Core Viewpoint - ICBC Wealth Management has appointed Wu Qian as the new chairman, effective April 3, 2025, following approval from the National Financial Regulatory Administration. Wu has extensive experience in the financial sector, particularly within ICBC, and her leadership is expected to address the company's profitability challenges [2][4]. Group 1: Leadership Changes - Wu Qian will be the third chairman of ICBC Wealth Management, succeeding a position that has been vacant for nearly a year [4]. - The company has seen significant turnover in its leadership, with three chairmen and two presidents in its six-year history, indicating instability in its executive team [2][9]. - Wu's background includes 20 years in ICBC's financial accounting system and leadership roles in ICBC Ansheng Life Insurance, showcasing her deep ties to the "ICBC system" [2][3][8]. Group 2: Financial Performance - As of the end of 2024, ICBC Wealth Management's product management scale reached 1.96 trillion yuan, a 22% increase year-on-year, ranking second among the six major state-owned bank wealth management subsidiaries [9]. - The net profit for 2024 was 1.42 billion yuan, reflecting a 7.3% year-on-year growth, but this growth rate was the lowest among its peers, causing a drop in its ranking from third to fourth [9][10]. - The company has struggled to leverage its parent bank's strengths, leading to a decline in profitability despite an increase in management scale [9][10]. Group 3: Market Trends and Challenges - The wealth management industry is experiencing a shift towards equity and multi-asset investments, with ICBC Wealth Management's allocation to equity assets increasing significantly, although it still remains low at 3.1% of total assets [10][11]. - The company has faced challenges in adapting to a competitive environment characterized by price wars and a focus on customer-centric strategies, which Wu Qian aims to address [9][12]. - Wu's previous experiences in the insurance sector highlight her understanding of the need to balance growth and profitability, a challenge that ICBC Wealth Management currently faces [12].

Core Viewpoint - The upcoming "May Day" holiday has prompted various financial institutions to promote low to medium-risk wealth management products, aiming to attract investors seeking better returns amid declining deposit rates [1][5]. Group 1: Market Trends - The bank wealth management market has seen a 6.73% year-on-year increase in the number of investors, despite a slight fluctuation in market size during the first quarter of this year [1][5]. - As of the end of March, the total number of existing wealth management products reached 40,600, with a total scale of 29.14 trillion yuan, reflecting a 9.41% year-on-year growth [5][6]. Group 2: Product Offerings - Multiple financial institutions are marketing a variety of wealth management products, including flexible redemption options and those with holding period requirements, catering to different investor needs for liquidity and investment duration [4][6]. - Products promoted include stable options such as daily open funds and fixed income products, with most categorized as low to medium risk, aligning with the conservative investment preferences of the general public [3][4]. Group 3: Investor Guidance - Investors are advised to carefully assess the risk levels and expected returns of wealth management products, as well as to understand the transaction rules during the holiday to avoid "idle funds" [1][6]. - It is recommended that investors diversify their investments across different asset types to mitigate the impact of volatility from any single asset [6].

Group 1 - The article suggests that instead of choosing between holding cash or stocks during the holiday, investors should consider investing in short-term bond funds to keep their money working while avoiding market volatility [1][2]. - Short-term bond funds focus on bonds with relatively short maturities, which results in lower interest rate risk and reduced sensitivity to market fluctuations [2]. - The article highlights the importance of timely investment in short-term bond funds, recommending purchases before April 29 at 15:00 to maximize returns during the holiday period [2][3]. Group 2 - Hui'an Fund offers several short-term bond fund options with varying redemption fee structures, allowing investors to choose based on their liquidity needs and investment duration [3]. - The Hui'an Short-Term Bond Fund has received high ratings from both Galaxy Securities and Morningstar China, achieving positive returns since its inception in September 2019 [2]. - The fund has been recognized with multiple awards for its performance, including the "Gold Fund - Three-Year Bond Fund Award" and the "Three-Year Open-End Bond Type Continuous Excellence Golden Bull Award" [2].

Core Insights - In Q1 2025, the issuance of net value-based wealth management products increased significantly, with 31 companies issuing 5,148 products, a year-on-year increase of over 30% compared to 3,931 products in Q1 2024 [1][3] - The proportion of open-ended net value products rose to 38.4%, an increase of 12.39 percentage points year-on-year, indicating a shift towards more flexible investment options [1][3] - The average fundraising scale per product decreased by over 25% to 215 million yuan, down from 293 million yuan in Q1 2024, reflecting a challenging fundraising environment [7][8] Product Structure - The investment nature of newly issued products shows that fixed-income products accounted for 97.8%, a slight decrease of 0.95 percentage points, while mixed products increased to 1.6% [3] - The duration of new products has become shorter, with products under one month now representing the second-largest investment period type at 21.2%, up 3.33 percentage points year-on-year [1][3] - Closed-end net value products have seen a significant decline, dropping below 70% to 61.6%, compared to 73.99% in the same period last year [3] Pricing Trends - The performance benchmark for wealth management products continues to decline, with short-term product pricing dropping by over 10 basis points compared to the end of 2024 [5] - By March 2025, the pricing for products with durations of one month or less, one to three months, and one to two years reached their lowest points, reflecting a challenging market environment [5] Fundraising Scale - The total fundraising scale for newly issued products in Q1 2025 was approximately 887.46 billion yuan, with the average fundraising scale per product at 215 million yuan, indicating a significant decrease from the previous year [7][8] - The "An Ying Xiang Fixed Income Stable Profit 14-Month Closed-End 134" product from Xinyin Wealth Management became the first product in 2025 to exceed 10 billion yuan in fundraising, showcasing strong market demand [8][9]

专业服务 创造价值 能为值得信赖一波数算得发现有 申门宏源证券 SHENWAN HONGYUAN SECURITIES 劳动谱写时代华章_ 奋斗创造美好未来 2025.05.01 | 劳动节 2025年劳动节休市安排 星期四 星期三 星期五 星期六 星期日 星期一 星期二 4月30日 2月1日 5月2日 2月3日 5月4日 2月2日 2月2日 仿前可 仿面市 优质量 优标可 'カマテラ A 开市 开市 股 港 Ell 司 s M 开通 开通 股 ill 注: 2025年劳动节期间, A股5月1日(星期四)至5月5日(星期一)休市, 5月6日(星期二)起照常开市; 港股通5月1日(星期四)至5月5日(星期一)不提供港股通服务,5月6日(星期二)起照常开通港股通服务。 另外,4月27日(星期日)为周末休市。 拒绝持印过节 让闲线动起来 情前夕会 電筒逆回购 ::::: 国债逆回购小贴士 ::::::: 1 国债逆回购参与门槛1000元起，有多个品种期限供您按需选择。 ② 当不同品种期限计息天数相同时,可考虑挑选收益较高的品种。 ③ 休市前T-2交易日（T为休市首日）操作1天期国债逆回购，既可 获得假期收益,又不影 ...

从理财市场一季报来看，2 0 2 5Q1末理财规模较年初下降0 . 8 1万亿元，同比多减0 . 6 4万亿元。资产配置方面，一季度理财产品增 配同业资产，减配存款和同业存单。展望来看，随着二季度债市修复和银行负债压力减弱，理财规模有望重回景气扩张。从银 行板块投资看，在宏观"审慎"和"走弱"的两种假设情形下，银行板块相对于大部分行业而言，基本面具备相对稳健特征，相对 价值显著。 ▍ 事项： 本周银行业理财登记托管中心发布《中国银行业理财市场季度报告（2 0 2 5年一季度）》；中共中央政治局4月2 5日召开会议， 分析研究当前经济形势和经济工作。 ▍ 市场规模：2 0 2 5Q1末理财规模较年初下降0 . 8 1万亿元。 1）2 0 2 5Q1年末理财存续规模2 9 . 1 4万亿元，同比增长9 . 4 1%，较年初下降0 . 8 1万亿元，同比多减0 . 6 4万亿元。 2 0 2 5年一季 度，理财市场整体景气度处于低位，当季债市波动较大影响理财收益率，根据我们的样本测算，2 0 2 5Q1纯债型和非纯债型固 收类理财产品平均年化收益率分别为1 . 5 6%/ 1 . 3 7%（2 0 2 4Q1分别为 ...

第二十届中国电影华表奖4月27日在青岛揭晓。颁奖仪式上，即将上映的新片剧组们集体登台为自己的作品作宣传。还在犹豫这个假期看什么？来听主创们 的推荐吧！ 五一档强势袭来 这些作品不能错过 1《猎金·游戏》 以小人物视角揭秘投资理财内幕，感受拆穿投资谎言的爽感。 这部由邱礼涛执导的金融犯罪大片，将镜头对准了暗流涌动的资本市场。刘德华、欧豪、倪妮、黄奕等实力派演员同台飙戏，演绎了一场惊心动魄的金融较 量。 2《人生开门红》 把笑点给家人们端上桌啦！这个五一，勇闯直播圈，欢笑不停歇。 这部温暖明亮的影片以独特的视角，讲述听障家庭中唯一的听人女孩喻延的成长故事。从小担任家庭与外界沟通桥梁的她，在家庭责任与自我梦想的拉扯 中，逐渐找到属于自己的声音。 4《水饺皇后》 这是一部向妈妈致敬的电影，希望大家走进电影院，感受爱，分享爱。 该片由易小星执导，常远、邓家佳、王耀庆主演。 影片将镜头聚焦在网红直播行业，以幽默诙谐的方式讽刺了直播乱象，笑料不断的同时也引发人们对直播行业的反思。 3《独一无二》 我们每个人都是在留下和离开里长大的小孩，希望这部电影让大家记住，每个人都是独一无二的。 该片由刘伟强执导，马丽领衔主演，影片根据 ...

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Group 1 - The core viewpoint of the article highlights a decline in the performance benchmarks of newly issued wealth management products in China, with a significant drop observed in both open-ended and closed-ended products since the beginning of 2023 [1] Group 2 - As of the week ending April 20, a total of 624 new wealth management products were launched, with 208 being open-ended products and 416 closed-ended products [1] - The average performance benchmark for open-ended products is reported at 2.04%, reflecting a week-on-week decrease of 0.04 percentage points [1] - The average performance benchmark for closed-ended products stands at 2.59%, showing a week-on-week decline of 0.06 percentage points [1] - Year-to-date, the average performance benchmark for open-ended products has decreased from 4.01% to 2.04%, a drop of nearly 200 basis points [1] - Similarly, the average performance benchmark for closed-ended products has fallen from 3.84% to 2.59%, a reduction of 125 basis points [1]