Core Viewpoint - The bond market experienced a significant adjustment in the first quarter of this year, with the China Bond Index falling by 0.79%. However, it began to stabilize towards the end of March, impacting the performance of various financial products [1]. Group 1: Market Performance - The average net value growth rate for RMB fixed-income financial products in Q1 was 0.51%, translating to an annualized rate of only 2.04% [1]. - Foreign currency fixed-income products maintained relatively higher returns, with an average net value growth rate of 1.04% in Q1, equating to an annualized rate of approximately 4.16% [1]. - Equity products outperformed others, achieving an average net value growth rate of 2.81% in Q1 [1]. Group 2: Break-even Rates - As of the end of March, there were 22,169 public financial products, with 237 products having a cumulative net value below 1, resulting in a break-even ratio of 1.07%, which is an increase of 0.17 percentage points from the end of 2024 [1][3]. - The break-even rate for public financial products showed a trend of rising in January and February, followed by a decline in March, likely due to the stabilization of the bond market [1]. Group 3: Company-Specific Performance - Companies with higher break-even rates for public financial products included ICBC Wealth Management, BlackRock CCB Wealth Management, and Schroder Jiao Yin Wealth Management, with ICBC primarily having mixed financial products [3]. - Seven financial companies reported a break-even rate of 0, including Bank of China Wealth Management and Goldman Sachs ICBC Wealth Management, indicating strong performance in their public financial products [5]. - Companies like Agricultural Bank of China Wealth Management and CCB Wealth Management had lower average net value growth rates for their RMB fixed-income products in Q1 [9].