南财理财通数据显示，截至2025年11月13日，理财公司合计存续2310只（未合并产品份额）6-12个月 （含）期限的公募"固收+权益"产品，其中52只理财产品今年以来净值增长率超过5%，排名前十的产品 分别来自青银理财、兴银理财以及杭银理财等6家理财公司。值得注意的是，青银理财两只璀璨人生成 就系列产品入围本期榜单前三。 "璀璨人生"系列以人生三段论为纲，青年"奋斗"、中年"成就"、老年"田园"三大子系列各司其职，其 中"成就系列"专注资产增值，通过固收+、混合策略、资产轮动等多元打法，为中年客群实现收益与风 险的"黄金平衡"。本期榜单的强势表现，再次验证了青银理财对宏观节奏与资产轮动的精准把控，也为 投资者提供了一份"穿越周期、稳中求进"的理财样本。 （原标题：双轮驱动跻身前三，青银理财成就系列产品诠释稳健理财新范式） 展望2025年四季度，管理人青银理财预计，债券市场（收益率）经过去年的大幅下行后空间有限，整体 偏震荡。权益市场在经过三季度的强势上涨后，市场估值进一步抬升的空间有限，短期偏震荡走势，有 结构性机会。未来，青银理财将延续原有的投资理念与产品投资管理风格，努力为投资者提供稳健的理 财投资服务 ...

Core Insights - The article discusses the performance of various financial products offered by different wealth management companies, highlighting the top-performing products in the "fixed income + equity" category for a 1-2 year investment period [5]. Group 1: Product Performance - Qingyin Wealth Management's "Brilliant Life Achievement Series Open-Ended Net Value Type (Two-Year Open Industry Theme 08)" leads the performance rankings with a net value growth rate of 10.52%, the only product exceeding 10% in the list [5]. - The product has a maximum drawdown of 0.46%, indicating strong risk control alongside high returns [5]. - Since its inception, the product has achieved a net value growth rate of 14.54%, significantly outperforming its benchmark, which had a fluctuation range of 6.58% [6]. Group 2: Investment Strategy - The product primarily invests in fixed income assets while selectively allocating resources to industry-themed public funds and ETFs, with a performance benchmark based on a combination of fixed deposit rates and the CSI 300 index [5]. - In Q3 2025, the product increased its allocation to resource sector ETFs, with public fund holdings rising to 15.46%, up by 6.81 percentage points from the previous quarter [6]. - The resource sector ETFs performed strongly due to various factors, including global liquidity easing and domestic policy support, with notable gains in non-ferrous metals and steel sectors [6]. Group 3: Market Outlook - The market outlook for the resource sector in Q4 2025 is generally positive, with expectations of a shift from "technology growth" to "value recovery," making the resource sector an attractive option for investors [7]. - Qingyin Wealth Management anticipates a short-term volatile equity market with structural opportunities, while bond yields remain at historically low levels, suggesting a continued focus on stable investment strategies [7].

Core Viewpoint - The report highlights the performance of various public "fixed income + equity" financial products with a six-month investment cycle, showcasing the top performers in terms of net value growth over the past year, particularly from companies like Xinyin Wealth and Ping An Wealth [5]. Group 1: Product Performance - As of November 7, 2025, there are a total of 414 public "fixed income + equity" products with a six-month investment period, with the top ten products in net value growth coming from five wealth management companies [5]. - The "Huiyingxiang Fixed Income Enhanced Six-Month Holding Period No. 9 Financial Product B" from Xinyin Wealth achieved a net value growth rate of 6.03%, ranking third in the list, while maintaining a maximum drawdown of only 0.18% [5][6]. - The product has shown consistent performance, with annualized returns of 6.53% and 4.56% in the first and second quarters of 2025, respectively, outperforming the benchmark [7]. Group 2: Product Strategy and Composition - The "Huiyingxiang" series focuses on multi-asset and multi-strategy allocation, with different equity allocation ratios defining the fixed income enhancement series [6]. - The product employs a strategy of "fixed income base, strategy enhancement," with a focus on high-quality debt assets while controlling credit and interest rate risks [6]. - As of the end of Q3 2025, the product's asset allocation consisted of 55.03% in bonds and 41.92% in cash and bank deposits, indicating a conservative investment approach [6]. Group 3: Future Outlook - The management team anticipates a slight weakening in the bond market fundamentals in Q4 2025, but expects market sentiment to improve compared to Q3, indicating resilience in the market [8].

Core Insights - The report highlights the performance of "fixed income + equity" products issued by wealth management companies, focusing on those with investment cycles of three months or less, achieving positive returns for six consecutive months as of November 5, 2025 [1][5]. Overall Performance - As of November 5, 2025, there are a total of 7,996 "fixed income + equity" products with a duration of three months or less, with 55.08% (4,404 products) achieving positive monthly returns over the past six months [5]. - Su Yin Wealth Management and Bo Yin Wealth Management have the highest proportions of positive return products at 90.80% and 89.36%, respectively, while several other companies have ratios below 40% [5]. - Among the top-performing products, three from Xing Yin Wealth Management and two from Guangda Wealth Management and Minsheng Wealth Management made the list, with Ning Yin Wealth Management and Xing Yin Wealth Management products showing net value growth rates exceeding 5% [5]. Product Performance - The top product, Ning Yin Wealth Management's "Qin Ning Individual Stock Selection Fixed Income Product," has a net value growth rate of 6.50% and focuses on A and H shares with strong industry prospects [6]. - The product's asset allocation includes a high proportion of bond and money market funds, with a net value growth rate of 10.40% since its inception in May 2024 [6]. - Xing Yin Wealth Management's "Feng Li Xing Dong Multi-Strategy Technology Growth" product also shows strong performance with a net value growth rate of 10.03% and significant asset growth in the third quarter [7]. Market Trends - The strong performance of these products is attributed to the robust equity market in the third quarter of 2025, leading to increased investment in fixed income-enhanced products [6]. - The management anticipates continued uncertainty in economic growth, with a focus on maintaining a balanced asset allocation while seeking opportunities in the equity market [8].

Overall Performance - As of October 30, 2025, a total of 92 public "fixed income + equity" products with a duration of over 3 years are in existence, with approximately half achieving positive returns each quarter over the past year, totaling 45 products [5] - Among institutions, Industrial Bank Wealth Management has the highest number of products (19), with 13 achieving quarterly positive returns, while other institutions like CCB Wealth Management and Qianhai Wealth Management have not achieved any [5] - Ten products stand out with the highest net value growth rates over the past year, with Industrial Bank Wealth Management having the most products on the list [5] Product Analysis - The top-performing product is Industrial Bank Wealth Management's "Yixiang Antai Fixed Income Closed-End Pension Product," with a net value growth rate of 6.79% [6] - Five pension products have significantly outperformed other long-term products, but their annualized returns have not met the performance benchmark since inception [7] - The asset allocation of these products shows a preference for non-standard assets, bonds, equity assets, and public funds, with some products holding over 40% in non-standard assets [7] Market Outlook - For the fourth quarter, managers expect a balanced allocation strategy due to potential structural market changes influenced by macroeconomic events [9] - The bond market is anticipated to experience fluctuations, with limited upward pressure on interest rates due to ongoing economic challenges [10] - The equity market is expected to maintain an upward trend, driven by improving corporate earnings and favorable liquidity conditions, with a balanced strategy recommended across technology, value, and resource sectors [11]

Overall Performance - In Q3 2025, the capital market exhibited significant differentiation due to the "stock-bond seesaw" effect, with the equity market performing strongly while the bond market faced overall pressure [5] - The A-share market experienced a notable upward trend, with the CSI 300 index rising by 17.90% and the Wind All A index increasing by 19.46%, while the ChiNext index surged over 50%, highlighting a growth style dominated by sectors such as artificial intelligence and technology [5][6] Product Analysis - The "fixed income + equity" products generally had conservative equity positions, with many products holding less than 2% in equities, resulting in limited impact from the stock market's rise [6] - The top 10 products listed primarily came from eight wealth management companies, with the top two products achieving net value growth rates exceeding 10% and exhibiting low maximum drawdowns [6][7] - The top-ranked product, "Xing Shi (Minimum Holding 14 Days) Daily Open 2B" from Yunnan Rural Commercial Bank Wealth Management, was positioned to allocate 0-20% in equity assets but held no equity assets as of Q2 2025, with over 51.33% of its assets in cash and bank deposits [6][7] - The second-ranked product, "Stable Wealth (Quarterly Increment) 001C" from Bank of China Wealth Management, had a bond asset ratio of 71.22% as of June 2025, with a significant portion of its holdings in financial bonds, corporate bonds, and private placement bonds [7] - Looking ahead to Q4, the market sentiment remains relatively optimistic towards the equity market, while the bond market may present short-term trading opportunities after the Q3 correction, although further declines in yields are expected to be limited [7]

Core Viewpoint - The article highlights the performance of various financial products, particularly focusing on the "(稳睿+)信颐2040" product from 信银理财, which has shown exceptional returns and stability in its investment strategy aimed at retirement planning for investors nearing retirement in 2040 [5][6][13]. Group 1: Product Performance - As of October 10, 2025, there are 2,213 public "fixed income + equity" products with a 1-2 year investment period, of which 846 have achieved positive returns each quarter over the past year, representing approximately 40% [5]. - The "(稳睿+)信颐2040" product achieved a remarkable annualized return of 10.52%, ranking first among the top ten products, and is the only product with returns exceeding 10% in the past year [5][7]. - The product has demonstrated strong performance over various time frames, with annualized returns of 4.63%, 5.58%, and 7.40% over the past five, three, and two years, respectively, consistently outperforming its benchmark [7]. Group 2: Investment Strategy - The product is designed for retirement planning, adjusting its investment strategy based on the investor's retirement timeline, income, and risk tolerance, becoming more conservative as the retirement date approaches [6][13]. - The investment strategy includes a mix of fixed income assets for stable returns and equity investments based on a lifecycle approach, with equity exposure capped at 20% [6][13]. - The product's asset allocation has shifted significantly, increasing its allocation to public funds to 42.32% while reducing bond investments from 63.36% to 33.31% [9]. Group 3: Risk Management and Philosophy - 信银理财 emphasizes a "five stability" philosophy, focusing on stable investment, consistent style, reliable returns, consumer protection, and a solid operational framework [13][14]. - The company has built a robust support system for its products, including collaborative risk management and technological empowerment, ensuring the product's performance and customer trust [13][14].

Core Insights - The article highlights the performance of the "Fixed Income + Equity" products, particularly focusing on the top-performing product, "Fengli Yidong 6-Month Short Holding Period Day Open 04 Enhanced A" from Xingyin Wealth Management, which achieved a net value growth rate of 4.15% over the past six months [5][8]. Group 1: Product Performance - The top product, "Fengli Yidong 6-Month Short Holding Period Day Open 04 Enhanced A," demonstrated a maximum drawdown of only 0.09%, indicating strong risk management [5][8]. - The product primarily invests in fixed-income assets and employs various strategies, including interest rate hedging and equity enhancement, to optimize returns [5][8]. - The "Fengli Yidong" series has a diverse investment horizon, allowing for flexible redemption options after the minimum holding period [8]. Group 2: Market Context - The article notes that the market's risk appetite has significantly increased due to effective policies implemented since September 24 of the previous year, leading to a resurgence in growth-style stocks [5]. - The Shanghai Composite Index has stabilized above 3,800 points, making "Fixed Income + Equity" products attractive for investors looking to participate in the equity market during volatile conditions [5]. Group 3: Series Overview - The "Fengli Yidong" series is characterized as a low-volatility "Fixed Income +" product, with equity exposure capped at 5% of net assets and an average equity investment around 2.5% [8][9]. - The series has successfully reached a scale of over 10 billion yuan with the "Fengli Yidong Day Open 1A" product, reflecting strong investor confidence and performance [9].

Overall Performance - The average net value growth rate of RMB "fixed income + equity" public wealth management products with a maturity of 6-12 months over the past year is 3.14%, with an average maximum drawdown of 0.39% [5] - 37.53% of the products recorded positive returns every month over the past year [5] - The top three products in the monthly positive return category include "Huiyingxiang Fixed Income Enhanced One-Year Holding Period No. 1A" from Xinyin Wealth Management with a growth rate of 6.76%, followed by "Hengrui Rising Monthly Heng 300-Day Holding" from ICBC Wealth Management at 6.73%, and "Guizhu Fixed Income Increased One-Year Holding Period Automatic Renewal No. 1 (Personal)" from Minsheng Wealth Management at 6.37% [5] Highlighted Product Analysis - "Huiyingxiang Fixed Income Enhanced One-Year Holding Period No. 1A" from Xinyin Wealth Management is based on fixed income assets supplemented by equity assets, with a performance benchmark of "90% of the yield of the China Bond - New Comprehensive Full Price (Total Value) Index + 5% of the Shanghai and Shenzhen 300 Index yield + 5% of the current deposit rate" [6] - As of the end of the first half of the year, the equity and bond asset proportions of this product are 6.69% and 41.83%, respectively, with the remainder in cash and bank deposits [6] - "Hengrui Rising Monthly Heng 300-Day Holding" from ICBC Wealth Management is rated as medium risk and employs a "fixed income + multi-asset multi-strategy" approach, focusing on coupon strategies and adjusting product duration flexibly [6] - The equity portion of this product adjusts based on policy strength and market sentiment, increasing allocations in new economy sectors and areas benefiting from policy changes, such as AI-related technology industries [6]

Overall Performance - As of September 18, 2025, a total of 2,476 public "fixed income + equity" products with a duration of 3-6 months are in existence, with 1,373 products (55.45%) achieving positive returns every month over the past six months [5] - Notable products include Minsheng Wealth Management's "Guizhu Fixed Income Stable Profit" and "Guizhu Fixed Income Enhanced Index Rotation," as well as Xingyin Wealth Management's "Fengli Yidong" series, all of which have net value growth exceeding 4% over the past six months [5] - The tenth-ranked product, Guangyin Wealth Management's "Happiness Added Benefit 6-Month Holding Fixed Income Class No. 8A," recorded a maximum drawdown of 0 and an annualized volatility of only 0.8%, with a net value growth rate of 3.55% over the past six months [5] Market Dynamics - In the context of declining fixed income asset yields and a recovering equity market, products with equity exposure are gaining popularity, leading to increased issuance of such products by wealth management companies [6] - In July 2025, the number of mixed products issued reached 50, while three new equity products were launched, including two from Huaxia Wealth Management and one from Zhiyin Wealth Management [6] - The average net value growth rate for equity wealth management products in the first eight months of the year was 13.39%, compared to 3.36% for mixed products and only 1.68% for fixed income products [6] Company Research - Wealth management companies are increasingly focusing on equity assets, with 23 companies participating in 587 instances of company research since the third quarter [7] - Ningyin Wealth Management was the most active, conducting 84 research sessions, followed by Zhiyin Wealth Management and Hangyin Wealth Management, each exceeding 60 sessions [7] - There is a notable interest in companies listed on the ChiNext and STAR Market, indicating a strategic focus on high-growth sectors [7]