Core Insights - The core value of mixed financial products lies in their ability to dynamically adjust asset allocation between equities and bonds, allowing managers to better navigate market cycles and capture investment opportunities [1] - Since 2025, some well-performing mixed financial products have achieved annualized returns as high as 43.43%, demonstrating the advantages of flexible allocation strategies in a bull market [1] Product Overview - The product in focus, ICBC Wealth Management's Xin Zun Li Private Banking Mixed Fund, was established on October 9, 2020, and operates on a quarterly open basis with a risk level of R3, targeting private banking clients with a minimum investment of 500,000 yuan [2] - The product's initial fundraising size was 11.95 billion yuan, but as of the third quarter, it has shrunk to only 0.27 billion yuan, indicating significant client attrition [2] Performance Analysis - The product has underperformed relative to its benchmark, with annualized returns of 1.42% over the past three months, 1.88% over six months, -1.07% year-to-date, -0.34% over the past year, and only 0.18% since inception [3] - The product's net value has shown increased volatility since 2022, primarily due to fluctuations in the bond and equity markets [3] Asset Allocation - The product's equity allocation peaked at 28.73% in the second quarter of 2025, but has since decreased, reflecting a shift in investment strategy [7] - The product has increasingly relied on external investments, with a notable reduction in direct allocations to public funds [7] Market Conditions - The bond market has experienced rising yields, leading to a gradual decrease in the product's bond allocation [8] - The product's equity investments primarily consist of bank preferred stocks, which offer good credit quality and higher yields but are sensitive to liquidity and interest rate changes [8]