Market Performance - In 2025, the overall trend of RMB interest rates showed a decline in deposit rates and market rates, with major banks lowering their fixed deposit rates to 0.95% for 1-year, 1.05% for 2-year, and 1.25% for 3-year deposits on May 20, 2025 [6] - The interbank market liquidity remained ample, with the central tendency of funding rates decreasing, where the DR007 (7-day repo rate) averaged around 1.50%-1.60%, significantly lower than policy rates [7] Cash Management Products Performance - As of December 31, 2025, there were 4,470 cash management products in existence, with 4,443 in RMB, 26 in USD, and 1 in AUD [8] - The average annualized yield for USD cash management products was 3.865%, but this was affected by three rate cuts by the Federal Reserve, reducing the target range from 4.50%-4.75% to 3.50%-3.75% [9] - The average annualized yield for RMB cash management products was 1.424%, with only 14 products exceeding 2%. Over 70% of products had yields between 1% and 1.5% [10] Product Analysis - The top three performing RMB cash management products were from Su Yin Wealth Management and Zhongyou Wealth Management, with annualized yields of 2.512%, 2.500%, and 2.230% respectively [10] - Su Yin Wealth Management's "Qiyuan Currency 2 (ESG Theme) G" had a net asset value exceeding 6.2 billion yuan by the end of Q3 2025, with significant yield differences among its share classes [12]