. The break-even rate for equity products increased to 21.57% [2][4][6]. Group 2: Issuance Situation - In October 2025, a total of 3,005.71 billion yuan was raised from wealth management products, with an average fundraising scale of 31.8 million yuan, representing a more than 40% increase from the previous month [3][13]. Group 3: Maturity Situation - A total of 877 closed-end RMB wealth management products matured in October, with a performance lower limit compliance rate of 87.76% and a performance median compliance rate of 50.29%. The average annualized return for fixed-income products was 2.88%, while mixed products yielded 2.28% [3][22][24]. Group 4: Ongoing Situation - Equity wealth management products showed the best performance in the first ten months of the year, with an average net value growth rate exceeding 15%, reaching 17.17%. Mixed products saw a slight increase in average net value growth from 4.18% to 4.30%, while fixed-income products rose from 1.81% to 2.01% [30][32]. Group 5: Product Structure - In October, 96.4% of newly issued products were public offerings, while 3.6% were private offerings. Closed-end net value products accounted for 61.9% of the total, with fixed-income products dominating at 98.7% of new issuances [10][11][28]. Group 6: Product Performance - The average net value growth rate for equity products in the first ten months was 17.17%, while mixed products grew by 4.30% and fixed-income products by 2.01%. The average maximum drawdown for fixed-income products was 0.17%, while equity products had a maximum drawdown of 9.28% [30][34].