Core Insights - The report highlights the performance of "fixed income + equity" products issued by wealth management companies, focusing on those with investment cycles of three months or less, achieving positive returns for six consecutive months as of November 5, 2025 [1][5]. Overall Performance - As of November 5, 2025, there are a total of 7,996 "fixed income + equity" products with a duration of three months or less, with 55.08% (4,404 products) achieving positive monthly returns over the past six months [5]. - Su Yin Wealth Management and Bo Yin Wealth Management have the highest proportions of positive return products at 90.80% and 89.36%, respectively, while several other companies have ratios below 40% [5]. - Among the top-performing products, three from Xing Yin Wealth Management and two from Guangda Wealth Management and Minsheng Wealth Management made the list, with Ning Yin Wealth Management and Xing Yin Wealth Management products showing net value growth rates exceeding 5% [5]. Product Performance - The top product, Ning Yin Wealth Management's "Qin Ning Individual Stock Selection Fixed Income Product," has a net value growth rate of 6.50% and focuses on A and H shares with strong industry prospects [6]. - The product's asset allocation includes a high proportion of bond and money market funds, with a net value growth rate of 10.40% since its inception in May 2024 [6]. - Xing Yin Wealth Management's "Feng Li Xing Dong Multi-Strategy Technology Growth" product also shows strong performance with a net value growth rate of 10.03% and significant asset growth in the third quarter [7]. Market Trends - The strong performance of these products is attributed to the robust equity market in the third quarter of 2025, leading to increased investment in fixed income-enhanced products [6]. - The management anticipates continued uncertainty in economic growth, with a focus on maintaining a balanced asset allocation while seeking opportunities in the equity market [8].

Overall Performance - The average net value growth rate of RMB "fixed income + equity" public financial products with a maturity of less than 3 months over the past six months is 1.23%, with an average maximum drawdown of 0.05% [5] - 85.58% of the products recorded positive returns in each natural month over the past six months [5] - The top three products in terms of net value growth over the past six months are: 1. Xingyin Wealth Management's "Fengli Xindong Multi-Strategy Technology Growth" with a growth rate of 7.08% 2. Ningyin Wealth Management's "Qinning Individual Stock Selection Fixed Income Daily Open 1" with a growth rate of 5.27% 3. Minsheng Wealth Management's "Guizhu Fixed Income Incremental Seasonal Earnings 90-Day Holding Period 21" with a growth rate of 4.65% [5] Highlighted Product Analysis - Xingyin Wealth Management's "Fengli Xindong Multi-Strategy Technology Growth" was established in February this year, rated R3 (medium risk), with a performance benchmark of "China Bond - New Comprehensive Full Price (1-3 years) Index Yield × 85% + ChiNext Index Yield × 10% + Current Deposit Rate × 5%" [6] - The product is based on bond assets, supplemented by public funds and cash assets, with an equity investment ratio of 1.85% as of the end of the first half of the year [6] - Ningyin Wealth Management's "Qinning Individual Stock Selection Fixed Income Daily Open 1" is rated PR3 (medium risk) and has a relatively high proportion of public fund holdings, resulting in greater net value volatility, with a maximum drawdown of 2.47% over the past six months [6] - As of the end of the first half of the year, the product's public fund holding ratio is approximately 70%, with an equity investment ratio of 16.4% [6] - The product invests in local government bonds, urban investment bonds, policy financial bond ETFs, as well as convertible bonds and exchangeable bond ETFs, with a total asset net value of less than 20 million yuan as of the end of the first half of the year [6]