Core Insights - The report highlights the performance of cash management public funds as of the end of Q3 2025, indicating a total of 6,459 existing cash management products, predominantly in RMB [6][5] - The average annualized yield for RMB cash products remains low at 1.358%, with only 38 products exceeding a yield of 2% [6][5] - In contrast, USD cash products show a more favorable average annualized yield of 3.883% [6] Group 1: Overall Performance of Cash Management Products - As of September 30, 2025, there are 6,459 cash management products, with 6,425 in RMB and 33 in USD [6] - The average annualized yield for RMB cash products is 1.358%, with only 38 products yielding over 2% and 31 products below 1% [6] - The top-performing products include "启源现金4号N" and "启源货币3号G" from 苏银理财, with yields of 2.89% and 2.78% respectively [6] Group 2: Product Analysis - "京华远见春系列易淘金3号" from 北银理财 has a yield of 2.092%, utilizing credit investment and duration strategies [7] - "徽安现金管理类理财产品47号-A" from 徽银理财, established in March 2025, has a yield of 1.873% with a significant allocation to interbank certificates [7] - The bond market is under pressure due to various factors, but there are expectations for further recovery in the bond market [7]

Overall Performance - As of June 5, the average yield of public cash management products in RMB over the past six months is 1.58%, showing a slight decline compared to May 22 [10] - The average annualized yield of public cash management products in USD over the same period is 4.06% [10] - For pure fixed-income products with a 1-2 year investment cycle, the average yield is 3.08%, down by 0.07 percentage points from April 29 [5] Highlighted Product Analysis - The top-performing pure fixed-income product over the past year is "Nan Yin Wealth Zhulian Bihhe Xinyi Stable Two-Year 36th Closed Public RMB Financial Product C," with a net value growth rate of 4.79% [6] - The second highest is "Huaxia Wealth Fixed Income Debt Type Closed Financial Product 151th A," yielding 4.5% [6] - The third is "Happiness 99 Gain Fixed Income (Smart Enjoy Pure Debt) 540-Day Holding Period Financial Product," with a yield of 4.13% [6][7] Cash Management Products - The top three cash management products with the highest average annualized yield over the past six months are "Suyin Wealth Qiyuan Cash No. 5 J" at 2.91%, "Suyin Wealth Qiyuan Currency No. 2 (ESG Theme) G" at 2.63%, and "Bohai Wealth Silver Storage Series Add Gold Cash Management Financial Product No. 3 G" at 2.33% [11] "Fixed Income + Options" Products - The average net value growth rate for public "fixed income + options" products over the past six months is 0.6%, showing a slight decline compared to May 8 [14] - The top three products in this category are from Zhaoyin Wealth, with "Zhaoyin Global Asset Momentum Two-Year Fixed Income Plan A" leading the list [15]