Overall Performance - As of August 21, 2025, there are a total of 2,247 public "fixed income + equity" products with a duration of 1-2 years issued by wealth management companies, with 1,364 products achieving positive returns each quarter over the past year, representing 60% of the total [3] - Among the institutions, Huibin Wealth Management has 2 products with consistent quarterly positive returns, while Jiaoying Wealth Management and Xingyin Wealth Management have over 85% of their products achieving this, with rates of 88.03% and 87.17% respectively. In contrast, Qingyin Wealth Management, Gongyin Wealth Management, BlackRock Jianxin Wealth Management, and Huihua Wealth Management have lower proportions of quarterly positive return products, at 20.69%, 15.56%, 12.50%, and 7.69% respectively [3] Highlighted Product Analysis - Ten products have stood out for their net value growth rates over the past year, coming from six wealth management companies, including Guangda Wealth Management, Hangyin Wealth Management, Nanyin Wealth Management, Xingyin Wealth Management, Zhaoyin Wealth Management, and Xinyin Wealth Management. Hangyin Wealth Management has the most products on the list, with 4, while Guangda Wealth Management has 2, and the others have 1 each [4] - The top-performing product is Hangyin Wealth Management's "Happiness 99 Additive Fixed Income Multi-Asset 540-Day Holding Period," which achieved a net value growth rate of 9.72% over the past year, with a maximum drawdown of less than 1%. The second is Xinyin Wealth Management's "Xinyi 2041 Net Value Type RMB Wealth Management Product," with a net value growth rate of 8.50%. Additionally, four products have yields exceeding 8%, with Guangda Wealth Management's "Sunshine Gold 24M Increment 2" having the lowest maximum drawdown at 0.46% and the highest Calmar ratio [4] - The top-ranked Hangyin Wealth Management product is a level three (medium risk) open-ended net value type product with a minimum holding period of 540 days. Since its establishment at the end of 2022, the product's net value has steadily increased, with a total net value increase of 12.47% since inception and a year-to-date growth rate of 4.35%. The product's asset scale significantly increased in the first half of 2025, reaching 205 million yuan by the end of June, a growth of 128.82% compared to the end of 2024 [4] Asset Allocation - The product primarily allocates to diversified assets, including stocks, bonds, convertible bonds, gold, and US stocks. In the second quarter of 2025, the product reduced its bond asset allocation and increased its holdings in highly liquid money market assets and public funds for higher returns. By the end of the second quarter, the bond asset proportion was only 35.44%, down from over 75% at the end of the first quarter [5] - Cash and bank deposits, interbank certificates of deposit, interbank lending, and repurchase agreements accounted for 40.76% of the total by the end of the second quarter, an increase of 28.96 percentage points from the end of the first quarter. The proportion of public fund holdings also rose to 20.6% by the end of the second quarter [5] - In terms of the top ten holdings, the product reduced its investment in US stock QDII funds and increased its holdings in convertible bond funds and gold ETFs. The demand and capital inflow for gold ETFs were strong in both global and Chinese markets during the second quarter, while the convertible bond market outperformed major stock indices, contributing to the product's returns [5]