Market Performance - The A-share market showed strong overall performance in 2025, with major indices all closing higher. The ChiNext Index led with a 49.57% increase, followed by the Shenzhen Component Index at 29.87%, the Shanghai Composite Index at 18.41%, and the CSI 300 Index at 17.66% [2] - The STAR 200 Index surged by 59.31%, and the ChiNext 50 Index rose by 57.45% [2] - The Hong Kong stock market also performed well, with the Hang Seng Index rising by 27.77%, marking its largest annual increase since 2017. The Hang Seng Tech Index increased by 23.45%, and the Hang Seng China Enterprises Index rose by 22.27% [2] - In contrast, the bond market faced challenges, with the 10-year government bond yield rising above 1.9%, ending a two-year bull market [2] Mixed Public Fund Performance - As of December 31, 2025, there were 895 mixed public funds in existence, with an average net value growth rate of 4.52% for the year [3] - Over 70% of the products had a net value growth rate between 1% and 5%. Twelve products exceeded a 20% growth rate, while 38 products had growth rates between 10% and 20%. Two products experienced negative growth [3] - Ningyin Wealth Management and Huihua Wealth Management led in average returns, both exceeding 10% for the year [3] - The top ten performing products came from six different wealth management companies, with Ningyin Wealth Management having four products on the list [3] Product Analysis - The "Fuli Xingyi Intelligent Quantitative Index Growth 3-Month Minimum Holding Period No. 1 Mixed Wealth Management Product A" from Xingyin Wealth Management is classified as a medium-high risk product, with 43.06% in equity holdings and 53.21% in cash and bank deposits as of Q3 2025 [4] - The product is expected to focus on high-grade credit bonds and technology growth sectors in the equity market [4] - The "CITIC Wealth Management Zhi Rui Win Progress No. 1 Net Value Type RMB Wealth Management Product" from Xinyin Wealth Management is also a medium-high risk product, with 47.73% of its investments in public funds and 25.78% in equity investments as of Q3 2025 [4] - This product includes gold stock ETFs in its top ten assets, which may benefit from a strong performance in the gold sector [4]

Overall Performance - As of December 30, 2025, there are 216 mixed public financial products with a duration of 6-12 months, with an average net value growth rate of 4.56% over the past year and an average maximum drawdown of 1.44% [5] - 14 products achieved a net value growth rate exceeding 10%, while over 60% of the products had growth rates between 1% and 5%, and 2 products had growth rates below 1% [5] - Four financial companies are represented in the rankings, with Ningyin Wealth Management and Hangyin Wealth Management each having 4 products listed, while Everbright Wealth Management and Xinyin Wealth Management each have 1 product listed [5] Product Analysis - The top product, Ningyin Wealth Management's "Ningyin Mixed Carbon Neutral Open-End Financial Product No. 1," achieved a net value growth rate of 48.91%, significantly outperforming peers, but also had the highest maximum drawdown and annual volatility at 12.82% and 16.74%, respectively [6] - Everbright Wealth Management's "Sunshine Orange Quantitative Multi-Strategy No. 1" had a net value growth rate of 11.58%, with a performance benchmark of 2.5%-4.5%, and is the largest product by asset size at 1.374 billion [6] - The top ten holdings of the Everbright product include government bonds, gold ETFs, money market funds, and passive index equity funds [6] - Schroder Jiaoyin Wealth Management's "Deheng Mixed Balanced Allocation 1-Year Holding Period Private Banking Exclusive Financial Product" and Agricultural Bank Wealth Management's "Agricultural Bank Tongxin ESG Theme 5th Phase RMB Financial Product" underperformed with net value growth rates of 0.94% and 0.97%, respectively [7] - Both underperforming products primarily invested in bonds, cash, and bank deposits, with low allocations to equity investments [7]

Overall Performance - As of November 5, 2025, the average net value growth rate for mixed public financial products with a term of 6-12 months is 5.17%, with an average maximum drawdown of 1.35% [6] - Five financial companies are represented in the ranking, with Hangyin Wealth Management featuring four products and Ningyin Wealth Management three products, while Everbright Wealth Management, Xinyin Wealth Management, and Zhaoyin Wealth Management each have one product [6] - All listed products have achieved a net value growth rate exceeding 10% over the past year, with Ningyin Wealth Management taking the top two spots [6] Product Analysis - The top product, "Ningyin Mixed Carbon Neutral Open Financial Product No. 1 (minimum holding period of 1 year)," is a PR4 medium-high risk mixed financial product with an equity holding of 72.13% [7] - This product was established in September 2021 and has shown positive returns starting in 2024 after negative annualized returns in 2022 and 2023 [7] - The top ten holdings include stocks such as Ningde Times and Jinfeng Technology, with significant price increases of 107.44% and 58.73% respectively over the past year [7] - The second-ranked product, "Ningyin Dividend Selected Mixed Financial Product No. 1 (minimum holding period of 1 year)," is also a PR4 medium-high risk mixed financial product, achieving positive returns since its establishment in September 2021 [7] - This product has a slightly lower equity investment ratio of 63.1% compared to the top product, with cash holdings making up 18.79% of its portfolio [7]

Market Performance - In Q3 2025, the A-share market exhibited significant structural bull market characteristics, with technology growth and high-end manufacturing sectors leading the index upward [2] - The ChiNext Index rose over 50%, and the Sci-Tech Innovation Board increased by over 40%, while the Shanghai Composite Index and Shenzhen Component Index reached new quarterly highs since April 2019, with increases of 12.73% and 29.25% respectively [2] - Specific sectors such as new energy, artificial intelligence, semiconductors, and non-ferrous metals showed the highest gains [2] Mixed Public Fund Performance - In Q3 2025, the average net value growth rate of mixed public funds from wealth management companies was 2.15%, with only 4 products exceeding a 20% growth rate and 27 products achieving growth between 10% and 20% [3] - Among 1196 sample products, nearly 40% had returns below 1%, and 14 products reported negative returns [3] - Seven wealth management companies had products listed in the top rankings, with notable mentions including NINGYIN Wealth Management, HUIHUA Wealth Management, and XINGYIN Wealth Management [3] Product Analysis - The top product, "Ningyin Mixed Carbon Neutral Open-end Wealth Management Product No. 1," saw significant growth in Q3 2025, primarily due to the surge in the new energy and non-ferrous metals sectors [4] - The product's top ten holdings were predominantly stocks, with a stock investment ratio of 54.84%, featuring strong performers like CATL and Zijin Mining, which rose by 59.96% and 52.14% respectively [4] - The second-ranked product, "Huihua Flexible Allocation Open-end Mixed Wealth Management Product," had a diverse asset allocation, with 71% in equity assets and notable stock performances in the automotive and technology sectors [4] Future Outlook - HUIHUA Wealth Management maintains an optimistic view on the equity market, anticipating continued upward resonance of economic fundamentals and policy trends, focusing on technology innovation and growth opportunities [5]