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新发行目标盈理财产品的目标收益率显著走低丨机警理财周报
Market Overview - The bond market shows a balanced and slightly loose funding environment, with the yield curve steepening. As of June 6, the weighted average of DR007 was 1.53%, and the 10-year government bond yield closed at 1.65% [2] - The Hong Kong stock market performed well last week, with the Hang Seng Technology Index and the Hang Seng Index increasing by 2.25% and 2.16% respectively. A-shares also saw gains, with the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index rising by 1.13%, 1.42%, and 0.88% respectively [2] Product Performance - As of June 8, 2025, there were 23,846 active public wealth management products, with 167 having a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.7% for bank wealth management products. The break-even rates for equity and mixed products were 53.85% and 6.76% respectively, while fixed income products had a break-even rate of 0.27% [3] - The break-even rates for fixed income products with a duration of 1-2 years and over 3 years were slightly higher at 0.65% and 0.55% respectively [3] New Product Issuance - A total of 408 wealth management products were issued by 31 wealth management companies from June 2 to June 6, with the majority being R2 (medium-low risk), closed-end net value type, and fixed income public products. Mixed products accounted for 3.6% of new issuances, while no equity products were launched [4] - Pricing trends showed that, except for products with durations of 6-12 months and 1-2 years which saw an increase, other durations experienced a decline in pricing. The pricing for 1-3 month products fell by 19 basis points, while products with a duration of over 3 years dropped to 2.55% [4] - Target profit strategies remain popular among wealth management companies, with a focus on pure fixed income, fixed income +, and bond-mixed products. The majority of new products issued were medium-low risk fixed income closed-end products [4] Performance Metrics - All categories of RMB public wealth management products recorded positive returns last week. The average net value growth rate for fixed income products was 0.0514%, while mixed, equity, and commodity/financial derivative products had average growth rates of 0.1197%, 0.7043%, and 0.2477% respectively [7] - The proportion of negative return products decreased to 4.43%, with fixed income, mixed, equity, and commodity/financial derivative products showing negative returns of 4.13%, 8.86%, 20.59%, and 0% respectively [7] Industry Trends - The valuation rectification in the banking wealth management sector is progressing, with some wealth management subsidiaries having already completed their adjustments. The regulatory requirements mandate the use of standardized valuation methods [8] - Wealth management companies are increasing their focus on "fixed income +" products in response to declining deposit rates. Recent innovations include the launch of "fixed income + non-standard" products and dividend-type wealth management products, aimed at adapting to market changes and optimizing product offerings [9]