Core Insights - The report highlights a significant increase in the net loss rate of wealth management products in September, reaching 2.12%, up by 1.18 percentage points month-on-month. Equity products had the highest loss rate at 20% [3][5][7] - The fundraising performance of wealth management products was generally weak, with no product raising over 5 billion yuan, attributed to investors' liquidity needs during the holiday and the divergence in stock and bond markets [3][13] - The average net value growth rate for equity wealth management products in the first nine months was 13.04%, while mixed products grew by 4.18%, and fixed-income products lagged at 1.81% [4][31] Loss Situation - The net loss rate for wealth management products increased to 2.12% by the end of September, with 560 products having a net value below 1 [5][7] - Among different categories, equity products had the highest loss rate at 20%, followed by mixed products at 2.66% and fixed-income products at 2.06% [3][7] - The loss rates for fixed-income products with different investment periods showed that those with 2-3 years and over 3 years had higher loss rates of 4.14% and 5.76%, respectively [7] New Issuance Situation - In September, 2,157 wealth management products were issued, a month-on-month increase of 11.65% [8][10] - Publicly offered products accounted for 97.5% of the total issuance, with fixed-income products dominating at 98.5% of new issuances [10][11] - The issuance of mixed and equity products was limited, with only 20 mixed products and 6 equity products launched [10] Maturity Situation - A total of 1,322 closed-end RMB wealth management products matured in September, with a compliance rate of 39.8% for the performance benchmark and 78.44% for the lower limit [3][18][23] - The average annualized yield for fixed-income products was 2.83%, while mixed products yielded 2.23% [23][24] Performance of Existing Products - The average net value growth rate for equity products was 13.04% in the first nine months, while mixed products grew by 4.18% and fixed-income products by 1.81% [4][31] - Fixed-income products maintained a low average maximum drawdown of only 0.2%, while equity products had a maximum drawdown of 9.65% [4][31] Product Structure - The proportion of short-term products (less than 3 months) increased, with products under 1 month rising to 25.59% [11][28] - The average fundraising scale in September was 2.25 billion yuan, down by 5.86% from the previous month [13] Company Performance - The top three companies by the number of existing public products were Xingyin Wealth Management, Xinyin Wealth Management, and Puyin Wealth Management, with 1,916, 1,787, and 1,633 products, respectively [27]