理财年度盘点①丨业绩基准全线跌破3%，华夏理财发产品最多

Core Insights - In 2025, the issuance of net value-based financial products by 32 financial companies surged to 23,525, marking an increase of nearly 70% compared to 14,099 in 2024 [1][2][6] - The majority of newly issued products remain fixed-income, although there is a slight expansion into mixed and equity products, which still represent a low overall proportion [1][6] - New products are increasingly focused on short-term durations and high liquidity [1][6] Product Issuance - The top seven issuers are primarily backed by joint-stock banks, with Huaxia Wealth leading at 1,805 products, followed by Xingyin Wealth with over 1,500 [2] - Among state-owned banks, Jiaoyun Wealth issued the most products at 1,113, while Yunan Agricultural Commercial Bank led among rural commercial banks with 722 products [2] Product Structure - Fixed-income products dominate, accounting for 97.5%, while mixed products are at 2.0%, and equity and commodity derivatives are at 0.2% and 0.3%, respectively, showing little change from 2024 [5] - Publicly offered products make up over 93.2% of the total, reflecting a 3.8 percentage point increase from 2024, indicating a more inclusive nature of financial products [5] - The proportion of closed-end net value products has decreased from 73.80% in 2024 to 59.18% in 2025, while open-end products now account for 40.82% [5] Pricing Trends - The performance benchmark for financial products has declined, with pricing ranges dropping from 2.30%-3.00% to 1.90%-2.70%, and all products now average below 3% [10][12] - Some products are experiencing inverted pricing, where shorter-term products have higher average pricing than longer-term ones [10] Fundraising Scale - The total fundraising scale for newly issued products in 2025 reached approximately 34,878.66 billion, with an average single product fundraising of 256 million [16] - Three products exceeded 10 billion in fundraising, with the top product from Boyin Wealth raising 18.745 billion [16][19] Future Outlook - The industry is expected to transition to a low benchmark, low volatility, and stable return phase, with differentiated and refined pricing becoming mainstream [14]