Core Viewpoint - The strong performance of the stock market, particularly the robust rise of the CSI 1000 index, has significantly impacted the bank wealth management market, leading to early termination of several products linked to this index, allowing investors to lock in expected returns [1] Group 1: Product Performance - Multiple products have triggered the knockout mechanism to achieve profit-taking, such as the six wealth management products from Xingyin Wealth Management, which were set to last 372 days but ended early due to the CSI 1000 index meeting preset standards, achieving an annualized return benchmark of 4.05% to 4.35% [3] - ICBC Wealth Management's product also successfully triggered the knockout condition on June 30, leading to an early termination on July 3, driven by the strong performance of the CSI 1000 index [3] - Ningyin Wealth Management announced the early termination of its product originally set to mature on November 24, 2026, now maturing on July 2, 2025, due to the automatic knockout mechanism linked to the index [3] Group 2: Market Demand and New Product Launches - Following the triggering of knockout events, there has been a surge in interest for products linked to the CSI 1000 index, prompting wealth management institutions to accelerate the launch of new products to meet market demand [4] - Zhaoyin Wealth Management launched the Zhaorui Focus Linked Stable CSI 1000 Automatic Trigger Product, raising over 71.67 million yuan, indicating strong market demand for such products [4] - ICBC Wealth Management also introduced a new product on July 2, continuing its linkage to the CSI 1000 index, with an annualized performance benchmark of 1.30% to 3.15% [4] Group 3: Mechanism and Market Trends - The essence of the knockout mechanism is to "lock in profits once the target performance is met," allowing products to secure returns early when the underlying asset performs better than expected, thus mitigating risks from subsequent market fluctuations [5] - The CSI 1000 index has seen a cumulative increase of 2.25% over the past 60 days and a year-to-date increase of 6.46%, providing strong support for the performance of related wealth management products [5] - A significant portion of wealth management products currently in the sales and subscription phases are still focused on fixed income enhancement and mixed products, with many linked to indices like "A50," "A500," and "A1000," indicating a continued preference for passive index investment strategies in equity assets [5]

Core Viewpoint - The recent strong performance of the stock market has significantly impacted the bank wealth management market, leading to the early termination of several wealth management products linked to the "CSI 1000 Index" due to reaching performance targets [1][2]. Group 1: Early Termination of Wealth Management Products - Several wealth management companies, including Xingyin Wealth Management and ICBC Wealth Management, announced the early termination of products linked to the CSI 1000 Index after they reached the performance benchmarks [2][3]. - The CSI 1000 Index saw a 4.7% increase in July, contributing to a year-to-date rise of 6%, which triggered the early termination of these products [2]. - The early termination mechanism is designed to secure profits when the linked asset performs better than expected, thus avoiding potential market volatility risks [3]. Group 2: New Product Issuance - Following the early terminations, wealth management institutions are actively launching new products linked to the CSI 1000 Index to fill the gap [4]. - For instance, Zhaoyin Wealth Management launched a new product with a fundraising scale exceeding 71.67 million yuan, continuing the trend of products linked to the CSI 1000 Index [4]. - A total of 53 wealth management products linked to various indices are currently in the fundraising or ongoing phases, with over 40% of them still open for subscription [5]. Group 3: Market Trends and Product Structure - As of June 2025, the total scale of bank wealth management products reached 30.97 trillion yuan, reflecting a 3.4% increase from the previous year, although the product structure shows increasing imbalance [6]. - Cash management products have decreased to 22.12% of the total, while fixed-income products dominate at 75.57%, with mixed and equity products accounting for less than 2.2% [6]. - The average yield across the market has declined to 2.4%, with a notable drop of 22 basis points, while mixed products saw a slight increase in yield [6].