债券研究 /[Table_Date] 2026.01.30 承接"存款搬家"，理财投了什么，收 益如何 2025 理财市场回顾与 2026 展望 规模承接行业增量，获取"无风险"收益下探，机构分层加深。 投资要点： | [Table_Authors] | 唐元懋(分析师) | | --- | --- | | | 0755-23976753 | | | tangyuanmao@gtht.com | | 登记编号 | S0880524040002 | | | 汤志宇(分析师) | | | 021-38031036 | | | tangzhiyu@gtht.com | | 登记编号 | S0880525070031 | [Table_Report] 相关报告 如何理解 ONRRP 类工具与双向隔夜回购 2026.01.30 债券 ETF 规模跃升之后：业绩归因、策略优化与 未来挑战 2026.01.29 强者恒强，关注业绩筑底走向 2026.01.27 配置力度不减，高久期偏好更趋明确 2026.01.27 人民币升值结汇如何影响银行间流动性 2026.01.25 证 券 研 究 报 告 请务必阅读正文之后的免责条 ...

Core Insights - The report focuses on the performance of mixed and equity wealth management products, highlighting their recent trends and key performers [1] Mixed Products Performance - The average net value growth rate for mixed wealth management products with a duration of 3 months or less is 0.64%, slightly outperforming similar "fixed income + equity" products [6] - Among 262 mixed products, 28 have negative growth rates in the last 3 months, accounting for 10.69% [6] - Top performers include "Zhaoyue Quantitative Hedge FOF No. 1" with a growth rate of 3.23% and "Ningyin Balanced Incremental State-owned Enterprise Dividend No. 6" at 3.10% [6] Equity Products Performance - The average net value growth rate for equity wealth management products over the past year is 12.54%, with an average maximum drawdown of 13.96% [9] - The top ten equity products are dominated by Huaxia Wealth and Everbright Wealth, showcasing their strong performance [9] - Notable products include "Beiying A-share New Opportunity Phase 2" and "Beiying A-share New Opportunity Private Banking Exclusive Phase 1" with growth rates of 9.38% and 8.98% respectively [9] Highlights of Specific Products - Huaxia Wealth's index-linked equity products have shown strong performance, with four products exceeding a 30% growth rate over the past year [10] - The product tracking the Micro-plate Growth Low Volatility Index has surged nearly 50% in the past year [10] - However, some products have experienced significant volatility, with maximum drawdowns exceeding 20% and annualized volatility over 40% [10] - There is a notable disparity in returns among industry index-tracking products, with some achieving high returns while others report negative returns, such as "Tiangong Daily Open Wealth Management Product No. 7" and "Tiangong Daily Open Wealth Management Product No. 1" with growth rates of -0.74% and -1.08% respectively [10]