Market Review - The bond market experienced fluctuations with a tight liquidity environment, as evidenced by the DR007 weighted average rate of 1.5556% and a 10-year government bond yield of 1.8% [1] - A-share market showed divergence, with the Sci-Tech Innovation 50 Index and the ChiNext Index increasing by 6.47% and 1.96% respectively, while the Shanghai Composite Index and the CSI 300 Index rose by 0.21% and 1.07% respectively [1] Break-even Situation - The break-even rate for wealth management products has increased, with 26,298 public wealth management products in existence as of September 28, 2025, and 367 of them having a cumulative net value below 1, resulting in a comprehensive break-even rate of 1.4% [2] - The break-even rates for equity and mixed wealth management products are 20.41% and 2.82% respectively, while fixed income public wealth management products have a break-even rate of 1.29% [2] - Fixed income products with 2-3 year and 6-12 month terms have slightly higher break-even rates of 2.58% and 2.29% respectively [2] New Issuance Situation - A total of 536 wealth management products were issued by 32 wealth management companies from September 22 to September 26, 2025, marking a 14.78% increase from the previous week [3] - Joint-stock bank wealth management companies led in product issuance, with浦银理财 issuing 42 products, 华夏理财 41 products, and 兴银理财 35 products [3] Product Characteristics - New products primarily consist of R2 (medium-low risk), closed-end net value type, and fixed income public products, with only 8 mixed products issued and no new equity or commodity and financial derivative products [5] - Pricing varied across different term products, with those under 1 month declining by 14 basis points to 1.95%, and 3-6 month and 6-12 month products also seeing declines [5] - Products with terms over 3 years have a pricing of 2.35% [5] Product Strategy - 信银理财 launched two series of products focused on "charity + finance," exploring a path that combines social responsibility with economic benefits [7] - The "安盈象固收稳利共富共创慈善一年封闭式3号" product has a performance benchmark of 2.35%-3.15%, with 80% of returns exceeding the benchmark donated to the 浙江省慈善联合总会 [7] - The "安盈象固收稳利温暖童行一年封闭式33号" product has different share classes with benchmarks of 2.30% and 2.35%, also donating 80% of excess returns, with 10% of donations allocated for management fees [7] Yield Situation - Due to poor bond market performance, fixed income product yields have decreased, with an average net value growth rate of 0.0125% for fixed income products [8] - Mixed and equity products saw average net value growth rates of 0.0515% and 0.7661% respectively, while products with terms over 3 years had the lowest weekly yield at -0.0425% [8] Industry Hotspots - There is a shift in bank wealth management's preference towards equity investments, with an increase in job postings for roles related to equity investment and multi-asset investment [15] - The direct equity allocation scale for wealth management reached a five-year low by mid-2025, while the scale of fund allocations reached a five-year high, indicating a need to consider indirect equity allocations [16] - The issuance of mixed and fixed income products with equity components has significantly increased since August, with expectations of over 100 billion yuan in wealth management funds allocated to equities in the second half of 2025 and throughout 2026 [16]

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行业发展现状，南财理财通课题组增设机警理财周报专题，力求及时准确 研判理财行业趋势、洞悉理财产品表现，以期为银行理财行业转型发展带来参考价值。 【市场回顾】 上周债市震荡，资金面均衡偏紧。9月28日DR007加权均价为1.5556%，10年期国债收益率收至1.8%。A股板块分化，科创50指数、创业板指数周涨幅分别为 6.47%和1.96%，上证指数、沪深300指数周涨幅分别为0.21%、1.07%，电力设备、有色金属、电子板块周涨幅居前。 【破净情况】 理财破净率走高。南财理财通数据显示，截至2025年9月28日，理财公司共有26,298只存续公募理财产品，其中367只累计净值低于1，银行理财综合破净率 为1.4%。权益类、混合类理财破净率分别为20.41%和2.82%，固定收益类公募理财破净率为1.29%。 各期限人民币固定收益类理财产品破净率维持在较低水平。其中，2—3年期限和6—12 ...