数据说明： 产品统计范围为理财公司权益类理财公募产品，统计截止日期为2025年11月20日，统计区间为近3个 月。 近3个月（8月21日-11月20日，下同）A股震荡走强，其中创业板指涨16.67%，深证成指、上证指数分 别涨8.84%、4.38%。近期看来，10月底上证指数在多次突破4000点后震荡下挫。 近期板块轮动加快。以申万行业指数为例，近3个月煤炭（申万一级）涨超9%，居31个申万一级行业指 数涨幅第六。但从近1个月看，该指数跌超2%，跌幅第三。再如，近3个月贵金属（申万二级）近3个月 涨超25%，居31个行业指数涨幅第七。但从近1个月看，该指数跌超4%，跌幅居前。 权益类理财产品上，南财理财通数据显示，截至11月20日，近3个月，理财公司权益类公募理财产品净 值增长率均值为7.26%，48只样本产品均上涨，其中中银理财"慧富权益类红利策略180天持有期A"、华 夏理财"天工日开理财产品2号(数字基础设施指数)"、光大理财"阳光红基础设施公募REITs优选1号"近3 个月净值增长率不到1%，产品收益率垫底。 本期榜单共有5家理财公司上榜。其中，光大理财、华夏理财各上榜3只，信银理财上榜2只，招银理 ...

Product Performance - The average net value growth rate of equity public funds in the past six months is 11.76%, with all products achieving positive returns [3] - Among the products, Huaxia's five industry index theme products ranked in the top ten, with the "Micro-Plate Growth Style" product achieving the highest growth rate of 28.84%, followed by Xinyin's "Baibao Elephant Stock Selection Weekly Open 1" at 25.48% [3] - The lowest performing products include ICBC's "Quantitative Wealth Management - Hengsheng Allocation" at 1.39%, Huaxia's "Tiangong Daily Open Wealth Management Product No. 2" at 2.71%, and Bank of China’s "Huifu Equity Dividend Strategy 180-Day Holding Period A" at 3.47% [3] Product Dynamics - Recently, the equity public fund market has seen expansion, with Minsheng Wealth Management's "Jinzhu Quantitative Enhanced Half-Year Holding Period No. 1" starting fundraising on August 19 and Huaxia's "Tiangong Daily Open No. 12" on August 22, both ending on August 25 [4] - Minsheng's product utilizes a quantitative strategy based on the CSI 500 index, aiming to exceed benchmark returns while controlling tracking errors [4] - The outlook for the market remains optimistic, with expectations of sustained positive beta contributions and active market trading under supportive policies [4] REITs Market Overview - Huaxia's new product "Tiangong Daily Open No. 12" tracks the "Zhongcheng-Huaxia Wealth Management Public REITs Selected Index," which selects at least 20 REITs based on various criteria [5] - The index primarily includes REITs in park infrastructure (33.98%), affordable rental housing (14.76%), and energy infrastructure (11.90%) [5] - Since the beginning of 2025, 14 public REITs have been issued, totaling over 25 billion, with 23 additional funds awaiting listing [5] Market Trends - The public REITs market has shown volatility this year, with a notable decline since August, where the CSI REITs total return index has increased by 9.9% year-to-date but has dropped by 3.95% since August [6] - Despite the short-term market pullback, public REITs are considered to have certain allocation value due to their high dividends and moderate risk [6] - Currently, only seven public REITs theme products have been issued by wealth management companies, indicating a relatively low number and scale in this segment [6]

Core Insights - The report focuses on the performance of mixed and equity financial products, highlighting their returns and risk metrics over the past year [1][2]. Group 1: Mixed Financial Products - The top ten mixed public products are concentrated among four financial companies: Hangyin Wealth Management, ICBC Wealth Management, Everbright Wealth Management, and Suwei Wealth Management [7]. - Everbright Wealth Management's "Sunshine Orange Quantitative Multi-Strategy No. 1" ranks first with a net value growth rate of 8.27% and a maximum drawdown of 2.96% [7]. - The second and third positions are held by Hangyin Wealth Management's two "Excellent Mixed" series products, which have similar return levels [7]. - The top product primarily invests in individual stocks, bonds, and ETF funds, with over 90% of assets managed through private equity plans [7]. - The product has experienced a net value increase of 4.48% in 2024, following a recovery in the A-share market after the 924 policy [7]. Group 2: Equity Financial Products - Huaxia Wealth Management and Everbright Wealth Management dominate the equity product rankings, with Huaxia's "Tiangong Index Products" taking seven of the top ten spots [14]. - The leading product in this category has surged nearly 50% over the past year, although it also faced a maximum drawdown exceeding 20% [14]. - Everbright's "Sunshine Red ESG Industry Selection" has also performed well, with a growth of over 25% in the same period [14]. - The recent expansion of equity public products has led to a total of 37 existing products, with additional products from Huaxia Wealth Management pending sale [15].