Core Insights - The article discusses the release of a "Long-term Profit List" by the Nanfang Financial Management Group, aimed at identifying investment products with sustainable long-term returns, excluding those that only achieve short-term gains [1] Group 1: Product Performance - The list includes pure fixed-income products with a minimum establishment period of one year and an investment cycle of three months or less, evaluated based on a weighted annualized return [1][5] - The top product, "Fuzhu Pure Bond 14-Day Holding Period 17A" from Minsheng Financial, has a weighted annualized return of 6.50% and an establishment annualized return of 6.07% [3][5] - Other notable products include "Fuzhu Pure Bond 91-Day Holding Period 9A" with a weighted annualized return of 5.50% and "Anmingjia Fixed Income 21-Day Holding Period" with a return of 5.18% [3][4] Group 2: Investment Strategy and Asset Allocation - The top product plans to invest at least 80% of its assets in fixed-income securities, with a maximum of 5% in fixed-income derivatives [5] - As of the end of Q3 2025, the underlying assets of the top product include 56.05% in bonds and 20.35% in asset-backed securities, with cash assets making up 22.55% [6] - The second-ranked product also follows a similar strategy, focusing on medium to low duration and leverage in its asset allocation [6] Group 3: Market Outlook - The management team anticipates continued volatility in the bond market and suggests focusing on trading opportunities while maintaining a cautious credit allocation [7]

Overall Performance - As of October 30, 2025, there are 3,905 public pure fixed-income products with a duration of 3 months or less from various wealth management companies, with 2,970 having complete net value disclosures. The average net value growth rate over the past six months is 0.87%, and the average maximum drawdown is 0.05%. A total of 2,211 products, accounting for 74.4%, achieved positive monthly returns, while 16 products reported negative returns [5][6]. - The current ranking includes five wealth management companies, with Xinyin Wealth Management and Minsheng Wealth Management each having three products listed, while Jianxin Wealth Management, Nanyin Wealth Management, Xingyin Wealth Management, and Zhongyou Wealth Management each have one product listed. Notably, several products in this ranking have demonstrated excellent drawdown control and stable return growth, with five products showing a maximum drawdown of 0% [5][6]. Highlighted Product Analysis - The Minsheng Wealth Management's "Fuzhu Pure Bond 60-Day Holding Period Product S" and "Fuzhu Pure Bond 91-Day Holding Period Product A" secured the top two spots in the ranking, with net value growth rates of 2.46% and 2.12%, respectively, both achieving a maximum drawdown of 0% during the six-month period [6]. - The asset allocation for these two products primarily consists of bonds and asset-backed securities, supplemented by bank deposits and other assets. Notably, the "Fuzhu Pure Bond 91-Day Holding Period Product A" also includes a small allocation to bond and money market funds, as well as interbank lending and repurchase agreements, with respective proportions of 1.66% and 0.59% [6]. - The Nanyin Wealth Management's "Dingrui Yuewen Tian Tian Ying Open-Ended Public RMB Wealth Management Product B" ranks fourth, with a net value growth rate of 2.05% and a maximum drawdown of 0%. According to the third-quarter report, the asset allocation for this product is mainly in bank deposits, trust plans, and asset management products, with trust plan investments exceeding 26% of the top ten holdings [6].