Core Insights - The report highlights the performance and trends in the bank wealth management industry for July 2025, focusing on product performance, issuance, and maturity rates. Group 1: Performance Analysis - The net value decline rate for wealth management products in July was 1.23%, an increase of 0.69 percentage points from June. The fixed income product decline rate rose to 0.97%, while the mixed product decline rate decreased to 4.69%. The equity product decline rate increased from 15.65% at the end of June to 17.81% [3][7][5]. - Equity wealth management products showed the best performance in the first seven months of the year, with an average net value growth rate of 7.35%. Mixed products had a growth rate of 2.29%, while fixed income products only achieved a growth rate of 1.45%. However, fixed income products maintained a lower average maximum drawdown of 0.2%, compared to 9.41% for equity products [4][36]. Group 2: Issuance Trends - In July 2025, wealth management companies accelerated the issuance of new products, with a total of 2,272 products launched, representing a more than 25% increase from June's 1,795 products. The average fundraising scale reached 3.12 billion yuan, up over 20% from June's 2.55 billion yuan [9][13]. - The top three companies by issuance volume were Huaxia Wealth Management, Xinyin Wealth Management, and Xingyin Wealth Management, with 188, 160, and 158 products issued, respectively [9][11]. Group 3: Maturity and Compliance Rates - A total of 956 closed-end RMB wealth management products matured in July, a decrease of 12.21% from the previous month. The overall performance benchmark compliance rate for matured products was 84.76%, with fixed income products achieving a compliance rate of 55.15%, up 6.9 percentage points from June [19][22]. - Among the matured products, 423 fixed income products met the performance benchmark, representing 55.15% compliance, while mixed products had a compliance rate of 30.77% [22][26]. Group 4: Product Structure and Risk Levels - In July, public offerings accounted for 93.7% of the total new products issued, with fixed income products dominating at over 95% of the total issuance. The risk level distribution showed that 77% of new products were rated as medium-low risk [11][32]. - The average annualized yield for closed-end fixed income products that matured in July was 2.9%, while mixed products yielded an average of 2.31% [24][28].

Core Viewpoint - The report highlights the performance and trends in the bank wealth management industry for June 2025, indicating a significant decline in the net loss rate of wealth management products, alongside stable issuance and maturity rates, reflecting a cautious yet optimistic market environment [2][4][12]. Break-even Situation - In June 2025, the break-even rate of wealth management products reached a new low of 0.54%, with fixed-income products at 0.17%, mixed products at 5.58%, and equity products at 15.65% [2][4][12]. - The majority of public fixed-income products maintained a break-even rate of 0 or saw a decrease in their break-even rates [4][11]. New Issuance Situation - A total of 1,795 wealth management products were issued by 32 companies in June 2025, remaining stable compared to May's 1,806 products [2][5]. - The structure of new products showed an increase in short-term, low-risk, high-liquidity products, with the proportion of level one risk products rising to 22.1% [6][8]. Maturity Situation - In June 2025, 1,089 closed-end RMB wealth management products matured, marking a 30.26% increase from the previous month [3][8]. - The overall performance compliance rate for matured products was 82.42%, with fixed-income products achieving a performance compliance rate of 48.25% [9][10]. Existing Situation - As of the end of June, there were 27,381 existing wealth management products, with fixed-income products accounting for 92.55% [11]. - The proportion of open-ended products increased to 54.79%, indicating a shift in product structure [11]. Product Performance - Equity wealth management products showed the best performance in the first half of the year, with an average net value growth rate of 5.82% [12][14]. - Fixed-income products had the lowest average net value growth rate of 1.26%, but exhibited superior stability with a maximum drawdown of only 0.19% [12][14].