Core Viewpoint - The strong performance of the stock market, particularly the robust rise of the CSI 1000 index, has significantly impacted the bank wealth management market, leading to early termination of several products linked to this index, allowing investors to lock in expected returns [1] Group 1: Product Performance - Multiple products have triggered the knockout mechanism to achieve profit-taking, such as the six wealth management products from Xingyin Wealth Management, which were set to last 372 days but ended early due to the CSI 1000 index meeting preset standards, achieving an annualized return benchmark of 4.05% to 4.35% [3] - ICBC Wealth Management's product also successfully triggered the knockout condition on June 30, leading to an early termination on July 3, driven by the strong performance of the CSI 1000 index [3] - Ningyin Wealth Management announced the early termination of its product originally set to mature on November 24, 2026, now maturing on July 2, 2025, due to the automatic knockout mechanism linked to the index [3] Group 2: Market Demand and New Product Launches - Following the triggering of knockout events, there has been a surge in interest for products linked to the CSI 1000 index, prompting wealth management institutions to accelerate the launch of new products to meet market demand [4] - Zhaoyin Wealth Management launched the Zhaorui Focus Linked Stable CSI 1000 Automatic Trigger Product, raising over 71.67 million yuan, indicating strong market demand for such products [4] - ICBC Wealth Management also introduced a new product on July 2, continuing its linkage to the CSI 1000 index, with an annualized performance benchmark of 1.30% to 3.15% [4] Group 3: Mechanism and Market Trends - The essence of the knockout mechanism is to "lock in profits once the target performance is met," allowing products to secure returns early when the underlying asset performs better than expected, thus mitigating risks from subsequent market fluctuations [5] - The CSI 1000 index has seen a cumulative increase of 2.25% over the past 60 days and a year-to-date increase of 6.46%, providing strong support for the performance of related wealth management products [5] - A significant portion of wealth management products currently in the sales and subscription phases are still focused on fixed income enhancement and mixed products, with many linked to indices like "A50," "A500," and "A1000," indicating a continued preference for passive index investment strategies in equity assets [5]