Overall Performance - As of October 23, 2025, a total of 342 public mixed-asset products with a duration of less than 3 months are in existence, with notable products from companies such as Xinyin Wealth Management, Huihua Wealth Management, and others making it to the top ten rankings [5] - The top product, "Ruiying Jinqi 1st Phase," achieved a net value growth rate of 17.31% over the past three months, with a maximum drawdown of only 2.74%, indicating a strong performance [5] - Huihua Wealth Management's two products ranked second and third, with growth rates of 15.26% and 14.99%, respectively, although they exhibited relatively high annualized volatility [5] Highlighted Product Analysis - The top three products share a common strategy of increasing equity asset allocations in Q2 2025, capitalizing on market recovery and growth opportunities [6] - The market showed signs of stabilization and recovery in early 2025, leading to a significant rise in the technology growth sector, with the ChiNext Index experiencing a quarterly increase of 52.43% [6] - "Ruiying Jinqi 1st Phase" was established in July 2019 and later moved to Xinyin Wealth Management, with its equity asset allocation increasing from 7.67% at the end of Q1 2025 to 25.66% by the end of Q2 2025 [6] Top Holdings - By the end of Q3, the top holdings of "Ruiying Jinqi 1st Phase" included technology, dividend, blue-chip, and gold-related funds, with "Zhongou Data Economy C" seeing a nearly 80% increase [7] - The product's top three individual stock holdings were all in the electronics sector, with two stocks, Zhongji Xuchuang and Xinyi Sheng, experiencing nearly 200% growth in Q3 [7] - Huihua Wealth Management's products ranked second and third are more aggressive, with equity asset allocations exceeding 70% by the end of Q2 2025 [7] Market Outlook - Looking ahead to Q4 2025, market institutions maintain a relatively optimistic outlook while focusing on structural opportunities, particularly in undervalued blue-chip and dividend sectors, as well as high-growth technology lines [6][8] - The market's recent significant rise has led to decreased valuation attractiveness, suggesting that further increases will require additional support from policy or economic fundamentals [7][8]

Overall Performance - The equity market is active, with major stock indices generally rising. As of August 20, the year-to-date increases for the CSI 1000 and CSI 500 indices are 22.62% and 17.51%, respectively, while the Shanghai Composite Index and CSI 300 Index have increased by 12.37% and 8.55% this year [4]. Mixed Fund Performance - The short-term mixed public funds have shown strong performance, with an average net value growth rate of 1.66% and an average maximum drawdown of 0.26% over the past three months. All products in this category recorded positive returns [5]. - Notably, Ningyin Wealth Management, Xingyin Wealth Management, Minsheng Wealth Management, and Hangyin Wealth Management have performed well, with average net value growth rates exceeding 3% [5]. Highlighted Products - Xingyin Wealth Management's "Fuli Xingyi Zhi Xiang Quantitative Index Increase 3-Month Shortest Holding Period 1A" achieved a net value growth rate of 12.69% over the past three months, ranking first among products. This product is rated R4 (medium-high risk) and is benchmarked against a composite of the CSI 1000 and CSI 500 indices [6]. - The second-ranked product, "Xingrui Preferred Progress," primarily holds mixed public funds, with investments in military and Hong Kong stock themes. The top holdings of "Yangguang Orange Preferred Fund Treasure" from Everbright Wealth Management include major stocks like Tencent Holdings, SMIC, and WuXi AppTec [7].

Group 1 - The investment enthusiasm in the equity market has been reignited this year, with major indices showing significant gains, including the Hang Seng Index and the Hang Seng Tech Index, which rose by 23.5% and 22.05% respectively [1] - Mixed-asset financial products have seen a notable increase in returns due to the stock market rally, with several companies announcing cash dividends for their mixed-asset products [1] - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product announced a cash dividend of 0.03 yuan per unit, achieving a cumulative net value increase of 18.92% as of July 30 [1][4] Group 2 - Xingyin Wealth Management has adapted to the complex internal and external environment by innovating products and diversifying investment strategies, leading to initial success in its equity investment business [2] - The company has transitioned from a single strategy to a diversified strategy system, covering absolute and relative returns, self-management and co-management, direct stock investment and FOF investment, among others [2] - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product has a maximum drawdown of only 3.27% since its inception, indicating effective execution of its absolute return strategy [4][6] Group 3 - The "Fuli Xingcheng Alpha One Month Holding Period No. 2" product employs a low valuation value investment strategy, focusing on stocks with low price-to-book ratios and high return on equity [4] - The product manager's compensation is linked to investor interests, as no management fees are charged when the net value falls below 1, and there are no subscription or redemption fees [6] - The "Alpha 1" product, which also follows a low valuation stock selection strategy, achieved a cumulative net value increase of 22.2% as of July 30, 2025 [4][6]