Core Viewpoint - In 2025, the issuance of net value-based wealth management products significantly increased, with 32 companies issuing 23,525 products, marking a nearly 70% rise compared to 14,099 products in 2024, while the focus remains on fixed-income products despite some expansion into mixed and equity products [1][2][6] Product Issuance - The number of wealth management products issued rose dramatically, with a total of 23,525 products in 2025, a 66.86% increase from 2024 [2] - The top seven issuers are primarily backed by joint-stock banks, with Huaxia Wealth Management leading at 1,805 products, followed by Xingyin Wealth Management with over 1,500 products [2] - Among state-owned banks, Jiaoyun Wealth Management issued the most products at 1,113, while Yunan Agricultural Commercial Bank led among rural commercial banks with 722 products [2] Product Structure - Fixed-income products dominate the market, accounting for 97.5%, while mixed products represent 2.0%, and equity and commodity products account for 0.2% and 0.3%, respectively, showing little change from 2024 [5] - Publicly offered products make up over 93.2% of the total, reflecting a 3.8 percentage point increase from 2024, indicating a more inclusive nature of wealth management products [5] - The proportion of closed-end net value products decreased from 73.80% in 2024 to 59.18% in 2025, while open-end products increased to 40.82%, highlighting a trend towards higher liquidity [5] Investment Duration - The trend towards shorter investment durations is evident, with products of 6-12 months being the most common but decreasing from 28.22% in 2024 to 23.82% in 2025 [5] - The share of products with a duration of 3-6 months also declined, while products with a duration of less than one month increased from 15.57% in 2024 to 22.50% in 2025, becoming the second-largest category [5] Pricing Trends - The performance benchmark for wealth management products has declined, with pricing ranges dropping from 2.30%-3.00% to 1.90%-2.70%, and all products now average below 3% [10] - The downward pressure on performance benchmarks is expected to continue, although the rate of decline may slow [10][12] - Several wealth management companies have announced adjustments to existing product benchmarks, affecting hundreds of products [12] Fundraising Scale - The total fundraising scale for new products in 2025 reached approximately 34,878.66 billion yuan, with an average fundraising scale of 256 million yuan per product [15] - Three products exceeded 10 billion yuan in fundraising, with the top product from Boyin Wealth Management raising 18.745 billion yuan [15][16]

Core Insights - In 2025, the issuance of net value-based financial products by 32 financial companies surged to 23,525, marking an increase of nearly 70% compared to 14,099 in 2024 [1][2][6] - The majority of newly issued products remain fixed-income, although there is a slight expansion into mixed and equity products, which still represent a low overall proportion [1][6] - New products are increasingly focused on short-term durations and high liquidity [1][6] Product Issuance - The top seven issuers are primarily backed by joint-stock banks, with Huaxia Wealth leading at 1,805 products, followed by Xingyin Wealth with over 1,500 [2] - Among state-owned banks, Jiaoyun Wealth issued the most products at 1,113, while Yunan Agricultural Commercial Bank led among rural commercial banks with 722 products [2] Product Structure - Fixed-income products dominate, accounting for 97.5%, while mixed products are at 2.0%, and equity and commodity derivatives are at 0.2% and 0.3%, respectively, showing little change from 2024 [5] - Publicly offered products make up over 93.2% of the total, reflecting a 3.8 percentage point increase from 2024, indicating a more inclusive nature of financial products [5] - The proportion of closed-end net value products has decreased from 73.80% in 2024 to 59.18% in 2025, while open-end products now account for 40.82% [5] Pricing Trends - The performance benchmark for financial products has declined, with pricing ranges dropping from 2.30%-3.00% to 1.90%-2.70%, and all products now average below 3% [10][12] - Some products are experiencing inverted pricing, where shorter-term products have higher average pricing than longer-term ones [10] Fundraising Scale - The total fundraising scale for newly issued products in 2025 reached approximately 34,878.66 billion, with an average single product fundraising of 256 million [16] - Three products exceeded 10 billion in fundraising, with the top product from Boyin Wealth raising 18.745 billion [16][19] Future Outlook - The industry is expected to transition to a low benchmark, low volatility, and stable return phase, with differentiated and refined pricing becoming mainstream [14]

Market Overview - The bond market experienced a narrow fluctuation with the central bank maintaining a balanced liquidity environment, as evidenced by the DR007 weighted average rate at 1.66% and the 10-year government bond yield at 1.67% [2] - The A-share market saw a decline in major indices, with the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index dropping by 0.03%, 0.91%, and 1.08% respectively [2] - Sectors such as environmental protection, pharmaceutical biology, and national defense showed positive performance during the week [2] Product Performance - The number of underperforming wealth management products remained stable, with 23,709 active public wealth management products, of which 167 had a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.7% [3] - The underperformance rates for equity and mixed investment products were 53.85% and 7.08% respectively, while fixed income products had a low underperformance rate of 0.25% [3] - Fixed income products with maturities of 2-3 years and 1-2 years had slightly higher underperformance rates of 0.51% and 0.46% respectively [3] New Product Issuance - A total of 496 wealth management products were issued by 32 companies from May 26 to May 30, with the majority being R2 (medium-low risk), closed-end net value type, and fixed income public products [4] - Notably, Zhejiang Bank Wealth Management has increased its product offerings, launching 32 products since April 17, with 22 successfully issued [4] - The new products from Zhejiang Bank are all fixed income types, covering three series: "琮善", "琮简", and "琮融" [4] Product Features - The "同善共富" series from the "琮简" product line aims to support social welfare through management fee donations, with the first product "琮简富春6号" offering an annualized benchmark of 2.15% over a 97-day term [5] - The "琮融" series focuses on fixed income enhancement strategies, including various investment strategies [5] - Pricing for new products remained stable for those with a maturity of less than one year, while products with maturities of 1-2 years and 2-3 years saw slight declines in pricing [5] Yield Performance - Only fixed income public wealth management products recorded positive yields, with an average net value growth rate of 0.0461% over the past week [7] - Mixed, equity, and commodity/financial derivative products experienced negative average net value growth rates of -0.0445%, -0.4934%, and -0.6651% respectively [7] - The proportion of negative yield products increased, with 10.38% of public wealth management products yielding negative returns in the past week [7] Industry Trends - Many banks have begun to lower the performance benchmarks for wealth management products, with some products having benchmarks below 1%, which is lower than the current deposit rates [8] - This adjustment is seen as a way to better reflect market conditions and guide investors towards more rational investment decisions [8] - The low interest rate environment is expected to accelerate the shift of wealth management companies towards enhancing equity investment capabilities and transitioning to "fixed income plus" products [8] Fee Adjustments - Following a new round of deposit rate cuts, several bank wealth management subsidiaries have initiated a wave of fee reductions, with some fees dropping to as low as 0.01% [9] - This includes reductions in fixed management fees, sales service fees, and custody fees among various banks [9]

Core Viewpoint - The April wealth management market saw a slight decline in the number of newly issued products, but the issuance of rights-containing wealth management products accelerated again, indicating a shift in investor preference towards mixed and equity products as fixed-income yields continue to decline [1][3][5]. Group 1: Market Performance - In April, the number of newly issued mixed products increased by 42% month-on-month, totaling 81 products [1]. - The total scale of bank wealth management rose by 2.1 trillion yuan to 31.3 trillion yuan, marking a month-on-month increase of 7.35% and a year-on-year increase of 6.83% [5][6]. - The annualized yield of closed fixed-income products rose by 1.94 percentage points to 3.69% over the past month [1][6]. Group 2: Product Issuance - In April, 4,605 new RMB wealth management products were issued, a slight decrease of 143 products from March [2]. - Fixed-income products accounted for over 96% of the newly issued products, with 4,507 products primarily investing in interbank certificates of deposit, bank deposits, and bonds [2]. - The issuance of mixed wealth management products continued to rise, with 81 new products launched, an increase of 24 products month-on-month [2]. Group 3: Performance Metrics - The average performance benchmark for newly issued open-ended wealth management products was 2.11%, down 0.03 percentage points month-on-month, while closed products averaged 2.66%, down 0.1 percentage points [3][4]. - The average performance benchmark for closed mixed and equity products rose to 2.77% and 6.00%, respectively, with increases of 0.11 and 2.16 percentage points [4]. Group 4: Market Drivers - The increase in wealth management scale is attributed to seasonal factors, with April being a traditional peak season for wealth management, and a recovery in the bond market leading to improved fixed-income product yields [5][6]. - The decline in deposit rates has made wealth management products more attractive, potentially driving further growth in the sector [7].

Group 1 - The core viewpoint of the article highlights a decline in the performance benchmarks of newly issued wealth management products in China, with a significant drop observed in both open-ended and closed-ended products since the beginning of 2023 [1] Group 2 - As of the week ending April 20, a total of 624 new wealth management products were launched, with 208 being open-ended products and 416 closed-ended products [1] - The average performance benchmark for open-ended products is reported at 2.04%, reflecting a week-on-week decrease of 0.04 percentage points [1] - The average performance benchmark for closed-ended products stands at 2.59%, showing a week-on-week decline of 0.06 percentage points [1] - Year-to-date, the average performance benchmark for open-ended products has decreased from 4.01% to 2.04%, a drop of nearly 200 basis points [1] - Similarly, the average performance benchmark for closed-ended products has fallen from 3.84% to 2.59%, a reduction of 125 basis points [1]