Core Insights - The article highlights the significant impact of the recent interest rate cuts by major banks, leading to a substantial outflow of deposits and a surge in bank wealth management products [1] - The "fixed income plus" (固收+) products have emerged as a preferred investment solution in a low-interest-rate environment, combining stable returns with growth potential [3][4] Group 1: Industry Trends - In May, the five major banks simultaneously lowered deposit rates, resulting in a net decrease of 1.1 trillion yuan in household deposits within two months [1] - Bank wealth management scale increased by approximately 2 trillion yuan month-on-month, reaching 32.67 trillion yuan, significantly exceeding historical averages [1] - Zhongyin Wealth Management has shown remarkable performance, with a net increase of over 170 billion yuan in a single month, positioning itself among the top wealth management subsidiaries [1] Group 2: Product Development - "Fixed income plus" products are designed to provide stable returns through a combination of fixed income assets and a portion allocated to higher-risk assets like stocks and commodities [3] - Zhongyin Wealth Management's "Stable Wealth Fixed Income Enhancement" series allocates over 80% to fixed income assets while cautiously investing 20% in equities and other assets to enhance overall returns [3] - The company has developed a diverse product matrix, including passive stock index tracking strategies, pension finance products, and global allocation strategy products to meet various investor needs [4] Group 3: Investment Guidance - Investors are advised to focus on three core dimensions when selecting "fixed income plus" products: asset allocation ratio, historical performance of strategies, and the capabilities of the management team [5] - The asset allocation ratio between fixed income and enhanced assets directly influences the risk-return profile of the product [5] - The future outlook for the bond market is positive, but volatility in equity assets remains, suggesting that a "long-term hold" strategy may be a prudent choice [5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q3 2025, the "deposit shift" boosted the scale of bank wealth management to grow beyond expectations. The market is dominated by fixed - income wealth management products, but hybrid products showed significant growth momentum. The scale of "fixed - income +" wealth management products also increased [1][12][18]. - In Q3 2025, cash and bank deposits were increased on the asset side, and the proportion of bonds decreased. The leverage ratio of wealth management products dropped to a recent low [24][25]. - In the future, the scale of bank wealth management is expected to continue growing due to the "comparison effect" caused by the decline in deposit interest rates. The wealth management industry needs to build a more refined and systematic asset allocation and risk management system [2][27][30]. - In the short term, credit bonds may fluctuate under the influence of factors such as Sino - US trade negotiations, the new public fund fee policy, and the stock - bond seesaw. The short - to - medium - term credit bonds still have allocation value, and long - term and ultra - long - term bonds may have room for spread compression [3][39]. 3. Summary According to Relevant Catalogs 3.1 2025 Q3 Bank Wealth Management Market Observation 3.1.1 Liability Side - As of the end of Q3 2025, the total market wealth management product scale was 32.13 trillion yuan, a year - on - year increase of 9.42%, and a single - quarter increase of 1.46 trillion yuan in Q3, higher than the same period in history [12]. - The year - on - year growth of wealth management scale deviated from the weekly high - frequency data of Puyi Standard. The large growth in wealth management scale in Q3 with a general performance in the bond market was due to the mismatch between wealth management asset allocation and the bond market structure. Wealth management mainly held short - term credit bonds [15]. - Fixed - income wealth management products dominated the market, while hybrid products showed significant growth in Q3. The scale of "fixed - income +" wealth management products reached 17.83 trillion yuan, accounting for 57.8% of the total wealth management scale [18]. - The proportion of wealth management products of wealth management companies increased quarter by quarter, exceeding 90% at the end of Q3 [20]. 3.1.2 Asset Side - As of the end of Q3 2025, the proportion of cash and bank deposits rose to 27.5%, and the proportion of bonds, the largest allocated asset, decreased to 40.4%, a 1.4 - percentage - point decrease from the end of Q2 [24]. - The leverage ratio of wealth management products dropped to 106.65%, a year - on - year and quarter - on - quarter decrease of 0.84 and 0.8 percentage points respectively [25]. 3.1.3 Summary and Outlook - In Q3 2025, the bank wealth management market performed well, with a strong year - on - year scale growth. Fixed - income products contributed the largest scale increment, and the layout of equity - related products increased [26]. - In the future, the scale of bank wealth management is expected to grow, and the wealth management industry needs to build a more refined and systematic asset allocation and risk management system [27][30]. 3.2 Credit Bond Yield Overview - From October 20 - 24, 2025, credit bond yields mostly declined. Non - financial credit bonds performed better than financial bonds, and long - term non - financial credit bonds performed better than short - to - medium - term ones [4][31]. - In terms of different varieties, the yields of urban investment bonds all declined, with long - term bonds performing better. The yields of most industrial bonds declined, and the overall performance was weaker than that of urban investment bonds. The yields of most financial bonds increased [31][32]. 3.3 Primary Market 3.3.1 Issuance Volume - From October 20 - 24, 2025, the credit bond issuance scale increased both year - on - year and quarter - on - quarter, and the net financing scale increased quarter - on - quarter and decreased year - on - year. The net financing scale of urban investment bonds and financial bonds increased quarter - on - quarter, while that of industrial bonds decreased [43]. 3.3.2 Issuance Cost - The average credit bond issuance interest rate decreased quarter - on - quarter. The average issuance interest rates of industrial bonds and financial bonds decreased by 0.8bp and 10bp respectively, while that of urban investment bonds increased by 1.3bp [50]. 3.3.3 Issuance Term - The average credit bond issuance term increased quarter - on - quarter. The average issuance terms of urban investment bonds, industrial bonds, and financial bonds increased by 0.19 years, 0.04 years, and 0.04 years respectively [51]. 3.3.4 Cancellation of Issuance - From October 20 - 24, 2025, the number and scale of cancelled credit bond issuances increased quarter - on - quarter [52]. 3.4 Secondary Market 3.4.1 Trading Volume - Except for the decline in the trading volume of bank perpetual bonds and insurance sub - bonds, the trading volume of other credit bond varieties rebounded. The trading volume of urban investment bonds and industrial bonds increased by more than 100 billion yuan [59]. 3.4.2 Trading Liquidity - The turnover rates of urban investment bonds, industrial bonds, and financial bonds all decreased. For urban investment bonds, the turnover rate of bonds with a term of less than 1 year decreased the most; for industrial bonds, the turnover rates of bonds with terms of less than 1 year, 1 - 3 years, and more than 10 years decreased; for financial bonds, the turnover rates of bonds with terms of 3 - 5 years and 5 - 7 years decreased, while others increased [61]. 3.4.3 Spread Tracking - Except for a slight 1bp widening of the 10 - year AAA - rated urban investment bonds, the spreads of other urban investment bonds narrowed. The 7 - year bonds had the largest narrowing amplitude, up to 10bp [68]. - Except for the widening of the spread of AAA - rated automobile industry in industrial bonds, the spreads of other industries narrowed. The average narrowing amplitude of AAA - rated industrial bonds was slightly smaller than that of AA - rated ones [73]. - The spreads of bank secondary capital bonds and perpetual bonds mostly narrowed, and the spreads of securities firm sub - bonds and insurance sub - bonds also mostly narrowed [74][75]. 3.5 Weekly Hot Bonds Overview - The top 20 urban investment bonds, industrial bonds, and financial bonds in terms of liquidity scores were selected for investors' reference [78]. 3.6 Credit Rating Adjustment Review - According to domestic rating agencies, there were no bond rating adjustments last week [83].

Core Viewpoint - The implementation of the asset management regulations has initiated a significant transformation in the banking wealth management sector, shifting from a rigid expected return model to a dynamic net value model, which reflects real-time asset price fluctuations [1] Group 1: Policy Background and Market Environment - The transition to net value management can be divided into four stages, culminating in 2022 when the valuation method was unified to market value, effectively eliminating capital-protected wealth management products [2] - The bond market experienced a stable issuance volume in 2022, with an increase in high-grade credit bonds, amidst a macroeconomic environment characterized by real estate downturns and pandemic-related pressures [2] Group 2: Theoretical Mechanism and Research Hypotheses - The net value transformation directly transmits bond market price fluctuations to product net values, leading to a reduction in the previous smoothing effects [3] - The research hypothesizes that the net value transformation will lead to an expansion of credit spreads for long-duration bonds, primarily driven by duration shortening and liquidity decline [3] Group 3: Research Design and Data Basis - The study utilizes daily trading data of listed corporate bonds from two distinct periods to analyze the impact of the net value transformation on credit spreads [4][5] Group 4: Main Empirical Results - Post-transformation, the credit spread for long-duration bonds significantly widened by approximately 171 basis points, confirmed through various robustness tests [6] - A notable decline in average daily trading volume for long-duration bonds supports the hypothesis that liquidity deterioration is a key mechanism behind the widening credit spreads [6] - The analysis reveals a divergence in credit spreads based on issuer quality, with state-owned and high-profitability entities experiencing narrowing spreads, while non-state and low-profitability entities faced widening spreads [6] Group 5: Conclusions and Policy Recommendations - The study concludes that the net value transformation has significantly widened credit spreads for long-duration bonds, with liquidity decline as a primary transmission mechanism [7] - Recommendations include enhancing valuation regulation, optimizing liquidity management for wealth products, establishing a diversified bond valuation system, and improving market liquidity and pricing efficiency through better market maker mechanisms [7]

Group 1 - The core viewpoint of the articles highlights the strong performance of broker-owned public funds in 2021, with many achieving significant profits and revenues, showcasing their leadership in the industry [1][2][4] - As of April 12, 2021, 10 broker-owned public funds reported profits exceeding 1 billion yuan, indicating their dominant position in the market [1][2] - The top broker-owned public funds by revenue include E Fund with 14.557 billion yuan, followed by Huitianfu and GF Fund, both exceeding 9 billion yuan [2] Group 2 - The rapid growth of broker-owned public funds is evident, with 10 funds reporting net profits over 1 billion yuan, and E Fund leading with a net profit of 4.535 billion yuan [2][3] - Smaller broker-owned public funds also showed impressive growth, such as Guohai Franklin Fund with an 68.04% increase in revenue and a 68.99% increase in net profit [3] - The performance disparity among broker-owned public funds is noted, with some experiencing declines, such as Hongta Securities' fund reporting a 28.55% drop in revenue [3] Group 3 - Broker-owned public funds significantly contribute to the performance of their parent brokerages, with examples like GF Securities where its public funds contributed over 20% to its net profit [4] - The analysis indicates that the transition to net value-based wealth management has increased the importance of broker-owned public funds in contributing to their shareholders' performance [4] - The potential for public funds to go public could lead to a revaluation of the brokerages holding these funds, as they are seen as a lucrative segment in the wealth management market [5]