Core Insights - The article presents a ranking of fixed-income wealth management products based on their performance, focusing on those with an investment period of 6-12 months and established for over a year [4][5]. Group 1: Performance Metrics - The average weighted annualized return for 424 products with complete annualized return disclosures is 2.23%, with 23 products exceeding a 3% return and one product reporting a negative return [5]. - The ranking is based on a weighted average return calculation that considers various time frames, with the highest weight given to the return since inception [4]. Group 2: Top Products - The top product is the "Xiu Zhu Fixed Income Class Closed No. 2 Jilin Bank Exclusive Wealth Management Product E" from Minsheng Wealth Management, achieving a weighted annualized return of 3.45% and a maximum drawdown of only 0.02% [6]. - The second-ranked product is the "Zhu Lian Bi He An Wen 1910 One-Year Open Public RMB Wealth Management Product E" from Nan Yin Wealth Management, with a weighted annualized return of 3.27% [6]. Group 3: Asset Allocation - The top product has a significant allocation of 66.82% in cash-like assets and only 27.85% in debt assets, with major investments in trust loans, bank deposits, and bond funds [6]. - The second product primarily invests in 2-3 year credit bonds and employs leverage and duration tools to enhance returns [6].

Overall Performance - As of November 13, 2025, there are 954 public pure fixed-income products with an investment period of 6-12 months, of which 216 products achieved positive monthly returns, accounting for less than 30% [5] - The average net value growth rate for these products over the past year is 2.75%, with an average maximum drawdown of 0.08% [5] - Notable issuers include Zhongyou Wealth Management with 2 products listed, and Huibin Wealth Management, Jianxin Wealth Management, Nanyin Wealth Management, Schroder Jiao Yin Wealth Management, Suyin Wealth Management, Xingyin Wealth Management, and Zhongyin Wealth Management each with 1 product listed [5] Highlighted Product Analysis - Zhongyou Wealth Management's "Youyin Wealth · Hongyun One-Year Open 14th RMB Wealth Management Product" ranks first with a net value growth rate of 4.25% over the past year, and as of September 30, 2025, the product's scale reached 198 million yuan, with over 90% of assets invested in bonds [6] - The investment allocation for this product is primarily in urban investment bonds, medium-term notes, and sci-tech bonds, with a bond holding ratio of 94.44% [6] - Zhongyin Wealth Management's "9-Month Credit Selection Shortest Holding Period Fixed Income Wealth Management Product A" ranks second with a net value growth rate of 3.63% and a maximum drawdown of 0.05%, with approximately 70% of assets in bonds and the remainder in cash, bank deposits, interbank certificates, and equity investments [6] Market Outlook - Zhongyou Wealth Management anticipates limited upward space for interest rates, with factors such as US-China trade issues and changes in market risk preferences likely to continue affecting the bond market in the short term [6] - Zhongyin Wealth Management notes that the current absolute yield levels in the bond market are still low, predicting a continued oscillation in the bond market for the fourth quarter [7] - The management plans to reduce portfolio duration and leverage, expand assets with coupon protection, and selectively increase convertible bond allocations to enhance yield flexibility [7]

Overall Performance - As of the end of Q3 2025, there are a total of 7,325 public pure fixed-income RMB products from wealth management companies, with an average net value growth rate of 0.50% and an average maximum drawdown of 0.05% [5] - Only 310 pure fixed-income products achieved a net value growth rate exceeding 1% in Q3, accounting for less than 5% of the total, while 288 products reported negative returns, representing 3.9% [6] Product Analysis - The top product, "Fixed Income Pure Debt Short Holding 60 Days Wealth Management Product E," managed by Huaxia Wealth Management, achieved a net value growth rate of 4.26% in Q3, significantly outperforming others [7] - Huaxia Wealth Management has six products listed in the top rankings, with the second and third products, "Fixed Income Pure Debt Short Holding 180 Days Wealth Management Product G" and "Fixed Income Pure Debt Short Holding 30 Days Wealth Management Product J," showing growth rates of 2.77% and 2.76% respectively [7] - The top product was launched on March 11, 2025, and has shown stable growth since its inception, with a brief period of rapid growth from mid-July to mid-August 2025 [8] - The product "An Ying Xiang Fixed Income Stable Six-Month Holding Period No. 9 Wealth Management Product D" from Xinyin Wealth Management also reported a maximum drawdown of 0.00% [7]

Core Insights - The article discusses the performance of pure fixed-income public funds issued by wealth management companies with investment periods of 2-3 years, highlighting that 83.09% of these products achieved positive returns in each quarter over the past year [5]. Overall Performance - As of August 28, 2025, the average net value growth rate for these products over the past year is 3.2%, with an average maximum drawdown of 0.22% [5]. Highlighted Product Analysis - The top-performing product is "Fuzhu Fixed Income Stable Three-Year Closed No. 2A" from Minsheng Wealth Management, which achieved a net value growth rate exceeding 5% over the past year, with a maximum drawdown of only 0.02% [6]. - The second product, "Fuzhu Fixed Income Preferred 25-Month Closed No. 4Q," also from Minsheng Wealth Management, has nearly 50% of its holdings in non-standard debt assets, with a total non-standard asset ratio of 46.88% as of mid-year [6]. - The third product, "Happiness 99 Abundant Fixed Income 23003 Period (Stable Low Volatility) FYG23003D" from Hangyin Wealth Management, has a high concentration in its top ten holdings, accounting for about 90%, with an expected annualized yield of approximately 5.31% as of August 29 [6].

Core Insights - The report focuses on the performance of pure fixed income, "fixed income + options," and cash management financial products [1] - The analysis covers the average net value growth rates and highlights top-performing products in each category [5][8][11] Group 1: Product Performance - As of June 19, the average net value growth rate for pure fixed income products with a maturity of three months or less was 1.07%, outperforming cash management products [5] - Among pure fixed income products, 88.55% recorded positive returns each month over the past six months [5] - The top-performing product was Hangyin Wealth's "Happiness 99 Gain Fixed Income (Short Debt) Daily Open Type" with a net value growth rate of 2.89% [5] Group 2: Highlights of Fixed Income + Options Products - The average net value growth rate for "fixed income + options" products was 0.21%, with a maximum drawdown of 1.37% [8] - The leading products in this category were "Zhaoyin Global Asset Momentum Two-Year Fixed Open 8A" and "Zhaoyin Global Asset Momentum Fourteen-Month Fixed Open 8A," with growth rates of 1.91% and 1.55%, respectively [8] Group 3: Cash Management Products - The average annualized yield for RMB cash management products over the past six months was 1.562%, while for USD cash management products, it was 4.028% [11] - The top cash management products included "Qiyuan Cash 5 No. J" and "Qiyuan Currency 2 (ESG Theme) G," with yields of 2.925% and 2.626%, respectively [11]