节后新发尚未回暖，保险市场结构性转型：理财产品跟踪报告2025年第11期（10月4日-10月17日）

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights a structural transformation in the insurance market, with a shift from traditional insurance products to dividend insurance products, reflecting changing consumer preferences and regulatory impacts [5][36][40] - The new issuance of financial products has shown a significant decline, particularly in the fund market, indicating a cooling trend in investor sentiment [25][28] - The insurance market is experiencing a transition from a "scale-driven" approach to a "value-driven" strategy, emphasizing the importance of matching customer needs for safety and predictability [36][40] Summary by Sections Bank Wealth Management Products - During the period from October 4 to October 17, 2025, a total of 809 new wealth management products were launched, showing little change from the previous two weeks [12] - Fixed income products remain dominant, accounting for 97.9% of new issuances, although this is a slight decrease from 98.75% [12][21] - The trend indicates a gradual recovery in new issuances post-holiday, with a notable increase in the number of products with a holding period of 6 months to 3 years [20][21] Fund Products - The fund market saw a significant contraction, with only 14 new funds launched during the reporting period, a decrease of over 70% compared to the previous two weeks [25][28] - Mixed funds and FOF (Fund of Funds) have gained traction, while bond funds have faced challenges, reflecting a shift in investor risk appetite [28][30] - The demand for professional asset allocation tools has surged, particularly in the context of the third pillar of pension reform [30] Insurance Products - A total of 31 new insurance products were launched, down 20.51% from the previous period, primarily due to regulatory changes and the impact of the National Day holiday [33][34] - Life insurance products have regained dominance, with 64.52% of new issuances, while annuity insurance has seen a significant reduction [34][39] - The internal rate of return (IRR) analysis indicates a focus on dividend-type annuities, which are becoming increasingly attractive to consumers due to their dual mechanism of guaranteed returns and potential dividends [42][44]