Core Insights - The article discusses the performance of public "fixed income + equity" products issued by wealth management companies, focusing on those with an investment period of over three years and positive returns for each complete natural quarter in the past year, as of September 4, 2025 [1][4]. Group 1: Overall Performance - As of September 4, 2025, there are a total of 90 public "fixed income + equity" products with a duration of over three years, of which 39 products achieved positive quarterly returns over the past year, accounting for slightly over 40% [4]. - Among the products with consistent positive returns, 10 standout products include five pension wealth management products from Industrial Bank Wealth Management, Agricultural Bank Wealth Management, Xingyin Wealth Management, China Post Wealth Management, and China Merchants Bank Wealth Management [4]. Group 2: Highlighted Product Analysis - The pension wealth management products from Industrial Bank and Agricultural Bank have seen net value growth rates exceeding 7% over the past year, while China Post and China Merchants Bank's pension products exhibit lower maximum drawdowns and annualized volatility, with China Post's product having the highest Calmar ratio [5]. - The asset allocation of the top two ranked pension products primarily derives returns from high-yield non-standard assets, with Industrial Bank's product having 35.09% of its holdings in non-standard assets as of June 2025 [5]. - Agricultural Bank's pension product also has a similar asset composition, with 35.92% of its holdings in non-standard assets, primarily structured as trust loans or accounts receivable [5]. Group 3: Asset Scale and Performance Metrics - As of June 2025, the asset scale of Industrial Bank's pension product is 1.883 billion yuan, while Agricultural Bank's product has a higher asset scale of 8.296 billion yuan [6]. - Since the implementation of the pilot program for pension wealth management products in September 2021, there are currently 51 pension wealth management products in existence among 10 wealth management companies [6]. - The average annualized returns for pension wealth management products over the past year, two years, three years, and year-to-date are 5.71%, 4.06%, 3.66%, and 4.34%, respectively, with a performance benchmark lower limit of 5.52% and a central benchmark of 6.61% [6].