Core Insights - The report highlights a slight increase in the proportion of wealth management products that have broken the net value, reaching 0.98% in November, with equity, mixed, and fixed-income products showing respective increases in break-even rates [1][3][5]. Product Performance - The break-even rate for equity products rose to 23.81%, while mixed and fixed-income products increased to 3.09% and 0.84%, respectively [5][6]. - Among fixed-income products, those with a 2-3 year term had the highest break-even rate at 1.68%, followed by 1-2 year products at 1.54% [5][6]. New Issuance - In November 2025, the average fundraising scale for wealth management products was 182 million yuan, a decline of over 40% from the previous month [2][13]. - The issuance of new products totaled 2,107, marking a 28.32% increase from October [7]. Expiry Situation - A total of 904 closed-end RMB wealth management products expired in November, with a performance benchmark compliance rate of 73.22% for lower limits and 43.86% for midpoints [18][22]. - The average annualized yield for fixed-income products was 2.68%, while mixed products yielded 2.46% [22][23]. Product Structure - Publicly offered products accounted for 96.1% of new issuances, with fixed-income products dominating at 96.6% of the total [9][10]. - The risk level of newly issued products showed that 75.9% were classified as medium-low risk [9]. Investment Trends - Companies are increasingly participating in equity market investments, with notable products launched by Huaxia Wealth and Hangyin Wealth focusing on equity themes [10][11]. - The trend indicates a shift towards multi-asset and multi-strategy products, with a significant increase in the issuance of mixed and equity products [9][10]. Company Performance - The top three companies by the number of products issued were Xinyin Wealth, Huaxia Wealth, and Puyin Wealth, with respective issuances of 184, 171, and 156 products [7]. - Xinyin Wealth had the highest number of existing products at 1,985, followed by Xinyin Wealth and Puyin Wealth [29].

Core Viewpoint - The recent decline in A-shares has led to significant market panic, with the Shanghai Composite Index dropping 4.83% and the Shenzhen Component Index falling 6.96% from November 14 to November 21, 2023, indicating a substantial market adjustment [1] Summary by Category Performance of Investment Products - Equity-based products have been the most affected, with 12 products experiencing a net value decline of over 6% during the period, and 4 products dropping more than 7%. The largest decline was seen in "Huaxia Wealth Tian Gong No. 4 (New Energy Storage Index)," which fell by 9.77% [3] - Other notable declines include "Tian Gong No. 5 (AI Computing Power Index)" and "Tian Gong No. 10 (New Energy Operator Index)," with declines of 8.53% and 8.03%, respectively [5] Active Management Products - Among actively managed products, "Zhao Zhuo Consumer Select No. 1" and "Minsheng Wealth Jin Zhu Quantitative Enhanced Semi-Annual Holding Period No. 1" also faced significant declines, with the former dropping 7.15% over six trading days. This product had heavy investments in TMT sector stocks, which have recently seen large declines [6] - "Minsheng Wealth Jin Zhu Quantitative Enhanced" experienced a net value drop of 6.43%, with a single-day decline of 3.49% on November 21 [6] Mixed and Fixed Income Products - Mixed-type products showed varying levels of resilience, with 10 mixed products reporting net value declines exceeding 3%. The largest decline was recorded by "Hangyin Wealth Happiness 99 Excellent Mixed (Debt ESG Balanced Preferred FOF)" at 3.98% [8] - "Solid Income+" products also faced net value pressure, but due to their low equity investment ratio (not exceeding 20%), the overall decline was limited to within 1.5% [8] Resilient Products - Some products demonstrated relative resilience during the market downturn, including "Beiyin Wealth Jinghua Huiying Qiu Series Common Prosperity 18-Month Closed No. 1" and "Nongyin Wealth Nongyin Tongxin·Daily Preferred Configuration Wealth Product" [9] - The majority of equity products were significantly impacted by the market, with only a few newly established products not showing net value declines [9]

Market Overview - The A-share market experienced significant declines, with the Shanghai Composite Index dropping 4.83% and the Shenzhen Component Index falling 6.96% from November 14 to November 21, 2023, particularly a 2.45% drop in one day [1][2]. Impact on Financial Products - Equity-based financial products were the most affected, with 12 products showing a net value decline of over 6%, and 4 products dropping more than 7% during the same period [3]. - The largest decline was observed in the "Huaxia Wealth Tian Gong No. 4 (New Energy Storage Index)" product, which saw a net value drop of 9.77% [3][4]. Performance of Specific Products - Other notable products with significant declines included "Tian Gong No. 5 (AI Computing Power Index)" and "Tian Gong No. 10 (New Energy Operator Index)", with declines of 8.53% and 8.03% respectively [5]. - Actively managed products also faced declines, such as "Zhao Zhuo Consumer Selected No. 1" with a 7.15% drop and "Minsheng Wealth Jin Zhu Quantitative Enhanced No. 1" with a 6.43% decline, the latter experiencing a 3.49% drop in one day [5]. Mixed-Asset Products - Mixed-asset financial products showed varying levels of resilience, with 10 products reporting net value declines exceeding 3% during the same period. The largest decline was 3.98% for "Hangyin Wealth Happiness 99 Excellent Mixed (Debt ESG Balanced Preferred FOF)" [7]. - "Solid Income+" products also faced some net value retraction, but overall declines were limited to within 1.5% due to lower equity investment ratios [7]. Resilient Products - Some mixed-asset products demonstrated better performance during the market downturn, including "Beiyin Wealth Jinghua Huiying Qiu Series 18-Month Closed No. 1" and "Nongyin Wealth Tongxin·Daily Preferred Configuration Product" [8]. General Observations - The majority of equity-based products are directly impacted by market fluctuations, with only a few newly established products not showing net value declines as of November 21 [9].

上周五A股一根长阴线引发市场恐慌情绪，今日A股继续震荡，近期A股累计调整幅度已不小。截至11 月21日，11月14日以来上证指数下跌4.83%，深证成指下跌6.96%，科创50下跌8.11%，尤其上周五上证 指数一天就下跌2.45%。 股市调整过程中，部分理财产品的净值下跌压力也随之显现，那么哪些理财产品"最受伤"？哪些产品表 现相对抗跌？ 天工5号（AI算力指数）、天工10号（新能源运营商指数）跌幅也不小，分别达8.53%、8.03%。 主动管理型产品中跌幅较大的产品包括"招卓消费精选1号"、"民生理财金竹量化增强半年持有期1号理 财产品"等。"招卓消费精选1号"短短6个交易日净值下跌7.15%。该产品今年3季度末重仓一些 TMT行业 股票，包括腾讯控股、阿里巴巴、完美世界、寒武纪 - U、中芯国际、芒果超媒等。部分股票近期跌幅 较大可能拖累产品净值表现。 指数型产品跌幅居前，部分产品一周左右跌10% 首先投资权益类资产比例相对较高的权益类产品受影响最大，据不完全统计，已有12只产品期间（11月 14日-11月21日）净值下跌幅度超过6%，4只产品跌幅超7%。其中跌幅居前的3只产品为华夏理财跟踪指 数的主题 ...