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].