Core Insights - The overall net loss rate of wealth management products in April decreased to below 1%, reaching 0.96%, down by 0.11 percentage points from March [2][3] - The issuance of wealth management products increased, with 2,192 products launched in April, a 6.05% rise from March, and the average fundraising scale of new products surged over 80% [2][5] - The performance of fixed-income products improved, with a net loss rate of 0.45%, while equity and mixed products saw an increase in their net loss rates [4][5] Breakdown by Category Net Loss Situation - The net loss rate for wealth management products fell to 0.96% by the end of April, with fixed-income products at 0.45% and equity products experiencing a rise in their net loss rates [2][4] - The net loss rate for fixed-income products decreased by 0.13 percentage points from March, while equity and mixed products saw increases of 0.28 and 5.26 percentage points, respectively [4][5] New Issuance Situation - In April, 31 wealth management companies issued a total of 2,192 products, marking a 6.05% increase from March [5] - The average fundraising scale for new products exceeded 80%, with three products raising over 7 billion yuan, including the "ESG Preferred Stable Direct Train" from Bank of China, which raised 74.99 billion yuan [2][7] Expiry Situation - A total of 1,015 closed-end RMB wealth management products expired in April, a decrease of 31.43% from the previous month [3][8] - The overall performance benchmark compliance rate for expired products was 80.99%, with fixed-income products achieving a compliance rate of 82.67% [9][10] Existing Situation - As of the end of April, there were 23,057 existing public wealth management products, with fixed-income products making up 92.37% of the total [11][12] - The proportion of short-term investment products (less than 3 months) continued to increase, while the share of products with longer investment periods decreased [12][13] Performance Insights - Fixed-income products showed the best performance in the first four months of the year, with an average net value growth rate of 0.76%, followed by equity products at 0.7% [13][14] - The average annualized yield for fixed-income products was 2.91%, with longer-term products (over 3 years) yielding the highest at 3.56% [10][14]

Core Viewpoint - In the first quarter of 2025, the total number of closed-end public wealth management products maturing reached 2,964, reflecting a year-on-year growth of 37.6% compared to the first quarter of 2024, with a significant portion being fixed-income products [1][2]. Group 1: Product Performance - Among the maturing products, 84.78% of fixed-income products met the lower limit of annualized returns, while the performance benchmark central rate compliance was 48.74% [1][3]. - The average annualized return for closed-end fixed-income public wealth management products was 2.97%, with products maturing in over three years yielding the highest average return of 3.55% [3][4]. - The performance compliance rate for mixed products decreased with longer investment periods, with a lower limit compliance rate of 30.67% for mixed products maturing in the first quarter of 2025 [4]. Group 2: Product Distribution by Investment Period - The highest number of maturing products fell within the 6-12 month investment period, totaling 1,049 products, which accounted for 35.4% of the total, an increase of 6.49 percentage points from the first quarter of 2024 [2][3]. - The second largest category was the 3-6 month investment period, with 910 products maturing, representing 30.7% of the total [2]. Group 3: Institutional Performance - Among the institutions, Ping An Wealth Management, Xingyin Wealth Management, and Jianxin Wealth Management had the highest number of maturing products, each exceeding 160 products in the first quarter of 2025 [1]. - Notably, several institutions achieved a 100% compliance rate for the lower limit of performance in their fixed-income products, including Ningyin Wealth Management and Bohai Wealth Management [4].