Market Performance - In 2025, the overall trend of RMB interest rates showed a decline in deposit rates and market rates, with major banks lowering their fixed deposit rates to 0.95% for 1-year, 1.05% for 2-year, and 1.25% for 3-year deposits on May 20, 2025 [6] - The interbank market liquidity remained ample, with the central tendency of funding rates decreasing, where the DR007 (7-day repo rate) averaged around 1.50%-1.60%, significantly lower than policy rates [7] Cash Management Products Performance - As of December 31, 2025, there were 4,470 cash management products in existence, with 4,443 in RMB, 26 in USD, and 1 in AUD [8] - The average annualized yield for USD cash management products was 3.865%, but this was affected by three rate cuts by the Federal Reserve, reducing the target range from 4.50%-4.75% to 3.50%-3.75% [9] - The average annualized yield for RMB cash management products was 1.424%, with only 14 products exceeding 2%. Over 70% of products had yields between 1% and 1.5% [10] Product Analysis - The top three performing RMB cash management products were from Su Yin Wealth Management and Zhongyou Wealth Management, with annualized yields of 2.512%, 2.500%, and 2.230% respectively [10] - Su Yin Wealth Management's "Qiyuan Currency 2 (ESG Theme) G" had a net asset value exceeding 6.2 billion yuan by the end of Q3 2025, with significant yield differences among its share classes [12]

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]

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]