Overall Performance - As of September 4, the average seven-day annualized yield for RMB public cash management products was 1.447%, while for USD cash products it was 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 last six months [5] - 1,561 products (31.7%) had yields between 1.5% and 2%, while three products yielded below 1% [5] Highlighted Product Analysis - The top three products in terms of average seven-day annualized yield over the last six months are "启源现金5号1" and "启源货币2号(ESG主题)F" from 苏银理财, and "现金管理类理财产品83号 D" from 华夏理财, with yields of 2.897% and 2.809% respectively [6] - "启源货币2号(ESG主题)" focused on low-risk assets such as bank deposits and repos, while effectively maintaining static returns through strategic asset allocation [6] - 华夏理财's "现金管理类理财产品83号" utilized leverage strategies to enhance returns during a period of high bond yields and maintained liquidity through a mix of cash and high-quality bonds [6]

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 - As of August 21, the average seven-day annualized yield of RMB public cash management products from wealth management companies over the past six months is 1.466% [2] - Among 4,703 RMB public cash management products, only 61 products (1.3%) have a yield exceeding 2%, while 1,697 products (36.1%) fall within the 1.5% to 2% range; most products yield between 1% and 1.5% [2] - For the week of August 18 to August 24, the average seven-day annualized yields for RMB, USD, and AUD cash public wealth management products are 1.334%, 3.900%, and 2.84% respectively, with USD products showing a significant advantage [2] 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 "Postal Wealth·Change Treasure No. 19" from Zhongyou Wealth Management, with yields of 2.895% and 2.745% respectively [3] - The "Qiyuan Currency No. 2 (ESG Theme)" product has a reported scale of 6.829 billion yuan as of the end of Q2, focusing on ESG-compliant industries and high-quality assets [3] - The product's performance varies significantly among its share classes, with the J share yielding only 1.49% while the XN share reached 3.28% [3] - The asset allocation strategy for "Qiyuan Currency No. 2 (ESG Theme)" in Q2 primarily targets low-risk assets, utilizing moderate leverage and a tiered strategy to maintain static returns amid declining market interest rates [3]

Overall Performance - As of August 7, the average annualized yield over seven days for public cash management products issued by wealth management companies in RMB is 1.484% [7] - There are a total of 4,404 public cash management products, with only 59 products (1.3%) having an average annualized yield over seven days exceeding 2% in the past six months [7] - 1,810 products (41.1%) fall within the yield range of 1.5% to 2%, indicating that less than half of the cash management products have yields above 1.5% [7] - Notably, three products have an average annualized yield over seven days below 1% [7] Highlighted Product Analysis - The top two products, "Qiyuan Cash 5" by Su Yin Wealth Management and "Postal Wealth · Change Treasure 19" by China Post Wealth Management, have average annualized yields over seven days exceeding 2.6% in the past six months [8] - "Qiyuan Cash 5" was established on November 25, 2024, and is distributed through channels including Bank of Communications, Ping An Bank, Su Yin Direct Sales, and Industrial Bank Retail [8] - The asset allocation strategy for "Qiyuan Cash 5" focuses on low-risk assets such as bank deposits, repos, interbank certificates of deposit, and securities company bonds, effectively maintaining static returns despite a rapid decline in market interest rates [8]

Overall Performance - As of July 24, the average net value growth rate for public pure fixed-income wealth management products with an investment cycle of 2-3 years was 3.37%, with an average maximum drawdown of 0.22%. This represents a decrease of 0.07 percentage points compared to June 12 [8] - 72.3% of the pure fixed-income products achieved positive quarterly returns over the past year, with 55 products (counting each share separately) having a net value growth rate of 4%, accounting for 5.9%. Among these, Hangyin Wealth Management dominated with 27 products [8] Highlighted Product Analysis - The "Multi-color Xiangxin Dividend Three-Year Closed 31" product from Xinyin Wealth Management primarily invests in domestic bonds, non-standard assets, and overseas Chinese dollar bonds, with a fixed-income asset investment ratio of no less than 95%. The A share achieved a yield of 4.44% for the entire year of 2024, with a net asset value of 50.7692 million yuan as of mid-2025 [9] Cash Management Products - The average annualized yield for public cash management products over the past six months was 1.510%. Only 40 public cash products had an annualized yield exceeding 2%, accounting for just 0.89% [15] - The top-performing cash management product, "Qiyuan Cash No. 5 J," achieved an average annualized yield of 2.893% [15] "Fixed Income + Options" Products - The average net value growth rate for public "fixed income + options" wealth management products over the past six months was 0.8%, equivalent to an annualized yield of only 1.6%. Notably, 34 products experienced negative net value growth, although the declines were minimal, with the highest being -0.42% [20] - The top three products in this category were "Xinxing Index Enhanced No. 1 One-Year Open" from Ping An Wealth Management (2.96%), "Zhaoyin Global Asset Momentum Two-Year Open No. 10 A" (2.85%), and "Zhaoyin Global Asset Momentum Fourteen-Month Open No. 8 A" (2.21%) [21]

Core Insights - The report focuses on the performance of pure fixed income, "fixed income + options," and cash management financial products [1] - The analysis covers the average net value growth rates and highlights top-performing products in each category [5][8][11] Group 1: Product Performance - As of June 19, the average net value growth rate for pure fixed income products with a maturity of three months or less was 1.07%, outperforming cash management products [5] - Among pure fixed income products, 88.55% recorded positive returns each month over the past six months [5] - The top-performing product was Hangyin Wealth's "Happiness 99 Gain Fixed Income (Short Debt) Daily Open Type" with a net value growth rate of 2.89% [5] Group 2: Highlights of Fixed Income + Options Products - The average net value growth rate for "fixed income + options" products was 0.21%, with a maximum drawdown of 1.37% [8] - The leading products in this category were "Zhaoyin Global Asset Momentum Two-Year Fixed Open 8A" and "Zhaoyin Global Asset Momentum Fourteen-Month Fixed Open 8A," with growth rates of 1.91% and 1.55%, respectively [8] Group 3: Cash Management Products - The average annualized yield for RMB cash management products over the past six months was 1.562%, while for USD cash management products, it was 4.028% [11] - The top cash management products included "Qiyuan Cash 5 No. J" and "Qiyuan Currency 2 (ESG Theme) G," with yields of 2.925% and 2.626%, respectively [11]