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].