Core Insights - The performance of equity products was the best in the first half of the year, while fixed income products performed the worst [1][3] - The overall number of existing wealth management products reached 27,381, with a significant majority being fixed income products [1][12] - The average net value growth rate for equity products was 5.82%, while fixed income products had a much lower average growth rate of 1.26% [3][10] Product Distribution - As of June 30, 2025, 72.97% of existing wealth management products were rated as medium-low risk (Level 2), followed by medium risk (Level 3) at 12.22% and low risk (Level 1) at 12.11% [1] - Fixed income products dominated the investment nature, accounting for 92.55% of the total, while equity products only made up 0.55% [1] Performance Analysis - Equity products experienced a significant rebound in the A-share and Hong Kong stock markets, leading to their strong performance in the first half of the year [3][12] - Fixed income products showed the lowest performance, with an average maximum drawdown of only 0.19%, indicating their stability despite lower returns [3][6] Company-Specific Insights - The top three wealth management companies by the number of existing products were Xingyin Wealth Management (1,976 products), Xinyin Wealth Management (1,946 products), and Zhaoyin Wealth Management (1,869 products) [1][18] - The highest average net value growth rate for fixed income products was recorded by Su Yin Wealth Management at 1.61% [10] Break-even Rate Trends - The break-even rate for wealth management products reached a new low by the end of June 2025, with nine companies reporting a break-even rate of 0% [12][16] - The break-even rate for fixed income products decreased to 0.17%, while mixed products had a break-even rate of 5.58% [16][18]

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoints - Based on the calculation results of spot bond trading data, the central duration of all pure bond funds increased by 0.07 years to 3.15 years week-on-week this week [3]. - The median duration of medium - and long - term pure bond funds increased and the divergence decreased this week. The median 5DMA of all medium - and long - term pure bond funds reached 2.85 years, a week - on - week increase of 0.19 years, at the 99.3% quantile in the past three years, and the 5DMA of duration divergence was 0.48, a week - on - week decrease of 0.02, at the 57.4% quantile in the past three years [3]. - The median duration of short - term pure bond funds decreased and the divergence increased this week. The median 5DMA of all short - term bond funds reached 0.85 years, a week - on - week decrease of 0.08 years, at the 74.2% quantile in the past three years, and the 5DMA of duration divergence was 0.49, a week - on - week increase of 0.01, at the 74.4% quantile [3]. - The turnover rate of ultra - long - term interest rate bonds decreased and most of the turnover rates of credit bonds increased this week. As of May 23, 2025, the 10DMA of the turnover rate of treasury bonds with a term of over 10 years remained flat week - on - week at 2.40%, at the 80.7% quantile level in the past three years, while the turnover rates of most 3 - 5 - year credit bonds increased [3]. - The leverage ratio of the inter - bank bond market increased by 0.01 percentage points to 107.0% week - on - week this week. The leverage ratio of insurance companies increased by 0.20 percentage points to 125.6%, the leverage ratio of banks increased by 0.02 percentage points to 102.6%, the leverage ratio of securities companies decreased by 2.95 percentage points to 198.1%, and the leverage ratio of broad funds decreased by 0.12 percentage points to 111.8% [3]. - The scale of existing wealth management products in the whole market increased by 59.84 billion yuan week - on - week last week. The increase was in line with the seasonal level, and the net - breaking rate decreased slightly. The performance comparison benchmarks of newly issued wealth management products showed different trends for different terms [3]. Summary by Directory 1. This Week's Bond Fund Duration Central Point Increased - The central duration of all pure bond funds increased by 0.07 years to 3.15 years week - on - week this week [3][8]. - For medium - and long - term pure bond funds, the median duration of different types (interest - rate type, credit type, and all) showed different changes in terms of median and divergence, with most of the median durations increasing and the divergence showing different trends [3]. - For short - term pure bond funds, the median duration decreased and the divergence increased, with different trends for different types (interest - rate type and credit type) [3]. 2. This Week's Ultra - Long - Term Interest Rate Bond Turnover Rate Decreased, and Most Credit Bond Turnover Rates Increased - The turnover rates and their quantiles of different types of bonds (interest rate bonds, credit bonds, short - duration assets) for different terms are presented. For example, the 10 - year - plus treasury bond turnover rate 10DMA was 2.40% and remained flat week - on - week, at the 80.7% quantile in the past three years [3][22]. - The week - on - week changes in the turnover rates of different bonds are shown. Most 3 - 5 - year credit bond turnover rates increased [3][25]. - The turnover rates, their quantiles in the past three years, and the valuation spreads of local government bonds in different provinces and cities are provided. Sichuan, Shandong, and Anhui had relatively high local government bond turnover rates, and the 7 - 10 - year (inclusive) valuation spreads were 14.36bps, 15.03bps, and 15.37bps respectively [3][27]. 3. This Week's Allocation - Oriented Leverage Ratio Increased, and Trading - Oriented Leverage Ratio Decreased - The inter - bank bond market leverage ratio increased by 0.01 percentage points to 107.0% week - on - week. The leverage ratios of insurance companies, banks, securities companies, and broad funds changed differently, with insurance companies and banks increasing, and securities companies and broad funds decreasing [3][29]. 4. Last Week's Wealth Management Scale Increased, and the Net - Breaking Rate Decreased - The scale of existing wealth management products in the whole market increased by 59.84 billion yuan week - on - week last week, in line with the seasonal level. The net - breaking rate decreased to 0.89%, a week - on - week decrease of 0.11pcts [3]. - By term, the scale of wealth management products within 1 month (inclusive) increased significantly, the daily - open type decreased significantly, and the scales of other terms increased slightly. By investment nature, the scale of fixed - income wealth management products increased significantly, the cash - management type decreased significantly, and other investment types increased slightly [3]. - The performance comparison benchmarks of newly issued wealth management products for different terms showed different trends, with those within 1 month (inclusive) and 1 - 3 years (inclusive) increasing, those within 6 months - 1 year (inclusive) remaining flat, and others decreasing [3].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Based on the calculation results of spot bond trading data, the duration center of all bond - type funds decreased by 0.03 years week - on - week to 3.08 years [5]. - Based on the measurement model, the median duration of medium - and long - term pure bond funds increased and the divergence decreased. The median 5DMA of all medium - and long - term pure bond funds reached 2.66 years, a week - on - week increase of 0.23 years, at the 96% quantile in the past three years, and the 5DMA of duration divergence was 0.50, a week - on - week decrease of 0.03, at the 66% quantile in the past three years [5]. - The median duration of short - term pure bond funds decreased and the divergence decreased. The median 5DMA of all short - term bond funds reached 0.93 years, a week - on - week decrease of 0.02 years, at the 92.7% quantile in the past three years, and the 5DMA of duration divergence was 0.47, a week - on - week decrease of 0.01, at the 66.7% quantile [5]. - Most bond turnover rates increased this week, while the turnover rates of some long - term credit bonds decreased. As of May 16, 2025, the 10DMA of the 7 - 10 - year China Development Bank bond turnover rate increased by 3.22 pcts week - on - week to 13.52%, at the 86.6% quantile in the past three years, while the 10DMA of the turnover rate of medium - term notes over 10 years decreased by 0.01 pcts week - on - week to 0.37%, at the 16.4% quantile [5]. - The inter - bank bond market leverage ratio increased by 0.03 percentage points week - on - week to 107.0%. The insurance company leverage ratio decreased by 0.31 percentage points to 125.3%, the bank leverage ratio increased by 0.39 percentage points to 102.6%, the securities company leverage ratio decreased by 28.31 percentage points to 204.2%, and the broad - based fund leverage ratio decreased by 0.36 percentage points to 111.9% [5]. - The total market wealth management outstanding scale increased by 265.511 billion yuan week - on - week last week, in line with the seasonal level, and the net - breaking rate decreased slightly. The net - breaking rate of the total market wealth management unit net value was 1.00%, a week - on - week decrease of 0.35 pcts [5]. 3. Summary According to the Table of Contents 3.1 This week, the duration center of medium - and long - term interest - rate pure bond funds increased, and the divergence decreased - The duration center of all bond funds decreased by 0.03 years week - on - week to 3.08 years [5][10]. - As of May 16, 2025, the duration center of all medium - and long - term pure bond funds rose to the 95.7% quantile in the past three years, and the duration center of all short - term pure bond funds decreased to the 92.7% quantile in the past three years [12]. - The median duration of medium - and long - term interest - rate pure bond funds increased, and the divergence decreased [5][14]. - The median duration of medium - and long - term credit - type pure bond funds increased, and the divergence decreased [5][16]. - The median duration of short - term interest - rate pure bond funds decreased, and the divergence increased [5][18]. - The median duration of short - term credit - type pure bond funds decreased, and the divergence decreased [5][18]. 3.2 This week, most bond turnover rates increased, while the turnover rates of some long - term credit bonds decreased - As of May 16, 2025, the 10DMA of the turnover rates of various bonds with different maturities are presented in detail, such as the 7 - 10 - year China Development Bank bond turnover rate 10DMA was 13.52%, and the 10 - year - plus medium - term note turnover rate 10DMA was 0.37% [22]. - The quantiles of the turnover rates of various bonds in the past three years are also provided, for example, the 7 - 10 - year China Development Bank bond turnover rate was at the 86.6% quantile, and the 10 - year - plus medium - term note turnover rate was at the 16.4% quantile [22]. - The week - on - week changes in the 10DMA of the turnover rates of various bonds are given, like the 7 - 10 - year China Development Bank bond turnover rate 10DMA increased by 3.22 pcts week - on - week, and the 10 - year - plus medium - term note turnover rate 10DMA decreased by 0.01 pcts week - on - week [25]. - The 10DMA of the turnover rates of local government bonds in various provinces and cities as of May 16, 2025, their quantiles in the past three years, and the valuation spreads of 7 - 10 - year and 20 - 30 - year local bonds are listed. Shandong, Jiangsu, and Gansu had relatively high local bond turnover rates, with 7 - 10 - year (inclusive) valuation spreads reaching 15.49 bps, 14.42 bps, and 12.47 bps respectively [27]. 3.3 This week, except for the increase in the bank leverage ratio, the leverage ratios of other non - bank institutions decreased - The inter - bank bond market leverage ratio increased by 0.03 percentage points week - on - week to 107.0% [5][37]. - The insurance company leverage ratio decreased by 0.31 percentage points to 125.3% [5][32]. - The bank leverage ratio increased by 0.39 percentage points to 102.6% [5][33]. - The securities company leverage ratio decreased by 28.31 percentage points to 204.2% [5][36]. - The broad - based fund leverage ratio decreased by 0.36 percentage points to 111.9% [5][36]. 3.4 Last week, the wealth management scale increased, and the net - breaking rate decreased - The total market wealth management outstanding scale increased by 265.511 billion yuan week - on - week last week, in line with the seasonal level [5][38]. - In terms of different terms, the scale of daily - open wealth management increased significantly last week, the scale of 1 - 3 - year (inclusive) wealth management decreased slightly, and the scales of other - term wealth management increased slightly [5]. - In terms of different investment natures, the scales of fixed - income and cash - management wealth management increased significantly, and the scales of other investment types increased slightly [5]. - The net - breaking rate of the total market wealth management unit net value was 1.00%, a week - on - week decrease of 0.35 pcts [5]. - In terms of different terms, the performance comparison benchmarks of daily - open and 1 - 3 - month (inclusive) newly - issued wealth management products increased, while those of other - term varieties decreased [5].