Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report From September 6th to September 19th, 2025, the bank wealth - management market was dominated by fixed - income products, especially fixed - income plus products. The fund new - issue market showed the characteristics of "total volume recovery and structural differentiation", with bond - type funds regaining the mainstream. The insurance market's new - issue products' quantity stabilized, and the structural adjustment trend continued to strengthen, with dividend - type insurance products becoming more prominent [2][3][8]. Summary According to Relevant Catalogs Bank Wealth - Management Products - **New - Issue Overall Situation**: In this bi - weekly period, 1214 new wealth - management products were issued. Fixed - income products accounted for 97.69%, with fixed - income plus as the mainstream. Wealth - management subsidiaries were the main issuers (72.82%), and medium - to long - term products (1 - 3 years) were the most popular. Product yields were significantly differentiated, and leading institutions achieved excess returns through multi - asset strategies [11]. - **New - Issue Market Trend Summary** - **Fixed - income plus Products**: 818 new fixed - income plus products were issued, accounting for over 60% of the market. They met investors' income needs and balanced risks, and wealth - management institutions' strategies were evolving [13]. - **Medium - to Long - term Products**: Medium - to long - term products accounted for nearly 80%. They could obtain higher coupon rates by locking in the duration and smooth net - value fluctuations. Policy guidance also encouraged their issuance [16]. - **Outstanding Products and Institutions** - **Bohai Bank Wealth - Management "Caishou Youlue" Series**: It was the largest - issued product series this period, with one - year closed - end fixed - income plus products as the core, attracting a large amount of retail funds [17]. - **BlackRock CCB Wealth - Management "Beiyuan US Dollar Fixed - Income" Products**: It could access high - interest US dollar assets through the global research platform, forming a differentiated advantage in foreign - currency wealth - management [18]. Fund Products - **New - Issue Fund Market Overall Situation**: From September 6th to 19th, 2025, 95 funds were newly issued, with a total share of 96.622 billion. Bond - type funds with a share of 51.318 billion became the mainstream again, accounting for 53.11%. Market hotspots were concentrated on science - innovation bond ETFs and technology - themed funds [19]. - **Fund New - Issue Rule Summary** - **Issuance Scale and Rhythm**: The issuance showed a pattern of "slow in the first week, explosive in the second week". The second week of September was affected by the concentrated issuance of science - innovation bond ETFs, but short - term issuance heat might be affected by market sentiment [20]. - **Product Type Structure**: Bond - type funds dominated, with 26 issues and a scale of 5.1318 billion yuan, accounting for 53.11%. Stock - type funds had 45 issues but only 3.2522 billion shares, and hybrid funds had 19 issues with 0.9053 billion shares [23]. - **Representative New - Issue Fund Products Analysis** - **Active Equity - type**: Active equity - type products had outstanding returns, but their scales were generally small, and their performance was affected by short - term market fluctuations [27]. - **Science - innovation Bond ETFs**: Many new - issue science - innovation bond ETFs had large scales, driven by policies and meeting institutional low - risk allocation needs [29]. - **Low - risk Products**: The New China CSI Inter - bank Certificate of Deposit Index 7 - day Holding Fund supplemented the market's demand for liquidity management tools [30]. Insurance Products - **Overall Situation**: From September 6th to 19th, 2025, 64 new insurance products were issued, a 79.81% decrease from the previous period. The proportion of dividend - type products in life insurance and annuity insurance increased significantly, mainly due to the asymmetric reduction of the predetermined interest rate [8]. - **Life Insurance**: Among the 43 newly issued life insurance products, 23 were dividend - type, accounting for 53.49%, replacing traditional products as the main force [34]. - **Annuity Insurance** - **New - Issue Situation**: Among the 21 newly issued annuity insurance products, 17 were dividend - type, accounting for 80.95%. Traditional products were absent this period [37]. - **IRR Calculation**: Dividend - type annuity insurance's IRR was mainly measured by the dividend IRR. Pension annuity dividend - type insurance was more suitable for long - term holding, and in the short - term, the IRR might decline slightly, while in the long - term, it was expected to stabilize and rise [41].

Core Viewpoint - The article discusses the growth of participating insurance premiums in the first half of 2025, highlighting a shift towards these products amid changing market conditions and sales strategies. Group 1: Participating Insurance Premium Growth - In 2025, participating insurance premiums achieved positive growth for the first time in five years, with a growth rate of approximately 4% by the end of 2024 [3] - By mid-2025, the total participating insurance premiums reached around 500 billion, showing a year-on-year growth of about 1%, which is a slowdown compared to the previous year [3] - The slowdown in premium growth is attributed to a shift in sales focus from participating insurance to traditional insurance products through bank insurance channels [3][14] Group 2: Company Performance - Major companies like Ping An, Taiping, and Xinhua reported participating insurance premium growth rates exceeding 20% in the first half of 2025 [5] - Taiping Life's participating insurance premiums doubled, marking the fastest growth among peers, while Ping An's growth rate reached 41% compared to the same period in 2024 [6] - New single premium growth for participating insurance saw significant increases, with Xinhua's first-year premiums reaching 4.6 billion, reflecting a high-speed growth [9] Group 3: Distribution Channels - The individual agent channel has become a significant driver for participating insurance, with companies like China Life and Taiping reporting that over 50% of their new single premiums come from participating insurance [12] - The growth rate of participating insurance in the individual agent channel is notably higher than in the bank insurance channel, which has shifted focus to traditional insurance products [14] - In the second quarter of 2025, participating insurance premiums experienced a growth rate of approximately 90%, significantly outpacing traditional insurance's growth rate of around 20% [14] Group 4: Market Conditions and Future Outlook - The adjustment of preset interest rates for traditional and participating insurance has narrowed the gap, potentially accelerating the industry's shift towards participating insurance products [19] - The overall dividend realization rate for participating insurance products improved to 61.7% in 2024, up by 10.9 percentage points year-on-year, indicating a favorable environment for continued growth [19] - The article suggests that the combination of reduced interest rate disadvantages and improved dividend realization rates may support the ongoing development of participating insurance in the future [19]