Regulatory and Industry Dynamics - In 2025, index-based wealth management products are expected to experience explosive growth, with 98 existing non-structured products issued by 12 wealth management companies as of December 10, 2025 [3][7] - Notably, among these products, Bank of China Wealth Management issued 36, Huaxia Wealth Management 33, and China Post Wealth Management 9, with the majority of products established in 2025 [7] - The best-performing product has an annualized return of 37.86%, with 23 products achieving returns above 5% since inception [7] - Wealth management companies are increasingly adopting third-party bond valuation services, such as China Chengxin Index Valuation, amid a transition period for valuation rectification [9][10] Peer Innovation Dynamics - China Aluminum Industry's benchmark enterprise "Innovation Industry" was listed on the Hong Kong Stock Exchange on November 24, 2025, focusing on green aluminum production [13] - This IPO attracted significant attention from international capital markets, with investments from long-term funds and industry investors, reflecting financial institutions' support for green transformation [13] Yield Performance - For the week of December 1-7, 2025, cash management products recorded a 7-day annualized yield of 1.28%, while money market funds reported 1.16%, indicating stability in yields [15] - The bond market faced headwinds, with the 10-year government bond yield remaining at 1.83% and the 30-year yield rising by 7 basis points to 2.25% [16][17] - Factors affecting the bond market include a cooling expectation of monetary policy easing, low sensitivity to fundamental data, and ongoing uncertainty regarding public fund sales regulations [17][19] Net Value Tracking - The net value ratio of bank wealth management products rose to 2.89%, an increase of 0.42 percentage points, while credit spreads widened by 3.33 basis points [24] - The current credit spread remains at historical lows since September 2024, indicating limited value for investors [24]