（原标题：绩优"固收+期权"产品挂钩沪深300，上半年提升权益资产占比） 数据说明： 产品统计范围为理财公司发行的公募"固收+期权"理财产品，统计截止日期为2025年8月14日，统计区间 为近3个月。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 一、整体表现 公募"固收+期权"理财产品近3月收益榜单中，工银理财有3只产品上榜，交银理财、兴银理财和招银理 财各有2只产品上榜，浦银理财上榜1只产品。 整体上，截至8月14日，理财公司共存续163只"固收+期权"理财产品（各份额分开统计），近3个月平均 净值增长率为0.81%，仅有1只产品近3月收益告负。 二、亮点产品分析 榜首浦银理财"浦享增慧之封闭式10号(特邀专属)"近3月净值增长率5.47%位列第一，收益断层领先，该 产品2024年完整会计年度收益率为3.04%。 榜单第二位工银理财"恒睿沪深300指数挂钩6个月定开"近3月净值增长率为2.16%。该产品风险评级 PR3，成立于2020年3月2日，业绩比较基准为"3％（年化）+20％*期间沪深300涨跌幅"。该产品在2020 年至2021年表现较好，受益于彼时股市较 ...

| | | 谓营似的, 指同银行 | | | | | --- | --- | --- | --- | --- | --- | | | 阳光青睿跃乐享18期 (10年期美债收益率自 | 光大理财 | 1.46% | 0.42% | 1.23% | | 4 | 动触发策略)固定收益 | | | | | | | 業I | 销售机构：光大银行/平安银行/招商银行 | | | | | 5 | 主利兴动容量制度 | 兴银理财 | 1.33% | 0.02% | 0.22% | | | 闭式11号A | | | | | | | | 销售机构：兴业银行/招商银行 | | | | | 6 | 恒睿沪深300指数后 钩固定收益类6个月定 | 工银理财 | 1.19% | 1.76% | 2.05% | | | 期 | | | | | | | | 销售机构：工商银行 | | | | | 7 | 阳光青睿盈8号(6M中 证500联动)固定收益 | 光大理财 | 1.17% | 0.04% | 0.24% | | | 業 | | | | | | | | 销售机构：光大银行 | | | | | 8 | 招睿全球资产动量 | 招银理财 | ...

数据说明： 一、整体表现 公募"固收+期权"理财产品近3个月收益榜单中，招银理财有3只产品上榜，兴银理财、工银理财各有2只产品上榜，平安理财、浦银理财和光大理财各上榜1 只产品。 整体上，"固收+期权"理财产品近3个月平均净值增长率为0.9%，仅有1只产品近3月净值增长告负。 产品统计范围为理财公司发行的公募"固收+期权"理财产品，统计截止日期为2025年7月31日，统计区间为近3个月。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 | मा पुरा | 产品名称 | 管理人 | 浄信福长 网 | 最大回撤 | 年化波动 服 | | --- | --- | --- | --- | --- | --- | | | 浦享增慧之封闭式10 号(特邀专属) | 浦银理财 | 4.04% | 0.41% | 4.28% | | | | 销售机构：民生银行/浦发银行 | | | | | | 菱昌昌的帽子 一年 定开 | 平安理财 | 2.13% | 0.55% | 1.83% | | | | 销售机构: 平安银行 | | | | | | 招睿全球资产动量两 年定开10号A款 | ...

Core Viewpoint - The early termination of structured wealth management products linked to the CSI 1000 index reflects a growing trend in the banking wealth management sector towards multi-asset and multi-strategy products, driven by a strong stock market performance and the need for enhanced yield in a low-interest-rate environment [1][2][8]. Group 1: Product Characteristics - The terminated product, "Fengli Xingdong Multi-Strategy Closed-End 112 Enhanced Fixed Income Wealth Management Product," utilized a knockout mechanism linked to the CSI 1000 index, benefiting from recent stock market gains [1][2]. - The performance benchmark for the product was set at over 4% upon triggering the knockout event, while the expected return without such an event was only between 0.01% and 0.25% [2]. - The "Fengli" series includes various strategies, with the "Xingdong" strategy focusing on equity indices or other underlying assets [3]. Group 2: Market Trends - There has been a notable increase in the issuance of "fixed income plus" wealth management products that are linked to low-volatility assets and incorporate options structures [1][8]. - The trend of early terminations due to knockout conditions has been observed across multiple wealth management companies, including Xingyin Wealth Management, ICBC Wealth Management, and Ningyin Wealth Management [2][3]. - The low-interest-rate environment has pressured fixed income asset yields, prompting wealth management firms to innovate and diversify their product offerings [1][8]. Group 3: Risk and Return Dynamics - Structured wealth management products typically allocate over 90% of funds to low-risk assets like bonds, with a small portion used to purchase options, allowing for potential enhanced returns while protecting the principal [5][6]. - The inclusion of knockout clauses in options makes them cheaper and provides greater design flexibility, allowing for higher potential returns compared to traditional wealth management products [6][7]. - The risk-return profile of these products is influenced by the distance between the entry point and the knockout price, which determines the likelihood of triggering the knockout condition [7]. Group 4: Industry Insights - The shift from primarily fixed income investments to a balanced approach that includes equity assets is seen as a gradual process, with multi-asset strategies being key to this transition [9]. - Wealth management firms are focusing on enhancing their research and risk control capabilities to better manage the complexities of these new products [10]. - There is a need for investor education regarding the characteristics of these products to improve market acceptance and ensure alignment with investors' risk profiles [10].

Overall Performance - In June, bond market yields declined, with government bond yields for 3 years and under significantly dropping, while the yields of pure fixed-income wealth management products slightly retreated. The average net value growth rate for public pure fixed-income products over the past six months was 1.13%, down by 17 basis points compared to May 22. 76.2% of the products achieved positive monthly returns over the past six months [5] - The top-performing products also saw a slight decline in net value growth rates, with none exceeding 3% in the past six months [5] Highlighted Product Analysis - The top ten products in terms of yield primarily have a six-month investment period. The "富竹纯债日申半年赎1号E" product from Minsheng Wealth features a unique subscription and redemption mechanism, allowing daily subscriptions and semi-annual redemptions starting February 12, 2025. The product mainly invests in high-grade credit bonds and maintains a low duration and leverage strategy [5] Cash Management Products - Cash management products have seen a downward trend in yields due to falling funding and deposit rates. As of June 26, most cash products had a seven-day annualized yield between 1% and 2%, with only 138 public cash products exceeding a mean yield of 2% over the past three months, representing just 2.7% of the total [9] - The highest yield was recorded by "华夏理财现金管理类理财产品77号F" at 3.435%, followed by "启源货币3号G" at 3.148% and "启源现金1号N" at 2.949% [9] "Fixed Income + Options" Products - The net value growth rates for "fixed income + options" products over the past three months were all below 1.5%, with the top product being "鸿锦封闭式2025年第12期" from Zhongyou Wealth, achieving a growth rate of 1.42% [14] - The products employ various strategies, including automatic triggering strategies linked to gold and U.S. Treasury yields. Notably, the "阳光青睿跃乐享29期" product utilizes an options-based insurance strategy linked to gold [13][15] - The early termination of structured products due to triggering events allows investors to quickly recover principal and agreed returns, although it may limit potential profit margins in bullish markets [16]

Core Insights - The report focuses on the performance of pure fixed income, "fixed income + options," and cash management financial products [1] - The analysis covers the average net value growth rates and highlights top-performing products in each category [5][8][11] Group 1: Product Performance - As of June 19, the average net value growth rate for pure fixed income products with a maturity of three months or less was 1.07%, outperforming cash management products [5] - Among pure fixed income products, 88.55% recorded positive returns each month over the past six months [5] - The top-performing product was Hangyin Wealth's "Happiness 99 Gain Fixed Income (Short Debt) Daily Open Type" with a net value growth rate of 2.89% [5] Group 2: Highlights of Fixed Income + Options Products - The average net value growth rate for "fixed income + options" products was 0.21%, with a maximum drawdown of 1.37% [8] - The leading products in this category were "Zhaoyin Global Asset Momentum Two-Year Fixed Open 8A" and "Zhaoyin Global Asset Momentum Fourteen-Month Fixed Open 8A," with growth rates of 1.91% and 1.55%, respectively [8] Group 3: Cash Management Products - The average annualized yield for RMB cash management products over the past six months was 1.562%, while for USD cash management products, it was 4.028% [11] - The top cash management products included "Qiyuan Cash 5 No. J" and "Qiyuan Currency 2 (ESG Theme) G," with yields of 2.925% and 2.626%, respectively [11]

Overall Performance - As of June 12, the average yield of public pure fixed-income products with a duration of 2-3 years was 3.44%, a slight decrease of 0.08 percentage points compared to May 8 [4] - The average annualized yield of public cash management products was 1.51%, while foreign currency cash management products had an average yield of 3.94% [12] Highlights of Products - Among 659 public pure fixed-income products, 633 achieved positive quarterly returns, representing 96.05% [4] - The highest yield in the pure fixed-income category was from "Huangyin Wealth Happiness 99 Prosperity Fixed Income 23003" with a net growth rate of 4.98% [4] - The second highest was "Huangyin Wealth Happiness 99 Longevity 23001" with a net growth rate of 4.82% [4] - The top three products in the "fixed income + options" category had yields of 1.52%, 1.20%, and 1.17% respectively, with the highest being "Zhaoyin Wealth Zhaorui Global Asset Momentum Two-Year Fixed Income Plan A" [9] Investment Preferences - Many top-performing products favored urban investment bonds, with some allocating a portion to non-standard assets [5] - A notable product, "Nongyin Wealth Anxin Linglong 2023," heavily invested in financial bonds, particularly those issued by securities companies, comprising 35.5% of its total assets [5] - Some products featured cycle dividends, such as "Huiyin Wealth Anxin Fixed Income Product 230280," which offers cash dividends after one and two years [5] Cash Management Products - The highest average seven-day annualized yield for cash management products was 2.95% from "Suyin Wealth Qiyuan Cash 3" [13] - The second highest was "Suyin Wealth Qiyuan Currency 1," with a yield of 2.92% [13] - The third was "Huaxia Wealth Cash Management Product 83," yielding 2.84% [13]