海豚君之前说过，虽然$拼多多(PDD.US)一直强调不分红回购，但任何一个公司走过成长期、进入成熟期之后，都要回答一个核心问题：堆积的现金资产如 何使用？ 这个季度，拼多多利息和投资收益单季直接拉到了百亿水准（以利息和股票投资收益为主），相比当季 258 亿的主营业务经营利润已经是一个不小的存在 了。 当然从季度波动性的角度，平均单季还是在 53 亿上下的水平，与去年每个季度的水平相差不大。 本篇海豚君就接着这个机会，搓扁揉碎，仔细看看不分红、不回购，即使 TEMU 和主站需要投入，仍然能有大量利润剩余的拼多多，拿着这几年堆积的小 金库，实现的收益到底如何？ 并在此基础上，展开思考一下，拼多多未来的资本配置可能方向有哪些？ 一、地主家到底堆了多少余粮？ 二季度，公司主要有四类资金属现金或者闲置资金，合计起来可以生息或投资的资产余额高达 5388 亿人民币，约合 750 亿美金。 a.货币基金是维持日常运转的，受限制现金是用户在拼多多在下单时候支付的购物款，存在拼多多的监管银行账户上，等用户确认收款了之后，会支付给商 家。 b. 这里最关键的闲置资金（基本不参与主营业务的价值创造），主要是短期投资和其他非流动资 ...

7月圆满收官，大家都赚了多少？ 看了大家的收益，小编羡慕之余，开始冷静， 向成功者学习才是正确的理财姿势！ （ 来 源：基 金 吧，用 户id：十 拳 剑 灵，发 布 时 间：2 0 2 5 - 0 7 - 3 1，历 史 收 益 仅 供 参 考，不 作 投 资 推 怎么做到的？ （来源：基金吧，用户id：十拳剑灵，发布时间：2025-07-31，不作投资推荐） | | 昨日收益 | | | | 累计收益 | | | --- | --- | --- | --- | --- | --- | --- | | | +46.01 | | | | +2,740,784.77 | | | 收益汇总 | | | | | | 更新至07-30 | | 日收益 | | 月收益 | | 年收益 | | 累计收益 | | 日历图 | 柱状图 | | | | | < 07月 > | | 日 | | | | 四 | 五 | 六 | | | | 1 | 2 | 3 | 4 | 5 | | | | +2.70万 | -2.08万 | +3.88万 | +1.73万 | +0.29 | | 6 | 7 | 8 | 9 | 10 | 11 | ...

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]