记者丨唐曜华 编辑丨方海平 近期，股市、基金理财表现不错，本期《21理财私房课》给大家盘点一下今年以来不同理财方式的赚钱 效应。 A股人均赚2.22万 398只牛股翻倍 今年以来A股先抑后扬，年初和4月份出现一轮调整，此后逐步企稳上扬，"扶摇直上"甚至创10年新 高。 剔除今年上市的新股后，5359只A股个股今年以来平均涨幅达33%，A股强势表现之下牛股辈出，有398 只股票今年以来股价已经翻倍，1276只股票涨幅超过50%。不过，也有1059只股票（占比约20%）下 跌。 从翻倍牛股的行业发布来看，以机械设备行业牛股最多（46只），其次是在电子行业（31只），汽车行 业也有28只个股已翻倍。退市监管力度加大之下，部分ST股票跌幅较大，"紫天退"以及9只ST股票跌幅 超过50%。 那么A股股民们今年以来收益如何呢？Wind数据显示，A股流通市值已从去年末的77.55万亿元，增加至 今年9月26日的94.52万亿元，增加16.97万亿元。而据华西证券李立峰测算，流通市值口径下，今年二季 度末个人投资者持股占比30.88%。以此计算，个人投资者持有的流通市值约增加5.24万亿元。而中国结 算的数据显示去年末A股个 ...

今年以来A股先抑后扬，年初和4月份出现一轮调整，此后逐步企稳上扬，"扶摇直上"甚至创 10年新高。 剔除今年上市的新股后，5359只A股个股今年以来平均涨幅达33%，A股强势表现之下牛 股辈出， 有398只股票今年以来股价已经翻倍，1276只股票涨幅超过50% 。不过，也有 1059只股票（占比约20%）下跌。 从翻倍牛股的行业发布来看，以机械设备行业牛股最多（46只），其次是在电子行业（31 只），汽车行业也有28只个股已翻倍 。退市监管力度加大之下，部分ST股票跌幅较大，"紫 天退"以及9只ST股票跌幅超过50%。 那么A股股民们今年以来收益如何呢？Wind数据显示，A股流通市值已从去年末的77.55万亿 元，增加至今年9月26日的94.52万亿元，增加16.97万亿元。而据华西证券李立峰测算，流通 市值口径下，今年二季度末个人投资者持股占比30.88%。以此计算，个人投资者持有的流通 市值约增加5.24万亿元。而中国结算的数据显示去年末A股个人投资者总数为2.36亿人。 这意 味着截至9月26日，今年以来A股人均赚2.22万元 。 近期，股市、基金理财表现不错，本期《21理财私房课》给大家盘点一下今年以 ...

Core Viewpoint - Pinduoduo has accumulated significant cash assets and is facing the critical question of how to utilize these funds effectively as it transitions from a growth phase to a mature phase [1] Group 1: Financial Performance - In the second quarter, Pinduoduo's cash or idle funds that can generate interest or be invested totaled approximately 538.8 billion RMB, equivalent to about 75 billion USD [3] - The company's interest and investment income for the quarter reached a substantial level of 10 billion RMB, which is notable compared to the 25.8 billion RMB operating profit from core business [1][3] - The average quarterly income from interest and investments remains around 5.3 billion RMB, consistent with the previous year's performance [1] Group 2: Investment Strategy - Pinduoduo's short-term investments, which account for 60% of its investment portfolio, primarily consist of fixed deposits and held-to-maturity bonds, with a growing portion allocated to stock trading, increasing from 17.2 billion RMB in 2023 to 44.5 billion RMB in 2024 [5][10] - The company has maintained a clean balance sheet with minimal external equity investments or cross-industry mergers, focusing instead on core e-commerce operations [9] - The overall return on cash and investment assets has remained between 4-5%, aligning with the risk-free rate of U.S. Treasury bonds [13] Group 3: Capital Allocation Considerations - Pinduoduo's return on equity (ROE) for the first half of the year was 13.5%, significantly higher than the 4-5% return on idle cash, indicating a clear priority for capital allocation [15] - The company faces two main options for future capital allocation: either increase investments in core business areas or consider dividends and share buybacks as growth slows [15][16] - The current strategy appears to lack effective market value management, raising concerns about potential declines in ROE and overall valuation if cash accumulation continues without strategic deployment [16]

Market Overview - The bond market continued to experience fluctuations, with an overall balanced and loose liquidity environment. The weighted average of DR007 on August 8 was 1.425%, and the yield on 10-year government bonds closed at 1.69% [2] - In the stock market, major A-share indices saw gains, with the CSI 1000, Shanghai Composite Index, and CSI 500 increasing by 2.51%, 2.11%, and 1.78% respectively. The defense, non-ferrous metals, and machinery equipment sectors led the weekly gains [2] Product Performance - The number of underperforming products remains low, with 25,003 public wealth management products in existence as of August 10, 2025, of which 179 had a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.72% for bank wealth management [3] - The underperformance rates for equity and mixed wealth management products were 38.1% and 5.46%, respectively, while fixed income public wealth management products had an underperformance rate of 0.4% [3] - Fixed income products with 1-2 year and over 3-year terms had slightly higher underperformance rates of 0.9% and 1.12%, respectively [3] New Product Issuance - A total of 443 wealth management products were issued by 31 wealth management companies from August 4 to August 8, with joint-stock banks leading in issuance. Xinyin Wealth Management and Huaxia Wealth Management each issued 36 products, while Everbright Wealth Management issued 32 [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 8 mixed products issued, accounting for 1.8%, and no new equity products [6] Pricing Trends - Pricing for different term products varied, with 1-2 year and 2-3 year products seeing an increase, particularly the 2-3 year products which rose by 24 basis points to 2.86%. In contrast, products with terms of 1-3 months, 3-6 months, 6-12 months, and over 3 years saw declines, with the latter dropping by 36 basis points to 2.15% [6] Yield Performance - Fixed income wealth management products showed signs of recovery, with an average net value growth rate of 0.0718% over the past week. Mixed and equity products had average net value growth rates of 0.091% and 0.8529%, respectively. The highest average net value growth rate among fixed income products was for those with over 3-year terms at 0.1075% [8] - Cash public wealth management products in RMB, USD, and AUD had annualized yields of 1.364%, 3.91%, and 2.83%, respectively [12] - The proportion of negative yield products decreased, with 5.19% of RMB public wealth management products yielding negative returns over the past week. The negative yield proportions for fixed income, mixed, and equity products were 4.02%, 23.3%, and 33.33%, respectively [12] Industry Trends - Since the opening of offline IPO participation for wealth management subsidiaries in March, only two companies, Everbright Wealth Management and Ningyin Wealth Management, have attempted this, with Ningyin participating more frequently [14] - In the first half of 2025, 36 out of 69 city commercial banks without wealth management subsidiaries saw their asset management business scale decrease by over 10%, indicating ongoing pressure for rectification [15] - Conversely, some city commercial bank wealth management subsidiaries experienced significant growth, with Ningyin Wealth Management's scale exceeding 600 billion RMB, reflecting a growth of over 25% compared to the beginning of the year [16]

Market Overview - The bond market continued to experience fluctuations, with an overall balanced and loose funding environment. The weighted average of DR007 on August 8 was 1.425%, and the yield on 10-year government bonds closed at 1.69% [2] - In the stock market, major A-share indices saw gains, with the CSI 1000 index, Shanghai Composite Index, and CSI 500 index increasing by 2.51%, 2.11%, and 1.78% respectively. The defense, non-ferrous metals, and machinery equipment sectors led the weekly gains [2] Product Performance - The number of underperforming products remains low, with 25,003 public wealth management products in existence as of August 10, 2025, of which 179 had a cumulative net value below 1, resulting in a comprehensive break-even rate of 0.72%. The break-even rates for equity and mixed wealth management products were 38.1% and 5.46%, respectively, while fixed income products had a break-even rate of 0.4% [3] - Fixed income products with 1-2 year and over 3-year terms had slightly higher break-even rates of 0.9% and 1.12%, respectively [3] New Product Issuance - A total of 443 wealth management products were issued by 31 companies from August 4 to August 8, 2025. The leading issuers were Xinyin Wealth Management and Huaxia Wealth Management, each issuing 36 products, followed by Everbright Wealth Management with 32 products [4] - The newly issued products were primarily R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 8 mixed products (1.8% of total) and no new equity products [4] - Pricing varied across different term products, with 2-3 year products seeing a rise of 24 basis points to 2.86%. In contrast, longer-term products (over 3 years) saw a decline of 36 basis points to 2.15% [4] Yield Performance - Fixed income wealth management products showed signs of recovery, with an average net value growth rate of 0.0718% over the past week. Mixed and equity products had average growth rates of 0.091% and 0.8529%, respectively. The highest growth rate among fixed income products was for those with over 3-year terms at 0.1075% [5] - The average annualized yield for cash public wealth management products in RMB, USD, and AUD was 1.364%, 3.91%, and 2.83%, respectively [5] - The proportion of negative yield products decreased, with 5.19% of RMB public wealth management products reporting negative returns over the past week. The negative yield rates for fixed income, mixed, and equity products were 4.02%, 23.3%, and 33.33%, respectively [5] Industry Trends - Since the opening of offline IPO participation for wealth management subsidiaries in March, only two companies, Everbright Wealth Management and Ningyin Wealth Management, have attempted this, with Ningyin being more active [6][7] - In the first half of 2025, 36 out of 69 city commercial banks without wealth management subsidiaries saw their asset management business scale decrease by over 10%, reflecting ongoing regulatory pressure [8] - Conversely, some city commercial bank wealth management subsidiaries experienced significant growth, with Ningyin Wealth Management's scale exceeding 600 billion RMB, marking a growth of over 25% compared to the beginning of the year [9]

Core Viewpoint - The article discusses the impressive earnings achieved in July, highlighting a cumulative profit exceeding 2.74 million yuan, indicating a strong upward trend in the market since 2018 [1][5]. Summary by Sections Earnings Overview - In July, the daily earnings fluctuated, with notable gains on specific days, such as +27,000 yuan and +33,000 yuan, while some days experienced losses [5]. - The total cumulative earnings reached 2,740,784.77 yuan, showcasing a consistent increase in account assets over the years [5]. Market Performance - The article notes that both domestic and international markets experienced accelerated growth during July, contributing to the overall positive performance [5][6]. - The account asset curve has shown steady growth since 2018, reflecting a stable investment strategy [5]. Community Engagement - Readers are encouraged to share their earnings in the comments section, fostering a community of sharing and learning among investors [12].

Report Investment Rating - No information regarding the industry investment rating is provided in the report. Core Viewpoints - In the first half of 2025, the growth of wealth management scale slowed down due to the high base in the same period last year and the weakened income advantage. Looking ahead to the second half of the year, wealth management may face greater challenges, but its ability to handle redemptions has increased [3][7]. Summary by Directory I. Wealth Management Product End: Weakened Income Advantage and Slowed Scale Growth - Affected by the high base in the first half of 2024, the scale of wealth management, money market funds, and bond funds all increased less year-on-year in the first half of 2025. In the first half of 2025, deposits increased by 17.92 trillion yuan, wealth management increased by 0.72 trillion yuan, money market funds increased by 0.62 trillion yuan, and bond funds increased by 0.44 trillion yuan. Among them, deposits increased by 6.47 trillion yuan year-on-year, while wealth management increased 1.0 trillion yuan less year-on-year, money market funds increased 1.29 trillion yuan less year-on-year, and bond funds increased 1.13 trillion yuan less year-on-year [14][15]. - The decline in wealth management income was significantly greater than that of deposits and money market funds, and the weakened income advantage was another important reason for the slowed scale growth in the first half of this year. The average monthly yield of wealth management in the first half of 2025 further dropped to 2.12%, a decrease of 53 bps compared to the end of last year. In the first half of this year, the reduction in the listed deposit interest rate was between 5 bps - 25 bps, and the average seven-day annualized yield of money market funds only decreased by 22 bps [15]. II. Wealth Management Asset End: Reduced Bond Holdings, Increased Deposits and Public Fund Investments - In terms of asset allocation structure, bond investments decreased in the first half of the year, while deposits and public fund investments increased significantly. The proportions of public funds and cash and bank deposits increased the most, with the proportion of public funds rising by 1.3 pct to 4.2%, and the proportion of cash and bank deposits rising by 0.9 pct to 24.80%. The proportion of bonds decreased by 2.3 pct to 55.60%. In terms of scale, cash and bank deposit investments increased by 0.5 trillion yuan, public fund investments increased by 0.45 trillion yuan, and bond investment scale decreased by 0.27 trillion yuan [4]. - In the first half of 2025, wealth management reduced its total bond holdings by 0.27 trillion yuan, mainly reducing credit bonds and certificates of deposit, and increasing interest rate bonds. As of June 2025, wealth management held 18.33 trillion yuan of bonds, including 12.79 trillion yuan of credit bonds, 0.99 trillion yuan of interest rate bonds, and 4.55 trillion yuan of interbank certificates of deposit. In terms of increments, in the first half of 2025, bond holdings decreased by 0.27 trillion yuan, among which interest rate bonds increased by 0.24 trillion yuan, credit bonds decreased by 0.42 trillion yuan, and certificates of deposit decreased by 0.08 trillion yuan [5][25]. III. Wealth Management Operation Mode: Continued Contraction of Cash - Type Products and Significant Growth of Other Open - Ended Products - The proportion of closed - end products and cash management products decreased, while the scale and proportion of other open - ended products increased. In the first half of the year, the scale of closed - end products increased by 0.1 trillion yuan to 5.85 trillion yuan, the scale of cash management products decreased by 0.9 trillion yuan to 6.4 trillion yuan, and the scale of other open - ended products increased by 1.52 trillion yuan to 18.42 trillion yuan. The proportions of closed - end products and cash management products decreased by 0.13% and 3.51% respectively, and the proportion of other open - ended products rose from 56.43% at the end of 2024 to 60.06% in June 2025 [6][31]. - In terms of the term of closed - end products, the term of newly issued closed - end products in the first half of 2025 was extended. As of the end of June 2025, the proportion of the outstanding scale of closed - end products with a term of more than one year in all closed - end products was 72.86%, an increase of 5.71 percentage points compared to the beginning of the year and an increase of 4.99 percentage points compared to the same period last year [31]. Outlook for the Second Half of 2025 - Wealth management yields may decline further. With the decline in the yields of underlying asset bonds and the gradual release of retained earnings, wealth management yields may decline trend - wise. Coupled with the maturity of previously allocated relatively high - yield assets, the downward pressure on wealth management yields will be more obvious [7][36]. - There may be some pressure on the expansion of wealth management scale. As the advantage of wealth management product yields over deposits weakens, especially for products like cash management products that invest more in short - term assets, the advantage over deposits is limited, which may lead to a slowdown in the growth rate of wealth management scale [7][36]. - The net value fluctuations of wealth management may increase, but the ability to handle redemptions has increased. Although the means of smoothing the valuation of wealth management products are restricted, and as the proportion of open - ended products in the wealth management product structure rises, the exposure level of products to fluctuations has further increased, the net value fluctuations of wealth management may increase. However, the significant increase in deposit investment scale in the wealth management asset allocation structure has enhanced the liquidity management ability of wealth management, giving it a strong ability to handle redemptions [7][36]. - High - interest assets are becoming scarcer, and wealth management may rely more on trading and entrusted investments to obtain returns. From the wealth management investments in the first half of 2025, the proportion of bond investments decreased, and among bonds, interest rate bonds were mainly increased while credit bonds were reduced. Against the background of an asset shortage, the supply of high - coupon assets is decreasing, and there are certain challenges in diversified investments in the future. Wealth management may rely more on interest rate trading and entrusting public fund investments to obtain higher returns [8][37].

Market Overview - The bond market experienced a narrow fluctuation with the central bank maintaining a balanced liquidity environment, as evidenced by the DR007 weighted average rate at 1.66% and the 10-year government bond yield at 1.67% [2] - The A-share market saw a decline in major indices, with the Shanghai Composite Index, Shenzhen Component Index, and CSI 300 Index dropping by 0.03%, 0.91%, and 1.08% respectively [2] - Sectors such as environmental protection, pharmaceutical biology, and national defense showed positive performance during the week [2] Product Performance - The number of underperforming wealth management products remained stable, with 23,709 active public wealth management products, of which 167 had a cumulative net value below 1, resulting in a comprehensive underperformance rate of 0.7% [3] - The underperformance rates for equity and mixed investment products were 53.85% and 7.08% respectively, while fixed income products had a low underperformance rate of 0.25% [3] - Fixed income products with maturities of 2-3 years and 1-2 years had slightly higher underperformance rates of 0.51% and 0.46% respectively [3] New Product Issuance - A total of 496 wealth management products were issued by 32 companies from May 26 to May 30, with the majority being R2 (medium-low risk), closed-end net value type, and fixed income public products [4] - Notably, Zhejiang Bank Wealth Management has increased its product offerings, launching 32 products since April 17, with 22 successfully issued [4] - The new products from Zhejiang Bank are all fixed income types, covering three series: "琮善", "琮简", and "琮融" [4] Product Features - The "同善共富" series from the "琮简" product line aims to support social welfare through management fee donations, with the first product "琮简富春6号" offering an annualized benchmark of 2.15% over a 97-day term [5] - The "琮融" series focuses on fixed income enhancement strategies, including various investment strategies [5] - Pricing for new products remained stable for those with a maturity of less than one year, while products with maturities of 1-2 years and 2-3 years saw slight declines in pricing [5] Yield Performance - Only fixed income public wealth management products recorded positive yields, with an average net value growth rate of 0.0461% over the past week [7] - Mixed, equity, and commodity/financial derivative products experienced negative average net value growth rates of -0.0445%, -0.4934%, and -0.6651% respectively [7] - The proportion of negative yield products increased, with 10.38% of public wealth management products yielding negative returns in the past week [7] Industry Trends - Many banks have begun to lower the performance benchmarks for wealth management products, with some products having benchmarks below 1%, which is lower than the current deposit rates [8] - This adjustment is seen as a way to better reflect market conditions and guide investors towards more rational investment decisions [8] - The low interest rate environment is expected to accelerate the shift of wealth management companies towards enhancing equity investment capabilities and transitioning to "fixed income plus" products [8] Fee Adjustments - Following a new round of deposit rate cuts, several bank wealth management subsidiaries have initiated a wave of fee reductions, with some fees dropping to as low as 0.01% [9] - This includes reductions in fixed management fees, sales service fees, and custody fees among various banks [9]