Core Insights - The performance benchmark compliance rate for fixed-income wealth management products with a maturity of less than six months exceeds 90% [1][5][6] Group 1: Product Expiration and Compliance Rates - In the first half of 2025, 31 wealth management companies will have a total of 5,905 closed-end public products maturing, representing a 35.44% increase compared to the first half of 2024 [1] - Among the maturing products, fixed-income products account for 5,759, mixed products for 145, and commodity and financial derivatives for 1 [1] - The compliance rate for the performance benchmark lower limit of fixed-income public products maturing in the first half of 2025 is 83.88%, with a central performance benchmark compliance rate of 50.02% [5][6] Group 2: Performance by Investment Period - The highest number of maturing products falls within the 6-12 month period, totaling 2,074 products, which accounts for 35.1% of the total [3] - The compliance rate for the performance benchmark lower limit for products with a maturity of 3-6 months is the highest at 93.91%, while the compliance rate for products with a maturity of 2-3 years is only 28.17% [5][8] Group 3: Average Yield and Comparison - The average annualized yield for fixed-income wealth management products is 3.09%, with the highest yield for products with a maturity of 1-2 years at 3.42% [6][8] - The average annualized yield for mixed products is 2.14%, which is lower than that of fixed-income products [6][8] - The average annualized yield for closed-end fixed-income public products, excluding foreign currency products, is 2.92% [7] Group 4: Institutional Performance - Institutions such as Bo Yin Wealth Management, Goldman Sachs ICBC Wealth Management, and Guangyin Wealth Management achieved a 100% compliance rate for the performance benchmark lower limit [10] - 17 other institutions also reported compliance rates of 80% or higher for the performance benchmark lower limit [10] - Institutions with lower compliance rates are often affected by rapidly declining static interest rates and higher pricing of products [9]

Core Insights - The performance of fixed-income wealth management products with a maturity of less than six months has exceeded 90% in terms of meeting the lower performance benchmark [1] - In the first half of 2025, 31 wealth management companies had a total of 5,905 closed-end public products maturing, representing a 35.44% increase compared to the first half of 2024 [1] Product Maturity Analysis - The highest number of maturing products falls within the 6-12 month period, totaling 2,074 products, accounting for 35.1% of the total; followed by 3-6 months with 1,814 products (30.7%); and 1-2 years with 1,378 products (23.3%) [3] Performance Metrics - The annualized yield of closed-end fixed-income wealth management products has dropped below 3%, with a total of 5,587 products analyzed, showing a lower performance benchmark compliance rate of 82.46% [5] - The performance lower benchmark compliance rate for fixed-income products maturing in the first half of 2025 is 83.88%, while the performance central benchmark compliance rate is 50.02% [5] - For products with a maturity of less than 6 months, the compliance rate exceeds 90%, with the highest compliance rate of 93.91% for the 3-6 month maturity products [5] Yield Analysis - The average annualized yield for fixed-income wealth management products is 3.09%, with the highest yield for 1-2 year products at 3.42% [6] - Excluding foreign currency products, the average annualized yield for RMB fixed-income products is 2.92% [6] - Mixed products have a lower performance lower benchmark compliance rate of 27.14% and an average annualized yield of 2.14%, underperforming fixed-income products [6] Institutional Performance - Among the 5,446 closed-end fixed-income public products, institutions like Bohai Bank Wealth Management and Goldman Sachs ICBC Wealth Management achieved a 100% compliance rate for the lower performance benchmark [10] - Some institutions with lower compliance rates are affected by rapidly declining static interest rates and the challenges of achieving performance in a generally weak equity market [10]