Overall Performance - The average seven-day annualized yield of RMB public cash management products is 1.447% as of September 4, 2025, while USD cash products have an average yield of 3.942% [5] - There are a total of 4,922 RMB public cash management products, with only 55 products (1.1%) yielding over 2% in the past six months [5] - 1,561 products (31.7%) fall within the yield range of 1.5% to 2%, while three products yield below 1% [5] Highlighted Product Analysis - The top three products in terms of average seven-day annualized yield over the past six months are "Qiyuan Cash No. 5 J" and "Qiyuan Currency No. 2 (ESG Theme) F" from Su Yin Wealth Management, and "Cash Management Product No. 83 D" from Huaxia Wealth Management, with yields of 2.897% and 2.809% respectively [6] - "Qiyuan Currency No. 2 (ESG Theme)" focuses on low-risk assets such as bank deposits and repos, utilizing moderate leverage and a tiered strategy to maintain static returns amid declining market interest rates [6] - Huaxia Wealth Management's "Cash Management Product No. 83 D" capitalizes on high bond yields and employs leverage strategies while maintaining liquidity through cash and easily convertible assets [6]

Core Viewpoint - Banks and their wealth management subsidiaries are focusing on cash management products to enhance attractiveness and capture a larger share of the stable wealth management market amid declining deposit rates and increasing competition for market funds [1][2]. Group 1: Product Optimization - Many institutions are optimizing the performance of cash management products by adjusting investment portfolios and introducing high-quality underlying assets [1]. - For instance, Guangfa Bank announced an upgrade to its cash management product "Smart Gold" to improve overall yield starting from July 14 [1]. - The average yield of cash management products remains competitive, creating a significant interest rate spread, which is crucial for retaining customers [2]. Group 2: Sales Channel Expansion - Several wealth management subsidiaries are actively collaborating with regional banks to expand sales channels, allowing products to reach a broader investor base [1]. - Previously, many cash management products were only sold through parent bank channels, limiting their market reach [1]. - Top wealth management subsidiaries have added over ten regional banks as distribution partners to enhance product accessibility [1]. Group 3: Holding Limit Adjustments - In response to the needs of high-net-worth clients and institutional investors, some banks have raised the single investor holding limit from 1 million yuan to as high as 100 million yuan [2]. - For example, Zhaoyin Wealth Management announced an increase in the holding limit for its cash management product from 1 million yuan to 100 million yuan [2]. - This adjustment provides more flexible funding allocation options for corporate clients and high-net-worth individuals [2]. Group 4: Market Strategy and Future Outlook - Banks are enhancing product appeal through improved yield rates, liquidity management, and expanded holding limits to prevent fund outflows to other investment channels [2]. - The strategy is both a reactive measure to deposit outflows and a proactive approach to adapt to the low-interest-rate environment and optimize asset structures [2]. - Future designs of cash management products are expected to become more refined, focusing on optimizing underlying asset allocation and providing differentiated services to enhance customer loyalty [3].

Overall Performance - As of June 5, the average yield of public cash management products in RMB over the past six months is 1.58%, showing a slight decline compared to May 22 [10] - The average annualized yield of public cash management products in USD over the same period is 4.06% [10] - For pure fixed-income products with a 1-2 year investment cycle, the average yield is 3.08%, down by 0.07 percentage points from April 29 [5] Highlighted Product Analysis - The top-performing pure fixed-income product over the past year is "Nan Yin Wealth Zhulian Bihhe Xinyi Stable Two-Year 36th Closed Public RMB Financial Product C," with a net value growth rate of 4.79% [6] - The second highest is "Huaxia Wealth Fixed Income Debt Type Closed Financial Product 151th A," yielding 4.5% [6] - The third is "Happiness 99 Gain Fixed Income (Smart Enjoy Pure Debt) 540-Day Holding Period Financial Product," with a yield of 4.13% [6][7] Cash Management Products - The top three cash management products with the highest average annualized yield over the past six months are "Suyin Wealth Qiyuan Cash No. 5 J" at 2.91%, "Suyin Wealth Qiyuan Currency No. 2 (ESG Theme) G" at 2.63%, and "Bohai Wealth Silver Storage Series Add Gold Cash Management Financial Product No. 3 G" at 2.33% [11] "Fixed Income + Options" Products - The average net value growth rate for public "fixed income + options" products over the past six months is 0.6%, showing a slight decline compared to May 8 [14] - The top three products in this category are from Zhaoyin Wealth, with "Zhaoyin Global Asset Momentum Two-Year Fixed Income Plan A" leading the list [15]

Core Insights - The article focuses on the performance of three categories of wealth management products: cash management products, pure fixed-income products, and "fixed income + options" products [1][5]. Cash Management Products - The average annualized yield for cash management products as of May 29 is 1.53%, remaining stable compared to May 21 [9]. - The highest yield among cash management products is from "Suyin Wealth's QiYuan Currency 1," with an average annualized yield of 3.095% [9]. Pure Fixed-Income Products - The average yield for pure fixed-income public products with a 6-12 month investment period is 2.51%, down by 0.21 percentage points from April 17 [5]. - Only 26.46% of these products achieved positive monthly returns over the past year, a decrease of 6.68 percentage points compared to April 17 [5]. - The top-performing product in this category is "Xinyin Wealth's AnYing Xiang Fixed Income Stable Nine-Month Holding Period 7," with a net value growth rate of 3.56% [5]. "Fixed Income + Options" Products - The top product in the "fixed income + options" category is "Zhaoyin Wealth's Zhaorui Global Asset Momentum Fourteen Month Fixed Income Plan A," with a net value growth rate of 1.14% over the past three months [12]. - Zhaoyin Wealth and Xingyin Wealth each have three products listed in the top rankings, while Ping An Wealth has two [12]. Investment Preferences - Many products favor non-standard assets and urban investment bonds, with some also investing in real estate bonds [6].

Core Insights - The report highlights the performance of various financial products, particularly focusing on cash management, pure fixed income, and "fixed income + options" products, revealing trends in yields and investment strategies [6][11][15] Cash Management Products - The average annualized yield for public RMB cash management products over the past six months is 1.64%, while USD cash management products yield an average of 4.19% [11] - The highest yielding cash management product is "Hua Xia Financial Cash Management Product No. 80," with a yield of 3.16% [11] - Other notable products include "Su Yin Financial Qi Yuan Currency No. 2 (ESG Theme) G" at 2.64% and "Pu Yin Financial Tian Tian Ying Zeng Li No. 48 Cash Management Product A" at 2.53% [11] Pure Fixed Income Products - The average yield for public pure fixed income RMB products over the past year is 2.72%, while foreign currency products yield 3.41% [6] - "Nan Yin Financial Zhu Lian Bi He Xin Yi Wen Yi 160 Period" leads with a yield of 3.62%, followed by "Nan Yin Financial Ding Rui Xing Wen Yi 2022 No. 1" at 3.59% and "Su Yin Financial Heng Yuan 1 Year Fixed Open D" at 3.55% [6][7] - A significant portion of these top-performing products invests heavily in non-standard assets, with "Nan Yin Financial Zhu Lian Bi He" having a non-standard asset investment ratio of 48.78% [6][7] Fixed Income + Options Products - The average yield for public "fixed income + options" products over the past six months is 0.62%, showing a decline since the beginning of the month [15] - The top product in this category is "Zhao Yin Financial Zhao Rui Global Asset Momentum Two-Year No. 3," with a net value growth rate of 2.35% [15] - Other products in this category have net value growth rates below 2%, indicating a general underperformance in this segment [15]