近期，杭银理财历时半年多打造的直销新版本App上线运营。此次改版迭代秉承以客户为中心的设计理 念，围绕投前、投中、投后各项服务环节，进行全方面的功能升级，更加注重客户的交互体验，力争为 客户提供更为丰富、多元和便捷的服务质量。 投前：更为贴心和丰富的引导选择 推荐榜单专区。对于关注产品业绩的客户来说，新版App上线了推荐榜单功能专区，通过多维度、不同 视角，总结归纳杭银理财旗下表现优异的产品线。包括杭银以管理人视角优中选优的"优选榜"、近三个 月关注浏览度最高的"浏览榜"、从销售募集角度体现销售热度的"热销榜"、近三个月被客户主动分享最 多的"分享榜"等，帮助客户更为理性选择热点产品。 定投专区。杭银理财App推出理财产品定投功能，鼓励客户利用日常闲置资金积少成多，通过分期分批 的投资安排，平滑弹性产品的净值波动，降低尝试门槛，帮助客户画出属于理财产品的"微笑曲线"。杭 银理财根据旗下产品不同风险收益特征，精选近20只过往业绩优良、覆盖R1—R3风险等级的产品线， 客户可按不同频次、不同金额，基于产品过往业绩表现进行定投测算，让投资看得到、算得清。 财富账户一体化管理。杭银理财当前支持超170家银行卡的账户关 ...

（来源：品债论市） 我们从去年7月以来，一直强调负债行为对当下权益、固收类乃至于商品的跨资产影响，当时是看到了几点趋势： 在2025年8月24日《如何做专业的"负债端"研究——A 股为什么会涨？》中提出：要重视负债行为的研究，负债端驱动资金趋势性重返A股市场，形成了 比资产端更强的上行力量。 元旦以来，我们明显能看到，A股正在经历这三个因子的叠加共振： 1）负债行为进一步变化：分红险热卖、理财产品结构趋向含权理财，引起各类资管机构投资行为的变化，而在负债流入相对后置的机构，能明显感到"恐 高"； 2）资产端催化的科技三大方向共振：从11月蓄力的商业航天，12月底以来海外内存涨价带动的存储、算力链，1月份以来的AI应用等，与商品共振上行 的有色。这些板块的上涨，不能单纯地从业绩、市场空间的资产定价方式出发，而简单的归结于"情绪"，描述颗粒度又过于粗糙； 我们在2025年7月10日的中期策略报告《资金驱动，科技进攻》中旗帜鲜明指出负债端驱动保险增配权益，机构的增量资金驱动市场上涨，科技是最确定 的弹性方向。 3）本应该属于债券的"开门红"季节性行情，很大程度上"转移"给了权益，延续了2024年3月份后债券季节性全 ...

Group 1 - The core initiative of the "1 Square Meter Bookshelf" aims to create micro-libraries in rural areas, making reading accessible to local residents [1][2] - As of now, the program has been implemented in 10 rural stores, with plans to expand to 100 stores nationwide this year [1][2] - The initiative has already reached 400 street-side stores by the end of 2025, providing reading services to 2.42 million people, including approximately 20,000 left-behind children [1] Group 2 - The collaboration between Wangshang Bank and Xinyin Wealth Management focuses on addressing the reading needs of rural communities, allowing various individuals to engage in reading [2] - Xinyin Wealth Management's "Warm Child Journey" charity brand has become a benchmark in financial philanthropy, with 43 charity financial products issued, attracting over 60,000 investors and raising more than 27 billion yuan [2]

Core Insights - In 2025, a total of 13,815 closed-end public products from 32 wealth management companies will mature, representing a 51.53% increase compared to 2024 [1][2] Group 1: Product Maturity Overview - The majority of maturing products are fixed income, with 13,218 products, followed by mixed products (509), equity products (62), and commodity and financial derivatives (26) [2] - Leading institutions such as Xingyin Wealth Management will have nearly 1,000 maturing products, while other major firms like Zhaoyin Wealth Management, Jianxin Wealth Management, Bank of China Wealth Management, Industrial Bank Wealth Management, and Ping An Wealth Management will each have over 600 maturing products [2] Group 2: Investment Period Analysis - Products maturing in the 6-12 month period are the most numerous, totaling 4,667, accounting for 33.8% of the total; the 3-6 month period follows with 3,600 products (26.1%), and the 1-2 year period has 3,502 products (29.6%) [4] Group 3: Performance Metrics - The overall performance threshold achievement rate for 11,092 maturing products is 48.76%, with a lower limit achievement rate of 82.36% [7] - Fixed income products have a lower limit achievement rate of 84.28% and a mid-point achievement rate of 49.66% [7] - Short-term products (1-3 months) show high performance, with lower limit achievement rates exceeding 90% [7] Group 4: Yield Performance - The average annualized yield for fixed income products is 3.02%, with products maturing in over 3 years yielding the highest average at 4.16% [10] - Mixed products have a lower average annualized yield of 2.27%, with the highest yield for those maturing in over 3 years at 7.04% [10]

Group 1 - In 2025, the A-share market experienced a comprehensive recovery, with sectors such as technology, precious metals, non-ferrous metals, communication equipment, semiconductors, and optical modules leading the market in growth [1] - The net value of high-rights financial products saw a recovery, while the bond market faced pressure due to the strong performance of the equity market, leading to a "stock in, bond out" trend [1] - By the end of December 2025, the comprehensive net loss rate of financial products decreased to 0.51%, down 39 basis points from the end of 2024, with seven financial companies achieving "0 net loss" for their public offerings [1] Group 2 - The bond market ended its two-year bull run in 2025, entering a phase of adjustment influenced by fluctuating policy expectations and the stock-bond seesaw effect [2] - The net loss rate of public financial products fluctuated significantly, peaking at 2.24% in January and February 2025 before declining to 0.54% over the next four months [2] - By the end of December 2025, the net loss rate returned to the 0.5% range, reflecting the impact of the strong equity market [2] Group 3 - As of the end of 2025, Huihua Wealth Management, Boyin Wealth Management, and Hangyin Wealth Management had the highest net loss rates among public products, with Huihua at 9.27% and Boyin at 2.22% [4] - Four wealth management subsidiaries and three joint venture companies achieved "0 net loss" for their public products by the end of 2025 [4] Group 4 - The structure of net loss products shifted significantly, with equity and mixed financial products seeing a substantial decline in net loss rates, while fixed-income products became the main type of net loss products in 2025 [6] - The average net value growth rate for public equity financial products reached 22.71%, with some companies like Xinyin Wealth Management achieving a remarkable 36.55% growth [6] - In contrast, the average net value growth rate for fixed-income products was only 2.24%, reflecting a weaker performance compared to equity products [1][12] Group 5 - The average net value growth rate for mixed financial products varied, with Ningyin Wealth Management, Huihua Wealth Management, and Hangyin Wealth Management leading at 15.44%, 12.31%, and 8.84% respectively [10] - The average net value growth rate for fixed-income public financial products was generally between 2% and 2.5%, with some companies like Nanyin Wealth Management and Hangyin Wealth Management performing slightly better [12] - Foreign currency fixed-income financial products had an overall average net value growth rate of 3.90%, with Xinyin Wealth Management and Beiyin Wealth Management exceeding 4% [14]

Group 1 - In 2025, the A-share market experienced a comprehensive recovery, with sectors such as technology, precious metals, non-ferrous metals, communication equipment, semiconductors, and optical modules leading the market in growth [1] - The overall net value of high-rights financial products saw a recovery, while the bond market faced pressure due to the strong performance of the equity market, leading to a "stock in, bond out" trend [1] - By the end of December 2025, the comprehensive net value decline rate of financial products dropped to 0.51%, a decrease of 39 basis points from the end of 2024, with seven financial companies achieving "0 net value decline" for their public offerings [1] Group 2 - The bond market ended its two-year bull run in 2025, entering a phase of adjustment influenced by fluctuating policy expectations and the stock-bond seesaw effect [2] - The net value decline rate of public financial products fluctuated significantly, peaking at 2.24% in January and February 2025 before declining to 0.54% over the next four months [2] - By the end of December 2025, the net value decline rate returned to the 0.5% range, reflecting the impact of the strong equity market [2] Group 3 - As of the end of 2025, Huihua Wealth Management, Boyin Wealth Management, and Hangyin Wealth Management had the highest net value decline rates among public products, with Huihua Wealth Management at 9.27% [4] - Four wealth management subsidiaries and three joint venture wealth management companies achieved "0 net value decline" for their public products by the end of 2025 [4] Group 4 - The structure of net value decline in the financial market changed significantly, with equity and mixed financial products seeing a substantial drop in decline rates, while fixed-income products became the main type of products with net value decline [6] - In 2025, the average net value growth rate for equity public financial products reached 22.71%, with some companies like Xinyin Wealth Management achieving a remarkable 36.55% [7] - Conversely, some companies like Bank of China Wealth Management and ICBC Wealth Management had poor performance, with average net value growth rates below 5% [8] Group 5 - The average net value growth rate for fixed-income public financial products was relatively weak, with most companies reporting rates between 2% and 2.5% [13] - The average maximum drawdown for fixed-income products was controlled within 1%, with a small portion exceeding 2% [13] - Foreign currency fixed-income financial products had a slightly higher average net value growth rate of 3.90%, with some companies exceeding 4% [15]

Core Viewpoint - In 2025, a total of 13,815 closed-end public products from 32 wealth management companies will mature, representing a 51.53% increase compared to 2024, with fixed income products dominating the maturity landscape [1][2]. Group 1: Product Maturity Overview - The number of maturing products is significantly higher, with fixed income products accounting for the majority, totaling 13,218, while mixed, equity, and commodity/financial derivative products have 509, 62, and 26 respectively [2]. - Leading institutions such as Xingyin Wealth Management will have nearly 1,000 maturing products, while other major firms like Zhaoyin, Jianxin, Bank of China, ICBC, and Ping An will each have over 600 maturing products [2]. Group 2: Investment Cycle Analysis - Products with a maturity period of 6-12 months lead in quantity, totaling 4,667, which is 33.8% of the total; followed by 3-6 months with 3,600 products (26.1%), and 1-2 years with 3,502 products (29.6%) [4]. Group 3: Performance Metrics - The overall performance threshold achievement rate for 11,092 maturing products is 48.76%, with a lower limit achievement rate of 82.36% [7]. - Fixed income products show a lower limit achievement rate of 84.28% and a mid-point achievement rate of 49.66%, with short-term products (1-3 months) performing particularly well [7][9]. - Long-term products (2-3 years and over 3 years) have significantly lower achievement rates, at 30.86% and 31.58% respectively [7]. Group 4: Yield Performance - The average annualized yield for fixed income products is 3.02%, with products over 3 years yielding the highest at 4.16% [9]. - Mixed products have a lower average annualized yield of 2.27%, with the highest yield for those over 3 years at 7.04% [9].

Core Viewpoint - The company emphasizes a brand philosophy of "steady progress and long-term value" through a new promotional video that uses chess culture as a metaphor for wealth management, encouraging a calm and long-term perspective on market fluctuations and wealth accumulation [1][3]. Brand Communication - In a context of information overload and market volatility, the company identifies "stability" as a key communication theme, which signifies a disciplined approach to investment rather than stagnation, rooted in thorough research and stringent risk control [3]. - The video integrates the wisdom of chess into the wealth management context, promoting a mature investment mindset that respects market rules and understands the symbiotic relationship between risk and return [3]. Operational Commitment - To fulfill its commitment to "steady progress," the company focuses on rigorous investment processes and decision-making discipline, establishing a comprehensive research system covering macroeconomic, industry, and individual analyses to support investment decisions [3]. - The company has implemented a multi-layered, full-process risk control mechanism to safeguard client assets, while also providing investment products that align with clients' risk preferences and fostering transparent communication to build trust [3]. Future Development - Looking ahead, the company aims to enhance its core capabilities, improving the professionalism and precision of asset allocation, while maintaining its commitment to responsible wealth management and the pursuit of long-term stable returns [4]. - The company aspires to be a reliable "guardian" and "companion" in clients' wealth journeys, using professionalism and integrity as foundations to help investors navigate the complex market landscape [4].

Group 1 - The core event was the "Five Major Articles" data application customer exchange meeting held by China Bond Valuation Center in Shanghai, attended by over thirty representatives from banks, wealth management companies, and insurance firms [1] - Experts from Shanghai Pudong Development Bank, China Everbright Bank Wealth Management, and China CITIC Prudential Life shared insights on sustainable finance investment practices from their respective perspectives [1] - The China Bond Valuation Center reported on the construction of the "Five Major Articles" data system and innovations in service offerings, emphasizing the importance of data support for financial institutions in meeting statistical reporting requirements [1] Group 2 - Representatives expressed high expectations for future service optimization from the China Bond Valuation Center, highlighting the effectiveness of its data services [1] - The China Bond Valuation Center plans to continue its market-oriented and customer-centric approach, focusing on market research, product service optimization, and expanding data application innovations to support high-quality development of the real economy [1]

据21世纪经济报道此前报道，谈及当前大热的投资品种，贝莱德建信理财副总经理、首席投资官刘睿指 出，黄金依然具备长期配置价值，"从长期看，黄金配置逻辑依然坚实，去全球化趋势、美元走弱、全 球央行持续增持等因素提供了结构性支撑，这些驱动因素伴随全球环境的阶段性发展而产生，具有不可 逆性"。他同时提醒，短期需警惕交易拥挤带来的高波动。【低利率、高波动时代，黄金、股票、债券 怎么配？】 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） 责任编辑：王珂 记者丨张嘉钰 李域 编辑丨黎雨桐 记者丨张嘉钰 李域 编辑丨黎雨桐 2月10日开盘，贵金属全线下跌，现货黄金一度跌破5000美元，截至7：30，跌幅收窄日内下跌0.85%。 现货白银跌超2%，报81.6美元/盎司。 | 司际鲁全屋 | | | | | | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌 | 涨跌幅 | 年初至今 | | 伦敦金现 | 5015.627 | -43.183 | -0.85% | 16.15% | | 伦敦银现 | 81.628 | -1.745 | -2.09% | 14.04 ...