Core Insights - The bond market has experienced volatility this year, with adjustments in the first and third quarters, while the stock market saw a rebound in the third quarter, becoming a favored investment area. [1] - The adjustment in the bond market negatively impacted fixed-income products, leading to an overall net value decline rate of public wealth management products reaching 2.12% by the end of the third quarter, an increase of 1.58 percentage points from the end of the second quarter. [1] - The lowest net value decline rate this year occurred at the end of the second quarter at 0.54%, but it rebounded to 2.12% in September, marking the second-highest point of the year. [1] Group 1: Performance of Wealth Management Products - The highest average return for RMB public fixed-income wealth management products in the first three quarters was from Hangyin Wealth Management at 2.38%, attributed to strong performance in "fixed income+" products. [6] - Ningyin Wealth Management followed with an average return of 2.33%, benefiting from investments in equity assets and ETFs. [6] - Companies with lower average returns included Jianxin Wealth Management, where 95.11% of its RMB public fixed-income products had a net value growth rate below 2%. [6] Group 2: Decline Rates of Wealth Management Companies - The highest net value decline rate among wealth management companies at the end of the third quarter was 16.67% for Huihua Wealth Management, a significant increase from below 3% at the end of the second quarter. [3] - The second and third highest decline rates were from Guangyin Wealth Management and Boyin Wealth Management, respectively, with most of their products being fixed-income. [3] - Only three wealth management companies reported a net value decline rate of 0, a decrease of six companies from the end of the second quarter. [3] Group 3: Risk Control Performance - The average maximum drawdown for RMB public fixed-income products was highest for FaBar Nongyin Wealth Management at 0.53%, followed by Gongyin Wealth Management at 0.51% and Nongyin Wealth Management at 0.44%. [9][12] - Companies with better drawdown control included Huibin Wealth Management, Boyin Wealth Management, and Puyin Wealth Management. [9]

Core Viewpoint - The bond market has experienced fluctuations this year, with adjustments in the first and third quarters, while the stock market saw a rebound in the third quarter, becoming a favored investment area. However, the adjustment in the bond market negatively impacted fixed-income products, leading to an increase in the overall net loss rate of public wealth management products to 2.12% by the end of the third quarter, up 1.58 percentage points from the end of the second quarter [1]. Group 1: Net Loss Rates - The lowest net loss rate for the first three quarters occurred at the end of the second quarter, when the bond market rebounded, resulting in a low of 0.54%. However, following adjustments in the bond market after July, the net loss rate rose to 2.12% in September, marking the second-highest point of the year [2]. - Specific wealth management companies saw significant increases in their net loss rates. At the end of the third quarter, Huihua Wealth Management had the highest net loss rate at 16.67%, a sharp increase from below 3% at the end of the second quarter. Guangyin Wealth Management and Boyin Wealth Management followed in the rankings [4]. Group 2: Performance of Wealth Management Products - In terms of returns, Hangyin Wealth Management led the average return for RMB public fixed-income products in the first three quarters at 2.38%, primarily due to the strong performance of its "fixed income +" products, which included investments in convertible bond ETFs and gold ETFs. Ningyin Wealth Management ranked second with an average return of 2.33%, benefiting from equity asset allocations and indirect investments through ETFs [7]. - Conversely, companies like Jianxin Wealth Management, Zhaoyin Wealth Management, and Nongyin Wealth Management had lower average returns, with 95.11% of Jianxin's RMB public fixed-income products showing a net value growth rate below 2%, and only one product exceeding 3% [7]. Group 3: Risk Control Performance - In terms of risk control, FaBa Nongyin Wealth Management reported the highest average maximum drawdown at 0.53%, followed by Gongyin Wealth Management at 0.51% and Nongyin Wealth Management at 0.44%. Companies like Huayin Wealth Management, Boyin Wealth Management, and Puyin Wealth Management demonstrated better drawdown control [10].