Core Insights - The article discusses the performance of public "fixed income + equity" products issued by wealth management companies, focusing on those with an investment period of over three years and positive returns for each complete natural quarter in the past year, as of September 4, 2025 [1][4]. Group 1: Overall Performance - As of September 4, 2025, there are a total of 90 public "fixed income + equity" products with a duration of over three years, of which 39 products achieved positive quarterly returns over the past year, accounting for slightly over 40% [4]. - Among the products with consistent positive returns, 10 standout products include five pension wealth management products from Industrial Bank Wealth Management, Agricultural Bank Wealth Management, Xingyin Wealth Management, China Post Wealth Management, and China Merchants Bank Wealth Management [4]. Group 2: Highlighted Product Analysis - The pension wealth management products from Industrial Bank and Agricultural Bank have seen net value growth rates exceeding 7% over the past year, while China Post and China Merchants Bank's pension products exhibit lower maximum drawdowns and annualized volatility, with China Post's product having the highest Calmar ratio [5]. - The asset allocation of the top two ranked pension products primarily derives returns from high-yield non-standard assets, with Industrial Bank's product having 35.09% of its holdings in non-standard assets as of June 2025 [5]. - Agricultural Bank's pension product also has a similar asset composition, with 35.92% of its holdings in non-standard assets, primarily structured as trust loans or accounts receivable [5]. Group 3: Asset Scale and Performance Metrics - As of June 2025, the asset scale of Industrial Bank's pension product is 1.883 billion yuan, while Agricultural Bank's product has a higher asset scale of 8.296 billion yuan [6]. - Since the implementation of the pilot program for pension wealth management products in September 2021, there are currently 51 pension wealth management products in existence among 10 wealth management companies [6]. - The average annualized returns for pension wealth management products over the past year, two years, three years, and year-to-date are 5.71%, 4.06%, 3.66%, and 4.34%, respectively, with a performance benchmark lower limit of 5.52% and a central benchmark of 6.61% [6].

（原标题：独家！14家理财公司8月规模增超2800亿元！现金理财规模占比创年内新低） 人民财讯9月11日电，继7月承接部分"搬家"的存款实现规模增长后，8月份规模排名前列的银行理财公 司继续实现规模净流入。 据记者独家从业内可信渠道汇总的数据，规模排名前14位的理财公司，有12家在8月实现了存续余额净 增长，管理规模合计增长约2857亿元至25.02万亿元。增量变化来看，上述公司8月管理规模的增量（约 2857亿），环比7月增量（约1.8万亿）缩窄程度明显。 值得一提的是，14家理财公司现金类理财产品的余额共计约5.95万亿元，较年初减少超2965亿元，在其 合计管理规模（25.02万亿）的占比约23.78%。这一规模占比较一月末的27%减少超3个百分点，创出年 内新低。 ...

数据说明： 产品统计范围为理财公司发行的投资周期在3月以内（含）的公募纯固收产品，且近1年每个完整的自然月月末均为正收益。产品统计截止日期为2025年9月4 日，统计区间为近6月。 | | | | 里财公司月月正收益纯固收公 | | | | --- | --- | --- | --- | --- | --- | | | | 嘉产品近6月业绩榜单 | | | | | | | (投资周期3月以内) | | | | | | | | 净值增长 | | 年化波动 | | 10 क्वा | 产品名称 | 管理人 | 院 | 最大回撤 | 院 | | | 固定收益纯债最短持 有7天1号A | 华夏理财 | 4.25% | 0.11% | 1.06% | | | 茂竹纯债3个月持有期 1号A | 民生理财 | 3.26% | 0.13% | 1.85% | | | 富竹纯债91天持有期 27号A | 民生理财 | 3.13% | 0.00% | 0.54% | | 4 | 富竹纯债14天持有期 17号A | 属生理财 | 3.12% | 0.13% | 0.48% | | 5 | 富竹纯债28天持有期 21号A | 民生理 ...

（原标题：短周期纯固收产品近6月平均年化仅2%，7天持有期产品收益领跑） 数据说明： 产品统计范围为理财公司发行的投资周期在3月以内（含）的公募纯固收产品，且近1年每个完整的自然 月月末均为正收益。产品统计截止日期为2025年9月4日，统计区间为近6月。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 本期榜单中，华夏理财、民生理财和平安理财3家理财公司上榜，其中民生理财包揽7只产品，华夏理 财、平安理财分别上榜2只产品、1只产品。 一、整体表现 华夏理财"固定收益纯债最短持有7天1号A"近6月净值增长率4.25%位列第一。自7月21日以来，该产品 净值涨幅较高，截至9月4日近1周净值涨幅0.06%折合年化3%），近1月净值增长率0.67%（折合年化高 达7.84%）。 民生理财上榜产品主要是茂竹纯债、富竹纯债、富竹优债系列的持有期产品，其中"茂竹纯债3个月持有 期1号A""富竹纯债91天持有期27号A"两只持有期3个月的产品位列榜单第二、第三。 南财理财通数据显示，截至2025年9月4日，理财公司合计存续5211只（未合并产品份额）3月以内 （含）期限的公募纯固收产品 ...

Overall Performance - The average seven-day annualized yield of RMB public cash management products is 1.447% as of September 4, 2025, while USD cash products have an average yield of 3.942% [5] - There are a total of 4,922 RMB public cash management products, with only 55 products (1.1%) yielding over 2% in the past six months [5] - 1,561 products (31.7%) fall within the yield range of 1.5% to 2%, while three products yield below 1% [5] Highlighted Product Analysis - The top three products in terms of average seven-day annualized yield over the past six months are "Qiyuan Cash No. 5 J" and "Qiyuan Currency No. 2 (ESG Theme) F" from Su Yin Wealth Management, and "Cash Management Product No. 83 D" from Huaxia Wealth Management, with yields of 2.897% and 2.809% respectively [6] - "Qiyuan Currency No. 2 (ESG Theme)" focuses on low-risk assets such as bank deposits and repos, utilizing moderate leverage and a tiered strategy to maintain static returns amid declining market interest rates [6] - Huaxia Wealth Management's "Cash Management Product No. 83 D" capitalizes on high bond yields and employs leverage strategies while maintaining liquidity through cash and easily convertible assets [6]

Overall Performance - The average net value growth rate of public "fixed income + options" wealth management products over the past six months is 1.17% [5] - A total of 145 "fixed income + options" wealth management products are currently in existence, with only 6 products showing negative returns in the range of -0.13% to -0.05% [5] - The top three products by net value growth rate are "Zhaorui Global Asset Momentum Two-Year Open 10th A" at 3.59%, "Hengrui CSI 300 Index Linked 6-Month Regular Open" at 3.43%, and "Zhaorui Global Asset Momentum Fourteen-Month Open 2nd A" at 2.63% [5] Highlighted Product Analysis - The "Sunshine Qingrui Leap Enjoy 20th Period (10-Year U.S. Treasury Yield Automatic Trigger Strategy) D" product has a performance benchmark of 0.01% to 4.10% and employs an OBPI-based options combination insurance strategy [6] - This product is linked to the 10-year U.S. Treasury yield, with the initial price set on March 3, 2025, and a trigger price of the initial price minus 30 basis points [6] - The product has 10 observation days, and if the price on any observation day is less than or equal to the trigger price, it will terminate early; otherwise, the performance benchmark will be 0.01% to 0.15% [7] - As of September 5, 2025, the annualized yield of this product has remained above 3% across various time frames, with a one-month annualized yield of 3.29%, a three-month yield of 3.25%, and a yield since inception of 3.15% [7]

Core Insights - The overall performance of "fixed income + options" public wealth management products has improved due to the recent strength in major stock indices and asset class indices, with a notable increase in net value [5] - As of August 28, the average net value growth rate for these products over the past three months is 1.17%, with only 1.55% of products recording negative returns [5] - The leaderboard for performance in the past three months is dominated by products from Zhaoyin Wealth Management, followed by Xingyin Wealth Management and Jiaoyin Wealth Management [5] Overall Performance - The "fixed income + options" public wealth management products have seen a significant increase in net value, attributed to a "knockout wave" where many products matured early [5] - The average maximum drawdown for these products is 0.31%, indicating relatively low risk during this period [5] - Zhaoyin Wealth Management has four products in the top performance list, while Xingyin and Jiaoyin Wealth Management have two each, and Gongyin and Guangda Wealth Management have one each [5] Highlighted Product Analysis - The top product, "Hengrui CSI 300 Index Linked Fixed Income 6-Month Open," managed by Gongyin Wealth Management, combines bond assets with equity and derivative assets, holding bank ETFs and low-volatility dividend ETFs [6] - The second-ranked product, "Fengli Xindong Multi-Strategy Global Money Tide Closed-End 3rd Enhanced B," managed by Xingyin Wealth Management, has an annualized performance benchmark of 0.2% to 7%, investing in European call options linked to the Money Tide asset trend strategy index [6] - The Money Tide index saw an increase of approximately 4.1% from May 28, 2025, to August 28, 2025 [6]

Core Viewpoint - The company is transitioning towards an integrated sales and investment model, aiming to enhance operational efficiency and market competitiveness while preparing for the next five-year plan [1][2]. Group 1: Company Growth and Strategy - The company achieved a significant milestone by surpassing 1 trillion yuan in asset management, marking the end of its first five-year phase and the beginning of a new strategic journey [1]. - The company emphasizes a market-oriented development approach, with 60% of its sales coming from external channels, the highest in the market [1][2]. - The "investment-sales integration" reform has improved the efficiency of the entire process from channel demand to customer service [1][2]. Group 2: Market Environment and Challenges - The company recognizes the accelerating development of the asset management industry and the shift of funds from bank deposits to wealth management products due to declining deposit rates [3][4]. - The company faces challenges in maintaining product stability and differentiating its offerings in a market where product styles are becoming increasingly homogeneous [3][4]. Group 3: Investment Strategy and Product Development - The company is focusing on enhancing its investment capabilities, particularly in equity investments, by recruiting talent and adjusting internal mechanisms to support this shift [6][9]. - The company aims to increase the supply of medium to long-term products and innovate product functionalities to enhance customer engagement and retention [5][6]. - The company is also working on building a systematic equity investment research framework to improve its investment decision-making process [6][9]. Group 4: Future Outlook and Innovations - The company plans to invest more resources in technology finance, aiming to create a robust capability system around core industries and improve its project selection process [9]. - The company is shifting from a passive response to a proactive approach in the asset management industry, focusing on product design and customer service [4][5].

Core Viewpoint - 华夏理财 has achieved a significant milestone by surpassing 1 trillion yuan in asset management, marking both a culmination of its first five years and the beginning of a new phase of growth [1] Group 1: Growth Strategy - The company emphasizes a market-oriented development approach, achieving a 60% share of external sales and direct sales, the highest in the market [1][2] - The "理财工厂" (Wealth Management Factory) model has been upgraded to a 2.0 version, focusing on customized production, standardized processes, and digital transformation [2] - The integration of sales and investment (投销一体化) enhances collaboration and responsiveness to market demands, improving overall efficiency [2][3] Group 2: Market Environment - The growth of 华夏理财 is supported by favorable industry trends, including a shift from bank deposits to wealth management products due to declining deposit rates [3] - The company acknowledges the challenges of maintaining stable product quality and differentiating itself in a competitive market where product styles are becoming increasingly similar [3][4] Group 3: Investment Strategy - The company is actively increasing its equity investment, leveraging index funds and enhancing its investment team to better navigate market conditions [5][6] - There is a focus on developing a systematic equity research framework to improve investment capabilities and meet client preferences [6][7] Group 4: Future Outlook - The company plans to invest more in technology finance, aiming to build a robust capability system around core industries and enhance its equity investment business [8][9] - By integrating external research resources and forming specialized teams, the company seeks to effectively convert social capital into technology capital, supporting its growth and contributing to national financial goals [9]

数据说明： 产品统计范围为理财公司发行的投资周期在2—3年（含）的纯固收公募产品，上榜产品满足近1年每个完整的自然季均实现正收 益。产品统计截止日期为2025年8月28日，统计区间为近1年。 榜单排名来自理财通AI全自动化实时排名，如您对数据有疑问，请在文末联系助理进一步核实。 | । ਦੁਰ | 产品名称 管理人 | | 净值增长 2 33 | 最大回撤 | 年化波动 হিন্দু | | --- | --- | --- | --- | --- | --- | | | 言们可以文是健三年于 闭2号A | 民生理财 | 5.12% | 0.02% | 0.59% | | | | 销售机构:杭州银行 | | | | | | 富竹固收优选25个月 到闭4号Q | 民生理财 | 4.96% | 0.06% | 0.91% | | | | | 销售机构:光大银行/北京银行/宁波银行等 | | | | | 幸福99丰裕固收2300 杭银理财 3期(稳定 保守)FVG | | 4.95% | 0.00% | 0.07% | | | 1 / ADSYLIANI C. LASOL / POL 23003D | | | | | ...