Core Viewpoint - The report highlights the performance of mixed public financial products over the past year, indicating a competitive landscape with several products achieving significant net value growth, particularly in the context of supportive policies for technology industries and global supply chain restructuring [5][6]. Market Performance - In Q4 2025, sectors such as new energy, semiconductors, and AI outperformed in the equity market due to supportive policies for the technology industry and global supply chain restructuring [5]. - Bond yields experienced a general upward trend influenced by marginal improvements in economic data and expectations of policy interest rate adjustments [5]. - Gold prices showed volatility and an upward trend supported by the acceleration of "de-dollarization" and geopolitical risks [5]. Overall Performance of Mixed Public Financial Products - As of February 5, 2026, there were a total of 214 mixed public financial products with investment periods of 6-12 months [6]. - Among these, 11 products achieved a net value growth rate exceeding 15%, with approximately 30% of products showing growth rates between 5% and 10%, and nearly 60% falling within the 1% to 5% range [6]. - Notable institutions include Ningyin Wealth Management with three products listed, while Zhaoyin Wealth Management and Hangyin Wealth Management each had two products featured [6]. Product Asset Allocation Overview - Ningyin Wealth Management's top three products maintained high equity investment ratios, with the leading product experiencing a maximum drawdown of 12.82% over the past year [7]. - Hangyin Wealth Management's two products had equity investments not exceeding 20%, focusing on government bonds and index funds [7]. - The "Happiness 99 Excellent Mixed (Debt-Weighted ESG Balanced Preferred FOF) 365-Day Holding Period Financial Plan" heavily invested in long-term government bonds, with 30-year and 50-year bonds making up 21.66% and 20.03% of the portfolio, respectively [7]. - Zhaoyin Wealth Management's products included over 20% allocation to QDII overseas investments, with a focus on bank perpetual bonds and TLAC non-capital bonds [7][8]. - Xinyin Wealth Management's "Colorful Elephant Tianfu Balanced Selected One-Year Open-End Financial Product D" had a bond holding ratio of 61.74%, with a diversified investment approach [8]. - Nanyin Wealth Management's "Pearl Link and Combine Excellent ESG Theme (Minimum Holding 364 Days) Public RMB Financial Product B" had a fixed income asset ratio of 59.20% [8]. - Everbright Wealth Management's "Sunshine Orange Quantitative Multi-Strategy No. 1 (Minimum Holding of 1 Year)" had a fixed income investment ratio of 33.44% [8].