Core Viewpoint - The report highlights the performance and trends in the banking wealth management industry for May 2025, indicating a significant decline in the net loss rate of wealth management products and a shift towards longer-term products in issuance. Group 1: Net Loss Situation - The net loss rate of wealth management products reached a new low of 0.71% by the end of May, down 0.25 percentage points from the previous month [4][8] - The net loss rates for fixed income, mixed, and equity wealth management products all decreased, with fixed income products dropping to 0.25% and mixed products to 7.07% [9] - Most wealth management companies reported a decrease or maintained a net loss rate of zero for their public fixed income products [9] Group 2: New Issuance Situation - In May 2025, 32 wealth management companies issued a total of 1,806 products, a decrease of over 15% from April, likely due to the "May Day" holiday [10] - The proportion of products with a term of over one year increased by 1.24 percentage points, indicating a trend towards longer-term products [12] - The average pricing for products with a term of less than one month fell to 2.14%, with expectations of approaching the 1% era [15] Group 3: Expiry Situation - A total of 836 closed-end RMB wealth management products expired in May, a decrease of 17.64% from the previous month [5][21] - The overall performance benchmark compliance rate for expired products was 84.32%, with fixed income products achieving a compliance rate of 51.58% [24][28] - The average annualized yield for fixed income products at expiry was 2.89%, with 1-2 year products yielding the highest at 3.32% [25][26] Group 4: Ongoing Situation - As of the end of May, there were 27,163 ongoing wealth management products, with fixed income products making up 92.41% of the total [34] - The proportion of open-ended products increased to 54.04%, while closed-end products decreased correspondingly [34] - The performance of equity products was the best among all types in the first five months of the year, with an average net value growth rate of 2.88% [38] Group 5: Performance by Company - The highest average net value growth rate for fixed income products in the first five months was achieved by Huayin Wealth Management at 1.21% [44] - For mixed products, Ningyin Wealth Management led with an average growth rate of 2.54% [46] - The report indicates that the performance of wealth management products varies significantly among different companies, reflecting their management capabilities and client expectation management [28]

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].

各期限人民币固定收益类理财破净率维持低位。其中，1~2年期限和3年以上期限产品破净率相近，分 别为1%和0.99%，1~3个月期限产品破净率为0.27%。1个月以内投资周期产品破净率为0.44%。 【新发情况】 南财理财通数据显示，32家理财公司上周（5月19日—5月23日）合计发行了505只理财产品（同一产品 登记编码下不同份额合并计算），股份行理财公司发行产品数量位居前列，华夏理财发行了46只产品， 民生理财、浦银理财和兴银理财分别发行了34只产品。 从新发产品特点看，理财公司上周新发产品仍以R2（中低风险）、封闭式净值型、固收类公募型产品 为主，混合类产品发行数量为15只，占比2.9%，权益类新发产品有1只。 值得注意的是，上周华夏理财天工指数产品迎来扩容，两款天工指数新品"天工日开理财产品11号(中诚 信可转债双低策略指数)"和"天工日开理财产品20号(中诚信股东回报优选指数)"正式成立。 编者按：《机警理财日报》作为南财集团、21世纪经济报道、南财理财通的金牌理财专栏，目前细分了 现金、纯固收、固收+期权、固收+权益、混合、权益、衍生品七大类，已实现对银行理财市场的每日 追踪。为了进一步反映银行理财 ...