集团 21世纪经济报道 公司 "国收+期权" 品近6月业绩榜单 | ਹੈ। ਦੇ | 产品名称 | 管理人 | 净值增 长率 | 最大回撤 | 年化波动 ন্তুর | 卡玛 | | --- | --- | --- | --- | --- | --- | --- | | | 恒容沪深300 清水管边国际 收益类6个月 | 工银理财 5.15% | | 0.46% | 2.15% | 21.6875 | | | 定期开放 | | | | | | | | 招睿全球资产 动量两年定开 | 招银理财 | 4.90% | 1.04% | 2.50% | 9.3160 | | | 10号A款 | | | | | | | | 丰利兴动多策 略全球-钱潮 | 兴银理财 4.70% | | 0.35% | 2.40% | 26.2143 | | | 封闭式1号B | | | | | | | 4 | 丰利兴动多策 略全球配信封 | 兴银理财 | 4.67% | 0.42% | 2.38% | 21.6243 | | | 闭式5号B | | | | | | | | 独宣佛加娃劲 | | | | | | | 5 | GALEINNI ...

Overall Performance - As of October 30, there are 173 public "fixed income + options" wealth management products with an average net value growth rate of 3.11% and an average maximum drawdown of 0.39% over the past six months [5] - All products achieved positive returns in the last six months, with only two products having a net value growth rate below 1%, specifically Everbright Wealth's "Sunshine Qingrui Ying No. 8" and Huihua Wealth's "Trend Guide Closed Fixed Income Product No. 001," with growth rates of 0.99% and 0.21% respectively [5] - The top ten products include four from China Merchants Bank Wealth Management, two from Xingyin Wealth Management, two from Jiaoyin Wealth Management, and one each from Ping An Wealth Management and ICBC Wealth Management [5] Highlighted Product Analysis - The top product, China Merchants Bank Wealth Management's "Zhaorui Global Asset Momentum Two-Year Open No. 11 A," has a performance benchmark of 0.70% to 7.70% and a risk rating of PR2 [6] - The investment strategy focuses on fixed income assets and options linked to the China Merchants Bank Global Asset Momentum Index (MMA Index), utilizing European call spread options [6] - As of the end of Q3 2025, the product's total share is 41.892 million, with annualized returns exceeding the upper limit of the performance benchmark for the last three and six months, at 12.02% and 8.06% respectively [6][7] Investment Strategy - In Q3, the product's fixed income assets were primarily allocated to non-standardized assets held to maturity and some mismatched ABS assets and bonds, without using leverage [7] - The MMA Index recorded a positive absolute return of 4.13% in Q3 2025 and a year-to-date absolute return of 7.88% [7]

Overall Performance - As of October 23, there are 235 public "fixed income + options" wealth management products with an average net value growth rate of 1.67% and an average maximum drawdown of 0.32% over the past three months [3] - All products achieved positive returns in the last three months, with 13 products having a net value growth rate below 0.5%, the lowest being "Yunong Commercial Bank Wealth Management 'Yizun Jinxijiangyu Chuan Cheng' Closed 2025 No. 51703" at 0.12% [3] - The top ten products include five from China Merchants Bank Wealth Management, two from Xinyin Wealth Management, two from Jiaoyin Wealth Management, and one from ICBC Wealth Management [3] Highlighted Product Analysis - The leading product, "China Merchants Bank Wealth Management 'Zhaorui Focus Linked Stable Large Asset Index Closed (Exclusive) No. 1'", was established on January 10, 2025, with a risk rating of PR2 and is set to mature on January 8, 2026 [4] - As of mid-2025, the product had a net asset value of 122 million yuan and a leverage level of 102.1% [4] - The investment strategy allocates no less than 80% of funds to fixed income assets and no more than 5% to call options linked to the WARP2.WI index, with a focus on high-grade bonds and quality deposit assets [4] Performance of Linked Index - As of October 30, the WARP2.WI index linked to the product had an annualized return of 2.56% over the past month, slightly lower than the 2.77% return of the CSI 300 index during the same period [5] - The annualized returns for the WARP2.WI index were 5.23% and 7.14% over the past three and six months, respectively, both significantly lower than the CSI 300 index [5] - Over a five-year period, the WARP2.WI index achieved an annualized return of 6.42%, while the CSI 300 index recorded a -0.11% decline [5]

Core Insights - The article highlights the performance of public "fixed income + options" wealth management products as of Q3 2025, indicating a shift in asset allocation towards "stable appreciation + yield elasticity" due to a prolonged low-interest-rate environment [5][6] - Three products achieved a net value growth rate exceeding 3%, while four products surpassed a 2.5% yield, showcasing strong performance in the sector [5] Overall Performance - In Q3 2025, the demand for asset reallocation among residents accelerated towards stable appreciation and yield elasticity, with options tools becoming a significant upgrade direction for "fixed income +" strategies [5] - The top-performing product was the "Hengrui Hang Seng 300 Index Linked Fixed Income Class 6-Month Regular Open" from ICBC Wealth Management, with a net value growth rate of 3.69% [5] - Other notable products included "Fengli Xindong Multi-Strategy Global - Qianchao Closed-End No. 1 Enhanced Fixed Income Class A" and "Fengli Xindong Multi-Strategy Global Allocation Closed-End No. 7 Enhanced Fixed Income Class A" from Xingyin Wealth Management, with growth rates of 3.12% and 3.06% respectively [5] Product Details - The "Hengrui Hang Seng 300 Index Linked 6-Month Regular Open" product has a risk rating of PR3 and was established on March 2, 2020, with a performance benchmark of "3% (annualized) + 20% * the fluctuation of the Hang Seng 300 during the period" [6] - The product's total share as of mid-2025 was 135 million shares, with a focus on increasing equity asset allocation while maintaining a bond asset base [6] Noteworthy Trends - Several products linked to the Qianchao Index, such as "Fengli Xindong Multi-Strategy Global - Qianchao Closed-End No. 1 Enhanced Fixed Income Class A" and "Jiaoyin Wealth Management's Stable Enjoyment Plus Linked Qianchao Three-Year Closed-End No. 12 (Tailong Exclusive)," have been highlighted for their performance [7] - The Qianchao Index, developed by Tailong Bank, showed strong monthly returns of 3.30% and 2.46% in August and September 2025, respectively, contributing to the net value growth of these products [7]

Overall Performance - The average net value growth rate of public "fixed income + options" wealth management products over the past six months is 1.94%, with an average maximum drawdown of 0.81% [5] - Only 2 out of 119 products reported negative returns in the last six months [5] - The top three products in terms of net value growth rate are: 1. ICBC Wealth Management's "Hengrui Hang Seng 300 Index Linked Fixed Income Class 6-Month Regular Open" at 4.72% 2. Bank of Communications Wealth Management's "Stable Enjoyment Plus Linked to Major Index Three-Year Closed 3" at 4.18% 3. China Merchants Bank Wealth Management's "Zhaorui Global Asset Momentum Two-Year Regular Open 11 Fixed Income Class A" at 3.82% [5] Highlighted Product Analysis - The top product, ICBC Wealth Management's "Hengrui Hang Seng 300 Index Linked Fixed Income Class 6-Month Regular Open," is a medium-risk product primarily based on bond assets, supplemented by public funds and interbank certificates [6] - The second-ranked product, Bank of Communications Wealth Management's "Stable Enjoyment Plus Linked to Major Index Three-Year Closed 3," is a low-risk product mainly investing in interbank lending and bond repurchase agreements, with over 50% of its investments in perpetual bonds and secondary capital bonds [6] - The index linked to the second product has shown a one-year increase of approximately 7.37% as of October 15 [6]

Overall Performance - As of September 18, there are 163 existing "fixed income + options" public wealth management products, with an average net value growth rate of 1.93% over the past six months [4] - All products have shown positive performance, with no negative return products, although seven products had a net value growth rate below 1% [4] - In the ranking of public "fixed income + options" wealth management products, Zhaoyin Wealth Management has five products listed, while Xingyin Wealth Management and Jiaoyin Wealth Management each have two products, and Gongyin Wealth Management has one product [4] - The top three products in terms of net value growth rate over the past six months are: Gongyin Wealth Management's "Hengrui HuShen 300 Index Linked Fixed Income Class 6-Month Regular Open" at 4.35%, Zhaoyin Wealth Management's "Zhaorui Global Asset Momentum Two-Year Regular Open 10th A Class" at 3.77%, and "Zhaorui Focus Linked Stable Major Asset Index Closed (Exclusive) No. 1" at 3.06% [4] Highlighted Product Analysis - Several products linked to the Qianchao Index are featured, such as Xingyin Wealth Management's "Fengli Xindong Multi-Strategy Global - Qianchao Closed No. 4 Enhanced B", Jiaoyin Wealth Management's "Stable Enjoyment Plus Linked Qianchao Three-Year Closed No. 8 (Tailong Exclusive)", and Zhaoyin Wealth Management's "Zhaorui Qianchao Index Three-Year Closed (Tailong Exclusive) TL" [5] - The main structure of these products involves partial investment in options linked to the Qianchao Major Asset Trend Strategy Index (QCMAT3C.WI) [5] - The Qianchao Index, developed by Tailong Bank, utilizes risk parity and momentum strategies for global asset allocation [5] - The Qianchao Index showed a weak performance in the second quarter due to U.S. tariff policy impacts but has recently shown an upward trend, with an annualized growth rate of 6.27% over the past three months as of September 22 [5] New Product Observations - Recent trends indicate a weakening U.S. dollar credit and increasing geopolitical factors, leading to a growing demand among investors for gold as a hedge against financial market tail risks [6] - On September 23, Jianxin Wealth Management successfully launched its first structured wealth management product, "Private Banking Selected Fortune Star Gold Shark Fin Fixed Income Closed Product 2025 No. 1", which allocates most funds to low-risk fixed income assets for stable returns while investing a small portion in gold-linked options [6] - The "Gold Shark Fin" structured wealth management product is designed to link to gold, with its returns determined by the relationship between the underlying asset price and set barrier prices, resulting in varying return trends based on different price ranges [6]

Overall Performance - The average net value growth rate of public "fixed income + options" wealth management products over the past three months is 1.18%, with no products showing negative returns during this period [6] - As of September 11, there are a total of 155 "fixed income + options" wealth management products in existence, with notable performances from 工银理财, 兴银理财, and 交银理财 [6] - The top three products in terms of net value growth rate are 工银理财's "恒睿沪深300指数挂钩固定收益类6个月定期开放" at 3.34%, 兴银理财's "丰利兴动多策略全球配置封闭式6号" at 2.74%, and 交银理财's "稳享优加挂钩大类指数三年封闭式3号" at 2.68% [6] Highlighted Product Analysis - 兴银理财's "丰利兴动多策略全球配置封闭式6号增强型A" has a performance benchmark of an annualized 0.4% to 7%, investing in European call options linked to the 钱潮大类资产趋势策略指数3.2 [7] - The product achieved a monthly increase of 1.376% as of September 9, translating to an annualized rate of 15.32%, with a three-month annualized increase of 10.59% [7] - Despite a weaker performance in the second quarter due to U.S. tariff policies, the product will continue to follow its strategy of monthly rebalancing to optimize global asset allocation [7][8]